Americas News
Aegean Poised to Benefit with U.S. Expansion
Aegean Marine Petroleum Network Inc. [NYSE: ANW], who has recently moved into territory vacated with the collapse of OW Bunker, is poised to benefit off of the improving global shipping industry, according to Seeking Alpha.
The company recently bought bunkers from OW Bunker's U.S. subsidiary in California, says it plans to incorporate much of the failed fuel supplier's infrastructure in Los Angeles and Long Beach.
"These ports are the busiest on the west coast, and provide a fortuitous entry into a market previously not available to ANW," said Seeking Alpha's Paul Howard.
"While I am unable to estimate the financial impact the new business from the ports of Los Angeles and Long Beach, CA will have on ANW's top and bottom lines, I venture to say it will be a strong driver of revenue and earnings growth into the foreseeable future."
In addition, the company also recently announced a $20 million stock buyback offer, and also stands to benefit from the the recent U.S. announcement of improving relations with Cuba, whose cruise lines Aegean supplies fuel to, he said.
Howard also notes the company's 18 percent sales growth over the past half decade, which he said was notable in light of turmoil in the shipping industry.
Investment analysts echoed such sentiments earlier this month, having said that Aegean looked well placed to benefit off the exit of OW Bunker.
