Bunkerers Aegean Report Strong Q2 Results
Aegean Marine Petroleum Network Inc. Sales volumes of 2,659,620 metric tons. Gross profit of $84.5 million. Operating income of $19.3 million. Net income attributable to Aegean shareholders of $9.3 million or $0.20 basic and diluted earnings per share. EBITDA of $26.7 million. E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, commented, "Our strong second quarter results extend our recent track record of profitability and growth and demonstrate that we are successfully executing our strategy despite prevailing industry headwinds. Mr.
Bunker Supplier Aegean Expands to Hong Kong
Greek-based Aegean Marine Petroleum Network Inchas to offer oil fuel bunker supply service in Hong Kong. New York-listed interntaional bunker supplier Aegean Marine Petroleum Network Inchas announce plans to expand its global network for the physical supply of marine fuel by establishing operations in Hong Kong. Aegean says that it expects to initially deploy one double-hull bunkering tanker to its new service centre in Hong Kong, from Singapore, by 30 September, noting that Hong Kong generates about 5-million tonnes in annual marine fuel sales. The company’s president, Nikolas Tavlarios, said, "We are pleased to once again expand our global network for the physical supply of marine fuel by strengthening our strategic presence in the Far East.
Aegean Secures Hess' US East Coast Bunkering Business
Aegean Marine Petroleum Network Inc. says it has completed the previously announced acquisition of the U.S. East Coast bunkering business of Hess Corporation. The transaction, which includes bunkering operations that averaged 1.8 million metric tons in annual sales over the past three years, is valued at $30 million plus the value of the purchased inventory and also includes approximately 250,000 cubic meters of leased tank storage. This acquisition marks Aegean's entry into supplying customers in the U.S.
China Shipyard Delivers Double-hull Bunker Tanker to AMPN
Aegean Marine Petroleum Network Inc announce that it has taken delivery of the Symi, a 6,270 dwt double-hull bunkering tanker newbuild from Qingdao Hyundai Shipyard in China. The Symi, which is expected to be deployed to the Company's market in West Africa, represents the final vessel under Aegean's plan to take delivery of 31 double-hull bunkering tanker newbuildings. E. Nikolas Tavlarios, President, commented, "We are pleased to take delivery of the Symi and complete our fully funded newbuild program, a major milestone for our Company.
US East Coast Bunker Business Taken Over by Aegian Marine
Greek-based Aegean Marine Petroleum Network Inc. has entered into an agreement to acquire the U.S. East Coast bunkering business of Hess Corporation. Hess Corporation is currently the leading marketer of marine fuels along the U.S. East Coast. The Hess bunkering operation and associated assets supply the heavily trafficked ports of New York, Philadelphia, Baltimore, Norfolk and Charleston, and include approximately 250,000 cubic meters of leased tank storage. Over the last three years, these bunkering operations averaged 1.8 million metric tons in annual sales.
Aegean Marine Rolls out New Market in Rostock, Germany
Aegean Marine Petroleum Network Inc. has announced the launch of a new service center in Rostock, Germany that will serve all German Baltic Sea ports and Southern Scandinavian ports. The operations at Rostock will be managed by the existing team at OBAST Bunkering & Trading GmbH (OBAST), a physical bunker supplier and cargo oil trader. Under the terms of the agreement with OBAST, Aegean will acquire OBAST's existing share capital. E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network…
Horizon Tangiers Terminal Selects Aegean
Horizon Tangiers Terminal S.A. (HTTSA), has selected Aegean Marine Petroleum (Aegean) (NYSE:ANW) as its sole bunkering company for its terminal in the port of Tangiers. The agreement, which is subject to final documentation, is scheduled to become effective in January 2009. HTTSA's appointment of Aegean as its exclusive bunkering company in this critical region is an important part of its effort to expand the terminal. Aegean Marine Petroleum will provide retail bunkering services to ships in port and at sea on an exclusive basis for a period of 25 to 35 years. Aegean will also have the right to expand its operation as the sole bunker tenant beyond the port perimeter, which is strategically located along the Strait of Gibraltar connecting the Atlantic Ocean to the Mediterranean Sea.
