Edgar Filing: AEGEAN MARINE PETROLEUM NETWORK INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

[ ]	REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

[X]	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the fiscal year ended December 31, 2014

OR

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the transition period from _________________ to _________________

OR

[ ]	SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	Date of event requiring this shell company report _________________

Commission file number 001-33179

AEGEAN MARINE PETROLEUM NETWORK INC.

(Exact name of Registrant as specified in its charter)

(Translation of Registrant's name into English)

The Republic of the Marshall Islands

(Jurisdiction of incorporation or organization)

10 Akti Kondili, Piraeus 185 45 Athens, Greece

(Address of principal executive offices)

E. Nikolas Tavlarios, Tel: (212) 430-1098, investor@ampni.com,

299 Park Avenue, New York, New York 10171

(Name, Telephone, E-mail and/or Facsimile, and address of Company Contact Person)

Securities registered or to be registered pursuant to section 12(b) of the Act.

Title of each class		Name of each exchange on which registered
Common stock, par value $0.01 per share		New York Stock Exchange
Preferred stock purchase rights		New York Stock Exchange

Securities registered or to be registered pursuant to section 12(g) of the Act.

NONE

(Title of class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

NONE

(Title of class)

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

As of December 31, 2014, there were 48,271,353 shares of common stock, par value $0.01 per share, outstanding.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes			No	X

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes			No	X

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes	X		No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes	X		No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See the definitions of "large accelerated filer" and "accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐

Accelerated filer ☒

Non-accelerated filer ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

X		U.S. GAAP

		International Financial Reporting Standards as issued by the international Accounting Standards Board

		Other

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:

	Item 17			Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes			No	X

TABLE OF CONTENTS

PART I		2

ITEM 1.	IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS	2
ITEM 2.	OFFER STATISTICS AND EXPECTED TIMETABLE	2
ITEM 3.	KEY INFORMATION	2
ITEM 4.	INFORMATION ON THE COMPANY	15
ITEM 4A.	UNRESOLVED STAFF COMMENTS	29
ITEM 5.	OPERATING AND FINANCIAL REVIEW AND PROSPECTS	30
ITEM 6.	DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES	46
ITEM 7.	MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS.	49
ITEM 8.	FINANCIAL INFORMATION	52
ITEM 9.	OFFER AND THE LISTING	53
ITEM 10.	ADDITIONAL INFORMATION	53
ITEM 11.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	58
ITEM 12.	DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES	59

PART II		59

ITEM 13.	DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES	59
ITEM 14.	MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS	59
ITEM 15.	CONTROLS AND PROCEDURES	59
ITEM 16A.	AUDIT COMMITTEE FINANCIAL EXPERT	60
ITEM 16B.	CODE OF ETHICS	60
ITEM 16C.	PRINCIPAL ACCOUNTING FEES AND SERVICES	60
ITEM 16D.	EXEMPTIONS FROM LISTING STANDARDS FOR AUDIT COMMITTEES	61
ITEM 16E.	PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASES	61
ITEM 16F.	CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT	61
ITEM 16G.	CORPORATE GOVERNANCE	61
ITEM 16H.	MINE SAFETY DISCLOSURE	61

PART III		61

ITEM 17.	FINANCIAL STATEMENTS	61
ITEM 18.	FINANCIAL STATEMENTS	61
ITEM 19.	EXHIBITS	61

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

Aegean Marine Petroleum Network Inc. desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance. When used in this report, the words "anticipate," "believe," "expect," "intend," "estimate," "forecast," "project," "plan," "potential," "may," "should," and similar expressions identify forward-looking statements.

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.

In addition to these assumptions and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include: our future operating or financial results; our future payment of dividends and the availability of cash for payment of dividends; our ability to retain and attract senior management and other key employees; our ability to manage growth; our ability to successfully consummate and integrate acquisitions; our ability to maintain our business in light of our proposed business and location expansion; our ability to obtain double hull bunkering tankers given the scarcity of such vessels in general; the outcome of legal, tax or regulatory proceedings to which we may become a party; adverse conditions in the shipping or the marine fuel supply industries; our ability to retain our key suppliers and key customers; our contracts and licenses with governmental entities remaining in full force and effect; material disruptions in the availability or supply of crude oil or refined petroleum products; changes in the market price of petroleum, including the volatility of spot pricing; increased levels of competition; compliance or lack of compliance with various environmental and other applicable laws and regulations; our ability to collect accounts receivable; changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general; our future, pending or recent acquisitions, business strategy, areas of possible expansion, and expected capital spending or operating expenses; our failure to hedge certain financial risks associated with our business; uninsured losses; our ability to maintain our current tax treatment; our failure to comply with restrictions in our credit agreements; increases in interest rates; and other important factors described from time to time in our U.S. Securities and Exchange Commission, or the SEC, filings.

PART I

ITEM 1.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

ITEM 2.

OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

ITEM 3.

KEY INFORMATION

Throughout this report, all references to "we," "our," "us" and the "Company" refer to Aegean Marine Petroleum Network Inc. and its subsidiaries. We use the term deadweight ton, or dwt, in describing the size of vessels. Dwt, expressed in metric tons, each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry. Unless otherwise indicated, all references to "dollars" and "$" in this report are to, and amounts are presented in, U.S. dollars.

A.	Selected Financial Data

The following tables set forth our selected historical consolidated financial information and other data as of and for the periods indicated, which has been derived from our historical audited consolidated financial statements. The selected consolidated financial and other data set forth below should be read in conjunction with "Item 5. Operating and Financial Review and Prospects" and our consolidated financial statements, together with the notes thereto, which are included herein. Our audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, and are maintained in U.S. dollars.

	For the year ended December 31,
	2014			2013			2012			2011			2010
	(in thousands of U.S. dollars, except for share and per share data which are presented in U.S. dollars)
REVENUES:
Revenues—third-parties		6,625,244			6,303,105			7,207,813			6,910,348			4,925,637
Revenues—related companies		36,557			31,624			51,147			55,117			45,998
Total Revenues		6,661,801			6,334,729			7,258,960			6,965,465			4,971,635

COST OF REVENUES:
Cost of revenues—third-parties		5,971,819			5,621,408			6,496,327			6,284,179			4,440,733
Cost of revenues—related companies		352,888			427,329			459,984			404,988			303,620
Total Cost of Revenues		6,324,707			6,048,737			6,956,311			6,689,167			4,744,353

GROSS PROFIT		337,094			285,992			302,649			276,298			227,282

OPERATING EXPENSES:
Selling and distribution		220,830			201,597			210,236			192,846			155,412
General and administrative		38,099			29,727			29,897			29,806			27,503
Amortization of intangible assets		3,323			1,603			1,505			1,461			1,001
Loss on sale of vessels, net		12,864			4,312			5,966			8,682			1,540
Vessel impairment charge		4,062			-			-			-			-
Total operating expenses		279,178			237,239			247,604			232,795			185,456

Operating income		57,916			48,753			55,045			43,503			41,826

OTHER INCOME/(EXPENSE):
Interest and finance costs		(33,898	)		(28,073	)		(31,192	)		(27,864	)		(17,351	)
Interest income		117			75			123			57			31
Gain on sale of subsidiary, net		-			4,174			-			-			-
Foreign exchange (losses)/gains, net		(6,032	)		1,123			3,786			1,440			(3,612	)
Other expenses		-			-			(1,191	)		-			-
Total other expenses		(39,813	)		(22,701	)		(28,474	)		(26,367	)		(20,932	)
Income before provision for income taxes		18,103			26,052			26,571			17,136			20,894

Income taxes		(464	)		978			(4,122	)		(5,428	)		(2,161	)

Net income		17,639			27,030			22,449			11,708			18,733

Net Income/(loss) attributable to non-controlling interest		49			(33	)		2,372			1,480			-

Net Income attributable to AMPNI shareholders		17,590			27,063			20,077			10,228			18,733

Basic and diluted earnings per common share		0.37			0.58			0.44			0.22			0.40
Weighted average number of shares, basic		46,271,716			45,667,249			45,473,360			45,979,761			46,295,973
Weighted average number of shares, diluted		46,271,716			45,667,249			45,473,360			45,979,761			46,445,499
Dividends declared and paid per share		0.05			0.04			0.04			0.04			0.04

	As of and for the Year Ended December 31,
	2014			2013			2012			2011			2010

	(in thousands of U.S. dollars, unless otherwise stated)
Balance Sheet and Cash Flow Data:
Cash and cash equivalents		129,551			62,575			77,246			68,582			86,499
Total assets		1,488,315			1,616,185			1,431,843			1,472,438			1,339,835
Total debt		740,880			783,317			653,286			706,916			624,698
Total liabilities		920,899			1,072,439			927,325			992,896			869,472
Common stock		502			492			486			482			477
Number of shares outstanding		48,271,353			47,272,020			46,581,399			46,229,231			46,709,420
Total AMPNI stockholders' equity		567,416			543,455			500,666			478,062			470,363
Net cash provided by / (used in) operating activities		182,206			40,583			123,519			(44,865	)		(64,626	)
Net cash used in investing activities		(59,494	)		(181,821	)		(58,162	)		(45,589	)		(169,003	)
Net cash (used in)/provided by financing activities		(50,280	)		125,978			(57,127	)		73,169			265,287

Other Financial Data:
Gross spread on marine petroleum products (1)		304,545			256,724			268,804			256,960			218,533
Gross spread on lubricants (1)		2,948			3,914			3,077			1,965			2,221
Gross spread on marine fuel (1)		301,597			252,810			265,727			254,995			216,312
Gross spread per metric ton of marine fuel sold (in U.S. dollars) (1)		26.6			25.4			25.0			24.0			21.0
EBITDA (2)		82,019			83,231			86,448			73,791			66,112

Operating Data:
Sales volume of marine fuel (metric tons) (3)		11,332,385			9,941,061			10,620,864			10,646,271			10,308,210
Number of markets served, end of year (4)		29.0			27.0			20.0			19.0			16.0
Number of owned and operated bunkering vessels, end of year (5)		48.0			51.0			56.0			58.0			52.0
Average number of owned and operated bunkering vessels (5)(6)		50.2			53.8			57.9			56.3			48.1
Special purpose vessels, end of year (7)		1			1			1			1			1
Number of operating storage facilities, end of year (8)		14			14			8			8			8

(1)

For the definition and calculation of gross spread on marine petroleum products and a reconciliation to U.S. GAAP measures, please see "Item 5. Operating and Financial Review and Prospects—A. Operating Results—Factors Affecting our Results of Operations—Gross spread on marine petroleum products and gross spread per metric ton of marine fuel sold."

(2)	For the definition and calculation of EBITDA and a reconciliation to U.S. GAAP measures, please see "Item 5. Operating and Financial Review and Prospects—A. Operating Results—Factors Affecting our Results of Operations—EBITDA."

(3)	The sales volume of marine fuel is the volume of sales of marine fuel oil, or MFO, and marine gas oil, or MGO, for the relevant period and is denominated in metric tons. We do not utilize the sales volume of lubricants as an indicator.

(4)

The number of markets served includes our operations at our service centers in the United Arab Emirates (Fujairah, Khor Fakkan), Gibraltar, Jamaica, Singapore, Northern Europe (Belgium and the Netherlands), Canada (Vancouver), United Kingdom (Portland and French Atlantic), Southern Caribbean (Trinidad and Tobago), Morocco (Tanger-Med), Canary Islands (Las Palmas and Tenerife), Panama, Spain (Barcelona and Algeciras), the U.S. East and West Coasts, the Gulf of Mexico, and Greece (Piraeus and Patra), where we conduct operations through our related company, Aegean Oil S.A., or Aegean Oil, as well as our trading operations in Montreal. The number of markets served is an indicator of the geographical distribution of our operations and affects both the amount of revenues and expenses that we record during a given period. We commenced physical supply operations in the Antwerp-Rotterdam-Amsterdam region on April 1, 2010, Las Palmas on July 1, 2010, Cape Verde on March 13, 2011, Tenerife on June 4, 2011, Panama on August 1, 2011, Hong Kong on September 13, 2012, Barcelona on April 30, 2013, Algeciras on August 8, 2013, the U.S. East Coast on December 18, 2013, and the Gulf of Mexico on December 22, 2014.

(5)	Bunkering vessels include both bunkering tankers and barges. This data does not include our special purpose vessel, the Aegean Orion, a 550 dwt tanker, which is based in Greece.

(6)

Average number of operating bunkering vessels is the number of operating bunkering vessels in our fleet for the relevant period, as measured by the sum of the number of days each bunkering vessel was used as a part of our fleet during the period divided by the cumulative number of calendar days in the period multiplied by the number of operating bunkering vessels at the end of the period. This figure does not take into account non-operating days due to either scheduled or unscheduled maintenance.

(7)	This figure includes our special purpose vessel, the Aegean Orion, which is based in Greece.

(8)

This figure includes our Aframax tanker, the Leader, which we used as a floating storage facility in the United Arab Emirates until it was sold on September 5, 2014. We used our Panamax tankers, the Ouranos, the Fos II and Aeolos, as storage facilities until October 2010, April 2011 and February 2013, respectively, when the vessels were sold. During 2010, we acquired a barge, the Mediterranean, which operates as a floating storage facility in Greece. In 2010, we also acquired another barge, the Tapuit, which operated in Northern Europe until it was sold during March 2015. In November 2011, we chartered a product tanker, the Rio Luxembourg, which was used as a floating storage facility in Ghana until December 2012. We also have on-land storage facilities in Portland (United Kingdom) and Las Palmas (Canary Islands) and operate a storage site in Tangiers, Panama, Barcelona, Bayonne, Brooklyn, Pennsauken, Baltimore and Charleston pursuant to leases. The ownership of floating storage facilities allows us to mitigate risk of supply shortages. Generally, storage costs are included in the price of refined marine fuel quoted by local suppliers. We expect that the ownership of floating storage facilities will allow us to convert the variable costs of a storage fee mark-up per metric ton quoted by suppliers into fixed costs of operating our own storage facilities, thus enabling us to spread larger sales volumes over a fixed cost base and to decrease our marine petroleum products costs.

B.	Capitalization and Indebtedness

Not applicable.

C.	Reasons for the Offer and Use of Proceeds

Not applicable.

D.	Risk Factors

The following risks relate principally to the industry in which we operate and our business in general. The risks and uncertainties described below are not the only risks that we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. Any of these risks may have a material adverse effect on our business, financial condition, results of operations and cash flows and the trading price of our securities could decline.

Risk Factors Relating to Our Company

A renewed contraction or worsening of the global credit markets and economic conditions and the resulting volatility in the financial markets could have a material adverse impact on our ability to obtain sufficient funds to grow or effectively manage our growth.

A principal focus of our strategy is to grow by expanding our business. Our future growth depends, in part, on our ability to obtain financing for our existing and new operations and business lines. In recent years, global financial markets have experienced extraordinary volatility following significant contraction, deleveraging and reduced liquidity in the global credit markets. In addition, a number of major financial institutions have experienced serious financial difficulties and, in some cases, have entered into bankruptcy proceedings or are subject to regulatory enforcement actions. These difficulties have been compounded by a general decline in the willingness by banks and other financial institutions to extend credit and may adversely affect the financial institutions that may provide us with credit to support our working capital requirements. In addition, these difficulties may impair the ability of our lenders to continue to perform under their financing obligations to us, which could negatively impact our ability to fund current and future obligations. These recent and developing economic factors may have a material adverse effect on our ability to expand our business.

Further, as a result of the ongoing economic downturn in Greece resulting from the sovereign debt crisis and the related austerity measures implemented by the Greek government, our operations in Greece may be subjected to new regulations that may require us to incur new or additional compliance or other administrative costs and may require that we pay to the Greek government new taxes or other fees. Furthermore, the change in the Greek government and potential shift in its policies may undermine Greece's political and economic stability, which may adversely affect our operations located in Greece. We also face the risk that strikes, work stoppages, civil unrest and violence within Greece may disrupt our shoreside operations located in Greece.

Our future growth depends on a number of additional factors, which also may be adversely affected in the current economic climate, including our ability to:

increase our fleet of bunkering vessels;

identify suitable markets for expansion;

consummate vessel acquisitions at attractive prices, which may not be possible if asset prices rise too quickly;

integrate acquired vessels, or other assets or businesses successfully with our existing operations;

hire, train and retain qualified personnel to manage and operate our growing business and fleet;

improve our operating, financial and accounting systems and controls;

maintain or improve our credit control procedures;

obtain required financing for our existing and new operations;

obtain and maintain required governmental authorizations, licenses and permits for new and existing operations;

manage relationships with our customers and suppliers;

provide timely service at competitive prices; and

attract and retain customers.

A deficiency in any of these factors may negatively impact our ability to generate cash flow, raise money or effectively manage our growth. In addition, competition from other companies could reduce our expansion or acquisition opportunities, cause us to lose business opportunities, competitive advantages or customers or cause us to pay higher or charge lower prices than we might otherwise pay or charge. Furthermore, competitive conditions in the markets that we may consider for future expansion may be more adverse to us than those in markets served by our existing service centers, and any new markets that we may service may be less profitable than our existing markets.

We may not be in compliance with the covenants contained in our debt agreements.

Certain of our credit facilities, which are secured by mortgages on our vessels or other assets, require us to maintain specified financial ratios, mainly to ensure that the market value of the mortgaged vessels under the applicable credit facility, determined in accordance with the terms of that facility, does not fall below a certain percentage of the outstanding amount of the loan, which we refer to as a security value. In addition, certain of our credit facilities require us to satisfy certain other financial covenants. In general, these financial covenants require us to maintain, among other things, (i) a minimum market value adjusted net worth or book net worth; (ii) a minimum current ratio; (iii) a minimum amount of liquidity and a minimum liquidity ratio; (iv) a maximum ratio of total liabilities to total assets; and (v) a minimum working capital.

A violation of these loan covenants, among others, may constitute an event of default under our credit facilities, which, unless cured within the grace period set forth under the credit facility, if applicable, or waived or modified by our lenders, may provide our lenders with the right to, among other things, require us to post additional collateral, enhance our equity and liquidity, increase our interest payments, pay down our indebtedness to a level where we are in compliance with our loan covenants, sell vessels in our fleet and accelerate our indebtedness and foreclose their liens on our vessels and the other assets securing the credit facilities, which would impair our ability to continue to conduct our business. In the past, we have not been in compliance with some of the financial covenants in our credit facilities and have obtained waivers from our lenders for such non-compliance.

Furthermore, certain of our debt agreements contain cross-default provisions that may be triggered by a default under one of our other debt agreements. A cross default provision means that a default on one loan would result in a default on certain of our other loans. The occurrence of any event of default, or our inability to obtain a waiver from our lenders in the event of a default, could result in certain or all of our indebtedness being accelerated or the foreclosure of the liens on our vessels by our lenders as described above. If our secured indebtedness is accelerated in full or in part, it would be very difficult in the current financing environment for us to refinance our debt or obtain additional financing and we could lose our vessels and other assets securing our credit facilities if our lenders foreclose their liens, which would adversely affect our ability to conduct our business.

Moreover, in connection with any waivers of or amendments to our credit facilities that we have obtained, or may obtain in the future, our lenders may impose additional operating and financial restrictions on us or modify the terms of our existing credit facilities. These restrictions may further restrict our ability to, among other things, pay dividends, make capital expenditures or incur additional indebtedness, including through the issuance of guarantees. In addition, our lenders may require the payment of additional fees, require prepayment of a portion of our indebtedness to them, accelerate the amortization schedule for our indebtedness and increase the interest rates they charge us on our outstanding indebtedness.

In addition, under the terms of our credit facilities, our payment of dividends or other payments to shareholders as well as our subsidiaries' payment of dividends to us is subject to no event of default. See "Item 8. Financial Information—Dividend Policy."

As of December 31, 2014, we were in compliance with all of the financial covenants contained in our credit facilities.

Restrictive covenants in our credit facilities impose operating restrictions on us that limit our corporate activities, which could negatively affect our growth and cause our financial performance to suffer.

Our credit facilities contain covenants that impose operating restrictions on us. Such restrictions affect, and in many respects limit or prohibit, among other things, our ability to pay dividends, incur additional indebtedness, create liens, sell assets, or engage in mergers or acquisitions. These restrictions could limit our ability to plan for or react to market conditions or meet extraordinary capital needs or otherwise restrict corporate activities. These restrictions could adversely affect our ability to finance our future operations or capital needs or to engage in other business activities which will be in our interest.

Our ability to comply with covenants and restrictions contained in our credit facilities may be affected by events beyond our control, including prevailing economic, financial and industry conditions. If market or other economic conditions worsen, we may fail to comply with these covenants. If we breach any of the restrictions, covenants or ratios in our credit facilities, our obligations may become immediately due and payable, and the lenders' commitment, if any, to make further loans may terminate. A default under any of our credit facilities could also result in foreclosure on any of our vessels and other assets securing the related loans. The occurrence of any of these events could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to pay dividends.

