World News
Aegean Results Down as Company "Streamlines" Expenses
Aegean Marine Petroleum [NYSE:ANW] (Aegean) reports a profit of $7.3 million on revenues of $1.6 billion in the third quarter of 2013, down from $8 million in profits and $1.8 billion in revenue from the same quarter last year.
Its sales volume also dropped to 2.5 million metric tonnes (mt) from 2.7 million mt year-over-year, while its margin on marine petroleum products increased to $65.2 million from $63.9 million.
"Our third quarter results and strong financial position demonstrate our continued success in extending our track record of profitability while navigating the challenging dynamics of our market," said President E. Nikolas Tavlarios.
"While the bunkering business remains dynamic, we have taken advantage of the current macroeconomic environment to streamline our expenses and increase our earnings power."
Aegean said earlier this year that it was focusing on cutting expenses by selling non-essential assets and focusing on new markets, and it has reduced its owned bunkering tanks from 57 to 53 and owned storage facilities from 7 to 5 over the past year.
The company recently announced a $30 million agreement to acquire Hess Corporation's U.S. East Coast bunkering business, something Tavlarios said "is fully aligned with our strategy" and will increase the company's access to U.S. clients.
The company said this week that sales of the Hess operations averaged 1.8 million mt per year over the past three years.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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