The New York-listed bunker supplier recorded a first half profit of $19.37m, representing an increase of 34.3% from $14.42m in the previous corresponding period.
First half revenue, however, fell by 34.9% year-on-year to $2.22bn, dragged down by the drop in the price of oil.
“While we faced headwinds during the quarter, we are entering the second half of 2015 with several growth drivers in place and we expect to further improve our financial performance,” said E Nikolas Tavlarios, president of Aegean Marine.
“As the industry improves, Aegean Marine is poised to benefit from our diversification and recent expansion into new markets,” he said.
Spyros Gianniotis, cfo of Aegean Marine, pointed out that the company has more than $1.8bn in working capital credit facilities, creating a strong balance sheet to support continued profitability in the long run.
“We are pleased with the recent extension of our global and US credit facilities, with improvements in pricing. Maintaining financial flexibility is the cornerstone of our success,” Gianniotis commented.
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