Aegean Marine Petroleum Network Inc. Reports 2Q Results

Tuesday, August 21, 2007
Aegean Marine Petroleum Network Inc. , announced financial and operating results for the second quarter and six months ended June 30, 2007. The company recorded net income of $7m, or $0.17 basic and diluted earnings per share, for the three months ended June 30, 2007. For purposes of comparison, the Company reported net income of $2.1 million, or $0.07 basic and diluted earnings per share, for the three months ended June 30, 2006. Following the Company's $201 million initial public offering (IPO) in December 2006, the weighted average basic and diluted shares outstanding for the three months ended June 30, 2007 were 42,410,000 and 42,471,826, respectively. The weighted average basic and diluted shares outstanding for the three months ended June 30, 2006 were 28,035,000. Excluding the net result of the Aegean Hellas, a 1982-built single-hull Aframax tanker, proforma net income was $6.0 million in the second quarter of 2007 as compared to $2.6 million in the corresponding period a year ago. Results for the Aegean Hellas for the three months ended June 30, 2007 included a gain of $2.7 million from the sale of the vessel on April 17, 2007. Total revenues for the three months ended June 30, 2007, increased by 39.8% to $282.6 million compared to $202.2 million for the same period in 2006. For the three months ended June 30, 2007, sales of marine petroleum products increased by 40.6% to $282.2 million compared to $200.7 million for the year-earlier period. Average marine fuel cost prices for the three months ended June 30, 2007 declined to $328.1 per metric ton compared to average marine fuel cost prices of $334.2 per metric ton for the same period in 2006.
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

Video: RIMPAC 2014 Ships Underway

The U.S. Navy posted a video showing Rim of the Pacific (RIMPAC) Exercise 2014 operations underway. Watch as 42 ships and submarines representing 15 international

Today in U.S. Naval History: July 31

Today in U.S. Naval History - July 31 1815 - Commodore Stephen Decatur concludes agreement with Bey of Tunis to compensate U.S. for seizure of merchant ships during the War of 1812.

Montreal Could Become an Oil Export Hub

Montreal has emerged as an export base for Western Canadian heavy sour crudes as prospects to construct new pipelines to the British Columbia coast, Eastern Canada and U.

Finance

Kurdistan Says Crude Cargo Near Texas Legally Sold

A $100 million cargo of crude oil in a tanker near Texas was legally shipped and sold by Kurdistan, lawyers for the autonomous region in Iraq told a U.S. court in a letter seen on Thursday,

Kirby Reports Record Q2 2014

Record 2014 second quarter earnings per share of $1.31 compared with $1.11 in the 2013 second quarter, which included a $0.07 benefit due to the reduction of the United earnout liability.

UK Oil Imports Exceed Exports for First Time in 30 Years

Britain imported more oil products than it exported last year for the first time in 30 years, an official report shows, and analysts say the country is likely to

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators 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: 0.1088 sec (9 req/sec)