Bunker Suppliers, Aegean Marine, Show Healthy Q2 2013 Results

MarineLink.com
Tuesday, August 20, 2013

Greece headquartered Aegean Marine Petroleum Network Inc. announce financial and operating results for the second quarter ended June 30, 2013.

Second Quarter Highlights

  • Sales volumes of 2,693,151 metric tons.
  • Gross profit of $69.5 million.
  • Operating income of $12.7 million.
  • Operating income adjusted for the sale of non-core assets was $13.2 million.
  • Net income attributable to Aegean shareholders of $5.5 million or $0.12 basic and diluted earnings per share.
  • Net income attributable to Aegean shareholders adjusted for the sale of non-core assets was $6.1 million or $0.13 basic and diluted earnings per share.
  • EBITDA of $19.7 million. [1]
  • EBITDA adjusted for the sale of non-core assets was $20.2 million.

E. Nikolas Tavlarios, President, commented, "We extended our track record of operational excellence and strong financial performance in the second quarter, which represented Aegean's tenth consecutive quarter of profitability.  During the quarter we entered new markets to strengthen our revenue base, strategically positioning Aegean for continued success as the market emerges from the current shipping cycle."

Mr. Tavlarios continued, "We are taking the right steps to sustain growth and position Aegean for opportunities as they emerge. Our expansion into the Port of Algeciras will increase our presence in the rapidly growing Western Mediterranean market, further diversify our revenue base and improve our fleet utilization. During the quarter we also announced a cooperation agreement with SK Lubricants, which will expand our operations in Asia and increase volumes in our marine lubricants business. As we move into the second half of the fiscal year, we will continue to execute our strategy of strengthening our industry leadership and enhancing shareholder value."
 

Maritime Today


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

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

People & Company News

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

Day of Seafarer: ICS Highlights Seafarers Role in Migrant Rescues

Gerardo Borromeo, Vice Chairman of the International Chamber of Shipping (ICS) took the opportunity today to highlight the courage that is currently being displayed by seafarers,

“Twiggy” Baker Wins BWT Puerto Escondido Challenge

Grant “Twiggy” Baker (ZAF) claimed victory today at the Puerto Escondido Challenge, besting a field of 24 of the world’s best big wave surfers in towering 20-to-35

Finance

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

Panama Opens Canal Extension Amid Risk, Cost Issues

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping

Fuels & Lubes

UAE Top Court: Physical Bunkers Suppliers Have No Right to Recourse against Owners/Charterers

The OW saga - UAE Federal Supreme Court decides that physical suppliers of bunkers have no right to recourse against Owners/Charterers. In the first decision

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Klüber Synthetic Gear Oils Offer Max Efficiency

Klüber Lubrication, manufacturer of specialty lubricants, provides high-performance gear oils that are based on high-grade raw materials and advanced additives,

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair 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: 0.1016 sec (10 req/sec)