Aegean Agreement to Sell Ro-Ro Tankers
Aegean Marine Petroleum Network Inc. (NYSE: ANW) announced that it has entered into an agreement to sell its two 2,400 dwt specialty ro-ro tankers, the Maistros and the Ostria, to an unrelated third party. Upon completing the sale of both vessels, which are not related to Aegean's core business for the physical supply of marine fuel, the company expects to realize a net gain in the second quarter of 2009. The company intends to use the proceeds of the sale to pay down debt.
E. Nikolas Tavlarios, President, commented, "With this transaction, management has once again acted opportunistically for shareholders. The agreement to sell Aegean's two specialty ro-ro tankers at an attractive price further reduces our debt, enhances our financial flexibility and strengthens our focus on the company's core operations for the physical supply of marine fuel. With an expected profit from this sale, Aegean will further increase its sizeable liquidity position, a core differentiator for the company. Aegean remains focused on drawing upon its significant access to capital to further strengthen the company's industry leading position and drive future shareholder value."