Aegean Opens Representative Office in Taipei, Eyes Further Growth

Friday August 11, 2017

Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean) has opened a new representative office in Taiwan, Aegean President Jonathan Mcilroy confirmed today.

"Aegean has deployed one trader direct into the Taiwanese market setting up a representative office in Taipei with a view to boost relationships and direct business with Taiwanese customers for our global network," Mcilroy said during the company's 2Q 2017 conference call.

Aegean's website indicates the Bunker Trader who has been deployed is Vivi Chen.

The move comes as part of efforts to generate new revenue streams by expanding into new markets, the company said.

As previously reported by Ship & Bunker, and also highlighted by Mcilroy during the call, in June Aegean also opened a new service center in Savannah, Georgia, and in July opened a new bunker trading office in Dubai.

In January Aegean also announced the launch of a new service centre in Rostock, Germany via the acquisition of OBAST Bunkering & Trading.

"Aegean is the world leader in the physical supply and marketing of marine fuel and lubricants, and has established a global platform with a reputation for high quality customer service. We are now leveraging this global infrastructure and branding by pursuing a growth strategy that does not require intensive capital expenditure," said Mcilroy.

"We seek to enter new areas or to maintain our presence in key hubs by teaming up with local operators, through various forms of partnerships and cooperation. This enables us to maintain and expand our presence and market offering while optimizing our expenses and cost structures."

In related developments, Aegean says in July it also commenced ex-wharf sales on a fuel-on-board (FOB) basis from its Fujairah terminal to other suppliers in the region.