Tue 20 Aug 2013, 06:48 GMT

Aegean net income up $2.8 million in Q2


Bunker supplier reports year-on-year rise in net income despite fall in revenues and volume sold.



Aegean Marine Petroleum Network Inc. has announced that it achieved a rise in net income of $2.8 million, or 103.7%, during the second quarter of 2013 in comparison with the previous year.

Net income attributable to Aegean shareholders for the three months ended June 30, 2013 was $5.5 million, or $0.12 basic and diluted earnings per share. Last year, the company recorded a net income of $2.7 million, or $0.06 basic and diluted earnings per share, during the same three-month period.

Net income attributable to Aegean shareholders excluding a loss from the sale of non-core assets was $6.1 million, or $0.13 basic and diluted earnings per share, compared to $2.7 million, or $0.06 basic and diluted earnings per share, in the second quarter of 2012.

Total revenues for the three months ended June 30, 2013, decreased by 10.4% to $1,691.8 million compared to $1,888.1 million during the same period in 2012.

Sales of marine petroleum products declined by 10.3% to $1,680.9 million compared to $1,874.6 million in 2012. Gross profit, which equals total revenue less directly attributable cost of revenue, fell by 13.1% to $69.5 million in the second quarter of 2013 compared to $80.0 million last year.

The volume of marine fuel sold by the company decreased by 0.8% to 2,693,151 metric tonnes compared to 2,714,176 metric tonnes in the corresponding period of 2012.

Operating income excluding a non-cash loss from the sale of an older, non-core vessel for the second quarter of 2013 amounted to $13.2 million compared to $19.5 million in 2012. Operating expenses excluding the non-cash loss from the sale of vessels decreased by $4.2 million, or 6.9%, to $56.3 million, compared to $60.5 million during the second quarter of last year.

Commenting on the results, E. Nikolas Tavlarios, President, said: "We extended our track record of operational excellence and strong financial performance in the second quarter, which represented Aegean's tenth consecutive quarter of profitability. During the quarter we entered new markets to strengthen our revenue base, strategically positioning Aegean for continued success as the market emerges from the current shipping cycle.

"We are taking the right steps to sustain growth and position Aegean for opportunities as they emerge. Our expansion into the Port of Algeciras will increase our presence in the rapidly growing Western Mediterranean market, further diversify our revenue base and improve our fleet utilization. During the quarter we also announced a cooperation agreement with SK Lubricants, which will expand our operations in Asia and increase volumes in our marine lubricants business. As we move into the second half of the fiscal year, we will continue to execute our strategy of strengthening our industry leadership and enhancing shareholder value."

Spyros Gianniotis, Chief Financial Officer, stated, "Our second quarter results demonstrate Aegean's ability to operate safely and profitably while establishing additional revenue streams and adapting to fluctuating industry conditions. As part of our commitment to strengthen our financial flexibility, we have launched the syndication of our $800 million multicurrency credit facilities during the quarter, a significant milestone for our company. Combined with supplier credit, our new multicurrency credit facilities will allow Aegean to continue to manage volatile marine fuel prices and to further improve its supply and trading performance. We appreciate the support of our lenders and their confidence in our ability to continue delivering profitable revenue growth."


Varsha Sudheer, Island Oil. Island Oil appoints Varsha Sudheer as senior trader in Dubai  

Marine fuel supplier strengthens trading platform with new hire at recently established UAE hub.

Bitoil Group logo. Bitoil Group seeks bunker trader for Dubai operations  

Dubai-based company is recruiting for a senior bunker trader role to manage global fuel sales and procurement.

Hiring concept with puzzle pieces and a magnifying glass. Uni-Fuels seeks bunker traders for new London operation  

Singapore-headquartered firm advertises position as part of UK expansion.

Hiring concept with puzzle pieces. Uni-Fuels seeks bunker traders for new Piraeus office  

Nasdaq-listed marine fuel provider advertises positions as part of expansion into Greek market.

Sleipner RoRo vessel render. Wing sails could cut fuel use by 9% on expedition cruise vessels, study finds  

Wallenius Marine and Salén Ship Management examine wind propulsion potential beyond cargo shipping.

C-Flexer RoRo vessel render. Stena RoRo orders C-Flexer RoRo vessels with battery-hybrid propulsion for 2029 delivery  

Swedish shipowner places order with China Merchants Industry for next-generation vessels designed by NAOS.

IMO Technical Seminar on Marine Biofuels graphic. IMO to host technical seminar on marine biofuels in February  

Event at London headquarters will examine recent experiences and future prospects for biofuels in shipping.

Maritime Cleantech Enabling Ammonia Bunkering seminar graphic. H2SITE to present ammonia cracking technology at Bergen maritime seminar  

Spanish firm to showcase dual-environment hydrogen production system for vessels and ports at Maritime CleanTech event.

The Arctic and black carbon graphic. Clean Arctic Alliance urges Canada, Iceland and Norway to back polar fuels proposal at IMO  

Environmental coalition calls on three Arctic nations to support Denmark-led measure on black carbon emissions.

Valenciaport and Port of Santos MoU signing. Valencia and Santos ports establish green corridor to decarbonise transatlantic trade  

Ports sign agreement to promote low-emission fuels and shore power on Europe–South America route.