World News
Aegean and Freepoint Subsidiary Cooperate on St. Croix Bunker Business
Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean) today today announced that it has signed an agreement with Freepoint Commodities LLC (Freepoint) subsidiary Caribbean Bunkers LLC (Caribbean Bunkers) to cooperate on bunkering sales focused around the U.S. Virgin Islands facility at Limetree Bay, St. Croix.
"Freepoint is excited about developing this business -- we envision it will be a core strategy in our global oil platform. The St. Croix Limetree Bay Facility has brought a lot of promise to the region and continues to grow at an impressive rate," said Rob Peck, Senior Managing Director of Global Oil at Freepoint.
"We have worked with Aegean for a number of years and are privileged to be cooperating with a company that is so well-respected in the industry. We believe this agreement will be extremely beneficial to both companies as we expand and optimise our business in the Caribbean. "
Under the agreement, Aegean will market bunker fuels and marine gas oil supplied by Freepoint to customers calling on the Limetree Bay Facility, with future expansion in the region aimed at the addition of delivery capability through Aegean's owned fleet.
"We are pleased to announce the launch of our new service centre in St. Croix USVI, which strengthens our existing presence in the Caribbean and represents another important step in our effort to broaden our global footprint in attractive markets. The growth and activity level at Limetree Bay has been remarkable since the terminal was purchased in 2016," said Manolis Chochlakis, Aegean's Regional Manager of the Americas.
"We believe working together with Freepoint, which is an equity partner in the Limetree Bay facility, provides us both with incentives to jointly grow our presence in the region. The Aegean and Freepoint teams are experienced groups that have worked well together in the past. They will ensure our customers in the Caribbean get first class service."
The agreement, which is set to begin in September, is expected to be fully operational and contributing results during 2017's Q4.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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