Aegean Marine Petroleum Network Inc. has reinvigorated its Board of Directors with the addition of three new independent directors, and today announced the appointment of Donald Moore to serve as Chairman of the Board.
The Board of Directors has also directed management to conduct a comprehensive strategic and operational review focused on maximising profitability and return on capital. This includes an evaluation of the Company’s physical assets, existing footprint, and the capital efficiency of every business activity in which the Company is engaged and each port in which it operates.
Following the recent termination of the Company’s Consulting Agreement with Dimitris Melisanidis, the Company is planning to relocate its principal offices from the current location in a building owned and operated by Melisanidis. The Company expects the office relocation and related organisational changes to result in significant cost savings.
Separately, Aegean recorded stable operating results in the first quarter of 2018 as network volumes and gross spreads were largely consistent with the fourth quarter of 2017, reflecting competitive industry conditions and the continued decision to restrain volumes in ports and lines of business with lower margin profiles.
Aegean’s business continues to generate positive cash flow and the management team remains focused on continuing to serve the Company’s strong global customer base.
“Aegean is committed to being a leader in the physical supply and marketing of marine fuel and is confident that its Board of Directors and management team are taking the right actions to position the Company for long-term success,” the company said.
Aegean also announced that it has received an expected notice from the New York Stock Exchange (the “NYSE”) stating that the Company is not in compliance with the NYSE’s continued listing requirements under the timely filing criteria outlined in Section 802.01E of the NYSE Listed Company Manual due to the delay in filing the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2017 (the “2017 Form 20-F”).
Aegean Marine Petroleum Network Inc. markets and 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.
Sea News, May 24