The stronger performance brings first half profit to $12.7m, up from $8.7m in the first six months of last year, and comes despite revenues falling almost 12% to $3.2bn from $3.6bn for the same periods.
For the NYSE-listed bunker supplier, total sales volumes for the first quarter held steady around 2.7m mt.
Commenting on the results, president E. Nikolas Tavlarios said, "we extended our track record of operational excellence and strong financial performance in the second quarter, which represented Aegean's tenth consecutive quarter of profitability. During the quarter we entered new markets to strengthen our revenue base, strategically positioning Aegean for continued success as the market emerges from the current shipping cycle.
Our expansion into the Port of Algeciras will increase our presence in the rapidly growing Western Mediterranean market, further diversify our revenue base and improve our fleet utilization. During the quarter we also announced a cooperation agreement with SK Lubricants, which will expand our operations in Asia and increase volumes in our marine lubricants business," he continued.
Spyros Gianniotis, cfo added, "As part of our commitment to strengthen our financial flexibility, we have launched the syndication of our $800 million multicurrency credit facilities during the quarter, a significant milestone for our company. Combined with supplier credit, our new multicurrency credit facilities will allow Aegean to continue to manage volatile marine fuel prices and to further improve its supply and trading performance."
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.  Add Seatrade Maritime News to your Google News feed.   Â
