Aegean Marine Petroleum Network Inc. Takes Delivery of
Bunkering Tanker Newbuilding
PIRAEUS, Greece, Jan. 8 /PRNewswire-FirstCall/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW), an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea, today announced that it has further expanded its marine fuel logistics infrastructure with the delivery of the Amorgos, a 4,600 dwt newly built double-hull bunkering tanker from Fujian Southeast Shipyard in China. The Amorgos is expected to operate out of the Company's service center located in Gibraltar.
E. Nikolas Tavlarios, President, commented, "With the delivery of our fourth bunkering tanker newbuilding since our IPO, management continues to execute its well-capitalized growth plan. By further expanding our marine fuel logistics infrastructure, we have once again strengthened our position to take advantage of the growing demand for a full-service marine fuel solution from procurement to delivery."
Mr. Tavlarios added, "We remain intensely focused on pursuing growth opportunities that meet our strict return criteria exclusively within the global marine fuel logistics industry as we have in the past. The launch of our new service center in Northern Europe combined with our new service centers in the United Kingdom and West Africa, which are scheduled to commence operations in the current quarter, bodes well for Aegean to further increase sales volumes as we continue to enhance our leading industry reputation."
With the delivery of the Amorgos, the Company has deployed the Aegean Tulip, a 1993-built 4,853 dwt double-hull bunkering tanker to West Africa from Gibraltar.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is a marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. As a physical supplier, the Company purchases marine fuel from refineries, major oil producers and other sources. The Company sells and delivers these fuels to a diverse group of ocean-going and coastal ship operators and marine fuel traders, brokers and other users through its service centers in Greece, Gibraltar, Singapore, Jamaica, the United Arab Emirates and Belgium, and plans to commence physical supply operations in the United Kingdom and Ghana during the first quarter of 2008.
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.
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