Aegean Marine Petroleum Network Inc. announced that it is launching a bunkering operation in Algoa Bay, near the port[s] of Port Elizabeth, South Africa and Coega, South Africa.
Located within a few miles of heavily trafficked international shipping lanes, the new bunkering operation is well positioned as a natural stopover on routes to Europe, the Americas, Asia, Australia and both coasts of Africa. The region includes eight commercial ports that are busy conduits for global trade. Approximately two million metric tons of bunker fuel is sold annually in the region, underscoring that Aegean’s new operations are located in a robust market with potential for growth.
E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, said, “The launch of bunkering operations in Algoa Bay is consistent with our strategy to opportunistically enter new markets. This strategic expansion allows us to take advantage of compelling market dynamics while simultaneously providing customers with a faster, more efficient and affordable alternative in the region. We are confident that entering this attractive market will strengthen Aegean’s unique market position and prospects for continued growth. As we move forward, we remain committed to extending our successful track record of geographic diversification, which we believe will continue to benefit our customers and drive value creation for our shareholders.”
Source: Aegean Marine Petroleum Network