Aegean Marine Petroleum Network Inc.
Company Summary
Description
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in more than 30 markets and a team of professionals ready to serve its customers wherever they are around the globe.Website
http://www.ampni.com/Operational Regions
- International
- United States
Financial Data:
NYSE:ANW from Google FinanceTickers:
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ANW - New York Stock Exchange
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Recent news
- 11/6/2018 - Aegean Marine Petroleum... (subscriber access)
- 8/16/2018 - Mercuria Becomes Sole... (subscriber access)
- 9/22/2015 - Agean Marine Secures... (subscriber access)
- 9/2/2015 - Aegan Marine Bunker... (subscriber access)
News & Press Releases
Criterion News
- 11/6/2018 - Aegean Marine Petroleum... (subscriber access)
- 8/16/2018 - Mercuria Becomes Sole... (subscriber access)
- 9/22/2015 - Agean Marine Secures... (subscriber access)
- 9/2/2015 - Aegan Marine Bunker... (subscriber access)
Press Releases
- Recorded sales volumes of 4,450,263 metric tons.
- Achieved gross profit of $80.3 million.
- Generated operating income of $13.9 million.
- Recorded net income attributable to Aegean shareholders of $1.4 million or $0.03 basic and diluted earnings per share.
- Generated EBITDA of $21.9 million.
- Revenue – The Company reported total revenue of $1.5 billion for the first quarter of 2017, an increase of 102.5% compared to the same period in 2016, primarily due to the increase in oil prices. Voyage and other revenues were, $20.0 million, approximately $1.9 million more than the same period in 2016.
- Gross Profit – Gross Profit, which equals total revenue less directly attributable cost of revenue decreased by 0.7% to $80.3 million in the first quarter of 2017 compared to $80.9 million in the same period in 2016.
- Operating Expense – The Company reported operating expense of $66.5 million for the first quarter of 2017, an increase of $3.9 million or 6.2% compared to the same period in prior year due mainly to higher marine fuel costs for our fleet and additional offices.
- Operating Income – Operating income for the first quarter of 2017 was $13.9 million, a decrease of 4.4 million or 24.0% compared to the same period in prior year.
- Net Income – Net income attributable to Aegean shareholders for the three months ended March 31, 2017 was $1.4 million, or $0.03 per basic and diluted share, a decrease of $10.4 million or 88.1% compared to the same period in 2016 due mainly to higher operating expenses and finance costs.
- Sales Volume – For the three months ended March 31, 2017, the Company reported marine fuel sales volumes of 4,450,263 metric tons, an increase of 5.6% compared to the same period in 2016.
- EBITDA Per Metric Ton of Marine Fuel Sold – For the three months ended March 31, 2017, the Company reported EBITDA per metric ton of marine fuel sold of $4.93. EBITDA per metric ton of marine fuel sold in the prior year period was $6.44 per metric ton.
- Gross Spread Per Metric Ton of Marine Fuel Sold – For the three months ended March 31, 2017, the Company reported gross spread per metric ton of marine fuel sold on an aggregate basis of $16.3. Gross spread per metric ton of marine fuel sold in the prior year period was $17.6.
- Net cash used in operating activities was $67.1 million for the three months ended March 31, 2017 due mainly to higher sales volumes in the U.S. and Northern Europe.
- Net income as adjusted for non-cash items (as defined in Note 9 below) was $3.9 million for the same period.
- Net cash used in investing activities was $2.8 million for the three months ended March 31, 2017, primarily due to advances for fixed assets under construction.
- Net cash provided by financing activities was $36.4 million for the three months ended March 31, 2017, primarily due to higher sales volumes.
- As of March 31, 2017, the Company had cash and cash equivalents of $60.4 million and working capital of $432.4 million. Non-cash working capital, or working capital excluding cash and debt, was $708.2 million.
- As of March 31, 2017, the Company had $836.5 million undrawn amounts under its working capital facilities and $60.4 million of unrestricted cash and cash equivalents to finance working capital requirements.
- The weighted average basic and diluted shares outstanding for the three months ended March 31, 2017 was 37,735,380. The weighted average basic and diluted shares outstanding for the three months ended March 31, 2016 was 47,545,710.
- Recorded sales volumes of 3,954,700 metric tons in Q4 2016 and 16,519,079 metric tons for the full year.
- Achieved gross profit of $90.8 million in Q4 and $353.5 million for the full year.
- Generated operating income of $24.4 million in Q4.
- Recorded net income attributable to Aegean shareholders of $16.0 million or $0.41 basic and diluted earnings per share for the fourth quarter and $51.9 million or $1.14 basic and diluted earnings per share for the full year.
- Adjusted Net income for the full year was $61.4 million or $1.35 basic and diluted earnings per share.
- Generated EBITDA of $32.5 million in Q4 and $125.6 million for the full year.
- Full year adjusted EBITDA was $135.2 million.
- Revenue – The Company reported total revenue of $1.2 billion for the fourth quarter of 2016, an increase of 29.0% compared to the same period in 2015, primarily due to the increase in oil prices. Voyage and other revenues were, $20.6 million, approximately $4.4 million more than the same period in 2015.
- Gross Profit – Gross Profit, which equals total revenue less directly attributable cost of revenue increased by 2.8% to $90.8 million in the fourth quarter of 2016 compared to $88.3 million in the same period in 2015.
- Operating Expense – The Company reported operating expense of $66.4 million for the fourth quarter of 2016, an increase of $2.2 million or 3.4% compared to the same period in prior year.
- Operating Income – Operating income for the fourth quarter of 2016 was $24.4 million, in line with the same period for the prior year.
- Net Income – Net income attributable to Aegean shareholders was $16.0 million, or $0.41 per basic and diluted share, an increase of $6.3 million or 64.9% compared to the same period in 2015. Net income for the full year was $51.9 million or $1.14 basic and diluted earnings per share. Net income for the full year adjusted for gains/losses on sales of assets, impairment charges and the Accelerated Shares was $61.4 million or $1.35 basic and diluted earnings per share.
- Sales Volume – For the three months ended December 31, 2016, the Company reported marine fuel sales volumes of 3,954,700 metric tons, a decrease of 1.9% compared to the same period in 2015.
- Adjusted EBITDA Per Metric Ton of Marine Fuel Sold – For the three months ended December 31, 2016, the Company reported adjusted EBITDA per metric ton of marine fuel sold of $8.21. Adjusted EBITDA per metric ton of marine fuel sold in the prior year period was $8.14 per metric ton.
- Gross Spread Per Metric Ton of Marine Fuel Sold – For the three months ended December 31, 2016, the Company reported gross spread per metric ton of marine fuel sold on an aggregate basis of $21.1. Gross spread per metric ton of marine fuel sold in the prior year period was $20.5.
- Net cash used in operating activities was $32.8 million for the three months ended December 31, 2016. Net income as adjusted for non-cash items (as defined in Note 9 below) was $25.9 million for the same period.
- Net cash used in investing activities was $2.4 million for the three months ended December 31, 2016, primarily due to advances for fixed assets under construction.
- Net cash provided by financing activities was $71.5 million for the three months ended December 31, 2016, primarily due to the proceeds from our recent convertible bond offering.
- The weighted average basic and diluted shares outstanding for the three months ended December 31, 2016 was 37,612,600. The weighted average basic and diluted shares outstanding for the three months ended December 31, 2015 was 47,436,953.
- Increased sales volumes to 4,258,954 metric tons.
- Reported gross profit of $88.4 million.
- Reported operating income of $22.5 million.
- Increased operating income adjusted for a loss on sale of non-core vessels and the accelerated vesting of the shares of Aegean's founder ("Accelerated Shares") was $29.6 million.
- Recorded GAAP net income attributable to Aegean shareholders of $10.6 million or $0.22 basic and diluted earnings per share.
- Net income adjusted for a loss on sale of non-core vessels and the Accelerated Shares was $17.7 million or $0.36 basic and diluted earnings per share. Pro-forma adjusted EPS, assuming the repurchase of shares occurred at the beginning of period, was $0.45.
- Generated adjusted EBITDA of $37.7 million.
- Sold two non-core vessels, which is expected to result in operating cost reductions of more than $3.0 million on an annual basis.
- Further optimized operations through the sale of two non-core vessels.
- Strategically relocated certain vessels from lower-activity markets to higher-growth regions.
- Revenue – The Company reported total revenue of $1.1 billion for the third quarter of 2016, an increase of 5.4% compared to the same period in 2015, primarily due to the moderate increase in oil prices. Voyage and other revenues were, $21.2 million, consistent with the same period in 2015.
- Gross Profit – Gross Profit, which equals total revenue less directly attributable cost of revenue increased by 4.7% to $88.4 million in the third quarter of 2016 compared to $84.4 million in the same period in 2015.
- Operating Expense – The Company reported operating expense of $65.9 million for the third quarter of 2016, a decrease of $0.8 million or 1.2% compared to the same period in prior year. Adjusting for the sale of non-core assets and the Accelerated Shares, operating expense was $58.8 million, a decrease of 2.6% compared to the same period in the prior year.
- Operating Income – Operating income for the third quarter of 2016 adjusted for the sale of non-core assets and the Accelerated Shares was $29.6 million, an increase of 28.7% compared to the same period in the prior year.
- Net Income – Net income attributable to Aegean shareholders adjusted for the sale of non-core vessels and the Accelerated Shares was $17.7 million, or $0.36 per basic and diluted share, an increase of $5.6 million or 46.3% compared to the same period in 2015. Adjusted pro-forma EPS using the reduced quarter end share count as opposed to a weighted average, was $0.45.
- Sales Volume – For the three months ended September 30, 2016, the Company reported marine fuel sales volumes of 4,258,954 metric tons, an increase of 25.8% compared to the same period in 2015.
- Adjusted EBITDA Per Metric Ton of Marine Fuel Sold – For the three months ended September 30, 2016, the Company reported adjusted EBITDA per metric ton of marine fuel sold of $8.84. Adjusted EBITDA per metric ton of marine fuel sold in the prior year period was $9.29 per metric ton.
- Gross Spread Per Metric Ton of Marine Fuel Sold – For the three months ended September 30, 2016, the Company reported gross spread per metric ton of marine fuel sold on an aggregate basis of $18.6. Gross spread per metric ton of marine fuel sold in the prior year period was $21.6.
- Net cash provided by operating activities was $34.7 million for the three months ended September 30, 2016. Net income as adjusted for non-cash items (as defined in Note 9 below) was $31.2 million for the same period.
- Net cash provided by investing activities was $1.1 million for the three months ended September 30, 2016, primarily due to the sale of two non-core vessels.
- Net cash used in financing activities was $105.8 million for the three months ended September 30, 2016, primarily due to the repurchase of our common stock.
- The weighted average basic and diluted shares outstanding for the three months ended September 30, 2016, was 46,464,248. The weighted average basic and diluted shares outstanding for the three months ended September 30, 2015 was 47,434,953.
- Increased sales volumes by 29.9% to 4,092,789 metric tons.
- Increased gross profit by 19.0% to $93.4 million compared to prior year.
- Increased operating income by 95.3% to $28.9 million.
- Increased operating income adjusted for a loss on sale of non-core vessels by 111.5% to $31.3 million.
- Recorded GAAP net income attributable to Aegean shareholders of $13.5 million or $0.27 basic and diluted earnings per share.
- Net income adjusted for a loss on sale of non-core vessels was $16.0 million or $0.32 basic and diluted earnings per share.
- Generated record adjusted EBITDA of $37.9 million.
- Sold two non-core vessels, enabling $5 million in debt pay down, which is expected to result in operating cost reductions of approximately $6.4 million on an annual basis.
- Ramped-up operations in Algoa Bay, South Africa, further expanding global platform.
- Further optimized operations through the sale of two non-core vessels.
- Strategically relocated certain vessels from lower-activity markets to higher-growth regions.
- Revenue – The Company reported total revenue of $987.6 million for the second quarter of 2016, a decrease of 18.2% compared to the same period in 2015, primarily due to the drop in oil prices. Voyage and other revenues decreased to $19.8 million or by 8.8% compared to the same period in 2015.
- Gross Profit – Gross Profit, which equals total revenue less directly attributable cost of revenue increased by 19.0% to $93.4 million in the second quarter of 2016 compared to $78.5 million in the same period in 2015.
- Operating Expense – The Company reported operating expense of $64.5 million for the second quarter of 2016, an increase of $0.8 million or 1.3% compared to the same period in prior year. Adjusting for the sale of non-core assets, operating expense was $62.1 million, a decrease of 2.5% compared to the same period in the prior year.
- Operating Income – Operating income for the second quarter of 2016 adjusted for the sale of non-core assets was $31.3 million, an increase of 111.5% compared to the same period in the prior year.
- Net Income – Net income attributable to Aegean shareholders adjusted for the sale of non-core vessels was $16.0 million, or $0.32 basic and diluted earnings per share, an increase of $8.9 million or 125.4% compared to the same period in 2015.
- Sales Volume – For the three months ended June 30, 2016, the Company reported marine fuel sales volumes of 4,092,789 metric tons, an increase of 29.9% compared to the same period in 2015.
- Adjusted EBITDA Per Metric Ton of Marine Fuel Sold – For the three months ended June 30, 2016, the Company reported adjusted EBITDA per metric ton of marine fuel sold of $9.26. Adjusted EBITDA per metric ton of marine fuel sold in the prior year period was $7.63 per metric ton.
- Gross Spread Per Metric Ton of Marine Fuel Sold – For the three months ended June 30, 2016, the Company reported gross spread per metric ton of marine fuel sold on an aggregate basis of $20.9. Gross spread per metric ton of marine fuel sold in the prior year period was $22.5.
- Net cash used in operating activities was $60.4 million for the three months ended June 30, 2016. Net income as adjusted for non-cash items (as defined in Note 9 below) was $37.1 million for the same period.
- Net cash provided by investing activities was $7.9 million for the three months ended June 30, 2016, primarily due to the sale of two non-core vessels.
- Net cash provided by financing activities was $44.5 million for the three months ended June 30, 2016, mainly due to the drawdown of short-term debt.
- As of June 30, 2016, the Company had cash and cash equivalents of $127.8 million and working capital of $387.6 million. Non-cash working capital, or working capital excluding cash and debt, was $581.6 million.
- As of June 30, 2016, the Company had $867.8 million of undrawn amounts under its working capital facilities and $127.8 million of unrestricted cash and cash equivalents to finance working capital requirements.
- The weighted average basic and diluted shares outstanding for the three months ended June 30, 2016, was 48,117,508. The weighted average basic and diluted shares outstanding for the three months ended June 30, 2015 was 47,366,134.
- Recorded record sales volumes of 4,212,636 metric tons.
- Achieved gross profit of $80.9 million.
- Generated operating income of $18.3 million.
- Recorded net income attributable to Aegean shareholders of $11.8 million or $0.24 basic and diluted earnings per share.
- Generated EBITDA of $27.1 million.
- Commenced operations in Algoa Bay, South Africa, further expanding global platform.
- Operated storage facilities, including the Fujairah terminal, at or near 100% capacity.
- Strategically relocated certain vessels from lower-activity markets to higher-growth regions.
- Revenue – The Company reported total revenue of $752.9 million for Q1 2016, a decrease of 25.8% compared to the same period in 2015 due to the drop in oil prices. Voyage and other revenues decreased to $18.1 million or by 12.1% compared to the same period in 2015.
- Gross profit – Gross Profit, which equals total revenue less directly attributable cost of revenue increased by 0.4% to $80.9 million in the first quarter of 2016 compared to $80.6 million in the same period in 2015.
- Operating Expense – The Company reported operating expense of $62.6 million, an increase of $2.0 million or 3.3% compared to the same period in prior year.
- Operating Income – Operating income for Q1 was $18.3 million, a decrease of 9.0% compared to the same period in prior year.
- Net Income – The Company achieved net income attributable to Aegean shareholders for the three months ended March 31, 2016 of $11.8 million, or $0.24 basic and diluted earnings per share a decrease of $0.4 million or 3.3% compared to the same period in 2015.
- Sales Volume – For the three months ended March 31, 2016, the Company reported record marine fuel sales volumes of 4,212,636 metric tons, an increase of 44.5% compared with the same period in 2015. Marine fuel sales volume excluding bulk trading was 4,120,114 metric tons, an increase of 41.3% compared with the same period in 2015.
- EBITDA Per Metric Ton – For the three months ended March 31, 2016, the Company reported EBITDA per metric ton sold of $6.44. EBITDA per metric ton in the prior year period was $9.58 per metric ton.
- Gross Spread Per Metric Ton – For the three months ended March 31, 2016, the Company reported gross spread per metric ton on an aggregate basis of $17.6 per metric ton. Gross spread per metric ton in the prior year period was $24.1 per metric ton.
- Net cash provided by operating activities was $10.9 million for the three months ended March 31, 2016. Net income as adjusted for non-cash items (as defined in Note 9 below) was $50.9 million for the period.
- Net cash used in investing activities was $8.8 million for the three months ended March 31, 2016, primarily due to the acquisition of a second hand vessel.
- Net cash used in financing activities was $6.0 million for the three months ended March 31, 2016, mainly due to the repayment of short-term debt.
- As of March 31, 2016, the Company had cash and cash equivalents of $135.9 million and working capital of $361.2 million. Non-cash working capital, or working capital excluding cash and debt, was $489.5 million.
- As of March 31, 2016, the Company had $957.7 million undrawn amounts under its working capital facilities and $135.9 million of unrestricted cash and cash equivalents to finance working capital requirements.
- The weighted average basic and diluted shares outstanding for the three months ended March 31, 2016 was 47,545,710. The weighted average basic and diluted shares outstanding for the three months ended March 31, 2015 was 46,840,532 respectively.
- Recorded sales volumes of 4,029,567 metric tons in Q4 2015 and 13,482,478 metric tons for the full year.
- Achieved gross profit of $88.3 million in Q4 and $331.8 million for the full year.
- Generated operating income of $24.1 million in Q4.
- Recorded net income attributable to Aegean shareholders of $9.7 million or $0.20 basic and diluted earnings per share for the fourth quarter and $35.9 million or $0.73 basic and diluted earnings per share for the full year.
- Net income adjusted for gains/losses on sales of assets, impairment charges and non-cash tax item amounting to $2.4 million was $12.1 million or $0.25 basic and diluted earnings per share for the fourth quarter and $43.7 million or $0.89 basic and diluted earnings per share for the full year
- Generated EBITDA of $32.8 million in Q4 and $110.8 million for the full year.
- Full year EBITDA adjusted for gains/losses on sales of assets and impairment charges was $116.2 million.
- Commenced operations in Rio de Janeiro, Brazil.
- Increased percentage of blended products sold.
- Completed the closure of Portland terminal as part of cost rationalization strategy.
- Continued to cultivate relationships with key customers and suppliers.
- Revenue – The Company reported total revenue of $929.1 million for Q4 2015, a decrease of 35.4%, compared to the same period in 2014 due to the drop in oil prices. Voyage and other revenues decreased to $16.2 million or by 3.0% compared to the same period in 2014.
- Gross profit – Gross Profit, which equals total revenue less directly attributable cost of revenue increased by 1.4% to $88.3 million in the fourth quarter of 2015 compared to $87.1 million in the same period in 2014. Gross Profit for the full year was $331.8 million which was in-line with the prior year's results.
- Operating Expense – The Company reported operating expense of $64.2 million, a decrease of $4.4 million or 6.4% compared to the same period in prior year. Operating Expenses for the full year 2015 were $255.3 million, a decrease of 8.6% or $23.9 million compared to prior year.
- Operating Income – Operating income for Q4 was $24.1 million, an increase of 30.3% compared to the same period in prior year. Operating income for the full year was $76.6 million, an increase of 32.3% or $18.7 million over the same period in 2014. Full year operating income adjusted for losses on sale of assets/impairment charges was $82.0 million.
- Net Income – The Company achieved net income attributable to Aegean shareholders for the three months ended December 31, 2015 of $9.7 million, or $0.20 basic and diluted earnings per share an increase of $2.2 million or 29.2% compared to the same period in 2014. Net income for the full year was $35.9 million or $0.73 basic and diluted earnings per share. Net income adjusted for gains/losses on sales of assets, impairment charges and a non-cash tax item amounting to $2.4 million was $12.1 million or $0.25 basic and diluted earnings per share for the fourth quarter and $43.7 million or $0.89 basic and diluted earnings per share for the full year.