In addition, our discretion is limited because we may need to obtain the consent from our lenders in order to engage in certain corporate actions. Our lenders' interests may be different from ours, and we may not be able to obtain our lenders' consent when needed. This may prevent us from taking actions that are in our security holders' best interest.

We may not have the ability to raise the funds necessary to pay interest on our 4.00% Convertible Unsecured Senior Notes due 2018, to repurchase the notes upon a fundamental change or to settle conversions of the notes in cash. We may also be restricted from satisfying our obligations upon the occurrence of a fundamental change.

Our 4.00% Convertible Unsecured Senior Notes due 2018 bear interest semi-annually at a rate of 4.00% per year. In addition, in certain circumstances, we are obligated to pay additional interest or special interest on the notes. If a fundamental change occurs, holders of the notes may require us to repurchase all or a portion of their notes in cash. The terms of our credit facilities may also restrict our ability to repurchase all or a portion of the notes upon a fundamental change in certain circumstances. The occurrence of certain events that constitute a fundamental change also constitute an event of default under some of our credit agreements. Currently, our 2013 Secured Multicurrency Revolving Credit Facility does not allow us to redeem the notes at our option prior to the later of the maturity of the Tranche A Facility (one year tenor) and the maturity of the Tranche B Facility (two year tenor). Furthermore, upon conversion of any notes, unless we elect (or are required) to deliver solely shares of our common stock to settle the conversion (excluding cash in lieu of delivering fractional shares of our common stock), we must make cash payments in respect of the notes. Any of the cash payments described above could be significant, and we may not have enough available cash or be able to obtain financing so that we can make such payments when due. If we fail to pay interest on the notes, repurchase the notes when required or deliver the consideration due upon conversion, we will be in default under the indenture which governs the notes.

In the event the conditional conversion feature of our 4.00% Convertible Unsecured Senior Notes due 2018 is triggered, holders of such notes will be entitled to convert such notes at any time during specified periods at their option. Even if holders do not elect to convert their notes, we could be required under applicable accounting rules to reclassify all or a portion of the outstanding principal of the notes as a current rather than long-term liability, which would result in a material reduction of our net working capital.

An inability to obtain financing for our growth or to fund our future capital expenditures could negatively impact our results of operations and financial condition.

In order to fund future vessel acquisitions, expansion into new and existing markets and products, increased working capital levels or capital expenditures, we will be required to use cash from operations, incur borrowings or raise capital through the sale of debt or equity securities in the public or private markets. Use of cash for the above described purposes would reduce cash available for dividend distributions to you. Our ability to obtain additional bank financing or access the capital markets for any future offerings may be significantly limited by the volatility in the global financial markets and the adverse changes in the global credit markets that have occurred in recent years. The credit markets in the United States and elsewhere have experienced significant contraction, deleveraging and reduced liquidity. These adverse market conditions and other contingencies and uncertainties are beyond our control. Our ability to obtain additional bank financing will also depend on our financial condition, which may be adversely affected by prevailing economic conditions.

Our failure to obtain funds for such purposes could impact our results of operations and financial condition. The issuance of additional equity securities would dilute your interest in us and reduce dividends payable to our shareholders. Even if we are successful in obtaining additional bank financing, paying debt service would limit cash available for working capital and increasing our indebtedness could have a material adverse effect on our business, results of operations, cash flows and financial condition.

Business acquisition and co-operation opportunities may present increased risks and uncertainties, which if realized, could result in costs that outweigh the financial benefit of such opportunities.

As part of our growth strategy, we intend to explore acquisition and co-operation opportunities of marine fuel supply and complementary businesses. Business acquisitions and co-operation opportunities, such as these, could expose us to additional business and operating risks and uncertainties, including:

the ability to effectively integrate and manage acquired businesses and assets;

the ability to realize our investment in the acquired businesses and assets;

the diversion of management's time and attention from other business concerns;

the risk of entering markets in which we may have no or limited direct prior experience;

the potential loss of key employees of the acquired businesses;

the risk that an acquisition could reduce our future earnings; and

exposure to unknown liabilities.

Growing any business by acquisition presents numerous risks, such as undisclosed liabilities and obligations, difficulty in obtaining additional qualified personnel, managing relationships with customers and suppliers and integrating newly acquired operations into existing infrastructures. For example, in December 2014, we filed a breach of contract claim against Hess Corporation (NYSE: HES), or Hess, for the breach of certain representations and warranties in connection with our acquisition of its East Coast bunkering business. For additional information, please see "Item 8.A Financial Information—Consolidated Statements and Other Financial Information—Legal Proceedings."

Our management may not properly evaluate the risks inherent in any particular transaction. In addition, the expansion of our business may impose significant additional responsibilities on our management and staff, and may necessitate that we increase the number of personnel. We cannot give any assurance that we will be successful in executing our growth plans or that we will not incur significant expenses and losses in connection with our future growth.

In addition, the terms of our credit facilities may also restrict our ability to expand or contract our business. In the current economic and regulatory climate, it may be especially difficult to assess the risks involved in a particular transaction due to uncertainty in government responses to market volatility and the contracted credit markets.

Furthermore, future acquisitions could result in the incurrence of substantial additional indebtedness and other expenses. Future acquisitions may also result in potentially dilutive issuances of equity securities and may affect the market price of our common shares. Difficulties encountered with acquisitions may have a material adverse effect on our business, financial condition and results of operations.

Material weaknesses in our disclosure controls and procedures and internal control over financial reporting could negatively affect shareholder and customer confidence towards our financial reporting and other aspects of our business.

Our disclosure controls and procedures are designed to ensure that material financial and non-financial information that we prepare for public disclosure is recorded, processed, summarized and reported in a timely manner, and that it is accumulated and communicated to our management, including our President and Principal Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding such disclosure. Because there are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including our internal control over financial reporting, controls and procedures may not prevent or detect misstatements.

As at December 31, 2014, our management, with the participation of our President and Principal Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation, our management concluded that as of December 31, 2014, our internal control over financial reporting was not effective due to material weaknesses in our internal controls over financial reporting, which are described in "Item 15(b)" of this annual report. These material weaknesses resulted in classification errors that were identified subsequent to the issuance of our earnings release for the three months and year ended December 31, 2014. The classification errors were corrected in our audited consolidated balance sheet, statement of income and statement of cash flows for the fiscal year ended December 31, 2014, which are included in this annual report.

Although we have initiated remedial steps to address these material weaknesses in our internal control over financial reporting, the existence of these material weaknesses could negatively affect shareholder and customer confidence towards our financial reporting and other aspects of our business. Furthermore, further and continued determinations that there are material weaknesses in the effectiveness of our material controls and procedures would also reduce our ability to obtain financing or could increase the cost of any financing we obtain and require additional expenditures to comply with applicable requirements.

Please see "Item 15. Controls and Procedures" for additional information regarding the material weaknesses discussed above.

Due to the lack of diversification in our lines of business, adverse developments in the marine fuel supply business would negatively impact our results of operations and financial condition.

We rely primarily on the revenues generated from our business of physical supply and marketing of refined marine fuel and lubricants to end customers. Due to the lack of diversification in our line of business, an adverse development in our marine fuel supply business would have a significant impact on our business, financial condition and results of operations.

Purchasing and operating secondhand vessels may expose us to increased operating risks because of the quality of those vessels and the lack of builders' or sellers' warranty protection.

Our fleet renewal and expansion strategy includes the acquisition of secondhand vessels as well as newbuildings. Unlike newbuildings, secondhand vessels typically do not carry warranties with respect to their condition. Our inspections of secondhand vessels would normally not provide us with as much knowledge of its condition as we would possess if the vessel had been built for us and operated by us throughout its life. Repairs and maintenance costs for secondhand vessels may be more substantial than for vessels we have operated since they were built. These costs could decrease our profits and reduce our liquidity.

The market value of our vessels may decrease, which could cause us to incur losses if we decide to sell them following a decline in their market values.

The fair market value of the vessels that we currently own or may acquire in the future may increase or decrease depending on a number of factors, including general economic and market conditions affecting the international marine fuel supply industry, including competition from other marine fuel supply companies, types, sizes and ages of our vessels, supply and demand for bunkering tankers, costs of newbuildings and governmental or other regulations. If we sell any vessel when vessel prices have fallen and before we have recorded an impairment charge to our financial statements, the sale may be at less than the vessel's carrying amount on our financial statements, resulting in a loss. Such loss could adversely affect our financial condition, results of operations and our ability to pay dividends to our shareholders.

International authorities and flag states may delay implementation of the phase-out of single hull vessels, which may lessen the competitive advantage we hope to gain by acquiring double hull bunkering tankers.

Our strategy involves capitalizing on the phase-out of single hull bunkering tankers under environmental protection laws and regulations, including, but not limited to, those promulgated by the European Union, or the EU, and the International Maritime Organization, or the IMO, the United Nations agency for maritime safety and the prevention of pollution by ships. Both the EU and the IMO required a phase-out of all single hull vessels by 2010, or until 2015, subject to certain exemptions. Under the IMO regulations, a flag state may allow newer single hull vessels conforming to certain technical specifications to continue to operate until the earlier of the anniversary of the date of delivery of the vessel in 2015 or the 25th anniversary of the vessel's delivery.

Our future success may depend, in part, on the timely and comprehensive implementation of the phase-out of single hull vessels. Any exemption or limitation in application of the environmental protection laws and regulations could limit our anticipated growth or other anticipated benefits because our strategy involves employing and acquiring secondhand double hull bunkering tankers.

If we are unable to comply with existing or modified environmental laws and regulations relating to our fuel storage facilities, we would be exposed to significant compliance costs and liabilities.

Our operations involving the transportation and storage of fuel are subject to stringent laws and regulations governing the discharge of materials into the environment, otherwise relating to protection of the environment, operational safety and related matters. Compliance with these laws and regulations increases our overall cost of business, including our capital costs to maintain and upgrade equipment and facilities, or claims for damages to property or persons resulting from our operations. Failure to comply with these laws and regulations may result in the assessment of administrative, civil, and criminal penalties, the imposition of investigatory and remedial liabilities, and the issuance of injunctions that may restrict or prohibit our operations or even claims of damages to property or persons resulting from our operations. The laws and regulations applicable to our operations are subject to change, and compliance with current and future laws and regulations may have a material effect on our results of operations or earnings. A discharge of hazardous materials into the environment could, to the extent such event is not insured, subject us to substantial expense, including both the cost to comply with applicable laws and regulations and liability to private parties for personal injury or property damage.

Most of our customers are not obligated to continue to contract our services and if some of our key customers reduce or terminate their purchases, our results of operations would decrease.

Generally, we have not derived a significant amount of revenue from written volume commitments from our key customers or any other understandings with our key customers that relate to future purchases. Purchases by our key customers could be reduced or terminated at any time. A substantial reduction or a termination of purchases by any of our key customers could decrease our results of operations.

We extend trade credit to most of our customers and our financial position and results of operations may diminish if we are unable to collect accounts receivable.

We extend trade credit to most of our customers. Our success in attracting business has been due, in part, to our willingness to extend trade credit on an unsecured basis to our customers. As of December 31, 2014, 82 of our customers, representing 78% of our total customers, had outstanding balances with us of at least $1.0 million under the lines of credit that we have extended to them. Our credit procedures and policies do not fully eliminate customer credit risk. The adverse changes in world credit markets over the last several years may cause these numbers to increase if our customers cannot borrow money and are illiquid. We may not be able to collect on the outstanding balances of our customers if any of our customers enter bankruptcy proceedings. For example, we currently have $7.0 million receivables outstanding from O.W. Bunker AS and certain of its subsidiaries, which we refer to collectively as O.W. Bunker, which filed for bankruptcy protection in November 2014, which may not be recoverable.

Losses due to nonpayment by our customers, if significant, would diminish our financial position and results of operations.

We depend on a number of key suppliers, which makes us susceptible to supply shortages or price fluctuations that could diminish our operating results.

We currently purchase refined marine petroleum products from a number of key suppliers. If our relationship with any of our key suppliers terminates or if any of our key suppliers suffers a disruption in production, we may not be able to obtain a sufficient quantity of refined marine fuel and lubricants on acceptable terms and without interruption in our business. We may experience difficulties and delays in obtaining marine fuel from alternative sources of supply. Any interruption or delay in the supply of marine fuel, or the inability to obtain fuel from alternate sources at acceptable prices and within a reasonable amount of time, would impair our ability to meet scheduled deliveries to our customers and could cause customers to cancel orders, which would weaken our financial condition and reduce our results of operations.

The refined marine fuel that we purchase from our suppliers may fail to meet the contractual specifications that we have agreed to supply to our customers and, as a result, we could lose business from those customers and be subject to claims or other liabilities.

If the refined marine fuel that we purchase from our suppliers fails to meet the specifications we have contractually agreed to supply to our customers, we could be subject to claims or other liabilities. In addition, our relationship with our customers may be adversely affected or we could lose our customers. Our insurance policies that protect us against most of the risks involved in the conduct of our business may not be adequate and we may not have any recourse against our suppliers for marine fuel that fails to meet agreed specifications. The loss of customers and increased liabilities would reduce our earnings and could have a material adverse effect on our business, weaken our financial condition and reduce our results of operations.

If Aegean Oil or third-party physical suppliers fail to provide services to us and our customers as agreed, we would be subject to customer claims which could negatively affect our business and results of operations.

We have contracted with Aegean Oil to provide various services to our customers in Greece, including fueling of vessels in port and at sea. Aegean Oil is a related company owned and controlled by members of the family of Mr. Dimitris Melisanidis, our founder and Head of Corporate Development. Mr. Melisanidis may also be deemed a control person of Aegean Oil and other entities affiliated with us for U.S. securities law purposes, but Mr. Melisanidis disclaims such control. In connection with our limited marine fuel trading activities, from time to time, we contract with other third-party physical suppliers to deliver marine fuel to our customers in markets where we do not have service centers. The failure of Aegean Oil or any other third-party physical supplier to perform these services in accordance with the terms we have agreed with them and our customers could affect our relationships with our customers and subject us to claims and other liabilities which could harm our business or negatively affect our financial results. If Aegean Oil or any third-party physical suppliers fails to perform its obligations to us, you will not have any recourse directly against Aegean Oil or the third-party physical suppliers.

Agreements between us, Aegean Oil and other affiliated entities may be more favorable or less favorable than agreements that we could obtain from unaffiliated third-parties.

The marine fuel service supply agreement and other agreements we have with Aegean Oil, our largest supplier of marine petroleum products, as well as other agreements we have with affiliated entities have been made in the context of an affiliated relationship. Aegean Oil and other affiliated entities are owned and controlled by members of Mr. Melisanidis' family. Mr. Melisanidis has also been involved historically with our related companies and had a leadership role with respect to the promotion of their products and services. The negotiation of the marine fuel service supply agreement and our other contractual arrangements may have resulted in prices and other terms that are more favorable or less favorable to us than terms we might have obtained in arm's-length negotiations with unaffiliated third-parties for similar services because at the time of the negotiations, we were majority-owned by Leveret International Inc., or Leveret, a company controlled by Mr. Melisanidis. Moreover, Aegean Oil and other affiliated entities remain our related companies, and we remain subject to similar risks in future business dealings with these parties. Please see "Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions."

We are vulnerable to price fluctuations of marine fuel, which may result in the reduced value of our inventory and cause us to suffer financial loss.

Due to the nature of our business, we may increase the volume of our marine fuel inventories. Depending upon the price and price movement of refined marine fuel, our marine fuel inventories may subject us to a risk of financial loss.

Furthermore, marine fuel prices have been volatile in the recent past and may continue to be volatile in the future due to factors outside of our control. These factors include, among others, global economic conditions, changes in global crude oil prices, expected and actual supply and demand for marine fuel, political conditions, laws and regulations related to environmental matters (including those mandating or incentivizing alternative energy sources or otherwise addressing global climate change), changes in pricing or production controls by the Organization of the Petroleum Exporting Countries (OPEC), technological advances affecting energy consumption and supply, energy conservation efforts, price and availability of alternative energy sources, and the weather.

Although we conservatively manage risks related to such fluctuations, we have no control over the changing market value of our inventory, and pricing terms with our suppliers and customers and hedges by way of oil futures or other instruments, that we have entered, or will enter into, may not adequately protect us in the event of a substantial downward movement in the price of marine fuel. Please see "Item 11. Quantitative and Qualitative Disclosures about Market Risk."

Our business and our customers' businesses are vulnerable to currency exchange fluctuations, which could negatively affect our results of operations and cash flows and reduce our profitability.

Generally, in all of our service centers, we invoice our customers for the sale and delivery of marine petroleum products in U.S. dollars. Many of our customers are foreign customers and may be required to obtain U.S. dollars to pay for our products and services. A rapid depreciation or devaluation in a currency affecting our customers could have an adverse effect on our customers' operations and their ability to convert local currency to U.S. dollars to make required payments to us. This would in turn result in credit losses for us, which would reduce our results of operations and cash flows.

Should we enter certain markets where payments and receipts are denominated in local currency or should either the international oil and gas markets or the international shipping markets change their base currency from the U.S. dollar to another international currency such as the Euro, the impact on our dollar-denominated consolidated statements of income may be significant.

Due to the minimal historic impact of foreign exchange fluctuations on us, it is our policy to not enter into hedging arrangements in respect of our foreign currency exposures.

Please see "Item 11. Quantitative and Qualitative Disclosures about Market Risk."

Failure to comply with anti-bribery laws could have a material adverse effect on our business, financial condition and results of operations, including as a result of criminal, civil and employment sanctions as well as negative publicity.

Our operations are subject to various anti-bribery laws, including the UK Bribery Act and the U.S. Foreign Corrupt Practices Act. Our employees and/or third parties acting as agents for us could engage in fraudulent behavior against us on their own or others' initiative, making them act against our interests. Such actions could include, entering into agreements with our competitors limiting free competition, document fraud, port bribes, fraudulent commission agreements, facilitation payments and bribes to get access to exclusive business. Whether intentional or not, such actions could potentially put us at risk for both legal liabilities and reputational harm.

We may be unable to attract and retain key personnel, which could interrupt our business and limit our growth.

Our success depends to a significant degree upon the abilities and efforts of our management team and our ability to hire and retain key members of our management team. The loss of any of these individuals, or our inability to attract and retain qualified personnel could adversely affect our business prospects and financial condition. Difficulty in hiring and retaining key personnel could negatively impact our results of operations and financial condition. We do not intend to maintain "key man" life insurance on any of our officers or our board members, including Mr. Peter C. Georgiopoulos, the Chairman of our board of directors, and Mr. Dimitris Melisanidis, our founder and Head of Corporate Development. We believe that Mr. Georgiopoulos is an important member of our board of directors and Mr. Melisanidis is an important member of our management team and that the loss of the services or involvement in our business on the part of either or both of them would have a material adverse effect on our Company. We have entered into employment agreements with Mr. Melisanidis, Mr. E. Nikolas Tavlarios, our President and Mr. Spyros Gianniotis, our Chief Financial Officer.

As we expand our fleet, we may not be able to recruit suitable employees and crew for our tankers, which may limit our growth and cause our financial performance to suffer.

As we expand our fleet, we will need to recruit suitable crew, shoreside, administrative and management personnel. We may not be able to continue to hire suitable employees as we expand our fleet of tankers. If we are unable to recruit suitable employees and crews, we may not be able to provide our services to customers, our growth may be limited and our financial performance may suffer.

A portion of our employees are covered by national collective bargaining agreements, which set minimum standards for employment, and any industrial action or other labor unrest could disrupt our business.

A portion of our employees from Greece, the Philippines and Russia are covered by national collective bargaining agreements, which set minimum standards for employment. Industrial action or other labor unrest could disrupt our business. If not resolved in a timely and cost-effective manner, such industrial action or other labor unrest could prevent or hinder our operations from being carried out normally and could disrupt our business and reduce our results of operations and cash flows.

We are a holding company, and are dependent primarily on the ability of our operating subsidiaries to distribute funds to us in order to satisfy our financial and other obligations and to make dividend payments.

We are a holding company, and we have no significant assets other than the equity interests in our subsidiaries. As a result, our ability to satisfy our financial and other obligations and to pay dividends depends primarily on the performance of our operating subsidiaries and their ability to distribute funds to us. If we are unable to obtain funds from our operating subsidiaries, we will not be able to pay dividends unless we obtain funds from other sources. We may not be able to obtain the necessary funds from other sources on terms acceptable to us.

We may not achieve sufficient earnings to pay dividends to our shareholders.

We currently intend to pay regular cash dividends on a quarterly basis. We will make such dividend payments to our shareholders only if our board of directors, acting in its sole discretion, determines that payments of dividends would be in our best interest and in compliance with relevant legal and contractual requirements. The principal business factors that our board of directors expects to consider when determining the timing and amount of dividend payments will be our earnings, financial condition and cash requirements at the time.

