Marine fuel and lubricant supplier Aegean Marine Petroleum Network this month filed for its initial public stock offering. The privately-held Greek company describes itself as a marine fuel logistics company that physically supplies and markets refined marine fuel and lubricants to ships in port and at sea.
The Athens-based company Nov. 24 amended its offering document with the U.S. Securities and Exchange commission, increasing the number of shares for its planned initial public offering to 12.5 million shares from 10 million shares. It changed the estimated price range to $12 to $14 per share, down from $14 to $16. The company has received approval for a listing on the New York Stock Exchange under ANW.
According to the SEC filing, the companys sales of lubricants have grown 153 percent from $1.5 million in 2003 to $3.8 million in 2005 (a small but growing percentage of total 2005 sales of $517 million). Through the first six months of 2006, the company recorded nearly $3.1 million in lubricants sales.
In the SEC filing, the company also stated that it purchases refined marine petroleum products, including lubricants, from a limited number of suppliers. For the year ended Dec. 31, 2005, nearly 30 percent of its total purchases of marine petroleum products came from Fuel and Marine Marketing Ltd., the marine division of Chevron. Aegean Marine bought about 21 percent of its marine petroleum products from its affiliate, Aegean Oil, and about 15 percent from Petrojam Limited, a Jamaican state-owned company.
Aegean Marine Petroleum Network operates from service centers in Greece, Gibraltar, the United Arab Emirates and Jamaica. Its customers include a diverse group of ocean-going and coastal ship operators, marine fuel traders, brokers and other users.