- Sales Volume – For the three months ended December 31, 2015 the Company reported record marine fuel sales volumes of 4,029,567 metric tons an increase of 34.0% compared with the same period in 2014. Marine fuel sales volume excluding bulk trading was 3,439,966 metric tons, an increase of 14.4% compared with the same period in 2014.
- EBITDA Per Metric Ton – For the three months ended December 31, 2015 the Company reported EBITDA per metric ton sold of $8.14. EBITDA per metric ton in the prior year period was $8.56 per metric ton.
- Gross Spread Per Metric Ton – For the three months ended December 31, 2015 the Company reported gross spread per metric ton on an aggregate basis of $20.5 per metric ton. Gross spread per metric ton in the prior year period was $26.2 per metric ton.
- Net cash provided by operating activities was $5.3 million for the three months ended December 31, 2015. Net income, as adjusted for non-cash items (as defined in Note 9 below) was $14.9 million for the period.
- Net cash provided from investing activities was $0.6 million for the three months ended December 31, 2015, primarily due to the release of restricted cash.
- Net cash provided by financing activities was $19.2 million for the three months ended December 31, 2015.
- As of December 31, 2015, the Company had cash and cash equivalents of $139.3 million and working capital of $341.8 million. Non-cash working capital, or working capital excluding cash and debt, was $477.6 million.
- As of December 31, 2015, the Company had $937.2 million undrawn amounts under its working capital facilities and $139.3 million of unrestricted cash and cash equivalents to finance working capital requirements.
- The weighted average basic and diluted shares outstanding for the three months ended December 31, 2015 was 47,436,366. The weighted average basic and diluted shares outstanding for the three months ended December 31, 2014 was 46,336,307 respectively.
ANW ALERT: Rosen Law Reminds Investors With Losses in Excess of $750,000 to Contact the Firm About an Important Deadline in the Class Action - ANW
Source: PR Newswire
NEW YORK, July 31, 2018 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Aegean Marine Petroleum Network Inc. (NYSE: ANW) between April 28, 2016 and June 4, 2018, both dates inclusive (the "Class Period") of the important August 6, 2018 lead plaintiff deadline in the class action. The lawsuit seeks to recover damages for Aegean investors under the federal securities laws.
To join the Aegean class action, go to http://www.rosenlegal.com/cases-1352.html or call Phillip Kim, Esq. or Zachary Halper, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or zhalper@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR'S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.
According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Aegean had improperly accounted for an approximate $200 million of accounts receivable as of December 31, 2017; (2) Aegean failed to maintain effective internal controls over financial reporting; and (3) as a result, defendants' statements about Aegean's business, operations, and prospects were false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 6, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-1352.html to join the class action. You may also contact Phillip Kim or Zachary Halper of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or zhalper@rosenlegal.com.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
Zachary Halper, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
zhalper@rosenlegal.com
www.rosenlegal.com
View original content with multimedia:http://www.prnewswire.com/news-releases/anw-alert-rosen-law-reminds-investors-with-losses-in-excess-of-750-000-to-contact-the-firm-about-an-important-deadline-in-the-class-action--anw-300689604.html
SOURCE Rosen Law Firm, P.A.
Article Date
7/31/2018AEGEAN MARINE SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Aegean Marine Petroleum Network Inc. - ANW
Source: PR Newswire
NEW ORLEANS, July 6, 2018 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until August 6, 2018 to file lead plaintiff applications in a securities class action lawsuit against Aegean Marine Petroleum Network Inc. (NYSE: ANW), if they purchased the Company's shares between April 28, 2016, and June 4, 2018, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
Get Help
Aegean investors should visit us at https://www.claimsfiler.com/cases/view-aegean-marine-petroleum-network-inc-securities-litigation-1 or call to speak to our claim center toll-free at (844) 367-9658.
About the Lawsuit
Aegean and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On June 4, 2018, Aegean provided an update on its ongoing audit committee review, specifically that "approximately $200 million of accounts receivable owed to the Company at December 31, 2017 will need to be written off" and that "the Company cannot determine the full impact on the financial statements or how this adjustment will be recorded...there could be other adjustments that result from the Audit Committee's review that could impact the financial statements."
On this news, the price of Aegean's shares plummeted.
About ClaimsFiler
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. ClaimsFiler's team of experts monitor the securities class action landscape and cull information from a variety of sources to ensure comprehensive coverage across a broad range of financial instruments.
To learn more about ClaimsFiler, visit www.claimsfiler.com.
View original content:SOURCE ClaimsFiler
Article Date
7/7/2018Aegean Marine Petroleum Network Inc. Shareholder Alert - ANW Stock Drop - Kehoe Law Firm, P.C. Investigating
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
PHILADELPHIA, June 5, 2018 /PRNewswire/ -- Kehoe Law Firm, P.C. announces an investigation of Aegean Marine Petroleum Network Inc. ("Aegean Marine Petroleum" or "Company") (NYSE: ANW) on behalf of its stockholders concerning whether Aegean Marine Petroleum's officers or directors engaged in possible violations of the federal securities laws or breached fiduciary duties owed to ANW and its stockholders.
On June 4, 2018, Aegean Marine Petroleum revealed that approximately $200 million of accounts receivable as of December 31, 2017 will need to be written off.
According to ANW:
The transactions that gave rise to the accounts receivable (the "Transactions") may have been, in full or in part, without economic substance and improperly accounted for in contravention of the Company's normal policies and procedures. At this time, the Company cannot determine the full impact on the financial statements or how this adjustment will be recorded.
ANW also reported:
A number of individuals employed by the Company across multiple functions who are believed to have been involved in the Transactions have been terminated or placed on administrative leave pending the outcome of the investigation. The Company has reported its preliminary findings to the SEC and the Department of Justice and intends to cooperate with any resulting investigations. The Company does not intend to provide an update on this process until the review is completed.
On this news, in after-hours trading on June 4, 2018, Aegean Marine Petroleum's stock price dropped more than 57%, from a close of $2.85 to as low as $1.20 per share.
To discuss the investigation and potential legal claims, ANW stockholders are encouraged to contact John Kehoe, Esq., (215) 792-6676, Ext. 801, or email info@kehoelawfirm.com. ANW stockholders may also visit KLF's Aegean Marine Petroleum page for additional information.
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing.
CONTACT: John A. Kehoe, Esq., Kehoe Law Firm, P.C.
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SOURCE Kehoe Law Firm, P.C.
Article Date
6/5/201812.8% Shareholder Group Issues Statement Regarding Aegean Marine Petroleum Network's Refusal to Engage with the Group Regarding Its Director Nominations
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
SAN FRANCISCO, Feb. 19, 2018 /PRNewswire/ -- The Committee for Aegean Accountability (the "Committee"), a group of shareholders collectively owning approximately 12.8% of the outstanding shares of Aegean Marine Petroleum Network, Inc. ("Aegean" or, the "Company") (NYSE: ANW), has issued the statement below, directed at the Chairman of the Company's Board of Directors (the "Board") to convey its serious concerns regarding the Board's refusal to engage with the Committee regarding its director nominations for the Company's 2018 Annual Meeting. The Committee also expressed its grave concern that the Board, which has relationships with Founder Dimitris Melissanidis and a history of approving troubling related party transactions, may be planning a dilutive transaction designed to thwart the efforts of shareholders to elect new directors at the upcoming 2018 Annual Meeting.
Tyler Baron issued the following statement on behalf of the Committee:
"We are deeply disappointed by the Board's lack of response to our nomination of four highly qualified candidates for election to the Board at the 2018 Annual Meeting. The Committee has, in good faith, made repeated efforts at constructive engagement, including a public letter to the Company in December. To date, these efforts have been met with silence and dismissal from the Board. Unfortunately, this is consistent with the Board's established pattern of inadequately addressing the concerns of the very shareholders for which it has a fiduciary duty to represent, a pattern which required the formation of the Committee to begin with and has persisted.
A foundational principle of corporate governance is that the owners of a company are vested with the power to choose who will best represent their interests and uphold the fiduciary duties to which the board of directors is bound. The Committee's nominations present shareholders with a compelling choice to restore accountability to the Board and unlock substantial shareholder value. Based on extensive feedback from shareholders, the Committee is confident that its views are broadly shared. We look forward to soliciting votes in favor of the election of our slate of four highly qualified nominees to restore credibility on the Board and effect long-overdue changes at the Company.
The Committee would like to remind the Board that while the majority of its members are based in Greece, the Company is subject to the applicable laws and regulations of the Securities and Exchange Commission, the New York Stock Exchange and the Republic of the Marshall Islands, where the Company is domiciled. This Board's troubling history of related party transactions that benefit Founder Dimitris Melissanidis at the expense of shareholders makes us gravely concerned that the Board's silence means it is contemplating a transaction designed to dilute shareholder influence at Aegean. We caution the Board against any attempt to suppress the voting rights of shareholders through a dilutive transaction.
The Committee can only interpret the Board's lack of meaningful response as a further indication of its entrenchment, and absent any communication, we intend to serve the Company with a books and records request to determine the full extent of the Board's involvement in related party dealings. As always, however, we remain ready and willing to engage in constructive discussions with the Company at all times."
About the Committee for Aegean Accountability
The Committee for Aegean Accountability is a group of eight long-term shareholders and director nominees collectively owning approximately 12.8% of the outstanding shares of the Company and seeking to unlock value on behalf of all shareholders through enhanced corporate governance practices and Board refreshment.
The Committee, led by Tyler Baron, has retained Olshan Frome Wolosky LLP as its legal advisor in connection with its engagement and discussions with the Company.
Investor Contact:
Tyler Baron
The Committee for Aegean Accountability
tbaron@sentinelrockcapital.com
Legal Contact:
Andrew Freedman
Olshan Frome Wolosky LLP
afreedman@olshanlaw.com
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
Tyler Baron, together with the other participants named herein (collectively, "The Committee for Aegean Accountability"), intends to make a preliminary filing with the Securities and Exchange Commission ("SEC") of a proxy statement and an accompanying proxy card to be used to solicit votes for the election of a slate of director nominees at the 2018 annual meeting of stockholders of Aegean Marine Petroleum Network, Inc. ("Aegean" or, the "Company").
THE COMMITTEE FOR AEGEAN ACCOUNTABILITY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THE SOLICITATION WILL PROVIDE COPIES OF THESE MATERIALS WITHOUT CHARGE UPON REQUEST.
The participants in the solicitation are Tyler Baron, August Roth, Justin Moore, Shah Capital Management, Himanshu H. Shah, Towle & Co., Joseph E. Towle, Christopher D. Towle, Raymond Bartoszek, David Kirshner and Donald Moore.
As of the date hereof, Mr. Baron beneficially owns directly 160,000 shares of ANW common stock, $0.01 par value per share (the "Common Stock"), 1,000 shares of which are held in record name. Mr. Roth owns directly 850,000 shares of Common Stock, 1,000 shares of which are held in record name. Mr. J. Moore owns directly 800,000 shares of Common Stock. Shah Capital Management ("SCM") beneficially owned 1,093,101 shares. Mr. Shah owns directly 35,594 shares of Common Stock and, as President and Chief Investment Officer of SCM, may be deemed the beneficial owner of the 1,093,101 shares beneficially owned by SCM. Towle & Co. ("Towle") beneficially owns 2,042,039 shares of Common Stock. Mr. J. Towle owns directly 58,900 shares of Common Stock and, as the investment manager of Ellwood House Association ("Ellwood"), may be deemed the beneficial owner of the 10,100 shares held by Ellwood. Mr. J. Towle, as a partner of Towle, may also be deemed the beneficial owner of the 2,042,039 shares beneficially owned by Towle. Mr. C. Towle owns directly 26,500 shares, including 4,500 shares owned by his spouse. Mr. C. Towle, as general partner of Towle Institutional Partners, LP ("Towle Partners"), may be deemed the beneficial owner of the 1,235 shares held by Towle Partners. As a partner of Towle, Mr. C. Towle may also be deemed the beneficial owner of the 2,042,039 shares beneficially owned by Towle.
Mr. Bartoszek owns directly 150,000 shares of Common Stock. Mr. Kirshner owns 3,000 shares of Common Stock. Mr. D. Moore does not own any shares of Common Stock.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS. FORWARD LOOKING STATEMENTS CAN BE IDENTIFIED BY USE OF WORDS SUCH AS "OUTLOOK", "BELIEVE", "INTEND", "EXPECT", "POTENTIAL", "WILL", "MAY", "SHOULD", "ESTIMATE", "ANTICIPATE", AND DERIVATIVES OR NEGATIVES OF SUCH WORDS OR SIMILAR WORDS. FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE ARE BASED UPON PRESENT BELIEFS OR EXPECTATIONS. HOWEVER, FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR AS A RESULT OF VARIOUS RISKS, REASONS AND UNCERTAINTIES. EXCEPT AS REQUIRED BY LAW, THE COMMITTEE AND ITS AFFILIATES AND RELATED PERSONS UNDERTAKE NO OBLIGATION TO UPDATE ANY FORWARD LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE DEVELOPMENTS OR OTHERWISE.
View original content:SOURCE The Committee for Aegean Accountability
Article Date
2/19/2018Shareholder Group Issues Letter to Aegean Marine Petroleum Network Chairman
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
SAN FRANCISCO, Dec. 20, 2017 /PRNewswire/ -- The Committee for Aegean Accountability (the "Committee"), a group of shareholders led by Tyler Baron, and collectively owning more than 12% of the outstanding shares of Aegean Marine Petroleum Network, Inc. ("Aegean" or, the "Company") (NYSE: ANW), delivered a letter to the Chairman of the Company's Board of Directors (the "Board") today identifying concerns with the Board's ongoing conflicts of interest, poor financial management and inadequate corporate governance practices.
The Committee seeks to engage in constructive dialogue with the Company's Board to unlock value for all shareholders through Board refreshment and enhanced corporate governance controls. To this end, the Committee noted its intent to nominate a slate of four highly qualified independent director candidates for election at the Company's 2018 annual meeting of shareholders.
The full text of the letter follows:
December 20, 2017
Aegean Marine Petroleum Network Inc.
Akti Kondyli 10
185 45, Piraeus, Greece
Attention: Mr. Yiannis Papanicolaou, Chairman of the Board
Dear Mr. Papanicolaou:
We are writing to inform you that a group of concerned and long-term shareholders representing more than 12% of the outstanding shares of Aegean Marine Petroleum Network Inc. ("Aegean Marine" or the "Company") have formed The Committee for Aegean Accountability (the "Committee"). We have made every effort in numerous private communications spanning the past eight months to engage in a productive dialogue with the board of directors (the "Board") to remedy the chronic failures in corporate governance, financial management and operations that have impaired shareholder value for far too long. It has unfortunately become clear that the Board is more concerned with entrenching itself and management rather than working with us in good faith regarding the changes required to improve the Company's governance and performance. We were both surprised and disappointed by your recent statement that you are considering reducing the Board to four members from its existing size of seven, which would severely disenfranchise shareholders and suppress their ability to seek due representation on the Board. We are therefore left with little choice but to publicly express our concerns and intention to nominate four highly qualified director candidates for election at the Company's 2018 annual meeting of shareholders (the "2018 Annual Meeting").
IMPAIRMENT OF SHAREHOLDER VALUE
We have been shareholders in Aegean Marine for several years, over which time the share price has dramatically underperformed any relevant comparison. In addition, since becoming public in 2006 shares have declined by 75%, underperforming the Russel 2000 Index by more than 200%. The valuation of the Company has also reached an all-time low in relation to its net assets, trading at less than 0.3x tangible book value and well below a conservative estimate of liquidation value. Aegean Marine has chronically traded at steeply discounted multiples of cash flow and net asset value since at least 2010, driven by persistent concerns about corporate governance and management competence due to extensive related party transactions and value destructive capital expenditure projects.
CORPORATE GOVERNANCE: FROM BAD TO WORSE
Since its origins as a public company, Aegean Marine's corporate governance has been troubling. The Company was majority owned and controlled by its founder Mr. Melissanidis who, according to the Company's October 25, 2007 registration statement, "has been subject to a number of proceedings, including criminal cases," some of which involved "sham bunkering transactions intended to avoid customs duties and taxes" for which he was indicted but later acquitted. In addition, the Company engaged in various related party transactions with entities controlled by the founder. In acknowledgement of these potential conflicts, the Company sought to mitigate them at the time of the IPO by limiting the founder's influence per the "Framework Agreement" (F-1/A ex. 10.30 filed 11/3/06). This had the effect of precluding the founder from either joining the seven member Board or naming directors that would serve as Board Chairman or Chairman of the Audit and Nominating Committees. In addition, the Company's principal executive offices responsible for all financial and control functions were to be maintained in the U.S.
Given this provenance of already weak corporate governance, it is stunning that shareholders today find themselves with even less aligned representation on the Board. The present shareholder base is comprised nearly entirely of U.S. holders and the founder no longer retains any ownership stake whatsoever (more on this below), yet shareholders are represented by only four seated directors, three of whom were appointed by the founder at the time of the IPO and shortly thereafter. Mr. Fokas is one of these original board members, as well as the Company's General Counsel, and continues to have close ties to the founder, recently acting as the deputy chairman of the Greek gambling monopoly (OPAP) which is partly owned by Mr. Melissanidis. Furthermore, you rightly pointed out in your recent correspondence with us that the majority of current Board members have been with the Company since the IPO, and no new board members have been added since 2009. Considering the value destruction shareholders have endured over the past decade, we hardly view this as a positive.
Notwithstanding the complete turnover of Aegean Marine's shareholder base, the related party transactions persist as the Company still conducts significant business with entities controlled by the founder such as Aegean Oil. In addition, not only are the Company's executive functions, including financial and control, no longer based in the U.S., they are actually housed in the very same offices in Piraeus as the founder's other entities. Incredibly, our review of the Aegean Oil website and corporate magazine revealed that even today Aegean Marine is very much considered to be a subsidiary or sister company despite zero common ownership. But most concerning is the fact pattern related to the transaction last year in which the Company purchased the remaining stake owned by Mr. Melissanidis for $100MM at $8.81 per share. Aegean Marine's use of cash for this transaction caused the company to violate its borrowing base certificate only a few months later, and the subsequent liquidity crunch was cured by a dilutive convertible bond offering which drove the share price down 16%. Within nine months of the transaction the share price had declined by 48%, and today it sits 54% lower.
Finally, per the most recent proxy voting guidelines on director accountability provided by Institutional Shareholder Services ("ISS"), Aegean Marine's governance structure includes seven out of the eight listed "problematic provisions" that inform voting recommendations.
The Company's governance structure and Board composition are artifacts of its origins, when its founder exerted control and influence due to his majority economic stake. While even maintaining that status quo would have been entirely inappropriate given the Company's present ownership, in fact shareholder representation on the Board has degraded and inherent conflicts of interest have grown.
CHANGE IS NEEDED NOW
We have already identified and proposed the addition of highly qualified Board candidates with expertise spanning global physical bunkering markets, strategic management, fuel distribution operations, financing and capital markets. Not only will these candidates restore accountability at the Company, their skillsets are particularly well-suited to the challenges and opportunities the Company faces. This includes improving the financing structure and reducing costs of capital, rationalizing the fixed asset base, instilling capital discipline, and effectively positioning for the significant industry changes prompted by IMO 2020 regulations expected to take effect only two years from now.
The financing structure and financial management of Aegean Marine desperately require change. The Company's inefficiency in accessing its cheapest sources of funds, the borrowing base facilities, has led to a reliance on sources of capital that are much higher cost and are now effectively inaccessible. Harmonizing commercial and financing decisions will enable qualifying borrowing base collateral at closer to stated advance rates of 80-95 cents on the dollar compared to the 50-55 currently achieved. This could generate potentially hundreds of millions of dollars of low cost liquidity that can be used to retire high cost convertible bonds and shares, or to expand volumes and successfully manage the higher fuel prices expected with IMO 2020.
The Company's capital expenditure projects have destroyed an immense amount of shareholder value. For example, had Aegean Marine simply not constructed the Fujairah terminal, we believe the share price would be well more than double its present level based on the current enterprise value and cash flow valuation multiples. Not only does capital discipline need to be instilled to avoid such calamities, but the current sprawling fixed asset base should be opportunistically rationalized. Creating an internal entity to manage the Company's logistics assets and charge market rates within the organization will inform "own vs. lease" decisions. Members of management have even described ports in which the cost of operating the Company's owned vessels is millions of dollars higher than that of chartering third party barges. In the context of the Company's $570MM of fixed assets and exceedingly high cost of capital, the opportunity for accretive asset sales is significant.