U.S. investors in our Company could suffer adverse tax consequences if we are characterized as a passive foreign investment company.

If, for any taxable year, our passive income or our assets that produce or are held for production of passive income exceed levels provided by law, we may be characterized as a "passive foreign investment company," or a PFIC, for U.S. federal income tax purposes. This characterization could result in adverse U.S. tax consequences to our U.S. shareholders. If we are classified as a PFIC, a U.S. shareholder of our common stock could be subject to increased U.S. federal income tax liability upon the sale or other disposition of our common stock or upon the receipt of amounts treated as "excess distributions." Under these rules, the excess distribution and any gain upon a sale of our common stock would be allocated ratably over the U.S. shareholder's holding period for the common stock, and the amount allocated to the current taxable year and any taxable year prior to the first taxable year in which we were a PFIC would be taxed as ordinary income in the current taxable year. The amounts allocated to each of the other taxable years would be subject to tax at the highest marginal rates on ordinary income in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit would be imposed on the resulting tax liability as if such tax liability had been due with respect to each such other taxable year. In addition, shareholders of a PFIC may not receive a "step-up" in tax basis on common stock acquired from a decedent. U.S. shareholders should consult with their own U.S. tax advisors with respect to the U.S. tax consequences of investing in our common stock as well as the specific application of the "excess distribution" rule and other rules discussed in this paragraph.

We presently believe that we are not a PFIC and do not anticipate becoming a PFIC. This is, however, a factual determination made on an annual basis based on our activities, income and assets, among other factors, and is subject to change. For a discussion of how we might be characterized as a PFIC and related U.S. federal tax income consequences, please see "Item 10. Additional Information—E. Taxation—U.S. Federal Income Taxation of U.S. Holders—Passive Foreign Investment Company."

If we become subject to tax in the jurisdictions in which we operate, our net income and cash flow would decrease.

Our business is affected by taxes imposed on the purchase and sale of refined marine petroleum products in various jurisdictions in which we operate from time to time. These taxes include income, sales, excise, goods and services taxes, value-added taxes and other taxes. We currently do not pay a significant amount of tax, including withholding taxes, in any jurisdiction in which we operate. As a result of changes in our operations, tax laws or the application by tax authorities of these laws or our failure to comply with tax laws, we may become liable for an increased amount of tax in any jurisdiction. An increased liability for taxes would decrease our net income and cash flow.

Our insurance policies may not be adequate to cover our losses and because we obtain some of our insurance policies through protection and indemnity associations, we may be subject to calls in amounts based not only on our own claim records, but also the claim records of other members of the protection and indemnity associations, which could expose us to additional expenses.

We carry insurance policies to protect us against most of the accident-related risks involved in the conduct of our business, including marine hull and machinery insurance, protection and indemnity insurance, which includes pollution risks, crew insurance, and war risk insurance. We may not be adequately insured to cover losses from our operational risks. Additionally, our insurers may refuse to pay particular claims and our insurance policies may be voidable by the insurers if we take, or fail to take, certain action, such as failing to maintain certification of our vessels with applicable maritime regulatory organizations. Any significant uninsured or under-insured loss or liability could have a material adverse effect on our business, results of operations, cash flows and financial condition. In addition, we may not be able to obtain adequate insurance coverage at reasonable rates in the future during adverse insurance market conditions.

We may also be subject to calls or premiums in amounts based not only on our claim records but also the claim records of other members of the protection and indemnity associations through which we receive insurance coverage for tort liability, including pollution-related liability. Our payment of these calls could result in significant expense to us, which could have a material adverse effect on our results of operations, cash flows and financial condition. Moreover, the protection and indemnity associations and other insurance providers reserve the right to make changes in insurance coverage with little or no advance notice.

Maritime claimants could arrest our vessels, which could disrupt our cash flow.

Crew members, suppliers of goods and services to a vessel and other parties may be entitled to a maritime lien against that vessel for unsatisfied debts, claims or damages. In many jurisdictions, a maritime lien holder may enforce its lien by arresting a vessel through foreclosure proceedings. The arrest or attachment of one or more of our vessels could interrupt our cash flows and require us to pay a significant amount of money to have the arrest lifted. In addition, in some jurisdictions under the "sister ship" theory of liability, a claimant may arrest both the vessel that is subject to the claimant's maritime lien and any "associated" vessel, which is any vessel owned or controlled by the same owner. Claimants could try to assert "sister ship" liability against one vessel in our fleet for claims relating to another vessel in our fleet.

Terrorist attacks, piracy, and international hostilities have previously affected the shipping industry, and any future attacks could negatively impact our results of operations and financial condition.

We conduct our marine fuel supply operations worldwide, and our business, results of operations, cash flows and financial condition could suffer by changing economic, political and government conditions in the countries and regions where our vessels are employed or registered. Moreover, we operate in a sector of the economy that is likely to be adversely impacted by the effects of political instability, terrorist or other attacks, war, piracy, or international hostilities, and any restrictive governmental actions that may result in response to such activity.

In particular, in recent years, acts of piracy on ocean-going vessels have increased in frequency, which could adversely affect our business. Such acts of piracy have historically affected ocean-going vessels trading in regions of the world such as the South China Sea and in the Gulf of Aden off the coast of Somalia. We may not be adequately insured to cover losses from these incidents, which could have a material adverse effect on us. In addition, detention hijacking, involving the hostile detention of a vessel, as a result of an act of piracy against our vessels, or an increase in cost, or unavailability of insurance for our vessels, could have a material adverse impact on our business, financial condition, and results of operations.

Our principal shareholders own a significant portion of our outstanding common shares, which may limit your ability to influence our actions, and may not act in the best interests of our other shareholders.

Our principal shareholders, Mr. Melisanidis, our founder and Head of Corporate Development, and Mr. Georgiopoulos, the Chairman of our board of directors, currently own approximately 22.4% and 10.4% of our outstanding shares of common stock, respectively. Accordingly, Messrs. Melisanidis and Georgiopoulos have the power to exert considerable influence over our actions, including the election of our directors, the adoption or amendment of provisions in our amended and restated articles of incorporation and bylaws and approval of possible mergers, amalgamations, control transactions and other significant corporate transactions. This concentration of ownership may have the effect of delaying, deferring or preventing a change in control, merger, consolidation, takeover or other business combination. This concentration of ownership could also discourage a potential acquirer from making a tender offer or otherwise attempting to obtain control of us, which could in turn have an adverse effect on the market price of our shares. So long as Messrs. Melisanidis and Georgiopoulos continue to own a significant amount of our equity, even though such amount represents less than 50% of our voting power, they will continue to be able to exercise considerable influence over our decisions. In addition, Mr. Melisanidis and members of Mr. Melisanidis' family hold significant interest in our related companies and the interests of Mr. Melisanidis may not coincide with the interests of other holders of our notes and common shares. For further discussion, please see "Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions." Messrs. Melisanidis and Georgiopoulos may not necessarily act in accordance with the best interests of other shareholders. To the extent that conflicts of interests may arise, Messrs. Melisanidis and Georgiopoulos may vote in a manner adverse to us or to you or other holders of our securities.

In addition, we have entered into an employment agreement with Mr. Melisanidis. The employment agreement restricts Mr. Melisanidis' ability to compete with us during the term of the employment agreement and 12 months following its termination. If we are unable to enforce such restrictions on Mr. Melisanidis against competing with us, any direct or indirect competition from Mr. Melisanidis could be particularly damaging to us.

Some of our directors are affiliated with other companies, which could result in conflicts of interest that may not be resolved in our favor.

Some of our directors also serve as directors of other public companies and are employees or have investments in companies in industries related to ours. In particular, Mr. Georgiopoulos, the Chairman of our board of directors, is the chairman of the board of directors of Gener8 Maritime, Inc., or Gener8, the combined company resulting from the recent merger on May 7, 2015 of General Maritime Corporation, or General Maritime, and Navig8 Crude Tankers, Inc., or Navig8, and he is also the Chairman of the board of directors and Chief Executive Officer of Genco Shipping & Trading Limited. Also, Mr. John Tavlarios is the Chief Operating Officer of Gener8. As such, Gener8 may be deemed one of our affiliates for United States securities laws purposes.

To the extent that the other entities with which our directors may be affiliated compete with us for business opportunities, prospects or financial resources, or participate in ventures in which we may participate, our directors may face actual or apparent conflicts of interest in connection with decisions that could have different implications for us and the other companies. These decisions may relate to corporate opportunities, corporate strategies, potential acquisitions of businesses, intercompany agreements, competition, the issuance or disposition of securities, the election of new or additional directors and other matters. Such potential conflicts may delay or limit the opportunities available to us, and it is possible that conflicts may be resolved in a manner adverse to us.

Our status as a foreign private issuer exempts us from certain of the corporate governance standards of the New York Stock Exchange, limiting the protections afforded to investors.

We are a "foreign private issuer" within the meaning of the New York Stock Exchange, or NYSE, corporate governance standards. Under NYSE rules, a foreign private issuer may elect to comply with the practice of its home country and not to comply with certain NYSE corporate governance requirements, including the requirements that:

a majority of the board of directors be independent directors;

both a nominating and corporate governance and a compensation committee be established and composed entirely of independent directors and each committee has a written charter addressing its purpose and responsibilities;

an annual performance evaluation of the nominating and corporate governance and compensation committees be undertaken;

non-management directors meet in regular executive sessions without members of management in attendance;

a company has corporate governance guidelines or a code of ethics; and

an audit committee consists of a minimum of three independent directors.

We voluntarily comply with most NYSE rules. However, investors will not have the same protections afforded to shareholders of companies that are subject to all NYSE corporate governance requirements.

Because the Public Company Accounting Oversight Board is not currently permitted to inspect our independent accounting firm, you may not benefit from such inspections.

Auditors of U.S. public companies are required by law to undergo periodic Public Company Accounting Oversight Board, or PCAOB, inspections that assess their compliance with U.S. law and professional standards in connection with performance of audits of financial statements filed with the SEC. Certain European Union countries, including Greece, do not currently permit the PCAOB to conduct inspections of accounting firms established and operating in such European Union countries, even if they are part of major international firms. The PCAOB conducted inspections in Greece in 2008 and evaluated our auditor's performance of audits of SEC registrants and our auditor's quality controls. Currently, however, the PCAOB is unable to conduct inspections in Greece until a cooperation agreement between the PCAOB and the Greek Accounting & Auditing Standards Oversight Board is reached. Accordingly, unlike for most U.S. public companies, should the PCAOB again wish to conduct an inspection it is currently prevented from evaluating our auditor's performance of audits and its quality control procedures, and, unlike shareholders of most U.S. public companies, our shareholders would be deprived of the possible benefits of such inspections.

Anti-takeover provisions in our organizational documents could have the effect of discouraging, delaying or preventing a merger, amalgamation or acquisition, which could reduce the market price of our common shares.

Several provisions of our articles of incorporation and our bylaws could make it difficult for our shareholders to change the composition of our board of directors in any one year, preventing them from changing the composition of management. In addition, the same provisions may discourage, delay or prevent a merger or acquisition that shareholders may consider favorable.

These provisions include:

authorizing our board of directors to issue "blank check" preferred stock without shareholder approval;

providing for a classified board of directors with staggered, three-year terms;

prohibiting cumulative voting in the election of directors;

authorizing the removal of directors only for cause and only upon the affirmative vote of the holders of at least 70% of the outstanding shares of our capital stock entitled to vote for the directors;

prohibiting shareholder action by written consent unless the written consent is signed by all shareholders entitled to vote on the action;

limiting the persons who may call special meetings of shareholders; and

establishing advance notice requirements for nominations for election to our board of directors or for proposing matters that can be acted on by shareholders at shareholder meetings.

In addition, we have entered into a shareholders rights agreement that makes it more difficult for a third-party to acquire us without the support of our board of directors. See "Item 10. Additional Information—B. Memorandum and Articles of Association—Stockholders Rights Agreement." These anti-takeover provisions could substantially impede the ability of public shareholders to benefit from a change in control and, as a result, may reduce the market price of our common stock and the ability of our shareholders to realize any potential change of control premium.

We and many of our subsidiaries are incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law, and as a result, shareholders may have fewer rights and protections under Marshall Islands law than under a typical jurisdiction in the United States.

Our corporate affairs are governed by our amended and restated articles of incorporation and bylaws and by the Marshall Islands Business Corporations Act, or the BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few judicial cases in the Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the law of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities of directors under statutes or judicial precedent in the United States. The rights of shareholders of companies incorporated in the Marshall Islands may differ from the rights of shareholders of companies incorporated in the United States. The BCA provides that it is to be interpreted according to the laws of the State of Delaware and other states with substantially similar legislative provisions. However, there have been few, if any, court cases interpreting the BCA in the Marshall Islands and Marshall Islands courts may not reach the same conclusions as United States courts. Thus, you may have more difficulty protecting your interests in the face of actions by the management, directors or controlling shareholders than would shareholders of a corporation incorporated in a United States jurisdiction which has developed a relatively more substantial body of case law.

We may be subject to litigation, arbitration and other proceedings that could have an adverse effect on our business.

We may be, from time to time, involved in various litigation matters arising in the ordinary course of business, or otherwise. These matters may include, among other things, contract disputes, personal injury claims, environmental matters, governmental claims for taxes or duties, securities, or maritime matters. The potential costs to resolve any claim or other litigation matter, or a combination of these, may have a material adverse effect on us because of potential negative outcomes, the costs associated with asserting our claims or defending such lawsuits, and the diversion of management's attention to these matters.

Please see "Item 8.A Financial Information—Consolidated Statements and Other Financial Information—Legal Proceedings" for a description of our litigation matters.

Risk Factors Relating to Our Industry

Adverse economic conditions in the shipping industry may reduce the demand for our products and services and negatively affect our results of operations and financial condition.

Our business is focused on the physical supply and marketing of refined marine fuel and marine lubricants to the shipping industry. The shipping industry has been materially adversely affected by current economic conditions which may have an adverse effect on our customers, which may reduce the demand for our products and services and negatively affect our results of operations and financial condition.

In addition, any political instability, terrorist activity, piracy activity or military action that disrupts shipping operations will adversely affect our customers. Any adverse conditions in the shipping industry may reduce the demand for our products and services and negatively affect our results of operations and financial condition.

Material disruptions in the availability or supply of oil may reduce the supply of our products and have a material impact on our operating results, revenues and costs.

The success of our business depends on our ability to purchase, sell and deliver marine petroleum products to our customers. Material disruptions in the availability or supply of oil may have an adverse effect on our suppliers. In addition, any political instability, natural disasters, terrorist activity, piracy, military action or other similar conditions may disrupt the availability or supply of oil and consequently decrease the supply of refined marine fuel. Decreased availability or supply of marine fuel may reduce our operating results, revenues and results of operations.

Changes in the market price of petroleum may increase our credit losses, reduce our liquidity and decrease our profitability.

Unanticipated changes in the price of oil and gas may negatively affect our business. A rapid decline in fuel prices could decrease our profitability because if we were to purchase inventory when fuel prices are high without having a corresponding sales contract in place, we may not be able to resell it at a profit. Conversely, increases in fuel prices can adversely affect our customers' businesses, and consequently increase our credit losses. Increases in fuel prices could also affect the credit limits extended to us by our suppliers and our working capital requirements, potentially affecting our liquidity and profitability. In addition, increases in oil prices will make it more difficult for our customers to operate and could reduce demand for our services.

In the highly competitive marine fuel supply industry, we may not be able to successfully compete for customers with new entrants or established companies with greater resources, which would negatively affect our financial condition and our ability to expand our business.

We are subject to aggressive competition in all aspects of our business. Our competitors are numerous, ranging from large multinational corporations, which have significantly greater capital resources than us, to relatively small and specialized firms. In addition to competing with fuel resellers, such as World Fuel Services Corporation and Chemoil Corporation, we also compete with the major oil producers, such as BP Marine, Shell, Marine Products and ExxonMobil, that market fuel directly to large commercial shipping companies. We also compete with physical suppliers of marine fuel products, such as CESPA (Gibraltar) Ltd. and Fujairah National Bunkering Co. LLC, for business from traders and brokers as well as end customers. We may not be able to successfully compete for customers because of increased competition from the major oil producers, or our suppliers who may choose to market directly to large as well as smaller shipping companies, or to provide less advantageous price and credit terms to us. Also, due in part to the highly fragmented market, competitors with greater resources could enter the marine fuel supply industry and operate larger fleets of bunkering tankers through consolidations or acquisitions and may be able to offer better terms than we are able to offer to our customers.

Our operations are subject to extensive environmental laws and regulations, the violation of which could result in liabilities, fines or penalties and changes of which may require increased capital expenditures and other costs necessary to operate and maintain our vessels.

We are subject to various environmental laws and regulations dealing with the handling of fuel and fuel products. We currently store fuel inventories on our bunkering tankers and storage facilities and we may, in the future, maintain fuel inventories at several other locations in fixed or floating storage facilities. Our operations involve the risks of fuel spillage or seepage, environmental damage, and hazardous waste disposal, among other things. If we are involved in a spill or other accident involving hazardous substances, if there are releases of fuel and fuel products we own, or if we are found to be in violation of environmental laws or regulations, we could be subject to liabilities that could have a materially adverse effect on our business and operating results. We are also subject to possible claims by customers, employees and others who may be injured by a fuel spill, exposure to fuel, or other accidents. If we should fail to comply with applicable environmental regulations, we could be subject to substantial fines or penalties and to civil or criminal liability.

In particular, our operations are subject to numerous laws and regulations in the form of international conventions, national, state and local laws and national and international regulations in force in the jurisdictions in which our vessels operate or are registered, which can significantly affect the ownership and operation of our vessels. These regulations include, but are not limited to, European Union regulations, the United Kingdom's Environmental Protection Act 1990, or EPA, the United Kingdom's Water Resources Act 1991, as amended, or WRA, the Pollution Prevention and Control (England and Wales) Regulations 2010, or the Regulations, and regulations of the IMO, including, the International Convention for the Prevention of Pollution from Ships of 1973 (as from time to time and generally referred to as MARPOL), including designation of Emission Control Areas thereunder, the International Convention on Civil Liability for Bunker Oil Pollution Damage the IMO International Convention for the Safety of Life at Sea of 1974 and the International Convention on Load Lines of 1966. In the U.S., we face the risk of liability under the U.S. Oil Pollution Act of 1990, or the OPA, the U.S. Comprehensive Environmental Response, Compensation and Liability Act of 1980, or CERCLA, the U.S. Clean Air Act, the U.S. Clean Water Act, and the U.S. Maritime Transportation Security Act of 2002. We refer you to the discussion in the section of this report entitled "Environmental and Other Regulations" for a description of environmental laws and regulations that affect our business.

A failure to comply with applicable laws and regulations may result in administrative and civil penalties, criminal sanctions or the suspension or termination of our operations. Some environmental laws often impose strict liability for remediation of spills and releases of oil and hazardous substances, which could subject us to liability without regard to whether we were negligent or at fault. An oil spill could result in significant liability, including fines, penalties, criminal liability and remediation costs for natural resource damages as well as third-party damages. We are required to satisfy insurance and financial responsibility requirements for potential oil (including marine fuel) spills and other pollution incidents. Our insurance policies covering certain environmental risks may not be sufficient to cover all such risks and any claim may have a material adverse effect on our business, results of operations, cash flows and financial condition.

Compliance with applicable laws, regulations and standards, may require us to make additional capital expenditures for the installation of costly equipment or operational changes and may affect the resale value or useful lives of our vessels. In order to satisfy these requirements, we may, from time to time, be required to take our vessels out of service for extended periods of time, with corresponding losses of revenues. We may also incur additional costs in order to comply with other existing and future regulatory obligations, including costs relating to air emissions, maintenance and inspection, development and implementation of emergency procedures and insurance coverage or other financial assurance of our ability to address pollution incidents. These costs could reduce our results of operations and cash flows and weaken our financial condition. Also, in the future, market conditions may not justify these expenditures or enable us to operate some or all of our vessels profitably during the remainder of their economic lives.

Our operations have inherent risks that could negatively impact our results of operations and financial condition.

Operating bunkering vessels and marine fuel storage facilities involves inherent risks that could negatively impact our results of operations and financial condition. Our vessels and fuel oils that they carry are at risk of being damaged or lost because of events such as marine disasters, bad weather, mechanical failures, human error, war, terrorism, piracy and other circumstances or events. All of these hazards can result in death or injury to persons, loss of revenues or property, environmental damage, higher insurance rates, damage to our customer relationships, delays or rerouting. Although we maintain insurance to mitigate these costs, there can be no assurance that our insurance would be sufficient to cover the liabilities we may incur as a result of the occurrence of one or more of these events.

If our vessels suffer damage, they may need to be repaired. The costs of vessel repairs are unpredictable and can be substantial. We may have to pay repair costs that our insurance policies do not cover. The loss of earnings while these vessels are being repaired, as well as the actual cost of these repairs, would decrease our results of operations. If one of our vessels were involved in an accident with the potential risk of environmental contamination, the resulting media coverage could have a material adverse effect on our business, our results of operations and cash flows and weaken our financial condition.

