Aegean Marine Petroleum (ANW) Acquires Three Double-hull Bunkering Tankers

July 22, 2008 5:02 PM EDT

Aegean Marine Petroleum Network Inc. (NYSE: ANW) has acquired three double- hull bunkering tankers which will be deployed to Aegean's service center in Piraeus. These vessels are replacing the single-hull fleet, previously owned and operated by a related party, which needed to be phased-out as per the IMO's and EU's requirements on the carriage of heavy grade fuel by single-hull bunkering tankers beyond the year 2008.

The Company expects to take delivery of the remaining 24 double-hull bunkering tanker newbuildings over the next two years, which will expand Aegean's bunkering fleet to 52.

E. Nikolas Tavlarios, President, commented, "This strategic acquisition of three double-hull bunkering tankers in the secondary market significantly enhances our fleet profile in Piraeus, puts the Company in compliance with the IMO/EU double-hull requirements, and strengthens our competitive position in the ownership and operation of a double-hull fleet."[SM]

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