Finally, we expect IMO 2020 will dramatically increase the complexity of the marine fuel logistics industry and provide opportunities to leverage Aegean Marine's extensive network into improved financial returns. Accordingly, repositioning the asset base ahead of this change is of critical importance. As you know, one of our recommended director candidates is arguably more qualified than anyone in the world to guide these efforts.
The Committee's Schedule 13D filing and notice to nominate four director candidates for election to the Board at the 2018 Annual Meeting will be forthcoming, in accordance with applicable securities laws and the Company's Bylaws. As always, we remain willing to discuss these issues with you at any time. Rest assured, however, we will take whatever actions we may deem necessary to ensure that the best interests of all shareholders remain paramount.
Sincerely,
The Committee for Aegean Accountability
About the Committee for Aegean Accountability
The Committee for Aegean Accountability is a group of five long-term shareholders collectively owning more than 12% of the outstanding shares of the Company and seeking to unlock value on behalf of all shareholders through enhanced corporate governance practices and Board refreshment.
The Committee, led by Tyler Baron, has retained Olshan Frome Wolosky LLP as its legal advisor in connection with its engagement and discussions with the Company.
Investor Contact:
Tyler Baron
The Committee for Aegean Accountability
tbaron@sentinelrockcapital.com
Legal Contact:
Andrew M. Freedman
Olshan Frome Wolosky LLP
afreedman@olshanlaw.com
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SOURCE The Committee for Aegean Accountability
Article Date
12/20/2017Aegean Marine Petroleum Network Inc. Announces Executive Leadership Changes
Source: PR Newswire
NEW YORK, July 20, 2017 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced that its Board of Directors has appointed Jonathan Mcilroy as President, effective immediately.
"Following a comprehensive search process, we are pleased to appoint a leader of Jonathan's caliber as President of Aegean," said Yiannis Papanicolaou, Interim Chairman of the Board. "Having joined Aegean in January 2016, over the last 18 months, Jonathan has played a critical role in successfully expanding Aegean's back-to-back trading division and worked with all the group's physical supply stations to drive growth in contracted volumes with major clients. Jonathan was initially recruited to bring a fresh international perspective to all aspects of the business including physical supply, back-to-back trading, sales & marketing and credit policies. Since joining Aegean, Jonathan fully engaged his 25 years of experience of working with ship operating clients, traders and third party physical suppliers in all major regional markets for shipping and bunkering globally and opened new marketing offices, recruited top talent and developed group strategies to better reflect the state of today's bunker markets."
Mr. Papanicolaou continued, "While serving as Aegean's Global Trading Manager, Jonathan developed strong customer relationships and broadened Aegean's exposure in all shipowning and operating segments of the maritime industry. With significant industry experience and familiarity with Aegean's unique platform, we are confident in Jonathan's ability to lead our strategic shift to a more profitable model."
Mr. Mcilroy said, "Aegean has established a global platform with a reputation for high-quality customer service and I am honored to serve as President. I look forward to working alongside this talented group to continue to deploy resources into the most effective and profitable markets. Aegean is well positioned for continued success and I am excited to lead this company and enhance shareholder value."
The Company also announced that Jean Jose ("JJ") Metey, who has served as interim President since June 2017, has been appointed Vice President and Head of Corporate Development, effective immediately.
Mr. Papanicolaou said, "On behalf of the Board, I thank JJ for serving as interim President and for his assistance during a seamless transition process. We look forward to JJ's continued contributions to Aegean as Vice President and Head of Corporate Development."
About Jonathan Mcilroy
Mr. Mcilroy has nearly 25 years of experience in the shipping, energy and bunker trading markets. Mr. Mcilroy has served as Global Trading Manager of Aegean since January 2016. As Global Trading Manager, Mr. Mcilroy managed the expansion of the back-to-back trading division and has helped developed the commercial strategy, global marketing efforts and credit policies. Prior to joining Aegean, Mr. Mcilroy served as a Marketing Manager at Cockett Marine Oil from 2012 to 2015. Previously, he was a Credit Manager at Peninsula Petroleum from 2005 to 2012. Before Peninsula Petroleum, Mr. Mcilroy held roles with Platts, Infospectrum Ltd and MRC Business Information Ltd. Mr. Mcilroy received a BA and an MA with First Class Honors from the University of Oxford, Trinity College.
About Jean Jose Metey
Mr. Metey, Director of Corporate Development at Aegean, has more than 30 years of management and executive experience in the oil and servicing industry. Prior to joining Aegean in 2006, Mr. Metey spent more than 20 years in various roles with BP OIL, including Head of Bunkering with BP France and BP OIL U.K. and General Manager of Business Development at BP OIL International Supply and Trading in London.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over 30 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to attract and retain senior management and other key employees, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
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SOURCE Aegean Marine Petroleum Network Inc.
Article Date
7/20/20176/26/2017 - Aegean Marine Petroleum Network Inc. Announces Launch Of New U.S. East Coast Market In Savannah, Georgia
Aegean Marine Petroleum Network Inc. Announces Launch Of New U.S. East Coast Market In Savannah, Georgia
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, June 26, 2017 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced the launch of a new service center in Savannah, Georgia, the third largest container port in the United States.
The operations in Savannah will be managed by the existing Aegean U.S. team. Under the terms of the agreement with Colonial Terminals, Inc., Aegean will lease tankage from Colonial's oil terminal on the Savannah River. Aegean will acquire and blend a full range of bunker fuel products and has agreed to supply Colonial Oil Industries, Inc. with a range of No. 6 oil products for Colonial's truck delivery business. Aegean has contracted with the Vane Brothers Company to provide barge services in the port.
Manolis Chochlakis, Regional Manager of the Americas for Aegean Marine Petroleum Network, said, "We are pleased to announce the launch of our new service center in Savannah, which strengthens our existing presence in the U.S. East Coast market. Our core customer base will get a price competitive offering in a critical container market that has been underserved since Colonial's exit from the business in 2013. Aegean's expansion into the U.S. Southeast Coast will enhance the flexibility and reach of our supply network and enable us to better serve our customers."
Mr. Chochlakis concluded, "The Colonial Group is an experienced group that knows how to store, blend and distribute marine fuels. We are excited to partner with them to bring Savannah back to prominence as a marine fuel market."
The Colonial lease and supply agreement begins July 1, 2017.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over 29 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors. Please see our filings with the Securities and Exchange Commission on Form 20-F, Form 6-K and otherwise for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
6/26/2017Aegean Marine Petroleum Network Inc. Announces Board and Senior Leadership Transition
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, June 16, 2017 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced that its Board of Directors has appointed Yiannis Papanicolaou as interim Chairman of the Board, effective immediately. Mr. Papanicolaou succeeds Peter Georgiopoulos as Chairman. Mr. Georgiopoulos and John Tavlarios have stepped down from the Board, effective immediately, and have agreed to continue to work with the Board as consultants to facilitate the Company's senior management transition.
The Company also announced that the Board has appointed Jean Jose ("JJ") Metey as interim President of Aegean, effective immediately. Mr. Metey joined Aegean in 2006 and most recently served as Director of Corporate Development. Mr. Metey will be supported by Aegean's senior management team, who will assist in overseeing the Company's operations and strategy. The Company continues to engage in a comprehensive search process to identify a new permanent President.
"Since joining the Board in 2006, I have worked collaboratively with my fellow directors and the management team, and I look forward to serving as interim Chairman during such an important time and safeguarding a smooth transition until the appointment of a permanent Chairman," said Mr. Papanicolaou. "On behalf of the Company, I want to thank Messrs Georgiopoulos and Tavlarios for their contributions to Aegean throughout the years and wish them well in their future endeavors."
Mr. Papanicolaou continued, "As an executive at Aegean for more than 11 years, I believe JJ is well suited to assume the role of President on an interim basis while the Board continues a thorough search to identify the right candidate to lead the Company and achieve future growth."
"I am honored to take on the role of interim President, and look forward to working with the rest of the talented management team as we continue to serve our clients across the globe and drive value for shareholders," said Mr. Metey.
About Jean Jose Metey
Mr. Metey, Director of Corporate Development at Aegean, has more than thirty years of management and executive experience in the oil and servicing industry. Prior to joining Aegean in 2006, Mr. Metey spent more than twenty years in various roles with BP, including Head of Bunkering with BP France and General Manager of Business Development at BP IST (International Supply and Trading).
About Yiannis Papanicolaou
Mr. Papanicolaou has been a member of Aegean's Board of Directors since 2006 and serves as Chairman of Aegean's compensation committee and a member of the audit committee and nominating and corporate governance committee. Prior to joining Aegean, Mr. Papanicolaou served as Director General of the International Center for Black Sea Studies and as Alternate Governor of Greece at the Black Sea Trade and Development Bank. Mr. Papanicolaou spent his earlier career serving in various government positions, including Chief Economic Advisor to the Prime Minister of Greece, Chairman of the Council of Economic Advisors to the Ministry of National Economy and Special Advisor to the Minister of Foreign Affairs of the Hellenic Republic. Mr. Papanicolaou has also served as a chairman, deputy chairman, director, and consultant to various European companies.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over 29 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to attract and retain senior management and other key employees, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
6/16/2017Aegean Marine Petroleum Network Inc. Announces Senior Management Transition
Source: PR Newswire
NEW YORK, June 1, 2017 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced that it has formed an interim leadership team comprising members of the Company's senior management. The interim leadership team will oversee the Company's operations and strategic initiatives until a new President has been appointed.
As part of the senior management transition, E. Nikolas Tavlarios, by mutual agreement with the Board of Directors, has resigned as President, effective immediately. He will continue as a consultant to the Company to facilitate a seamless transition.
A comprehensive search process is underway to identify a new President and both internal and external candidates will be considered.
"The Board is confident that the interim leadership team will effectively manage the business and execute on our strategic initiatives to drive improved performance and value creation at Aegean," said Peter C. Georgiopoulos, Chairman. "We are focused on ensuring that Aegean will continue to succeed in an evolving global market. We are implementing our plan to shift towards a more asset-light model and enhance efficiency across our operations, including reducing annual operating expenses by $20 million by June 2018. We remain committed to serving customers across our global footprint as a leader in the physical supply and marketing of marine fuel and continuing the success that Aegean has achieved."
Mr. Georgiopoulos concluded, "On behalf of the Board and management team, I want to thank Nick for his leadership and contributions to Aegean and wish him well in his future endeavors. We appreciate Nick's willingness to continue as a consultant to the Company as we conduct our CEO search and implement a smooth transition to new leadership."
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over 29 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
6/1/2017Aegean Marine Petroleum Network Inc. Announces First Quarter 2017 Financial Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, May 23, 2017 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced financial and operating results for the first quarter ended March 31, 2017.
First Quarter Financial Highlights
First Quarter Operational Highlights
E. Nikolas Tavlarios, Aegean's President, commented, "Our results in the quarter were impacted by increased competition across operations and continued challenging market dynamics. These results do not reflect the overall strength of our business or our strong track record of delivering consistent growth and stable financial results. To position Aegean for continued success, we are actively managing our business and taking decisive action to improve performance despite industry headwinds. We are controlling what we can control by shifting our strategy towards a more\ asset-light model and taking a strategic view of our operations to enhance efficiency. Consistent with our focus of actively managing our fleet, we are marketing several vessels for sale, charter, or redeployment to the highest growth areas. We are confident that these initiatives, once fully implemented, will drive improved performance and value creation."
Financial Results
Operational Metrics
Liquidity and Capital Resources
Spyros Gianniotis, Aegean's Chief Financial Officer, stated, "During the quarter, we maintained our financial flexibility and balance sheet strength, as we have done throughout various market conditions. To further enhance profitability, we are actively evaluating our markets to redeploy assets and capital to opportunities we believe will generate the best return and accelerate our initiatives to rationalize expenses. "
|
Summary Consolidated Financial and Other Data (Unaudited) | |||||
|
For the Three Months Ended March 31, |
|||||
|
2016 |
2017 |
||||
|
(in thousands of U.S.dollars, unless otherwise stated) |
|||||
|
Income Statement Data: |
|||||
|
Revenues - third parties |
$ |
748,516 |
$ |
1,519,025 |
|
|
Revenues - related companies |
4,416 |
5,233 |
|||
|
Total revenues |
752,932 |
1,524,258 |
|||
|
Cost of revenues - third parties |
661,626 |
1,424,280 |
|||
|
Cost of revenues– related companies |
10,438 |
19,645 |
|||
|
Total cost of revenues |
672,064 |
1,443,925 |
|||
|
Gross profit |
80,868 |
80,333 |
|||
|
Operating expenses: |
|||||
|
Selling and distribution |
50,772 |
54,885 |
|||
|
General and administrative |
11,496 |
11,415 |
|||
|
Amortization of intangible assets |
300 |
167 |
|||
|
Operating income |
18,300 |
13,866 |
|||
|
Net financing cost |
(9,361) |
(12,073) |
|||
|
Foreign exchange gains, net |
239 |
307 |
|||
|
Income taxes benefit / (expense) |
2,592 |
(729) |
|||
|
Net income |
11,770 |
1,371 |
|||
|
Less income attributable to non-controlling interest |
- |
17 |
|||
|
Net income attributable to AMPNI shareholders |
$ |
11,770 |
$ |
1,354 |
|
|
Basic earnings per share (U.S. dollars) |
$ |
0.24 |
$ |
0.03 |
|
|
Diluted earnings per share (U.S. dollars) |
$ |
0.24 |
$ |
0.03 |
|
|
EBITDA(1) |
$ |
27,147 |
$ |
21,938 |
|
|
Other Financial Data: |
|||||
|
Gross spread on marine petroleum products(2) |
$ |
75,068 |
$ |
73,151 |
|
|
Gross spread on lubricants(2) |
734 |
626 |
|||
|
Gross spread on marine fuel(2) |
74,334 |
72,525 |
|||
|
Gross spread per metric ton of marine |
17.6 |
16.3 |
|||
|
Net cash provided by / (used) in operating activities |
$ |
10,944 |
$ |
(67,090) |
|
|
Net cash (used in) / provided by investing activities |
(8,755) |
(2,842) |
|||
|
Net cash (used in) / provided by financing activities |
(6,024) |
36,353 |
|||
|
Sales Volume Data (Metric Tons): (3) |
|||||
|
Total sales volumes |
4,212,636 |
4,450,263 |
|||
|
Other Operating Data: |
|||||
|
Number of owned bunkering tankers, end of period(4) |
49.0 |
45.0 |
|||
|
Average number of owned bunkering tankers(4)(5) |
49.0 |
45.0 |
|||
|
Special Purpose Vessels, end of period(6) |
1.0 |
1.0 |
|||
|
Number of operating storage facilities, end of period(7) |
14.0 |
12.0 |
|||
|
Summary Consolidated Financial and Other Data (Unaudited) | |||
|
As of December 31, 2016 |
As of March 31, 2017 | ||
|
(in thousands of U.S. dollars, unless otherwise stated) | |||
|
Balance Sheet Data: |
|||
|
Cash and cash equivalents |
93,836 |
60,391 | |
|
Gross trade receivables |
512,398 |
627,176 | |
|
Allowance for doubtful accounts |
(8,647) |
(9,411) | |
|
Inventories |
187,766 |
172,342 | |
|
Total Current assets |
909,252 |
963,282 | |
|
Total assets |
1,600,933 |
1,651,216 | |
|
Trade payables |
131,584 |
141,890 | |
|
Total Current liabilities (including current portion of long-term |
497,712 |
530,836 | |
|
Total debt |
817,631 |
853,309 | |
|
Total liabilities |
1,011,342 |
1,055,260 | |
|
Total stockholder's equity |
589,591 |
595,956 | |
|
Working Capital Data: |
|||
|
Working capital(8) |
411,540 |
432,446 | |
|
Working capital excluding cash and debt(8) |
629,370 |
708,231 | |
|
Notes: | |
|
1. |
EBITDA represents net income before interest, taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of EBITDA may not be comparable to that recorded by other companies. Adjusted EBITDA represents net income before interest, taxes, depreciation and amortization, vessel and investment impairments, gains/losses on vessel disposals and other non-recurring exceptional items. EBITDA and Adjusted EBITDA are included herein because they are a basis upon which the Company assesses its operating performance. |
|
For the Three Months Ended March 31, | ||
|
2016 |
2017 | |
|
(in thousands of U.S. dollars, unless otherwise stated) | ||
|
Net income to AMPNI shareholders |
11,770 |
1,354 |
|
Add: Net financing cost including amortization of financing costs |
9,361 |
12,073 |
|
Add: Income tax (benefit) / expense |
(2,592) |
729 |
|
Add: Depreciation and amortization excluding amortization of financing |
8,608 |
7,782 |
|
EBITDA |
27,147 |
21,938 |
|
Add: Non-recurring exceptional items |
- |
- |
|
Adjusted EBITDA |
27,147 |
21,938 |
|
Sales volume of marine fuel (metric tons) |
4,212,636 |
4,450,263 |
|
Adjusted EBITDA per metric ton of marine fuel sold (U.S. dollars) |
6.44 |
4.93 |
|
2. |
Gross spread on marine petroleum products represents the margin the Company generates on sales of marine fuel and lubricants. Gross spread on marine fuel represents the margin that the Company generates on sales of various classifications of marine fuel oil ("MFO") or marine gas oil ("MGO"). Gross spread on lubricants represents the margin that the Company generates on sales of lubricants. Gross spread on marine petroleum products, gross spread of MFO and gross spread on lubricants are not items recognized by U.S. GAAP and should not be considered as an alternative to gross profit or any other indicator of a Company's operating performance required by U.S. GAAP. The Company's definition of gross spread may not be the same as that used by other companies in the same or other industries. The Company calculates the above-mentioned gross spreads by subtracting from the sales of the respective marine petroleum product the cost of the respective marine petroleum product sold and cargo transportation costs. For arrangements in which the Company physically supplies the respective marine petroleum product using its bunkering tankers, costs of the respective marine petroleum products sold represents amounts paid by the Company for the respective marine petroleum product sold in the relevant reporting period. For arrangements in which the respective marine petroleum product is purchased from the Company's related company, Aegean Oil S.A., or Aegean Oil, cost of the respective marine petroleum products sold represents the total amount paid by the Company to the physical supplier for the respective marine petroleum product and its delivery to the custom arrangements, in which the Company purchases cargos of marine fuel for its floating storage facilities. Transportation costs may be included in the purchase price of marine fuels from the supplier or may be incurred separately from a transportation provider. Gross spread per metric ton of marine fuel sold represents the margin the Company generates per metric ton of marine fuel sold. The Company calculates gross spread per metric ton of marine fuel sold by dividing the gross spread on marine fuel by the sales volume of marine fuel. Marine fuel sales do not include sales of lubricants. The following table reflects the calculation of gross spread per metric ton of marine fuel sold for the periods presented: |
|
For the Three Months Ended |
||||
|
2016 |
2017 |
|||
|
(in thousands of U.S. dollars, unless otherwise stated) |
||||
|
Sales of marine petroleum products |
734,815 |
1,504,241 |
||
|
Less: Cost of marine petroleum products sold |
(659,747) |
(1,431,090) |
||
|
Gross spread on marine petroleum products |
75,068 |
73,151 |
||
|
Less: Gross spread on lubricants |
(734) |
(626) |
||
|
Gross spread on marine fuel |
74,334 |
72,525 |
||
|
Sales volume of marine fuel (metric tons) |
4,212,636 |
4,450,263 |
||
|
Gross spread per metric ton of marine fuel sold (U.S. dollars) |
17.6 |
16.3 |
||
|
3. |
Sales volume of marine fuel is the volume of sales of various classifications of MFO and MGO for the relevant period and is denominated in metric tons. The Company does not include the sales volume of lubricants in the calculation of gross spread per metric ton of marine fuel sold. |
|
4. |
Bunkering fleet comprises both bunkering vessels and barges. |
|
5. |
Figure represents average bunkering fleet number for the relevant period, as measured by the sum of the number of days each bunkering tanker or barge was used as part of the fleet during the period divided by the cumulative number of calendar days in the period multiplied by the number of bunkering tankers at the end of the period. This figure does not take into account non-operating days due to either scheduled or unscheduled maintenance. |
|
6. |
Special Purpose Vessels consists of the Orion, a 550 dwt tanker which is based in our Greek market. |
|
7. |
The Company owns two barges, the Mediterranean and Umnenga, as floating storage facilities in Greece and South Africa. The Company also operates on-land storage facilities in Las Palmas, Fujairah, Tangiers, the U.S.A. and Hamburg. |
|
8. |
Working capital is defined as current assets minus current liabilities. Working capital excluding cash and debt is defined as current assets minus cash and cash equivalents minus restricted cash minus current liabilities plus short-term borrowings plus current portion of long-term debt. |
|
9. |
Net income as adjusted for non-cash items, such as depreciation, provision for doubtful accounts, share-based compensation, amortization, deferred income taxes, gain/loss on sale of vessels, impairment losses, unrealized loss/(gain) on derivatives and unrealized foreign exchange loss/(gain), net, is used to assist in evaluating our ability to make quarterly cash distributions. Net income as adjusted for non-cash items is not recognized by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States. The following table reflects the calculation of net income as adjusted for non-cash items for the periods presented: |
|
For the Three Months Ended March 31, |
||||
|
2016 |
2017 |
|||
|
(in thousands of U.S. dollars, unless otherwise stated) | ||||
|
Net income |
11,770 |
1,371 |
||
|
Add: Depreciation |
6,439 |
5,875 |
||
|
Add: Provision for doubtful accounts |
781 |
764 |
||
|
Add: Share based compensation |
2,409 |
1,884 |
||
|
Add: Amortization |
4,566 |
4,976 |
||
|
Add: Net deferred tax (benefit) / expense |
(2,879) |
3,612 |
||
|
Add: Unrealized loss / (gain) on derivatives |
27,628 |
(14,606) |
||
|
Add: Unrealized foreign exchange loss |
207 |
70 |
||
|
Net income as adjusted for non-cash items |
50,921 |
3,946 |
||
First Quarter 2017 Dividend Announcement
On May 23, 2017, the Company's Board of Directors declared a first quarter 2017 dividend of $0.02 per share payable on or about June 20, 2017 to shareholders of record as of June 6, 2017. The dividend amount was determined in accordance with the Company's dividend policy of paying cash dividends on a quarterly basis subject to factors including the requirements of Marshall Islands law, future earnings, capital requirements, financial condition, future prospects and such other factors as are determined by the Company's Board of Directors. The Company anticipates retaining most of its future earnings, if any, for use in operations and business expansion.
