EMEA News
Aegean Closes UK Bunkering Operation
Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean) is with immediate effect closing its bunker supply operation in Portland, UK as part of a cost savings exercise, the company announced during this week's earning call.
Aegean President E. Nikolas Tavlarios said the the move "will translate to around $3 million to $4 million in savings per year."
Sustained lower bunker prices have allowed smaller players a greater ability to compete, something that was particularly noticeable in Northwest Europe, Tavlarios explained.
"To increase efficiency in this region, we will be winding down of Portland terminal and this and all operations will now be covered by Northwest Europe office," he said.
Aegean's presence in Portland stemmed from its 2007 acquisition of the Portland Bunkers International's (PBI) marine fuel terminal, which had been previously operated by BP Marine.
Earlier in the week Ship & Bunker reported that Aegean had posted strong sales volumes for Q2 2015, but it's share price tumbled after earnings missed analyst estimates.
