Aegean 2012 Q2 Net Income Rises 15%

by Ship & Bunker News Team
Tuesday August 14, 2012

New York-listed bunker supplier Aegean Marine Petroleum Network Inc. (Aegean) [NYSE:ANW] Monday announced a Q2 2012 net income of $3.775 million for the period ending June 30, 2012, up 15% from $3.224 million in Q2 2011.

The total volume of bunker sales in the period were 2,714,176 metric tonnes (mt), up almost 3% from 2,635,881 mt in the same period last year.

Total revenues for the three months ended June 30, 2012, increased by 6.4% to $1,888.1 million compared to $1,774.9 million for the same period in 2011.

"During the second quarter, we continued to achieve important progress executing our strategy to enhance Aegean's operational and financial performance in a challenging market environment," commented Aegean President E. Nikolas Tavlarios.

"We further expanded our global reach by entering into a strategic alliance that enables Aegean to establish an initial footprint in mainland China. We also recently announced expansion plans in Barcelona, Spain.  This new and attractive market provides significant growth potential as we seek to take advantage of our scalable and high quality logistics infrastructure following the completion of our fully funded newbuild program in the second quarter."

"We remain well positioned to strengthen Aegean's leading brand as a global independent supplier of marine fuel and expand the Company's future earnings power," he concluded.

Ship & Bunker News Team
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