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Aegean Marine Petroleum Network Inc. has announced that net income for the fourth quarter of 2011 rose by $18.3 million to $6.3 million, up from a loss of $12.0 million during the corresponding period in 2010.

Full year net income attributable to shareholders in 2011, however, fell by 45.4 percent, or $8.505 million, to $10.228 million, down from $18.733 million in 2010.

Total revenues for the full year increased by $1,994 million or 40.1 percent, to $6,965 million up from $4,971 million.

Sales volumes in 2011 rose by 338,061 tonnes, or 3.3 percent, to 10,646,271 tonnes, up from 10,308,210 tonnes.

The gross spread per metric tonne of marine fuel sold increased to $24.0 from $21.0 last year.

Three month results

Total revenues for the three months ended December 31, 2011, increased by 19.7 percent to $1,740.3 million compared to $1,454.2 million for the same period in 2010.

Sales of marine petroleum products increased by 19.3 percent to $1,729.0 million compared to $1,449.6 million for the year-earlier period.

Net revenue, which equals total revenue less the cost of marine petroleum products, increased by 58.1 percent to $81.4 million in the fourth quarter of 2011 compared to $51.5 million in 2010.

The volume of marine fuel sold decreased by 11.1 percent to 2,568,714 metric tonnes from 2,890,940 metric tonnes the previous year. Aegean pointed out that during this period it had focussed on executing transactions with creditworthy counterparties.

Operating income for the fourth quarter of 2011 increased to $17.6 million from a $4.6 million operating loss for the same period in 2010. Operating expenses, excluding the cost of fuel and cargo transportation costs, increased by $4.4 million, or 8.2 percent, to $57.8 million, up from $53.4 million for the same period in 2010. This increase was principally due to an expanded logistics infrastructure, the company said.

Commenting on the results, E. Nikolas Tavlarios, President, commented, "Aegean's performance for the three months ended December 31, 2011 represents the fourth consecutive quarter of increasing profitability in a challenging market environment. Our success in steadily enhancing the Company's operational and financial results is directly attributable to the progress we have achieved to date in the execution of our business strategy outlined by management a year ago. Specifically, we significantly increased our global presence by entering three new markets in 2011, as planned, including Panama, Tenerife and Cape Verde. As we continue to pursue attractive consolidation opportunities that further strengthen Aegean's leading brand as a global independent supplier of marine fuel, we seek to enhance operating efficiencies and improve our overall cost structure."

Mr. Tavlarios added, "Going forward, we will maintain our focus on taking advantage of the positive demand for Aegean's comprehensive services and leveraging the Company's world-class platform, highlighted by global operations in 19 countries covering nearly 60 ports, extensive risk management controls, blue-chip customers, one of the largest double-hull bunkering fleets in the world, on-site blending facilities and storage capacity expected to exceed 1.5 million cubic meters. With a growing and sophisticated integrated marine fuel logistics chain, combined with substantial financial liquidity, we are in a strong position to continue to differentiate Aegean within the industry and drive future performance in 2012, and beyond."