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Agrees to Acquire Approximately $11 Million in Fuel Inventory and Storage Contracts at the Vopak Los Angeles Terminal
Access to Busiest U.S. Container Port Significantly Enhances Aegean's Global Marine Fuel Capabilities
Piraeus, Greece, Dec. 9, 2014 - PRNewswire
Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced that it has agreed to acquire 28,567 metric tons of marine fuel and assume a storage contract with Vopak Terminal Los Angeles for a total purchase price of approximately $11 million at an auction of OW Bunker's assets.
The ports of Los Angeles and Long Beach combined form the largest container port in the United States with annual volumes of 14.6 million TEU's in 2013 and serve as the key trade hubs between North America and Asia.
E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, commented, "This transaction is aligned with Aegean's strategy to opportunistically enter new markets to service unmet and increasing demand, while enhancing shareholder value. We have focused on building a strong and flexible financial position over the years and as a result were able to act quickly on this unique opportunity to further strengthen and diversify our operating footprint. Having a presence at the Vopak Terminal in Los Angeles will substantially broaden Aegean's access to the marine fuel markets of the U.S. west coast, and in so doing round out Aegean's profile as a global marine fuel provider. Heading into 2015, which we believe will be a landmark year for Aegean, we intend to continue executing our risk-averse strategy; strengthening our brand, widening our customer base and increasing the scale and efficiency of our logistics network."
The Company expects to integrate much of the former OW Bunker operating infrastructure in Los Angeles into the Aegean organization and begin operations at the Vopak Terminal in the first quarter of 2015.
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 27 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, US East Coast and Algeciras. 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.
Aegean Marine Petroleum Network Inc. press release