UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13A-16 OR 15D-16 UNDER THE SECURITIES
EXCHANGE ACT OF 1934
For the month of September 2010
Commission File Number: 001-33179
AEGEAN MARINE PETROLEUM NETWORK INC.
(Translation of registrant's name into English)
42 Hatzikyriakou Avenue
Piraeus, Athens 185 38
Greece
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ________.
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ________.
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached hereto as Exhibit 1 is a copy of the presentation made by Aegean Marine Petroleum Network Inc. at the Jefferies 7th Annual Global Shipping & Logistics Conference on September 8, 2010.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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AEGEAN MARINE PETROLEUM NETWORK INC.
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(registrant)
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Dated: September 8, 2010
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By:
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/s/ E. Nikolas Tavlarios
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Name:
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E. Nikolas Tavlarios
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Title:
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President
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SK 23250 0002 1129557
Exhibit 1
1
Aegean Marine Petroleum Network Inc.
Jefferies Global Shipping and Logistics Conference
September 8th 2010
2
Safe Harbor Statement
Except for historical information contained herein, the statements in this presentation are forward-looking and
made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-
looking statements involve known and unknown risks and uncertainties that may cause the actual results in future
periods of Aegean Marine Petroleum Network, Inc. to differ materially from forecasted results. Those risks
include, among others, changes in customer orders and demand for our products; the liquidity of credit markets;
changes in raw material, labor, equipment and transportation costs; pricing actions by the Company and its
competitors; changes in law or the uncertainty of the application of law and regulation; the ability to attract and
retain management and employees; the inability to successfully execute management strategies with respect to
cost containment, production increases or decreases, inventory control, and the integration of acquired
businesses, and general changes in economic and financial conditions, residential and non-residential
construction and municipal spending. Risks associated with forward-looking statements are more fully described
in our filings with the Securities and Exchange Commission. Aegean Marine Petroleum Network Inc. assumes no
duty to update its forward-looking statements as of any future date.
made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-
looking statements involve known and unknown risks and uncertainties that may cause the actual results in future
periods of Aegean Marine Petroleum Network, Inc. to differ materially from forecasted results. Those risks
include, among others, changes in customer orders and demand for our products; the liquidity of credit markets;
changes in raw material, labor, equipment and transportation costs; pricing actions by the Company and its
competitors; changes in law or the uncertainty of the application of law and regulation; the ability to attract and
retain management and employees; the inability to successfully execute management strategies with respect to
cost containment, production increases or decreases, inventory control, and the integration of acquired
businesses, and general changes in economic and financial conditions, residential and non-residential
construction and municipal spending. Risks associated with forward-looking statements are more fully described
in our filings with the Securities and Exchange Commission. Aegean Marine Petroleum Network Inc. assumes no
duty to update its forward-looking statements as of any future date.
Non-GAAP Financial Measures
Within this presentation, the Company makes reference to certain non-GAAP financial measures, which have
directly comparable GAAP financial measures as identified in this presentation. These non-GAAP measures are
provided because they are used as standard metrics by the investment community. We believe these measures
will assist the investment community in properly assessing the underlying performance of the Company.
directly comparable GAAP financial measures as identified in this presentation. These non-GAAP measures are
provided because they are used as standard metrics by the investment community. We believe these measures
will assist the investment community in properly assessing the underlying performance of the Company.
Disclosure
3
Powering the World…
4
4
Investment Highlights
Global brand representing safety, product quality and excellent service
Diverse and high-quality customer base
Demonstrated growth strategy resulting in significant sales volume and EBITDA growth
Established presence in the top three bunkering markets worldwide
Largest double-hull bunkering fleet to benefit from dynamic regulatory environment
Vertically integrated logistics chain, including tanker storage in strategic locations
Independent supplier of marine fuel lubricants to complement core operations
History of significant financial liquidity with strong banking relationships
Experienced management team with a solid track record
Well positioned for long-term cash flow growth
Aegean Marine is a global marine fuel logistics company that markets and physically
supplies refined marine fuel and lubricants to ships in port and at sea…
5
Agenda
Company
Industry
Strategy
Financial Overview
6
Company
7
Company: The Aegean Team
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Peter C. Georgiopoulos
Chairman of the Board |
Chairman of Aegean since IPO (December 2006).