Risk Factors Relating to Our Securities

Future sales of our common shares could cause the market price of our common stock to decline.

The market price of our common stock could decline due to the issuance and, or the announcements of proposed sales, of a large number of common stock in the market, including sales of common stock by our large shareholders, or the issuance of common shares upon the conversion of our 4.00% Convertible Unsecured Senior Notes due 2018, or the perception that these sales could occur. These sales, or the perception that these sales could occur, could also make it more difficult or impossible for us to sell equity securities in the future at a time and price that we deem appropriate to raise funds through future offerings of common stock.

Our amended and restated articles of incorporation authorize our board of directors to, among other things, issue additional shares of common or preferred stock or securities convertible or exchangeable into equity securities, without shareholder approval. We may issue such additional equity or convertible securities to raise additional capital. The issuance of any additional shares of common or preferred stock or convertible securities could be substantially dilutive to our shareholders, including having the following effects:

our existing shareholders' proportionate ownership interest in us will decrease;

the amount of cash available for dividends payable on the shares of our common stock may decrease;

the relative voting strength of each previously outstanding common share may be diminished; and

the market price of the shares of our common stock may decline.

Moreover, to the extent that we issue restricted stock units, stock appreciation rights, options or warrants to purchase our common shares in the future and those stock appreciation rights, options or warrants are exercised or as the restricted stock units vest, our shareholders may experience further dilution. Holders of shares of our common stock have no preemptive rights that entitle such holders to purchase their pro rata share of any offering of shares of any class or series and, therefore, such sales or offerings could result in increased dilution to our shareholders.

Our share price may be highly volatile, which could lead to a further loss of all or part of an investor's investment and there may not be a continuing public market for you to resell our common stock.

Since 2008, the stock market has experienced extreme price and volume fluctuations. This volatility has often been unrelated to the operating performance of particular companies. The market price of our shares of common stock fluctuated substantially during 2014, trading at a high of $14.07 in December 2014 and a low of $6.99 in October 2014, and recently closing at $14.46 on May 14, 2015. If the volatility in the market continues or worsens, it could have a further adverse effect on the market price of our shares of common stock, regardless of our operating performance, and an active and liquid public market for our shares of common stock may not continue.

The trading price of our common stock may be highly volatile and could be subject to fluctuations in response to a number of factors beyond our control. Some of those factors are:

fluctuations in interest rates;

fluctuations in the availability or the price of oil;

fluctuations in foreign currency exchange rates;

announcements by us or our competitors;

changes in our relationships with customers or suppliers;

changes in governmental regulation of the fuel industry;

changes in United States or foreign tax laws;

actual or anticipated fluctuations in our operating results from period to period;

changes in financial estimates or recommendations by securities analysts;

changes in accounting principles;

a general or industry-specific decline in the demand for, and price of, our shares of common stock resulting from capital market conditions independent of our operating performance;

the loss of any of our key management personnel; and

our failure to successfully implement our business plan.

In recent years, the stock market has experienced significant price and volume fluctuations. These fluctuations may be unrelated to the operating performance of particular companies. These broad market fluctuations may cause declines in the market price of our common stock. The price of our common stock could fluctuate based upon factors that have little or nothing to do with us or our performance, and those fluctuations could materially reduce our common stock price.

You may not be able to sell your shares of our common stock in the future at the price that you paid for them or at all.

ITEM 4.

INFORMATION ON THE COMPANY

A.	History and Development of the Company

Aegean Marine Petroleum Network Inc. is a Marshall Islands holding company incorporated on June 6, 2005 under the BCA. On September 29, 2005, Leveret, our then sole shareholder, contributed direct and indirect ownership of companies that conduct our business operations. Prior to our initial public offering, we had 28,035,000 shares of common stock outstanding. On December 13, 2006, we consummated our initial public offering of an additional 14,375,000 shares of our common stock, which we refer to as the initial public offering. On January 27, 2010, we completed a public offering of an additional 4,491,900 shares of our common stock. On May 19, 2010, we acquired from Leveret in a private transaction 1,000,000 shares of our common stock. On October 23, 2013, we issued and sold $86.3 million aggregate principal amount of our 4.00% Convertible Unsecured Senior Notes due 2018, and on January 16, 2015, we sold an additional $48.3 million of our 4.00% Convertible Unsecured Senior Notes due 2018.

For more information on the development of our business, see "—B. Business Overview" below.

We maintain our principal marketing and operating offices at 10, Akti Kondili, Piraeus 185 45 Athens, Greece. Our telephone number at that address is 011 30 (210) 458-6200. We also have an executive office to oversee our financial and other reporting functions in the United States at 299 Park Avenue, 2nd Floor, New York, New York, 10171. Our telephone number at that address is (212) 430-1098.

B.	Business Overview

We are an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to vessels in port, at sea and on rivers. As a physical supplier, we procure marine fuel from refineries, major oil producers and other sources and resell and deliver these fuels from our bunkering vessels to a broad base of end users. With service centers in Northern Europe and the Antwerp-Rotterdam-Amsterdam region, or the ARA region, the United Arab Emirates, the U.S. East and West Coasts, Singapore, Gibraltar, the Canary Islands, Greece, Spain, Morocco, Canada, Jamaica, Trinidad and Tobago, the United Kingdom, Panama, Germany and Russia, we believe that we are one of a limited number of independent physical suppliers that owns and operates a fleet of bunkering vessels and conducts physical supply operations in multiple jurisdictions. As of the date of this annual report, we own and operate a fleet of 49 bunkering vessels, 48 of which are constructed with double hulls, and we charter-in 13 bunkering vessels, 11 of which are constructed with double hulls, with an aggregate carrying capacity of approximately 324,000 dwt. We also operate fourteen land-based storage facilities, of which we own one and have exclusive use of two, with an aggregate storage capacity of approximately 1,211,000 cubic meters and one vessel as a floating storage facility with a cargo carrying capacity of approximately 19,900 dwt. We provide fueling services to virtually all types of ocean-going and many types of coastal vessels, such as oil tankers, container ships, drybulk carriers, cruise ships, reefers, LNG/LPG carriers, car carriers and ferries. Our customers include a diverse group of ocean-going and coastal ship operators and marine fuel traders, brokers and other end-users of marine fuel and lubricants.

We provide our customers with services that require sophisticated logistical operations designed to meet their strict fuel quality and delivery scheduling needs. We believe that our extensive experience, management systems and software systems allow us to meet our customers' specific requirements when they purchase and take delivery of marine fuels and lubricants around the world. This, together with the capital intensive nature of our industry and the limited available shipyard capacity for new vessel construction, represents a significant barrier to the entry of competitors. We have devoted our efforts to building a global brand and believe that our customers recognize our brand as representing high quality service and products at each of our locations around the world. We perform our technical ship operations in-house, which helps us maintain high levels of customer service.

Throughout our history, we have expanded our business and marine fuel delivery capabilities through strategic alliances, select business and vessel acquisitions, and the establishment of new service centers. In July 2012, we commenced utilization of our onshore storage facility in Tangiers, which we lease, near the port of Tanger-Med, a cargo and passenger port located offshore Morocco. In April and August 2013, we commenced physical supply operations in Barcelona and Algeciras, respectively, in Spain. In December 2013, we acquired the U.S. East Coast bunkering business of Hess Corporation (NYSE: HES), including 250,000 cubic meters of leased tank storage in the ports of New York, Philadelphia, Baltimore, Norfolk and Charleston. This acquisition marked our entrance into supplying U.S. customers and has increased our exposure to U.S. clients worldwide, including leading cruise lines. In December 2014, we entered into an agreement to acquire 28,567 metric tons of marine fuel and assume a storage contract with Vopak Terminal in Los Angeles, California at an auction of the assets of O.W. Bunker. We believe that this acquisition will give us access to the ports of Los Angeles and Long Beach, key trade hubs between North America and Asia, which together form the largest container ports in the United States. Also in December 2014, we commenced fuel supply operations in the Gulf of Mexico and assumed time charter in contracts for two ocean-going bunkering tankers that were previously under charter to O.W. Bunker to support our operations there.

In January 2015, we launched physical supply operations in Germany and assumed time charter in contracts for two modern bunkering barges together that were also previously under charter to O.W. Bunker, together with approximately 20,000 cubic meters of onshore storage capacity, and commenced marketing operations in Russia dedicated to sales and marketing of marine petroleum products across all Russian ports.

We currently have a global presence in 31 markets, including Northern Europe and the ARA region, the United Arab Emirates, the U.S. East and West Coasts, Singapore, Gibraltar, the Canary Islands, Greece and Germany. We plan to continue to grow our business during the next several years and to pursue select expansion opportunities as a means of expanding our service.

In some markets, we have deployed floating storage facilities which enable us to maintain more efficient refueling operations, have more reliable access to a supply of bunker fuel and deliver a higher quality service to our customers. We operate a barge, the Mediterranean, with a cargo-carrying capacity of approximately 19,900 dwt, which we use as floating storage facility in Greece. In addition, we own and operate one special purpose vessel, the Aegean Orion, a 550 dwt tanker, which is based in Greece.

We also operate land-based storage facilities in the U.S. East and West Coasts, Tangiers, Las Palmas, Barcelona, the United Kingdom, Panama and Germany, where we store marine fuel in terminals with storage capacity of approximately 310,000, 218,000, 79,000, 52,000, 40,000, 32,000 and 20,000 cubic meters, respectively. In addition, during the fourth quarter of 2014, we, through our wholly owned subsidiary, Aegean Oil Terminal Corporation, completed the construction of our new land-based storage facility in Fujairah, United Arab Emirates, with storage capacity of 465,000 cubic meters, representing 38% of our aggregate storage capacity. We may also consider the construction of land-based storage facilities in other areas depending on market prospects and availability of financing.

Our capital expenditures in connection with the establishment or the acquisition of service centers, including bunkering vessels and floating and land-based storage facilities, described above, amounted to $463.4 million in the aggregate for the year ended December 31, 2014. In addition, as of December 31, 2014, we have paid $205.3 million for construction and other related costs, as well as capitalized interest in the amount of $16.6 million in connection with the construction of our new land-based storage facility in Fujairah, which was completed in the fourth quarter of 2014. We financed the payment of these amounts with our 2013 Fujairah Credit Facility. Please see "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources."

In addition to our bunkering operations described above, we market and distribute marine lubricants under the Alfa Marine Lubricants brand. Alfa Marine Lubricants are currently available in most of our markets. We view this business as complementary to our business of marketing and delivering marine fuel. We plan to expand the distribution of marine lubricants throughout our service centers and other bunkering ports worldwide.

Our Service Centers

Greece

We currently service our customers in Greece through our related company, Aegean Oil, in Piraeus, Patras, and other parts of Greece. We currently operate nine double hull tankers, one single hull special purpose vessel, the Aegean Orion, a 550 dwt tanker, and one floating storage facility, the Mediterranean, a double hull barge, in Greece.

Aegean Oil has a license, which we, as a non-Greek company, are not qualified to obtain, to operate as a physical supplier of refined marine petroleum products in Greece. Aegean Oil's license to operate as a physical supplier of refined marine petroleum products allows it to operate not only in Piraeus and Patras but in all ports in Greece, including Thessaloniki and Crete. We purchase our fuel mainly from Hellenic Refinery (ELPE) and Motor Oil Hellas. We store fuel in our floating storage facility, the Mediterranean. As we expand our business, we may elect to service our customers in other Greek ports and seek a larger share of the total Greek market for supply of marine petroleum products. We support our operations in Greece from our office in Piraeus, which we lease.

Gibraltar

We possess a license issued by the Bunkering Superintendent of the Port of Gibraltar to act as a physical supplier of marine petroleum products in Gibraltar. We currently operate five double hull bunkering tankers in Gibraltar. We purchase our fuel in Gibraltar from a variety of different suppliers, including Repsol S.A., BP Oil International Ltd., Tupras Co., Gunvor S.A., Galp Energia SGPS S.A. and Lia Oil S.A. We store our fuel in a leased storage facility in Tangiers, near the port of Tanger-Med. We support our bunkering operations from our office in Gibraltar, which we lease.

United Arab Emirates

We possess a license issued by Sharjah Economic Development Department to act as a physical supplier of marine petroleum products in the port area of Fujairah. We purchase our fuel in Fujairah from a variety of different suppliers including Vitol, Shell, BP Oil International Ltd, Socar, Mercuria, Petrochina and Bapco.

We have a 25-year lease agreement with the Municipality of Fujairah, which may be automatically renewed for an additional 25 years, pursuant to which we built a land-based storage facility with capacity of 465,000 cubic meters, which was completed in the fourth quarter of 2014. We currently operate seven double hull bunkering tankers in this region, which we service using our Fujairah Storage Facility. We intend to commercially lease to third parties approximately 300,000 cubic meters of this facility. We support our bunkering operations from two offices in Fujairah and Kohr Fakkan, which we lease.

Jamaica

We are authorized by the Port Authority of Jamaica to act as a physical supplier of marine petroleum products in Jamaica. We service our customers in the ports of Kingston, Montego Bay and Ocho Rios, Jamaica, and may elect to service our customers in other locations in Jamaica. We operate one double hull tanker in Jamaica. We have entered into a long-term supply contract to purchase fuel from the state refinery, Petrojam Limited. We currently compete here against another physical supplier, Petrotec Marine Petroleum Ltd. We support our bunkering operations from our office in Kingston, which we lease. We also own property, which we may use to construct a land-based storage facility of approximately 80,000 cubic meters.

Singapore

We possess a license issued by the Maritime and Port Authority of Singapore to act as a physical supplier of marine petroleum products in the port of Singapore. We currently operate four double hull bunkering tankers in Singapore and we also have short-term chartering agreements with third-parties for some of these vessels. We purchase our fuel in Singapore from a variety of different suppliers, including BP Singapore Pte. Ltd., Chemoil, Conoco-Phillips, Shell Singapore, Kuo Oil and ExxonMobil. We support our bunkering operations from our office in Singapore, which we lease.

Northern Europe (ARA region)

We possess a license issued by the Belgian Federal Ministry of Finance to trade and supply marine petroleum products offshore and in ports. We deliver fuel offshore and service over 45 ports located throughout Northern Europe, including the North and Irish Sea, the French Atlantic, the English Channel and the St. George Channel. Aegean North West Europe NV, or ANWE, also services the ports of Antwerp, Rotterdam and Amsterdam and also the surrounding ports of Ghent, Zeebruges, Flushing, Terneuzen and Sluiskil, Moerdijk and Ijmuiden. We currently operate 16 bunkering tankers, of which 14 are double hull and two are single hull bunkering tankers in the ARA region. We purchase our fuel in Northern Europe from a variety of different suppliers. We support our bunkering operations in Northern Europe from our office near Antwerp, which we own.

United Kingdom

We own a marine fuel terminal infrastructure located in Portland Harbor. Our terminal is located near the southern access of the North Sea Emission Control Area, or ECA, and provides convenient access for commercial vessels to refuel. We store our marine fuel in land-based storage tanks, which we lease from Portland Port Limited, with storage capacity of 40,000 cubic meters. We commenced bunkering and terminal operations in April 2008. We operate one double hull bunkering tanker in the United Kingdom. We purchase our fuel in the United Kingdom from a variety of different suppliers, including Total and Statoil. We support our terminal and bunkering operations from our office in Portland, United Kingdom, which we lease.

Vancouver, Canada

We trade and supply marine petroleum products off the coast and in the port of Vancouver. We operate one double hull bunkering barge in the port of Vancouver. In addition, our newly built double hull bunkering barge is expected to operate in the port of Vancouver. We purchase our fuel in Vancouver from a variety of different suppliers, including Esso (Imperial Oil), which also engages in supply operations in the port. We support our bunkering operations here from our office in Vancouver, which we lease.

Trinidad and Tobago

We possess a license issued by the Republic of Trinidad and Tobago to act as a physical supplier of marine petroleum products in the area of Port of Spain in Trinidad and Tobago. We currently operate two double hull bunkering tankers in Trinidad and Tobago. We purchase our fuel in Trinidad and Tobago from a major supplier, Petrotrin. We support our bunkering operations here from our office in Port of Spain, which we lease.

Morocco

We possess a license issued by the Agence Spéciale Tanger-Mediterranée, or the TMSA, to act as a physical supplier of marine petroleum products off the coast of Morocco and in the port of Tanger-Med. We currently serve this service center with our Gibraltar-based bunkering tankers and operate a land-based storage facility in Tangiers, near the port of Tanger-Med, with approximately 218,000 cubic meters capacity.

We were selected by Horizon Tangiers Terminal S.A., a special purpose consortium, as the exclusive bunkering company for the new port in Tanger-Med. Since July 2012, we store our fuel at the leased tanks in the Tanger-Med area under this appointment, the duration of which is 25 years. We currently support our bunkering operations here from our office in Gibraltar, which we lease.

Las Palmas and Tenerife

In June 2010, we acquired the assets and operations of the Shell Las Palmas terminal in the Canary Islands. The Shell Las Palmas terminal occupies an area of approximately 20,000 square meters, providing bunkering services for a diverse group of ship operators primarily along major trans-Atlantic seaborne trade routes. The terminal includes a lubricants plant, dedicated land-based storage facilities with approximately 65,000 metric tons capacity as well as on-site blending facilities to mix all grades of fuel oils and distillates. In addition, we lease approximately 16,000 cubic meters capacity from BP España S.A.U. in its adjacent terminal. In June 2011, we also commenced physical supply of operations in Tenerife, which we support from our Las Palmas service center.

We possess a license issued by the Canary Islands Ministry of Development to act as a physical supplier of marine petroleum products offshore and in the ports of Las Palmas and Tenerife. We currently operate two double hull bunkering tankers in Las Palmas. We purchase our fuel from a variety of different suppliers, including Repsol S.A., Lia Oil S.A., and Galp Energia SGPS S.A. We support our operations in the Canary Islands from our office in Las Palmas, which we lease.

Panama

In August 2011, we were granted a 20-year concession agreement from the Panama Maritime Authority to operate land-based storage facilities at two ports, Balboa and Cristobal, located at each end of the Panama Canal, and shortly thereafter, commenced physical operations there. On February 25, 2013, we sold our interest in our land-based storage facilities in Panama to an unaffiliated third-party purchaser for $9.7 million. Under a separate agreement with the purchaser, we simultaneously agreed to lease back fuel storage facilities at these ports, with a capacity of approximately 32,000 cubic meters. We currently do not have any vessels operating in Panama, however we conduct fuel trading in the area. We support our operations from our offices in New York.

Barcelona and Algeciras , Spain

In August 2012, we signed a definitive agreement with Meroil, a Barcelona-based oil and energy logistics company which operates the largest Spanish coastline terminal for petroleum products in the Port of Barcelona, Spain, to secure onshore fuel oil storage capacity in that terminal, and in April 2013, we commenced physical supply operations in Barcelona. We have a license from the Port Authority of Barcelona to act as a physical supplier of marine petroleum products and we operate two double hull bunkering tankers in the area. We support our operations from our office in Barcelona, which we lease.

In August 2013, we commenced physical supply operations in Algeciras, Spain. We have a license from the Port Authority of Algeciras to act as a physical supplier of marine petroleum products and we operate one double hull bunkering tanker in the area to provide bunkering services. We support our operations from our office in Gibraltar, which we lease.

U.S. East Coast

In December 2013, upon our acquisition of the U.S. East Coast bunkering business from Hess Corporation, we commenced operations in the U.S. East Coast. The newly acquired business includes bunkering operations plus approximately 250,000 cubic meters of leased tank storage. In this region, we supply the heavily trafficked ports of New York, Philadelphia, Baltimore, Norfolk and Charleston. We support our U.S. East Coast operations from our office in New York, which we lease.

U.S. West Coast

In December 2014, we acquired 28,567 metric tons of marine fuel and assumed a storage contract with Vopak Terminal in Los Angeles, California at an auction of the assets of O.W. Bunker. This acquisition has given us access to the ports of Los Angeles and Long Beach, key trade hubs between North America and Asia, which together form the largest container ports in the United States. We support our U.S. West Coast operations from our office in New York, which we lease.

Gulf of Mexico

In December 2014, we assumed the contracts for two ocean-going bunkering tankers previously under charter to O.W. Bunker. With these specialized tankers and their highly trained personnel in place, we service the specific needs of vessels transiting the Gulf of Mexico.

Germany

In January 2015, we launched physical supply operations in Germany and assumed contracts for two modern bunkering barges in Germany that were also previously under charter to O.W. Bunker, together with approximately 20,000 cubic meters of onshore storage capacity. We support our operations from our office in Hamburg, which we lease.

