Aegean Profitable in 2013 Despite Bunker Market Challenges

MarineLink.com
Thursday, February 27, 2014
Bunkering: File photo CCL

Ship bunker suppliers Aegean Marine Petroleum Network release financial and operating results for the fourth quarter ended December 31st, 2013, registering a third consecutive profitable year.

Quarterly & full year highlights

  • Recorded sales volumes of 2,384,376 metric tons in Q4 2013 and 9,941,061 for the full year.
  • Recorded gross profit of $75.0 million in Q4 2013 and $286.0 million for the full year.
  • Recorded operating income of $14.5 million for the quarter and $48.8 million for the full year.
  • Recorded net income attributable to Aegean shareholders of $7.0 million or $0.15 basic diluted earnings per share in Q4 2013 and $27.1 million or $0.58 basic and diluted earnings per share for the full year.
  • Recorded EBITDA of $22.4 million in Q4 2013 and $83.2 million for the full year.
  • Acquired Hess Corporation's U.S. East Coast bunkering business unit and launched Aegean US East Coast Operations.
  • Successfully executed $86.3 million convertible note offering.

For the three months ended December 31, 2013, the volume of marine fuel sold by the Company decreased by 12.6% to 2,384,376 metric tons compared with 2,729,070 metric tons in the same period in 2012.

Operating income for the fourth quarter of 2013 amounted to $14.5 million compared to $11.3 million for the same period in 2012. Operating expenses decreased by $0.1 million, or 0.2%, to $60.5 million for the three months ended December 31, 2013, compared with $60.6 million for the same period in 2012.

"We have built a steady track record of growth and we believe that the continued execution on our core initiatives will enhance shareholder value," said Mr. Tavlarios. "We continue to build significant and sustainable internal growth drivers, including our new Aegean U.S. East Coast business and our soon-to-be launched Fujairah storage facility, which we believe will allow Aegean to continue to succeed should market headwinds persist."

He continued: "For 2014, however, we are beginning to see indications that the macro environment will improve steadily throughout the year, and we believe Aegean is uniquely positioned to incrementally benefit from this strengthening market."
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dye Test Planned on Potomac River Oil Sheen

The Unified Command is scheduled to conduct a dye test Monday in the Potomac River and Roaches Run Waterfowl Sanctuary near Arlington, Virginia, which may discolor portions of the river.

DP World Logs 3.0% Growth

DP World Limited handled 61.7 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during 2015, with gross container volumes growing by 3.

Sulayem Gets DP World's CEO Role Too

DP World is pleased to announce the appointment of His Excellency Sultan Ahmed bin Sulayem as Group Chairman and Chief Executive Officer with immediate effect.

Ports

DP World Logs 3.0% Growth

DP World Limited handled 61.7 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during 2015, with gross container volumes growing by 3.

Sulayem Gets DP World's CEO Role Too

DP World is pleased to announce the appointment of His Excellency Sultan Ahmed bin Sulayem as Group Chairman and Chief Executive Officer with immediate effect.

Sardines Boost Murmansk Port Turnover

In January 2016 turnover of the Murmansk Marine Fishing Port reached 22 thousand tons of cargo, including 15 thousand tons of fish. This is higher than last year,

Finance

DP World Logs 3.0% Growth

DP World Limited handled 61.7 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during 2015, with gross container volumes growing by 3.

Cyprus Shipping 'Navigates' the Country to Recovery

Cyprus shipping sector has evolved in the recent years as one of the leading sectors of the economy and “navigates” Cyprus to economic recovery, President of the

Sardines Boost Murmansk Port Turnover

In January 2016 turnover of the Murmansk Marine Fishing Port reached 22 thousand tons of cargo, including 15 thousand tons of fish. This is higher than last year,

Fuels & Lubes

VPS Raises Concerns Over Revised Rules for Fuels

Veritas Petroleum Services (VPS) expressed reservations about some of the proposed revisions to the international ISO 8217 specifications of marine fuels. Areas

China to Enforce Low Sulphur ECA in Yangtze River Delta

Vessels calling ports in China’s Yangtze River Delta, including Shanghai, will be required to burn low sulphur fuel while at berth from April 1 this year.   China’s

UAE Plans Floating LNG Import Terminal

State-owned Abu Dhabi National Oil Co. (ADNOC) plans to start a new liquefied natural gas floating import terminal (FSRU) in the second half of this year, three LNG industry sources said.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair 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: 0.0917 sec (11 req/sec)