Aegean Marine Q1 2013 earnings presentation

AEGEAN MARINE PETROLEUM NETWORK INC. 2
Cautionary Statement
This presentation contains forward-looking statements concerning plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements, which are other than statements of historical facts. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements and we desire to take advantage of
such safe harbor legislation. The forward-looking statements in this report are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data
contained in our records and other data available from third parties. Important assumptions relating to the forward-looking
statements include, among other things, assumptions regarding demand for our products, the cost and availability of refined marine
fuel from suppliers, pricing levels, the timing and cost of capital expenditures, competitive conditions, and general economic
conditions. These assumptions could prove inaccurate. Although we believe that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to
predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or
projections.
For a more comprehensive discussion of the risk factors affecting our business please see our Annual Report on Form 20-F and other
reports filed with the U.S. Securities and Exchange Commission, a copy of which can be found on our website www.ampni.com.
Unless required by law, we disclaim any obligation to update any forward-looking statements contained in this presentation, whether
as a result of new information, future events, a change in our views or expatiations, to conform them to actual results or otherwise.
In addition, this presentation contains unaudited financial information related to our financial statements. The information provided
is for indicative purposes only. Unless required by law, we undertake no obligation to update or revise any such information.
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.

AEGEAN MARINE PETROLEUM NETWORK INC.
HIGHLIGHTS
• Sales Volumes decreased 3.8% to 2,367,077 in Q1 2013 compared
to Q1 2012.
• Gross Profit decreased 7.4% to $70.7 million in Q1 2013 compared
to Q1 2012.
• Recorded EBITDA of $21.0 million.
• Net Income increased 19.7% to $7.2 million or $0.15 basic and
diluted earnings per share in Q1 2013 compared to Q1 2012.
– Net Income adjusted for the sale of non-core assets was $6.3 million or
$0.14 basic and diluted earnings per share.
• Continued enhancement of operating expense structure through
sale of Aegean Tulip and Aeolos.
• Signed agreement for Fujairah financing.
• Sale of interest in Panama storage facility.
3

SELECTED FINANCIALS
4
Year-on-Year Comparison
1q12 1q13 YoY %
Sales Volumes (MT) 2,461,230 2,367,077 -3.8%
Gross Profit $76,401 $70,723 -7.4%
EBITDA $22,532 $20,115 -10.7%
Operating Income $13,405 $12,426 -7.3%
Net Income $6,005 $6,280 4.6%
Quarter-on-Quarter Comparison
4q12 1q13 QoQ %
Sales Volumes (MT) 2,729,070 2,367,077 -13.3%
Gross Profit $71,849 $70,723 -1.6%
EBITDA $20,082 $20,115 0.2%
Operating Income $13,037 $12,426 -4.7%
Net Income $5,092 $6,280 23.3%
(1) All amounts are in thousands of USD unless otherwise specified.
(2) Gross Profit = Total Revenue – Total Cost of Sales
(3) All figures adjusted for one-time loss/gain on sale of vessels, subsidiary
(2)
(2)
(1) (3)

EBITDA
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
2005 2006 2007 2008 2009 2010 2011 2012 TTM as of
3/31/13
$,000
5
Note: Figures are adjusted for one-time gain/loss on sale of assets, subsidiary

Built-in Fleet Capacity to Further Scale Business
• Modern fleet consisting of 66 (57 owned and 9
chartered) bunkering vessels including a specialty
tanker and 3 owned floating storage vessels
• Average age of fleet is 10 years, with 32 vessels less
than 5 years old
• Modern vessels equipped with:
– Segregated cargo tanks allowing for
transportation of multiple grades of fuel
– High-capacity fuel pumps
6
Aegean Fleet
Current Average Size Average Age % Double Hull
Number of Vessels/Barges 66 5,000 dwt 10 years 87%
0
20
40
60
80
2006 2007 2008 2009 2010 2011 2012
Fleet Size and Hull Type
Double Hull Single Hull

Continued Progress Marketing & Distributing
Marine Lubricants
-
5,000
10,000
15,000
20,000
25,000
30,000
2007 2008 2009 2010 2011 2012 TTM as
of
3/31/13
Lubricant Volume (mt)
7
• ALFA marine lubricants part of a comprehensive
solution for Aegean customers
• Product availability in more that 550 ports worldwide
• Estimated annual global market size of 2mm metric
tons

