Aegean Marine Petroleum Network Inc. Takes
Delivery of Bunkering Tanker Newbuilding
Further Expands Double-Hull Bunkering Fleet
PIRAEUS, Greece, July 19, 2010 /PRNewswire via COMTEX/
Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced that it has taken delivery of the Karpathos, a 6,270 dwt double-hull bunkering tanker newbuild from Qingdao Hyundai Shipyard in China. The vessel is expected to be deployed to the Company's market in Greece.
E. Nikolas Tavlarios, President, commented, "With the delivery of the Karpathos, Aegean Marine has once again enhanced its ability to capitalize on the strong demand for modern tonnage and strengthen its leading industry brand. Despite the challenging economic environment, we continue to execute our well-capitalized growth strategy as we have consistently done since going public in December 2006. Based on management's ongoing success in expanding the Company's double-hull bunkering fleet, combined with the recent acquisitions of Verbeke Bunkering N.V. and the Shell Las Palmas terminal, we expect to significantly increase our market share for the global supply of marine fuel and drive future performance."
With the delivery of the Karpathos, the Company plans to redeploy the Aegean X, a 1982-built 6,400 dwt double-hull bunkering tanker, to its market located in West Africa.
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 more than 16 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, and Las Palmas.
Source: Aegean Marine Petroleum Network Inc.