Sales and Marketing

Most of our marketing, sales, ship-management and other related functions are performed at our main offices in Piraeus, Greece. We also market products and services from our offices in New York (the United States), Vancouver and Montreal (Canada), Singapore, Antwerp (Belgium), St. Petersburg (Russia) and Hamburg (Germany). Our sales force interacts with our established customers and markets our fuel sales and services to large commercial shipping companies and foreign governments. We believe our level of customer service, years of experience in the industry, and reputation for reliability are significant factors in retaining our customers and attracting new customers. Our sales and marketing approach is designed to create awareness of the benefits and advantages of our fuel sales and services. We are active in industry trade shows and other available public forums.

Administrative Offices

Cyprus

We maintain an administrative office in Cyprus, which we lease. Our office in Cyprus is responsible for, among other things, certain invoicing functions of our principal operating subsidiary, Aegean Marine Petroleum S.A., or AMP.

New York, United States

We maintain an executive office in New York, United States to oversee our financial and other reporting functions.

Customers

We market marine fuel and related services to a broad and diversified base of customers. During the years ended December 31, 2014, 2013 and 2012, none of our customers accounted for more than 10% of our total revenues. Our customers serviced during the past three years include Greek-owned commercial shipping companies, such as Blue Star Ferries, Neptune Line Shipping and ENESEL S.A., other international shipping companies, such as A.P. Moller and Royal Caribbean Cruises Ltd., fuel traders and brokers, such as World Fuel Services Corporation, and oil majors, such as Exxon Mobil Corporation.

Suppliers

We purchase our marine fuel and lubricants from refineries, oil majors or other select suppliers around the world. In the years ended December 31, 2014, 2013 and 2012, we purchased marine petroleum products of approximately $348.6 million, $421.3 million, and $458.1 million, respectively, or approximately 5% to 7% of our total purchases of marine petroleum products, from our related companies, Aegean Oil and Melco S.A., or Melco. The majority of our purchases of marine petroleum products during the years ended December 31, 2014, 2013 and 2012 were made from unrelated third-party suppliers and totaled $5,943.8 million, $5,604.4 million and $6,481.5 million, respectively, or approximately 93% to 95% of our total purchases of marine petroleum products. Our cost of fuel is generally tied to spot pricing, market-based formulas or is governmentally controlled. We are usually extended trade credit from our suppliers for our fuel purchases, which are generally required to be secured by standby letters of credit or letters of guarantee.

Competition

We compete with marine fuel traders and brokers, such as World Fuel Services Corporation and Chemoil Corporation, and major oil producers, such as BP Marine, Shell, Marine Products and ExxonMobil Marine Fuel, for services and end customers. We also compete with physical suppliers of marine fuel products, such as CESPA (Gibraltar) Ltd. and Fujairah National Bunkering Co. LLC, for business from traders and brokers as well as end customers. Our competitors include both large corporations and small, specialized firms. Some of our competitors are larger than we are and have substantially greater financial and other resources than we do. Some of our suppliers also compete against us.

Environmental and Other Regulations

Government regulations and laws significantly affect the ownership and operation of our tankers and marine fuel facilities. We are subject to various international conventions, laws and regulations in force in the countries in which our fuel facilities are located, and where our vessels may operate or are registered. Compliance with such laws, regulations and other requirements entails significant expense, including vessel modification and implementation of certain operating procedures.

A variety of governments, quasi-governmental and private organizations subject our tankers to both scheduled and unscheduled inspections. These organizations include the local port authorities, national authorities, harbor masters or equivalent, classification societies, flag state and charterers, particularly terminal operators and oil companies. Some of these entities require us to obtain permits, licenses and certificates and approvals for the operation of our tankers and marine fuel facilities. Our failure to maintain necessary permits, licenses, certificates or approvals could require us to incur substantial costs or temporarily suspend operation of our marine fuel terminal or one or more of the vessels in our fleet.

We believe that the heightened levels of environmental and quality concerns among insurance underwriters, regulators and charterers have led to greater inspection and safety requirements on all vessels and may accelerate the scrapping of older vessels throughout the industry. Increasing environmental concerns have created a demand for tankers that conform to the stricter environmental standards. We are required to maintain operating standards for all of our vessels emphasizing operational safety, quality maintenance, continuous training of our officers and crews and compliance with applicable local, national and international environmental laws and regulations. We believe that the operation of our vessels will be in substantial compliance with applicable environmental laws and regulations and that our vessels have all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations; however changes in such laws and regulations, such as the 2010 Deepwater Horizon oil spill or future serious marine incidents, may impact our resale value or useful lives of our tankers. In addition, a future serious marine incident that results in significant oil pollution, release of hazardous substances, loss of life, or otherwise causes significant adverse environmental impact could result in additional legislation, regulation, or other requirements that could negatively affect our profitability.

International Maritime Organization

The IMO has adopted the International Convention for the Prevention of Marine Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as MARPOL. MARPOL entered into force on October 2, 1983. It has been adopted by over 150 nations, including many of the jurisdictions in which our vessels operate. MARPOL sets forth pollution-prevention requirements applicable to drybulk carriers, among other vessels, and is broken into six Annexes, each of which regulates a different source of pollution. Annex I relates to oil leakage or spilling; Annexes II and III relate to harmful substances carried, in bulk, in liquid or packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex VI, lastly, relates to air emissions. Annex VI was separately adopted by the IMO in September of 1997.

Our vessels are subject to regulatory requirements imposed by the IMO, including the phase-out of single hull tankers.

In 1992, MARPOL was amended to make it mandatory for tankers of 5,000 dwt and more ordered after July 6, 1993 to be fitted with double hulls, or an alternative design approved by the IMO. Following the Erika incident off the coast of France in December 1999, the IMO took steps to accelerate the phase-out of single hull tankers. In April 2001, the IMO adopted a revised phase-out schedule for single hull tankers, which became effective in September 2003.

As a result of the oil spill in November 2002 relating to the loss of the MT Prestige, which was owned by a company not affiliated with us, in December 2003, the Marine Environmental Protection Committee of the IMO, or MEPC, adopted additional amendments to Annex I of the MARPOL Convention, which amendments became effective in April 2005. The amendment revised existing regulation 13G (now regulation 20) accelerating the phase-out of single hull oil tankers and adopted a new regulation 13H (now regulation 21) aimed at the prevention of oil pollution from oil tankers carrying heavy grade oil as cargo. Under the revised regulations, single hull oil tankers exceeding 5,000 tons deadweight were required to be phased out (or to meet certain other limited exceptions) no later than April 5, 2005 or the anniversary of the date of delivery of the ship on the date or in the year specified in the following table:

Category of Oil Tankers		Date or Year for Phase Out
Category 1—oil tankers of 20,000 dwt and above carrying crude oil, fuel oil, heavy diesel oil or lubricating oil as cargo, and of 30,000 dwt and above carrying other oils, which do not comply with the requirements for protectively located segregated ballast tanks		April 5, 2005 for ships delivered on April 5, 1982 or earlier; or 2005 for ships delivered after April 5, 1982

Category 2—oil tankers of 20,000 dwt and above carrying crude oil, fuel oil, heavy diesel oil or lubricating oil as cargo, and of 30,000 dwt and above carrying other oils, which do comply with the protectively located segregated ballast tank requirements Category 3—oil tankers of more than 5,000 dwt but less than the tonnage specified for Category 1 and 2 tankers		April 5, 2005 for ships delivered on April 5, 1977 or earlier; 2005 for ships delivered after April 5, 1977 but before January 1, 1978 2006 for ships delivered in 1978 and 1979 2007 for ships delivered in 1980 and 1981 2008 for ships delivered in 1982 2009 for ships delivered in 1983 2010 for ships delivered in 1984 or later

Under the revised regulations, a flag state may permit continued operation of certain Category 2 or 3 tankers beyond the phase-out date set forth above. The regulations also enable a flag state to allow for some newer single hull oil tankers registered in its country that conform to certain technical specifications to continue operating until the earlier of the anniversary of the date of delivery of the vessel in 2015 or the date on which the vessel reaches 25 years after the date of its delivery. As described below, certain Category 2 and 3 tankers fitted only with double bottoms or double sides may also be allowed by the flag state to continue operations until their 25th anniversary of delivery. Port states are however permitted to deny entry to such tankers, if the tankers are also operating beyond the anniversary of the date of their delivery in 2015.

The December 2003 amendments to Annex I of the MARPOL convention, discussed above, adopted regulation 21 on the prevention of oil pollution from oil tankers carrying heavy grade oil as cargo, or HGO, which includes most grades of marine fuel. The new regulation requires, with certain limited exceptions, that single hull oil tankers of 5,000 dwt and above comply with regulation 13F of Annex 1 (setting out a number of requirements aimed at the prevention of oil pollution in the event of collision or stranding) after April 5, 2005, and that single hull oil tankers of 600 dwt and above but less than 5,000 dwt comply with regulation 13F(7)(a) of Annex 1 (requiring certain modifications to smaller tankers in order to prevent pollution in the event of collision or stranding) no later than the anniversary of their delivery in 2008.

Under regulation 21, HGO means any of the following:

crude oils having a density at 15°C higher than 900 kg/m3;

fuel oils having either a density at 15°C higher than 900 kg/m3 or a kinematic viscosity at 50°C higher than 180 mm2/s; or

bitumen, tar and their emulsions.

Under regulation 21, the flag state may allow continued operation of oil tankers of 5,000 dwt and above, carrying crude oil with a density at 15°C higher than 900 kg/m3 but lower than 945 kg/m3, that conform to certain technical specifications and where, in the opinion of such flag state, the ship is fit to continue such operation, having regard to the size, age, operational area and structural conditions of the ship and provided that the continued operation shall not go beyond the date on which the ship reaches 25 years after the date of its delivery.

The flag state may also allow continued operation of a single hull oil tanker of 600 dwt and above but less than 5,000 dwt, carrying HGO as cargo, if, in the opinion of such flag state, the ship is fit to continue such operation, having regard to the size, age, operational area and structural conditions of the ship, provided that the operation shall not go beyond the date on which the ship reaches 25 years after the date of its delivery.

The flag state may also exempt an oil tanker of 600 dwt and above carrying HGO as cargo if the ship is either engaged in voyages exclusively within an area under the flag state's jurisdiction, or if the ship is engaged in voyages exclusively within an area under the jurisdiction of another party to the MARPOL Convention, provided that party agrees. The same applies to vessels operating as floating storage units of HGO.

Any port state, however, can deny entry of single hull tankers carrying HGO which have been allowed to continue operation under the exemptions mentioned above, into the ports or offshore terminals under the port state's jurisdiction, or deny ship-to-ship transfer of HGO in areas under its jurisdiction except when such transfer is necessary for the purpose of securing the safety of a ship or saving life at sea.

In October 2004, the MEPC adopted a unified interpretation of regulation 13G that clarified the delivery date for converted tankers. Under the interpretation, where an oil tanker has undergone a major conversion that has resulted in the replacement of the forebody, including the entire cargo carrying section, the major conversion completion date shall be deemed to be the date of delivery of the ship, provided that:

the oil tanker conversion was completed before July 6, 1996;

the conversion included the replacement of the entire cargo section and fore-body and the tanker complies with all the relevant provisions of MARPOL Convention applicable at the date of completion of the major conversion; and

the original delivery date of the oil tanker will apply when considering the 15 years of age threshold relating to the first technical specifications survey to be completed in accordance.

Revised Annex I to the MARPOL Convention entered into force in January 2007 and has undergone various minor amendments since then. Revised Annex I incorporates various amendments adopted since the MARPOL Convention entered into force in 1983, including the amendments to regulation 13G (regulation 20) and newly adopted regulation 13H (regulation 21). Revised Annex I also imposes construction requirements for oil tankers delivered on or after January 1, 2010. A further amendment to revised Annex I includes an amendment to the definition of HGO that will broaden the scope of regulation 21. On August 1, 2007 regulation 12A (an amendment to Annex I) came into force requiring fuel oil tanks to be located inside the double hull in all ships with an aggregate oil fuel capacity of 600m3 and above which are delivered on or after August 1, 2010, including ships for which the building contract is entered into on or after August 1, 2007 or, in the absence of a contract, for which the keel is laid on or after February 1, 2008. Non-compliance with the ISM Code or with other IMO regulations may subject a shipowner or bareboat charterer to increased liability, may lead to decreases in available insurance coverage for affected vessels and may result in denial of access to, or detention in, some ports including United States and European Union ports.

Air Emissions

In September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution. Effective May 2005, Annex VI sets limits on nitrogen oxide emissions from ships whose diesel engines were constructed (or underwent major conversions) on or after January 1, 2000. It also prohibits "deliberate emissions" of "ozone depleting substances," defined to include certain halons and chlorofluorocarbons. "Deliberate emissions" are not limited to times when the ship is at sea; they can for example include discharges occurring in the course of the ship's repair and maintenance. Emissions of "volatile organic compounds" from certain tankers, and the shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls (PCBs)) are also prohibited. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulphur emissions, known as Emission Control Areas, or ECAs (see below).

Annex VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of sulphur contained in any fuel oil used on board ships. As of January 1, 2012, the amended Annex VI requires that fuel oil contain no more than 3.50% sulfur. By January 1, 2020, sulfur content must not exceed 0.50%, subject to a feasibility review to be completed no later than 2018. Our vessels consume a regulated amount of bunker fuels sulphur content as per IMO Annex VI and EU Directive requirements. In addition, as per EU Directive 2005/33/EC, we have established a plan to modify and upgrade our vessels' machinery to ensure operation on low-sulphur fuels.

Sulfur content standards are even stricter within certain ECAs. As of July 1, 2010, ships operating within an ECA were not permitted to use fuel with sulfur content in excess of 1.0% (from 1.50%), was further reduced to 0.10% as of January 1, 2015. Amended Annex VI establishes procedures for designating new ECAs. The Baltic Sea and the North Sea have been so designated. On August 1, 2012, certain coastal areas of North America were designated ECAs, and effective January 1, 2014, the applicable areas of the United States Caribbean Sea were designated ECAs. Ocean-going vessels in these areas will be subject to stringent emissions controls and may cause us to incur additional costs. If other ECAs are approved by the IMO or other new or more stringent requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the EPA or the states where we operate, compliance with these regulations could entail significant capital expenditures, or operational changes, or otherwise increase the costs of our operations.

As of January 1, 2013 MARPOL made mandatory certain measures relating to energy efficiency for new ships in part to address greenhouse gas emission. It makes the Energy Efficiency Design Index (EEDI) apply to all new ships and the Ship Energy Efficiency Management Plan (SEEMP) apply to all ships.

Amended Annex VI also establishes new tiers of stringent nitrogen oxide emissions standards for new marine engines, depending on their date of installation. The U.S. Environmental Protection Agency promulgated equivalent (and in some senses stricter) emissions standards in late 2009.

With effect from January 1, 2010, the Directive 2005/33/EC of the European Parliament and of the Council of July 6, 2005, amending Directive 1999/32/EC came into force. The objective of the directive is to reduce emission of sulfur dioxide and particulate matter caused by the combustion of certain petroleum derived fuels. The directive imposes limits on the sulfur content of such fuels as a condition of their use within a Member State territory. The maximum sulfur content for marine fuels used by inland waterway vessels and ships at berth in ports in EU countries after January 1, 2010, is 0.10% by mass.

Safety Requirements

The IMO also adopted the International Convention for the Safety of Life at Sea, or SOLAS, and the International Convention on Load Lines, or the LL Convention, which impose a variety of standards that regulate the design and operational features of ships. The IMO periodically revises the SOLAS and LL Convention standards. The May 2012 SOLAS amendments entered into force as of January 1, 2014. Additionally, the May 2013 SOLAS amendments, pertaining to emergency drills, entered into force in January 2015. The Convention on Limitation for Maritime Claims (LLMC) was amended and the amendments are expected to go into effect on June 8, 2015. The amendments alter the limits of liability for a loss of life or personal injury claim and a property claim against ship owners.

The operation of our ships is also affected by the requirements set forth in Chapter IX of SOLAS, which sets forth the IMO's International Management Code for the Safe Operation of Ships and Pollution Prevention, or the ISM Code. The ISM Code requires ship owners and bareboat charterers to develop and maintain an extensive "Safety Management System" that includes the adoption of a safety and environmental protection policy setting forth instructions and procedures for safe operation and describing procedures for dealing with emergencies.

The ISM Code requires that vessel operators obtain a safety management certificate, or SMC, for each vessel they operate. This certificate evidences compliance by a vessel's operators with the ISM Code requirements for a safety management system, or SMS. No vessel can obtain an SMC under the ISM Code unless its manager has been awarded a document of compliance, or DOC, issued in most instances by the vessel's flag state. We have all material requisite documents of compliance for our offices and safety management certificates for vessels in our fleet for which the certificates are required by the IMO. We renew these documents of compliance and safety management certificates as required.

Non-compliance with the ISM Code and other IMO regulations may subject the shipowner or bareboat charterer to increased liability, may lead to decreases in available insurance coverage for affected vessels and may result in the denial of access to, or detention in, some ports.

Oil Pollution Liability

The IMO has negotiated international conventions that impose liability for oil pollution in international waters and a signatory's territorial waters. Additional or new conventions, laws and regulations may be adopted which could limit our ability to do business and which could have a material adverse effect on our business and results of operations.

For example, the IMO has adopted the International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by different Protocol in 1976, 1984, and 1992, and amended in 2000, or the CLC. Under the CLC and depending on whether the country in which the damage results is a party to the 1992 Protocol to the CLC, a vessel's registered owner is strictly liable for pollution damage caused in the territorial waters of a contracting state by discharge of persistent oil, subject to certain exceptions. The 1992 Protocol changed certain limits on liability, expressed using the International Monetary Fund currency unit of Special Drawing Rights. The limits on liability have since been amended so that compensation limits on liability were raised. The right to limit liability is forfeited under the CLC where the spill is caused by the shipowner's personal fault and under the 1992 Protocol where the spill is caused by the shipowner's personal act or omission by intentional or reckless conduct where the shipowner knew pollution damage would probably result. The CLC requires ships covered by it to maintain insurance covering the liability of the owner in a sum equivalent to an owner's liability for a single incident. We believe that our insurance will cover the liability under the plan adopted by the IMO.

The IMO adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage, or the Bunker Convention, to impose strict liability on shipowners for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. The Bunker Convention requires registered owners of ships over 1,000 gross tons to maintain insurance for pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the amount calculated in accordance with the Convention on Limitation of Liability for Maritime Claims of 1976, as amended). With respect to non-ratifying states, liability for spills or releases of oil carried as fuel in ship's bunkers typically is determined by the national or other domestic laws in the jurisdiction where the events or damages occur.

In addition, the IMO adopted an International Convention for the Control and Management of Ships' Ballast Water and Sediments, or the BWM Convention, in February 2004. The BWM Convention's implementing regulations call for a phased introduction of mandatory ballast water exchange requirements to be replaced in time with mandatory concentration limits. The BWM Convention will not become effective until 12 months after it has been adopted by 30 states, the combined merchant fleets of which represent not less than 35% of the gross tonnage of the world's merchant shipping. To date, there has not been sufficient adoption of this standard for it to take force. Many of the implementation dates originally written into the BWM Convention have already passed, so that once the BWM Convention enters into force, the period for installation of mandatory ballast water exchange requirements would be extremely short, with several thousand ships a year needing to install ballast water management systems (BWMS). For this reason, on December 4, 2013, the IMO Assembly passed a resolution revising the application dates of the BWM Convention so that they are triggered by the entry into force date and not the dates originally in the BWM Convention. This in effect makes all vessels constructed before the entry into force date 'existing' vessels, and allows for the installation of a BWMS on such vessels at the first renewal survey following entry into force. If mid-ocean ballast exchange or ballast water treatment requirements become mandatory, the cost of compliance could increase for ocean carriers. Although we do not believe that the costs of compliance with a mandatory mid-ocean ballast exchange would be material, it is difficult to predict the overall impact of such a requirement on our operations.

The IMO continues to review and introduce new regulations. It is difficult to accurately predict what additional regulations, if any, may be passed by the IMO in the future and what effect, if any, such regulations might have on our operations.

European Union Restrictions

In October 2009, the European Union amended directive 2005/33/EC to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor discharges, if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties. Member States were required to enact laws or regulations to comply with the directive by the end of 2010. Criminal liability for pollution may result in substantial penalties or fines and increased civil liability claims.

The European Union has adopted several regulations and directives requiring, among other things, more frequent inspections of high-risk ships, as determined by type, age, and flag as well as the number of times the ship has been detained. The European Union also adopted and then extended a ban on substandard ships and enacted a minimum ban period and a definitive ban for repeated offenses. The regulation also provided the European Union with greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty payments for organizations that failed to comply.

