Aegean Marine Petroleum Network Inc. Announces First Quarter 2013 Financial Results

 Aegean Marine Petroleum Network Inc. Announces First Quarter 2013 Financial
                                   Results

PR Newswire

PIRAEUS, Greece, May 15, 2013

PIRAEUS, Greece, May 15, 2013 /PRNewswire/ --Aegean Marine Petroleum Network
Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced financial and
operating results for the first quarter ended March 31, 2013.

First Quarter and Full Year Highlights

  oRecorded sales volumes of 2,367,077 metric tons in Q1 2013.
  oReported gross profit of $70.7 million.
  oRecorded operating income of $9.2 million in Q1 2013.

       oOperating income adjusted for the sale of non-coreassets was $12.4
         million.

  oRecorded net income attributable to Aegean shareholders of $7.2 million or
    $0.15 basic and diluted earnings per share in Q1 2013.

       oNet income attributable to Aegean shareholders adjusted for the sale
         ofnon-core assetswas $6.3 million or $0.13 basic and diluted
         earnings per share.

  oRecorded EBITDA of $21.0 million in Q1 2013.

       oEBITDA adjusted for the sale of non-core assets was $20.1 million.

Please see below for a reconciliation of EBITDA, a non-GAAP measure, to net
income.

"We have continued to successfully execute on our growth initiatives, which
has allowed us to make significant progress despite challenging macro
headwinds," said E. Nikolas Tavlarios, President. "During the first quarter
we achieved a sequential increase in our gross spread and continued to reduce
our expenses, resulting in our ninth consecutive quarter of profitability. As
expected, we saw a typical seasonal decline in volumes and utilization;
however, our focus on leveraging our infrastructure allowed us to capture
voyage and storage revenue opportunities and drive profitability."

Mr. Tavlarios continued, "We have entered 2013 with strong momentum, and
believe we are executing the right strategy to sustain long-term growth. We
continue to take a methodical approach to entering and exiting markets,
diversifying our operations, and strengthening our integrated fuel logistics
chain and we are confident that we are well-positioned to benefit when the
market recovers from the current shipping cycle."

The Company achieved net income attributable to Aegean shareholders for the
three months ended March 31, 2013 of $7.2 million, or $0.15 basic and diluted
earnings per share. Net income attributable to Aegean shareholders excluding
a gain from the sale of non-core assets was $6.3 million or $0.13 basic and
diluted earnings per share. For the three months ended March 31, 2012 the
Company recorded net income attributable to AMPNI shareholders of $6.0
million, or $0.13 basic and diluted earnings per share.

Total revenues for the three months ended March 31, 2013, decreased by 13.3%
to $1,570.5 million as compared to $1,810.9 million reported for the same
period in 2012. For the three months ended March 31, 2013, sales of marine
petroleum products decreased by 13.4% to $1,558.4 million compared to $1,799.3
million for the same period in 2012. Gross profit, which equals total revenue
less directly attributable cost of revenue decreased by 7.4% to $70.7 million
in the first quarter of 2013 compared to $76.4 million in the same period in
2012.

For the three months ended March 31, 2013, the volume of marine fuel sold by
the Company decreased by 3.8% to 2,367,077 metric tons compared to 2,461,230
metric tons in the same period in 2012.

Operating income excluding a non-cash loss from the sale of vessels for the
first quarter of 2013 amounted to $12.4 million compared to $13.4 million for
the same period in 2012. Operating expenses excluding the non-cash loss from
the sale of vessels decreased by $4.7 million, or 7.5%, to $58.3 million for
the three months ended March 31, 2013, compared to $63.0 million for the same
period in 2012.

Liquidity and Capital Resources

Net cash provided by operating activities was $42.2 million for the three
months ended March 31, 2013. Net income, as adjusted for non-cash items (as
defined in Note 9) was $13.6 million for the period. 

Net cash used in investing activities was $3.0 million for the three months
ended March 31, 2013, mainly due to the advances for other fixed assets under
construction which were partly offset by the proceeds from the sale of two
vessels and one of the Company's subsidiaries.

Net cash used in financing activities was $54.1 million for the three months
ended March 31, 2013, primarily driven by the pay down of net borrowings.

As of March 31, 2013, the Company had cash and cash equivalents of $61.7
million and working capital of $50.5 million. Non-cash working capital, or
working capital excluding cash and debt, was $403.5 million.

As of March 31, 2013, the Company had $355.4 million in available liquidity,
which includes unrestricted cash and cash equivalents of $61.7 million and
available undrawn amounts under the Company's working capital facilities of
$293.7 million, to finance working capital requirements.

