A significant commodities boost for Riviera Marine's bunker
The new CEO Carbone concluded negotiations to welcome the trader Monaco Resources as a minority shareholder in Pellegrini's company
Leading bunkering broker and trader Riviera Marine has strengthened its shareholding structure significantly.
Established in 2002 by its current major shareholder Mario Pellegrini, the Monaco-based company is undergoing a progressive evolution process.
In 2015, experienced manager Marco Carbone joined the company as a minority shareholder acquiring 15% shares, and last year he was appointed CEO, with Pellegrini remaining as Chairman.
In the past two years, the company underwent a complete restructuring through a double capital increase to 500,000 Euro, but especially with the transfer of all bunker trading activities to Monaco, thus getting independent from Doubleight, a partner with which Pellegrini had been doing business since 2007.
Carbone started negotiations with Monaco Resources, a multinational group dealing mainly with trading, and in the past weeks he reached an agreement with its Chairman Alex Fischer, which acquired 29.6% shares from Pellegrini, who is still the majority shareholder (55%).
In addition to financially strengthening Riviera Marine-SA – which meanwhile increased its share capital significantly – the specific know-how related to commodities and the wide network of activities carried out by the international conglomerate can allow for a higher market penetration, opening new commercial outlets in areas where Monaco Resources is already historically strong such as equatorial Africa.
“We are glad to announce that Riviera Marine welcomed a new strategic shareholder, an international group based in Monaco and with branches in Germany and other European countries, dealing mainly with steel and metals and boasting a yearly turnover of 1 billion dollars. The Group includes also R-Logitech SAM, dealing with port logistics and managing container and bulk terminals, where it handles some 7 million tons of freight per year. Monaco Resources includes also an important Oil & Gas and Energy division”, the bunker trader & broker's shareholders announced.
“The negotiations carried out in 2018 resulted from the strong synergies between the two companies, as well as from the opportunity that this partnership will grant to Riviera Marina in order to develop new projects with the adequate financial means received. Therefore, Riviera Marine's governance was strengthened by the entry of a new board member representing our new shareholder, while the two controlling shareholders Mario Pellegrini and Marco Carbone were confirmed as Chairman and CEO respectively”.
Supported by its new shareholder, Riviera Marine is about to approve an ambitious 3-year development plan which will broaden its core business, “including also complementary and synergic sectors to its bunker trading activities in order to boost its market position immediately, allowing also for a medium-term diversification of its business lines” concluded Pellegrini and Carbone who meanwhile have doubled the staff by hiring two new senior traders and also one administrative manager.
The bunker trading business of the Monaco-based company relies on four interdependent activities related to commercial ships, military vessels, maxi-yachts and aviation.
Monaco Resources Group boasts a highly diversified asset base ranging from Metals and Minerals, Agribusiness, Energy, Logistics & Technology and Finance & Investments sectors; said activities are carried out by operating companies Metalcorp, Agricorp, Gasoil Energy Group, R-Logitech, Nectar Group, Southern & Mediterranean Logistics, ICS Procurement Solutions, Technipipe.
The Group includes companies boasting a 10-year experience in production, trade and services. Headquartered in Monaco, the Group operates in over 35 countries, with over 2,000 employees.