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Aegean Marine makes less in Q1, sells record bunker volumes

Aegean Marine makes less in Q1, sells record bunker volumes
Aegean Marine Petroleum Network Inc has posted lower earnings in the first quarter ended 31 March 2016 while bunker sales rose to a record volume.

Net profit for the first quarter was registered at $11.77m, down 3.7% from $12.22m in the same period of last year.

First quarter revenue also fell by 26.2% year-on-year to $752.93m due mainly to lower oil prices.

The bunker supplier’s bunker sales volume, however, rose to a record high of 4.21m metric tonnes sold in the first quarter, compared to 2.92m metric tonnes in the year-ago period.

E. Nikolas Tavlarios, president of Aegean, 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.”

The gross spread on marine petroleum products represents the margin the company generates on sales of marine fuel and lubricants.

“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,” Tavlarios said.

“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.”