Aegean Bunkering Secures Cash for US Expansion

MarineLink.com
Thursday, January 16, 2014
Bunkering: File photo

Aegean Marine says it has secured a $150 million uncommitted working capital facility from ABN AMRO Capital USA to finance the working capital requirements of Aegean Bunkering (USA) LLC, which Aegean Marine recently formed to complete the acquisition of the former U.S. East Coast Bunkering business of Hess Corporation.

"This $150 million working capital facility will support our expansion into the U.S. as we continue to execute on our strategy to grow revenues, strategically leverage our fixed infrastructure and drive profitability," said E. Nikolas Tavlarios, President of Aegean Marine.

"We announced the acquisition on November 12th 2013, and with the support of ABN AMRO were able to complete the transaction by December 18th. This facility underscores our good relationship with ABN AMRO and its confidence in Aegean Marine's business model as well as our ability to execute according to plan. We appreciate ABN AMRO's continued support."

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. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines.

 http://www.ampni.com

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

People & Company News

Missing Person Rescued Near Brackettville

On July 31, Border Patrol Search Trauma and Rescue (BORSTAR) agents and CBP Office of Air and Marine rescued a man who was reported missing the previous morning.

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

Ports

Hapag-Lloyd Adds Halmstad to Rotation

As one of the top global carriers Hapag-Lloyd offers a comprehensive service network and will add port of Halmstad, Sweden to the Nordic Short Sea Network. As

BBC Chartering Opens Vietnam Office

BBC Chartering announces the opening of a new representative office in Ho Chi Minh City, Vietnam, starting August 1st breakbulk, and general cargo transportation

Fratelli Neri Orders Damen Tug

One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015.   The vessel will be the first ASD tug

Finance

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

Fuels & Lubes

Thordon Bearings Secures AK Ferry Contract

Thordon Bearings has received an order to supply its COMPAC system to two Alaska Ferry newbuilds under construction at the Vigor Industrial shipyard in Ketchikan, Alaska.

West Africa's August Crude Exports to Asia to Slip

West African crude oil exports to Asia were expected to fall to 1.84 million barrels per day (bpd) in August, Reuters data and a survey of traders showed.     Slower

ClassNK Releases Guidelines for CNG Carriers

Classification society ClassNK has released its Guidelines for Compressed Natural Gas (CNG) Carriers.   Global economic and population growth is bringing about

Mergers & Acquisitions

MHI: Notice of Absorption-Type Split Agreements

MHI gives Notice Regarding Conclusion of Absorption-type Split Agreements Relating to Transfer of Ship Construction and Hull Block Manufacture Businesses to Two

Calais Port Blocked Again by Protesters

Protesting ferry-workers blocked road access to the northern French port of Calais with burning tyres on Friday, police said. The workers have in recent weeks

BBC Chartering Opens Vietnam Office

BBC Chartering announces the opening of a new representative office in Ho Chi Minh City, Vietnam, starting August 1st breakbulk, and general cargo transportation

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.1824 sec (5 req/sec)