Aegean Marine Petroleum Network Inc. to Commence Physical Supply Operations in Hong Kong Expands Strategic Presence in Far East
PIRAEUS, Greece, Aug. 20, 2012 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced plans to expand its global network for the physical supply of marine fuel by establishing operations in Hong Kong.
The Port of Hong Kong is one of the largest container ports in the world, serving as an economic gateway to mainland China. The port, which also provides ferry services to nearby islands as well as cities in southern China, generates a total of approximately 5 million metric tons in annual marine fuel sales volumes. Aegean expects to initially deploy one double-hull bunkering tanker to its new service center in Hong Kong from Singapore by September 30, 2012.
Nikolas Tavlarios, President, commented, "We are pleased to once again expand our global network for the physical supply of marine fuel by strengthening our strategic presence in the Far East. The Port of Hong Kong is a major transportation hub serving critical global and intra-Asia shipping routes as well as passenger ferries. With this important addition to our integrated marine fuel platform, we have enhanced Aegean's ability to meet the needs of its creditworthy customers that operate on a worldwide basis and increase utilization as we further scale our business. We plan to take advantage of our modern delivery fleet and strong brand recognition to drive future performance in Hong Kong. We also intend to achieve notable synergies with our existing service center in Singapore, enabling Aegean to realize greater operating efficiencies while minimizing incremental capital expenditures."
Mr. Tavlarios added, "Including Hong Kong, combined with our recently announced expansion plans in Barcelona, we will have increased our global reach to 21 markets covering approximately 60 international ports, as compared to 5 service centers at the time of our IPO in December 2006. As we continue to expand our global market share and leverage our high-quality logistics infrastructure, we expect to further strengthen Aegean's industry leadership and increase the Company's earnings power."
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 19 markets, including Vancouver, Montreal, Mexico, Jamaica, Trinidad and Tobago, West Africa, Gibraltar, U.K., Northern Europe, Piraeus, Patras, the United Arab Emirates, Singapore, Morocco, the Antwerp-Rotterdam-Amsterdam (ARA) region, Las Palmas, Tenerife, Cape Verde and Panama. 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.
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 historical facts.
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.