Aegean Marine to Acquire Bunkering Tanker

Thursday, May 24, 2007
Aegean Marine Petroleum Network Inc. an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea, announced today that the Company has entered into an agreement to purchase the M/T Nautilus, a 1991-built and 2002-upgraded 7,030 dwt double-hull bunkering tanker, from Sirius Shipping AB, an unrelated third party. The Company expects to take delivery of the vessel on May 25, 2007, when it will be renamed the Aegean Princess.

The company also announced that the anticipated carrying capacity for each of the ten new double-hull bunkering tankers with Fujian Southeast Shipyard, China has increased 21 percent per vessel to 4,600 dwt from 3,800 dwt. The ten vessels are scheduled to be delivered between 2007 and 2008. Additionally, the expanded carrying capacity pertains to the Company's options to build five new double-hull bunkering tankers with the same shipyard.

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