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

People & Company News

Stoody Debuts Technical Services Hotline

Stoody, an ESAB brand, has recently launched the new Stoody Tech Services (STS) hotline to provide a valuable resource to distributors and applicators seeking

Totem Inks LNG Conversion Deal with Keppel

  Totem Ocean Trailer Express announced that it has signed a contract with Keppel Offshore & Marine Ltd, wholly owned subsidiary Keppel Shipyard Ltd for

Marad Visits TX Maritime Technology & Training Center

United States Maritime Administration tours Maritime Technology and Training Center site.   Administrators from the United States Maritime Administration (MARAD),

Ports

CMA CGM Vivaldi Docks at Halifax Port

The Port of Halifax, Nova Scotia, may be getting a new lease on life with the arrival on August 3 of the CMA CGM Vivaldi at Halterm International Container Terminal.

Seattle and Tacoma Ports Cement Alliance

The port commissions of Seattle and Tacoma voted unanimously to form the Northwest Seaport Alliance, unifying the longtime rivals’ marine cargo divisions.   The

China's Maritime Silk Road Gamble with ASEAN

The Chinese Foreign Minister Wang Yi said China hopes to connect its 21st-century Maritime Silk Road with the ASEAN Community, reports the state news agency Xinhua.

Finance

Asia to Northern Europe Shipping Rates Jump 177%

Asia to Northern Europe shipping freight rates for transporting containers jumped by 177.3 percent to $1.109 per 20-foot container (TEU) in the week ended on Friday,

FURUNO of Japan Increases Investment in ENL

ENL Group and FURUNO Electric Co. Ltd of Japan have announced that FURUNO has increased its investment into the New Zealand company to a total of 29.5%. The

Pressure for Australia Sub Deal Grows

Australia to spend A$65 bln on ships and subs over 20 years; PM pledges A$40 bln for domestic shipbuilders. Australia will spend A$89 billion ($65 billion) on

Fuels & Lubes

S.Africa Considering Ship-Based Power Generation

South Africa could deploy power barges using gas to generate electricity to help overcome chronic supply shortages, a senior government official said on Tuesday.

Koole Expands Rotterdam Operations

Koole Terminals has begun operations at the storage facility for petrol and diesel in Pernis that it recently acquired from BP.   The companies have a long-standing relationship.

Tanker Retrofitted with Dual Fuel Engine

Caterpillar Marine informs it has begin a dual fuel engine retrofit conversion onboard the 472-foot Fure West tanker, owned by Furetank Rederi A/B. The MaK M 43

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.2242 sec (4 req/sec)