Agrees to strategic lease and purchase and sales agreement with Colonial Oil Industries
Strengthens Presence on the U.S. East Coast and Enhances Global Marine Fuel Platform
New York, June 26, 2017
Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced the launch of a new service center in Savannah, Georgia, the third largest container port in the United States.
The operations in Savannah will be managed by the existing Aegean U.S. team. Under the terms of the agreement with Colonial Terminals, Inc., Aegean will lease tankage from Colonial's oil terminal on the Savannah River. Aegean will acquire and blend a full range of bunker fuel products and has agreed to supply Colonial Oil Industries, Inc. with a range of No. 6 oil products for Colonial's truck delivery business. Aegean has contracted with the Vane Brothers Company to provide barge services in the port.
Manolis Chochlakis, Regional Manager of the Americas for Aegean Marine Petroleum Network, said, "We are pleased to announce the launch of our new service center in Savannah, which strengthens our existing presence in the U.S. East Coast market. Our core customer base will get a price competitive offering in a critical container market that has been underserved since Colonial's exit from the business in 2013. Aegean's expansion into the U.S. Southeast Coast will enhance the flexibility and reach of our supply network and enable us to better serve our customers."
Mr. Chochlakis concluded, "The Colonial Group is an experienced group that knows how to store, blend and distribute marine fuels. We are excited to partner with them to bring Savannah back to prominence as a marine fuel market."
The Colonial lease and supply agreement begins July 1, 2017.
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 over 29 markets and a team of professionals ready to serve our customers wherever they are around the globe. For additional information please visit: www.ampni.com
Aegean Marine Petroleum Network Inc. press release