EMEA News
Aegean Launches New South Africa Bunkering Operation
Aegean Marine Petroleum Network (Aegean) [NYSE:ANW] today launched a new bunkering operation in Algoa Bay, near the ports of Port Elizabeth and Coega, South Africa.
"The launch of bunkering operations in Algoa Bay is consistent with our strategy to opportunistically enter new markets. This strategic expansion allows us to take advantage of compelling market dynamics while simultaneously providing customers with a faster, more efficient and affordable alternative in the region," said Aegean President E. Nikolas Tavlarios.
Aegean noted that the new bunkering operation is located within a few miles of heavily trafficked international shipping lanes, and is "well positioned as a natural stopover on routes to Europe, the Americas, Asia, Australia, and both coasts of Africa."
The region has eight commercial ports, with annual bunker sales of approximately two million metric tonnes (mt) with "robust" potential for growth, the supplier added.
"We are confident that entering this attractive market will strengthen Aegean's unique market position and prospects for continued growth. As we move forward, we remain committed to extending our successful track record of geographic diversification, which we believe will continue to benefit our customers and drive value creation for our shareholders," Tavlarios concluded.
Earlier this month Ship & Bunker reported that, given the current low bunker prices, an increasing number of vessels were avoiding the Suez Canal and instead routing past South Africa's Cape of Good Hope.
