Aegean Says Its OW Bunker Exposure is $7.8m

by Ship & Bunker News Team
Wednesday November 26, 2014

Aegean Marine Petroleum Network Inc. [NYSE:ANW] (Aegean) Tuesday informed the audience of its third quarter (Q3) earnings call that its exposure to OW Bunker is $7.8 million.

The figure is significantly below recently quoted figure of $25 million reported by Reuters, although Ship & Bunker reported Friday that several sources had said this number was significantly higher than the true exposure.

"We expect to recover [the $7.8 million] in full," said Aegean's President E. Nikolas Tavlarios.

"We are confident in our ability to collect these outstanding amounts as OW Bunker do not hold title to or maintain any separate rights to any marine field delivered by Aegean, and all fuel was delivered under Aegean’s terms and conditions.

"We are taking all steps necessary to protect our liability to the fullest extent possible."

Aegean delivered strong revenue and bunker sales volumes for Q3 2014, though showed an overall loss for the quarter.

Tavlarios also commented that OW Bunker, which recently filed for bankruptcy, had grown through "aggressive pricing" and stressed this is "not what Aegean does."

He said the events gave Aegean an opportunity to "capture market share" and bolster its team by "[adding] new talented professionals."

Aegean said Monday that 2015 could be a "landmark" year for the company.

Ship & Bunker News Team
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