Aegean Marine (ANW) up 18%; Crushes Wall Street Projections

Stephen L Kanaval  |

Aegean Marine Petroleum Network Inc. (ANW) is up 18.36% at the time of writing and is another mover in the on-fire Greek shipping sector. The price is up on the stock’s 2Q income of $13.5 million, which beat Wall Street projections. It not only beat projections, it crushed projections. Zacks had ANW making maximum 23 cents per share and the company is expected to make 32 cents per share.

The company is working with a lot of volume and low fuel costs, but competition is capping total spread, but the demand is present and more ports are being utilized. However, and the good news from all this, is that competition has taught ANW how to maximize profits by properly utilizing fleets and selling ships, when necessary. As the company did this quarter when they sold the Aegean Champion to reduce operating expenses. In addition, the company mentioned in their conference call another ship that could be chartered out.

Aegean Marine is also expanding its territory and looking for new opportunities. Here is President, Nik Tavlarios, from the company conference call:

In March, we announced our entry into Algoa Bay, near the ports of Port Elizabeth and Coega, South Africa. I am pleased to report that this strategic investment is already beginning to yield results, offsetting some of the decline in activity we have seen in some of the other markets. It is this shrewd management of our resources that allows us to remain well-positioned, ahead of our market shifts, without expanding too quickly or without any purpose…North and South America, including the Caribbean, are especially strong performers. Certain markets are offsetting declines in others, and we will continue to adjust our resources to align with favorable trends and shifts. In our Fujairah oil terminal, our storage facility continues to operate at strong efficiency levels, and is now performing at 100% capacity.

Later in the conference call, Tavlarios talked about how the company’s strong relationships and sales acumen are continuing to push the company forward in more lean times.

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