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Thu 23 Dec 2010, 09:27 GMT

Aegean share price jumps almost 10%


Share value rises on news that Aegean plans to launch supply operations in Cape Verde.

Shares of Aegean Marine Petroleum Network Inc. on the New York Stock Exchange (NYSE) were trading 9.8 percent higher yesterday following news that the leading international bunker supplier plans to commence physical supply operations in Cape Verde Islands, an archipelago of 10 islands located off the coast of Western Africa.

The company's share value closed at US$10.04 per share yesterday after Aegean revealed that it had entered into a strategic co-operation with Enacol, a local energy company based in Cape Verde.

Under the agreement, Aegean will use its delivery fleet to provide bunkering services from the port of Mindelo on the island of Sao Vicente and off-shore. Enacol will be responsible for providing storage for fuel oils and distillates to meet the needs of all major sectors within the international shipping industry.

Yesterday the trading range for shares of Aegean was between $9.13 and $10.12 per share. According to analysts who cover Aegean, the average price target is $16.00 per share.

The volume of shares traded was 300,000 shares, or 41 percent, higher than the daily average volume of 780,000 shares.

Cape Verde Islands  Greece  United States  Mindelo (CV) 
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