Fri 14 Oct 2011 17:31

Aegean shares upgraded to 'neutral'


Shares of Greek bunker supplier are upgraded by US investment research firm.



Analysts at Chicago-based investment research firm Zacks Investment Research have upgraded shares of Aegean Marine Petroleum Network from an "underperform" rating to a "neutral" rating.

Shares of Aegean on the New York Stock Exchange (NYSE) opened at $4.99 per share on Friday. The company has a 52-week trading range of $3.19 - $17.79. The stock's 50-day moving average is $4.93 and its 200-day moving average is $6.65. The company has a market capitalization of $230.11 million.

In its last financial results published for the second quarter of 2011, Aegean reported that net income fell US$8.8 million, or 73.3 percent, in a comparison with the same period last year.

Net income for the three months ended June 30, 2011 was $3.2 million, or $0.07 basic and diluted earnings per share compared to a net income of $12.0 million, or $0.25 basic and diluted earnings per share, in 2010.

Total revenues during the second quarter climbed 32.8 percent to $1,774.9 million compared to $1,336.6 million for the same period in 2010.

Sales of marine petroleum products increased by 32.6 percent to $1,766.3 million compared to $1,331.8 million for the year-earlier period.

The volume of marine fuel sold between April and June declined by 7.0 percent to 2,635,881 metric tonnes compared to 2,825,046 metric tonnes in the year-earlier period.

Chart showing percentage of off-spec and on-spec samples by fuel type, according to VPS. Is your vessel fully protected from the dangers of poor-quality fuel? | Steve Bee, VPS  

Commercial Director highlights issues linked to purchasing fuel and testing quality against old marine fuel standards.

Ships at the Tecon container terminal at the Port of Suape, Brazil. GDE Marine targets Suape LSMGO by year-end  

Expansion plan revealed following '100% incident-free' first month of VLSFO deliveries.

Hercules Tanker Management and Hyundai Mipo Dockyard sign bunker vessel agreement Peninsula CEO seals deal to build LNG bunker vessel  

Agreement signed through shipping company Hercules Tanker Management.

Illustration of Kotug tugboat and the logos of Auramarine and Sanmar Shipyards. Auramarine supply system chosen for landmark methanol-fuelled tugs  

Vessels to enter into service in mid-2025.

A Maersk vessel, pictured from above. Rise in bunker costs hurts Maersk profit  

Shipper blames reroutings via Cape of Good Hope and fuel price increase.

Claus Bulch Klausen, CEO of Dan-Bunkering. Dan-Bunkering posts profit rise in 2023-24  

EBT climbs to $46.8m, whilst revenue dips from previous year's all-time high.

Chart showing percentage of fuel samples by ISO 8217 version, according to VPS. ISO 8217:2024 'a major step forward' | Steve Bee, VPS  

Revision of international marine fuel standard has addressed a number of the requirements associated with newer fuels, says Group Commercial Director.

Carsten Ladekjær, CEO of Glander International Bunkering. EBT down 45.8% for Glander International Bunkering  

CFO lauds 'resilience' as firm highlights decarbonization achievements over past year.

Anders Grønborg, CEO of KPI OceanConnect. KPI OceanConnect posts 59% drop in pre-tax profit  

Diminished earnings and revenue as sales volume rises by 1m tonnes.

Verde Marine Homepage Delta Energy's ARA team shifts to newly launched Verde Marine  

Physical supplier offering delivery of marine gasoil in the ARA region.


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