Founder and Chairman of General Maritime (NYSE: GMR)
Founder and Chairman of Genco Shipping and Trading (NYSE: GNK)
Founder and Chairman of Baltic Trading Ltd (NYSE: BALT)
GMR, GNK and BALT have returned over $1.25 billion to investors.
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E. Nikolas Tavlarios
Principal Executive Officer & President |
President of Aegean since IPO.
Former Vice President, General Maritime- directed business development, maintained
relationships with major oil companies, and commissioned Portugal office. Former Manager, General Maritime Management (GMM) Hellas.
Former Executive Director of Rockefeller Center for Tishman Speyer.
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Dimitris Melisanidis
Head of Corporate Development |
Head of Corporate Development since January 2005.
Founded Aegean in 1995 and acted as CEO until IPO.
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Spyros Fokas
Director, Corporate Secretary & General Counsel |
Corporate Secretary and General Counsel for Aegean since January 2005 and has acted as
Legal Counsel since 1998. Founder of Associated Piraeus Law Offices.
Member of Greek Maritime Law Association and Hellenic Society of Maritime Lawyers.
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Spyros Gianniotis
Chief Financial Officer
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Chief Financial Officer for Aegean since September 2008.
Former Assistant General Manager and Head of Shipping at Piraeus Bank, A.E.
Former Vice President, Senior Relationship Manager at Citibank N.A.
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8
New York
Jamaica
Gibraltar
Fujairah
Singapore
Pireaus
Company at time of IPO…
Company: Aegean, December 2006
9
Vancouver
Mexico
Jamaica
Trinidad &
Tobago
Gibraltar
Northern Europe
Antwerp
Tangiers
Piraeus / Patras
West Africa
Fujairah
Singapore
Portland
Las Palmas
Company: Aegean Today
10
Global Reach
Modern double hull fleet
Integrated Service Capability
Effective Credit Controls
Tank storage in strategic locations
Strong Customer Relationships
Independent supplier of marine lubricants
Company: Business Overview
Aegean’s integrated supply model
includes:
includes:
Q2 2010 Volume Sold
11
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DAY 1
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1 to 3
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4
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5
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25
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35
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|
Receive client
order Lock in sales
price |
Lock-in
purchase price |
Load
bunkering tanker |
Physical
delivery of fuel |
Pay
supplier |
Receive
payment |
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Marketing, Sales and Procurement
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Physical Operations
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Working Capital Funding
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|||
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Strong brand name widely recognized and
respected in the industry for quality product and excellent service Global sales-force covering clients’ needs
around-the-clock Centralized procurement team constantly
evaluating Company’s requirements while monitoring fuel markets |
Largest and most modern bunkering fleet
in the industry (approximately 90% being double-hull) Global operations team manage the
process in order to ensure successful and timely delivery Expert technical team managing
Company fleet positioning and maintenance |
Large credit facility in-place
allows for the funding of both current (and future) operations Strong relationships with banks
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|||
A Sample Transaction Cycle…
Company: Operations
12
Aegean’s Sales by Client Sector
Approximate percentages.
Diverse base of strong customers mitigates counterparty risks, providing top-line
predictability
predictability
In five years of operation, bad debt expense has totaled approximately $100,000
Strong relationships with international shipping companies, leading cruise lines and fuel
traders.
traders.
