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Aegean Marine Petroleum Network Inc. reports that sales volume during the first half (H1) of the year was up 2,239,025 tonnes, or 36.9 percent, to 8,305,425 tonnes, compared to last year's figure of 6,066,400 tonnes for the first six months.

Total sales during the second quarter increased by 941,839 metric tonnes, or 29.9 percent, to 4,092,789 metric tonnes, up from 3,150,950 metric tonnes during the corresponding period last year.

Despite the jump in sales, the bunker supplier recorded an 18.2 percent decline in total revenue from $1,207,707,000 to $987,556,000 in the second quarter. Revenue in the first six months was down $482,322,000, or 21.7 percent, to $1,740,488,000, having been $2,222,810,000 a year ago. This was said to be primarily due to the drop in oil prices.

With a much lower combined cost of revenue and operating expenses, Aegean managed to record a rise in gross profit, operating income and net income in both the second quarter and the first six months.

Gross profit during the second quarter rose by 19 percent to $93,379,000, whilst H1 gross profit was 9.5 percent higher at $174,247,000. Second-quarter operating income increased by $14,119,000, or 95.7 percent, to $28,879,000, and the H1 figure rose by $12,424,000, or 35.7 percent, to $47,179,000.

Second-quarter net income attributable to shareholders was up $6,377,000, or 89.2 percent, to $13,525,0000, up from $7,148,000 in 2015.

H1 net income rose $5,923,000, or 30.6 percent, to $25,295,000, up from last year's figure of $19,372,000.

The company had 47 owned bunker tankers and 14 operating storage facilities at the end of the period.

Commenting on the results, E. Nikolas Tavlarios, Aegean's president, said: "We generated strong operational and financial results in the quarter and are pleased with the momentum we have going into the second half of the year. During the second quarter we increased sales volumes and improved performance in many key markets, including our new operations in South Africa and Brazil. Our top- and bottom-line results benefitted from our initiatives to strengthen our global platform and optimize our geographic footprint. Our decisions to sell non-core vessels will result in cost reductions and align with our focus on strategically allocating our resources to swiftly respond to fluctuations in demand and capitalize on opportunities in markets where we see the most potential."

"We are seeing strong indications of continued growth for the full year 2016 and remain confident in our ability to drive profitability and increase volumes across our platform to deliver enhanced shareholder value."

Spyros Gianniotis, Aegean's chief financial officer, remarked: "During the quarter, we achieved strong adjusted EBITDA per metric ton of marine fuel sold of $9.26, a 43.8% increase quarter over quarter. While we achieved strong results across the board, we believe adjusted EBITDA per metric ton of marine fuel sold best reflects our operational improvements. In the second quarter we also reported a 29.9% year over year increase in volumes and improved performance without increase in operating expenses.

"Financial flexibility and a strong balance sheet remain important differentiators for our business. The two vessel sales during the quarter enabled us to pay down $5 million of debt and is expected to help eliminate approximately $6.4 million in operating costs on an annual basis. We have and intend to continue to actively manage our business while de-levering and strengthening our balance sheet to drive results for all Aegean shareholders."