Tue 12 May 2009, 13:39 GMT

Aegean sells two specialty tankers


Supplier says it intends to use the proceeds of the sale to reduce its debt.



Leading bunker supplier Aegean Marine Petroleum Network Inc. has today announced that it has entered into an agreement to sell its two 2,400 dwt specialty ro-ro tankers, the Maistros and the Ostria, to an unrelated third party.

Upon completing the sale of both vessels, which are not related to Aegean's core business for the physical supply of marine fuel, the company said it expects to realize a net gain in the second quarter of 2009. Aegean intends to use the proceeds of the sale to pay down debt.

Commenting on the news, E. Nikolas Tavlarios, President, said, "With this transaction, management has once again acted opportunistically for shareholders. The agreement to sell Aegean's two specialty ro-ro tankers at an attractive price further reduces our debt, enhances our financial flexibility and strengthens our focus on the company's core operations for the physical supply of marine fuel.

"With an expected profit from this sale, Aegean will further increase its sizeable liquidity position, a core differentiator for the company. Aegean remains focused on drawing upon its significant access to capital to further strengthen the company's industry leading position and drive future shareholder value."

Greece 

Titan Optimus alongside Peony Leader vessel. FuelEU pooling drives surge in bio-LNG demand, Titan analysis finds  

Clean fuel supplier's modelling shows pooling mechanism turning overcompliance into tradable value for LNG-fuelled ships.

Keith Johnstone, Lloyd’s Register. Ports told to prepare now for advanced nuclear power  

Joint paper sets out a readiness pathway for ports facing nuclear-powered vessels, floating reactors and small modular units

Terra Clove vessel. Eastern Pacific Shipping takes delivery of first ammonia dual-fuel VLAC  

Terra Clove powered by first Everllence B&W 6G60ME-C10.5-LGIA ammonia dual-fuel two-stroke engine.

BV grants type approval to WinGD. Bureau Veritas approves WinGD's variable compression ratio technology for dual-fuel engines  

Classification society grants type approval to engine technology enabling compression ratio adjustment across different marine fuels.

Joe Kramek, WSC. Dual-fuel fleet passes 500 ships as investment tops $200bn  

World Shipping Council data shows dual-fuel container ships and vehicle carriers growing fast, with IMO rules uncertain.

VPS Carbon Reduction seminar in Athens graphic. VPS to host Athens seminar on fuel efficiency and carbon reduction  

VPS's final European round table of 2026 will cover marine fuels, lubricants and decarbonisation in Athens.

Aurora Botnia vessel. Wasaline secures locally produced biogas supply from St1 Biokraft for Vaasa–Umeå ferry  

Agreement will supply 42 GWh of liquefied biogas annually, with deliveries due to start in January 2028.

Kypros Island delivery ceremony. Safe Bulkers takes delivery of first dual-fuel methanol Kamsarmax newbuild  

Kypros Island becomes the first dual-fuel bulker to enter the Cyprus Registry.

Singapore waterfront skyline. PetroChina seeks LNG bunker trader to expand Asian marine fuel business  

Role requires five to ten years of commercial experience in LNG, bunker trading, marine fuels, commodities, or energy trading.

Shanghai–Melbourne Green Shipping Corridor (GSC). Shanghai and Melbourne ports move green shipping corridor into delivery phase  

Ports launch implementation plan targeting green methanol, biofuels and shore power by 2035.