Aegean Marine Petroleum Network Inc. Reports 2Q Results
Aegean Marine Petroleum Network Inc. , announced financial and operating results for the second quarter and six months ended June 30, 2007. The company recorded net income of $7m, or $0.17 basic and diluted earnings per share, for the three months ended June 30, 2007. For purposes of comparison, the Company reported net income of $2.1 million, or $0.07 basic and diluted earnings per share, for the three months ended June 30, 2006. Following the Company's $201 million initial public offering (IPO) in December 2006, the weighted average basic and diluted shares outstanding for the three months ended June 30, 2007 were 42,410,000 and 42,471,826, respectively. The weighted average basic and diluted shares outstanding for the three months ended June 30, 2006 were 28,035,000.
Aegean Acquires DH Barge
Aegean Marine Petroleum Network has taken delivery of the ITB Provider, a 2001-built 2,315 mt double-hull barge to be renamed PT 22, from an unrelated third party. The barge, which was previously chartered to a Canadian-based subsidiary of Exxon Mobil, is expected to be deployed to Aegean's market.
Marine Lubricant Suppliers in Global Supply Link-up
Aegean Marine Petroleum Network and SK Lubricants sign an agreement that will allow Aegean to increase its sales volumes in the marine lubricants market and SK Lubricants to extend its global sales network. Under the global cooperation agreement between the companies, Aegean will supply and deliver marine lubricant products to customers of SK Lubricants in the Aegean lubricants network, which currently covers 45 countries and 550 ports worldwide, and SK Lubricants will provide Aegean's customers in South Korea with marine lubricant products. E. Nikolas Tavlarios, President, commented, "Our agreement with SK Lubricants will allow Aegean to expand sales volumes for our marine lubricants and further extend our presence in the Asian market.
Aegean Bunkering Secures Cash for US Expansion
Aegean Marine says it has secured a $150 million uncommitted working capital facility from ABN AMRO Capital USA to finance the working capital requirements of Aegean Bunkering (USA) LLC, which Aegean Marine recently formed to complete the acquisition of the former U.S. East Coast Bunkering business of Hess Corporation. "This $150 million working capital facility will support our expansion into the U.S. as we continue to execute on our strategy to grow revenues, strategically leverage our fixed infrastructure and drive profitability," said E. Nikolas Tavlarios, President of Aegean Marine.
Aegean Appoints New Director
Marine Petroleum Network Inc. (NYSE:ANW) announced that it has named George J. Konomos to its Board of Directors. With the appointment of Mr. Konomos, who will serve as Chairman of the Company's Audit Committee, Aegean will have a total of seven Directors, of which the majority remain independent. Mr. Konomos, 69, has approximately 35 years of financial experience. Currently, he is a Senior Advisor with Latigo Partners L.P., an alternative asset manager and serves on the Board of Directors for General Maritime Corporation. From 2000 to 2005, Mr. Konomos was the Co-Portfolio Manager at Mellon-HBV Rediscovered Opportunities Fund. Mr. Konomos' experience prior to joining Mellon-HBV includes 11 years as an Investment Manager at Baker Nye Investments…
Stephens Fall Investment: Aegen, Genco Present
Aegean Marine Petroleum Network Inc. announced that the company's President, E. Nikolas Tavlarios, is scheduled to present at the Stephens Fall Investment Conference in New York on Tuesday, November 18, 2008 at 10:00 a.m. ET. The presentation will be broadcast live over the Internet and can be accessed at http://www.wsw.com/webcast/stph9/anw/. Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. As a physical supplier, the company purchases marine fuel from refineries, major oil producers and other sources.
Aegean Marine Begins Gulf of Mexico Operations
Aegean Marine to commence operations in the Gulf of Mexico; assumes charter agreements for two vessels. Aegean Marine Petroleum Network Inc. will commence immediate marine fuel supply operations in the Gulf of Mexico. In support of its operations, the company has also assumed the contracts for two oceangoing bunkering tankers previously under charter to OW Bunker and expects to purchase the fuel on board. E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, commented…
Aegean to Acquire $11mln Fuel & Storage Contracts
Access to Busiest U.S. Container Port Significantly Enhances Aegean's Global Marine Fuel Capabilities. Aegean Marine Petroleum Network Inc. (NYSE: ANW) has announced that it has agreed to acquire 28,567 metric tons of marine fuel and assume a storage contract with Vopak Terminal Los Angeles for a total purchase price of approximately $11 million at an auction of OW Bunker's assets. The ports of Los Angeles and Long Beach combined form the largest container port in the United States with annual volumes of 14.6 million TEU's in 2013 and serve as the key trade hubs between North America and Asia. E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network…
Ship Bunkering – Chinese & Greek Suppliers Forge Alliance
Aegean Marine Petroleum Network Inc. announce it signed a Memorandum of Understanding to establish a strategic alliance with China Changjiang Bunker (Sinopec) Co. Ltd. (CCBC), a Chinese state-owned enterprise jointly owned by SINOPEC Sales Co., Ltd. and SINOTRANS & CSC. CCBC is one of China's five state-certificated bonded bunker suppliers and among the largest bunker supply companies in China. The strategic partnership, which is expected to become effective during the second quarter of 2012 upon completion of final documentation, will enable Aegean to meet the marine fuel needs of its customers in mainland China. Under the terms of the agreement…
Aegean Marine Profit Beats Estimates
Greece-based Aegean Marine Petroleum Network Inc. (ANW) reported first-quarter earnings of $12.2 million or $0.25 per share compared with $5.1 million or $0.11 per share last year. The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share. Analysts polled by Thomson Reuters estimated earnings of $0.24 per share on revenues of $1.37 billion for the quarter. Analysts' estimates typically exclude special items.