United Kingdom

Our marine fuel terminal operations involving the storage of fuel in the United Kingdom are subject to stringent laws and regulations governing the discharge of materials into the environment, otherwise relating to protection of the environment, operational safety and related matters. In particular, we are subject to the United Kingdom's Environmental Protection Act 1990, or the EPA, which generally concerns pollution of water (including the sea), land and air due to release of substances which are capable of causing harm to living organisms, and the United Kingdom's Water Resources Act 1991 (as amended by the Environment Act 1995), or WRA, which is directed primarily at water quality and quantity. In addition, the Pollution Prevention and Control (England and Wales) Regulations 2010, or the Regulations, implement integrated pollution prevention and control regimes. These regulations, applicable only to England and Wales and their territorial adjacent waters, cover pollution of water, land and air due to emissions which may be harmful to the environment or may result in damage to property or environment. Amendments to the Regulations, which implemented the European Union's Industrial Emissions Directive (IED) in England and Wales, went into effect on February 27, 2013.

Under the EPA, WRA and the Regulations, we may be subject, among other things, to administrative, civil and criminal penalties, the imposition of investigatory and remedial remedies and issuance of injunctions that may restrict or prohibit our United Kingdom operations or even claims of damages to property or persons resulting from our operations.

In addition, general health and safety regulations are applicable to our terminals to ensure the safety of our premises and related structures.

We believe that the operations of our marine fuel terminal are in substantial compliance with applicable United Kingdom environmental laws and regulations, and that we have all material permits, licenses, certificates and other authorizations necessary for the conduct of our operations. The laws and regulations are subject to change and we cannot provide any assurance that compliance with current and future laws will not have a material effect on our operations in the United Kingdom.

Greenhouse Gas Regulation

Currently, the emissions of greenhouse gases from international shipping are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which entered into force in 2005 and pursuant to which adopting countries have been required to implement national programs to reduce greenhouse gas emissions. As of January 1, 2013, all new ships must comply with two new sets of mandatory requirements, which were adopted by MEPC in July 2011, in part to address greenhouse gas emissions from ships. Currently operating ships will be required to develop Ship Energy Efficiency Management Plans, and minimum energy efficiency levels per capacity mile will apply to new ships. Our vessels comply with these requirements, and we have regular inspections performed by our personnel to ensure continued compliance. The MEPC is also considering market-based mechanisms to reduce greenhouse gas emissions from ships. The European Parliament and Council of Ministers are expected to endorse regulations that would require the monitoring and reporting of greenhouse gas emissions from marine vessels in 2015. For 2020, the EU made a unilateral commitment to reduce overall greenhouse gas emissions from its member states by 20% of 1990 levels. The EU also committed to reduce its emissions by 20% under the Kyoto Protocol's second period, from 2013 to 2020. If the strategy is adopted by the European Parliament and Council large vessels using European Union ports would be required to monitor, report, and verify their carbon dioxide emissions beginning in January 2018. In December 2013 the European Union environmental ministers discussed draft rules to implement monitoring and reporting of carbon dioxide emissions from ships.

In the United States, the EPA has issued a finding that greenhouse gases endanger the public health and safety and has adopted regulations to limit greenhouse gas emissions from certain mobile sources and proposed regulations to limit greenhouse gases from large stationary sources. Although the mobile source emissions regulations do not apply to greenhouse gas emissions from vessels, such regulation of vessels is foreseeable, and the EPA has in recent years received petitions from the California Attorney General and various environmental groups seeking such regulation. Any passage of climate control legislation or other regulatory initiatives by the IMO, European Union, the U.S. or other countries where we operate, or any treaty adopted at the international level to succeed the Kyoto Protocol, that restrict emissions of greenhouse gases could require us to make significant financial expenditures, including capital expenditures to upgrade our vessels, which we cannot predict with certainty at this time.

International Labour Organization

The International Labour Organization (ILO) is a specialized agency of the UN with headquarters in Geneva, Switzerland. The ILO has adopted the Maritime Labor Convention 2006 (MLC 2006). A Maritime Labor Certificate and a Declaration of Maritime Labor Compliance will be required to ensure compliance with the MLC 2006 for all ships above 500 gross tons in international trade. The MLC 2006 entered into force on August 20, 2013. MLC 2006 requires us to develop new procedures to ensure full compliance with its requirements.

The U.S. Oil Pollution Act of 1990 and Comprehensive Environmental Response, Compensation and Liability Act

The U.S. Oil Pollution Act of 1990, or OPA, established an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills. OPA affects all "owners and operators" whose vessels trade in the United States, its territories and possessions or whose vessels operate in United States waters, which includes the United States' territorial sea and its 200 nautical mile exclusive economic zone. The United States has also enacted the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, which applies to the discharge of hazardous substances other than oil, whether on land or at sea. OPA and CERCLA both define "owner and operator" "in the case of a vessel, as any person owning, operating or chartering by demise, the vessel." Although OPA is primarily directed at oil tankers, it also applies to non-tanker ships with respect to the fuel oil, or bunkers, used to power such ships. CERCLA also applies to our operations.

Under OPA, vessel owners and operators are "responsible parties" and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels. OPA defines these other damages broadly to include:

· injury to, destruction or loss of, or loss of use of, natural resources and the costs of assessment thereof;

· injury to, or economic losses resulting from, the destruction of real and personal property;

· net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources;

· loss of subsistence use of natural resources that are injured, destroyed or lost;

· lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources;

· net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards.

OPA contains statutory caps on liability and damages; such caps do not apply to direct cleanup costs. The U.S. Coast Guard has adjusted the limits of OPA liability for non-tank vessels to the greater of $1,000 per gross ton or $854,400. OPA limits the liability depending on the structure and size of the vessel; but for all tankers over 3,000 gross tons liability is limited to the greater of $2,000 per gross ton or $17.088 million. These limits are subject to periodic adjustment for inflation. These limits of liability do not apply if an incident was proximately caused by the violation of an applicable U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a person acting pursuant to a contractual relationship), or a responsible party's gross negligence or willful misconduct. The limitation on liability similarly does not apply if the responsible party fails or refuses to (i) report the incident where the responsibility party knows or has reason to know of the incident; (ii) reasonably cooperate and assist as requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued under the Federal Water Pollution Act (Section 311 (c), (e)) or the Intervention on the High Seas Act.

The 2010 Deepwater Horizon oil spill in the Gulf of Mexico may also result in additional regulatory initiatives or statutes, including the raising of liability caps under OPA. For example, on August 15, 2012, the U.S. Bureau of Safety and Economic Enforcement (BSEE) issued a final drilling safety rule for offshore oil and gas operations that strengthens the requirements for safety equipment, well control systems, and blowout prevention practices.

CERCLA contains a similar liability regime whereby owners and operators of vessels are liable for cleanup, removal and remedial costs, as well as damage for injury to, or destruction or loss of, natural resources, including the reasonable costs associated with assessing same, and health assessments or health effects studies. There is no liability if the discharge of a hazardous substance results solely from the act or omission of a third party, an act of God or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5 million for vessels carrying a hazardous substance as cargo and the greater of $300 per gross ton or $500,000 for any other vessel. These limits do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat of release of a hazardous substance resulted from willful misconduct or negligence, or the primary cause of the release was a violation of applicable safety, construction or operating standards or regulations. The limitation on liability also does not apply if the responsible person fails or refused to provide all reasonable cooperation and assistance as requested in connection with response activities where the vessel is subject to OPA.

OPA and CERCLA both require owners and operators of vessels to establish and maintain with the U.S. Coast Guard evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject. Vessel owners and operators may satisfy their financial responsibility obligations by providing a proof of insurance, a surety bond, qualification as a self-insurer or a guarantee. We plan to comply with the U.S. Coast Guard's financial responsibility regulations by providing a certificate of responsibility evidencing sufficient self-insurance.

OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, provided they accept, at a minimum, the levels of liability established under OPA. Some states have enacted legislation providing for unlimited liability for oil spills. In some cases, states, which have enacted such legislation, have not yet issued implementing regulations defining vessels owners' responsibilities under these laws. We intend to comply with all applicable state regulations in the ports where our vessels call. We believe that we are in substantial compliance with all applicable existing state requirements. In addition, we intend to comply with all future applicable state regulations in the ports where our vessels call.

Other Environmental Initiatives

The U.S. Clean Water Act, or CWA, prohibits the discharge of oil or hazardous substances in U.S. navigable waters unless authorized by a duly-issued permit or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies available under OPA and CERCLA. In addition, many U.S. states that border a navigable waterway have enacted environmental pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance. These laws may be more stringent than U.S. federal law.

The U.S. Environmental Protection Agency, or the EPA, regulates the discharge of ballast and bilge water and other substances in U.S. waters under the CWA. EPA regulations require vessels 79 feet in length or longer (other than commercial fishing and recreational vessels) to comply with a Vessel General Permit, or the VGP, authorizing ballast water discharges and other discharges incidental to the operation of vessels. The VGP imposes technology and water-quality based effluent limits for certain types of discharges and establishes specific inspection, monitoring, record keeping and reporting requirements to ensure the effluent limits are met. For a new vessel delivered to an owner or operator after September 19, 2009 to be covered by the VGP, the owner must submit a Notice of Intent, or NOI, at least 30 days before the vessel operates in U.S. waters. On March 28, 2013, the EPA re-issued the VGP for another five years; this VGP took effect on December 19, 2013. The 2013 VGP focuses on authorizing discharges incidental to operations of commercial vessels. The draft permit also contains numeric ballast water discharge limits for most vessels to reduce the risk of invasive species in US waters, more stringent requirements for exhaust gas scrubbers and the use of environmentally acceptable lubricants.

U.S. Coast Guard regulations adopted under the U.S. National Invasive Species Act, or NISA, also impose mandatory ballast water management practices for all vessels equipped with ballast water tanks entering or operating in U.S. waters, and the Coast Guard has proposed new ballast water management standards and practices, including limits regarding ballast water releases. Vessels not complying with these regulations are restricted from entering U.S. waters. Compliance with the EPA and the U.S. Coast Guard regulations could require the installation of equipment on our vessels to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial cost, or may otherwise restrict our vessels from entering U.S. waters. The U.S. Coast Guard must approve any technology before it is placed on a vessel but has not yet approved the technology for vessels to meet these standards. The U.S. Coast Guard's revised regulations on ballast water management are consistent with those adopted by the IMO in 2004. The U.S. Coast Guard will review the practicability of implementing a more stringent ballast water discharge standard and publish results no later than January 1, 2016.

The U.S. Clean Air Act of 1970, as amended by the Clean Air Act Amendments of 1977 and 1990, or the CAA, requires the EPA to promulgate standards applicable to emissions of volatile organic compounds and other air contaminants. Our vessels are subject to vapor control and recovery requirements for certain cargoes when loading, unloading, ballasting, cleaning and conducting other operations in regulated port areas. Our vessels that operate in such port areas with restricted cargoes are equipped with vapor recovery systems that satisfy these requirements. The CAA also requires states to draft State Implementation Plans, or SIPs, designed to attain national health-based air quality standards in primarily major metropolitan and/or industrial areas. Several SIPs regulate emissions resulting from vessel loading and unloading operations by requiring the installation of vapor control equipment. As indicated above, our vessels operating in covered port areas are already equipped with vapor recovery systems that satisfy these existing requirements.

However, compliance with future EPA and U.S. Coast Guard regulations could require the installation of certain engineering equipment and water treatment systems to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial cost, or may otherwise restrict our vessels from entering U.S. waters.

Vessel Security Regulations

Since the terrorist attacks of September 11, 2001, there have been a variety of initiatives intended to enhance vessel security. In December 2002, amendments to SOLAS created a new chapter of the convention dealing specifically with maritime security. The new Chapter V became effective in July 2004 and imposes various detailed security obligations on vessels and port authorities, and mandates compliance with the ISPS Code. The ISPS Code is designed to enhance the security of ports and ships against terrorism. Amendments to SOLAS Chapter VII, made mandatory in 2004, apply to vessels transporting dangerous goods and require those vessels be in compliance with the International Maritime Dangerous Goods Code, or the IMDG Code.

To trade internationally, a vessel must attain an International Ship Security Certificate, or ISSC, from a recognized security organization approved by the vessel's flag state. Among the various requirements are:

on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships and shore stations, including information on a ship's identity, position, course, speed and navigational status;

on-board installation of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore;

the development of vessel security plans;

ship identification number to be permanently marked on a vessel's hull;

a continuous synopsis record kept onboard showing a vessel's history, including the name of the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the ship's identification number, the port at which the ship is registered and the name of the registered owner(s) and their registered address; and

compliance with flag state security certification requirements.

Ships operating without a valid certificate may be detained at port until it obtains an ISSC, or it may be expelled from port, or refused entry at port.

Inspection by Classification Societies

Our tankers have been certified as being "in-class" by Lloyds Register of Shipping Germanischer Lloyd, American Bureau of Shipping, Det Norske Veritas and Bureau Veritas, all of which are members of the International Association of Classification Societies (IACS). In December 2013, the IACS adopted new harmonized Common Structure Rules that align with IMO goal standards, which will apply to oil tankers and bulk carriers contracted to be constructed on or after July 1, 2015. Generally, the regulations of vessel registries accepted by international lenders in the shipping industry require that an ocean-going vessel's hull and machinery be evaluated by a classification society authorized by the country of registry. The classification society certifies that the vessel has been built and maintained in accordance with the rules of the classification society and complies with applicable rules and regulations of the vessel's country of registry and the international conventions of which that country is a member. Each vessel is inspected by a surveyor of the classification society in three surveys of varying frequency and thoroughness: every year for the annual survey, every two to three years for intermediate surveys and every four to five years for special surveys. Should any defects be found, the classification surveyor generally issues a notation or recommendation for appropriate repairs, which have to be made by the shipowner within the time limit prescribed. Vessels may be required, as part of the annual and intermediate survey process, to be drydocked for inspection of the underwater portions of the vessel and for necessary repair stemming from the inspection. Special surveys always require drydocking.

Risk of Loss and Insurance Coverage

General

The operation of any tanker vessel involves risks such as mechanical failure, physical damage, collision, property loss, inventory loss or damage and business interruption due to political circumstances in foreign countries, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. While we believe that our present insurance coverage is adequate, not all risks can be insured against, and there can be no guarantee that any specific claim will be paid, or that we will always be able to obtain adequate insurance coverage at reasonable rates.

Hull and Machinery and War Risk Insurance

We have obtained marine hull and machinery and war risk insurance policies, which provide coverage for the risk of actual or constructive total loss, for all our vessels. Each of our vessels is covered for up to its fair market value.

We have also obtained increased value insurance policies for most of our vessels. Under the increased value insurance, we will be able to recover the sum insured under the policy in addition to the sum insured under our hull and machinery policy in the event of the total loss of the vessel. Increased value insurance policies also cover excess liabilities that are not recoverable in full by the hull and machinery policies by reason of under-insurance.

Protection and Indemnity Insurance

Protection and indemnity insurance policies, which cover our third-party liabilities in connection with our shipping activities, are provided by mutual protection and indemnity associations, or P&I Associations. These insurance policies cover third-party liability and other related expenses of injury or death of crew, passengers and other third-parties, loss or damage to cargo, claims arising from collisions with other vessels, damage to other third-party property, pollution arising from oil or other substances, and salvage, towing and other related costs, including wreck removal. Protection and indemnity insurance policies are a form of mutual indemnity insurance policies, extended by protection and indemnity mutual associations, or "clubs." Subject to the "capping" of exposure discussed below, our coverage, except for pollution, is unlimited.

Our current protection and indemnity insurance coverage for pollution is up to $1.0 billion per vessel per incident. The P&I Associations that compose the International Group insure approximately 90% of the world's commercial tonnage and have entered into a pooling agreement to reinsure each association's liabilities. As a member of a P&I Association that is a member of the International Group, we are subject to calls payable to the associations based on our claim records as well as the claim records of all other members of the individual associations, and members of the International Group.

Trademarks and Licenses

We have entered into a trademark license agreement with Aegean Oil pursuant to which Aegean Oil has granted us a non-transferable, non-exclusive, perpetual (subject to termination for material breach), world-wide, royalty-free right and license to use certain trademarks related to the Aegean logo and "Aegean Marine Petroleum" in connection with marine fuel supply services.

Seasonality

Our business is not seasonal.

C.	Organizational Structure

Aegean Marine Petroleum Network Inc. is a Marshall Islands holding company and we transact our bunkering business primarily through AMP, a wholly-owned subsidiary incorporated in Liberia, and operate our service centers through Aegean Bunkering Gibraltar Ltd., Aegean Bunkering Jamaica Ltd., Aegean Bunkering (Singapore) Pte. Ltd., Aegean Bunkering (Ghana) Limited, Aegean Bunkers at Sea, Aegean North West Europe NV, ICS Petroleum Ltd., Portland Bunkers International Ltd., Aegean Bunkering Combustibles Las Palmas S.A., Aegean Bunkering (Morocco) SRL, Aegean Bunkering Trinidad Ltd., Aegean Bunkering (Panama) SA and Aegean Bunkering (Hong Kong) Ltd., Aegean Bunkering (USA) LLC, Aegean Bunkering Germany GMBH, Aegean BD&M Neva, separate wholly-owned subsidiaries incorporated in Gibraltar, Jamaica, Singapore, Ghana, Belgium, British Columbia (Canada) and under the laws of England and Wales, Canary Islands, Morocco, Trinidad and Tobago, Morocco, Panama, Hong Kong, the United States, Germany and Russia, respectively, and Aegean Marine Petroleum LLC, a controlled subsidiary incorporated in the United Arab Emirates, which is 51% owned by a local nominee. We provide the management of our bunkering tankers through Aegean Bunkering Services Inc., or ABS, a wholly-owned subsidiary incorporated in the Marshall Islands, and Aegean Management Services M.C., a wholly owned-subsidiary incorporated in Greece. We provide the marketing and administrative services for our operations through Aegean Oil (USA), LLC and AMPN USA, LLC, our wholly-owned subsidiaries formed in Delaware, the United States, and I.C.S. Petroleum (Montreal) Ltd., our wholly-owned subsidiary incorporated in Canada. We hold certain of our subsidiaries through Aegean Holdings S.A. and Aegean Investments S.A., our wholly-owned subsidiaries incorporated in the Marshall Islands, and we hold our vessel-owning subsidiaries through Aegean Shipholdings Inc., a wholly-owned subsidiary incorporated in the Marshall Islands. On February 25, 2013, our wholly-owned subsidiary incorporated in Marshall Islands, Aegean Tankfarms Holdings S.A., sold its 60% interest in Oil Terminal Consultancy Ltd., a company that owns the 92.5% of Aegean Oil Terminals (Panama) SA, which is incorporated in Panama. Our wholly-owned subsidiaries, AMPNI Investments Ltd. and AMPNI Holdings Ltd., are incorporated in Cyprus and hold our acquisitions performed during 2010 in Belgium and Las Palmas.

Currently, we own our vessels through separate wholly-owned subsidiaries listed in the following table:

Vessel-owning Subsidiary	Country of Incorporation	Vessel Name
Aegean Rose Maritime Company	Greece	Aegean Rose
Aegean Tiffany Maritime Company	Greece	Aegean Tiffany
Aegean Breeze Maritime Company	Greece	Aegean Breeze I
Aegean Gas Maritime Company	Greece	Mediterranean
Sea Breezer Marine S.A.	Marshall Islands	Aegean Princess
Milos Shipping (Pte.) Ltd.	Singapore	Milos
Aegean Bunkers at Sea NV	Belgium	Sara
Serifos Shipping (Pte.) Ltd.	Singapore	Serifos
Kithnos Maritime Inc.	Marshall Islands	Kithnos
Amorgos Maritime Inc.	Marshall Islands	Amorgos
Kimolos Shipping (Pte.) Ltd.	Singapore	Kimolos
Syros I Maritime Inc.	Marshall Islands	Syros
Mykonos I Maritime Ltd.	Cyprus	Mykonos
Santorini I Maritime Ltd.	Cyprus	Santorini
Paros Maritime Inc.	Marshall Islands	Paros I
Tempest Shiptrade Ltd.	Marshall Islands	Naxos
Eton Marine Ltd.	Liberia	Patmos
Tasman Seaways Inc.	Liberia	Kalymnos
West Coast Fuel Transport Ltd.	British Columbia (Canada)	PT25
Aegean Maistros Maritime Company	Greece	Aegean Orion
Aegean Ship III Maritime Company	Greece	Aegean III
Aegean Ship VIII Maritime Company	Greece	Aegean VIII
Aegean Ace Maritime Company	Greece	Aegean Ace
Paxoi Marine S.A.	Liberia	Paxoi
Kerkyra Marine S.A.	Liberia	Kerkyra
Ithaki Marine S.A.	Liberia	Ithaki
Cephallonia Marine S.A.	Liberia	Kefalonia
ICS Petroleum Ltd.	British Columbia (Canada)	PT22
AMP Maritime S.A.	Liberia	Aegean Champion
Zakynthos Marine S.A.	Liberia	Zakynthos
Andros Marine Ltd.	Cyprus	Andros
Ios Marine Inc.	Liberia	Lefkas
Dilos Marine Inc.	Liberia	Dilos
Ios Shipping Ltd.	Malta	Ios I
Kythira Marine S.A.	Liberia	Kythira
Benmore Services S.A.	Liberia	Nisyros
Sealand Navigation Inc.	Marshall Islands	Karpathos
Santon Limited	Liberia	Leros
Kassos Navigation S.A.	Liberia	Kassos
Aegean Barges NV	Belgium	Colorado
Aegean Barges NV	Belgium	New Jersey
Symi Navigation S.A.	Liberia	Symi
Aegean North West Europe NV	Belgium	Willem SR⁽¹⁾
Blatoma NV	Belgium	Texas
Seatra BVBA	Belgium	Montana
Sifnos Marine Inc.	Liberia	Anafi
Aegean VII Shipping Ltd	Malta	Sikinos
Tilos Shipping (Pte) Ltd	Singapore	Tilos
Halki Navigation S.A.	Liberia	Halki
Aegean North West Europe NV	Belgium	Florida⁽¹⁾
ICS Petroleum Ltd.	British Columbia (Canada)	PT40

____________

(1) 10% ownership interest.

