PIRAEUS, Greece, Oct. 10 /PRNewswire-FirstCall/ -- Aegean Marine
Petroleum Network Inc. (NYSE: ANW), an international marine fuel logistics
company that markets and physically supplies refined marine fuel and
lubricants to ships in port and at sea, today announced that it has
acquired Bunkers at Sea, a Belgium-based marketer and independent physical
supplier of marine fuel to vessels in port and at sea. Concurrent with this
acquisition, Aegean purchased the Sara, a 1990-built and 2003-upgraded
7,233 double-hull bunkering tanker, and the Vera, a 1985-built 2,642
single-hull bunkering tanker, which are both operated by Bunkers at Sea.
As one of the only offshore suppliers in Northern Europe, Bunkers at
Sea serves approximately 45 ports located throughout the region, including
the North and Irish Seas, the French Atlantic, the English Channel and St.
George Channel. In 2006, the company recorded total marine fuel sales
volumes of more than 325,000 metric tons utilizing its flexible operation
to rapidly deploy refined marine fuel across an extensive and fragmented
market with varying demand patterns. In addition to the Sara and the Vera,
Aegean intends to deploy the Aegean Princess, a 1991-built 7,030 dwt
double-hull bunkering tanker, to Northern Europe.
E. Nikolas Tavlarios, President, commented, "The strategic acquisition
of Bunkers at Sea expands our global network for the physical supply of
marine fuel and provides immediate access to the core Northwest European
market, resulting in further expansion opportunities. In addition to
establishing a presence in this broad geographical region, the company's
high-quality operations and sophisticated logistics for the delivery of
marine fuel provide an ideal fit for Aegean. Our plan is to drive sales
volumes throughout Northern Europe by operating three bunkering tankers as
we take advantage of the significant number of underserved ports located in
this vast commercial ship market and leverage our expanded customer base."
Bunkers at Sea will operate as a wholly owned subsidiary of Aegean and
maintain its service center, which includes all marketing and operational
functions, based in Antwerp, Belgium. The office, which will be expanded to
increase Aegean's presence in Northern Europe, will be led by the
co-founders of Bunkers at Sea, Jack Doornbos and Reginald Robyn.
"We are very excited about the opportunities created by joining
Aegean's global service center network," said Mr. Doornbos. "Aegean has
established itself as the leading independent full-service provider of
marine fuel services, and working with the company will increase our
ability to strengthen and grow our position in the region."
Ziad Nakhleh, Chief Financial Officer, stated, "The acquisition of
Bunkers at Sea, which has been financed through our existing capital
structure, meets our strict long-term return criteria. Moreover, we believe
this acquisition will be seamlessly integrated into our existing operating
structure and immediately accretive to earnings and cash flow. Our strong
financial position has enabled Aegean to act decisively in acquiring
Bunkers at Sea and capitalize on the attractive opportunities in Northern
Europe for the benefit of our shareholders."
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel
logistics company that markets and physically supplies refined marine fuel
and lubricants to ships in port and at sea. As a physical supplier, the
Company purchases marine fuel from refineries, major oil producers and
other sources. Through its service centers in Greece, Gibraltar, Singapore,
Jamaica, the United Arab Emirates and West Africa, the Company sells and
delivers these fuels to a diverse group of ocean-going and coastal ship
operators and marine fuel traders, brokers and other users.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides
safe harbor protections for forward-looking statements in order to
encourage companies to provide prospective information about their
business. Forward- looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of
The Company desires to take advantage of the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The
words "believe," "intend," "anticipate," "estimate," "project," "forecast,"
"plan," "potential," "may," "should," "expect" and similar expressions
identify forward-looking statements. The forward-looking statements in this
press release are based upon various assumptions, many of which are based,
in turn, upon further assumptions, including without limitation, our
management's examination of historical operating trends, data contained in
our records and other data available from third parties. Although we
believe that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are beyond
our control, we cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other important factors that,
in our view, could cause actual results to differ materially from those
discussed in the forward-looking statements include our ability to manage
growth, our ability to maintain our business in light of our proposed
business and location expansion, our ability to obtain double hull
secondhand bunkering tankers, the outcome of legal, tax or regulatory
proceedings to which we may become a party, adverse conditions in the
shipping or the marine fuel supply industries, our ability to retain our
key suppliers and key customers, material disruptions in the availability
or supply of crude oil or refined petroleum products, changes in the market
price of petroleum, including the volatility of spot pricing, increased
levels of competition, compliance or lack of compliance with various
environmental and other applicable laws and regulations, our ability to
collect accounts receivable, changes in the political, economic or
regulatory conditions in the markets in which we operate, and the world in
general, our failure to hedge certain financial risks associated with our
business, our ability to maintain our current tax treatments and our
failure to comply with restrictions in our credit agreements and other
factors. Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.