Conference Call and Webcast Information
Aegean Marine Petroleum Network Inc. will conduct a conference call and simultaneous Internet webcast on Wednesday, May 24th at 8:30 A.M. Eastern Time, to discuss its first quarter results. Investors may access the webcast and related slide presentation, by visiting the Company's website at www.ampni.com, and clicking on the webcast link. The conference call also may be accessed via telephone by dialing (800) 862-9098 (for U.S.-based callers) or 785-424-1051 (for international callers) and enter the passcode: 9327926.
If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the code 9327926 to access the audio replay. The webcast will also be archived on the Company's website:
http://www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over 29 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
5/23/20175/11/2017 - Aegean Marine Petroleum Network Inc. Announces First Quarter 2017 Conference Call and Webcast
Aegean Marine Petroleum Network Inc. Announces First Quarter 2017 Conference Call and Webcast
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, May 11, 2017 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced that it plans to hold a conference call to discuss the Company's results for the first quarter of 2017 on Wednesday, May 24th at 8:30 A.M. Eastern Time. The Company plans to issue financial results for the three months ended March 31st 2017 on Tuesday, May 23rd after the close of market trading.
|
What: |
First Quarter 2017 Conference Call and Webcast | |
|
When: |
Wednesday, May 24th at 8:30 A.M. Eastern Time | |
|
How: |
There are two ways to access the conference call: | |
|
Dial-in: 1-800-862-9098 or 785-424-1051; Passcode: 9327926 | ||
|
Please dial in at least 10 minutes prior to 8:30 A.M. Eastern Time to ensure a prompt start to the call. | ||
|
Live Internet webcast and slide presentation: |
If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the code 9327926 to access the audio replay. The webcast will also be archived on the Company's website: http://www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 30 markets and a team of professionals ready to serve its customers wherever they are around the globe. For additional information please visit: www.ampni.com
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
5/11/2017Aegean Marine Petroleum Network Inc. Announces Fourth Quarter 2016 Financial Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, March 1, 2017 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced financial and operating results for the fourth quarter ended December 31, 2016.
Fourth Quarter Highlights and Full Year Financial Highlights
Fourth Quarter and Full Year Operational Highlights
E. Nikolas Tavlarios, Aegean's President, commented, "The fourth quarter marked the end of another strong year for Aegean, despite volatile commodity markets and increased competition. Our flexible business model continued to enable Aegean to capitalize on growth opportunities across our unique platform. As evidenced by consistent portfolio rationalization, we are focused on strengthening our operations and enhancing efficiencies across our business. Our global footprint now includes more than 30 markets and 51 ports, with a team dedicated to ensuring that customers are better equipped to run their businesses. We remain committed to executing our strategy and confident in our ability to generate sustainable growth to drive shareholder value."
Generated Solid Financial Results
Operational Metrics
Liquidity and Capital Resources
Spyros Gianniotis, Aegean's Chief Financial Officer, stated, "Our solid results and accomplishments during the quarter demonstrate the long-term potential of our financial strategy. During the fourth quarter we continued our focus on driving higher margins and profitable volume and improved our financial strength. We have maintained a strong balance sheet and are confident our flexibility will support Aegean's continued success. Looking ahead, we will continue to deploy our resources into the most effective and profitable markets to generate the greatest return for Aegean shareholders."
Summary Consolidated Financial and Other Data (Unaudited)
|
For the Three Months Ended |
For the Year Ended | ||||||||
|
2015 |
2016 |
2015 |
2016 | ||||||
|
(in thousands of U.S. dollars, unless otherwise stated) | |||||||||
|
Income Statement Data: |
|||||||||
|
Revenues - third parties |
$ |
922,464 |
$ |
1,191,718 |
$ |
4,211,596 |
$ |
4,055,883 | |
|
Revenues - related companies |
4,872 |
4,457 |
20,058 |
20,336 | |||||
|
Total revenues |
927,336 |
1,196,175 |
4,231,654 |
4,076,219 | |||||
|
Cost of revenues - third parties |
820,839 |
1,090,618 |
3,762,688 |
3,658,681 | |||||
|
Cost of revenues– related companies |
18,180 |
14,760 |
137,137 |
64,054 | |||||
|
Total cost of revenues |
839,019 |
1,105,378 |
3, 899,825 |
3,722,735 | |||||
|
Gross profit |
88,317 |
90,797 |
331,829 |
353,484 | |||||
|
Operating expenses: |
|||||||||
|
Selling and distribution |
52,033 |
53,345 |
205,078 |
202,266 | |||||
|
General and administrative |
11,859 |
12,907 |
43,318 |
49,757 | |||||
|
Amortization of intangible assets |
298 |
170 |
1,421 |
1,070 | |||||
|
Loss on sale of vessels |
- |
- |
130 |
6,312 | |||||
|
Impairment Charge |
- |
- |
5,308 |
- | |||||
|
Operating income |
24,127 |
24,375 |
76,574 |
94,079 | |||||
|
Net financing cost |
(9,949) |
(6,091) |
(37,556) |
(36,248) | |||||
|
Foreign exchange (losses) / gains, net |
(291) |
260 |
308 |
(1,544) | |||||
|
Income tax (expense) |
(4,176) |
(2,547) |
(3,446) |
(4,358) | |||||
|
Net income |
9,711 |
15,997 |
35,880 |
51,929 | |||||
|
Less (loss)/income attributable to non-controlling interest |
- |
(28) |
- |
58 | |||||
|
Net income attributable to AMPNI shareholders |
$ |
9,711 |
$ |
16,025 |
$ |
35,880 |
$ |
51,871 | |
|
Basic earnings per share (U.S. dollars) |
$ |
0.20 |
$ |
0.41 |
$ |
0.73 |
$ |
1.14 | |
|
Diluted earnings per share (U.S. dollars) |
$ |
0.20 |
$ |
0.41 |
$ |
0.73 |
$ |
1.14 | |
|
EBITDA(1) |
$ |
32,797 |
$ |
32,458 |
$ |
110,806 |
$ |
125,610 | |
|
Other Financial Data: |
|||||||||
|
Gross spread on marine petroleum products(2) |
$ |
84,243 |
$ |
84,068 |
$ |
302,052 |
$ |
326,100 | |
|
Gross spread on lubricants(2) |
1,776 |
792 |
5,210 |
3,671 | |||||
|
Gross spread on marine fuel(2) |
82,467 |
83,276 |
296,842 |
322,429 | |||||
|
Gross spread per metric ton of marine |
20.5 |
21.1 |
22.0 |
19.5 | |||||
|
Net cash provided by / (used) in operating activities |
$ |
5,273
|
$ |
(32,817) |
$ |
49,727 |
$ |
(47,615) | |
|
Net cash provided by / (used in) investing activities |
588 |
(2,426) |
(7,614) |
(2,227) | |||||
|
Net cash provided by / (used in) financing activities |
19,243 |
71,530 |
(28,254) |
4,202 | |||||
|
Sales Volume Data (Metric Tons): (3) |
|||||||||
|
Total sales volumes |
4,029,567 |
3,954,700 |
13,482,478 |
16,519,079 | |||||
|
Other Operating Data: |
|||||||||
|
Number of owned bunkering tankers, end of period(4) |
49.0 |
45.0 |
49.0 |
45.0 | |||||
|
Average number of owned bunkering tankers(4)(5) |
49.0 |
45.0 |
48.8 |
47.1 | |||||
|
Special Purpose Vessels, end of period(6) |
1.0 |
1.0 |
1.0 |
1.0 | |||||
|
Number of operating storage facilities, end of period(7) |
12.0 |
13.0 |
12.0 |
13.0 | |||||
Summary Consolidated Financial and Other Data (Unaudited)
|
As of December 31, 2015 |
As of December 31, 2016 | ||
|
(in thousands of U.S. dollars, unless otherwise stated) | |||
|
Balance Sheet Data: |
|||
|
Cash and cash equivalents |
139,314 |
93,836 | |
|
Gross trade receivables |
317,152 |
512,398 | |
|
Allowance for doubtful accounts |
(7,278) |
(8,647) | |
|
Inventories |
114,531 |
187,766 | |
|
Total Current assets |
730,950 |
909,252 | |
|
Total assets |
1,450,011 |
1,600,933 | |
|
Trade payables |
72,417 |
131,584 | |
|
Total Current liabilities (including current portion of long-term debt) |
389,109 |
495,631 | |
|
Total debt |
710,015 |
817,631 | |
|
Total liabilities |
828,485 |
1,006,703 | |
|
Total stockholder's equity |
621,526 |
594,230 | |
|
Working Capital Data: |
|||
|
Working capital(8) |
341,841 |
413,621 | |
|
Working capital excluding cash and debt(8) |
477,594 |
631,451 | |
|
Notes: |
||
|
1.
|
EBITDA represents net income before interest, taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of EBITDA may not be comparable to that recorded by other companies. Adjusted EBITDA represents net income before interest, taxes, depreciation and amortization, vessel and investment impairments, gains/losses on vessel disposals and other non-recurring exceptional items. EBITDA and Adjusted EBITDA are included herein because they are a basis upon which the Company assesses its operating performance. | |
|
Adjusted EBITDA per metric ton of marine fuel sold represents the net income before interest, taxes, depreciation and amortization, vessel and investment impairments, gains/losses on vessel disposals and other non-recurring exceptional items the Company generates per metric ton of marine fuel sold. The Company calculates Adjusted EBITDA per metric ton of marine fuel sold by dividing the EBITDA by the sales volume of marine fuel. Marine fuel sales do not include sales of lubricants. | ||
|
The following table reconciles net income attributable to AMPNI to EBITDA, Adjusted EBITDA and Adjusted EBITDA per metric ton of marine fuel sold for the periods presented: |
|
For the Three Months Ended |
For the Year Ended | |||
|
2015 |
2016 |
2015 |
2016 | |
|
(in thousands of U.S. dollars, unless otherwise stated) | ||||
|
Net income to AMPNI shareholders |
9,711 |
16,025 |
35,880 |
51,871 |
|
Add: Net financing cost including amortization of financing costs |
9,949 |
6,091 |
37,556 |
36,248 |
|
Add: Income tax expense |
4,176 |
2,547 |
3,446 |
4,358 |
|
Add: Depreciation and amortization excluding amortization of financing costs |
8,961 |
7,795 |
33,924 |
33,133 |
|
EBITDA |
32,797 |
32,458 |
110,806 |
125,610 |
|
Add: Loss on sale of vessels |
- |
- |
130 |
6,312 |
|
Add: Impairment charge |
- |
- |
5,308 |
- |
|
Add: Accelerated Vesting of Aegean's Founder Shares |
- |
- |
- |
3,230 |
|
Adjusted EBITDA |
32,797 |
32,458 |
116,244 |
135,152 |
|
Sales volume of marine fuel (metric tons) |
4,029,567 |
3,954,700 |
13,482,478 |
16,519,079 |
|
Adjusted EBITDA per metric ton of marine fuel sold (U.S. dollars) |
8.14 |
8.21 |
8.62 |
8.18 |
|
2. |
Gross spread on marine petroleum products represents the margin the Company generates on sales of marine fuel and lubricants. Gross spread on marine fuel represents the margin that the Company generates on sales of various classifications of marine fuel oil ("MFO") or marine gas oil ("MGO"). Gross spread on lubricants represents the margin that the Company generates on sales of lubricants. Gross spread on marine petroleum products, gross spread of MFO and gross spread on lubricants are not items recognized by U.S. GAAP and should not be considered as an alternative to gross profit or any other indicator of a Company's operating performance required by U.S. GAAP. The Company's definition of gross spread may not be the same as that used by other companies in the same or other industries. The Company calculates the above-mentioned gross spreads by subtracting from the sales of the respective marine petroleum product the cost of the respective marine petroleum product sold and cargo transportation costs. For arrangements in which the Company physically supplies the respective marine petroleum product using its bunkering tankers, costs of the respective marine petroleum products sold represents amounts paid by the Company for the respective marine petroleum product sold in the relevant reporting period. For arrangements in which the respective marine petroleum product is purchased from the Company's related company, Aegean Oil S.A., or Aegean Oil, cost of the respective marine petroleum products sold represents the total amount paid by the Company to the physical supplier for the respective marine petroleum product and its delivery to the custom arrangements, in which the Company purchases cargos of marine fuel for its floating storage facilities. Transportation costs may be included in the purchase price of marine fuels from the supplier or may be incurred separately from a transportation provider. Gross spread per metric ton of marine fuel sold represents the margin the Company generates per metric ton of marine fuel sold. The Company calculates gross spread per metric ton of marine fuel sold by dividing the gross spread on marine fuel by the sales volume of marine fuel. Marine fuel sales do not include sales of lubricants. The following table reflects the calculation of gross spread per metric ton of marine fuel sold for the periods presented: |
|
For the Three Months Ended |
For the Year Ended | ||||||
|
2015 |
2016 |
2015 |
2016 | ||||
|
(in thousands of U.S. dollars, unless otherwise stated) | |||||||
|
Sales of marine petroleum products |
911,127 |
1,175,578 |
4,155,502 |
3,996,642 | |||
|
Less: Cost of marine petroleum products sold |
(826,884) |
(1,091,510) |
(3,853,450) |
(3,670,542) | |||
|
Gross spread on marine petroleum products |
84,243 |
84,068 |
302,052 |
326,100 | |||
|
Less: Gross spread on lubricants |
(1,776) |
(792) |
(5,210) |
(3,671) | |||
|
Gross spread on marine fuel |
82,467 |
83,276 |
296,842 |
322,429 | |||
|
Sales volume of marine fuel (metric tons) |
4,029,567 |
3,954,700 |
13,482,478 |
16,519,079 | |||
|
Gross spread per metric ton of marine fuel sold (U.S. dollars) |
20.5 |
21.1 |
22.0 |
19.5 | |||
|
3. |
Sales volume of marine fuel is the volume of sales of various classifications of MFO and MGO for the relevant period and is denominated in metric tons. The Company does not include the sales volume of lubricants in the calculation of gross spread per metric ton of marine fuel sold. | |
|
4. |
Bunkering fleet comprises both bunkering vessels and barges. | |
|
5. |
Figure represents average bunkering fleet number for the relevant period, as measured by the sum of the number of days each bunkering tanker or barge was used as part of the fleet during the period divided by the cumulative number of calendar days in the period multiplied by the number of bunkering tankers at the end of the period. This figure does not take into account non-operating days due to either scheduled or unscheduled maintenance. | |
|
6. |
Special Purpose Vessels consists of the Orion, a 550 dwt tanker which is based in our Greek market. | |
|
7. |
The Company owns two barges, the Mediterranean and Umnenga, as floating storage facilities in Greece and South Africa. The Company also operates on-land storage facilities in Las Palmas, Fujairah, Tangiers, the U.S.A., Hamburg and Barcelona. | |
|
The ownership of storage facilities allows the Company to mitigate its risk of supply shortages. Generally, storage costs are included in the price of refined marine fuel quoted by local suppliers. The Company expects that the ownership of storage facilities will allow it to convert the variable costs of this storage fee mark-up per metric ton quoted by suppliers into fixed costs of operating its owned storage facilities, thus enabling the Company to spread larger sales volumes over a fixed cost base and to decrease its refined fuel costs. | ||
|
8. |
Working capital is defined as current assets minus current liabilities. Working capital excluding cash and debt is defined as current assets minus cash and cash equivalents minus restricted cash minus current liabilities plus short-term borrowings plus current portion of long-term debt. | |
|
9. |
Net income as adjusted for non-cash items, such as depreciation, provision for doubtful accounts, share-based compensation, amortization, deferred income taxes, gain/loss on sale of vessels, impairment losses, unrealized loss/(gain) on derivatives and unrealized foreign exchange loss/(gain), net, is used to assist in evaluating our ability to make quarterly cash distributions. Net income as adjusted for non-cash items is not recognized by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States. The following table reflects the calculation of net income as adjusted for non-cash items for the periods presented: |
|
For the Three Months Ended |
For the Year Ended | ||||||
|
2015 |
2016 |
2015 |
2016 | ||||
|
(in thousands of U.S. dollars, unless otherwise stated) | |||||||
|
Net income |
9,711 |
15,997 |
35,880 |
51,929 | |||
|
Add: Depreciation |
6,699 |
5,997 |
25,799 |
24,941 | |||
|
Add: Provision for doubtful accounts |
831 |
2,433 |
1,992 |
3,624 | |||
|
Add: Share based compensation |
2,600 |
1,990 |
10,042 |
12,229 | |||
|
Add: Amortization |
5,212 |
4,731 |
18,998 |
18,417 | |||
|
Add: Net deferred tax expense / (benefit) |
4,050 |
(450) |
2,388 |
(1,121) | |||
|
Add: Unrealized (gain) / loss on derivatives |
(14,158) |
(4,007) |
(3,647) |
29,445 | |||
|
Add: Loss on sale of vessels |
- |
- |
130 |
6,312 | |||
|
Add: Impairment charge |
- |
- |
5,308 |
- | |||
|
Add: Unrealized foreign exchange loss / (gain) |
4 |
(809) |
(446) |
(678) | |||
|
Net income as adjusted for non-cash items |
14,949 |
25,882 |
96,444 |
145,098 | |||
Fourth Quarter 2016 Dividend Announcement
On March 1, 2017, the Company's Board of Directors declared a fourth quarter 2016 dividend of $0.02 per share payable on or about March 29, 2017 to shareholders of record as of March 15, 2017. The dividend amount was determined in accordance with the Company's dividend policy of paying cash dividends on a quarterly basis subject to factors including the requirements of Marshall Islands law, future earnings, capital requirements, financial condition, future prospects and such other factors as are determined by the Company's Board of Directors. The Company anticipates retaining most of its future earnings, if any, for use in operations and business expansion.
Conference Call and Webcast Information
Aegean Marine Petroleum Network Inc. will conduct a conference call and simultaneous Internet webcast on Thursday, March 2nd at 8:30 A.M. Eastern Time, to discuss its fourth quarter results. Investors may access the webcast and related slide presentation, by visiting the Company's website at www.ampni.com, and clicking on the webcast link. The conference call also may be accessed via telephone by dialing (877) 419-6593 (for U.S.-based callers) or 719-325-4901 (for international callers) and enter the passcode: 1920480.