D.	Property, Plants and Equipment

Real Property

The following table presents certain information relating to our leased and owned properties as of May 15, 2015. We consider our properties to be suitable and adequate for our present needs.

Location	Principal Use	Leased or Owned	Lease Expiration Date
Piraeus, Greece	Business coordination center and ship-management office	Leased	March 2023
Portland, U.K.	Administrative and operations office and storage facility	Leased	October 2032
Fujairah, United Arab Emirates	Administrative and operations office	Leased	October 2058
Khor Fakkan, United Arab Emirates	Administrative and operations office	Leased	December 2015
Gibraltar	Administrative and operations office	Leased	April 2040
Kingston, Jamaica	Administrative office and land storage facility	Owned	-
Singapore	Administrative and operations office	Leased	September 2016
Antwerp, Belgium	Administrative and operations office	Owned	-
Edgewater, New Jersey, U.S.A.	Property leased to third-party	Owned	-
New York, New York, U.S.A.	Administrative and operations office	Leased	December 2015
Connecticut, New York, U.S.A.	Administrative and operations office	Leased	January 2018
Nicosia, Cyprus	Administrative office	Leased	May 2015
Vancouver, Canada	Administrative and operations office	Leased	February 2016
Montreal, Canada	Sales and marketing office	Leased	January 2017
Port of Spain, Trinidad	Administrative and operations office	Leased	March 2016
Las Palmas, Canary Islands	Administrative and operations office and storage facility	Leased	December 2027
Tangiers, Morocco	Storage facility	Leased	November 2031
Fujairah, United Arab Emirates	Storage facility	Leased	October 2058
Barcelona	Storage facility and operations office	Leased	April 2022
Los Angeles, California, U.S.A.	Storage facility	Leased	December 31, 2015
Hamburg, Germany	Storage facility and operations office	Leased	December 31, 2019
St. Petersburg, Russia	Administrative and operations office	Leased	June 15, 2015

Our Fleet

The following table lists our fleet as of May 15, 2015.

Name	Double Hull	Flag	Build	Dwt
Bunkering Tankers:
Symi	Yes	Liberia	2012		6,270
Zaria*	Yes	Netherlands	2012		2,236
Halki	Yes	Gibraltar	2011		6,256
Sikinos	Yes	Malta	2011		4,595
Anafi	Yes	Gibraltar	2011		4,584
Tilos	Yes	Singapore	2011		6,263
Elisalex Schulte*	Yes	Singapore	2011		16,427
Dilos	Yes	Liberia	2010		4,593
Ios I	Yes	Malta	2010		4,620
Kythira	Yes	Liberia	2010		6,314
Nisyros	Yes	Gibraltar	2010		6,312
Karpathos	Yes	Greece	2010		6,247
Leros	Yes	Panama	2010		6,311
Kassos	Yes	Gibraltar	2010		6,256
Lefkas	Yes	Liberia	2010		6,321
Andros	Yes	Gibraltar	2010		4,605
Zakynthos	Yes	Gibraltar	2010		6,303
Naxos	Yes	Greece	2009		4,626
Kerkyra	Yes	Panama	2009		6,290
Paxoi	Yes	Liberia	2009		6,310
Kalymnos	Yes	Liberia	2009		6,283
Kefalonia	Yes	Liberia	2009		6,272
Ithaki	Yes	Liberia	2009		6,272
Syros	Yes	Liberia	2008		4,596
Patmos	Yes	Liberia	2008		6,262
Paros I	Yes	Liberia	2008		4,629
Mykonos	Yes	Gibraltar	2008		4,626
Santorini	Yes	Gibraltar	2008		4,629
Kimolos	Yes	Singapore	2008		4,664
Eloise*	Yes	Netherlands	2008		2,300
Kithnos	Yes	Malta	2007		4,626
Amorgos	Yes	Liberia	2007		4,664
Serifos	Yes	Singapore	2007		4,664
Milos	Yes	Singapore	2007		4,626
Charleston**	Yes	United States	2007		18,146
Aegean Tiffany	Yes	Greece	2004		2,747
Aegean Breeze I	Yes	Greece	2004		2,747
Aegean Ace	Yes	Greece	1992		1,615
Aegean Princess	Yes	Gibraltar	1991		7,030
Aegean Champion	Yes	Liberia	1991		23,400
Sara	Yes	Malta	1990		7,389
Aegean III	Yes	Greece	1990		2,973
Aegean VIII	Yes	Greece	1990		2,973
Aegean Rose	Yes	Greece	1988		4,935


In-Land Waterway Bunkering Tankers:
Beryl*	Yes	Luxemburg	2014	2,468
Florida	Yes	Belgium	2011	1,533
Montana	Yes	Belgium	2011	4,319
Mozart*	Yes	Belgium	2011	2,799
Alaska*	Yes	Netherlands	2010	3,778
Onyx *	Yes	Luxemburg	2010	2,979
New York*	Yes	Belgium	2009	4,298
Willem Sr.	Yes	Netherlands	2006	3,180
New Jersey	Yes	Belgium	2006	4,100
Alexia*	Yes	Belgium	2005	3,550
Tanzanite*	Yes	Belgium	2004	4,068
Colorado	Yes	Belgium	2004	5,578
Texas	Yes	Belgium	2003	4,165
Julienne*	No	Belgium	1994	1,244
Jean Bart*	No	Belgium	1981	1,306

Bunkering Barges:
PT40	Yes	Canada	2014	4,222
PT22	Yes	Canada	2001	2,315
PT25	No	Canada	1988	2,560

Special Purpose Vessel:
Aegean Orion	No	Greece	1991	550

Floating Storage Facility:
Mediterranean	Yes	Greece	1982	19,894

*Chartered in by us from a third party.

**Chartered in by us and chartered out to a third party.

We have positioned our bunkering tankers across our existing service centers and review vessel positioning on a periodic basis and reposition our vessels among our existing or new service centers to optimize their deployment. Our vessels operate within or outside the territorial waters of each geographical location and, under international law, usually fall under the jurisdiction of the country of the flag they carry. Generally, our bunkering tankers, unlike our bunkering barges, are not permanently located within any particular territorial waters and we are free to use all of our bunkering tankers in any geographical location. We have positioned one of our bunkering tankers in Greece, which we use as a floating storage facility, and we have positioned our 550 dwt tanker, the Aegean Orion, as a special purpose vessel in Greece.

In addition, we operate land-based storage facilities in the U.S. East and West Coasts, Tangiers, Las Palmas, Barcelona, the United Kingdom, Panama and Germany, where we store marine fuel in terminals with storage capacity of approximately 310,000, 218,000, 79,000, 52,000, 40,000, 32,000 and 20,000 cubic meters, respectively. In addition, during the fourth quarter of 2014, we, through our wholly owned subsidiary, Aegean Oil Terminal Corporation, completed the construction of our new land-based storage facility in Fujairah, United Arab Emirates, with storage capacity of 465,000 cubic meters, representing 38% of our aggregate storage capacity. We may also consider the construction of land-based storage facilities in other areas depending on market prospects and the availability of financing.

ITEM 4A. UNRESOLVED STAFF COMMENTS

None.

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The following management's discussion and analysis of the results of our operations and financial condition should be read in conjunction with the financial statements and the notes to those statements included elsewhere in this annual report. This discussion includes forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, such as those set forth in "Item 3. Key Information—D. Risk Factors" and elsewhere in this report.

A.	Operating Results

General

We sell marine petroleum products to customers primarily at a margin over PLATTS prices (benchmark market prices). PLATTS prices are quoted daily by region and by terms of delivery. We have not had a significant number of long-term written agreements with customers. Under a typical sales contract, a customer requests that we quote a fixed price per metric ton for the sale and delivery of a specified volume and classification of marine fuel on a given date. The customer requests a quotation several days prior to the delivery date. We generally do not quote prices for periods in excess of one week. Once an agreement has been made with a customer, we are deemed to be bound to deliver the specified quantity and classification of marine fuel at the quoted fixed price on the specified delivery date to an identified vessel at a named location. We remain responsible for securing the supply of marine fuel from the supplier and delivering the marine fuel to the customer's vessel.

We purchase marine petroleum products from reputable suppliers under either long-term supply contracts or on the spot markets at a margin over PLATTS prices. Except for our service centers in Gibraltar, the United Arab Emirates, the United Kingdom, Las Palmas, Panama, Barcelona, the U.S. East and West Coasts and Germany, we generally take deliveries of the products on the day of, or a few days prior to, the delivery of the products to our customer's vessel. In Gibraltar, the United Arab Emirates, the United Kingdom, Las Palmas, Panama, Barcelona, the U.S. East and West Coasts and Germany, we utilize our owned or leased storage facilities to generally take deliveries of products more than one but less than two weeks prior to delivery of the products to our customers. The cost of our marine fuel purchases is generally fixed at the date of our agreement, which is prior to the loading from the supplier's premises. Generally, under our long-term supply contracts, the supplier undertakes to supply us with a minimum quantity of marine fuel per month, subject to the agreed quantity as per our contract. Price calculations vary from supplier to supplier in terms of the supplier's margins, the referenced PLATTS prices and the calculation of the average PLATTS price. Depending on the agreement with each supplier, the referenced PLATTS price could be the spot price or an average price over a specified period.

We deliver marine petroleum products to our customers mainly through our bunkering tankers. We are responsible for paying our tankers' operating expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, spares and consumable stores, tonnage taxes and other vessel-related expenses. Our bunkering tankers are not used for the transportation of petroleum products across oceans. Accordingly, a significant portion of our vessel operating expenses are fixed or semi-variable (e.g., a bunkering tanker's insurance costs, crew wages and certain other costs are incurred irrespective of the number of sales deliveries it makes during a period) and, as a group, represent the most significant operating expense for us other than the cost of the marine petroleum products to be sold to our customers.

We incur overhead costs to support our operations. In general, the logistics of purchasing marine fuel from suppliers and selling and delivering the fuel to customers are managed and coordinated by employees at our marketing and operating office in Greece, employees at our local service centers and the crews of our bunkering tankers.

Factors Affecting Our Results of Operations

We believe that the important measures for analyzing trends in our results of operations consist of the following:

Sales volume of marine fuel. We define the sales volume of marine fuel as the volume of sales of various classifications of marine fuel oil, or MFO, marine diesel oil, or MDO, and marine gas oil, or MGO, for the relevant period, measured in metric tons. The sales volume of marine fuel is an indicator of the size of our operations as it affects both the sales and the cost of marine petroleum products recorded during a given period. Sales volume of marine fuel does not include the sales volume of lubricants due to insignificant volumes for all periods presented.

Gross spread on marine petroleum products and gross spread per metric ton of marine fuel sold. Gross spread on marine petroleum products represents the margin that we generate on sales of marine fuel and lubricants. Gross spread on marine fuel represents the margin that we generate on sales of various classifications of MFO or MGO. Gross spread on lubricants represents the margin that we generate on sales of lubricants. We calculate the gross spreads by subtracting from the sales of the respective marine petroleum product the cost of the marine petroleum product sold. For arrangements in which we physically supply marine petroleum products using our bunkering tankers, costs of marine petroleum products sold represent amounts paid by us for marine petroleum products sold in the relevant reporting period. For arrangements in which marine petroleum products are purchased from our related company, Aegean Oil, cost of marine petroleum products sold represents the total amount paid by us to the physical supplier for marine petroleum products and their delivery to our customers. Gross spread per metric ton of marine fuel sold represents the margins we generate per metric ton of marine fuel sold. We calculate gross spread per metric ton of marine fuel sold by dividing the gross spread on marine fuel by the sales volume of marine fuel. Marine fuel sales do not include sales of lubricants. For arrangements in which we purchase cargos for our floating storage facilities, cargo transportation costs are either included in the purchase price of marine fuels that we paid to the supplier or to a third-party transportation provider.

The following table reflects the calculation of gross spread per metric ton of marine fuel sold for the periods presented:

	For the Year Ended December 31,

	2014		2013		2012		2011		2010

	(in thousands of U.S. dollars, unless otherwise stated)

Sales of marine petroleum products		6,590,998		6,282,466		7,208,440		6,925,582		4,954,599
Less: Cost of marine petroleum products sold		6,286,453		6,025,742		6,939,636		6,668,622		4,736,066
Gross spread on marine petroleum products		304,545		256,724		268,804		256,960		218,533
Less: Gross spread on lubricants		2,948		3,914		3,077		1,965		2,221
Gross spread on marine fuel		301,597		252,810		265,727		254,995		216,312

Sales volume of marine fuel (metric tons)		11,332,385		9,941,061		10,620,864		10,646,271		10,308,210

Gross spread per metric ton of marine fuel sold (in U.S. dollars)		26.6		25.4		25.0		24.0		21.0

The following table reconciles our gross spread on marine petroleum products sold to the most directly comparable U.S. GAAP measure, gross profit, for all periods presented:

	For the Year Ended December 31,
	2014		2013		2012		2011		2010

	(in thousands of U.S. dollars, unless otherwise stated)
Gross spread on marine petroleum products		304,545		256,724		268,804		256,960		218,533
Add: Voyage revenues		30,410		25,049		22,726		22,775		7,261
Add: Other revenues		40,393		27,214		27,794		17,108		9,775
Less: Cost of voyage revenues		14,729		16,202		15,136		19,251		6,597
Less: Cost of other revenues		23,525		6,793		1,539		1,294		1,690
Gross profit		337,094		285,992		302,649		276,298		227,282

The amount that we have to pay for marine petroleum products to fulfill a customer order has been the primary variable in determining the prices quoted to customers. Therefore, we evaluate gross spread per metric ton of marine fuel sold and gross spread on marine petroleum products in pricing individual transactions and in long-term strategic pricing decisions. We actively monitor our pricing and sourcing strategies in order to optimize our gross spread on marine petroleum products. We believe that this measure is important to investors because it is an effective intermediate performance measure of the strength of our operations.

Gross spread on marine petroleum products (including gross spread on marine fuel sold and gross spread on lubricants) and gross spread per metric ton of marine fuel sold should not be considered as alternatives to gross profit, operating income, net income or other U.S. GAAP measures and may not be comparable to similarly titled measures of other companies. Gross spread on marine petroleum products and gross spread per metric ton of marine fuel sold do not reflect certain direct and indirect costs of delivering marine petroleum products to our customers (such as crew salaries, vessel depreciation, storage costs, hire charges, other vessel operating expenses and overhead costs) or other costs of doing business.

For all the periods presented, we purchased marine petroleum products in Greece from our related company, Aegean Oil, which is a physical supplier in Greece. The cost of these marine petroleum products was contractually calculated based on Aegean Oil's actual cost of these products plus a margin. For further discussion on our relationship with Aegean Oil, please refer to "Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions—Aegean Oil S.A."

EBITDA represents net income before interest, taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to net income, operating income or any other indicator of the Company's performance, as determined by U.S. GAAP, and our calculation of EBITDA may not be comparable to that reported by other companies. EBITDA is included herein because it is a basis upon which we assess our performance and because we believe that it presents useful information to investors regarding the Company's ability to service and/or incur indebtedness. The following table reconciles net income, the most directly comparable U.S. GAAP measure, to EBITDA for the periods presented:

	For the Year Ended December 31,
	2014		2013			2012		2011		2010
	(in thousands of U.S. dollars, unless otherwise stated)
Net income attributable to AMPNI shareholders		17,590		27,063			20,077		10,228		18,733

Add: Net financing cost		33,781		27,998			31,069		27,807		17,320
Add: Income taxes		464		(978	)		4,122		5,428		2,161
Add: Depreciation and amortization		30,184		29,148			31,180		30,328		27,898

EBITDA		82,019		83,231			86,448		73,791		66,112

Number of markets served. The number of markets served includes our operations at our service centers in the United Arab Emirates (Fujairah, Khor Fakkan), Gibraltar, Jamaica, Singapore, Northern Europe (Belgium and the Netherlands), Canada (Vancouver), United Kingdom (Portland and French Atlantic), Southern Caribbean (Trinidad and Tobago), Morocco (Tanger-Med), Canary Islands (Las Palmas and Tenerife), Panama, Spain (Barcelona and Algeciras), the U.S. East and West Coasts, the Gulf of Mexico, and Greece (Piraeus and Patra). The number of markets served is an indicator of the geographical distribution of our operations and affects both the amount of revenues and expenses that we record during a given period. We commenced physical supply operations in the ARA region on April 1, 2010, Las Palmas on July 1, 2010, Cape Verde on March 13, 2011, Tenerife on June 4, 2011, Panama on August 1, 2011, Hong Kong on September 13, 2012 (which operations have since ceased), Barcelona on April 30, 2013, Algeciras on August 8, 2013, the U.S. East Coast on December 18, 2013, and the Gulf of Mexico on December 22, 2014.

Average number of operating bunkering vessels. Average number of operating bunkering vessels is the number of operating bunkering vessels in our fleet for the relevant period, as measured by the sum of the number of days each bunkering vessel was used as a part of our fleet during the period divided by the cumulative number of calendar days in the period multiplied by the number of operating bunkering vessels at the end of the period. This figure does not take into account non-operating days due to either scheduled or unscheduled maintenance. The average number of operating bunkering vessels is an indicator of the size of our fleet and operations and affects both the amount of revenues and expenses that we record during a given period.

The following table reflects our sales volume of marine fuel, gross spread on marine petroleum products, gross spread per metric ton of marine fuel sold, number of service centers and average number of operating bunkering vessels for the periods indicated:

	Year Ended December 31,
	2014		2013		2012

Sales volume of marine fuel (metric tons)		11,332,385		9,941,061		10,620,864
Gross spread on marine petroleum products (in thousands of U.S. dollars)		304,545		256,724		268,804
Gross spread per metric ton of marine fuel sold (in U.S. dollars)		26.6		25.4		25.0
Number of markets served, end of year		29.0		27.0		20.0
Average number of owned and operated bunkering vessels		50.2		53.8		57.9

Sales of Marine Petroleum Products and Gross Spread on Marine Petroleum Products

Our sales of marine petroleum products and gross spread on marine petroleum products consist of the sales revenue and gross spread that we generate on sales of marine fuel and lubricants.

Our sales of marine petroleum products are driven primarily by the number of our service centers, the number of operating bunkering tankers in our fleet, our sales prices and our credit terms and credit control process. The cost of marine petroleum products sold is driven primarily by availability of marine petroleum products, our purchasing methods, supplier cost prices and credit terms and our internal quality control processes. These drivers, in turn, are affected by a number of factors, including:

our entrance into new markets;

our purchasing methods of marine petroleum products;

our marketing strategy;

our vessel acquisitions and disposals;

PLATTS prices;

conditions in the international shipping and the marine fuel supply industries;

regulation of the marine fuel supply industry;

regulation of the tanker industry;

levels of supply of and demand for marine petroleum products;

levels of competition; and

other factors affecting our industry.

We sell and deliver marine petroleum products to a broad and diversified customer base, including international commercial shipping companies, governments and marine fuel traders and brokers. For the years ended December 31, 2014, 2013 and 2012, none of our customers accounted for more than 10% of our total revenues.

The commercial shipping industry generally purchases marine fuel on a spot basis and historically we have not had any long-term sales volume contracts with customers. On March 1, 2006, however, we entered into a long-term contract to supply minimum quantities of fuel at fixed prices to a commercial customer in Jamaica, which is scheduled to expire on December 31, 2015. As we expand our global network and increase our geographical coverage, we expect some of our customers to enter into long-term sales volume contracts.

In addition to our physical supply operations, from time to time, we may act as a broker, generally in locations where we do not have service centers. This business involves activities whereby we contract with third-party physical suppliers to sell us marine fuel and deliver the marine fuel to a customer in the relevant location. Accordingly, our trading activities do not involve our physical possession of marine fuel and require less complex logistical operations and infrastructure. As such, we typically earn a significantly lower gross spread from our trading activities than from our physical supply activities.

