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Aegean Marine Petroleum Network Inc. has announced that sales volumes during the first quarter of 2016 increased by 1,297,186 tonnes, or 30.8 percent, to 4,212,636 metric tonnes, up from 2,915,450 tonnes in 2015.

Despite the jump in sales volumes, however, total revenues decreased by $262,171,000, or 25.8 percent, to $752,932,000, down from $1,015,103,000 during the corresponding period in 2015.

Additionally, net income attributable to shareholders for the first three months of 2016 declined by $0.454 million, or 3.7 percent, to $11.770 million, down from $12.224 million the previous year.

Gross profit rose to $88,868,000, up from $80,622,000 in 2015. Operating income fell to $18,300,000, down from $19,995,000 last year.

E. Nikolas Tavlarios, Aegean's President, commented: "In the first quarter, we recorded record sales volumes despite low commodity prices, including fuel oil at its lowest point since 2003, which impacted gross spread. Despite this economic headwind, our unique business model enabled Aegean to capitalize on growth opportunities across our global platform serving 33 markets with more than 60 ports. Consistent with our goal of opportunistically entering new markets, we launched bunkering operations in Algoa Bay, a market with strong growth potential. We are pleased with the progress to date in this and remain committed to providing customers with a faster, more efficient and affordable alternative in the region."

Tavlarios added: "To ensure Aegean is well positioned for continued success, we have addressed and are implementing a number of initiatives to drive efficiency and reduce costs to strengthen the Company. These initiatives include maximizing efficient use of our diversified platform, reducing expenses across the organization, and optimizing and investing resources in the most attractive markets. As we move forward, we are confident that these decisive actions will ensure Aegean is positioned for future growth and value creation for shareholders."

Spyros Gianniotis, Aegean's Chief Financial Officer, remarked: "We are proud to have achieved our 21st consecutive quarter of profitability. We continue to take decisive actions to maintain our strong financial position and significant liquidity in the current challenging environment. Aegean has continued to perform in a variety of market conditions and has executed a plan to increase earnings per share of more than 57 percent on an adjusted basis over the last four years. We have a track record of maintaining a strong balance sheet, responsibly managing our debt and successfully and quickly de-levering. We are confident the financial and operational actions we are taking will help enable Aegean to continue enhancing value for our shareholders in the near- and long-term."