Aegean Acquires Double-Hull Tanker

Sunday, January 18, 2009

Aegean Marine Petroleum Network Inc. (NYSE:ANW) announced on Jan. 15 that it has taken delivery of the Hana, a 1992-built 1,615 dwt double-hull bunkering tanker to be renamed the Ace Hana, following the company's agreement to purchase the vessel from an unrelated third party. The Ace Hana is expected to be deployed to the company's Greek market.

E. Nikolas Tavlarios, President, commented, "With the strategic acquisition of the Ace Hana, Aegean has once again strengthened its position to capitalize on the regulatory phase-out of single-hull vessels and meet the unfulfilled demand for the Company's integrated marine fuel services. Our latest vessel will be deployed to our Greek market and serve the busy port of Piraeus, where the phase-out of single-hull vessels is now complete. In addition to the Ace Hana, we have deployed two 2,747 dwt double-hull bunkering tankers, the Aegean Tiffany and the Aegean Breeze, from Singapore to Greece to take full advantage of the double-hull requirements and strengthen our growth prospects in this attractive market."


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