Bunker Suppliers Aegean Continue Upswing in Q1 2014

By George Backwell May 22, 2014

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."