World News
Aegean and SK Lubricants Sign Cooperative Agreement
Aegean Marine Petroleum [NYSE:ANW] (Aegean) of Greece says it has signed an agreement with SK Lubricants Co. Ltd. (SK Lubricants) of South Korea that extends both companies' markets.
Aegean will supply and deliver marine lubricant products to SK Lubricants' customers within Aegean's network in 45 countries and 550 ports, while SK Lubricants will provide the products to Aegean's customers in South Korea.
"Our agreement with SK Lubricants will allow Aegean to expand sales volumes for our marine lubricants and further extend our presence in the Asian market," said Aegean President E. Nikolas Tavlarios.
"The marine lubricants market, although a smaller business for our company, continues to yield high operating margins and is a highly profitable revenue stream.
"This agreement demonstrates our continued success in executing our strategy to further diversify our revenue base and drive growth by leveraging our existing infrastructure."
Aegean said in May that it is working to build new revenue streams and strategically adjust the markets where it does business.
SK Lubricants CEO and President Kwan Ho Choi said Aegean's network will help the company extend its market.
"We are pleased to expand our global supply capabilities through this cooperation agreement with Aegean," he said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 509.00 | 4.50 | 623.00 | 3.00 |
| Rotterdam | 463.00 | 7.00 | 623.50 | 2.00 |
| Houston | 471.50 | 4.50 | 627.50 | 3.50 |
| Fujairah | 501.00 | 4.50 | 714.00 | 1.00 |
| Global 20 Ports Average | 529.00 | 2.50 | 714.50 | 2.50 |
| Global 4 Ports Average | 486.00 | 3.00 | 647.00 | 2.50 |
| Global Average Bunker Price | 572.50 | 2.00 | 753.00 | 2.00 |
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