If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the code 1920480 to access the audio replay. The webcast will also be archived on the Company's website:
http://www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over 30 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
3/1/20172/15/2017 - Aegean Marine Petroleum Network Inc. Announces Fourth Quarter 2016 Conference Call and Webcast
Aegean Marine Petroleum Network Inc. Announces Fourth Quarter 2016 Conference Call and Webcast
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, Feb. 15, 2017 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced that it plans to hold a conference call to discuss the Company's results for the fourth quarter of 2016 on Thursday, March 2nd at 8:30 A.M. Eastern Time. The Company plans to issue financial results for the three months ended December 31st 2016 on Wednesday, March 1st 2017 after the close of market trading.
|
What: |
Fourth Quarter 2016 Conference Call and Webcast |
|
When: |
Thursday, March 2nd at 8:30 A.M. Eastern Time |
|
How: |
There are two ways to access the conference call: |
|
Dial-in: 1-877-419-6593 or 719-325-4901; Passcode: 1920480 | |
|
Live Internet webcast and slide presentation: |
If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the code 1920480 to access the audio replay. The webcast will also be archived on the Company's website: http://www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over 30 markets and a team of professionals ready to serve its customers wherever they are around the globe. For additional information please visit: www.ampni.com
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
2/15/20172/6/2017 - Aegean Marine Petroleum Network Inc. to Present at Stifel Transportation and Logistics Conference
Aegean Marine Petroleum Network Inc. to Present at Stifel Transportation and Logistics Conference
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, Feb. 6, 2017 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced that it is scheduled to present at the Stifel Transportation and Logistics Conference in Florida on Tuesday, February 14th at 9:20 A.M.
The webcast and presentation will be available in the Investor Relations section of Aegean's website at www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over 30 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
2/6/2017Aegean Marine Petroleum Network Inc. Announces Launch Of New Market In Rostock, Germany
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, Jan. 5, 2017 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced the launch of a new service center in Rostock, Germany that will serve all German Baltic Sea ports and Southern Scandinavian ports.
The operations at Rostock will be managed by the existing team at OBAST Bunkering & Trading GmbH ("OBAST"), a physical bunker supplier and cargo oil trader. Under the terms of the agreement with OBAST, Aegean will acquire OBAST's existing share capital.
E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, said, "We are pleased to announce the launch of our new service center in Rostock, which strengthens our existing presence in Germany and will enhance the flexibility and reach of our global marine fuel platform enabling us to better serve our customers around the world. The OBAST team is an experienced and valuable addition to Aegean and we look forward to their contributions in managing operations in the Rostock market and delivering value to shareholders."
Mathias Berndt, OBAST's managing director, added, "We are excited about the opportunity to join the Aegean team and build upon the solid foundation we have created at OBAST. We look forward to serving our customers and enhancing Aegean's global brand."
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over 30 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors. Please see our filings with the Securities and Exchange Commission on Form 20-F, Form 6-K and otherwise for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
1/5/201712/14/2016 - Aegean Marine Petroleum Network Inc. Announces Upsizing and Pricing of 4.25% Convertible Senior Notes Due 2021
Aegean Marine Petroleum Network Inc. Announces Upsizing and Pricing of 4.25% Convertible Senior Notes Due 2021
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, Dec. 14, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced the pricing of $150,000,000 in aggregate principal amount of convertible senior notes due 2021 (the "Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), $50,000,000 more than previously announced. The Company has granted the initial purchasers of the Notes a 30-day option to purchase up to an additional $22,500,000 in aggregate principal amount of the Notes in connection with the offering. The offering is expected to close on December 19, 2016, subject to the satisfaction of certain customary closing conditions.
The Notes will bear interest at a rate of 4.25% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2017. Upon conversion, noteholders will receive shares of the Company's common stock, cash, or a combination of shares and cash, at the Company's election. The conversion rate for the Notes will initially be 66.9120 shares of the Company's common stock per $1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately $14.95 per share of common stock, and is subject to adjustment.
The Company intends to use approximately $40 million of the net proceeds from the sale of the Notes to repay a portion of the outstanding short-term indebtedness under the Company's 2013 Secured Multicurrency Revolving Credit Facility, and the remainder for general corporate purposes and working capital, which may include the funding of growth opportunities and will include the repurchase in the open market, in negotiated transactions or otherwise, of a portion of the Company's outstanding Convertible Unsecured Senior Notes due 2018. As of the date of this press release, the Company has entered into agreements or understandings regarding repurchases of at least $40 million aggregate principal amount of Convertible Unsecured Senior Notes due 2018 and the Company has the discretion to enter into similar transactions. The Convertible Unsecured Senior Notes due 2018 mature on November 1, 2018 and bear interest at 4.00% per year.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any jurisdiction in which, or to any such person to whom, such an offer, solicitation or sale would be unlawful. Any offer of the Notes will be made only by means of a private offering memorandum.
The Notes and the shares of common stock issuable upon conversion of the Notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold absent registration or an applicable exemption from registration requirements under the Securities Act and applicable state securities laws. The Notes will be offered in the United States only to qualified institutional buyers under Rule 144A under the Securities Act.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over 30 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include: the strength of the world economies and currencies; general market conditions, including conditions in the shipping or the marine fuel supply industries; our future operating or financial results; the availability of financing and refinancing; material disruptions in the availability or supply of crude oil or refined petroleum products; changes in the market price of petroleum, including the volatility of spot pricing; our future, pending or recent acquisitions, business strategy, areas of possible expansion, and expected capital spending or operating and maintenance expenses; our ability to manage our growth; our ability to successfully consummate, integrate, and realize the expected benefits from acquisitions; our ability to maintain our business in light of our proposed business and location expansion; planned capital expenditures and availability of capital resources to fund capital expenditures; our future payment of dividends and the availability of cash for payment of dividends, including the ability of our subsidiaries to dividend or distribute cash to us; the outcome of legal, tax or regulatory proceedings to which we may become a party; our ability to retain our key suppliers and key customers; our contracts and licenses with governmental entities remaining in full force and effect; increased levels of competition within our industry; compliance or lack of compliance with various environmental, tax, safety and other applicable laws and regulations; our ability to collect accounts receivable; changes in political, economic or regulatory conditions in the markets in which we operate, and the world in general; corruption, piracy, militant activities, political instability, terrorism, and ethnic unrest in locations where we may operate; our level of indebtedness; the failure of counterparties to fully perform their contracts with us; our ability to retain and attract and retain senior management and other key employees; our failure to hedge certain financial risks associated with our business; uninsured losses; our ability to maintain our current tax treatment; effects of new products and new technology in our industry; our ability to comply with the restrictive and other covenants in our financing arrangements; our levels of operating and maintenance costs; increases in interest rates; and adequacy of insurance coverage. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
12/14/201612/13/2016 - Aegean Marine Petroleum Network Inc. Announces Proposed Offering of $100,000,000 Convertible Senior Notes due 2021
Aegean Marine Petroleum Network Inc. Announces Proposed Offering of $100,000,000 Convertible Senior Notes due 2021
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, Dec. 13, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced that, subject to market and other conditions, it intends to offer $100,000,000 in aggregate principal amount of convertible senior notes due 2021 (the "Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The Company expects to grant the initial purchasers of the Notes a 30-day option to purchase up to an additional $15,000,000 in aggregate principal amount of the Notes in connection with the offering.
The Notes are expected to pay interest semiannually in arrears, have a term of five years, and will be convertible into shares of the Company's common stock, cash, or a combination of shares and cash, at the Company's election, as further described in the private offering memorandum.
The Company intends to use approximately $40 million of the net proceeds from the sale of the Notes to repay a portion of the outstanding short-term indebtedness under the Company's 2013 Secured Multicurrency Revolving Credit Facility, and the remainder for general corporate purposes and working capital, which may include the funding of growth opportunities and the repurchase in the open market, in negotiated transactions or otherwise, of a portion of the Company's outstanding 4.00% Convertible Unsecured Senior Notes due 2018.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale would be unlawful. Any offer of the Notes will be made only by means of a private offering memorandum.
The Notes and the shares of common stock issuable upon conversion of the Notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold absent registration or an applicable exemption from registration requirements under the Securities Act and applicable state securities laws. The Notes will be offered in the United States only to qualified institutional buyers under Rule 144A under the Securities Act.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over 30 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include: the strength of the world economies and currencies; general market conditions, including conditions in the shipping or the marine fuel supply industries; our future operating or financial results; the availability of financing and refinancing; material disruptions in the availability or supply of crude oil or refined petroleum products; changes in the market price of petroleum, including the volatility of spot pricing; our future, pending or recent acquisitions, business strategy, areas of possible expansion, and expected capital spending or operating and maintenance expenses; our ability to manage our growth; our ability to successfully consummate, integrate, and realize the expected benefits from acquisitions; our ability to maintain our business in light of our proposed business and location expansion; planned capital expenditures and availability of capital resources to fund capital expenditures; our future payment of dividends and the availability of cash for payment of dividends, including the ability of our subsidiaries to dividend or distribute cash to us; the outcome of legal, tax or regulatory proceedings to which we may become a party; our ability to retain our key suppliers and key customers; our contracts and licenses with governmental entities remaining in full force and effect; increased levels of competition within our industry; compliance or lack of compliance with various environmental, tax, safety and other applicable laws and regulations; our ability to collect accounts receivable; changes in political, economic or regulatory conditions in the markets in which we operate, and the world in general; corruption, piracy, militant activities, political instability, terrorism, and ethnic unrest in locations where we may operate; our level of indebtedness; the failure of counterparties to fully perform their contracts with us; our ability to retain and attract and retain senior management and other key employees; our failure to hedge certain financial risks associated with our business; uninsured losses; our ability to maintain our current tax treatment; effects of new products and new technology in our industry; our ability to comply with the restrictive and other covenants in our financing arrangements; our levels of operating and maintenance costs; increases in interest rates; and adequacy of insurance coverage. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
12/13/2016Aegean Marine Petroleum Network Inc. Announces Third Quarter 2016 Financial Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, Nov. 16, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced financial and operating results for the third quarter ended September 30, 2016.
Third Quarter Financial Highlights
Compared to prior year period:
Third Quarter Operational Highlights
E. Nikolas Tavlarios, Aegean's President, commented, "We delivered another quarter of solid results against a backdrop of slowness in the container segment and volatile commodity markets. Despite these headwinds, we continue to achieve profitability and strong volumes with our fourth consecutive quarter of selling more than 4 million metric tons of bunker fuel. Our diversified platform, recent expansion in new attractive markets and our back-to-back trading businesses contributed to our growth during the quarter."
Mr. Tavlarios concluded, "Aegean has transformed into a diversified business with operations around the world and we look forward to additional opportunities ahead. We are proud of what we have created and our ability to serve more customers across our global footprint as a leader in the physical supply and marketing of marine fuel. We remain committed to executing our strategic initiatives and leveraging our scale to drive growth and shareholder value."
Generating Solid Financial Results
Operational Metrics
Liquidity and Capital Resources
Spyros Gianniotis, Aegean's Chief Financial Officer, stated, "In addition to our strong operational performance, we are taking action to enhance efficiency through the sale of 5 non-core vessels year to date, including two in the third quarter, which will reduce operating costs by $9.5 million annually. We will continue to evaluate our markets and redeploy capital to opportunities we believe will generate the best return. During the quarter we strengthened our financial flexibility with the renewal of our $1 billion credit facility on improved terms."
|
Summary Consolidated Financial and Other Data (Unaudited) | |||||||||
|
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, | ||||||||
|
2015 |
2016 |
2015 |
2016 | ||||||
|
(in thousands of U.S. dollars, unless otherwise stated) | |||||||||
|
Income Statement Data: |
|||||||||
|
Revenues - third parties |
$ |
1,075,076 |
$ |
1,133,312 |
$ |
3,289,132 |
$ |
2,864,165 | |
|
Revenues - related companies |
6,432 |
6,244 |
15,186 |
15,879 | |||||
|
Total revenues |
1,081,508 |
1,139,556 |
3,304,318 |
2,880,044 | |||||
|
Cost of revenues - third parties |
971,698 |
1,029,942 |
2,942,082 |
2,568,063 | |||||
|
Cost of revenues– related companies |
25,401 |
21,174 |
118,724 |
49,294 | |||||
|
Total cost of revenues |
997,099 |
1,051,116 |
3,060,806 |
2,617,357 | |||||
|
Gross profit |
84,409 |
88,440 |
243,512 |
262,687 | |||||
|
Operating expenses: |
|||||||||
|
Selling and distribution |
50,484 |
48,206 |
153,045 |
148,921 | |||||
|
General and administrative |
10,551 |
13,531 |
31,459 |
36,850 | |||||
|
Amortization of intangible assets |
374 |
303 |
1,123 |
900 | |||||
|
Loss on sale of vessels |
- |
3,875 |
130 |
6,312 | |||||
|
Impairment Charge |
5,308 |
- |
5,308 |
- | |||||
|
Operating income |
17.692 |
22,525 |
52,447 |
69,704 | |||||
|
Net financing cost |
(9,468) |
(8,319) |
(27,607) |
(30,157) | |||||
|
Foreign exchange (losses) / gains, net |
(93) |
(121) |
599 |
(1,804) | |||||
|
Income tax (expense) / benefit |
(1,334) |
(3,456) |
730 |
(1,811) | |||||
|
Net income |
6,797 |
10,629 |
26,169 |
35,932 | |||||
|
Less income attributable to non-controlling interest |
- |
78 |
- |
86 | |||||
|
Net income attributable to AMPNI shareholders |
$ |
6,797 |
$ |
10,551 |
$ |
26,169 |
$ |
35,846 | |
|
Basic earnings per share (U.S. dollars) |
$ |
0.14 |
$ |
0.22 |
$ |
0.53 |
$ |
0.73 | |
|
Diluted earnings per share (U.S. dollars) |
$ |
0.14 |
$ |
0.22
|
$ |
0.53 |
$ |
0.73 | |
|
EBITDA(1) |
$ |
26,150 |
$ |
30,546 |
$ |
78,009 |
$ |
93,152 | |
|
Other Financial Data: |
|||||||||
|
Gross spread on marine petroleum products(2) |
$ |
74,426 |
$ |
80,460 |
$ |
217,809 |
$ |
242,032 | |
|
Gross spread on lubricants(2) |
1,246 |
1,114 |
3,434 |
2,879 | |||||
|
Gross spread on marine fuel(2) |
73,180 |
79,346 |
214,375 |
239,153 | |||||
|
Gross spread per metric ton of marine fuel sold (U.S. dollars) (2) |
21.6 |
18.6 |
22.7 |
19.0 | |||||
|
Net cash provided by/(used) in operating activities |
$ |
127,506 |
$ |
34,699 |
$ |
44,454 |
$ |
(14,798) | |
|
Net cash (used in) / provided by investing activities |
(544) |
1,076 |
(8,172) |
199 | |||||
|
Net cash used in financing activities |
(54,168) |
(105,819) |
(47,497) |
(67,328) | |||||
|
Sales Volume Data (Metric Tons): (3) |
|||||||||
|
Total sales volumes |
3,386,511 |
4,258,954 |
9,452,911 |
12,564,379 | |||||
|
Other Operating Data: |
|||||||||
|
Number of owned bunkering tankers, end of period(4) |
49.0 |
45.0 |
49.0 |
45.0 | |||||
|
Average number of owned bunkering tankers(4)(5) |
49.0 |
46.0 |
48.7 |
47.8 | |||||
|
Special Purpose Vessels, end of period(6) |
1.0 |
1.0 |
1.0 |
1.0 | |||||
|
Number of operating storage facilities, end of period(7) |
14.0 |
14.0 |
14.0 |
14.0 | |||||
|
Summary Consolidated Financial and Other Data (Unaudited) | |||
|
As of December 31, 2015 |
As of September 30, 2016 | ||
|
(in thousands of U.S. dollars, unless otherwise stated) | |||
|
Balance Sheet Data: |
|||
|
Cash and cash equivalents |
139,314 |
57,973 | |
|
Gross trade receivables |
317,152 |
429,661 | |
|
Allowance for doubtful accounts |
(7,278) |
7,911 | |
|
Inventories |
114,531 |
180,716 | |
|
Current assets |
730,950 |
781,410 | |
|
Total assets |
1,450,011 |
1,472,552 | |
|
Trade payables |
72,417 |
99,512 | |
|
Current liabilities (including current portion of long-term debt) |
389,109 |
473,093 | |
|
Total debt |
710,015 |
755,957 | |
|
Total liabilities |
828,485 |
907,451 | |
|
Total stockholder's equity |
621,526 |
565,101 | |
|
Working Capital Data: |
|||
|
Working capital(8) |
341,841 |
308,317 | |
|
Working capital excluding cash and debt(8) |
477,594 |
576,516 | |
|
Notes: |
||
|
1. |
EBITDA represents net income before interest, taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of EBITDA may not be comparable to that recorded by other companies. Adjusted EBITDA represents net income before interest, taxes, depreciation and amortization, vessel and investment impairments, gains/losses on vessel disposals and other non-recurring exceptional items. EBITDA and adjusted EBITDA are included herein because they are a basis upon which the Company assesses its operating performance. | |
|
Adjusted EBITDA per metric ton of marine fuel sold represents the net income before interest, taxes, depreciation and amortization, vessel and investment impairments, gains/losses on vessel disposals and other non-recurring exceptional items the Company generates per metric ton of marine fuel sold. The Company calculates adjusted EBITDA per metric ton of marine fuel sold by dividing the EBITDA by the sales volume of marine fuel. Marine fuel sales do not include sales of lubricants. | ||
|
The following table reconciles net income attributable to AMPNI to EBITDA, adjusted EBITDA and adjusted EBITDA per metric ton of marine fuel sold for the periods presented: |
|
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, | |||
|
2015 |
2016 |
2015 |
2016 | |
|
(in thousands of U.S. dollars, unless otherwise stated) | ||||
|
Net income to AMPNI shareholders |
6,797 |
10,551 |
26,169 |
35,846 |
|
Add: Net financing cost including amortization of financing costs |
9,468 |
8,319 |
27,607 |
30,157 |
|
Add: Income tax (benefit) / expense |
1,334 |
3,456 |
(730) |
1,811 |
|
Add: Depreciation and amortization excluding amortization of financing costs |
8,551 |
8,220 |
24,963 |
25,338 |
|
EBITDA |
26,150 |
30,546 |
78,009 |
93,152 |
|
Add: Loss on sale of vessels |
3,875 |
130 |
6,312 | |
|
Add: Impairment charge |
5,308 |
- |
5,308 |
- |
|
Add: Accelerated vesting of Dimitris Melissanidis' shares |
- |
3,230 |
- |
3,230 |
|
Adjusted EBITDA |
31,458 |
37,651 |
83,447 |
102,694 |
|
Sales volume of marine fuel (metric tons) |
3,386,511 |
4,258,954 |
9,452,911 |
12,564,379 |
|
Adjusted EBITDA per metric ton of marine fuel sold (U.S. dollars) |
9.29 |
8.84 |
8.83 |
8.17 |
|
2. |
Gross spread on marine petroleum products represents the margin the Company generates on sales of marine fuel and lubricants. Gross spread on marine fuel represents the margin that the Company generates on sales of various classifications of marine fuel oil ("MFO") or marine gas oil ("MGO"). Gross spread on lubricants represents the margin that the Company generates on sales of lubricants. Gross spread on marine petroleum products, gross spread of MFO and gross spread on lubricants are not items recognized by U.S. GAAP and should not be considered as an alternative to gross profit or any other indicator of a Company's operating performance required by U.S. GAAP. The Company's definition of gross spread may not be the same as that used by other companies in the same or other industries. The Company calculates the above-mentioned gross spreads by subtracting from the sales of the respective marine petroleum product the cost of the respective marine petroleum product sold and cargo transportation costs. For arrangements in which the Company physically supplies the respective marine petroleum product using its bunkering tankers, costs of the respective marine petroleum products sold represents amounts paid by the Company for the respective marine petroleum product sold in the relevant reporting period. For arrangements in which the respective marine petroleum product is purchased from the Company's related company, Aegean Oil S.A., or Aegean Oil, cost of the respective marine petroleum products sold represents the total amount paid by the Company to the physical supplier for the respective marine petroleum product and its delivery to the custom arrangements, in which the Company purchases cargos of marine fuel for its floating storage facilities. Transportation costs may be included in the purchase price of marine fuels from the supplier or may be incurred separately from a transportation provider. Gross spread per metric ton of marine fuel sold represents the margin the Company generates per metric ton of marine fuel sold. The Company calculates gross spread per metric ton of marine fuel sold by dividing the gross spread on marine fuel by the sales volume of marine fuel. Marine fuel sales do not include sales of lubricants. The following table reflects the calculation of gross spread per metric ton of marine fuel sold for the periods presented: |
|
For the Three Months Ended |
For the Nine Months Ended September 30, | ||||||
|
2015 |
2016 |
2015 |
2016 | ||||
|
(in thousands of U.S. dollars, unless otherwise stated) | |||||||
|
Sales of marine petroleum products |
1,060,342 |
1,118,441 |
3,244,375 |
2,821,064 | |||
|
Less: Cost of marine petroleum products sold |
(985,916) |
(1,037,981) |
(3,026,566) |
(2,579,032) | |||
|
Gross spread on marine petroleum products |
74,426 |
80,460 |
217,809 |
242,032 | |||
|
Less: Gross spread on lubricants |
(1,246) |
(1,114) |
(3,434) |
(2,879) | |||
|
Gross spread on marine fuel |
73,180 |
79,346 |
214,375 |
239,153 | |||
|
Sales volume of marine fuel (metric tons) |
3,386,511 |
4,258,954 |
9,452,911 |
12,564,379 | |||
|
Gross spread per metric ton of marine fuel sold (U.S. dollars) |
21.6 |
18.6 |
22.7 |
19.0 | |||
|
3. |
Sales volume of marine fuel is the volume of sales of various classifications of MFO and MGO for the relevant period and is denominated in metric tons. The Company does not include the sales volume of lubricants in the calculation of gross spread per metric ton of marine fuel sold. |
|
4. |
Bunkering fleet comprises both bunkering vessels and barges. |
|
5. |
Figure represents average bunkering fleet number for the relevant period, as measured by the sum of the number of days each bunkering tanker or barge was used as part of the fleet during the period divided by the cumulative number of calendar days in the period multiplied by the number of bunkering tankers at the end of the period. This figure does not take into account non-operating days due to either scheduled or unscheduled maintenance. |
|
6. |
Special Purpose Vessels consists of the Orion, a 550 dwt tanker which is based in our Greek market. |
|
7. |
The Company owns two barges, the Mediterranean and Umnenga, as floating storage facilities in Greece and South Africa. The Company also operates on-land storage facilities in Las Palmas, Fujairah, Tangiers, Panama, the U.S.A., Hamburg and Barcelona. |
|
The ownership of storage facilities allows the Company to mitigate its risk of supply shortages. Generally, storage costs are included in the price of refined marine fuel quoted by local suppliers. The Company expects that the ownership of storage facilities will allow it to convert the variable costs of this storage fee mark-up per metric ton quoted by suppliers into fixed costs of operating its owned storage facilities, thus enabling the Company to spread larger sales volumes over a fixed cost base and to decrease its refined fuel costs. | |
|
8. |
Working capital is defined as current assets minus current liabilities. Working capital excluding cash and debt is defined as current assets minus cash and cash equivalents minus restricted cash minus current liabilities plus short-term borrowings plus current portion of long-term debt. |
|
9. |
Net income as adjusted for non-cash items, such as depreciation, provision for doubtful accounts, restricted stock, amortization, deferred income taxes, gain/loss on sale of vessels, impairment losses, unrealized loss/(gain) on derivatives and unrealized foreign exchange loss/(gain), net, is used to assist in evaluating our ability to make quarterly cash distributions. Net income as adjusted for non-cash items is not recognized by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States. The following table reflects the calculation of net income as adjusted for non-cash items for the periods presented: |
|
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, | ||||||
|
2015 |
2016 |
2015 |
2016 | ||||
|
(in thousands of U.S. dollars, unless otherwise stated) | |||||||
|
Net income |
6,797 |
10,629 |
26,169 |
35,932 | |||
|
Add: Depreciation |
6,464 |
6,152 |
19,100 |
18,944 | |||
|
Add: (Release of)/Provision for doubtful accounts |
(248) |
(230) |
1,161 |
1,191 | |||
|
Add: Share based compensation |
2,477 |
5,651 |
7,442 |
10,239 | |||
|
Add: Amortization |
4,772 |
4,535 |
13,786 |
13,686 | |||
|
Add: Net deferred tax expense / (benefit) |
886 |
1,288 |
(1,662) |
(671) | |||
|
Add: Unrealized (gain) / loss on derivatives |
(6,728) |
(742) |
10,511 |
33,452 | |||
|
Add: Loss on sale of vessels |
- |
3,875 |
130 |
6,312 | |||
|
Add: Impairment charge |
5,308 |
- |
5,308 |
- | |||
|
Add: Unrealized foreign exchange loss / (gain) |
89 |
42 |
(450) |
131 | |||
|
Net income as adjusted for non-cash items |
19,817 |
31,200 |
81,495 |
119,216 | |||
Third Quarter 2016 Dividend Announcement
On November 16, 2016, the Company's Board of Directors declared a third quarter 2016 dividend of $0.02 per share payable on or about December 14, 2016 to shareholders of record as of November 30, 2016. The dividend amount was determined in accordance with the Company's dividend policy of paying cash dividends on a quarterly basis subject to factors including the requirements of Marshall Islands law, future earnings, capital requirements, financial condition, future prospects and such other factors as are determined by the Company's Board of Directors. The Company anticipates retaining most of its future earnings, if any, for use in operations and business expansion.
