Asia/Pacific News
Aegean To Expand Into Hong Kong
Physical bunker supplier Aegean Marine Petroleum Network Inc. (Aegean) [NYSE:ANW] said in a press release Monday it plans to establish bunkering operations in Hong Kong.
Aegean expects to initially deploy one double-hull bunker tanker to its new service centre in Hong Kong from Singapore by September 30, 2012.
The New York listed firm also said it plans to work with its existing service centre in Singapore to achieve greater operating efficiencies while minimising its incremental capital expenditures.
Aegean estimates annual bunker sales in Hong Kong to be 5 million metric tonnes.
"We are pleased to once again expand our global network for the physical supply of marine fuel by strengthening our strategic presence in the Far East. The Port of Hong Kong is a major transportation hub serving critical global and intra-Asia shipping routes as well as passenger ferries," commented Aegean President Nikolas Tavlarios.
"With this important addition to our integrated marine fuel platform, we have enhanced Aegean's ability to meet the needs of its creditworthy customers that operate on a worldwide basis and increase utilization as we further scale our business," he added.
Earlier this month Aegean said it intends to expand its bunkering operation to the port of Barcelona.
