Aegean Marine Acquires Bunkers at Sea

According to an AP report, Aegean Marine Petroleum Network Inc., a Greek supplier of fuel and lubricants to ships, said it has acquired Bunkers at Sea, a Belgium-based supplier of marine fuel to vessels in port and at sea. Financial terms were not disclosed. Bunkers at Sea serves about 45 ports located throughout Northern Europe. In 2006, the company recorded total marine fuel sales volumes of more than 325,000 metric tons. Aegean Chief Financial Officer Ziad Nakhleh said he expects the purchase to immediately add to earnings and cash flow. The acquisition was financed through the company's existing capital structure. Aegean said it also acquired two bunkering tankers that are operated by Bunkers at Sea. Aegean said it plans to drive sales volumes throughout Northern Europe by operating the acquired tankers, plus a third bunkering tanker that will be deployed to the region. Bunkers at Sea will operate as a wholly owned subsidiary of Aegean and maintain its Belgium-based service center, which will be led by Bunkers at Sea co-founders Jack Doornbos and Reginald Robyn. Aegean President E. Nikolas Tavlarios said the acquisition will expand the company's network of marine fuel service centers into the Northwest Europe market. [Source: AP]