EMEA News
Aegean Revenues Down, Profits Up in Q2
Bunker supplier Aegean Marine PetroleumNetwork Inc. [NYSE: ANW] (Aegean) reports it boosted its profits 47 percent year-over-year in the second quarter of 2013, although revenues fell 10 percent.
The supplier said it sold 2,693,151 metric tonnes of marine fuel during the quarter, down 0.8 percent from the same period last year.
"During the quarter we entered new markets to strengthen our revenue base, strategically positioning Aegean for continued success as the market emerges from the current shipping cycle," said President E. Nikolas Tavlarios.
"Our expansion into the Port of Algeciras will increase our presence in the rapidly growing Western Mediterranean market, further diversify our revenue base and improve our fleet utilization."
The company, which added operations in Falmouth, UK and Barcelona, Spain last year, announced the plans for Algeciras in July, saying that bunkering at the Spanish port would help it utilize both vessels and storage capacities, improving volumes and profit margins
Tavlarios also touted an agreement reached over the quarter with SK Lubricants Co. Ltd. (SK Lubricants) of South Korea, which the companies said at the time would help Aegean reach the South Korean market.
CFO Spyros Gianniotis noted that the company launched the syndication of $800 million in credit facilities during the quarter, which should help it managed volatile fuel prices and improve its supply and trading performance.
"Our second quarter results demonstrate Aegean's ability to operate safely and profitably while establishing additional revenue streams and adapting to fluctuating industry conditions," he said.
