Aegean Marine Acquires Bunkers at Sea

Thursday, October 11, 2007
According to an AP report, Aegean Marine Petroleum Network Inc., a Greek supplier of fuel and lubricants to ships, said it has acquired Bunkers at Sea, a Belgium-based supplier of marine fuel to vessels in port and at sea. Financial terms were not disclosed. Bunkers at Sea serves about 45 ports located throughout Northern Europe. In 2006, the company recorded total marine fuel sales volumes of more than 325,000 metric tons. Aegean Chief Financial Officer Ziad Nakhleh said he expects the purchase to immediately add to earnings and cash flow. The acquisition was financed through the company's existing capital structure. Aegean said it also acquired two bunkering tankers that are operated by Bunkers at Sea. Aegean said it plans to drive sales volumes throughout Northern Europe by operating the acquired tankers, plus a third bunkering tanker that will be deployed to the region. Bunkers at Sea will operate as a wholly owned subsidiary of Aegean and maintain its Belgium-based service center, which will be led by Bunkers at Sea co-founders Jack Doornbos and Reginald Robyn. Aegean President E. Nikolas Tavlarios said the acquisition will expand the company's network of marine fuel service centers into the Northwest Europe market. [Source: AP]
Maritime Reporter February 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Barril Appointed COO of SBM Offshore

SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015.  Philippe's appointment as a

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

Naval EXPO Coming to Washington

For the first time ever, the general public will be admitted free to the Naval Future Force Science and Technology EXPO general exhibit hall Feb. 4-5 where they

Finance

Scorpio Takes Delivery of STI Veneto

Scorpio Tankers Inc. has taken delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries Co., Ltd. This vessel will begin a voyage for 60 days at approximately $32,

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Winch
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: 0.1970 sec (5 req/sec)