Aegean Marine Petroleum Network Inc. Investor Presentation September 2008
Disclosure Today s presentation and discussion will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, estimates, or similar expressions are intended to identify these forward-looking statements. These statements are based on Aegean Marine Petroleum Network Inc. s current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements. Important factors that could cause actual results to differ include our future operating or financial results, our ability to manage growth, adverse conditions in the marine fuel supply industries, and increased levels of competition. For further information, please refer to Aegean Marine Petroleum Network Inc. s reports and filings with the Securities and Exchange Commission. 2
Agenda Aegean Facts Industry Company Appendix Contact Information 3
Aegean Facts 4
Aegean Facts Company Name Business Description Equity Ticker / Exchange Aegean Marine Petroleum Network Inc. Aegean is a global marine fuel logistics company which markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. ANW / NYSE IPO Date / Share Price December 2006 / $14.00 Revenues Net Revenues Net Income (1) Sales Volumes (in metric tons) $1.4 billion $89.7mm $30.8mm 3.4mm Dahlman Rose & Company, LLC. Stephens Inc. 2007 Financials Wall Street Research Coverage Jefferies & Company, Inc. Johnson Rice & Company L.L.C. Simmons & Company International (1) Gross Spread on Marine Petroleum Products 5
Aegean Facts: Global Reach MARKETS 1 Vancouver 8 2 Mexico 1 3 7 3 Montreal 2 4 6 9 10 4 Jamaica 5 West Africa/Ghana 6 Gibraltar 7 U.K./Portland 5 11 8 Northern Europe 9 Greece/Piraeus 10 U.A.E/Fujairah 11 Singapore CORPORATE Athens Headquarters New York Executive Office Miami Business Development Major Shipping Lanes ASSETS Bunkering Bunkering On-order Barges RoRo RoRo On-Order Storage (1) 26 24 2 1 1 4 (1) Detailed Asset overview listed in Logistics Overview section. 6
Aegean Facts: History Markets 1995 1998 2001 2005 2006 2007 2008 Greece Gibraltar U.A.E. Jamaica Singapore Northern Europe U.K. West Africa Canada Mexico 7
Industry 8
Industry Marine fuel, or bunker fuel, is the type of fuel which is consumed by the world s commercial ships. The market is estimated at 200mm metric tons or approximately $100 billion. Industry is being driven by regulations: MARPOL Regulation 13H: Bans the carriage of heavy grade fuel by single-hull tankers. Emission Control Area (ECA): Designated areas which require vessels sailing within to run on fuel with a low sulphur content. Business Model Business Description Geographic Reach Physical Supplier Owns and operates the logistics infrastructure required to make fuel deliveries. Local Broker Acts as agent linking customer (ship-owner) with physical supplier. Global Trader Takes ownership of product and attempts to extract value and generate profit from managing exposure. Business model is a mix, boasting an expansive and modern logistics infrastructure and strong customer relationships. Leads the industry in investment/growth and market consolidation. Well-respected brand name in the industry, known for providing quality product and service. Local/Global Global 9
Industry: Aegean s Markets Market Size (mm of tons) Regulations 1 Singapore 31.5 2 U.A.E./ Fujairah 11.0 Single-hulls allowed to operate until their 25 th anniversary but no later than end-of-2011. Single-hulls allowed to operate until their 25 th anniversary but no later than end-of-2009. 3 Gibraltar 4.0 E.U. mandates all single-hulls to be phased-out by end-of-2009. 4 Greece/ Piraeus 4.0 E.U. mandates all single-hulls to be phased-out by end-of-2009. 5 U.K./ Portland 0.5 E.U. mandates all single-hulls to be phased-out by end-of-2009. 6 Northern Europe 0.6 E.U. mandates all single-hulls to be phased-out by end-of-2009. 7 West Africa 1.5 8 Jamaica 0.6 Ghana allows single-hulls to operate subject to receiving approval. Moving towards adopting regulation. No single-hull restrictions are currently in-place. Moving towards adopting regulation. 9 Mexico 0.3 Single-hulls allowed to operate until end-of-2015. 10 Montreal 0.3 Single-hulls allowed to operate until end-of-2015. 11 Vancouver 1.0 Single-hulls allowed to operate until end-of-2015. TOTAL 55.1 10
