PIRAEUS, Greece, Dec. 9, 2014 /PRNewswire/ -- Aegean Marine
Petroleum Network Inc. (NYSE: ANW) today announced that it has
agreed to acquire 28,567 metric tons of marine fuel and assume a
storage contract with Vopak Terminal Los Angeles for a total
purchase price of approximately $11
million at an auction of OW Bunker's assets.
The ports of Los Angeles and
Long Beach combined form the
largest container port in the United
States with annual volumes of 14.6 million TEU's in 2013 and
serve as the key trade hubs between North
America and Asia.
E. Nikolas Tavlarios, President
of Aegean Marine Petroleum Network, commented, "This transaction is
aligned with Aegean's strategy to opportunistically enter new
markets to service unmet and increasing demand, while enhancing
shareholder value. We have focused on building a strong and
flexible financial position over the years and as a result were
able to act quickly on this unique opportunity to further
strengthen and diversify our operating footprint. Having a
presence at the Vopak Terminal in Los
Angeles will substantially broaden Aegean's access to the
marine fuel markets of the U.S. west coast, and in so doing round
out Aegean's profile as a global marine fuel provider.
Heading into 2015, which we believe will be a landmark year
for Aegean, we intend to continue executing our risk-averse
strategy; strengthening our brand, widening our customer base and
increasing the scale and efficiency of our logistics network."
The Company expects to integrate much of the former OW Bunker
operating infrastructure in Los
Angeles into the Aegean organization and begin operations at
the Vopak Terminal in the first quarter of 2015.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine
fuel logistics company that markets and physically supplies refined
marine fuel and lubricants to ships in port and at sea. The Company
procures product from various sources (such as refineries, oil
producers, and traders) and resells it to a diverse group of
customers across all major commercial shipping sectors and leading
cruise lines. Currently, Aegean has a global presence in 27
markets, including Vancouver,
Montreal, Mexico, Jamaica, Trinidad
and Tobago, Gibraltar,
U.K., Northern Europe, Piraeus,
Patras, the United Arab Emirates,
Singapore, Morocco, the Antwerp-Rotterdam-Amsterdam (ARA) region, Las Palmas, Tenerife, Panama, Hong
Kong, Barcelona, US East
Coast and Algeciras. The Company has also entered into a strategic
alliance to extend its global reach to China. To learn more about Aegean, visit
http://www.ampni.com.
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.
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SOURCE Aegean Marine Petroleum Network Inc.