powering the world Aegean Marine Petroleum Network Inc. Investor Presentation January 2009
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
.powering the world 3
Agenda Company Industry Performance/Financials Appendix Contact Information 4
Company 5
Company: Overview 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 Dahlman Rose & Company, LLC. Johnson Rice & Company L.L.C. Simmons & Company International Wall Street Research Coverage Jefferies & Company, Inc. Sidoti & Company, LLC Stephens Inc. 6
Company: Global Operations Northern Europe (2007) Vancouver (2008) Montreal (2008) New York Gibraltar (1998) U.K. (2008) Athens / Greece (1995) Mexico (2008) Miami Jamaica (2005) Tangiers (2009e) U.A.E (2001) Trinidad & Tobago (2009e) West Africa (2008) Singapore (2006) Markets Headquarters Executive / Finance / Sales Business Development 7
Company: Delivery Fleet (1) # of Ves ssels 50 40 30 20 Current count is 32. (as of January 2009) CAGR = 34.1% 10 0 2006 2007 2008 2009e 2010e SH DH (1) Delivery fleet includes both vessels and barges. 8
Company: Management Peter C. Georgiopoulos Chairman of the Board E. Nikolas Tavlarios President Dimitris Melisanidis Head of Corporate Development Spyros Fokas Director, Corporate Secretary & General Counsel Spyros Gianniotis Chief Financial Officer Chairman of Aegean since IPO (December 2006). Founder and Chairman 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 $1.25 billion to investors. 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- created over $1 billion in NAV. Head of Corporate Development since January 2005. Founded Aegean in 1995 and acted as CEO until IPO. 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. 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. 9
Industry 10
Industry: Historical Physical Supply of Marine Fuel 1973 2008 (1) 90% 55% 10% 45% Oil Majors/Nationals Independents Oil Majors/Nationals Independents (1) Aegean management estimates and Lloyd s Marine Intelligence Unit/Sea Searcher 11
Industry: Environmental (1) Issues and impacts: Oil Pollution Spills: Prestige: Exxon Valdez: Erika: Hebei Spirit: (2) 60k mt of heavy fuel oil 35k mt of crude oil 20k mt of heavy fuel oil 11k mt of crude oil Emissions: Annual CO2 emissions generated estimated at 847mmt (4% of global CO2 emissions). Without regulatory action emissions from seaborne trade could increase by 72% over the next 12 years. International Maritime Organization (IMO): MARPOL Annex I: Regulations for the prevention of pollution by oil. MARPOL Annex VI: Regulations for the prevention of air pollution from ships. ECA - Emission Control Areas (formerly know as SECA) Number of nations party to the IMO conventions: 136, representing 98% of the world's shipping tonnage. (1) IMO (2) Approximate figures. 12
