"Strong momentum" for Aegean Despite Fall in Volumes, Revenues

President E. Nikolas Tavlarios says Aegean has entered 2013 "with strong momentum."

Aegean Marine Petroleum [NYSE:ANW]  (Aegean) reports it sold 2,367,077 metric tonnes of marine fuel in the first quarter of the year, down 3.8 percent from the same period in 2012, but the company said it has improved its position for growth in the future.

"We have entered 2013 with strong momentum, and believe we are executing the right strategy to sustain long-term growth," said President E. Nikolas Tavlarios.

"We continue to take a methodical approach to entering and exiting markets, diversifying our operations, and strengthening our integrated fuel logistics chain and we are confident that we are well-positioned to benefit when the market recovers from the current shipping cycle."

The company's revenues were down 13.3 percent to $1,570.5 million.

Aegean's net income rose to $7.2 million from $6 million in Q1 2012 as the company realized a $4.2 million gain from the sale of a subsidiary.

"Our first quarter results demonstrate the strength of our operating model and our ability to build and sustain new revenue streams and profitability in a tough operating environment," said Spyros Gianniotis, chief financial officer.

"During the quarter we further streamlined our infrastructure by selling two vessels and reducing our operating expenses, both of which we expect to drive higher utilization and cash flow over the long-term.

"We have also taken significant steps to strengthen our balance sheet, including establishing a global trade finance facility that will provide significant additional liquidity."

Tavlarios said in March that the company has been adjusting to the market by selling non-essential assets including non-core and older vessels while strategically adjusting the markets where it does business.