Aegean Marine Petroleum Network Expands

Monday, July 09, 2007
Aegean Marine Petroleum Network Inc. announced that it has taken delivery of the Milos, a newly built, 4,600 dwt double-hull bunkering tanker, from Fujiian Southeast Shipyard in China. The Milos, which will be operating out of Aegean's Singapore service center, is the first of seven scheduled newbuilding double- hull bunkering and specialty tankers to be delivered in 2007. In addition to the Milos, the Company announced today that it has entered into an agreement to purchase the Angeles B, a 1980-built 11,474 dwt double- hull bunkering tanker. The Company expects to take delivery of the vessel on or about July 16, 2007.

The company also announced it has exercised options to build five new double-hull bunkering tankers with Fujian Southeast Shipyard, China. The five vessels are scheduled to be delivered in 2009. These options are part of the transaction entered into with Fujian Southeast Shipyard in 2005 to build 10 new double-hull bunkering tankers. The anticipated carrying capacity for each of these five newbulidings as well as the remaining nine vessels to be delivered from Fujian Southeast Shipyard will be 4,600 dwt, representing a 21% increase from the original anticipated tonnage.

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