The weighted average basic and diluted shares outstanding for the three months
ended March 31, 2013 were 45,660,166. The weighted average basic and diluted
shares outstanding for the three months ended March 31, 2012 were 45,438,383.

Spyros Gianniotis, Chief Financial Officer, stated, "Our first quarter results
demonstrate the strength of our operating model and our ability to build and
sustain new revenue streams and profitability in a tough operating
environment. During the quarter we further streamlined our infrastructure by
selling two vessels and reducing our operating expenses, both of which we
expect to drive higher utilization and cash flow over the long-term. We have
also taken significant steps to strengthen our balance sheet, including
establishing a global trade finance facility that will provide significant
additional liquidity."

Summary Consolidated Financial and Other Data (Unaudited)
                                          For the Three Months Ended March 31,

                                          (in thousands of U.S. dollars,

                                          unless otherwise stated)
                                          2012                  2013
Income Statement Data:
Revenues - third parties                $ 1,792,925      $      1,563,902
Revenues - related companies              17,990                6,589
Total revenues                            1,810,915             1,570,491
Cost of revenues - third parties         1,648,321             1,416,481
Cost of revenues– related companies       86,193                83,287
Total cost of revenues                    1,734,514             1,499,768
Gross profit                              76,401                70,723
Operating expenses:
Selling and distribution                  55,560                50,956
General and administrative                7,060                 6,965
Amortization of intangible assets         376                   376
Loss on sale of vessels, net              -                     3,268
Operating income                          13,405                9,158
Net financing cost                        (8,553)               (6,153)
Gain on sale of subsidiary                -                     4,174
Foreign exchange gains, net               1,654                 399
Income taxes                              (225)                 (411)
Net income                                6,281                 7,167
Less: (Income)/loss attributable to       (276)                 19
non-controlling interest
Net income attributable to AMPNI        $ 6,005          $      7,186
shareholders
Basic earnings per share (U.S. dollars) $ 0.13           $      0.15
Diluted earnings per share (U.S.        $ 0.13           $      0.15
dollars)
EBITDA^(1)                              $ 22,532         $      21,021
Other Financial Data:
Gross spread on marine petroleum        $ 68,927         $      63,184
products^(2)
Gross spread on lubricants^(2)            746                   1,059
Gross spread on marine fuel^(2)           68,181                62,125
Gross spread per metric ton of marine
                                          27.7                  26.2
fuel sold (U.S. dollars) ^ (2)
Net cash (used in) / provided by        $ (28,658)       $      42,181
operating activities
Net cash used in investing activities     10,978                3,020
Net cash provided by / (used in)          303                   (54,131)
financing activities
Sales Volume Data (Marine Fuel Metric
Tons): ^ (3)
Total sales volumes                       2,461,230             2,367,077
Other Operating Data:
Number of owned bunkering tankers, end    58.0                  55.0
of period^(4)
Average number of owned bunkering         58.0                  55.4
tankers^(4)(5)
Special Purpose Vessels, end of           1.0                   1.0
period^(6)
Number of owned storage facilities, end   8.0                   6.0
of period^(7)



Summary Consolidated Financial and Other Data (Unaudited)
                                                As of            As of

                                                December 31,     March 31,
                                                2012             2013
                                                (in thousands of U.S. dollars,

                                                unless otherwise stated)
Balance Sheet Data:
Cash and cash equivalents                       77,246           61,716
Gross trade receivables                         477,738          482,221
Allowance for doubtful accounts                 (3,503)          (2,971)
Inventories                                     180,826          174,474
Current assets                                  786,795          774,996
Total assets                                    1,431,843        1,418,513
Trade payables                                  242,899          277,708
Current liabilities (including current portion  734,751          724,534
of long-term debt)
Total debt                                      653,286          602,355
Total liabilities                               927,325          910,025
Total stockholder's equity                      504,518          508,488
Working Capital Data:
Working capital^(8)                             51,853           50,462
Working capital excluding cash and debt^(8)     433,484          403,484

Notes:

1. EBITDA represents net income before interest, taxes, depreciation
and amortization. EBITDA does not represent and should not be considered as an
alternative to net income or cash flow from operations, as determined by
United States generally accepted accounting principles, or U.S. GAAP, and our
calculation of EBITDA may not be comparable to that recorded by other
companies. EBITDA is included herein because it is a basis upon which the
Company assesses its operating performance and because the Company believes
that it presents useful information to investors regarding a company's ability
to service and/or incur indebtedness. The following table reconciles net
income to EBITDA for the periods presented:

                                          For the Three Months Ended March 31,
                                          2012               2013
                                          (in thousands of U.S. dollars,

