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Aegean Marine Petroleum Inc. has announced that it intends to launch bunkering operations in two new markets later this year.

News of the company's growth strategy for 2011 was revealed in an announcement that Aegean had taken delivery of the Tilos, a 5,500 dwt double-hull bunkering tanker newbuild from Qingdao Hyundai Shipyard in China. The vessel is being deployed to Singapore to support the company's existing bunkering operations in this market.

Commenting on Aegean's plans for the rest of the year, E. Nikolas Tavlarios, President, said: "Consistent with our goal to drive future performance, we expect to establish operations in two additional start-up markets and complete our fully financed newbuild program in 2011."

"As we continue to expand our high-quality logistics infrastructure and meet the demand for modern tonnage, we remain focused on entering new markets with strong growth potential as we did last month in Cape Verde," added Tavlarios.

Further details regading the location of the two new markets were not disclosed in the statement.

Commenting on the company's latest vessel delivery, Tavlarios said: "We are pleased to take delivery of the Tilos. In deploying this new double-hull vessel to Singapore, we have ensured our ability to meet the needs of our customers in the largest bunkering market in the world after having chartered some of our vessels to top counterparties."