ECONOMY

Aegean Marine to buy 4 tankers from Qingdao Hyundai

Aegean Marine Petroleum Network Inc announced yesterday that it has exercised its options with Qingdao Hyundai Shipyard, in China, to purchase four new 5,500-deadweight ton double-hull bunkering tankers. The four newbuildings are expected to be delivered between December 2009 and March 2010. Aegean Marine Petroleum Network Inc is an international marine fuel logistics company that markets and transports refined marine fuel and lubricants to ships in port and at sea. E. Nikolas Tavlarios, the company’s president, commented: «The management’s strategic decision to exercise the options to construct four new double-hull bunkering tankers, in accordance with the company’s plan, further expands the number of newbuildings currently on order and underscores Aegean’s strong growth prospects. Including these four vessels, we now have 27 bunkering tanker newbuilds scheduled to be delivered by end of 2010, increasing our fleet to 47 bunkering tankers, of which 44 will be double-hull.» He added that the significant growth in the firm’s delivery capabilities complements the notable expansion in its global network in the physical supply of marine fuel.