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Aegean Marine Petroleum Network Inc. (AMPNI) says that its storage terminal in Fujairah, United Arab Emirates, is approaching the company's lease rate target for 2015.

Speaking during the bunker firm's second-quarter earnings call, E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, remarked: "In Fujairah, our storage facility continues to perform well. The storage facility is operating at strong efficiency levels and is now at about 86 percent capacity.

"This success was driven by our strong marketing strategy remain on track to achieve our stated goal of 100 percent lease rate by the end of 2015. Fujairah continued to contribute to our EBITDA [earnings before interest, tax, depreciation and amortization] for the quarter that will meaningfully contribute in the going forward quarters."

In terms of EBITDA contribution, the terminal is estimated to be on track to reach a figure of around US$12 million to $15 million per year, based on figures provided during the earnings call.

Tavlarios commented: "I think we are still on track to see Fujairah getting to its $15 million level that we spoke of, right. So at $15 million you are talking about somewhere around $1.20 to $1.25 per month. So on that basis, again, you're going to be somewhere in that whole neighbourhood of - let's just say $3 million a quarter."

Tavlarios also explained that two additional load points are to be opened in the port of Fujairah over the next few months, and the company expects its sales volumes at the Middle East's leading bunker port to "materially increase" as a result.

He added: "We certainly expect to do higher volumes in Fujairah and we expect to be able to generate a better gross spread than we did in the past. I could tell you the demand in Fujairah right now is very strong. The port is quite congested. They are opening up an additional two loading points, one is being done in the current quarter, as I said, and the other one early next year. As that happens, we expect the volumes in Fujairah to ramp up significantly, our sales to increase there and we will be able to use that terminal in a way we can capture greater profit margin."

Tavlarios said that margins from engaging in blending at the Fujairah facility are "somewhere between $5 and $10 a tonne on every tonne that's done from blended fuel".

"So as we begin to overlay that into our product mix there, we would expect our performance in that port to further improve," he added.