Aegean full year profit up 44.7% on higher bunker sales

Greece's Aegean Marine Petroleum Network has posted a 44.7% year-on-year hike in 2016 profit, aided by higher sales of marine fuels.

New York-listed Aegean recorded net profit of $51.93m last year, a jump from the gain of $35.88m in 2015.

The global bunker suppliers sold 16.52m tonnes of marine fuels in 2016, an increase of 22.6% from 13.48m tonnes sold in 2015.

Full year revenue was reported at $4.08bn compared to $4.23bn in 2015.

E. Nikolas Tavlarios, president of Aegean noted that the improved earnings for the company came 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,” Tavlarios commented.

Aegean’s global footprint now includes more than 30 markets and 51 ports.

In January, Aegean announced the expansion of its physical bunker supply operations to Rostock, Germany after acquiring OBAST Bunkering & Trading GmbH.

Posted 02 March 2017

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Lee Hong Liang

Asia Correspondent

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