---

Aegean Marine Petroleum Network Inc. has posted a $9.7 million year-on-year rise in net income during the first quarter of 2010.

Net income for the first three months of this year increased to $14.1 million from $4.4 million during the corresponding period in 2009.

Total revenues during this period surged by 130.8 percent to $843.4 million from $365.4 million during the first three months in 2009. Sales of marine petroleum products increased by 132.6 percent to $839.8 million from $361.0 million during the year-earlier period. Net revenue, which equals total revenue less cost of goods sold and cargo transportation expenses, rose by 38.3 percent to $55.3 million, compared to $40.0 million during the first quarter of 2009.

Meanwhile, the volume of marine fuel sold increased by 31.3 percent to 1,720,513 metric tonnes from 1,310,037 metric tons in the year-earlier period, as sales volumes improved in the UAE and Singapore.

Results for the first quarter of 2010 included sales volumes from Aegean's new markets in Trinidad and Tobago (April 2009) and Morocco (August 2009).

Operating income for the first quarter of 2010 was $17.4 million compared to $8.3 million in 2009. Operating expenses, excluding the cost of fuel and cargo transportation costs, increased to $39.8 million from $31.7 million during the same period in 2009. The increase was said to be principally due to operating an expanded logistics infrastructure during the first quarter of 2010 compared to 2009.

Commenting on the results, E. Nikolas Tavlarios, President, said, "We are pleased by our strong start to 2010 as we continue to execute our well-capitalized growth strategy and expand our industry leadership for the physical supply of marine fuel on a worldwide basis. During the first quarter, sales volumes climbed 31.3% compared to the year-earlier period while management strengthened the company's future prospects. Specifically, we completed the accretive acquisition of Verbeke Bunkering N.V., solidifying our presence in the Antwerp-Rotterdam-Amsterdam region, the world's second largest bunkering market. In addition, we took delivery of three bunkering tanker newbuildings in the first quarter."

Tavlarios added: "Consistent with our goal to increase sales volumes and ensure we provide reliable service for our customers, we also acquired a double-hull Panamax tanker in the quarter that will be used as floating storage. Complementing our efforts, we are currently developing onshore storage facilities in the UAE, Jamaica and Morocco as we intend to grow our market share in these attractive regions. The substantial success we have achieved in expanding our fully integrated marine fuel solution from procurement to delivery, combined with our significant access to capital, positions Aegean Marine well to drive future performance and strengthen the company's global brand recognition."