Company: Diverse, High-Quality Customer Base
(1)
(1)
13
Industry
14
14
PIRA Energy Group, July 2010
2010 global GDP growth forecasted
between 3.8 and 4.2%
between 3.8 and 4.2%
China projected growth apx. 10.0%
India projected growth apx. 8.8%
Continued integration of China and East
Asia into world economy will accelerate
GDP growth
Asia into world economy will accelerate
GDP growth
Strong presence in emerging markets will
allow Aegean to take advantage of shifting
global fundamentals
allow Aegean to take advantage of shifting
global fundamentals
Bunker demand projected to grow 3.9% in
2010
2010
Bunker demand is projected to grow 30% from
current levels by year end 2020
current levels by year end 2020
Industry: Attractive Fundamentals
15
Industry: Dynamic Regulatory Landscape
MARPOL Annex I - Single-Hull Phase-Out
Regulations for the prevention of pollution by oil
Single-hull tankers to be phased-out of most markets by 2015
New markets adopting Phase-Out regulations
MARPOL Annex VI - Emissions Regulation
Regulations for the prevention of air pollution from ships
Global marine fuel sulfur limits begin to tighten as of January 2012
Emission Control Area (ECA)
ECA sulfur limit reductions begin July 2010
Rapid Expansion - USA/Canada by 2012
Sulfur limits continue to decrease
Driving demand for low-sulfur fuels to comply with regulations
Aegean is poised to benefit from regulatory changes
16
Single-Hull Phase-Out
Single-hull tankers to be phased-out of
most markets by 2015
most markets by 2015
Results in dramatic vessel removals in
bunkering suitable fleet
bunkering suitable fleet
Recent Developments…
December 2009: South Korea bans single-
hull vessels from all ports beginning in
2011
hull vessels from all ports beginning in
2011
Russia has banned the use of single-hull
tankers as of January 1, 2010
tankers as of January 1, 2010
China has banned the use of single-hull
tankers as of January 1, 2010
tankers as of January 1, 2010
India has lifted an exemption allowing
single-hull tankers to trade in coastal
waters till 2015 effectively banning single-
hull vessels as of January 2010
single-hull tankers to trade in coastal
waters till 2015 effectively banning single-
hull vessels as of January 2010
Note: Bunker suitable vessels defined as below 10,000 DWT; Orderbook, phase-out and deliveries by number of vessels; Projections assumes vessels scrapped after 25 year life; 2010 and 2011 net growth assumes phase-out of 25% of
remaining single-hull tonnage, 5% of Deliveries for 2010 are assumed cancelled, 30% of Deliveries for 2011 are assumed cancelled.
remaining single-hull tonnage, 5% of Deliveries for 2010 are assumed cancelled, 30% of Deliveries for 2011 are assumed cancelled.
Source: Clarkson Research Services, PIRA Energy Group, Internal company estimates
Industry: Bunkering Tanker Fleet Development
17
Industry: Low-Sulfur Regulation Timeline
Emission Control Area
Potential Future Emission Control Areas
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
ECA
GLOBAL
Modern fleet featuring segregated tanks allows for sale of multiple fuel grades in a single delivery
Significant financial liquidity enables Company to capitalize on this attractive market opportunity as demand
for low-sulfur product continues to increase
for low-sulfur product continues to increase
18
Strategy
19
Strategy
Penetrate new attractive markets
with strong ship traffic
Leverage global sales and
operations network
Own and operate the largest double-hull
bunkering fleet in the world
bunkering fleet in the world
Increase scale through additional accretive
acquisitions
acquisitions
Expand distribution network for global
supply of marine lubricants
supply of marine lubricants
Meet strong demand for modern tonnage
Drive growth in current markets and
expansion into adjacent markets
Drive growth in current markets and
expansion into adjacent markets
Joined Sealub Alliance, increasing network
to more than 450 ports in 40 countries and
improve infrastructure to increase sources
of fuel and purchasing power
to more than 450 ports in 40 countries and
improve infrastructure to increase sources
of fuel and purchasing power
Dedicated team of sales and operational
professionals support customers on a
worldwide basis
professionals support customers on a
worldwide basis
Strengthen global brand, enhance
purchasing leverage, drive greater
operational efficiencies and increase future
earnings potential
purchasing leverage, drive greater
operational efficiencies and increase future
earnings potential
Global presence has more than tripled to
over 16 service centers and over 40 markets
worldwide since IPO in December 2006
over 16 service centers and over 40 markets
worldwide since IPO in December 2006
20
Strategy: Expansion into Strategic Locations
Penetration into attractive markets driven by fleet expansion and access to credit…
West Africa (Q1 2008)
Vancouver, Montreal and Mexico via ICS Petroleum acquisition (Q3 2008)
Patras - 2nd largest market in Greece in terms of metric tons supplied (Q1 2009)
Tangiers, Morocco - exclusive bunkering company for the new port (Q1 2009)
Trinidad and Tobago (Q2 2009)
Amsterdam - Rotterdam - Antwerp via acquisition of Verbeke Bunkering (Q1 2010)
Jamaica via development of storage terminal
Greece via acquisition of floating storage vessel - Mediterranean
Las Palmas via acquisition of Shell Las Palmas facility (Q2 2010)
Development of land based storage in Fujairah
21
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NEW BUILD & ACQUISITION FLEET
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Current
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On Order
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Q1 2011
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Number of Vessels/Barges
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63
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9
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72
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New builds enter an environment of markedly lower supply
Financing for all new builds has been secured at favorable rates
42% fleet growth CAGR since 2006 IPO
Took delivery of 10 double hull bunkering vessels in 2009
Took delivery of 7 double hull bunkering vessels to date in 2010
Expect delivery of 7 additional newbuild double hull bunkering tankers in 2010 and 2 in Q1
