Aegean Overcomes "Industry Headwinds" to Post Record Bunker Sales Volumes

Aegean announced another Strong performance for 2015

Aegean Marine Petroleum Network (Aegean) [NYSE:ANW] Wednesday announced 2015 was another strong year for the global supplier, saying it recorded sales volumes of 4,029,567 metric tonnes (mt) in Q4 2015 and 13,482,478 mt for the full year.

This was an increase over full year volumes of 11,332,385 mt and 9,941,061 mt in 2014 and 2013 respectively, meaning full year volumes are up 14.0 percent and 35.6 percent over the last one and two year's totals respectively. 

Q4 volumes saw an even bigger jump, rising 34 percent from the 3,008,060 mt sold in the three months ending December 31, 2014, and some 69 percent from the 2,384,376 mt sold for the same period in 2013.

"Our results demonstrate the merits of Aegean's unique operating strategy and the opportunistic steps we continuously take to position the company for growth, despite industry headwinds," said Aegean President E. Nikolas Tavlarios.

"During the year we leveraged our expanding geographic footprint and diversified business model to deliver strong financial and operational results, including record sales volumes."

That financial result included a gross profit that stayed relatively flat at $331.8 million compared to $337.1 million in 2014, despite revenues dropping from $6.66 billion in 2104 to $4.23 billion for FY2015 as a result of the significant drop in bunker prices during that time.

Spyros Gianniotis, Aegean's Chief Financial Officer, noted that during the year Aegean had successfully entered into a new $120 million credit facility for its Fujairah oil terminal, "which we believe will be a key growth driver in 2016 and beyond."

Looking ahead, Tavlarios indicated that like 2015, Aegean was eyeing opportunities for further growth.

"In 2016, we believe our focus on serving customers and selling blended products will generate greater profitability and strengthen our competitive position in large strategic markets. Through our continued successful execution, Aegean will continue to expand its platform for growth and value creation," he said.

Earlier this month Aegean told Ship & Bunker it had hired a new Sales Representative at its new offices located in Long Beach, U.S..