Aegean Marine Petroleum Network Inc. (the “Company” or “Aegean”)
(NYSE:ANW), a leading international marine fuel logistics company,
today announced the appointment by the Board of Directors of
Manolis Chochlakis as the Company's Chief Operating Officer (COO)
with immediate effect.
"We are delighted to confirm the promotion of
Manolis Chochlakis to this key position" said Yiannis Papanicolaou,
Chairman of the Board of Aegean.
Jonathan McIlroy, President, added, “Manolis is
uniquely well-placed to step into this key role at an important
juncture for the future development of Aegean's physical supply and
back-to-back trading businesses. He has worked in a number of
leading roles in Aegean's physical supply business and has been
pivotal to the management and business development of Aegean in
North and South America, while based in our offices in New York. We
are confident that Manolis will be a driving force in the coming
years at Aegean.”
Manolis Chochlakis has 26 years of experience in
oil trading, operations, shipping and the bunker industry. Over the
course of his career he has worked from London, Geneva, New York
and Athens. Manolis’ career at Aegean spans 9 years in a variety of
roles in the physical supply side of the business. The past three
years have been spent in New York as head of the group's
activities and expansion in the Americas while also contributing to
the oversight of Aegean's global oil storage facilities. During his
tenure in the USA, Aegean has launched its physical supply
operations in Los Angeles and Long Beach, the US Gulf, as well as
expanded its presence on the Eastern Seaboard from New York Harbor
to Savannah, Georgia. The Company has also inaugurated a
back-to-back trading and supply center in Rio de Janeiro.
"I am excited to be stepping into this role and
look forward to working with the rest of the senior management team
as we reposition Aegean's global platform to deal with the
challenges of today's bunker markets" said Mr. Chochlakis.
"As COO of Aegean Marine Petroleum, I will
endeavor to deliver further upon the cost savings and operational
efficiencies which have been our focus since mid-2017. I am
confident that as COO in conjunction with our executive
management, we can propel Aegean's future strategic
growth and consolidate the group's position as the leading
independent physical supplier of marine fuels worldwide."
New Physical Supply Operation in
Kiel
Aegean announced the appointment of Mr.
Chochlakis as COO alongside the news that the group will start a
new physical supply operation on the Kiel Canal in Germany in
January 2018.
The new physical supply operation in Kiel
represents the latest stage of Aegean's expansion in the German and
Baltic Sea bunker market which started in 2015 when the group
became a physical supplier in the Port of Hamburg.
"The new operation in Kiel underlines that
Aegean is committed to expanding its global physical supply
operations. Since our successful debut in the German market in
Hamburg we have expanded our presence in the region by adding
operations in Rostock in early 2017 and with the launch of Kiel in
January 2018" said Mr. Chochlakis.
"In the course of 2018, the market will see more
developments in the Aegean physical supply platform as we optimize
the existing network and innovate in new locations".
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 30 markets and a team of professionals ready to serve
its customers wherever they are around the globe. For
additional information please visit: www.ampni.com
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 “will,”
“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, Company management’s
examination of historical operating trends, data contained in the
Company’s records and other data available from third parties.
Although the Company believes that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies that are
difficult or impossible to predict and are beyond the Company’s
control, the Company cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in the Company’s view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include the Company’s ability to manage
growth, the Company’s ability to maintain its business in light of
its proposed business and location expansion or other changes, the
Company’s ability to obtain double hull secondhand bunkering
tankers, the outcome of legal, tax or regulatory proceedings to
which the Company may become a party, adverse conditions in the
shipping or the marine fuel supply industries, the Company’s
ability to retain its 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, the
Company’s ability to collect accounts receivable, changes in the
political, economic or regulatory conditions in the markets in
which the Company operates, and the world in general, the Company’s
failure to hedge certain financial risks associated with its
business, the Company’s ability to maintain its current tax
treatments and the Company’s failure to comply with restrictions in
its credit agreements and other factors. Please see the Company’s
filings with the Securities and Exchange Commission for a more
complete discussion of these and other risks and uncertainties.
CONTACTS:
CompanyAegean Marine Petroleum
Network Inc.Tel. +1-212-430-1098Email: investor@ampni.com
Investor Relations / Media
AdvisorNicolas Bornozis / Daniela GuerreroCapital Link,
Inc.Tel. +1-212-661-7566Email: aegean@capitallink.com