Industry: Demand-side Fundamentals (1) Sector Current Fleet Vessels on Order Orderbook as a % of Current Fleet Tankers 3,489 1,351 38.7% Bulkers 6,903 3,323 48.1% Containerships 4,610 1,337 29.0% Chemical Tankers 3,077 1,026 33.3% LPG/LNG 1,380 325 23.6% Car Carriers 644 221 34.3% TOTAL 20,103 7,583 37.7% (1) Fleet statistics Source: Clarksons Research Services. 11
Industry: Supply-side Fundamentals Projected World Bunkering Fleet (1) 4000 3500 3000 428 IMO MARPOL Regulation 13H bans singlehull tankers between 500 and 5,000 dwt from carrying heavy-grade oil; regulations goes into effect beginning 2008. # of Vess sels 2500 2000 1500 1000 2994 511 585 647 709 776 500 1167 1050 945 850 765 0 2007 2008 2009 2010 2011 2012 Single-hull Double-hull (1) Lloyd s Marine Intelligence Unit and Aegean. 12
Industry: Fuel Prices Bunker Fuel versus Crude Oil Bunker fuel prices tend to lag movements in crude (both on the upswings and downswings). (1) (2) (1) For comparison reasons, crude oil has been converted into a $ per metric ton price. (2) Bunker fuel is Singapore 380 CST. 13
Company 14
Company: Competitive Advantage Global Platform Business Model Balance Sheet Customer Relationships Delivery Assets Risk Management Management Team One of the largest in the industry serving 11 markets. As an independent physical supplier, Aegean is able to control the process of physically supplying marine fuel from procurement to delivery. Strong balance sheet allows Aegean to fund working capital requirements, improve supplier terms, and to drive future growth. Aegean s reputation for providing high quality product and service has yielded strong customer relationships. Boasts one of the most modern bunkering fleets in the industry. With approximately 90% of bunkering fleet being double-hull, Aegean is wellsuited to capitalize on the expected phase-out of single-hulls. Limited inventory price risk due to effective management of purchases and sales. Disciplined credit risk management mitigates exposure. Aegean has taken minimal write-offs on its receivables over recent years. Strong management with a proven track record. 15
Company: Management Team Peter C. Georgiopoulos Chairman of the Board Nikolas Tavlarios President Dimitris Melisanidis Head of Corporate Development Spyros Fokas Director, Corporate Secretary & General Counsel Spyros Gianniotis Chief Financial Officer Founder, Chairman, and CEO of General Maritime (NYSE: GMR), a NY-based owner and operator of oil tankers. Founder and Chairman of Genco Shipping and Trading (NYSE: GNK), a NY-based owner and operator of drybulk carriers. GMR and GNK have returned over $1 billion to investors since May 2005. 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- created over $1 billion in NAV. Founded the Company in 1995 and acted as CEO until IPO in December 2006. Head of Corporate Development for Aegean since January 2005. Corporate Secretary and General Counsel for Aegean since January, 2005 and has acted as Legal Counsel for the company since 1998. Founder of Associated Piraeus Law Offices. Member of Greek Maritime Law Association and Hellenic Society of Maritime Lawyers. Chief Financial Officer for Aegean since September 2008. Former Assistant General Manager and Head of Shipping at Piraeus Bank, A.E. Former Vice President, Senior Relationship Manager at Citibank N.A. 16
Company: Delivery Fleet Growth (1) 50 # o f V e s s e ls 40 30 20 10 0 2006 2007 2008e 2009e 2010e SH DH (1) Delivery fleet includes both vessels and barges. 17
