Aegean Marine Petroleum To Launch Physical Supply and Marketing Operations in Germany
Assumes Charter Agreement for Two Vessels and Approximately 20,000 Cubic Meters of On-Shore Storage Capacity
PIRAEUS, Greece, Jan. 8, 2015 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. ("Aegean" or "the Company") (NYSE: ANW) today announced that it will launch physical supply and marketing operations in Germany during January 2015. Operations will include the physical supply of marine fuels and lubricants to all German ports and will be based out of Hamburg, the second largest container terminal in Europe. To support its local German operations, Aegean has assumed the contracts for two modern, double-hull bunkering barges previously under charter to OW Bunker and approximately 20,000 cubic meters of on-shore storage capacity.
The Company has also established a marketing and business development office in Hamburg for the sale and marketing of marine petroleum products throughout the Aegean network and to customers on a worldwide basis.
E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, commented, "We continue to execute on our strategy to opportunistically enter new markets, strengthen and diversify our operating reach, all while enhancing our ability to service our customers on a worldwide basis. As we embark on a new year we remain confident that we are well positioned to capitalize on several risk-averse opportunities that will allow Aegean to increase the scale and efficiency of its global marine fuel logistics network, grow our customer base and enhance shareholder value."
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 29 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, Panama, Hong Kong, Barcelona, the U.S. East Coast, Los Angeles, Long Beach, Algeciras and the Gulf of Mexico. 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.
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