Industry: Markets Aegean s Markets Size (mm of tons) 1 Singapore 34.0 2 U.A.E. 13.0 (1) Regulations Single-hulls allowed to operate until their 25 th anniversary but no later than end-of-2010. Current owners/operators of double-hull vessels are eligible for waivers on certain port fees. Single-hulls allowed to operate until their 25 th anniversary but no later than end-of-2009. 3 Gibraltar 4.0 Only double-hulls allowed to operate. 4 Greece 4.0 Only double-hulls allowed to operate. 5 Southern Caribbean 3.5 No new single-hulls allowed to enter market. 6 West Africa 3.0 Ghana allows single-hulls to operate subject to receiving approval. Moving towards adopting regulation. 7 Vancouver 1.0 Single-hulls allowed to operate until end-of-2015. 8 U.K. 1.0 Only double-hulls allowed to operate. (2) 9 Northern Europe 0.6 Only double-hulls allowed to operate. 10 Jamaica 0.6 No single-hull restrictions are currently in-place. Moving towards adopting regulation. 11 Mexico 0.3 Single-hulls allowed to operate until end-of-2015. 12 Montreal 0.3 Single-hulls allowed to operate until end-of-2015. 13 Tangiers n/a Only double-hulls allowed to operate. TOTAL 65.3 (1) Bunkerworld and Company information (2) Niche market (non ARA region) 13
Industry: Supply Fundamentals Projected World Bunkering Vessel Fleet (1) 4000 3500 3000 428 IMO MARPOL Regulation 13H bans single-hull tankers between 600 and 5,000 dwt from carrying heavy-grade oil; regulations went into effect beginning 2008. # of Vessels s 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) Lloyds MIU 14
Industry: Demand Fundamentals The bunker market is estimated at approximately 200mm metric tons (in annual sales). Fuel Sales vs. Global Trade Marine Fuel 200 10 180 9 160 8 140 7 120 100 6 80 5 60 4 40 3 20 2 1985 1990 1995 2000 2005 2011 Global Seaborne Trade Global Marine Fuel Volume (2) (3) Global Seaborne Trade Fuel Sales vs. Tanker Spot Rates (2) Marine Fuel 180 170 160 150 140 130 120 110 100 90 1985 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 160 140 120 100 80 60 40 20 VLCC Tanker Spot Rates Global Marine Fuel Volume VLCC Tanker Spot Rates (1) BeicipFranlab, 2003, with projections based on Global Insight s World Trade Service (2) Clarksons, Shipping Review Database, 2006, with projections based on Global Insight s World Trade Service 15
Industry: Low-Sulphur Fuel Oil Fundamentals 50,000 45,000 Increased distillate use 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 ECA limits drop to 1.00% Global limits drop to 3.50% ECA limits drop to 0.50% Extensive refinery upgrades Marine fuel cost increase Demand Supply 0 16
Industry: Low-Sulphur Regulation Timeline 2009 2010 ECA Limits 1.50% ECA Limits 1.50% California Emissions Legislation Global Limits 4.50% Global Limits 4.50% 2015 2020 ECA Limits 0.10% New ECAs ECA Limits 0.10% New ECAs Global Limits 3.50% Global Limits 0.50% 17
Performance/Financials 18
Performance: Growth Period-end Statistics 2006 2007 9 months ending Sep. 2008 2008 Sales Volumes 2,367,289 3,487,269 3,631,486 trending to >5mm Delivery Fleet 12 20 27 30 Markets 5 8 11 11 (1) (1) Actual figure will be reported in 4q08 results. 19
(1) Financials: Selected Financials Year-on-Year Comparison 3q07 3q08 YoY % Sales Volumes (MT) 897,147 1,338,914 +49.2% Gross Spread per MT ($/MT) $24.80 $32.75 +32.1% (2) Net Revenue $25,791 $50,188 +94.6% Operating Income $8,888 $15,057 +69.4% (3) Adjusted Net Income $7,848 $10,521 +34.1% Net Income $7,848 $9,455 +20.5% Quarter-on-Quarter Comparison 2q08 3q08 QoQ % Sales Volumes (MT) 1,232,438 1,338,914 +8.6% Gross Spread per MT ($/MT) $31.71 $32.75 +3.3% (2) Net Revenue $44,867 $50,188 +11.9% Operating Income $12,434 $15,057 +21.1% (3) Adjusted Net Income $10,797 $10,521-2.6% Net Income $9,887 $9,455-4.4% (1) All amounts are in thousands of USD unless otherwise specified. (2) Net Revenues= Total Revenues Cost of Goods Sold (3) Adjusted Net Income excludes non-recurring items 20
