By John Kell
Greek shipping-fuel supplier Aegean Marine Petroleum Network
Inc. (ANW) agreed to pay $30 million to acquire Hess Corp.'s (HES)
East Coast bunkering operations, a deal to launch an entry into the
U.S. market.
Aegean is now moving into the U.S. market after staking a global
presence in 21 markets abroad, including Canada, Mexico and various
ports in Europe. The company provides shipping fuel at ports and
gets its fuel from a number of sources, including refineries and
oil producers.
Hess's bunkering operations supply marine fuels to heavily
trafficked ports in several cities, including New York,
Philadelphia and Baltimore. The deal marks Aegean's entry into
supplying U.S. customers, while also increasing exposure to U.S.
clients, including major cruise lines.
Aegean said the transaction, which is due to close during the
third quarter, is expected to require minimal startup costs. On top
of the $30 million purchase price, Aegean also will pay some money
to acquire inventory held by Hess.
Shares of Aegean, which has a market capitalization of around
$500 million, were inactive after hours. The stock has nearly
doubled in 2013, far better than the broader market's gain.
Write to John Kell at john.kell@wsj.com
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