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Fri 14 Oct 2011 17:31

Aegean shares upgraded to 'neutral'


Shares of Greek bunker supplier are upgraded by US investment research firm.

Analysts at Chicago-based investment research firm Zacks Investment Research have upgraded shares of Aegean Marine Petroleum Network from an "underperform" rating to a "neutral" rating.

Shares of Aegean on the New York Stock Exchange (NYSE) opened at $4.99 per share on Friday. The company has a 52-week trading range of $3.19 - $17.79. The stock's 50-day moving average is $4.93 and its 200-day moving average is $6.65. The company has a market capitalization of $230.11 million.

In its last financial results published for the second quarter of 2011, Aegean reported that net income fell US$8.8 million, or 73.3 percent, in a comparison with the same period last year.

Net income for the three months ended June 30, 2011 was $3.2 million, or $0.07 basic and diluted earnings per share compared to a net income of $12.0 million, or $0.25 basic and diluted earnings per share, in 2010.

Total revenues during the second quarter climbed 32.8 percent to $1,774.9 million compared to $1,336.6 million for the same period in 2010.

Sales of marine petroleum products increased by 32.6 percent to $1,766.3 million compared to $1,331.8 million for the year-earlier period.

The volume of marine fuel sold between April and June declined by 7.0 percent to 2,635,881 metric tonnes compared to 2,825,046 metric tonnes in the year-earlier period.

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.

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