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New operations sustain Aegean
(Nov  13  2009)

Marine fuels supplier and tanker operator Aegean Marine Petroleum Network recorded net income of $14.1 mill, or $0.33 basic and diluted earnings per share for 3Q09, compared with $9.5 mill, or $0.22 basic and diluted earnings per share for 3Q08.

Total revenues for 3Q09 decreased by 22.6% to $736.1 mill compared to $950.6 mill for 3Q08. Sales of marine petroleum products decreased by 22.9% to $731.8 mill compared to $948.6 mill for the year-earlier period.

Net revenue, which equals total revenue less cost of goods sold and cargo transportation expenses, increased 12.5% to $52.2 mill, compared to $46.4 mill in the year-earlier period.

Results for the third quarter were primarily driven by a 7.9% increase in the gross spread on marine petroleum products to $47.9 mill, compared to $44.4 mill for the same period in 2008.

For the first three months of 2009, the volume of marine fuel sold increased by 22.1% to 1,635,473 tonnes compared to 1,338,914 tonnes in the year-earlier period, as sales volumes improved in Greece, Gibraltar, the UAE and Singapore.

Furthermore, results for 3Q09 included increased sales volumes from Aegean’s newer markets.

During the first three months, the gross spread per tonne of marine fuel sold decreased to $28.9 per tonne, compared to $32.8 per tonne in the same period for 2008.

Operating income for 3Q09 was $17.2 mill, compared to $15.1 mill for the same period in 2008. Operating expenses, excluding the cost of fuel and cargo transportation costs (both of which are included in the calculation of gross spread on marine petroleum products), increased to $35 mill for the first three months of this year, compared to $31.3 mill for the same period in 2008.

This increase was principally due to the expanded logistics infrastructure during the third quarter of 2009, compared to the third quarter of 2008.

President E Nikolas Tavlarios said, "During the third quarter, we continued to take advantage of our strong capital position and strengthen our leading industry brand, enabling Aegean to once again post solid results for shareholders. Highlighting our success, we increased sales volumes by 22.1% for the three months ended 30th September, 2009 compared to the year-earlier period. While actively managing counterparty risk during a challenging economic environment, we further expanded our industry leadership in the quarter.

“Specifically, we commenced operations in Tangier, Morocco, the third new market launched by Aegean in 2009 and ninth since going public in December 2006. In addition to increasing our global scale, we expanded our high-quality logistics infrastructure with the delivery of nine double-hull bunkering vessels to date in 2009, including two newbuildings in the third quarter. Consistent with our goal to capitalise on the strong demand for modern tonnage, we plan to take delivery of 17 remaining newbuildings by the end of next year. With a growing infrastructure for the worldwide delivery of marine fuel, we expect to continue to increase Aegean’s global market share and drive future sales volumes."

For the nine months ended 30th September, 2009, the company recorded net income of $34.8 mill, or $0.82 basic and diluted earnings per share, compared to net income of $26.8 mill, or $0.63 basic and diluted earnings per share, for the year-earlier period.

Total revenues for the first nine months of 2009 decreased by 26.1% to $1.644 mill, compared to $2.224 mill for the same period a year ago.

Sales of marine petroleum products decreased by 26.5% to $1.631 mill compared to $2.218 mill for the same period in 2008. Net revenues were $139.4 mill, compared to $121.4 mill in the year-earlier period.

Results for the nine months were influenced by an 9.5% increase in the gross spread on marine petroleum products to $126.3 mill, compared to $115.3 mill for the same period a year ago. The volume of marine fuel sold increased 22.4% to 4,444,447 tonnes compared to 3,631,486 tonnes in the year-earlier period.

Operating income for the nine months was $43.1 mill, compared to $36 mill for the same period in 2008.

As of 30th September, the company had cash and cash equivalents of $50.3 mill and working capital of $198.5 mill. Non-cash working capital, or working capital excluding cash and debt, was $213.4 mill.

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