Shipping asset manager Borealis Maritime is aiming for growth at its bunker operation Aurora Marine Fuels (AMF) with a new recruit in Athens.

Senior bunker trader P Bastas has been brought in as head of the Greek office.

The new recruit had previously spent two years as a fuel trader at PMG Holding in Athens, and before that was commercial manager and compliance & security officer at LSS-SAPU.

“This significant move is part of a strategic effort to enhance the group’s presence in the maritime industry,” said AMF, noting Bastas’ “extensive experience”.

UK-based Borealis has a mixed fleet of about 80 vessels. AMF was set up in 2019, with a head office in London. It handles bunker purchasing for the Borealis fleet and associated commercial management platforms, comprising tankers, containers, dry cargo and offshore vessels.

The appointment “is particularly crucial in light of AMF’s expanding operations, notably its physical supply capabilities in Ghana, where AMF has established a significant foothold”, the company said.

Bastas will focus on harnessing a deep industry knowledge and strategic insights to drive growth, enhance operational efficiencies and foster robust relationships within the maritime community, a statement said.

Clear objective

“My objective is clear: to not just meet, but exceed, our clients’ expectations while setting new standards in service and operational excellence,” Bastas said.

TradeWinds has reported that Borealis has laid the basis for up to $2bn of fresh debt and equity investments in maritime assets.

The Christoph Toepfer and Elias Sakellis-led company has raised $600m in capital as it tilts towards a broad range of maritime asset classes, including offshore.

Borealis is gravitating away from container shipping towards the offshore sector.

Forty-two of 50 boxships in a fleet of 80 ships that the company owned in 2021 have been sold.

That comes alongside sales of a few other asset classes, most recently the 5,100-dwt chemical tanker Bomar Juno (built 2005).

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