2011
2011
Note: Assumes no scrapping or sales.
‘On Order Fleet’ includes both vessels and barges.
Includes chartered in vessels via Verbeke acquisition
(1)
(1)
Strategy: Poised for Growth - Fleet Expansion
(2)
(2)
22
22
Strategy: Poised for Growth - Storage Expansion
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Land Storage
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Location
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Type
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Total Capacity
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Fujairah*
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Land
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500,000 m3
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Jamaica*
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Land
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120,000 m3
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Portland
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Land
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40,000 m3
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Tangiers*
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Land
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230,000 m3
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Las Palmas
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Land
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65,000 m3
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Floating Storage
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Location
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Type
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Total Capacity
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Ghana
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Floating
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70,000 dwt
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Gibraltar
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Floating
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80,000 dwt
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Fujairah
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Floating
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70,000 dwt
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Mediterranean
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Floating
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25,000 dwt
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ARA
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Floating
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2,500 dwt
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* Facilities currently under-development, expected completion 2012
Strategic Benefits
Increase availability of product for sale in
key markets while maintaining
conservative commodity risk approach
key markets while maintaining
conservative commodity risk approach
Strengthen Aegean Marine’s buying power
Generate incremental income by leasing
storage space to third parties
storage space to third parties
23
The Aegean brand is associated with a reputation for safety
Strategy: Stellar Reputation for Safety
Stellar environmental record with no major environmental accidents
Strong internal controls ensure compliance with international maritime laws
Several important certifications from key international agencies
ISO 9001 certified for Provision of Procurement Services for Marine Fuel Oils and Lubricants
ISO 14001 certified for Environmental Management System
TR-8 certified by Lloyds for Quality Management for Bunker Supply
Awarded contract from European Maritime Safety Agency in November 2009
Increase oil pollution response capacity in English channel
On stand-by through 2013 to provide rapid oil spill recovery services
24
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Marine Lubricants
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Oils used by vessels to
reduce friction in engines and machines. |
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Size of Global Market
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2mm metric tons
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Market Dynamics
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Dominated by the majors
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Aegean’s Entrance into
Market |
2007
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Sealub Alliance
Network |
Group formed by Gulf Oil
Marine to market and distribute marine lubricants globally. |
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Aegean joined Sealub in
February 2009. Other members include PetroChina, Ipiranga (Brazil), and SK (South Korea). Presence in over 450
ports in 40 countries. |
(1)
(1)
Aegean estimates
153% CAGR
Strategy: Marine Lubricants
25
Strategy: Strong Liquidity Position
Access to over $700 million in credit facilities
$100 million credit facility secured in April 2010 with Fortis Nederland
$50 million credit facility secured in April 2010 with Deutsche Bank
Focused on expanding banking relationships and strengthening working capital base
Approximately $50 million in available cash on hand
Significant financial liquidity provides competitive advantage
Aegean Marine buys in bulk, effectively strengthening relationships with suppliers and providing access
to pricing discounts unavailable to smaller competitors
to pricing discounts unavailable to smaller competitors
Manage fluctuations in marine fuel prices while competitors are often capital constrained
Superior financing terms on newbuild ships
Aegean Marine financed newbuilds with 80% debt / 20% equity
Competitors required to provide significant equity contribution
Strong capital structure to take advantage of attractive consolidation opportunities
With a net debt to capital ratio of 48%, Aegean Marine continues to pursue additional acquisitions that
are accretive to cash flows
are accretive to cash flows
26
Recent Results
27
25% CAGR
Financial Overview: EBITDA Growth
28
57% CAGR
Financial Overview: Sales Volumes
29
$27 average spread per MT
Financial Overview: Gross Spread per MT
30
Financial Overview: Fixed Cost per Metric Ton
31
Financial Overview: Selected Financials
All amounts are in thousands of USD unless otherwise specified.
Net Revenues= Total Revenues - Cost of Goods Sold - Cargo Transportation Expenses