Conference Call and Webcast Information
Aegean Marine Petroleum Network Inc. will conduct a conference call and simultaneous Internet webcast on Thursday, November 17, 2016 at 8:30 A.M. Eastern Time, to discuss its third quarter results. Investors may access the webcast and related slide presentation, by visiting the Company's website at www.ampni.com, and clicking on the webcast link. The conference call also may be accessed via telephone by dialing (888) 455-2260 (for U.S.-based callers) or 719-325-2144 (for international callers) and enter the passcode: 1842325.
If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the code 1842325 to access the audio replay. The webcast will also be archived on the Company's website:
http://www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over 30 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
11/16/201611/3/2016 - Aegean Marine Petroleum Network Inc. Announces Third Quarter 2016 Conference Call and Webcast
Aegean Marine Petroleum Network Inc. Announces Third Quarter 2016 Conference Call and Webcast
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, Nov. 3, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced that it plans to hold a conference call to discuss the Company's results for the third quarter of 2016 on Thursday, November 17, 2016 at 8:30 A.M. Eastern Time. The Company plans to issue financial results for the three months ended September 30, 2016 on Wednesday, November 16, 2016 after the close of market trading.
|
What: |
Third Quarter 2016 Conference Call and Webcast |
|
When: |
Thursday, November 17, 2016 at 8:30 A.M. Eastern Time |
|
How: |
There are two ways to access the conference call: |
|
Dial-in: 1-888-455-2260 or 719-325-2144; Passcode: 1842325 | |
|
Please dial in at least 10 minutes prior to 8:30 A.M. Eastern Time to ensure a prompt start to the call. | |
|
Live Internet webcast and slide presentation: |
If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the code 1842325 to access the audio replay. The webcast will also be archived on the Company's website: http://www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over 30 markets and a team of professionals ready to serve its customers wherever they are around the globe. For additional information please visit: www.ampni.com
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
11/3/2016Aegean Marine Petroleum Network Inc. Announces Renewal of its $1 Billion Secured Global Borrowing Base Multicurrency Revolving Credit Facility and $250 Million Secured U.S. Borrowing Base Revolving Credit Facility
Source: PR Newswire
NEW YORK, Sept. 20, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced that it has successfully renewed its $1 Billion Secured Global Borrowing Base Multicurrency Revolving Credit Facility (the "Global Borrowing Base"). The vast majority of the existing participating lenders updated their commitments to Aegean at improved terms in-line with market conditions.
In addition to the Global Borrowing Base, Aegean also announced that it has renewed its $250 Million Secured U.S. Borrowing Base Revolving Credit Facility (the "U.S. Borrowing Base") on improved terms. The Company expects to continue to use its U.S. Borrowing Base, in part, to finance its operations in the United States.
Both borrowing base facilities are also expected to continue to be used for the financing of the Company's working capital needs in connection with the purchase, transportation, storage and sale of fuel and gas oil for the Company's global and U.S. businesses.
E. Nikolas Tavlarios, President of Aegean, said, "We are pleased to reach this agreement with our lenders as we believe it provides Aegean with ample financial flexibility to continue executing our strategy."
Spyros Gianniotis, Chief Financial Officer of Aegean, stated, "We believe that the decision by our bank lenders to renew and contribute to the credit facilities underscores their confidence in the strength of our global platform and ability to generate significant value. We appreciate their continued support as we execute our strategy, serve our global customers and seek to drive profitable growth."
The Global Borrowing Base renewal was arranged by ABN AMRO as Sole Lead Arranger, Bookrunner and Syndication Agent. ABN AMRO also acted again as Agent in all capacities. The lending group includes the following banks: ABN AMRO, BNP Paribas, KBC, NATIXIS, Rabobank, ING, Societe Generale, Belfius, National Bank of Greece, Credit Suisse, Mashreqbank and Emirates NBD.
The U.S. Borrowing Base renewal was also arranged by ABN AMRO as Sole Lead Arranger, Bookrunner and Syndication Agent. ABN AMRO also acted again as Agent in all capacities. The lending group includes the following banks: ABN AMRO, BNP Paribas, NATIXIS, ING, Macquarie and Societe Generale.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over than 30 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to successfully consummate, integrate and realize the expected benefits from acquisitions, our ability to successfully consummate proposed transactions, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements, our ability to attract and retain senior management and other key employees, and other factors. Please see our filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as otherwise required by applicable law.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
9/20/20169/19/2016 - Aegean Marine Petroleum Network Inc. Announces Closing of Repurchase of 11,303,031 Shares
Aegean Marine Petroleum Network Inc. Announces Closing of Repurchase of 11,303,031 Shares
Source: PR Newswire
NEW YORK, Sept. 19, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced that on September 15, 2016, it has closed on its previously announced repurchase of 11,303,031 shares. Following this share repurchase, the Company has a total of 39,403,822 shares outstanding.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over than 30 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to successfully consummate, integrate and realize the expected benefits from acquisitions, our ability to successfully consummate proposed transactions, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements, our ability to attract and retain senior management and other key employees, and other factors. Please see our filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as otherwise required by applicable law.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
9/19/20168/17/2016 - Aegean Marine Petroleum Network Inc. to Repurchase 11,303,031 Shares Owned by Dimitris Melissanidis
Aegean Marine Petroleum Network Inc. to Repurchase 11,303,031 Shares Owned by Dimitris Melissanidis
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, Aug. 17, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced that an independent committee of the Company's Board of Directors has authorized the repurchase of the 11,303,031 million shares currently owned by Aegean founder Dimitris Melissanidis.
Under the terms of the authorization, the Company will repurchase the shares at a price of $8.81 per share, based on the close of trading on August 16, 2016. The total repurchase represents approximately 22% of Aegean's shares outstanding.
In connection with this announcement, Mr. Melissanidis will step down from his role as Head of Corporate Development at Aegean, effective immediately. He will continue as a consultant to the Company to provide guidance to management and ensure a seamless transition.
"As Aegean's founder and a pioneer in the bunkering industry, we thank Dimitris for his extraordinary leadership and dedication to the Company since its inception more than 21 years ago," said E. Nikolas Tavlarios, Aegean's President. "We have a strong team in place to continue executing on our strategy, serving our customers, and creating value for our shareholders. We are pleased that Dimitris will remain involved with Aegean as a consultant and continue to provide valuable guidance."
"I am honored to have played a role in Aegean's evolution, and I am proud that today the Company is a dynamic leader in the maritime shipping and bunkering industries," said Mr. Melissanidis. "I look forward to continuing to work closely with the leadership team as an advisor and to watching Aegean continue on its trajectory of growth and success."
"We believe this sizeable repurchase of the Company's shares underscores the Board's confidence in Aegean's prospects, and will provide meaningful and immediate earnings accretion for all Aegean shareholders," continued Mr. Tavlarios. "We are fortunate to have a solid balance sheet and strong free cash flow, which provide us the opportunity to repurchase shares while continuing to invest in our business to drive continued growth and shareholder value."
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over than 30 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to successfully consummate, integrate and realize the expected benefits from acquisitions, our ability to successfully consummate proposed transactions, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements, our ability to attract and retain senior management and other key employees, and other factors. Please see our filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as otherwise required by applicable law.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
8/17/2016Aegean Marine Petroleum Network Inc. Announces Second Quarter 2016 Financial Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, Aug. 10, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced financial and operating results for the second quarter ended June 30, 2016.
Second Quarter Financial Highlights
Compared to prior year period:
Second Quarter Operational Highlights
E. Nikolas Tavlarios, Aegean's President, commented, "We generated strong operational and financial results in the quarter and are pleased with the momentum we have going into the second half of the year. During the second quarter we increased sales volumes and improved performance in many key markets, including our new operations in South Africa and Brazil. Our top- and bottom-line results benefitted from our initiatives to strengthen our global platform and optimize our geographic footprint. Our decisions to sell non-core vessels will result in cost reductions and align with our focus on strategically allocating our resources to swiftly respond to fluctuations in demand and capitalize on opportunities in markets where we see the most potential."
Mr. Tavlarios concluded, "We are seeing strong indications of continued growth for the full year 2016 and remain confident in our ability to drive profitability and increase volumes across our platform to deliver enhanced shareholder value."
Generating Solid Financial Results
Operational Metrics
Liquidity and Capital Resources
Spyros Gianniotis, Aegean's Chief Financial Officer, stated, "During the quarter, we achieved strong adjusted EBITDA per metric ton of marine fuel sold of $9.26, a 43.8% increase quarter over quarter. While we achieved strong results across the board, we believe adjusted EBITDA per metric ton of marine fuel sold best reflects our operational improvements. In the second quarter we also reported a 29.9% year over year increase in volumes and improved performance without increase in operating expenses. Financial flexibility and a strong balance sheet remain important differentiators for our business. The two vessel sales during the quarter enabled us to pay down $5 million of debt and is expected to help eliminate approximately $6.4 million in operating costs on an annual basis. We have and intend to continue to actively manage our business while de-levering and strengthening our balance sheet to drive results for all Aegean shareholders."
Summary Consolidated Financial and Other Data (Unaudited)
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, | ||||||||
|
2015 |
2016 |
2015 |
2016 | ||||||
|
(in thousands of U.S. dollars, unless otherwise stated) | |||||||||
|
Income Statement Data: |
|||||||||
|
Revenues - third parties |
$ |
1,203,100 |
$ |
982,337 |
$ |
2,214,056 |
$ |
1,730,853 | |
|
Revenues - related companies |
4,607 |
5,219 |
8,754 |
9,635 | |||||
|
Total revenues |
1,207,707 |
987,556 |
2,222,810 |
1,740,488 | |||||
|
Cost of revenues - third parties |
1,078,112 |
876,495 |
1,970,384 |
1,538,121 | |||||
|
Cost of revenues– related companies |
51,114 |
17,682 |
93,323 |
28,120 | |||||
|
Total cost of revenues |
1,129,226 |
894,177 |
2,063,707 |
1,566,241 | |||||
|
Gross profit |
78,481 |
93,379 |
159,103 |
174,247 | |||||
|
Operating expenses: |
|||||||||
|
Selling and distribution |
52,744 |
49,943 |
102,561 |
100,715 | |||||
|
General and administrative |
10,602 |
11,823 |
20,908 |
23,319 | |||||
|
Amortization of intangible assets |
375 |
297 |
749 |
597 | |||||
|
Loss on sale of vessels |
- |
2,437 |
130 |
2,437 | |||||
|
Operating income |
14,760 |
28,879 |
34,755 |
47,179 | |||||
|
Net financing cost |
(8,813) |
(12,477) |
(18,139) |
(21,838) | |||||
|
Foreign exchange gains / (losses), net |
658 |
(1,922) |
692 |
(1,683) | |||||
|
Income tax benefit / (expense) |
543 |
(947) |
2,064 |
1,645 | |||||
|
Net income |
7,148 |
13,533 |
19,372 |
25,303 | |||||
|
Less income attributable to non-controlling interest |
- |
8 |
- |
8 | |||||
|
Net income attributable to AMPNI shareholders |
$ |
7,148 |
$ |
13,525 |
$ |
19,372 |
$ |
25,295 | |
|
Basic earnings per share (U.S. dollars) |
$ |
0.15 |
$ |
0.27 |
$ |
0.40 |
$ |
0.51 | |
|
Diluted earnings per share (U.S. dollars) |
$ |
0.15 |
$ |
0.27
|
$ |
0.40 |
$ |
0.51 | |
|
EBITDA(1) |
$ |
24,052 |
$ |
35,459 |
$ |
51,859 |
$ |
62,606 | |
|
Other Financial Data: |
|||||||||
|
Gross spread on marine petroleum products(2) |
$ |
71,773 |
$ |
86,504 |
$ |
143,383 |
$ |
161,572 | |
|
Gross spread on lubricants(2) |
949 |
1,031 |
2,188 |
1,765 | |||||
|
Gross spread on marine fuel(2) |
70,824 |
85,473 |
141,195 |
159,807 | |||||
|
Gross spread per metric ton of marine fuel sold (U.S. dollars) (2) |
22.5 |
20.9 |
23.3 |
19.2 | |||||
|
Net cash used in operating activities |
$ |
(59,301) |
$ |
(60,441) |
$ |
(83,052) |
$ |
(49,497) | |
|
Net cash (used in) / provided by investing activities |
(4,784) |
7,878 |
(7,628) |
(877) | |||||
|
Net cash provided by financing activities |
11,822 |
44,515 |
6,671 |
38,491 | |||||
|
Sales Volume Data (Metric Tons): (3) |
|||||||||
|
Total sales volumes |
3,150,950 |
4,092,789 |
6,066,400 |
8,305,425 | |||||
|
Other Operating Data: |
|||||||||
|
Number of owned bunkering tankers, end of period(4) |
49.0 |
47.0 |
49.0 |
47.0 | |||||
|
Average number of owned bunkering tankers(4)(5) |
49.0 |
48.4 |
48.5 |
48.7 | |||||
|
Special Purpose Vessels, end of period(6) |
1.0 |
1.0 |
1.0 |
1.0 | |||||
|
Number of operating storage facilities, end of period(7) |
15.0 |
14.0 |
15.0 |
14.0 | |||||
Summary Consolidated Financial and Other Data (Unaudited)
|
As of December 31, 2015 |
As of June 30, 2016 | ||
|
(in thousands of U.S. dollars, unless otherwise stated) | |||
|
Balance Sheet Data: |
|||
|
Cash and cash equivalents |
139,314 |
127,751 | |
|
Gross trade receivables |
317,152 |
405,399 | |
|
Allowance for doubtful accounts |
(7,278) |
(8,604) | |
|
Inventories |
114,531 |
168,170 | |
|
Current assets |
730,950 |
857,570 | |
|
Total assets |
1,450,011 |
1,558,961 | |
|
Trade payables |
72,417 |
108,572 | |
|
Current liabilities (including current portion of long-term debt) |
389,109 |
469,928 | |
|
Total debt |
710,015 |
758,596 | |
|
Total liabilities |
828,485 |
909,546 | |
|
Total stockholder's equity |
621,526 |
649,415 | |
|
Working Capital Data: |
|||
|
Working capital(8) |
341,841 |
387,642 | |
|
Working capital excluding cash and debt(8) |
477,594 |
581,642 | |
Notes:
1. EBITDA represents net income before interest, taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of EBITDA may not be comparable to that recorded by other companies. Adjusted EBITDA represents net income before interest, taxes, depreciation and amortization, vessel and investment impairments, gains/losses on vessel disposals and other non-recurring exceptional items. EBITDA and adjusted EBITDA are included herein because they are a basis upon which the Company assesses its operating performance.
Adjusted EBITDA per metric ton of marine fuel sold represents the net income before interest, taxes, depreciation and amortization, vessel and investment impairments, gains/losses on vessel disposals and other non-recurring exceptional items the Company generates per metric ton of marine fuel sold. The Company calculates adjusted EBITDA per metric ton of marine fuel sold by dividing the EBITDA by the sales volume of marine fuel. Marine fuel sales do not include sales of lubricants.