GROSS PROFIT DRIVERS
$-
$5
$10
$15
$20
$25
$30
$35
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
GrossSpreadperMetricTon
SalesVolume(mt)
Volumes Gross Spread
8

UTILIZATION
30
32
34
36
38
40
42
44
46
0
100
200
300
400
500
600
1q10 2q10 3q10 4q10 1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12 1q13
Volume
(metrictonsdeliveredpervesselperday)
Utilization Fleet
9
(1) Utilization is measured as volume (in metric tons) delivered per average number of
ocean-going bunkering vessel per day. Utilization data does not include inland and
estuary barge utilization figures
(2) Figures adjusted to exclude non-operating (off-hire) days caused by both scheduled
and unscheduled maintenance requirements and charter hire days
(3) Fleet size for utilization calculation refers to ocean-going bunkering tankers
exclusively
(4) Assumes 360 operating work days per vessel per year, 38 ocean-going bunkering
vessels and a flat utilization run-rate for the trailing twelve month period on non-
ocean going inland and estuary barge vessels
(1)
(3)
(2)
Volume Sensitivity Analysis
MT Delivered per Vessel per Day Total Annual Sales Volume (mt)
400 9,200,000
500 10,750,000
600 11,950,000
700 13,500,000
800 15,200,000
(4)

PROFITABILITY
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
$-
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
Gross Profit EBITDA Margin
10
(1) EBITDA Margin is calculated as EBITDA divided by Gross Profit.
(2) EBITDA figures are adjusted for gains/losses on sale of non-core assets
(1,2,)

WORKING CAPITAL
0
5
10
15
20
25
30
35
1q10 2q10 3q10 4q10 1Q11 2Q11 3Q11 4q11 1q12 2q12 3q12 4q12 1q13
Days
DIO
DSO
DPO
CCC
11
(1) DIO= Days Inventory Outstanding, DSO= Days Sales Outstanding, DPO= Days Payable Outstanding, CCC= Cash Conversion Cycle

Balanced Capital Allocation Strategy Drives
Shareholder Value Creation
Key Balance Sheet Data as of March 31, 2013
Cash $ 61,716
Trade Receivables (net) 479,250
Inventory 174,474
Other Current Assets 59,556
Trade Payables (277,708)
Trade Finance Debt (396,407)
Fixed Asset Debt (205,948)
Net Debt $ 105,067
Fixed Assets $ 569,357
12
• Financial flexibility and balanced capital allocation strategy position Aegean to return value to shareholders
while continuing to invest in growth
• One million share repurchase plan in place
• Built in fleet capacity allows for flexible, strategic market reactions
• Solid financial foundation to manage commodity price fluctuations
• $1.4 billion in working capital and supplier credit allows Aegean Marine to manage volatile marine
fuel prices and procure large quantities of supply at a discount relative to competitors
(1)
(1) Net Debt = Total current assets – Trade Payables, Trade Credit Financing, Fixed Asset and Corporate Debt

Financial Flexibility to Invest in Growth and
Return Capital to Shareholders
13
• Significant Financial Liquidity with
over $1 Billion in Available Credit
– Ability to better manage commodity price
fluctuations
– Bulk purchases provide pricing power
relative to competitors
• Superior Financing Terms on Newbuild
Vessels
– Reduces cost of capital and improves
profitability
• Strong Capital Structure
– Net Debt of $105 million
– Fixed asset debt to ttm EBITDA of 2.2x
75
300 320
420
706
943 968
883
$-
$200
$400
$600
$800
$1,000
$1,200
At IPO 2007 2008 2009 2010 2011 2012 1q13
Working Capital Facilities (,000)

Creating Long Term Value by Entering New Markets,
Diversifying Revenue and Enhancing Flexibility
• Strategically expanding global footprint, driving business revenues
and increasing global market share
• Scalable global network allows for increased asset utilization and
flexibility as macro conditions improve
• Strategically located storage capacity diversifies business by
providing opportunities to generate substantial income from
leasing storage space to third parties
• Strengthening integrated marine fuel logistics chain via strategic
expansion and disposition of older non-core assets
– 10 vessels sold to date yielding a savings of approximately $20m in annual
operating expense
14

