Wed 8 Dec 2010, 08:07 GMT

Andatee CEO buys 13,050 shares


An Fengbin has now purchased over 37,000 Andatee shares since November 23rd.



An Fengbin, Chairman, CEO and President of Andatee China Marine Fuel Services, purchased 13,050 shares in the company on December 3rd, at an average price of $5.64 a share.

Mr An has now purchased a total of 37,424 shares in the company since November 23rd. A list of his recently reported Andatee trades have been included below.

- An Fengbin bought 13,050 shares of Andatee stock on December 3rd at the average price of US$5.64.

- An Fengbin bought 9,050 shares of Andatee stock on December 1st at the average price of US$5.32.

- An Fengbin bought 8,400 shares of Andatee stock on November 29th at the average price of US$5.22.

- An Fengbin bought 3,462 shares of Andatee stock on November 23rd at the average price of US$5.21.

- An Fengbin bought 3,462 shares of Andatee stock on November 23rd at the average price of US$5.25

Andatee is a leading independent operator engaged in the production, storage, distribution, wholesale purchase and sale of blended marine fuel oil for cargo and fishing vessels in Northern China. The company has a market capitalization of US$52.9 million.

During the third quarter of 2010, Andatee's net profit rose by 73.5 percent to $2.6 million. Revenues for the third quarter were $57.5 million, which represented an increase of approximately 78.5 percent compared with $32.2 million during the same period in 2009. The increase was said to be due to an 82 percent increase in sales volumes and to a higher average crude oil price in the marketplace.

Last month the company announced that its board of directors had approved and adopted a share repurchase plan. The plan, which authorizes a buyback of the company's common stock up to a value of $0.5 million, is valid up until October 2011.

Mr An, a 10 percent owner, is the founder of Andatee's bunker supply business Dalian Xing Yuan Marine Fuel Co. Ltd..


China 

J-ENG 6UEC35LSGH hydrogen-fuelled engine unveiling. Japan Engine completes land-based testing of landmark hydrogen-fuelled engine for large vessels  

Hydrogen co-firing rate of at least 95% achieved during factory testing.

Aerial view of tanker vessel at sea. Ethanol edges into shipping’s fuel mix as methanol crossover eases adoption barriers  

Rising interest from cargo owners, shared technology with methanol and Brazilian production growth push ethanol beyond regional niche status.

AiP award ceremony for multi-purpose fuel tank and FGSS design. ABS grants Hanwha Ocean approval for dual-fuel tank enabling LNG-to-ammonia switch  

In-principle approval awarded for fuel tank and supply system enabling LNG carriers to convert to ammonia without replacement.

Lloyd's Register issues Factual Statement (FS) for PureMetrics CEMS. Lloyd's Register confirms suitability of Daphne Technology's emissions monitoring system  

Factual Statement validates the PureMetrics design for monitoring greenhouse gas emissions from marine engines.

IMO building with national flags. IMO issues shipboard biofuel blend checklist developed by IBIA  

Checklist for FAME-based biofuels formally incorporated into IMO document, supporting crews handling biofuel blends for the first time.

YM Weight naming ceremony. Yang Ming names fourth LNG dual-fuel container vessel YM Weight  

Newbuild features high-pressure dual-fuel main engines capable of running on either LNG or low-sulphur fuel oil.

Bureau Veritas grants AiP to SDARI. Bureau Veritas grants AiP to SDARI’s LNG dual-fuel liquefied CO₂ carrier design  

Classification society approves 85,000-cbm vessel concept designed to support the growing carbon capture and storage sector.

Houston skyline at night. JuWonOil looking to strengthen with two Houston hires  

Texas-based firm is recruiting a marine lubricants sales executive and a marine fuels and distillates trader.

Lloyd's Register (LR), Seapeak, Kongsberg Maritime and Tunable JDP launch. Four firms partner to trial continuous emissions monitoring on LNG carrier  

LR, Seapeak, Kongsberg Maritime and Tunable will test onboard CO₂ monitoring against engine data and default emissions factors.

Bunker Holding logo. Bunker Holding reshuffles commercial leadership across brand portfolio  

Appointments announced across KPI OceanConnect, Glander International Bunkering and its digital sales operations.