Aegean Marine Petroleum Network saw a 56% increase in profit during the third quarter on the back of higher volumes and prices.
The New York-listed company reported net income of $10.5m for the quarter, versus $6.7m in the year earlier quarter. The third-quarter results also include a $3.8m loss on vessel sales.
Adjusted earnings per share of $0.36 beat the average analyst estimate of $0.33.
Total revenue gained 5% for the quarter at $1.1bn. The gain came as a result of a "moderate" increase in oil prices during the quarter.
Peter Georgiopoulos-led Aegean reported sales volumes of 4.26 million metric tonnes in the third quarter, a year-on-year increase of almost 26%.
Aegean disposed of two vessels during the quarter. In total, it has disposed of five non-core vessels year-to-date, which will reduce $9.5m in operating costs on an annual basis.
Nikolas Tavlarios, Aegean’s president, said: "We delivered another quarter of solid results against a backdrop of slowness in the container segment and volatile commodity markets. Despite these headwinds, we continue to achieve profitability and strong volumes with our fourth consecutive quarter of selling more than 4 million metric tons of bunker fuel."
The company also spent $3.2m during the quarter as part of the accelerated vesting of shares owned by Dimitris Melissanidis. In August, Aegean announced the Greek businessman was selling his ownership interest in the company.
