Aegean Agreement to Sell Ro-Ro Tankers

Thursday, May 14, 2009

Aegean Marine Petroleum Network Inc. (NYSE: ANW) announced that it has entered into an agreement to sell its two 2,400 dwt specialty ro-ro tankers, the Maistros and the Ostria, to an unrelated third party. Upon completing the sale of both vessels, which are not related to Aegean's core business for the physical supply of marine fuel, the company expects to realize a net gain in the second quarter of 2009. The company intends to use the proceeds of the sale to pay down debt.

E. Nikolas Tavlarios, President, commented, "With this transaction, management has once again acted opportunistically for shareholders. The agreement to sell Aegean's two specialty ro-ro tankers at an attractive price further reduces our debt, enhances our financial flexibility and strengthens our focus on the company's core operations for the physical supply of marine fuel. With an expected profit from this sale, Aegean will further increase its sizeable liquidity position, a core differentiator for the company. Aegean remains focused on drawing upon its significant access to capital to further strengthen the company's industry leading position and drive future shareholder value."

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Sales

Shipping Contributes $164bln to EU

The European Community Shipowners' Associations has released the results of a recent update of an Oxford Economics study on the economic value of the EU shipping

UAE Shipping Delegation to Meet with Greek Counterparts

A delegation of Middle East maritime heavyweights including H.E. Khamis Juma Buamim, chairman & group CEO Drydocks World and Maritime World and Rashid Mohammed Al Habsi,

Vessel Sales: February 2015

Vessel sales for February 2015  - (as of March 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built -  - (Age)

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2136 sec (5 req/sec)