AEGEAN MARINE PETROLEUM Aegean Marine Petroleum Network Inc

AEGEAN MARINE PETROLEUM � Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel 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. Currently, Aegean has a global presence in 14 markets, including Vancouver, Montreal, Mexico, Jamaica, West Africa, Gibraltar, U. K. , Northern Europe, Piraeus and Patras (Greece), the United Arab Emirates as well as Singapore, and plans to commence operations in Tangiers, Morocco and Trinidad and Tobago.

SWOT ANALYSIS FOR AEGEAN MARINE PETROLEUM Strengths global presence in 14 markets Local service centers that monitor and support the logistical aspects of each customer order Long-term contractual arrangements with supply sources for marine petroleum products Bunkering tankers to transport fuel from their suppliers to the customers Strong customer relationships Strong management Excellence in operations Effective credit controls Opportunities New orders for ships in small prices due to crisis Environmental policy that holds a better fame Policy that meets health and safety expectations. Expansion of global reach of its business and fleet Weaknesses Debts Undifferential fleet only with tankers Threats financial crisis Lower oil prices

STRENGTHS � � Our direct control and management of our bunkering tankers and delivery schedules enhance our ability to provide marine fuel to ships in port and at sea on a timely and cost effective basis while controlling the quality of our product, service and fueling safety. Customer Relationships - We have developed strong relationships with our customers as a result of the quality of our operations and reliability of our service. As a Greek-based independent physical supplier, we have developed strong relationships with international commercial shipping companies. We have also been approved as a supplier to the United States Navy in Greece and played a role in fueling the United States Naval fleet during "Operation Iraqi Freedom. " We believe that our successful industry relationships provide significant leverage opportunities as we continue to expand our global service center locations Fleet of Double Hull Bunkering Tankers - The percentage of our fleet comprised of double hull bunkering tankers is well above the industry average. Due to the expected phase-out of single hull tankers under environmental protection laws and regulations worldwide, we believe the global supply of bunkering tankers will decline significantly. Effective Credit Controls - We provide trade credit to customers who, according to our in-house credit system, exhibit an acceptable credit risk profile. We believe our active credit risk management has been essential to our success. Our credit evaluation system has enabled our business to grow while allowing us to effectively manage our credit exposure.

STRENGTHS � � Strong Management with Successful Track Record - We have assembled a management team of senior executive officers and key employees with decades of experience in all aspects of the marine fuel supply and shipping industries. We believe that our management team has a demonstrated history of successfully expanding the Company's marine fuel delivery capabilities by entering into new markets and strategically adding to our modern fleet of bunkering tankers. Excellence in Operations - We are ISO 9001 certified for the Provision of Procurement Services for Marine Fuel Oils and Lubricants and ISO 14001 certified for Environmental Management System. We have also obtained a TR-8 certification issued by Lloyds for Quality Management for Bunker Supply. We believe that our operational effectiveness and logistical reliability are attributable to the expertise we have developed through our experience in operating our bunkering business in multiple locations around the world.

CONCLUSION The fair price of the stock is around 31$. This price is represented by the Gordon price evaluation. The company appears to have high ratio of reinvesting earnings 95%. This ratio shows that the company will invest in new vessels thus will generate new revenues or the company will increase the cash flows. � The suggestion for the stocks is to buy or to keep. �

Μεταβλητές πρόβλεψης 2010 2011 2012 2013 2014 total revenues ratio 10% 11% 9% 10% 8% cost of marine petrolium products ratio 3% 4% 2% 5% 5% salaries wages and related costs 3% 3% 5% 5% 2% total operating expenses 5% 6% 5% 5% 6% depreciation on revenues 5% 5% 5%

The discounted Free Cash Flow Model Aegean Marine Petroleum 2009 2010 2011 2012 2013 2014 total revenue 2470960 2718056 3017042, 16 3288575, 954 3617433, 55 3906828, 234 voyage expenses 1999193 2059168, 79 2141535, 542 2184366, 252 2293584, 565 2408263, 793 47708 49139, 24 50613, 4172 53144, 08806 54206, 96982 55291, 10922 2411744 2532331, 2 2684271, 072 2818484, 626 2959408, 857 3136973, 388 59216 185724, 8 332771, 088 470091, 3288 658024, 693 769854, 8455 depreciation 123548 135902, 8 150852, 108 164428, 7977 180871, 6775 195341, 4117 EBIT -64332 49822 181918, 98 305662, 5311 477153, 0155 574513, 4338 salaries wages and related costs total operating expenses EBIDTA