Bunker Suppliers Aegean Continue Upswing in Q1 2014

By George Backwell
Thursday, May 22, 2014
Bunkering: File photo

Greece's Aegean Marine Petroleum Network Inc. has announced its financial and operating results for the first quarter ended March 31st, 2014.

First Quarter Highlights

  • Sales volumes of 2,705,823 metric tons.
  • Gross profit of $82.9 million.
  • Operating income of $15.2 million.
  • Net income attributable to Aegean shareholders of $5.1 million or $0.11 basic and diluted earnings per share.
  • Net income attributable to Aegean shareholders adjusted for the sale of non-core assets and vessel impairment charge was $8.7 million or $0.18 basic and diluted earnings per share.
  • EBITDA of $23.5 million.
  • EBITDA adjusted for the sale of non-core assets and vessel impairment charge was $27.0 million.
  • Completed the sale of two older, non-core vessels.

E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, commented, "During the quarter Aegean continued to build upon the momentum we established across our business as we extended our track record of profitability and growth. The sustainable growth drivers we have put in place enabled our team to continue delivering positive results despite persistent industry headwinds.

Mr. Tavlarios continued, "With Aegean's U.S. East Coast operations successfully integrated, we have strengthened our industry leadership and global market share.  We remain focused on diversifying our geographical presence and increasing asset utilization both through the expected introduction of our new Fujairah storage facility in the second half of 2014 and the potential addition of new service centers.  In addition, with the sale of two older, non-core vessels, Aegean continued to streamline its expense structure and generate sustainable results.  We are excited about our opportunities to build significant shareholder value over the long-term."
 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Thrustmaster Announces Factory Expansion

Thrustmaster of Texas, a manufacturer of commercial marine propulsion products, signed a deal last week to expand its Houston-based production facility by 100,000 sqft (93,000 sq m).

Ocean Training Launches Blended Learning Course

Major revisions to the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (The STCW Convention) came into force in 2012.

CMA CGM Acquires 7,000 Reefer Containers

The CMA CGM Group announced it has acquired more than 7,000 of last generation 40’ High Cube Reefer containers including 6,000 low consumption engines. The CMA

Finance

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

No Merger of Yara & CF Industrie

Yara International ASA and CF Industries have terminated their discussions regarding a potential merger of equals transaction. "This has been a constructive process,

Hurricane Ana Heads towards Hawaii

Tropical Storm Ana strengthened into a hurricane on Friday and was moving in the direction of Hawaii but was not expected to make a direct hit on the islands, the U.

Fuels & Lubes

LNG America, Buffalo Marine to Design LNG Bunker Fuel Network

LNG America announced it has entered an agreement with Buffalo Marine Service, Inc. (Buffalo Marine) to cooperate on the design of an LNG bunker fuel network for the U.

Maersk to Bump Asia-Europe Rates

Container shipping company Maersk Line, a unit of Danish conglomerate A.P. Moller-Maersk , plans to raise freight rates sharply on main routes from ports in Asia to ports in northern Europe,

Weathernews Opens Manila Operations Center

Filipino marine professionals employed to meet demand for service from the shipping industry Weathernews Inc. announced it has established a new operations center

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.1788 sec (6 req/sec)