Americas News
Aegean Expands into Gulf of Mexico, Takes Over OW Bunker Vessels
Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean) today announced it has expanded its physical supply operations into the Gulf of Mexico effective immediately, and has taken over the contracts for two ocean-going bunkering tankers previously under charter to OW Bunker.
Aegean says it also expects to purchase the fuel currently on-board the bunkering vessels.
"We are capitalizing on another opportunity to grow our global footprint, diversify our operations into a new and attractive market and expand our ability to service our customers on a worldwide basis," said Aegean President E. Nikolas Tavlarios.
"With these specialized tankers and their highly trained personnel in place we can immediately begin servicing the specific needs of vessels transiting the Gulf of Mexico, leveraging our capabilities and driving profitable revenue growth. We believe that we are well-positioned in this market and are excited to provide customers in the region with a full range of marine fuel products."
The move is the second such expansion in the U.S. for Aegean this month.
Earlier in December the supplier bought up the bunkers recently offered up for auction in Los Angeles by O.W. Bunker North America, and confirmed it would "integrate much of the former OW Bunker operating infrastructure in Los Angeles."
Risk-Averse Growth Strategy
OW Bunker launched its physical supply operation in the Gulf of Mexico at the end of November 2012 with the 22,000 dwt bunker tanker Elisalex Schulte.
In February 2013 it added the 8,182 dwt WAPPEN von HAMBURG, with Adrian Tolson, General Manager - North America, OW Bunker, saying at the time that, "in conjunction with our other vessel Elisalex Schulte, we now have the most modern vessel with the fastest pumping rates, as well as the most versatile and the most experienced vessel operating in the region."
The U.S. subsidiary was forced to file for bankruptcy last month after an alleged fraud at OW Bunker's Singapore subsidiary Dynamic Oil Trading (DOT) plus a $150 million risk management-related loss lead to the collapse of the Danish company.
Last month a Nasdaq report concluded that "Aegean's business model is differentiated enough from that of OW to make a repeat of the same problems unlikely," which is something the supplier has been keen to highlight as it moves to "fill the void" left by OW Bunker's exit form the market.
"As we continue to advance our leadership in the marine fuel industry, we remain committed to a risk-averse growth strategy that has, and we believe will continue to, deliver value to our shareholders," Tavlarios said in today's statement.
Aegean founder Dimitris Melissanidis was recently placed at number 97 on Lloyd's Lists' ranking of the top 100 most influential figures in the shipping industry.
