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Aegean Marine Petroleum Network Inc.(AMPNI) has reported first-quarter adjusted earnings of $8 million, or $0.19 per share, above the $0.18 estimate of analysts polled by First Call/Thomson Financial.

The first quarter profit increase was driven by strong sales growth, which saw sales volumes rise by 47.6 percent to 1.06 million metric tonnes from 718.4 thousand metric tonnes in the prior year quarter with sales of marine petroleum products soaring by 150.5 percent to $530.4 million from $211.7 million in the same quarter last year.

The gross spread on marine petroleum products increased by 74.6% to $31.6 million from $18.1 million in the first quarter of 2007.

Speaking about AMPNI's sales performance, Ziad Nakhleh, Chief Financial Officer of AMPNI said, "Our financial results for the first quarter of 2008 were led by significant sales volume growth in our Singapore and UAE service centers. We also reported sales volumes during the first quarter for our new locations in Northern Europe and West Africa, which commenced operations in the fourth quarter of 2007 and the first quarter of 2008, respectively."

Nakhleh also pointed out that the financial results were partially offset by temporary market disruptions in Gibraltar and pre-operating costs related to the new U.K service center.

Aegean posted a net income of $7.5 million, or $0.18 a share, up from $6.59 million, or $0.16 per share, in the same quarter last year, whilst total revenues climbed 148.8 percent to $532.0 million, up from $213.8 million a year ago.

E. Nikolas Tavlarios, President of AMPNI said "We are pleased by our strong start to 2008 as we continue to expand our global presence and logistics infrastructure. Building upon the successful launch of our new service center in Northern Europe, we commenced operations in West Africa during the first quarter of 2008. We also initiated sales activities for our third new service center, located in the U.K., on April 1, 2008. Complementing this success, we took delivery of two double-hull bunkering tanker newbuildings during the first quarter and remain on schedule to take delivery of six additional newly built double-hull bunkering tankers this year."

Speaking about the company's expansion strategy, Tavlarios said "By significantly expanding our global network for the physical supply of marine fuel and our delivery capacity, we expect to further capitalize on the positive industry fundamentals and strengthen our leading position as a full-service independent supplier of marine fuel."