Financials: Net Revenue Drivers 1,400,000 $35.0 1,200,000 Sales Volumes CAGR = 42.9% $33.0 $31.0 Sales Volumes (in metric tons) 1,000,000 800,000 600,000 $29.0 $27.0 $25.0 $23.0 $21.0 $ Gross Sprea ead per Metric Ton 400,000 $19.0 $17.0 200,000 4q06 1q07 2q07 3q07 4q07 1q08 2q08 3q08 $15.0 Volumes Gross Spread 21
Financials: Fixed Costs per Volume Sold (1) $/M MT 4q06 1q07 2q07 3q07 4q07 1q08 2q08 3q08 Bunker Vessel OPEX G&A Expenses Bunker Vessel OPEX ex fuel Storage Costs (1) Tracks certain fixed costs per metric tons sold. 22
Financials: Working Capital (1) Cash Conversion Cycle 40 35 30 Days Outstan nding 25 20 15 10 5 0 4q06 1q07 2q07 3q07 4q07 1q08 2q08 3q08 DIO DRO DPO CCC (1) DIO= Days Inventory Outstanding, DRO= Days Receivable Outstanding, DPO= Days Payable Outstanding, CCC= Cash Conversion Cycle 23
Financials: Profitability (1,2) $60,000 50.0% 45.0% $50,000 40.0% Net Revenue (in thousands) $40,000 $30,000 $20,000 $10,000 Net Revenues CAGR = 53.9% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% EBITDA % Margin 5.0% $0 4q06 1q07 2q07 3q07 4q07 1q08 2q08 3q08 0.0% Net Revenues EBITDA Margin (1) Net Revenues is calculated as Gross Sales or Revenues less COGS. (2) EBITDA Margin is calculated as EBITDA (excluding any FX-related gains/losses) divided by Net Revenue. 24
Financials: Revenue Diversification Aegean s Sales Breakdown by Client Sector (1) Tankers Containerships Bulkers Car Carriers Cruise Ships Chemical Tankers Reefers LPG/LNG Other (1) Approximate percentages. 25
Financials: Revenue Quality 26
Financials: Balance Sheet Data (1) ASSETS LIABILITIES & EQUITY Cash and Cash Equivalents $30,110 Short-term Debt $158,335 Current Assets 447,905 Current Liabilities 402,699 Fixed Assets 325,330 Long-term Debt 139,093 Other Non-Current Assets 41,041 Total Liabilities 542,602 Total Assets 814,276 Stockholders Equity 271,674 (2) (1) As of September 30, 2008 (2) Short-term debt is primarily related to the funding of working capital which has a quick turnover. 27
Appendix 28
Appendix: Logistics Infrastructure DELIVERY FLEET Current On Order Projected in 2010 % Change Number of Vessels/Barges 32 20 52 +62.5% Total Capacity (dwt) 164,390 105,500 269,890 +64.2% Avg. Size per Vessel/Barge (dwt) 5,137 5,275 5,190 +1.0% Avg. Year Built 1996 n/a 2002 n/a Avg. Age in Years 13.5 n/a 7.7-42.6% % of Fleet DH 87.5% 100.0% 92.3% +5.5% ROLL-ON/ROLL-OFF / SPECIALTY TANKERS Number of Vessels 1 1 Total Capacity (dwt) 2,454 2,400 % of Fleet DH 100.0% 100.0% Number of Vessels 1 Total Capacity (dwt) 546 Number of Facilities 5 Capacity of Floating Storage (dwt) 224,849 Capacity of Onshore Storage (m^3) 40,000 (1) SPECIAL PURPOSE VESSELS STORAGE FACILITIES (2) (1) Delivery Fleet includes both vessels and barges. (2) Special Purpose Vessels are small bunkering tankers (circa 1,000 dwt) which are utilized for in-port operations only and hence are not included in utilization calculations. 29
