---

Bunker supply firm Aegean Marine Petroleum Network Inc. has recorded a full year net income of $20.1 million, or $0.44 basic and diluted earnings per share, in 2012. The figure represents an increase of $9.872 million, or 96.5 percent, on the $10.228 million net income achieved during the previous year after having posted a full year net profit of $18.733 million in 2010.

Gross profit for the full year was $302.6 million. Operating income was $55.0 million and operating income adjusted for the sale of non-core assets was $61.0 million.

Sales volumes last year were 10,620,864 metric tonnes compared with 10,646,271 tonnes in 2011 and 10,308,210 tonnes in 2010.

Recorded earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2012 was $87.6 million, whilst EBITDA adjusted for the sale of vessels was $93.6 million.

For the three months ended December 31, 2012, the company achieved a net income of $3.3 million, or $0.07 basic and diluted earnings per share, compared with $6.3 million, or $0.14 basic and diluted earnings per share, during the corresponding period in 2011. Net income attributable to AMPNI shareholders, excluding a non-cash loss from the sale of a non-core vessel, was $5.1 million, or $0.11 basic and diluted earnings per share.

Total fourth quarter revenues of $1,734.7 million were consistent with the $1,740.3 million reported for the same period in 2011. Sales of marine petroleum products of $1,724.0 million were also in line with sales of $1,729.0 million for the same period in 2011. Gross profit, which equals total revenue less directly attributable cost of revenue, decreased by 4.77% to $71.8 million in the fourth quarter compared with $75.4 million in the same period in 2011.

The volume of marine fuel sold during the last three months of 2012 increased by 6.24% to 2,729,070 metric tonnes compared with 2,568,714 metric tonnes in 2011.

Operating income for the fourth quarter of 2012 decreased by 35.8% to $11.3 million compared to $17.6 million in 2011. Operating income excluding a non-cash loss from the sale of a non-core vessel was $13.0 million. Operating expenses excluding net book gains or losses on the sale of vessels increased by $1.0 million, or 1.8%, to $58.8 million compared with $57.8 million during the last three months of 2011.

Recorded EBITDA during the fourth quarter was $19.5 million, whilst EBITDA adjusted for the sale of vessels was $21.3 million.

Commenting on the results, E. Nikolas Tavlarios, President, said: "Our eighth consecutive quarter of profitability rounded out a year of strong performance for Aegean. During the fourth quarter we further strengthened our integrated marine fuel logistics chain and continued to build volume in our lubricants business."

Tavlarios continued: "Throughout 2012, we grew our business across all key areas as we executed on our growth initiatives, made notable progress in diversifying and expanding our revenue base and increased our global market share. At the same time, we reduced our operating expense structure and leveraged our fixed infrastructure - both of which positively impacted our bottom line."

Spyros Gianniotis, Chief Financial Officer, stated: "2012 was another strong year for the Company as we grew our base business and developed new revenue streams while improving the Company's cost structure. We executed on our strategy to sell non-core assets, which allowed us to reduce our expenditures related to maintenance and, at the same time, increase our fleet utilization and enhance overall profitability. As we leverage our dynamic financial model, we will use the financial flexibility it creates to invest in growth opportunities that we believe will create significant long-term value. We are well positioned to succeed should industry headwinds continue longer than anticipated, and at the same time, we have positioned the company to capitalize on improving macro fundamentals as they emerge."

Tavlarios concluded: "Looking ahead to 2013, despite the challenging macroeconomic environment, we believe our focus on profitable volume growth, diversification and operational efficiencies will allow Aegean to achieve continued growth and enhance shareholder value."