EMEA News
Aegean Launches Physical Supply Operations in Germany, Takes On 2 More Former OW Bunker Vessels
Aegean Marine Petroleum Network Inc. (Aegean) [NYSE: ANW] Thursday announced it will launch physical bunkering operations in Germany having taken on two double-hulled barges previously under charter to OW Bunker.
"Operations will include the physical supply of marine fuels and lubricants to all German ports and will be based out of Hamburg, the second largest container terminal in Europe," said Aegean.
In addition to the two barges, Aegean says it has also secured 20,000 cubic metres of on-shore storage capacity.
The company also said it had established a marketing and business development office at Hamburg.
"We continue to execute on our strategy to opportunistically enter new markets, strengthen and diversify our operating reach," said Aegean President E. Nikolas Tavlarios.
The move marks the third time that Aegean has capitalised on OW Bunker's November bankruptcy and subsequent exit from the market, having in recent weeks taken over former OW Bunker operations in Los Angels and the Gulf of Mexico, and Tavlarios indicated that there may be more to come.
"As we embark on a new year we remain confident that we are well positioned to capitalize on several risk-averse opportunities that will allow Aegean to increase the scale and efficiency of its global marine fuel logistics network, grow our customer base and enhance shareholder value," he said.
Earlier in the week Ship & Bunker reported Aegean shares had hit a number of 52-week highs in recent weeks, a trend that has continued with trading as of Friday having hitting a new high of $14.49.