The following table reconciles net income attributable to AMPNI to EBITDA, adjusted EBITDA and adjusted EBITDA per metric ton of marine fuel sold for the periods presented:
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, | |||
|
2015 |
2016 |
2015 |
2016 | |
|
(in thousands of U.S. dollars, unless otherwise stated) | ||||
|
Net income to AMPNI shareholders |
7,148 |
13,525 |
19,372 |
25,295 |
|
Add: Net financing cost including amortization of financing costs |
8,813 |
12,447 |
18,139 |
21,838 |
|
Add: Income tax (benefit) / expense |
(543) |
947 |
(2,064) |
(1,645) |
|
Add: Depreciation and amortization excluding amortization of financing costs |
8,634 |
8,510 |
16,412 |
17,118 |
|
EBITDA |
24,052 |
35,459 |
51,859 |
62,606 |
|
Add: Loss on sale of vessels |
- |
2,437 |
130 |
2,437 |
|
Adjusted EBITDA |
24,052 |
37,896 |
51,989 |
65,043 |
|
Sales volume of marine fuel (metric tons) |
3,150,950 |
4,092,789 |
6,066,400 |
8,305,425 |
|
Adjusted EBITDA per metric ton of marine fuel sold (U.S. dollars) |
7.63 |
9.26 |
8.57 |
7.83 |
2. Gross spread on marine petroleum products represents the margin the Company generates on sales of marine fuel and lubricants. Gross spread on marine fuel represents the margin that the Company generates on sales of various classifications of marine fuel oil ("MFO") or marine gas oil ("MGO"). Gross spread on lubricants represents the margin that the Company generates on sales of lubricants. Gross spread on marine petroleum products, gross spread of MFO and gross spread on lubricants are not items recognized by U.S. GAAP and should not be considered as an alternative to gross profit or any other indicator of a Company's operating performance required by U.S. GAAP. The Company's definition of gross spread may not be the same as that used by other companies in the same or other industries. The Company calculates the above-mentioned gross spreads by subtracting from the sales of the respective marine petroleum product the cost of the respective marine petroleum product sold and cargo transportation costs. For arrangements in which the Company physically supplies the respective marine petroleum product using its bunkering tankers, costs of the respective marine petroleum products sold represents amounts paid by the Company for the respective marine petroleum product sold in the relevant reporting period. For arrangements in which the respective marine petroleum product is purchased from the Company's related company, Aegean Oil S.A., or Aegean Oil, cost of the respective marine petroleum products sold represents the total amount paid by the Company to the physical supplier for the respective marine petroleum product and its delivery to the custom arrangements, in which the Company purchases cargos of marine fuel for its floating storage facilities. Transportation costs may be included in the purchase price of marine fuels from the supplier or may be incurred separately from a transportation provider. Gross spread per metric ton of marine fuel sold represents the margin the Company generates per metric ton of marine fuel sold. The Company calculates gross spread per metric ton of marine fuel sold by dividing the gross spread on marine fuel by the sales volume of marine fuel. Marine fuel sales do not include sales of lubricants. The following table reflects the calculation of gross spread per metric ton of marine fuel sold for the periods presented:
|
For the Three Months Ended |
For the Six Months Ended June 30, | ||||||
|
2015 |
2016 |
2015 |
2016 | ||||
|
(in thousands of U.S. dollars, unless otherwise stated) | |||||||
|
Sales of marine petroleum products |
1,189,488 |
967,808 |
2,184,033 |
1,702,623 | |||
|
Less: Cost of marine petroleum products sold |
(1,117,715) |
(881,304) |
(2,040,650) |
(1,541,051) | |||
|
Gross spread on marine petroleum products |
71,773 |
86,504 |
143,383 |
161,572 | |||
|
Less: Gross spread on lubricants |
(949) |
(1,031) |
(2,188) |
(1,765) | |||
|
Gross spread on marine fuel |
70,824 |
85,473 |
141,195 |
159,507 | |||
|
Sales volume of marine fuel (metric tons) |
3,150,950 |
4,092,789 |
6,066,400 |
8,305,425 | |||
|
Gross spread per metric ton of marine fuel sold (U.S. dollars) |
22.5 |
20.9 |
23.3 |
19.2 | |||
3. Sales volume of marine fuel is the volume of sales of various classifications of MFO and MGO for the relevant period and is denominated in metric tons. The Company does not include the sales volume of lubricants in the calculation of gross spread per metric ton of marine fuel sold.
4. Bunkering fleet comprises both bunkering vessels and barges.
5. Figure represents average bunkering fleet number for the relevant period, as measured by the sum of the number of days each bunkering tanker or barge was used as part of the fleet during the period divided by the cumulative number of calendar days in the period multiplied by the number of bunkering tankers at the end of the period. This figure does not take into account non-operating days due to either scheduled or unscheduled maintenance.
6. Special Purpose Vessels consists of the Orion, a 550 dwt tanker which is based in our Greek market.
7. The Company owns two barges, the Mediterranean and Umnenga, as floating storage facilities in Greece and South Africa. The Company also operates on-land storage facilities in Las Palmas, Fujairah, Tangiers, Panama, the U.S.A., Hamburg and Barcelona.
The ownership of storage facilities allows the Company to mitigate its risk of supply shortages. Generally, storage costs are included in the price of refined marine fuel quoted by local suppliers. The Company expects that the ownership of storage facilities will allow it to convert the variable costs of this storage fee mark-up per metric ton quoted by suppliers into fixed costs of operating its owned storage facilities, thus enabling the Company to spread larger sales volumes over a fixed cost base and to decrease its refined fuel costs.
8. Working capital is defined as current assets minus current liabilities. Working capital excluding cash and debt is defined as current assets minus cash and cash equivalents minus restricted cash minus current liabilities plus short-term borrowings plus current portion of long-term debt.
9. Net income as adjusted for non-cash items, such as depreciation, provision for doubtful accounts, restricted stock, amortization, deferred income taxes, gain/loss on sale of vessels, impairment losses, unrealized loss/(gain) on derivatives and unrealized foreign exchange loss/(gain), net, is used to assist in evaluating our ability to make quarterly cash distributions. Net income as adjusted for non-cash items is not recognized by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States. The following table reflects the calculation of net income as adjusted for non-cash items for the periods presented:
|
For the Three Months Ended |
For the Six Months Ended | ||||||
|
2015 |
2016 |
2015 |
2016 | ||||
|
(in thousands of U.S. dollars, unless otherwise stated) | |||||||
|
Net income |
7,148 |
13,533 |
19,372 |
25,303 | |||
|
Add: Depreciation |
6,375 |
6,353 |
12,636 |
12,792 | |||
|
Add: Provision for doubtful accounts |
765 |
640 |
1,409 |
1,421 | |||
|
Add: Share based compensation |
2,304 |
2,179 |
4,965 |
4,588 | |||
|
Add: Amortization |
4,530 |
4,585 |
9,014 |
9,151 | |||
|
Add: Net deferred tax expense / (benefit) |
(531) |
920 |
(2,548) |
(1,959) | |||
|
Add: Unrealized loss on derivatives |
8,230 |
6,566 |
17,239 |
34,194 | |||
|
Add: Loss on sale of vessels |
- |
2,437 |
130 |
2,437 | |||
|
Add: Unrealized foreign exchange loss / (gain) |
146 |
(118) |
(539) |
89 | |||
|
Net income as adjusted for non-cash items |
28,967 |
37,095 |
61,678 |
88,016 | |||
Second Quarter 2016 Dividend Announcement
On August 10, 2016, the Company's Board of Directors declared a second quarter 2016 dividend of $0.02 per share payable on or about September 9, 2016 to shareholders of record as of August 24, 2016. The dividend amount was determined in accordance with the Company's dividend policy of paying cash dividends on a quarterly basis subject to factors including the requirements of Marshall Islands law, future earnings, capital requirements, financial condition, future prospects and such other factors as are determined by the Company's Board of Directors. The Company anticipates retaining most of its future earnings, if any, for use in operations and business expansion.
Conference Call and Webcast Information
Aegean Marine Petroleum Network Inc. will conduct a conference call and simultaneous Internet webcast on Wednesday, August 10, 2016 at 4:30 P.M. Eastern Time, to discuss its second quarter results. Investors may access the webcast and related slide presentation, by visiting the Company's website at www.ampni.com, and clicking on the webcast link. The conference call also may be accessed via telephone by dialing (800) 524-8850 (for U.S.-based callers) or 416-204-9702 (for international callers) and enter the passcode: 2586478.
If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the code 2586478 to access the audio replay. The webcast will also be archived on the Company's website:
http://www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in over than 30 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
8/10/20167/28/2016 - Aegean Marine Petroleum Network Inc. Announces Second Quarter 2016 Conference Call and Webcast
Aegean Marine Petroleum Network Inc. Announces Second Quarter 2016 Conference Call and Webcast
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, July 28, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced that it plans to hold a conference call to discuss the Company's results for the second quarter of 2016 on Wednesday, August 10, 2016 at 4:30 P.M. Eastern Time. The Company plans to issue financial results for the three months ended June 30, 2016 on Wednesday, August 10, 2016 after the close of market trading.
|
What: |
Second Quarter 2016 Conference Call and Webcast |
|
When: |
Wednesday, August 10, 2016 at 4:30 P.M. Eastern Time |
|
How: |
There are two ways to access the conference call: |
|
Dial-in: 1-800-524-8850 or 416-204-9702; Passcode: 2586478 | |
|
Please dial in at least 10 minutes prior to 4:30 P.M. Eastern Time to ensure a prompt start to the call. | |
|
Live Internet webcast and slide presentation: | |
If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the code 2586478 to access the audio replay. The webcast will also be archived on the Company's website:
http://www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 33 markets and a team of professionals ready to serve its customers wherever they are around the globe. For additional information please visit: www.ampni.com
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
7/28/2016Aegean Marine Petroleum Network Inc. Announces First Quarter 2016 Financial Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, May 24, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced financial and operating results for the first quarter ended March 31, 2016.
First Quarter Financial Highlights
First Quarter Operational Highlights
E. Nikolas Tavlarios, Aegean's President, commented, "In the first quarter, we recorded record sales volumes despite low commodity prices, including fuel oil at its lowest point since 2003, which impacted gross spread. Despite this economic headwind, our unique business model enabled Aegean to capitalize on growth opportunities across our global platform serving 33 markets with more than 60 ports. Consistent with our goal of opportunistically entering new markets, we launched bunkering operations in Algoa Bay, a market with strong growth potential. We are pleased with the progress to date in this and remain committed to providing customers with a faster, more efficient and affordable alternative in the region."
Mr. Tavlarios continued, "To ensure Aegean is well positioned for continued success, we have addressed and are implementing a number of initiatives to drive efficiency and reduce costs to strengthen the Company. These initiatives include maximizing efficient use of our diversified platform, reducing expenses across the organization, and optimizing and investing resources in the most attractive markets. As we move forward, we are confident that these decisive actions will ensure Aegean is positioned for future growth and value creation for shareholders."
Generating Solid Financial Results
Operational Metrics
Liquidity and Capital Resources
Spyros Gianniotis, Aegean's Chief Financial Officer, stated, "We are proud to have achieved our 21st consecutive quarter of profitability. We continue to take decisive actions to maintain our strong financial position and significant liquidity in the current challenging environment. Aegean has continued to perform in a variety of market conditions and has executed a plan to increase earnings per share of more than 57% on an adjusted basis over the last four years. We have a track record of maintaining a strong balance sheet, responsibly managing our debt and successfully and quickly de-levering. We are confident the financial and operational actions we are taking will help enable Aegean to continue enhancing value for our shareholders in the near- and long-term."
|
Summary Consolidated Financial and Other Data (Unaudited) | |||||
|
For the Three Months Ended March 31, | |||||
|
2015 |
2016 |
||||
|
(in thousands of U.S. dollars, unless | |||||
|
Income Statement Data: |
|||||
|
Revenues - third parties |
$ |
1,010,956 |
$ |
748,516 |
|
|
Revenues - related companies |
4,147 |
4,416 |
|||
|
Total revenues |
1,015,103 |
752,932 |
|||
|
Cost of revenues - third parties |
892,272 |
661,626 |
|||
|
Cost of revenues - related companies |
42,209 |
10,438 |
|||
|
Total cost of revenues |
934,481 |
672,064 |
|||
|
Gross profit |
80,622 |
80,868 |
|||
|
Operating expenses: |
|||||
|
Selling and distribution |
49,817 |
50,772 |
|||
|
General and administrative |
10,306 |
11,496 |
|||
|
Amortization of intangible assets |
374 |
300 |
|||
|
Loss on sale of vessels, net |
130 |
- |
|||
|
Operating income |
19,995 |
18,300 |
|||
|
Net financing cost |
(9,326) |
(9,361) |
|||
|
Foreign exchange gain, net |
34 |
239 |
|||
|
Income taxes benefit |
1,521 |
2,592 |
|||
|
Net income attributable to AMPNI shareholders |
$ |
12,224 |
$ |
11,770 |
|
|
Basic earnings per share (U.S. dollars) |
$ |
0.25 |
$ |
0.24 |
|
|
Diluted earnings per share (U.S. dollars) |
$ |
0.25 |
$ |
0.24 |
|
|
EBITDA(1) |
$ |
27,807 |
$ |
27,147 |
|
|
Other Financial Data: |
|||||
|
Gross spread on marine petroleum products(2) |
$ |
71,610 |
$ |
75,068 |
|
|
Gross spread on lubricants(2) |
1,239 |
734 |
|||
|
Gross spread on marine fuel(2) |
70,371 |
74,334 |
|||
|
Gross spread per metric ton of marine fuel sold (U.S. dollars) (2) |
24.1 |
17.6 |
|||
|
Net cash (used in) / provided by operating activities |
(23,751) |
10,944 |
|||
|
Net cash used in investing activities |
(2,844) |
(8,755) |
|||
|
Net cash used in financing activities |
$ |
(5,151) |
$ |
(6,024) |
|
|
Sales Volume Data (Metric Tons): (3) |
|||||
|
Total sales volumes |
2,915,450 |
4,212,636 |
|||
|
Other Operating Data: |
|||||
|
Number of owned bunkering tankers, end of period(4) |
48.0 |
49.0 |
|||
|
Average number of owned bunkering tankers(4)(5) |
48.0 |
49.0 |
|||
|
Special Purpose Vessels, end of period (6) |
1.0 |
1.0 |
|||
|
Number of operating storage facilities, end of period(7) |
15.0 |
14.0 |
|||
|
Summary Consolidated Financial and Other Data (Unaudited) | |||
|
As of December 31, 2015 |
As of March 31, 2016 | ||
|
(in thousands of U.S. dollars, | |||
|
Balance Sheet Data: |
|||
|
Cash and cash equivalents |
139,314 |
135,886 | |
|
Gross trade receivables |
317,152 |
333,699 | |
|
Allowance for doubtful accounts |
(7,278) |
(8,059) | |
|
Inventories |
114,531 |
117,826 | |
|
Current assets |
730,950 |
740,638 | |
|
Total assets |
1,445,555 |
1,456,501 | |
|
Trade payables |
72,417 |
73,688 | |
|
Current liabilities (including current portion of long-term debt) |
384,555 |
379,426 | |
|
Total debt |
705,559 |
703,139 | |
|
Total liabilities |
824,029 |
821,797 | |
|
Total stockholder's equity |
621,526 |
634,704 | |
|
Working Capital Data: |
|||
|
Working capital(8) |
346,395 |
361,212 | |
|
Working capital excluding cash and debt(8) |
477,594 |
489,458 | |
Notes:
|
1. |
EBITDA represents net income before interest, taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of EBITDA may not be comparable to that recorded by other companies. EBITDA is included herein because it is a basis upon which the Company assesses its operating performance and because the Company believes that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. The following table reconciles net income to EBITDA for the periods presented: |
|
For the Three Months Ended March 31, | ||
|
2015 |
2016 | |
|
(in thousands of U.S. dollars, unless otherwise stated) | ||
|
Net income attributable to AMPNI shareholders |
12,224 |
11,770 |
|
Add: Net financing cost including amortization of financing costs |
9,326 |
9,361 |
|
Add: Income tax benefit |
(1,521) |
(2,592) |
|
Add: Depreciation and amortization excluding amortization of financing costs |
7,778 |
8,608 |
|
EBITDA |
27,807 |
27,147 |
|
2. |
Gross spread on marine petroleum products represents the margin the Company generates on sales of marine fuel and lubricants. Gross spread on marine fuel represents the margin that the Company generates on sales of various classifications of marine fuel oil ("MFO") or marine gas oil ("MGO"). Gross spread on lubricants represents the margin that the Company generates on sales of lubricants. Gross spread on marine petroleum products, gross spread of MFO and gross spread on lubricants are not items recognized by U.S. GAAP and should not be considered as an alternative to gross profit or any other indicator of a Company's operating performance required by U.S. GAAP. The Company's definition of gross spread may not be the same as that used by other companies in the same or other industries. The Company calculates the above-mentioned gross spreads by subtracting from the sales of the respective marine petroleum product the cost of the respective marine petroleum product sold and cargo transportation costs. For arrangements in which the Company physically supplies the respective marine petroleum product using its bunkering tankers, costs of the respective marine petroleum products sold represents amounts paid by the Company for the respective marine petroleum product sold in the relevant reporting period. For arrangements in which the respective marine petroleum product is purchased from the Company's related company, Aegean Oil S.A., or Aegean Oil, cost of the respective marine petroleum products sold represents the total amount paid by the Company to the physical supplier for the respective marine petroleum product and its delivery to the custom arrangements, in which the Company purchases cargos of marine fuel for its floating storage facilities. Transportation costs may be included in the purchase price of marine fuels from the supplier or may be incurred separately from a transportation provider. Gross spread per metric ton of marine fuel sold represents the margin the Company generates per metric ton of marine fuel sold. The Company calculates gross spread per metric ton of marine fuel sold by dividing the gross spread on marine fuel by the sales volume of marine fuel. Marine fuel sales do not include sales of lubricants. The following table reflects the calculation of gross spread per metric ton of marine fuel sold for the periods presented: |
|
For the Three Months Ended |
||||
|
2015 |
2016 |
|||
|
Sales of marine petroleum products |
994,545 |
734,815 |
||
|
Less: Cost of marine petroleum products sold |
(922,935) |
(659,747) |
||
|
Gross spread on marine petroleum products |
71,610 |
75,068 |
||
|
Less: Gross spread on lubricants |
(1,239) |
(734) |
||
|
Gross spread on marine fuel |
70,371 |
74,334 |
||
|
Sales volume of marine fuel (metric tons) |
2,915,450 |
4,212,636 |
||
|
Gross spread per metric ton of marine fuel sold (U.S. dollars) |
24.1 |
17.6 |
||
|
3. |
Sales volume of marine fuel is the volume of sales of various classifications of MFO and MGO for the relevant period and is denominated in metric tons. The Company does not include the sales volume of lubricants in the calculation of gross spread per metric ton of marine fuel sold. |
|
4. |
Bunkering fleet comprises both bunkering vessels and barges. |
|
5. |
Figure represents average bunkering fleet number for the relevant period, as measured by the sum of the number of days each bunkering tanker or barge was used as part of the fleet during the period divided by the cumulative number of calendar days in the period multiplied by the number of bunkering tankers at the end of the period. This figure does not take into account non-operating days due to either scheduled or unscheduled maintenance. |
|
6. |
Special Purpose Vessels consists of the Orion, a 550 dwt tanker which is based in our Greek market. |
|
7. |
The Company owns two barges, the Mediterranean and Umnenga, as floating storage facilities in Greece and South Africa. The Company also operates on-land storage facilities in Las Palmas, Fujairah, Tangiers, Panama, the U.S.A., Hamburg and Barcelona. |
|
The ownership of storage facilities allows the Company to mitigate its risk of supply shortages. Generally, storage costs are included in the price of refined marine fuel quoted by local suppliers. The Company expects that the ownership of storage facilities will allow it to convert the variable costs of this storage fee mark-up per metric ton quoted by suppliers into fixed costs of operating its owned storage facilities, thus enabling the Company to spread larger sales volumes over a fixed cost base and to decrease its refined fuel costs. | |
|
8. |
Working capital is defined as current assets minus current liabilities. Working capital excluding cash and debt is defined as current assets minus cash and cash equivalents minus restricted cash minus current liabilities plus short-term borrowings plus current portion of long-term debt. |
|
9. |
Net income as adjusted for non-cash items, such as depreciation, provision for doubtful accounts, restricted stock, amortization, deferred income taxes, loss on sale of vessels, net, impairment losses, unrealized loss/(gain) on derivatives and unrealized foreign exchange loss/(gain), net, is used to assist in evaluating our ability to make quarterly cash distributions. Net income as adjusted for non-cash items is not recognized by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States. |
First Quarter 2016 Dividend Announcement
On May 23, 2016, the Company's Board of Directors declared a first quarter 2016 dividend of $0.02 per share payable on June 21, 2016 to shareholders of record as of June 7, 2016. The dividend amount was determined in accordance with the Company's dividend policy of paying cash dividends on a quarterly basis subject to factors including the requirements of Marshall Islands law, future earnings, capital requirements, financial condition, future prospects and such other factors as are determined by the Company's Board of Directors. The Company anticipates retaining most of its future earnings, if any, for use in operations and business expansion.