Strategically Improving Geographic Mix
15
Start-Up Acquisitions
West Africa 1Q 2008 Northern Europe – Bunkers at Sea 4Q 2007
Patras 1Q 2009 United Kingdom – Portland 4Q 2007
Tanger-Med 1Q 2009 Vancouver, Montreal, Mexico – ICS 3Q 2008
Trinidad and Tobago 2Q 2009 Amsterdam, Rotterdam, Antwerp – Verbeke 1Q 2010
Cape Verde 1Q 2011 Las Palmas 2Q 2010
Panama 2Q 2011
Tenerife 2Q 2011
Hong Kong 3Q 2012
Barcelona 2Q 2013
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
3 4 5 7
11
14
16
19 20 21Geographic Markets +

Unique Offerings with Global Reach and
Diverse Customer Base
16
Tankers
ContainersBulkers
Car Carriers
Cruise Ships
Chemical
Tankers
Reefers
LPG/LNG
Other
S a l e s b y C l i e n t S e c t o r
• Aegean’s customers include commercial shipping companies, cruise lines, marine fuel traders and brokers
as well as oil majors
• Strong, diverse customer base, sophisticated credit management systems and a global footprint mitigate
counterparty and market risk and provide top-line predictability
• No customer accounts for more than 10% of total revenues
Piraeus /
Patras
Gibraltar
U.A.E.
Jamaica
Singapore
Hong Kong
U.K.
Vancouver
Trinidad
Morocco
N.W.E.
Canary
Islands
Panama
1 Q 1 3 V o l u m e b y M a r k e t

Streamlining Cost Structure and Leveraging
Fixed Costs
• Successfully reduced operating expenses in three
consecutive quarters
• Sale of ten older, non-core vessels yields approximately
$20m in annual operating savings
• Movement from floating to land based storage capacity
mitigates costly ongoing operating and maintenance
expense while enhancing purchasing power and providing
additional revenue streams
17

Global Storage Capacity Enhances Purchasing
Power and Product Availability
18
STORAGE
Location Type Capacity
Fujairah
Expected completion 4Q13
Land 465,000 m3
Jamaica
Available development site
Land 80,000 m3
Portland Land 40,000 m3
Tanger-Med Land 218,000 m3
Las Palmas Land 65,000 m3
Barcelona Land 52,000 m3
APPROXIMATE TOTAL Land 920,000 m3
Fujairah Floating 83,890 dwt
Mediterranean Floating 19,894 dwt
Amsterdam- Rotterdam-Antwerp Floating 2,500 dwt
APPROXIMATE TOTAL Floating 106,284 dwt
• Enhanced, stable product
availability in key markets
• Augmented buying power via bulk
purchases
• Generate incremental income
through leasing of excess storage
space to third-parties

Well-Positioned to Benefit from Positive
Macro Trends
• Global GDP growth forecast of 3.3%
and 4.0% in 2013 and 2014
respectively
• Emerging Markets GDP growth of 5.3%
and 5.7% in 2013 and 2014
respectively.
• Global marine market to expand 5% to
6% annually through 2015
• Continued expansion of world
seaborne trade and world fleet driving
demand for all grades of marine fuel
19
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
-
20,000
40,000
60,000
80,000
100,000
120,000
BunkerDemand(,000mt/year)
GlobalGDP(USDTrillions)
World GDP and Bunker Demand
World GDP Bunker Demand
(1) IMF “World Economic Update April 2013
(2) IHS Global Insight
(3) HSBC
(1)
Source: IEA, EPA, Company Estimates
(2)
(1)

Uniquely Positioned to Drive Profitability
• Well-positioned to capitalize on emerging trends
• Poised for long-term, sustainable growth; immune
to many headwinds facing shipping industry
• Diversified revenue streams, market leadership and
operational infrastructure create significant barriers
to entry
• Track record of strong financial results
• Capital allocation strategy focused on driving
shareholder value
• Creating long term value by entering new markets
and further diversifying revenue
20

Aegean Marine Q1 2013 earnings presentation

Aegean Marine Q1 2013 earnings presentation

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