(1)
(1)
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Year-on-Year Comparison
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2q09
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2q10
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YoY %
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Sales Volumes (MT)
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1,498,937
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2,825,046
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+88.5%
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Net Revenue
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$47,210
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$68,335
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+44.8%
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EBITDA
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$24,362
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$27,450
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+12.7%
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Operating Income
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$17,613
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$19,195
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+9.0%
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Net Income
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$16,322
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$12,025
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-26.3%
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Adjusted Net Income
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$12,137
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$14,209
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+17.1%
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Quarter-on-Quarter Comparison
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1q10
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2q10
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QoQ %
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Sales Volumes (MT)
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1,720,513
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2,825,046
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+64.2%
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Net Revenue
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$55,293
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$68,335
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+23.6%
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EBITDA
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$23,015
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$27,450
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+19.3%
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Operating Income
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$17,437
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$19,195
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+10.1%
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Net Income
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$14,087
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$12,025
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-14.6%
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Adjusted Net Income
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$13,927
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$14,209
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+2.0%
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(2)
(2)
(2)
(2)
32
Financial Overview: Balance Sheet Data
(1)
(1)
As of June 30, 2010
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ASSETS
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LIABILITIES and SE
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Cash and Cash Equivalents
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$52,061
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Short-term Debt
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$320,630
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Current Assets
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679,999
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Trade Payables
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218,538
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Fixed Assets
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506,385
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Long-term Debt
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213,316
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Other Non-Current Assets
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70,900
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Other current and non-current
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28,202
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TOTAL LIABILITIES
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$780,686
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STOCKHOLDERS’ EQUITY
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$476,598
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TOTAL ASSETS
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$1,257,284
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TOTAL LIABILITIES & SE
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$1,257,284
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Net Debt to Capital of: 48%
33
33
Investment Highlights
Global brand representing safety, product quality and excellent service
Diverse and high-quality customer base
Demonstrated growth strategy resulting in significant sales volume and EBITDA growth
Established presence in the top three bunkering markets worldwide
Largest double-hull bunkering fleet to benefit from dynamic regulatory environment
Vertically integrated logistics chain, including tanker storage in strategic locations
Independent supplier of marine fuel lubricants to complement core operations
History of significant financial liquidity with strong banking relationships
Experienced management team with a solid track record
Well positioned for long-term cash flow growth
Aegean Marine is a global marine fuel logistics company that markets and physically
supplies refined marine fuel and lubricants to ships in port and at sea…
