Aegean Has "Another Strong Year" as Full Year Bunker Sales Volume Rises 23%

Aegean President E. Nikolas Tavlarios says Q4 "marked the end of another strong year for Aegean."

Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean) today released its 2016 fourth quarter and full year financials showing its annual bunker sales volume rose 22.5 percent year-on-year to 16,519,079 metric tonnes (mt) for the full year ended December 31, 2016.

The bunker sales volume for 4Q 2016 was 3,954,700 mt, down 1.9 percent from the 4,029,567 mt sold in the period last year, ending a run of four consecutive quarters with more than 4 million mt sold.

"The fourth quarter marked the end of another strong year for Aegean, despite volatile commodity markets and increased competition. Our flexible business model continued to enable Aegean to capitalize on growth opportunities across our unique platform," said Aegean President E. Nikolas Tavlarios.

"Our global footprint now includes more than 30 markets and 51 ports, with a team dedicated to ensuring that customers are better equipped to run their businesses.  We remain committed to executing our strategy and confident in our ability to generate sustainable growth to drive shareholder value."

Gross profit for 2016 was $353.5 million, up from $331.8 million in 2015; Q4 gross profit was $90.8 million, compared to $88.3 million achieved for the period last year.

Full year EBITDA was 125.6 million, and $135.2 million adjusted for the loss on the sale of vessels, and the "accelerated vesting of Aegean's founder shares."

"Our solid results and accomplishments during the quarter demonstrate the long-term potential of our financial strategy. During the fourth quarter we continued our focus on driving higher margins and profitable volume and improved our financial strength. We have maintained a strong balance sheet and are confident our flexibility will support Aegean's continued success," said CFO Spyros Gianniotis.

"Looking ahead, we will continue to deploy our resources into the most effective and profitable markets to generate the greatest return for Aegean shareholders."

Aegean is set to host a conference call tomorrow, March 2, at 8:30 A.M. Eastern Time to discuss the results.