Bunkerers Aegean Report Strong Q2 Results

By George Backwell
Wednesday, August 13, 2014
Bunkering scene: File photo

Aegean Marine Petroleum Network Inc. has announced its financial and operating results for the second quarter ended June 30th, 2014, outlined here as follows:

Second Quarter Highlights

  • Sales volumes of 2,659,620 metric tons.
  • Gross profit of $84.5 million.
  • Operating income of $19.3 million.
  • Net income attributable to Aegean shareholders of $9.3 million or $0.20 basic and diluted earnings per share.
  • EBITDA of $26.7 million.

E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, commented, "Our strong second quarter results extend our recent track record of profitability and growth and demonstrate that we are successfully executing our strategy despite prevailing industry headwinds. We have developed sustainable growth drivers and believe we remain well positioned to continue to consistently deliver strong results."

Mr. Tavlarios continued, "During 2014, we have successfully integrated our newly acquired East Coast business, sold four non-core vessels and completed the construction of our Fujairah storage facility while continuing to deliver solid results in a challenging market. We are excited about the forthcoming commencement of storage operations in Fujairah in the second half of 2014, and believe we have additional opportunities to expand our market share.  With a sound strategy in place and the proven ability to successfully execute, we are well positioned to further enhance shareholder value."

The Company achieved net income attributable to Aegean shareholders for the three months ended June 30, 2014 of $9.3 million, or $0.20 basic diluted earnings per share.

About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea.

http://www.ampni.com

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