Conference Call and Webcast Information
Aegean Marine Petroleum Network Inc. will conduct a conference call and simultaneous Internet webcast on Wednesday, May 25th, 2016 at 8:30 A.M. Eastern Time, to discuss its first quarter results. Investors may access the webcast and related slide presentation, by visiting the Company's website at www.ampni.com, and clicking on the webcast link. The conference call also may be accessed via telephone by dialing (888) 438-5491 (for U.S.-based callers) or (719) 325-2428 (for international callers) and enter the passcode: 6450144.
If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the code 6450144 to access the audio replay. The webcast will also be archived on the Company's website:
http://www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 33 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
5/24/20165/10/2016 - Aegean Marine Petroleum Network Inc. Announces First Quarter 2016 Conference Call and Webcast
Aegean Marine Petroleum Network Inc. Announces First Quarter 2016 Conference Call and Webcast
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, May 10, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced that it plans to hold a conference call to discuss the Company's results for the first quarter of 2016 on Wednesday, May 25, 2016 at 8:30 A.M. Eastern Time. The Company plans to issue financial results for the three months ended March 31, 2016 on Tuesday, May 24, 2016 after the close of market trading.
|
What: |
First Quarter 2016 Conference Call and Webcast |
|
When: |
Wednesday, May 25, 2016 at 8:30 A.M. Eastern Time |
|
How: |
There are two ways to access the conference call: |
|
Dial-in: 1-888-438-5491 or 719-325-2428; Passcode: 6450144 | |
|
Please dial in at least 10 minutes prior to 8:30 A.M. Eastern Time to ensure a prompt | |
|
Live Internet webcast and slide presentation: | |
If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the code 6450144 to access the audio replay. The webcast will also be archived on the Company's website:
http://www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 33 markets and a team of professionals ready to serve its customers wherever they are around the globe. For additional information please visit: www.ampni.com
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
5/10/20163/23/2016 - Aegean Marine Petroleum Network Launches Bunkering Operation in Algoa Bay, Near Port Elizabeth, South Africa
Aegean Marine Petroleum Network Launches Bunkering Operation in Algoa Bay, Near Port Elizabeth, South Africa
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, March 23, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced that it is launching a bunkering operation in Algoa Bay, near the port[s] of Port Elizabeth, South Africa and Coega, South Africa.
Located within a few miles of heavily trafficked international shipping lanes, the new bunkering operation is well positioned as a natural stopover on routes to Europe, the Americas, Asia, Australia and both coasts of Africa. The region includes eight commercial ports that are busy conduits for global trade. Approximately two million metric tons of bunker fuel is sold annually in the region, underscoring that Aegean's new operations are located in a robust market with potential for growth.
E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, said, "The launch of bunkering operations in Algoa Bay is consistent with our strategy to opportunistically enter new markets. This strategic expansion allows us to take advantage of compelling market dynamics while simultaneously providing customers with a faster, more efficient and affordable alternative in the region. We are confident that entering this attractive market will strengthen Aegean's unique market position and prospects for continued growth. As we move forward, we remain committed to extending our successful track record of geographic diversification, which we believe will continue to benefit our customers and drive value creation for our shareholders."
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 32 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
3/23/2016Aegean Marine Petroleum Network Inc. Announces Fourth Quarter 2015 Financial Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, March 16, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced financial and operating results for the fourth quarter ended December 31, 2015.
Fourth Quarter Highlights and Full Year Financial Highlights
Fourth Quarter and Full Year Operational Highlights
E. Nikolas Tavlarios, Aegean's President, commented, "Our results demonstrate the merits of Aegean's unique operating strategy and the opportunistic steps we continuously take to position the company for growth, despite industry headwinds. During the year we leveraged our expanding geographic footprint and diversified business model to deliver strong financial and operational results, including record sales volumes. Looking ahead, our business model provides flexibility to control expenses and adjust to rapidly-changing market conditions. In 2016, we believe our focus on serving customers and selling blended products will generate greater profitability and strengthen our competitive position in large strategic markets. Through our continued successful execution, Aegean will continue to expand its platform for growth and value creation."
Generating Strong Financial Results
Operational Metrics
Liquidity and Capital Resources
Spyros Gianniotis, Aegean's Chief Financial Officer, stated, "During the year, we successfully entered into a new $120 million credit facility for our Fujairah oil terminal, which we believe will be a key growth driver in 2016 and beyond. With a strong balance sheet and with significant financial flexibility, Aegean is competitively positioned to deliver returns to shareholders in a variety of market conditions. Looking ahead, we will continue to evaluate efficient and profitable ways to execute our proven strategy and advance our position in the global fuel supply market."
|
Summary Consolidated Financial and Other Data (Unaudited) | |||||||||
|
For the Three Months Ended |
For the Year Ended December 31, | ||||||||
|
2014 |
2015 |
2014 |
2015 | ||||||
|
(in thousands of U.S. dollars, unless otherwise stated) | |||||||||
|
Income Statement Data: |
|||||||||
|
Revenues - third parties |
$ |
1,421,385 |
$ |
924,227 |
$ |
6,625,244 |
$ |
4,213,359 | |
|
Revenues - related companies |
16,139 |
4,872 |
36,557 |
20,058 | |||||
|
Total revenues |
1,437,524 |
929,099 |
6,661,801 |
4,233,417 | |||||
|
Cost of revenues - third parties |
1,297,505 |
822,602 |
5,971,819 |
3,764,684 | |||||
|
Cost of revenues - related companies |
52,920 |
18,180 |
352,888 |
136,904 | |||||
|
Total cost of revenues |
1,350,425 |
840,782 |
6,324,707 |
3,901,588 | |||||
|
Gross profit |
87,099 |
88,317 |
337,094 |
331,829 | |||||
|
Operating expenses: |
|||||||||
|
Selling and distribution |
57,621 |
52,033 |
220,830 |
205,078 | |||||
|
General and administrative |
11,059 |
11,859 |
38,099 |
43,318 | |||||
|
Amortization of intangible assets |
376 |
298 |
3,323 |
1,421 | |||||
|
(Gain) / Loss on sale of vessels, net |
(413) |
- |
12,864 |
130 | |||||
|
Impairment charge |
- |
- |
4,062 |
5,308 | |||||
|
Operating income |
18,456 |
24,127 |
57,916 |
76,574 | |||||
|
Net financing cost |
(8,679) |
(9,949) |
(33,781) |
(37,556) | |||||
|
Foreign exchange (loss) / gain, net |
(2,787) |
(291) |
(6,032) |
308 | |||||
|
Income taxes benefit / (expense) |
509 |
(4,176) |
(464) |
(3,446) | |||||
|
Net income |
7,499 |
9,711 |
17,639 |
35,880 | |||||
|
Less income attributable to non-controlling interest |
(17) |
- |
49 |
- | |||||
|
Net income attributable to AMPNI shareholders |
$ |
7,516 |
$ |
9,711 |
$ |
17,590 |
$ |
35,880 | |
|
Basic earnings per share (U.S. dollars) |
$ |
0.16 |
$ |
0.20 |
$ |
$0.37 |
$ |
0.73 | |
|
Diluted earnings per share (U.S. dollars) |
$ |
0.16 |
$ |
0.20 |
$ |
$0.37 |
$ |
0.73 | |
|
EBITDA(1) |
$ |
22,894 |
$ |
32,797 |
$ |
82,019 |
$ |
110,806 | |
|
Other Financial Data: |
|||||||||
|
Gross spread on marine petroleum products(2) |
$ |
79,633 |
$ |
84,243 |
$ |
304,545 |
$ |
302,052 | |
|
Gross spread on lubricants(2) |
828 |
1,776 |
2,948 |
5,210 | |||||
|
Gross spread on marine fuel(2) |
78,805 |
82,467 |
301,597 |
296,842 | |||||
|
Gross spread per metric ton of marine fuel sold (U.S. dollars) (2) |
26.2 |
20.5 |
26.6 |
22.0 | |||||
|
Net cash provided by operating activities |
194,517 |
5,273
|
182,206 |
49,727 | |||||
|
Net cash (used in) / provided by investing activities |
(25,952) |
588 |
(59,494) |
(7,614) | |||||
|
Net cash (used in) / provided by financing activities |
$ |
(153,710) |
$ |
19,243 |
$ |
(50,280) |
$ |
(28,254) | |
|
Sales Volume Data (Metric Tons): (3) |
|||||||||
|
Total sales volumes |
3,008,060 |
4,029,567 |
11,332,385 |
13,482,478 | |||||
|
Other Operating Data: |
|||||||||
|
Number of owned bunkering tankers, end of period(4) |
48.0 |
49.0 |
48.0 |
49.0 | |||||
|
Average number of owned bunkering tankers(4)(5) |
48.4 |
49.0 |
50.2 |
48.8 | |||||
|
Special Purpose Vessels, end of period (6) |
1.0 |
1.0 |
1.0 |
1.0 | |||||
|
Number of operating storage facilities, end of period(7) |
14.0 |
12.0 |
14.0 |
12.0 | |||||
|
Summary Consolidated Financial and Other Data (Unaudited) | |||
|
As of December 31, 2014 |
As of December 31, 2015 | ||
|
(in thousands of U.S. dollars, unless otherwise stated) | |||
|
Balance Sheet Data: |
|||
|
Cash and cash equivalents |
129,551 |
139,314 | |
|
Gross trade receivables |
360,074 |
317,152 | |
|
Allowance for doubtful accounts |
(5,851) |
(7,843) | |
|
Inventories |
156,990 |
114,531 | |
|
Current assets |
736,328 |
730,950 | |
|
Total assets |
1,488,315 |
1,456,656 | |
|
Trade payables |
119,056 |
72,417 | |
|
Current liabilities (including current portion of long-term debt) |
533,735 |
389,109 | |
|
Total debt |
740,880 |
716,660 | |
|
Total liabilities |
920,899 |
835,130 | |
|
Total stockholder's equity |
567,416 |
621,526 | |
|
Working Capital Data: |
|||
|
Working capital(8) |
202,593 |
341,841 | |
|
Working capital excluding cash and debt(8) |
428,326 |
477,594 | |
Notes:
1. EBITDA represents net income before interest, taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of EBITDA may not be comparable to that recorded by other companies. EBITDA is included herein because it is a basis upon which the Company assesses its operating performance and because the Company believes that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. The following table reconciles net income to EBITDA for the periods presented:
|
For the Three Months Ended December 31, | ||
|
2014 |
2015 | |
|
(in thousands of U.S. dollars, unless otherwise stated) | ||
|
Net income attributable to AMPNI shareholders |
7,516 |
9,711 |
|
Add: Net financing cost including amortization of financing costs |
8,679 |
9,949 |
|
Add: Income tax (benefit) / expense |
(509) |
4,176 |
|
Add: Depreciation and amortization excluding amortization of financing costs |
7,208 |
8,961 |
|
EBITDA |
22,894 |
32,797 |
2. Gross spread on marine petroleum products represents the margin the Company generates on sales of marine fuel and lubricants. Gross spread on marine fuel represents the margin that the Company generates on sales of various classifications of marine fuel oil ("MFO") or marine gas oil ("MGO"). Gross spread on lubricants represents the margin that the Company generates on sales of lubricants. Gross spread on marine petroleum products, gross spread of MFO and gross spread on lubricants are not items recognized by U.S. GAAP and should not be considered as an alternative to gross profit or any other indicator of a Company's operating performance required by U.S. GAAP. The Company's definition of gross spread may not be the same as that used by other companies in the same or other industries. The Company calculates the above-mentioned gross spreads by subtracting from the sales of the respective marine petroleum product the cost of the respective marine petroleum product sold and cargo transportation costs. For arrangements in which the Company physically supplies the respective marine petroleum product using its bunkering tankers, costs of the respective marine petroleum products sold represents amounts paid by the Company for the respective marine petroleum product sold in the relevant reporting period. For arrangements in which the respective marine petroleum product is purchased from the Company's related company, Aegean Oil S.A., or Aegean Oil, cost of the respective marine petroleum products sold represents the total amount paid by the Company to the physical supplier for the respective marine petroleum product and its delivery to the custom arrangements, in which the Company purchases cargos of marine fuel for its floating storage facilities. Transportation costs may be included in the purchase price of marine fuels from the supplier or may be incurred separately from a transportation provider. Gross spread per metric ton of marine fuel sold represents the margin the Company generates per metric ton of marine fuel sold. The Company calculates gross spread per metric ton of marine fuel sold by dividing the gross spread on marine fuel by the sales volume of marine fuel. Marine fuel sales do not include sales of lubricants. The following table reflects the calculation of gross spread per metric ton of marine fuel sold for the periods presented:
|
For the Three Months Ended |
||||
|
2014 |
2015 |
|||
|
Sales of marine petroleum products |
1,420,811 |
912,890 |
||
|
Less: Cost of marine petroleum products sold |
(1,341,178) |
(828,647) |
||
|
Gross spread on marine petroleum products |
79,633 |
84,243 |
||
|
Less: Gross spread on lubricants |
(828) |
(1,776) |
||
|
Gross spread on marine fuel |
78,805 |
82,467 |
||
|
Sales volume of marine fuel (metric tons) |
3,008,060 |
4,029,567 |
||
|
Gross spread per metric ton of marine fuel sold (U.S. dollars) |
26.2 |
20.5 |
||
3. Sales volume of marine fuel is the volume of sales of various classifications of MFO and MGO for the relevant period and is denominated in metric tons. The Company does not include the sales volume of lubricants in the calculation of gross spread per metric ton of marine fuel sold.
4. Bunkering fleet comprises both bunkering vessels and barges.
5. Figure represents average bunkering fleet number for the relevant period, as measured by the sum of the number of days each bunkering tanker or barge was used as part of the fleet during the period divided by the cumulative number of calendar days in the period multiplied by the number of bunkering tankers at the end of the period. This figure does not take into account non-operating days due to either scheduled or unscheduled maintenance.
6. Special Purpose Vessels consists of the Orion, a 550 dwt tanker which is based in our Greek market.
7. The Company owns one barge, the Mediterranean, as a floating storage facility in Greece. The Company also operates on-land storage facilities in Las Palmas, Fujairah, Tangiers, Panama, U.S.A., Hamburg and Barcelona.
The ownership of storage facilities allows the Company to mitigate its risk of supply shortages. Generally, storage costs are included in the price of refined marine fuel quoted by local suppliers. The Company expects that the ownership of storage facilities will allow it to convert the variable costs of this storage fee mark-up per metric ton quoted by suppliers into fixed costs of operating its owned storage facilities, thus enabling the Company to spread larger sales volumes over a fixed cost base and to decrease its refined fuel costs.
8. Working capital is defined as current assets minus current liabilities. Working capital excluding cash and debt is defined as current assets minus cash and cash equivalents minus restricted cash minus current liabilities plus short-term borrowings plus current portion of long-term debt.
9. Net income as adjusted for non-cash items, such as depreciation, provision for doubtful accounts, restricted stock, amortization, deferred income taxes, loss on sale of vessels, net, impairment losses, unrealized loss/(gain) on derivatives and unrealized foreign exchange loss/(gain), net, is used to assist in evaluating our ability to make quarterly cash distributions. Net income as adjusted for non-cash items is not recognized by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States.
Fourth Quarter 2015 Dividend Announcement
On March 16, 2016, the Company's Board of Directors declared a fourth quarter 2015 dividend of $0.02 per share payable on April 13, 2016 to shareholders of record as of March 30, 2016. The dividend amount was determined in accordance with the Company's dividend policy of paying cash dividends on a quarterly basis subject to factors including the requirements of Marshall Islands law, future earnings, capital requirements, financial condition, future prospects and such other factors as are determined by the Company's Board of Directors. The Company anticipates retaining most of its future earnings, if any, for use in operations and business expansion.
Conference Call and Webcast Information
Aegean Marine Petroleum Network Inc. will conduct a conference call and simultaneous Internet webcast on Thursday, March 17, 2016 at 8:30 A.M. Eastern Time, to discuss its fourth quarter results. Investors may access the webcast and related slide presentation, by visiting the Company's website at www.ampni.com, and clicking on the webcast link. The conference call also may be accessed via telephone by dialing (800) 862-9098 (for U.S.-based callers) or (785) 424-1051 (for international callers) and enter the passcode: 9274352.
If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the code 9274352 to access the audio replay. The webcast will also be archived on the Company's website:
http://www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 32 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
3/16/2016Aegean Marine Petroleum Network Inc. Announces Date Change for Fourth Quarter 2015 Conference Call and Webcast
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, Feb. 25, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced a date change for its upcoming conference call to discuss the Company's results for the fourth quarter of 2015 due to a scheduling conflict. The Company now plans to issue financial results for the three months ended December 31, 2015 on Wednesday, March 16, 2016 after the close of market trading with the conference call to follow on Thursday, March 17, 2016 at 8:30 A.M. Eastern Time.
|
What: |
Fourth Quarter 2015 Conference Call and Webcast |
|
When: |
Thursday, March 17, 2016 at 8:30 A.M. Eastern Time |
|
How: |
There are two ways to access the conference call: |
|
Dial-in: 1-800-862-9098 or 785-424-1051; Passcode: 9274352 | |
|
Please dial in at least 10 minutes prior to 8:30 A.M. Eastern Time to ensure a prompt start to the call. | |
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Live Internet webcast and slide presentation: | |
If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the code 9274352 to access the audio replay. The webcast will also be archived on the Company's website:
http://www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 31 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
2/25/20162/24/2016 - Aegean Marine Petroleum Network Inc. Announces Fourth Quarter 2015 Conference Call and Webcast
Aegean Marine Petroleum Network Inc. Announces Fourth Quarter 2015 Conference Call and Webcast
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
PIRAEUS, Greece, Feb. 24, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced that it plans to hold a conference call to discuss the Company's results for the fourth quarter of 2015 on Thursday, March 10, 2016 at 8:30 A.M. Eastern Time. The Company plans to issue financial results for the three months ended December 31, 2015 on Wednesday, March 9, 2016 after the close of market trading.
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What: |
Fourth Quarter 2015 Conference Call and Webcast |
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When: |
Thursday, March 10, 2016 at 8:30 A.M. Eastern Time |
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How: |
There are two ways to access the conference call: |
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Dial-in: 1-800-862-9098 or 785-424-1051; Passcode: 9274352 | |
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Please dial in at least 10 minutes prior to 4:45 P.M. Eastern Time to ensure a prompt start to the call. | |
|
Live Internet webcast and slide presentation: | |
If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the code 9274352 to access the audio replay. The webcast will also be archived on the Company's website:
http://www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 31 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
2/24/2016Aegean Marine Petroleum Network To Enter South American Market
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, Jan. 20, 2016 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced that it will be commencing operations in the South American market during the first quarter of 2016.
The Company has assembled a team, with extensive local market experience, to manage an asset-light physical supply and back-to-back trading model in the region. Aegean believes that the new office, which will be based in Rio de Janeiro, Brazil, will support Aegean's goal of growing its global footprint with minimal start-up costs and position the Company well for continued expansion in the region.
"We are pleased to announce our expansion into South America and the opportunity to continue to grow and diversify our business," said E. Nikolas Tavlarios, President of Aegean. "Our expansion into the South American market is an important milestone for the Company and underscores our focus on expanding our capabilities and global footprint to drive profitable growth and create value for shareholders."
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 31 markets, including Vancouver, Montreal, Mexico, Jamaica, Trinidad and Tobago, Gibraltar, U.K., Northern Europe, Piraeus, Patras, the United Arab Emirates, Singapore, Morocco, the Antwerp-Rotterdam-Amsterdam (ARA) region, Las Palmas, Tenerife, Panama, Hong Kong, Barcelona, the U.S. East Coast, Los Angeles, the U.S. Gulf, Algeciras, Germany and Russia. The Company has also entered into a strategic alliance to extend its global reach to China. To learn more about Aegean, visit http://www.ampni.com.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.
Article Date
1/20/2016FERC Highlights
FERC Filings
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