Company: Sales Composition Diversified client base representing all sectors within shipping. 100% 90% 80% 70% 10% 0% LPG/LNG Other 60% Chemical Tankers Cruise Ships 50% Car Carriers 40% Bulkers 30% Containerships 20% Tankers 18
Company: Blue Chip Client List 19
(1) Company: Selected Financials Year-on-Year Comparison 2q07 2q08 YoY % Sales Volumes (MT) 795,282 1,232,438 55.0% Gross Spread per MT ($/MT) $25.11 $31.71 26.3% Gross Spread on MPP $20,016 $39,329 96.5% Operating Income $7,102 $12,434 75.1% Proforma Net Income $6,003 $10,797 79.9% Net Income $7,047 $9,887 40.3% Quarter-on-Quarter Comparison 1q08 2q08 QoQ % Sales Volumes (MT) 1,060,134 1,232,438 16.3% Gross Spread per MT ($/MT) $29.65 $31.71 6.9% Gross Spread on MPP $31,626 $39,329 24.4% Operating Income $8,486 $12,434 46.5% Proforma Net Income $8,000 $10,797 35.0% Net Income $7,501 $9,887 31.8% (1) All amounts are in thousands of dollars unless otherwise specified. 20
Company: Sales Volumes 1,400,000 Volumes Sold (MT) 1,200,000 1,000,000 800,000 600,000 400,000 CAGR = 42.5% 200,000 0 1q06 2q06 3q06 4q06 1q07 2q07 3q07 4q07 1q08 2q08 21
Company: Gross Spreads $35 $600 Gross Sp pread per MT $30 $25 $20 $15 $10 $5 $500 $400 $300 $200 $100 Cost of Marin ne Fuel $0 1q06 2q06 3q06 4q06 1q07 2q07 3q07 4q07 1q08 2q08 $0 Gross Spread per MT Avg. Cost of Marine Fuel 22
Company: Utilization (1) Company-wide Utilization (2) Market-specific Utilization V o lu m e 800 700 600 500 400 300 200 100 0 1q06 2q06 3q06 4q06 1q07 2q07 3q07 4q07 1q08 2q08 V o lu m e 1000 900 800 700 600 500 400 300 200 100 0 Jam a ic a W est A frica Gib ra ltar U.K. N o rth ern E u ro p e U.A.E./F u ja irah S in g ap o re Reported Adjusted 1q08 2q08 (1) Utilization is measured as volume (in metric tons) delivered per vessel per day. (2) Adjusted figure excludes non-operating (off-hire) days caused by both scheduled and unscheduled maintenance requirements; Aegean began monitoring this metric in 1q08. 23
Company: Balance Sheet Data ASSETS LIABILITIES & EQUITY Cash and Cash Equivalents $16,056 Short-term Debt $143,130 Current Assets 451,945 Current Liabilities 387,793 Fixed Assets 283,885 Long-term Debt 112,202 Other Non-Current Assets 27,141 Total Liabilities 500,555 Total Assets 762,961 Stockholders Equity 262,406 24
Appendix 25
Appendix: Logistics Overview MARKETS Delivery (1) Fleet Storage Facilities 1 Vancouver 2 0 2 Mexico 0 0 3 Montreal 0 0 4 Jamaica 3 0 5 West Africa/Ghana 2 1 6 Gibraltar 5 1 7 U.K./Portland 1 1 8 Northern Europe 4 0 9 Greece/Piraeus 3 0 10 U.A.E./Fujairah 3 1 11 Singapore 5 0 TOTAL 28 4 (1) Delivery fleet includes both vessels and barges. 26
Appendix: Delivery Capabilities BUNKERING VESSELS Current Fleet Vessels on Order Expected Fleet as of March, 2010 Expected % Change Number of Vessels 26 24 50 +92.3% Total Capacity (dwt) 142,019 110,100 252,119 +77.5% Avg. Size per Vessel (dwt) 5,462 4,588 5,042-7.7% Avg. Year Built 1993 n/a 2002 n/a Avg. Age in Years 14.8 n/a 8.5-42.9% % of Fleet DH 88.5% 100.0% 94.0% +6.3% ROLL-ON/ROLL-OFF SPECIALTY TANKERS Number of Vessels 1 1 Total Capacity (dwt) 2,400 2,400 Avg. Size per Vessel 2,400 2,400 % of Fleet DH 100.0% 100.0% Number of Barges 2 Total Capacity (dwt) 5,600 Avg. Size per Barge(dwt) 2,800 Avg. Year Built 1993 Avg. Age in Years 15.5 BARGES 27
Appendix: Storage Capacity (1) FLOATING STORAGE Number of Vessels 3 Total Capacity (dwt) 219,850 Avg. Size per Vessel 73,283 Avg. Year Built 1983 Avg. Age in Years 25.0 % of Fleet DH 100.0% ONSHORE STORAGE Number of Facilities 1 Total Capacity (m^3) 40,000 (1) Aegean utilizes storage facilities in a few of its markets in order to smooth-out any potential supply disruptions. 28
Contact Information 29
Contact Information Investor Relations address Aegean Marine Petroleum Network Inc. 299 Park Avenue, 2 nd Floor New York, NY 10171 U.S.A. phone +1 212 763 5665 email website investor@ampni.com www.ampni.com 30