Aegean Marine Strengthens Presence on the U.S. East Coast
Aegean Marine Petroleum Network has announced the launch of a new service center in Savannah, Georgia, the third largest container port in the United States. The operations in Savannah will be managed by the existing Aegean U.S. team. Under the terms of the agreement with Colonial Terminals, Inc., Aegean will lease tankage from Colonial's oil terminal on the Savannah River. Aegean will acquire and blend a full range of bunker fuel products and has agreed to supply Colonial Oil Industries, Inc. with a range of No. 6 oil products for Colonial's truck delivery business.
Oil Fuel Bunker Station Development in Port of Barcelona, Spain
Aegean Marine Petroleum Network Inc. plans expansion in Barcelona, contracts with Meroil for onshore fuel oil storage. Aegean Marine Petroleum Network has signed an agreement to secure onshore fuel oil storage capacity in Port of Barcelona and plans to start supply operations by the end of Q1 2013. The port of Barcelona serves as a key transportation hub located along major seaborne trade routes, totalling approximately 10,000 transits per year and generating approximately 1.2 million metric tons of annual marine fuel sales volumes. The port, which also benefits from extensive cruise passenger travel, is currently undergoing a modernization and expansion plan headed by the Barcelona Port Authority that is expected to substantially increase the port's capacity upon completion in 2014.
Bunker Suppliers Aegean Continue Upswing in Q1 2014
Greece's Aegean Marine Petroleum Network Inc. has announced its financial and operating results for the first quarter ended March 31st, 2014. 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.
Bender wins ATB Contract
Bender Shipbuilding & Repair Co. Inc. will build three tug barges worth $232.5 million for Maritrans Inc. Each articulated tug barge unit, a powerful 12,000-hp workboat, will be worth $77.5 million and able to carry 335,000 barrels of liquid petroleum products. The first unit should be delivered in October 2007, and the others will follow in May and December 2008, according to Maritrans, a Tampa-based marine petroleum transportation company. Each of the units include a tug and barge joined by a pin system that allows the connection to stay intact even in rough seas. Bender's shipyard was up and running at full capacity Tuesday after sustaining "little damage" from Hurricane Katrina.
Aegean Marine Q2 2009 Results, Sales up 21.6%
Aegean Marine Petroleum Network Inc. (NYSE:ANW) announced financial and operating results for the second quarter ended June 30, 2009. The company recorded net income of $16.3m, or $0.38 basic and diluted earnings per share, for the three months ended June 30, 2009. Net income, adjusted for a $4.2m gain from sale of vessels, was $12.1 million, or $0.29 basic and $0.28 diluted earnings per share. For purposes of comparison, the Company reported net income of $9.9 million, or $0.23 basic and diluted earnings per share, for the three months ended June 30, 2008. The weighted average basic and diluted shares outstanding for the three months ended June 30, 2009 were 42,576,830 and 42,728,588, respectively.
Gulf Oil & Aegean Strategic Partnership
On Feb. 10, Aegean Marine Petroleum Network Inc. (NYSE:ANW) and Gulf Oil Marine Ltd., a member of Gulf Oil Group, announced that they entered into a strategic partnership for the global distribution of marine lubricants. This partnership will allow for Aegean to join the Sealub Alliance Network, a group recently formed by Gulf Oil Marine to distribute high-quality marine lubricants. The strategic partnership between these two companies will allow for a significant extension in Sealub Alliance's presence to more than 450 ports in 40 countries. By rapidly expanding the number of ports as well as the facilities and services offered by its members…