Minerva Bunkering Launches Service in the Suez Canal and Egyptian Ports31.05.2023

• Delivering to vessels upon arrival as they await transit convoys, substantial cost savings over bunkers-only call alternatives
• Successfully completed first ten deliveries in Egypt
• Availability of VLSFO, HSFO, and MGO imported via Minerva's extensive cargo sourcing network feeding Mediterranean and Saudi Arabian Red Sea ports
• Supported by substantial physical logistics assets, including a 150k DWT floating storage unit (MV Cronus) and five modern owned and operated bunkering tankers
• Flexibility to supply on both sides of the canal

GENEVA, SWITZERLAND - 31 May 2023 - Minerva Bunkering has completed its first ten bunker deliveries in Egypt, including to Hafnia's MV Hafnia Azurite and Cargill Ocean Transportation's MV Gat Feeling. Deliveries have been performed for vessels awaiting northbound and southbound canal transit convoys with no lost time taking bunkers. Minerva is licensed to operate in Suez Canal waiting anchorages and 12 Egyptian ports, including East and West Port Said, Alexandria, Damietta, Suez, and Sokhna.

"With more than 23,000 vessels transiting the Suez Canal each year and significant additional vessel traffic calling domestic ports, Egypt represents one of the world's most strategic maritime markets. Bringing Minerva's industry-leading physical supply chain, fuel quality performance, and operational excellence and will add significant value to the international shipping community and their vessels operating in Egyptian ports and waters," said Minerva CEO Tyler Baron.

The new bunkering service has been developed in close cooperation with the Ministry of Petroleum, Suez Canal Authority, Suez Canal Economic Zone, EGPC, Ministry of Transportation, and all relevant port authorities.

"Minerva's objective is to empower our customers to lower their total cost of bunkers procurement. Refueling vessels while they await canal transits, thereby avoiding the costly deviation and lost time of a bunkers-only call, does just that," Baron continued.

Minerva's Egyptian service leverages its physical footprint in the Mediterranean and expanding presence in Saudi Arabian Red Sea ports to generate synergies and the ability to offer customers multi-port delivery optionality.

Minerva Bunkering is the largest physical supplier of marine fuels and related solutions, serving ships calling over 150 ports. The company procures product in bulk from diverse sources and delivers to over 750 active customers across all major commercial shipping sectors, including container ships, dry bulk carriers, cruise ships, tankers, and ferries.

Minerva Bunkering is a 100-percent-owned subsidiary of Mercuria Energy Group, one of the largest privately-held energy and commodities companies in the world. For additional information, please visit www.minervabunkering.com.