Agreement signed with Caribbean Bunkers LLC, wholly owned sub of Freepoint Commodities LLC
NEW YORK, NY–(Marketwired – Aug 30, 2017) – Aegean Marine Petroleum Network Inc. (
Under terms of the agreement, Aegean will market bunker fuels and marine gas oil supplied by Freepoint to customers calling on the Limetree Bay Facility. The agreement calls for future expansion in the region that could lead to adding delivery capability through Aegean’s owned fleet.
Manolis Chochlakis, Aegean’s Regional Manager of the Americas, said, “We are pleased to announce the launch of our new service center in St. Croix USVI, which strengthens our existing presence in the Caribbean and represents another important step in our effort to broaden our global footprint in attractive markets. The growth and activity level at Limetree Bay has been remarkable since the terminal was purchased in 2016.”
Mr. Chochlakis concluded, “We believe working together with Freepoint, which is an equity partner in the Limetree Bay facility, provides us both with incentives to jointly grow our presence in the region. The Aegean and Freepoint teams are experienced groups that have worked well together in the past. They will ensure our customers in the Caribbean get first class service.”
“Freepoint is excited about developing this business — we envision it will be a core strategy in our global oil platform. The St. Croix Limetree Bay Facility has brought a lot of promise to the region and continues to grow at an impressive rate. We are fortunate to have the opportunity to develop a strong base of operations on the island and believe this new venture is a perfect complement to our existing business,” said Rob Peck, Senior Managing Director, Global Oil. “We have worked with Aegean for a number of years and are privileged to be cooperating with a company that is so well-respected in the industry. We believe this agreement will be extremely beneficial to both companies as we expand and optimize our business in the Caribbean. ”
The agreement begins in September and expects to be fully operational contributing results during the fourth quarter of 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 30 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
Founded in 2011, Freepoint is based in Stamford, CT with over 400 employees worldwide. Freepoint is a merchant of physical commodities and a financer of upper and mid-stream commodity-producing assets. Freepoint also provides physical supply services and related structured solutions for counterparties.
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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.
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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.