Aegean Marine Petroleum Network has been on a path to develop a global network of ship fueling operations. In the first quarter of 2009 they have stayed on pace.
Revenues for ANW will fluctuate with bunker fuel prices. The numbers to look at are ton of fuel sold and the margin per ton. For the 1st quarter tonnage sold increased by 23% over a year earlier and the margin of $26.80 per ton is less that $29.7 earned a year earlier but near the target margin of $28.
Growth and financing costs have prevented much of Aegean’s revenues from reaching the bottom line. At this point I am just keeping an eye on the fact that each quarter is profitable. When the bunker tanker fleet is completed at near 60 vessels (42 currently) at the end of 2010, I would expect to see more cash flowing to the bottom line.
Aegean Marine continues growth path
Aegean : Powering the World : Press Release.
Aegean Marine Petroleum Network has been on a path to develop a global network of ship fueling operations. In the first quarter of 2009 they have stayed on pace.
Revenues for ANW will fluctuate with bunker fuel prices. The numbers to look at are ton of fuel sold and the margin per ton. For the 1st quarter tonnage sold increased by 23% over a year earlier and the margin of $26.80 per ton is less that $29.7 earned a year earlier but near the target margin of $28.
Growth and financing costs have prevented much of Aegean’s revenues from reaching the bottom line. At this point I am just keeping an eye on the fact that each quarter is profitable. When the bunker tanker fleet is completed at near 60 vessels (42 currently) at the end of 2010, I would expect to see more cash flowing to the bottom line.