ECONOMY

Aegean Marine to float on New York’s market

WASHINGTON (Reuters) – Aegean Marine Petroleum Network Inc, which supplies and markets refined marine fuel and lubricants to ships in port and at sea, said yesterday it is seeking an initial public offering of 10 million shares. The company filed a preliminary offering document with the US market regulator, the Securities and Exchange Commission, to indicate its intention for an IPO of common stock priced at $14 to $16 per share. The Athens-based company has been approved for a listing on the New York Stock Exchange. The company said it buys marine fuel from refineries, major oil producers and other sources and delivers the fuel with a fleet of bunkering tankers to end users, such as oil tankers, container ships, dry-bulk carriers, cruise ships, naval vessels and ferries. Its fleet includes seven double-hull and two single-hull bunkering tankers with an average carrying capacity of 4,700 dwt. It said it had revenue, including sales of marine petroleum products and voyage charters from its cargo-carrying non-bunkering tanker, of $197 million in the year’s first half, from $133 million a year earlier. Net income was $8.6 million, from $9.3 million a year earlier. Aegean Marine could raise as much $160 million in proceeds. It said it plans to use $45 million of the proceeds to buy second-hand double-hull bunkering tankers, $76.4 million for debt repayment, and the remainder for working capital and general purposes.