                                          unless otherwise stated)
Net income attributable to Aegean         6,005              7,186
shareholders
Add: Net financing cost including
amortization                              8,553              6,153
of financing costs
 Add: Income tax expense                 225                411
 Add: Depreciation and amortization
excluding                                 7,749              7,271
amortization of financing costs
EBITDA                                    22,532             21,021

2. Gross spread on marine petroleum products represents the margin the
Company generates on sales of marine fuel and lubricants. Gross spread on
marine fuel represents the margin that the Company generates on sales of
various classifications of marine fuel oil ("MFO") or marine gas oil ("MGO").
Gross spread on lubricants represents the margin that the Company generates on
sales of lubricants. Gross spread on marine petroleum products, gross spread
of MFO and gross spread on lubricants are not items recognized by U.S. GAAP
and should be not be considered as an alternative to gross profit or any other
indicator of a Company's operating performance required by U.S. GAAP. The
Company's definition of gross spread may not be the same as that used by other
companies in the same or other industries. The Company calculates the
above-mentioned gross spreads by subtracting from the sales of the respective
marine petroleum product the cost of the respective marine petroleum product
sold and cargo transportation costs. For arrangements in which the Company
physically supplies the respective marine petroleum product using its
bunkering tankers, costs of the respective marine petroleum products sold
represents amounts paid by the Company for the respective marine petroleum
product sold in the relevant reporting period. For arrangements in which the
respective marine petroleum product is purchased from the Company's related
company, Aegean Oil S.A., or Aegean Oil, cost of the respective marine
petroleum products sold represents the total amount paid by the Company to the
physical supplier for the respective marine petroleum product and its delivery
to the custom arrangements in which the Company purchases cargos of marine
fuel for its floating storage facilities, transportation costs may be included
in the purchase price of marine fuels from the supplier or may be incurred
separately from a transportation provider. Gross spread per metric ton of
marine fuel sold represents the margin the Company generates per metric ton of
marine fuel sold. The Company calculates gross spread per metric ton of marine
fuel sold by dividing the gross spread on marine fuel by the sales volume of
marine fuel. Marine fuel sales do not include sales of lubricants. The
following table reflects the calculation of gross spread per metric ton of
marine fuel sold for the periods presented:

                                             For the Three Months Ended
                                             March 31,
                                             2012           2013
Sales of marine petroleum products           1,799,329      1,558,389
Less: Cost of marine petroleum products sold (1,730,402)    (1,495,205)
Gross spread on marine petroleum products    68,927         63,184
Less: Gross spread on lubricants             (746)          (1,059)
Gross spread on marine fuel                  68,181         62,125
Sales volume of marine fuel (metric tons)    2,461,230      2,367,077
Gross spread per metric ton of marine
                                             27.7           26.2
fuel sold (U.S. dollars)

3. Sales volume of marine fuel is the volume of sales of various
classifications of MFO and MGO for the relevant period and is denominated in
metric tons. The Company does not use the sales volume of lubricants as an
indicator.

The Company's markets include its physical supply operations in the United
Arab Emirates, Gibraltar, Jamaica, Singapore, Northern Europe, Vancouver,
Montreal, Mexico, Portland (U.K.), Trinidad and Tobago (Southern Caribbean),
Tangiers (Morocco), Las Palmas, Tenerife, Panama, Hong Kong and Greece, where
the Company conducts operations through its related company, Aegean Oil.

4. Bunkering fleet comprises both bunkering vessels and barges.

5. Figure represents average bunkering fleet number for the relevant
period, as measured by the sum of the number of days each bunkering tanker or
barge was used as part of the fleet during the period divided by the
cumulative number of calendar days in the period multiplied by the number of
bunkering tankers at the end of the period. This figure does not take into
account non-operating days due to either scheduled or unscheduled maintenance.

6. Special Purpose Vessels consists of the Orion, a 550 dwt tanker
which is based in our Greek market.

7. As of March 31, 2013, the Company owned one Aframax tanker, the
Leader as a floating storage facility in the United Arab Emirates.
Additionally, the Company operates a barge, the Mediterranean, as a floating
storage facility in Greece and a small tanker, the Tapuit, as a floating
storage facility in Northern Europe. The Company also has on-land storage
facilities in Portland, Las Palmas and Tangiers.

The ownership of storage facilities allows the Company to mitigate its risk of
supply shortages. Generally, storage costs are included in the price of
refined marine fuel quoted by local suppliers. The Company expects that the
ownership of storage facilities will allow it to convert the variable costs of
this storage fee mark-up per metric ton quoted by suppliers into fixed costs
of operating its owned storage facilities, thus enabling the Company to spread
larger sales volumes over a fixed cost base and to decrease its refined fuel
costs.