Appendix: Current Delivery Fleet (1) Vessel Name Market Hull / Type Year Built DWT Vessel Name Market Hull / Type Year Built DWT 1 Aegean Force Jamaica DH / Vessel 1980 6,679 22 Aegean Flower Fujairah DH / Vessel 2001 6,523 2 Vera Jamaica SH / Vessel 1985 3,720 23 Aegean Pride I Fujairah DH / Vessel 1982 11,538 3 Hope Jamaica DH / Vessel 1980 10,597 24 Kithnos Fujairah DH / Vessel 2007 4,600 4 Aegean Tulip West Africa DH / Vessel 1993 4,853 25 Patmos Fujairah DH / Vessel 2008 6,283 5 Aegean VII West Africa SH / Vessel 1984 3,892 26 Serifos Singapore DH / Vessel 2007 4,664 6 Amorgos Gibraltar DH / Vessel 2007 4,627 27 Naxos Singapore DH / Vessel 2009 4,600 7 Santorini Gibraltar DH / Vessel 2008 4,600 28 Milos Singapore DH / Vessel 2007 4,626 8 Aegean XI Gibraltar DH / Vessel 1984 11,050 29 Kimolos Singapore DH / Vessel 2008 4,641 9 Mykonos Gibraltar DH / Vessel 2008 4,623 30 Paros Singapore DH / Vessel 2008 4,646 10 Aegean X U.K. DH / Vessel 1982 6,400 31 P.T. 25 Vancouver SH / Barge 1988 2,000 11 Sara Northern Europe DH / Vessel 1990 7,389 32 P.T. 36 Vancouver SH / Barge 1997 3,600 12 Aegean Princess Northern Europe DH / Vessel 1991 7,030 13 Syros Northern Europe DH / Vessel 2008 4,600 14 Aegean Daisy Piraeus DH / Vessel 1988 4,935 15 Aegean III Piraeus DH / Vessel 1990 2,972 16 Aegean Rose Piraeus DH / Vessel 1988 4,935 17 Aegean VIII Piraeus DH / Vessel 1990 2,972 18 Aegean XII Piraeus DH / Vessel 1979 3,660 19 Aegean Breeze I Piraeus DH / Vessel 2004 2,747 20 Aegean Tiffany Piraeus DH / Vessel 2004 2,747 21 Aegean Ace Piraeus DH / Vessel 1992 1,615 (1) Geographic deployment represents either current or planned. 30
Appendix: Newbuild Delivery Schedule (1,2,) Vessel Name Vessel Type Shipyard Size (dwt) Delivery 1 SN-223 Oceangoing Oil Tanker / Ro Ro Cargo Severnav, Romania 2,400 1q 2009 2 QHS 221 Bunkering Tanker Hyundai, China 5,500 1q 2009 3 QHS 207 Bunkering Tanker Hyundai, China 5,500 2q 2009 4 QHS 208 Bunkering Tanker Hyundai, China 5,500 2q 2009 5 QHS 209 Bunkering Tanker Hyundai, China 5,500 3q 2009 6 QHS 210 Bunkering Tanker Hyundai, China 5,500 3q 2009 7 QHS 215 Bunkering Tanker Hyundai, China 5,500 3q 2009 8 QHS 216 Bunkering Tanker Hyundai, China 5,500 3q 2009 9 QHS 217 Bunkering Tanker Hyundai, China 5,500 4q 2009 10 QHS 222 Bunkering Tanker Hyundai, China 5,500 4q 2009 11 QHS 223 Bunkering Tanker Hyundai, China 5,500 4q 2009 12 QHS 224 Bunkering Tanker Hyundai, China 5,500 4q 2009 13 DN-3500-11 Bunkering Tanker Fujian, China 4,600 4q 2009 14 DN-3500-12 Bunkering Tanker Fujian, China 4,600 4q 2009 15 QHS 225 Bunkering Tanker Hyundai, China 5,500 1q 2010 16 DN-3500-13 Bunkering Tanker Fujian, China 4,600 1q 2010 17 QHS 226 Bunkering Tanker Hyundai, China 5,500 1q 2010 18 DN-3500-14 Bunkering Tanker Fujian, China 4,600 1q 2010 19 DN-3500-15 Bunkering Tanker Fujian, China 4,600 1q 2010 20 QHS 227 Bunkering Tanker Hyundai, China 5,500 2q 2010 21 QHS 228 Bunkering Tanker Hyundai, China 5,500 2q 2010 (1) Delivery schedule as per most recent shipyards reports. (2) Aegean owns options to purchase 2+2 2,400dwt oceangoing specialized tankers / roro cargo from Severnav Shipyard- not included in the schedule above. 31
Contact Information 32
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 33