Aegean Marine Petroleum Network Inc. Further Expands Marine Fuel Logistics Infrastructure with Two Bunkering Tanker Newbuildings

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

29 Nov 2007

Aegean Marine Petroleum Network Inc. an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea, today announced it has further expanded its marine fuel logistics infrastructure with two newly built double-hull bunkering tankers of approximately 4,600 dwt each from Fujian Southeast Shipyard in China. The Serifos, which was delivered on November 20, 2007, will operate out of the Company's Singapore service center and the Kithnos, which is expected to be delivered on November 30, 2007, will be deployed to Aegean's service center located in the United Arab Emirates.E. Nikolas Tavlarios, President, commented, "We are pleased to once again expand our marine fuel logistics infrastructure with the Serifos and the Kithnos. Including these two high-quality bunkering tankers, Aegean will have taken delivery of three double-hull newbuildings in 2007 and four bunkering tankers that were acquired in the secondary market earlier this year. During a time when we significantly enhanced our delivery capabilities, Aegean has expanded its global network of marine fuel service centers in 2007 by penetrating new markets in Northern Europe as well as the United Kingdom and West Africa, which are scheduled to commence operations in the current fourth quarter. Management's ability to continue to execute Aegean's well-capitalized growth plan bodes well for our Company to further meet the growing demand for an integrated marine fuel solution and increase sales volumes over both the near term and long term."About Aegean Marine Petroleum Network Inc.Aegean Marine Petroleum Network Inc. is a marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. As a physical supplier, the Company purchases marine fuel from refineries, major oil producers and other sources. The Company sells and delivers these fuels to a diverse group of ocean-going and coastal ship operators and marine fuel traders, brokers and other users through its service centers in Greece, Gibraltar, Singapore, Jamaica, the United Arab Emirates and Belgium, and plans to commence physical supply operations in the United Kingdom and Ghana by the end of the year.Cautionary Statement Regarding Forward-Looking StatementsMatters 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.