Aegean Marine Petroleum Network Inc. Expands Marine Fuel Logistics Infrastructure
Aegean Marine Petroleum Network Inc., 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 taken delivery of the Milos, a newly built, 4,600 dwt double-hull bunkering tanker, from Fujiian Southeast Shipyard in China. The Milos, which will be operating out of Aegean’s Singapore service center, is the first of seven scheduled newbuilding double- hull bunkering and specialty tankers to be delivered in 2007.
In addition to the Milos, the Company announced today that it has entered into an agreement to purchase the Angeles B, a 1980-built 11,474 dwt double- hull bunkering tanker. The Company expects to take delivery of the vessel on or about July 16, 2007.
The Company also announced it has exercised options to build five new double-hull bunkering tankers with Fujian Southeast Shipyard, China. The five vessels are scheduled to be delivered in 2009. These options are part of the transaction entered into with Fujian Southeast Shipyard in 2005 to build 10 new double-hull bunkering tankers. The anticipated carrying capacity for each of these five newbulidings as well as the remaining nine vessels to be delivered from Fujian Southeast Shipyard will be 4,600 dwt, representing a 21% increase from the original anticipated tonnage.
E. Nikolas Tavlarios, President, commented, “We are pleased to once again expand our marine fuel logistics infrastructure as we position the Company to increase sales volumes over the near and long term. Consistent with this important goal, we look forward to taking delivery of an additional seven vessels in 2007 and opening two new service centers during the year. Longer term, our goal is to grow our fleet of double-hull bunkering tankers to 44 and launch a total of five additional service centers in strategic locations worldwide by year-end 2010. With considerable financial strength, we are well positioned to continue to grow the Company for the benefit of our shareholders and customers as we seek to solidify our leading reputation in the industry.”
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. Through its service centers in Greece, Gibraltar, Singapore, Jamaica and the United Arab Emirates, 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.
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.