Sign up
Log in Sign up
Tue 12 May 2009 13:39

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."

Lease agreement between Inter Terminals Sweden and the Port of Gothenburg, signed on July 1st. Pictured: Göran Eriksson, CEO of the Port of Gothenburg (left) and Johan Zettergren, Managing Director of Inter Terminals Sweden (right). New Gothenburg lease an opportunity to expand green portfolio: Inter Terminals  

Bunker terminal operator eyes tank conversion and construction projects for renewable products.
Map of US Gulf. Peninsula extends US Gulf operation offshore  

Supplier to focus on Galveston Offshore Lightering Area (GOLA) in strategy to serve growing client base.
The M/T Jutlandia Swan, operated by Uni-Tankers. Uni-Tankers vessel gets wind-assisted propulsion  

Fourth tanker sails with VentoFoil units as manufacturer says suction wing technology is gaining traction.
Port of Gothenburg Energy Port. Swedish biomethane bunkered in Gothenburg  

Test delivery performed by St1 and St1 Biokraft, who aim to become large-scale suppliers.
Image from Cockett Marine Oil presentation. Cockett to be closed down after 45 years  

End of an era as shareholders make decision based on 'non-core nature' of Cockett's business.
Petrobras logo. Petrobras confirms prompt availability of VLS B24 at Rio Grande  

Lead time for barge deliveries currently five days.
Opening of the IMO Marine Environment Protection Committee (MEPC), 83rd Session, April 7, 2025. IMO approves pricing mechanism based on GHG intensity thresholds  

Charges to be levied on ships that do not meet yearly GHG fuel intensity reduction targets.
Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.
Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.
Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.

↑  Back to Top


 Recommended