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Aegean Marine Petroleum Network Inc. recorded a net loss for the three months ended December 31, 2010 of $12.0 million, or $0.26 loss per share, compared to a net income of $13.7 million, or $0.32 per share, during the corresponding period in 2009.

Total revenues for the period increased by 73.3 percent to $1,454.0 million compared to $838.8 million for the same period in 2009. Sales of marine petroleum products increased by 74.6 percent to $1,449.6 million compared to $830.4 million in 2009. Net revenue, which equals total revenue less cost of goods sold and cargo transportation expenses, decreased by 12.1 percent to $51.5 million compared to $58.6 million in the year-earlier period.

The volume of marine fuel sold rose by 65.4 percent to 2,890,940 metric tonnes compared to 1,748,308 metric tons in the year-earlier period, as sales volumes increased across major markets.

The cost of marine petroleum products sold during the fourth quarter of 2010 surged 80 percent, to $1,398.271 million, up from $777.67 million in 2009. The gross spread per metric tonne of marine fuel sold decreased by 43.5 percent to $16.0 compared with $28.3 the previous year.

Operating loss for the fourth quarter of 2010 was $4.6 million compared to operating income of $16.1 for the same period in 2009. Operating expenses, excluding the cost of fuel and cargo transportation costs, increased by $13.6 million to $56.1 million compared to $42.5 million for the same period in 2009.

Full Year 2010 Results

For the year ended December 31, 2010, Aegean recorded a $29.8 million decline in net income to $18.7 million, or $0.40 per share, compared to a net income of $48.5 million, or $1.13 per share, for the year-earlier period.

The volume of marine fuel sold increased by 66.5 percent to 10,308,210 metric tonnes compared to 6,192,755 metric tonnes in 2009.

Operating income for the year decreased by $17.4 million to $41.8 million compared to $59.2 million the previous year.

Commenting on the results, E. Nikolas Tavlarios, President commented: "During the fourth quarter and full year 2010, Aegean Marine increased sales volumes. Our results, in the fourth quarter, however, were impacted by ongoing competition in our largest markets, overall softness in the maritime industry and an ample supply of marine fuel, which led to a lower gross spread. Management remains committed to improving future performance and has outlined a strategy to improve profitably through increased sales volumes, lowering operating costs and enhanced fleet utilization.

"As previously announced, we intend to commence physical supply operations in Cape Verde by the end of this month and further strengthen our geographical sales mix by launching two more start-up markets in the near term. We also expect to complete the first of three new onshore storage facilities during the second half of 2011 and redeploy bunkering tankers to other markets with greater profit potential in our global network. In addition, we recently chartered-out five vessels on short-term contracts in order to maintain a level of stability in our results. While market conditions remain challenging, we expect to emerge from the downturn as a stronger Company based on the demand for our vertically integrated energy services and significant financial flexibility."