Tue 19 Apr 2011 06:34

Aegean to launch bunker service in Panama


Aegean Marine Petroleum expects to commence supply operations in Panama by the end of Q2 2011.



Aegean Marine Petroleum Network Inc. has announced it has been awarded a 20-year concession by the Panamanian Maritime Authority (PMA) to operate onshore storage facilities in the ports of Cristobal and Balboa in Panama.

The award is subject to the fulfillment of certain conditions by the company and completion of definitive documentation with the appropriate Panamanian authorities.

In addition, the company says it has been pursuing the necessary approvals and, subject to receipt of such approvals, expects to commence physical supply operations in both Cristobal and Balboa by the end of the second quarter of 2011.

The port of Cristobal and the port of Balboa are strategically positioned at each end of the Panama Canal, a critical conduit for international maritime trade that connects the Atlantic Ocean and Pacific Ocean. Both ports total approximately 14,000 transits per year and generate approximately 3 million metric tons of annual marine fuel sales volumes on a combined basis.

The concession with Aegean is part of the PMA's efforts to expand and modernize the ports' infrastructure and services consistent with the current expansion of the Panama Canal. By 2014, the Panama Canal is expected to significantly increase its capacity, enabling larger ships to transit and providing greater efficiencies in global commerce.

The two onshore storage facilities in Panama currently total approximately 3 million barrels in capacity, with room for expansion. Aegean says it intends to provide retail bunkering services to all major shipping sectors, particularly containerships, as well as leading cruise lines, in port and at sea after receiving the necessary licenses by the local authorities.

Commenting on the news, E. Nikolas Tavlarios, President, commented, "We are excited to have been awarded a long-term concession in Panama, a landmark event for our company that is testament to Aegean's global brand recognition and balance sheet strength. By establishing a presence on both ends of the world's most famous canal, Aegean has significantly expanded its network for the global supply of marine fuel and strengthened its future growth prospects. We expect to realize numerous benefits from Panama's increasing role in global maritime trade in light of the projected expansion of the Panama Canal.

"The growing Panama market combined with the sizeable onshore storage capacity in the ports of Cristobal and Balboa position Aegean well to continue to meet the strong demand for its integrated services and profitably increase sales volumes. Consistent with our goal to further strengthen Aegean's geographical sales mix and drive future results, we remain on track to enter at least one more start-up market with attractive growth potential in 2011."


Marius Kairys, CEO of Elenger Sp. z o.o. Elenger enters Polish LNG bunkering market with ferry refuelling operation  

Baltic energy firm completes maiden truck-to-ship LNG delivery in Gdansk.

Samsung Heavy Industries (SHI) virtual reality (VR) training program developed in collaboration with Evergreen. SHI develops VR training solutions for Evergreen's methanol-fuelled ships  

Shipbuilder creates virtual reality program for 16,500 TEU boxship operations.

Illustratic image of Itochu's newbuild ammonia bunkering vessel, scheduled for delivery in September 2027. Itochu orders 5,000 cbm ammonia bunker vessel  

Japanese firm targets Singapore demonstration after October 2027, with Zeta Bunkering lined up to perform deliveries.

Bunkering of the Glovis Selene car carrier. Shell completes first LNG bunkering operation with Hyundai Glovis in Singapore  

Energy major supplies fuel to South Korean logistics firm's dual-fuel vessel.

Orient Overseas Container Line (OOCL) vessel. CPN delivers first B30 marine gasoil to OOCL in Hong Kong  

Chimbusco Pan Nation claims to be first in region to supply all grades of ISCC-EU certified marine biofuel.

The Buffalo 404 barge, owned by Buffalo Marine Service Inc., performing a bunker delivery. TFG Marine installs first ISO-certified mass flow meter on US Gulf bunker barge  

Installation marks expansion of company's digitalisation programme across global fleet.

Sogestran's fuel supply vessel, the Anatife, at the port of Belle-Île-en-Mer. Sogestran's HVO-powered tanker achieves 78% CO2 reduction on French island fuel runs  

Small tanker Anatife saves fuel while supplying Belle-Île and Île d'Yeu.

Crowley 1,400 TEU LNG-powered containership, Tiscapa. Crowley deploys LNG-powered boxship Tiscapa for Caribbean and Central American routes  

Vessel is the third in company's Avance Class fleet to enter service.

The inland LNG bunker vessel LNG London. LNG London completes 1,000 bunkering operations in Rotterdam and Antwerp  

Delivery vessel reaches milestone after five years of operations across ARA hub.

The M.V. COSCO Shipping Yangpu, China's first methanol dual-fuel containership. COSCO vessel completes maiden green methanol bunkering at Yangpu  

China's first methanol dual-fuel containership refuels with green methanol derived from urban waste.


↑  Back to Top


 Recommended