This increase was primarily due to the moderate rise in oil prices. Voyage and other revenues were $21.2 mill, consistent with 3Q15.
Gross Profit increased by 4.7% to $88.4 mill in 3Q16, compared to $84.4 mill in the same period in 2015.
Aegean reported operating expense of $65.9 mill for 3Q16, a decrease of $0.8 mill or 1.2%, compared to the same period in 2015. Adjusting for the sale of non-core assets and the accelerated shares sale, operating expense was $58.8 mill, a decrease of 2.6% compared to 3Q15.
Operating income for 3Q16, adjusted for the sale of non-core assets and the shares was $29.6 mill, an increase of 28.7%, compared to 3Q15.
Net income adjusted for the sale of non-core vessels and the shares was $17.7 mill, an increase of $5.6 mill or 46.3%, compared to the same period in 2015.
For the quarter, Aegean reported marine fuel sales volumes of 4.3 mill tonnes, an increase of 25.8%,compared to the same period in 2015.
Adjusted EBITDA per tonne of marine fuel sold was $8.84, compared to $9.29 per tonne in 3Q15.
Net cash provided by operating activities was $34.7 mill in 3Q16. Net income as adjusted for non-cash items was $31.2 mill for the same period.
E Nikolas Tavlarios, Aegean’s president, commented, “We delivered another quarter of solid results against a backdrop of slowness in the container segment and volatile commodity markets. Despite these headwinds, we continue to achieve profitability and strong volumes with our fourth consecutive quarter of selling more than 4 mill tonnes of bunker fuel. Our diversified platform, recent expansion in new attractive markets and our back-to-back trading businesses contributed to our growth during the quarter.
“Aegean has transformed into a diversified business with operations around the world and we look forward to additional opportunities ahead. We are proud of what we have created and our ability to serve more customers across our global footprint as a leader in the physical supply and marketing of marine fuel. We remain committed to executing our strategic initiatives and leveraging our scale to drive growth and shareholder value,” he concluded.
Spyros Gianniotis, Aegean’s CFO, stated, “In addition to our strong operational performance, we are taking action to enhance efficiency through the sale of five non-core vessels year to date, including two in the third quarter, which will reduce operating costs by $9.5 mill annually.
“We will continue to evaluate our markets and redeploy capital to opportunities we believe will generate the best return. During the quarter, we strengthened our financial flexibility with the renewal of our $1 bill credit facility on improved terms,” he said.