This is a legacy page. Please click here to view the latest version.
Tue 16 Dec 2008, 08:16 GMT

Aegean announces share repurchase program


Board approves repurchase of up to $25 million of the company's stock.



Aegean Marine Petroleum Network Inc. has announced that its Board of Directors has approved a share repurchase program for up to a total of $25 million of the company's common stock.

Commenting on the announcement, Aegean said "Share repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors."

The Board will review the program after a period of 12 months.

E. Nikolas Tavlarios, Aegean President, commented, "The adoption of a share repurchase program demonstrates the Board and management's confidence in Aegean and its strong fundamentals. Our solid financial position bodes well for the company to further execute its growth strategy and invest in accretive share repurchases while managing the fluctuation in fuel prices. By maintaining our commitment to growth while repurchasing shares of Aegean at attractive prices, we expect to build shareholder value over the near and long term."

The program does not require the company to purchase any specific number or amount of shares and may be suspended or reinstated at any time in the company's discretion and without notice.

Purchases will be subject to restrictions under Aegean's senior secured revolving credit facilities, the company said.

Greece 

TMS Tankers logo. Lloyd’s Register delivers fleet-wide energy transition roadmap for TMS Tankers  

LR Advisory maps vessel-level compliance risk and decarbonisation pathways across the Greek owner’s tanker fleet.

Dr Prapisala Thepsithar, GCMD. GCMD shares biofuel assurance and green finance insights at Hong Kong shipping decarbonisation forum  

The Global Centre for Maritime Decarbonisation presented pilot findings on biofuels and energy efficiency financing.

Laura Maersk ethanol bunkering graphic. Maersk conducts large-scale ethanol bunkering trial on Laura Maersk in Rotterdam  

A.P. Moller – Maersk has conducted a barge-delivered ethanol bunkering operation as part of ongoing fuel trials.

Luminara vessel truck-to-ship bunkering. MOL Techno-Trade completes first LNG bunkering for international cruise ship in Hokkaido  

Truck-to-ship LNG operation at Hakodate marks first such supply to an international cruise vessel in Hokkaido.

Acta Gemini vessel. Acta Marine takes delivery of methanol dual-fuel CSOV Acta Gemini for RWE wind farm charter  

The vessel will support operations at the Sofia Offshore Wind Farm at Dogger Bank.

Yeva Wood and Kirsten Møller Jørgensen. Malik Supply expands Danish team with bunker trader and finance hire  

Danish bunker supplier Malik Supply adds two new staff across its Fredericia and Aalborg offices.

AiP award ceremony for a 10,000-teu biofuel-powered container ship. HJSC wins AiP for 10,000-teu biofuel-powered container ship design  

South Korean shipbuilder HJ Shipbuilding & Construction receives classification society approval for its biofuel vessel design at Posidonia.

Active vessel. Capital Clean Energy Carriers takes delivery of LNG carrier and dual-fuel gas carrier, secures five new charters  

Athens-based CCEC expands its fleet and pushes contracted revenue backlog to $3.1bn.

VPS logo. Fuel quality management for vessels in extended idle: Arabian Gulf, Gulf of Oman and adjacent anchorages | Rahul Choudhuri, VPS  

Managing fuel quality deterioration following the closure of the Strait of Hormuz.

Person signing a document. Agastya Green Fuels signs 250,000 t/yr e-methanol offtake deal with Sri Lanka’s SAR Group  

Indian producer and Sri Lankan maritime firm agree long-term green methanol supply partnership.


↑  Back to Top


 Recommended