Image: Aegean Marine Petroleum

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Aegean Marine Petroleum said on Wednesday that it expects to launch a bunker supply service in at least one new location during the first half of 2018.

The bunker firm revealed its expansion plans during the publication of its results for the third quarter of 2017.

As previously reported, at the end of last month, Aegean had said it was in "advanced stages of development" with "a number" of physical supply projects in new locations.

"We expect to debut these new markets over the course of 2018 and believe they will continue to reinforce Aegean's commitment of being an innovative market leader as the industry looks forward to change ahead in 2020," President Johnathan McIlroy said on October 31.

'Ramping up' in Savannah

At its recently launched physical bunker supply service in Savannah, Georgia, the third largest container port in the United States, Aegean said in its latest financial update that it was "quickly ramping up this operation".

Aegean leases tankage from Colonial Terminals' facility on the Savannah River and has contracted with the Vane Brothers Company to provide barge services in the port.

St Croix

At the only new physical supply operation to be launched by Aegean in Q3 2017, St Croix, the bunker firm signed an agreement with Caribbean Bunkers LLC, a subsidiary of Freepoint Commodities LLC, to cooperate on the sale of marine fuels.

Under terms of the agreement, Aegean is marketing bunker fuels and marine gas oil supplied by Freepoint to customers calling at the Limetree Bay Facility.