Aegean's Bunker Sales Up 14% in Q1

by Ship & Bunker News Team
Thursday May 22, 2014

Revenues rose year-over-year for Aegean Marine Petroleum Network [NYSE: ANW] (Aegean) in the first quarter of 2014, as bunker sales jumped 14.3 percent to 2.7 million metric tonnes (mt), the company reports.

The company reported a 7.9 percent increase in quarterly earnings, to $1.7 billion, but net income dropped 29 percent to $5.1 million, reflecting a one-time gain on the sale of vessels in Q1 2013.

"During the quarter Aegean continued to build upon the momentum we established across our business as we extended our track record of profitability and growth," said President E. Nikolas Tavlarios.

"The sustainable growth drivers we have put in place enabled our team to continue delivering positive results despite persistent industry headwinds."

Tavlarios said the company has successfully integrated its U.S. East Coast operations after buying Hess Corp. facilities last year.

"We remain focused on diversifying our geographical presence and increasing asset utilization both through the expected introduction of our new Fujairah storage facility in the second half of 2014 and the potential addition of new service centers," he added.

"In addition, with the sale of two older, non-core vessels, Aegean continued to streamline its expense structure and generate sustainable results."

Ship & Bunker News Team
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