8. Working capital is defined as current assets minus current
liabilities. Working capital excluding cash and debt is defined as current
assets minus cash and cash equivalents minus restricted cash minus current
liabilities plus short-term borrowings plus current portion of long-term debt.

9. Net income as adjusted for non-cash items, such as depreciation,
provision for doubtful accounts, restricted stock, amortization, deferred
income taxes, loss on sale of vessels, net, unrealized loss/(gain) on
derivatives and unrealized foreign exchange loss/(gain), net, is an industry
standard used to assist in evaluating a company's ability to make quarterly
cash distributions. Net income as adjusted for non-cash items is not
recognized by accounting principles generally accepted in the United States
and should not be considered as an alternative to net income or any other
indicator of the Company's performance required by accounting principles
generally accepted in the United States.

First Quarter 2013 Dividend Announcement
On May 15, 2013, the Company's Board of Directors declared a first quarter
2013 dividend of $0.01 per share payable on June 12, 2013 to shareholders of
record as of May 29, 2013. The dividend amount was determined in accordance
with the Company's dividend policy of paying cash dividends on a quarterly
basis subject to factors including the requirements of Marshall Islands law,
future earnings, capital requirements, financial condition, future prospects
and such other factors as are determined by the Company's Board of Directors.
The Company anticipates retaining most of its future earnings, if any, for use
in operations and business expansion.

Conference Call and Webcast Information
Aegean Marine Petroleum Network Inc. will conduct a conference call and
simultaneous Internet webcast on Thursday, May 16, 2013 at 8:30 a.m. Eastern
Time, to discuss its first quarter results. Investors may access the webcast
and related slide presentation, by visiting the Company's website at
www.ampni.com, and clicking on the webcast link. The conference call also may
be accessed via telephone by dialing (888) 430-8705 (for U.S.-based callers)
or (719) 325-2281 (for international callers) and enter the passcode:
2955268.

A replay of the webcast will be available soon after the completion of the
call and will be accessible on www.ampni.com. A telephone replay will be
available throughMay 30, 2013 by dialing (888) 203-1112 or (for U.S.-based
callers) or (719) 457-0820 (for international callers) and enter the passcode:
2955268.

About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics
company that markets and physically supplies refined marine fuel and
lubricants to ships in port and at sea. The Company procures product from
various sources (such as refineries, oil producers, and traders) and resells
it to a diverse group of customers across all major commercial shipping
sectors and leading cruise lines. Currently, Aegean has a global presence in
20 markets, including Vancouver, Montreal, Mexico, Jamaica, Trinidad and
Tobago, Gibraltar, U.K., Northern Europe, Piraeus, Patras, the United Arab
Emirates, Singapore, Morocco, the Antwerp-Rotterdam-Amsterdam (ARA) region,
Las Palmas, Tenerife, Panama and Hong Kong, and plans to commence operations
in Barcelona, Spain during the second quarter of 2013. The Company has also
entered into a strategic alliance to extend its global reach to China. To
learn more about Aegean, visit http://www.ampni.com.

Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides
safe harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions
and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The
words "believe," "intend," "anticipate," "estimate," "project," "forecast,"
"plan," "potential," "may," "should," "expect" and similar expressions
identify forward-looking statements. The forward-looking statements in this
press release are based upon various assumptions, many of which are based, in
turn, upon further assumptions, including without limitation, our management's
examination of historical operating trends, data contained in our records and
other data available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions are
inherently subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we cannot
assure you that we will achieve or accomplish these expectations, beliefs or
projections.

In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include our ability to manage growth, our
ability to maintain our business in light of our proposed business and
location expansion, our ability to obtain double hull secondhand bunkering
tankers, the outcome of legal, tax or regulatory proceedings to which we may
become a party, adverse conditions in the shipping or the marine fuel supply
industries, our ability to retain our key suppliers and key customers,
material disruptions in the availability or supply of crude oil or refined
petroleum products, changes in the market price of petroleum, including the
volatility of spot pricing, increased levels of competition, compliance or
lack of compliance with various environmental and other applicable laws and
regulations, our ability to collect accounts receivable, changes in the
political, economic or regulatory conditions in the markets in which we
operate, and the world in general, our failure to hedge certain financial
risks associated with our business, our ability to maintain our current tax
treatments and our failure to comply with restrictions in our credit
agreements and other factors. Please see our filings with the Securities and
Exchange Commission for a more complete discussion of these and other risks
and uncertainties.



SOURCE Aegean Marine Petroleum Network Inc.

Website: http://www.ampni.com
Contact: Aegean Marine Petroleum Network Inc., (203) 595-5184