NEW YORK,
June 26,
2017 /PRNewswire/ -- 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
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. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, except as required by law.
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
on Form 20-F, Form 6-K and otherwise for a more complete discussion
of these and other risks and uncertainties.
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SOURCE Aegean Marine Petroleum Network Inc.