EMEA News
Aegean to Start Bunkering Operations in Algeciras
Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean) announced Monday plans to establish bunkering operations in Algeciras, Spain.
"This is an exciting opportunity for Aegean, as we are strategically expanding our presence in the Western Mediterranean by entering this rapidly growing port," commented Aegean President E. Nikolas Tavlarios.
"Our presence in the Port of Algeciras Bay will further enhance our ability to serve our customers in this region, while also allowing Aegean to utilize our built-in fleet capacity and storage capabilities, which should drive both profit margins and volumes."
Tavlarios explained that in recent years the company has worked to strengthen its position by entering and exiting markets as appropriate.
Last year the supplier announced operational expansions to Falmouth, UK, and Barcelona, Spain.
"[The Algeciras] development is perfectly aligned with this operating philosophy," said Tavlarios.
"We are taking decisive actions to diversify our geographic presence, expand our revenue base and increase our earnings potential. We are continuing to deliver on the promise of the Aegean model and this event is yet another milestone illustrating our dynamic progress."
With little room for expansion at the neighbouring port of Gibraltar, Algeciras is viewed as a natural option for companies looking to expand their bunkering operations in the strategically located bay, and in June BP Marine said it had started supplying bunkers at the port.
The Port of Algeciras said it sold a record 2.9 million tonnes of fuel in 2012, its highest level ever, while the Port of Gibraltar's most recently published sales figures were just over 4.2 million tonnes in 2011.
