World News
Aegean Sales Volume Up for Q4 2012
Aegean Marine Petroleum Network Inc. (Aegean) [NYSE:ANW] said it increased its sales volume to 2.73 million metric tonnes (mt) in the fourth quarter of 2012, compared with 2.57 million mt in the same period of 2011, but its full-year sales slightly slipped to 10.62 million mt from 10.65 million mt in 2011.
For the quarter, total revenues fell slightly to $1.73 billion from $1.74 billion, and net income dropped to $3.7 million from $6.8 million, while full-year net income rose to $22.4 million on revenues of $7.2 billion from $10.2 million on revenues of $7.0 billion in 2011.
"2012 was another strong year for the Company as we grew our base business and developed new revenue streams while improving the Company's cost structure," said Chief Financial Officer Spyros Gianniotis.
"We executed on our strategy to sell non-core assets, which allowed us to reduce our expenditures related to maintenance and, at the same time, increase our fleet utilization and enhance overall profitability."
After beginning physical supply operations in Hong Kong and announcing the launch of operations in Barcelona, Spain in the third quarter, the company started bunkering in Falmouth in the United Kingdom in Q4.
The company said it is prepared to deal with continuing tough economic conditions in 2013, but it is also positioned to capitalise on recovery as it happens.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 624.50 | 1.00 | 732.00 | 8.50 |
| Rotterdam | 571.00 | 3.00 | 758.00 | 16.50 |
| Houston | 591.50 | 4.00 | 760.00 | 5.50 |
| Fujairah | 629.00 | 0.50 | 877.50 | 3.00 |
| Global 20 Ports Average | 637.00 | 0.00 | 819.00 | 3.00 |
| Global 4 Ports Average | 604.00 | 0.00 | 782.00 | 5.50 |
| Global Average Bunker Price | 688.00 | 2.50 | 879.00 | 1.00 |
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