Aegean Marine Petroleum Network Inc. To Commence Operations at Port of Algeciras Strategic Development Will Utilize Existing Fleet Capacity and Further Expand Presence in Western Mediterranean Region
PIRAEUS, Greece, July 15, 2013 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced plans to expand its global marine fuel supply network by establishing operations in Algeciras.
The Port of Algeciras Bay is one of Spain's largest and is located at the crossroads of the world's main cargo shipping lanes. With its central location on routes linking West Africa, Asia, North Europe and the Americas, Algeciras is one of the busiest transshipment and container ports in the world.
E. Nikolas Tavlarios, President, commented, "This is an exciting opportunity for Aegean, as we are strategically expanding our presence in the Western Mediterranean by entering this rapidly growing port. Our presence in the Port of Algeciras Bay will further enhance our ability to serve our customers in this region, while also allowing Aegean to utilize our built-in fleet capacity and storage capabilities, which should drive both profit margins and volumes.
"Over the past several years, we have continued to execute our strategy of opportunistically entering and exiting markets as appropriate to strengthen our competitive positioning, and this development is perfectly aligned with this operating philosophy," continued Mr. Tavlarios. "We are taking decisive actions to diversify our geographic presence, expand our revenue base and increase our earnings potential. We are continuing to deliver on the promise of the Aegean model and this event is yet another milestone illustrating our dynamic progress."
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. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 20 markets, including Vancouver, Montreal, Mexico, Jamaica, Trinidad and Tobago, Gibraltar, U.K., Northern Europe, Piraeus, Patras, the United Arab Emirates, Singapore, Morocco, the Antwerp-Rotterdam-Amsterdam (ARA) region, Las Palmas, Tenerife, Cape Verde, Panama, Hong Kong and Barcelona. The Company has also entered into a strategic alliance to extend its global reach to China. To learn more about Aegean, visit http://www.ampni.com.
Forward Looking Statements
The statements in this press release that are not historical facts, including our expectations regarding the expansion and its effects on Aegean, Aegean's business, ability to serve customers and utilize Aegean's fleet capacity and storage capabilities, and Aegean's ability to drive profit margins and volumes, may be forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated. Unless required by law, Aegean expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in Aegean management's views or expectations, to conform them to actual results or otherwise. Aegean assumes no responsibility for the accuracy and completeness of the forward-looking statements. Aegean makes no prediction or statement about the performance of our shares.
SOURCE Aegean Marine Petroleum Network Inc.