We purchase and take delivery of marine petroleum products from various suppliers under long-term volume contracts or on the spot market. Long-term supply contracts from third-parties allow us to minimize our exposure to supply shortages. In general, at each of our service centers except for Gibraltar, Morocco, the United Arab Emirates, the Canary Islands, Barcelona and the U.S. East and West Coasts, we purchase from local supply sources.

Our cost of marine petroleum products includes purchases from related companies. In Greece, we purchase marine petroleum products under a supply contract that commenced on April 1, 2005 and expires on December 31, 2015 and is thereafter renewable annually, from our related company, Aegean Oil, which charges us its actual cost of the marine petroleum products plus a margin. We believe the amounts we have paid to our related companies are comparable to amounts that we would have negotiated in arm's-length transactions with unaffiliated third-parties. For further discussion of our marine petroleum products purchases from Aegean Oil, please refer to the section of this annual report entitled "Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions—Aegean Oil S.A."

The following table reflects our cost of marine petroleum products sold, including the cargo transportation cost, incurred from third-party suppliers and from our related company suppliers for the periods indicated.

	Year Ended December 31,
	2014		2013		2012
	(in thousands of U.S. dollars)
Third-party suppliers		5,934,927		5,602,389		6,481,520
Related company suppliers		351,526		423,353		458,116
Total		6,286,453		6,025,742		6,939,636

We seek to increase our sales of marine petroleum products and our gross spread on marine petroleum products on an integrated basis, through expansion into new markets, acquisitions of double hull bunkering tankers and the diversification and further optimization of purchasing methods. Our gross spread on marine petroleum products differs for each of our service centers, reflecting the different competitive conditions that exist in the markets served by them. Factors affecting competitive conditions in a market that we service include customer demand, availability of supplies and the strength and number of competitors that operate in the market. We believe that for any new service centers that we may establish, gross spread on marine petroleum products may be lower than for our existing service centers. We also believe that the competitive conditions in the markets served by our existing service centers may generally be more favorable to us than those in other markets that we may consider for future expansion.

Voyage Revenues

Our voyage revenues, included in our total revenues, are primarily derived from the employment of our vessels, the Aegean III, the Aegean VIII, the Aegean Tiffany, and the Aegean Breeze I, under a contract with an unaffiliated third-party for the distribution of refined marine petroleum products to Greek ports. During the years ended December 31, 2014, 2013 and 2012, we recognized $2.7 million, $3.3 million and $4.1 million, respectively, of revenue under this contract.

Two of our vessels, the Amorgos and the Karpathos, are employed under contracts with Aegean V, a company owned and controlled by relatives of Mr. Dimitris Melisanidis. During the years ended December 31, 2014, 2013 and 2012 we recorded revenue of $1.8 million, $8.8 million, and $8.1 million, respectively, under these contracts.

During the year ended December 31, 2014, three of our vessels, the Amorgos, the Naxos and the Karpathos, commenced employment under contracts with Aegean VIII, a company owned and controlled by relatives of Mr. Dimitris Melisanidis. During the year ended December 31, 2014, we recorded revenue of $3.4 million in aggregate under these contracts.

Our voyage revenues are also derived from the employment of our vessels under time charter agreements and the employment of our bunkering tankers under contracts with unaffiliated third parties. During the years ended December 31, 2014, 2013 and 2012, we recorded revenue of $22.5 million, $12.9 million and $10.5 million, respectively, under these contracts.

Please also refer to the table in Note 18 to our financial statements included herein.

Other Revenues

Other revenues, included in our total revenues, consist of brokerage and agency fees, throughput fees, demurrages and storage fees. These revenues are recognized when services are performed and collectability is reasonably assured. Please also refer to the table in Note 18 to our financial statements included herein.

Cost of Revenues

Cost of marine petroleum products consists of purchase costs of marine petroleum products and direct receiving costs of marine petroleum products, as described above. Cost of voyage revenues consists of voyage expenses and vessel operating expenses attributable to the voyage revenue we earn from the chartering out of our vessels. These costs include salaries and wages of the crew, depreciation and other operating expenses of the vessels such as repairs, maintenance, stores, spare parts, insurance, consumables and bunkers consumption. Cost of other revenues consists of direct costs of incurring other revenues.

Selling and Distribution expenses

We separately present the selling and distribution expenses due to its individual significance to perform our operations. These expenses generally represent indirect expenses incurred for selling and distribution and related to the delivery of the products and services to the customers.

The selling and distribution expenses mainly consist of the following:

salaries of our traders and shoreside personnel responsible for operation of our vessels and the distribution and supervision of our marine petroleum products and lubricant products;

salaries and wages of the shipboard personnel, mainly under short-term contracts, of the owned vessels used for the delivery of the marine petroleum products to the end customer using these vessels;

depreciation and amortization of dry-docking costs and other operating expenses of the owned vessels (such as repair, maintenance, stores, spare parts, insurance, consumables) and bunkers consumption of the owned vessels used for the delivery of the marine petroleum products to the end customer using these vessels;

vessel hire charges related to the hiring of third-party vessels used for the delivery of the marine petroleum products to the end customer;

storage costs, which mainly consist of the expenses of our floating storage facilities and our owned and leased on-land storage facilities;

bad debt provision, which has remained low in the past several years due to our effective credit control process and we expect it will remain at low levels; and

other costs, which mainly consist of port expenses, brokerage fees, laboratory analysis expenses, advertising expenses, supervising, inspections and survey costs.

We employ salaried employees at our offices in Greece, New York, and Belgium, where most of our sales and marketing, operations and technical departments are located, and at each of our service centers. We maintain a minimal number of salaried employees at our service centers, where we typically employ a local operations manager and staff to support the logistical aspects of our operations.

The cost of our vessels depreciates on a straight-line basis over the expected useful life of each vessel. We follow the deferral method of accounting for drydocking costs under which actual costs incurred are deferred and amortized on a straight-line basis over the period through the date the next drydocking is scheduled.

Our selling and distribution costs have been reduced over the past three years by selling our older or single hull vessels, which we assessed to be non-essential for our business. However, during the year ended December 31, 2014, our selling and distribution costs increased due to the expansion of our business into new service centers.

General and administrative expenses

We separately present the general and administrative expenses, which mainly consist of the salaries and wages of the management and the general directors, the office administrative, legal, accounting and finance personnel, the depreciation of the office property, equipment and other fixed assets and the general office expenses, legal, auditing and professional fees, communal charges, travel expenses, maintenance of the Company's property, rent and utilities.

Interest and Finance Costs

We have historically incurred interest expense and financing costs in connection with long-term debt to partially finance the acquisitions of our vessels and other non-current assets and in connection with short-term bank borrowings obtained for working capital purposes and business acquisitions. We capitalize interest incurred during the construction periods for financing our investments in bunkering vessels and storage facilities We have incurred and expect to continue incurring interest expense and financing costs under our existing credit facilities used to finance the construction of our newbuilding bunkering tankers and our other senior secured credit facilities and convertible senior notes. We expect that interest and finance costs will increase further due to increased drawdowns under our credit facilities to finance our operations and capital expenditures.

Income Taxes

We are incorporated in the Marshall Islands. Under Marshall Islands law, we are not subject to tax on income or capital gains. Under the laws of the countries of incorporation of our vessel-owning subsidiaries and our subsidiaries that operate service centers and the laws of the countries of our vessels' registration, our vessel-owning companies are generally not subject to tax on our income that is characterized as shipping income.

Income taxes have been provided for based upon the tax laws and rates in effect in the countries in which our operations are conducted and income is earned. There is no expected relationship between the provision for/or benefit from income taxes and income or loss before income taxes because the countries in which we operate have taxation regimes that vary not only with respect to the nominal rate, but also in terms of the availability of deductions, credits and other benefits. Variations also arise because income earned and taxed in any particular country or countries may fluctuate from year to year. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the applicable jurisdictional tax rates in effect at the year end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized.

Our corporate income tax exposure is in taxable jurisdictions, such as Gibraltar, Jamaica, Singapore, Belgium, the United Kingdom, the United States and Canada.

Our business is affected by taxes imposed on the purchase and sale of marine petroleum products in various jurisdictions in which we operate from time to time. These taxes include income, sales, excise, goods and services taxes, value-added taxes and other taxes. Other than in the United States, Canada and Belgium, we do not pay a material amount of tax in any jurisdiction in which we operate. For the year ended 2014, our income tax amounted to $0.5 million. For the year ended December 31, 2013, we recorded a tax benefit of $1.0 million, and for the year ended December 31, 2012, our income tax amounted to $4.1 million. The income tax amounts are mainly attributable to our United States, Canadian and Belgian operations.

Results of Operations

Year ended December 31, 2014 compared to the year ended December 31, 2013

Sales of Marine Petroleum Products. Sales of marine petroleum products increased by $308.5 million, or 4.9%, to $6,591.0 million for the year ended December 31, 2014, compared to $6,282.5 million for the year ended December 31, 2013. The increase was primarily attributable to an increase of $1.7 million related to an increase in lubricants sales and an increase of $802.4 million related to an increase in marine fuel sales, which was partially offset by a decrease of $495.6 million which was attributable to a 8.0% decrease in the average price of marine fuel (using average prices for the year ended December 31, 2014). Sales volume of marine fuel increased by 1,391,324 metric tons, or 14.0%, to 11,332,385 metric tons for the year ended December 31, 2014, compared to 9,941,061 metric tons for the year ended December 31, 2013, due to expansion to new markets in the U.S. East Coast.

Voyage Revenues. Voyage revenues increased by $5.4 million, or 21.6%, to $30.4 million for the year ended December 31, 2014, compared to $25.0 million for the year ended December 31, 2013. The increase was attributable to our efforts to increase our vessels utilization by chartering out more vessels not currently operating on the sale of marine petroleum products.

Other Revenues. Other revenues increased by $13.2 million, or 48.5%, to $40.4 million for the year ended December 31, 2014, compared to $27.2 million for the year ended December 31, 2013. Other revenues for the year ended December 31, 2014 were attributable to the barging revenues separately charged to our customers in the U.S. East Coast, where we commenced operations in December 2013.

Revenues from related companies. Revenues from related companies included in the sales of marine petroleum products and voyage revenues for the year ended December 31, 2014 were $31.2 million and $5.3 million, respectively, compared to $22.8 million and $8.8 million, respectively, for the year ended December 31, 2013. Voyage revenues from related companies decreased mainly due to revenues from Aegean V of $1.8 million for the year ended December 31, 2014, compared to $8.8 million for the year ended December 31, 2013.

Cost of revenue. The cost of sales of marine petroleum products increased by $260.8 million, or 4.3%, to $6,286.5 million for the year ended December 31, 2014, compared to $6,025.7 million for the year ended December 31, 2013. The increase in the cost of marine petroleum products was attributable to the increase in the volumes sold. The cost of purchases from related parties included in the cost of sales of marine petroleum products decreased by $71.9 million, or 17.0%, to $351.5 million for the year ended December 31, 2014 due to the decrease in the price of marine fuel, compared to $423.4 million for the year ended December 31, 2013. The cost of voyage and other revenues for the year ended December 31, 2014 increased by $15.3 million, or 66.5%, to $38.3 million for the year ended December 31, 2014 due to the increase in voyage and other revenues, compared to $23.0 million for the year ended December 31, 2013.

Gross Profit and Gross Spread on Marine Petroleum Products. Gross spread on marine petroleum products increased by $47.8 million, or 18.6%, to $304.5 million for the year ended December 31, 2014, compared to $256.7 million for the year ended December 31, 2013. The increase in our gross spread on marine petroleum products mainly resulted from the increase in volume delivered. The contribution of the gross profit on voyage and other revenues for the year ended December 31, 2014 was $15.7 million and $16.9 million, respectively, compared to $8.8 million and $20.4 million respectively, for the year ended December 31, 2013. Our gross spread per metric ton of marine fuel sold during the year ended December 31, 2014 increased by $1.2, or 4.7%, to $26.6, compared to $25.4 for the year ended December 31, 2013. Gross spreads per metric ton do not generally increase or decrease proportionately with the price of marine fuel. Accordingly, gross spread on marine petroleum products, as a percentage of total revenues, for the year ended December 31, 2014, increased to 4.6%, from 4.1%, for the year ended December 31, 2013. Gross spread on marine petroleum products and gross spread per metric ton of marine fuel sold are non-U.S. GAAP measures and should not be considered as alternatives to operating income, net income or other U.S. GAAP measures and may not be comparable to similarly titled measures of other companies. Please see "—Factors Affecting Our Results of Operations" for a reconciliation of gross spread on marine petroleum products to the most directly comparable U.S.GAAP measure.

Selling and Distribution. Selling and distribution expenses increased by $19.2 million, or 9.5%, to $220.8 million for the year ended December 31, 2014, compared to $201.6 million for the year ended December 31, 2013. This increase was mainly due to our acquisition of the U.S. East Coast business incurred on December 18, 2013. Please also refer to Note 3 to our financial statements included herein.

General and Administrative. General and administrative expenses increased by $8.4 million, or 28.3%, to $38.1 million for the year ended December 31, 2014, compared to $29.7 million for the year ended December 31, 2013. This increase derives from our expansion in the U.S. East Coast during the year ended December 31, 2014.

Interest and Finance Costs. Interest and finance costs increased by $5.8 million, or 20.6% to $33.9 million for the year ended December 31, 2014, compared to $28.1 million for the year ended December 31, 2013, mainly due to our issuance of 4.00% Convertible Unsecured Senior Notes due 2018.

Year ended December 31, 2013 compared to the year ended December 31, 2012

Sales of Marine Petroleum Products. Sales of marine petroleum products decreased by $925.9 million, or 12.8%, to $6,282.5 million for the year ended December 31, 2013, compared to $7,208.4 million for the year ended December 31, 2012. Of the total decrease in sales of marine petroleum products, $493.0 million was attributable to a 6.9% decrease in the average price of marine fuel (using average prices for the year ended December 31, 2013), $7.0 million was attributable to a decrease in sales of lubricants, while the sales of marine fuel decreased by $425.9 million due to lower volume delivered. Sales volume of marine fuel decreased by 679,803 metric tons, or 6.4%, to 9,941,061 metric tons for the year ended December 31, 2013, compared to 10,620,864 metric tons for the year ended December 31, 2012, due to reduced volume of sales of marine fuel in the ARA region and West Africa.

Voyage Revenues. Voyage revenues increased by $2.3 million, or 10.13%, to $25.0 million for the year ended December 31, 2013, compared to $22.7 million for the year ended December 31, 2012. Voyage revenues for the years ended December 31, 2013 and 2012 mainly attributable to the employment of three of our bunkering tankers with an unaffiliated third-party for the distribution of refined marine petroleum products in Greek ports and the employment of two of our vessels with a related party. The increase was attributable to our efforts to increase our vessels utilization by chartering out more vessels not currently operating on the sale of marine petroleum products.

Other Revenues. Other revenues decreased slightly by $0.6 million, or 2.2%, to $27.2 million for the year ended December 31, 2013, compared to $27.8 million for the year ended December 31, 2012. Other revenues for the year ended December 31, 2013 were attributable to the storage revenues recognize at Tanger-Med, Panama and Barcelona and other revenues related to demurrages, brokerage and agency fees.

Revenues from related companies. Revenues from related companies included in the sales of marine petroleum products and voyage revenues for the year ended December 31, 2013 were $22.8 million and $8.9 million, respectively, compared to $42.4 million and $8.8 million, respectively, for the year ended December 31, 2012. Sales of marine petroleum products to related companies decreased mainly due to sales to Gener8 (formerly, General Maritime) of $6.3 million for the year ended December 31, 2013 compared to $30.6 million for the year ended December 31, 2012.

Cost of revenue. The cost of sales of marine petroleum products decreased by $913.9 million, or 13.2%, to $6,025.7 million for the year ended December 31, 2013, compared to $6,939.6 million for the year ended December 31, 2012. The decrease in the cost of marine petroleum products was attributable to the decrease in the average purchase price of the marine petroleum products, and the decrease in the volumes sold. The cost of purchases from related parties included in the cost of sales of marine petroleum products decreased by $34.7 million, or 7.6%, to $423.4 million for the year ended December 31, 2013, compared to $458.1 million for the year ended December 31, 2012. The cost of voyage and other revenues for the year ended December 31, 2013 increased by $6.3 million, or 37.7%, to $23.0 million for the year ended December 31, 2013, compared to $16.7 million for the year ended December 31, 2012.

Gross Profit and Gross Spread on Marine Petroleum Products. Gross spread on marine petroleum products decreased by $12.1 million, or 4.5%, to $256.7 million for the year ended December 31, 2013, compared to $268.8 million for the year ended December 31, 2012. The decrease in our gross spread on marine petroleum products mainly resulted from our trading activities given a decrease in the average price of marine fuel. The contribution of the gross profit on voyage and other revenues for the year ended December 31, 2013 was $8.8 million and $20.4 million, respectively, compared to $7.6 million and $26.3 million respectively, for the year ended December 31, 2012. Our gross spread per metric ton of marine fuel sold during the year ended December 31, 2013 increased by $0.4 million, or 1.6%, to $25.4 million, compared to $25.0 million for the year ended December 31, 2012. Gross spreads per metric ton do not generally increase or decrease proportionately with the price of marine fuel. Accordingly, gross spread on marine petroleum products, as a percentage of total revenues, for the year ended December 31, 2013, increased to 4.1%, from 3.7%, for the year ended December 31, 2012. Gross spread on marine petroleum products and gross spread per metric ton of marine fuel sold are non-U.S. GAAP measures and should not be considered as alternatives to operating income, net income or other U.S. GAAP measures and may not be comparable to similarly titled measures of other companies. Please see "—Factors Affecting Our Results of Operations" for a reconciliation of gross spread on marine petroleum products to the most directly comparable U.S.GAAP measure.

Selling and Distribution. Selling and distribution expenses decreased by $8.6 million, or 4.1%, to $201.6 million for the year ended December 31, 2013, compared to $210.2 million for the year ended December 31, 2012. This decrease was mainly due to the lower volume and cost of the marine fuel consumption and the savings from the vessels sold during the years ended December 31, 2013 and 2012.

General and Administrative. General and administrative expenses decreased slightly by $0.2 million, or 0.7%, to $29.7 million for the year ended December 31, 2013, compared to $29.9 million for the year ended December 31, 2012. This slight decrease derives from our efforts to restrain our general and administrative expenses despite our expansion during the year ended December 31, 2013.

Interest and Finance Costs. Interest and finance costs decreased by $3.1 million, or 9.9% to $28.1 million for the year ended December 31, 2013, compared to $31.2 million for the year ended December 31, 2012 mainly due to increased capitalized imputed interest and a decrease in LIBOR rates.

Inflation

Inflation has had only a moderate effect on our expenses given recent economic conditions. In the event that significant global inflationary pressures appear, these pressures would increase our operating costs.

Critical Accounting Policies

The discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of such financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities at the date of our financial statements. Historically our estimates have been fairly accurate; however, actual results may differ from these estimates under different assumptions and conditions.

Critical accounting policies are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. These estimates would change in the future if they constantly deviate from the actual results or if the financial circumstances change. We have described below what we believe to be our most critical accounting policies, because they generally involve a comparatively higher degree of judgment in their application. For a description of all our significant accounting policies, see Note 2 to our consolidated financial statements included herein.

Trade Receivables and Allowance for Doubtful Accounts

We extend credit on an unsecured basis to many of our customers. There is uncertainty over the level of collectability of customer accounts. Our management is responsible for approving credit limits above certain amounts, setting and maintaining credit standards, and managing the overall quality of our credit portfolio. We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customer's current credit worthiness. Accounts receivable are deemed past due based on contractual terms agreed with our customers.

We continuously monitor collections and payments from our customers and maintain a provision for estimated credit losses based upon our historical experience with our customers, current market and industry conditions of our customers and any specific customer collection issues that we have identified.

We transfer ownership of eligible trade accounts receivable to a third-party purchaser without recourse in exchange of cash. The factoring of trade accounts receivable under the agreement is accounted for as a sale. Proceeds from the transfer reflect the face value of the account less a discount. The receivables sold pursuant to this factoring agreement are excluded from trade accounts receivable on our consolidated balance sheets and are reflected as cash provided by operating activities on our consolidated statements of cash flows. We do not record a servicing asset or liability on our consolidated balance sheets because we estimate that the fee we receive is at fair value. Servicing fees are recorded in the interest and finance costs in the accompanying consolidated statements of income. We continue to service, administer and collect the receivables sold under this program. The third-party purchaser has no recourse to our assets for failure of debtors to pay when due.

Accounts and notes receivable are reduced by an allowance for amounts that may become uncollectible in the future. At the end of each reporting period, we calculate an allowance for doubtful accounts based on an aging schedule where we apply set percentages to categories of overdue trade receivables. These set percentages are based on historical experience and currently available management information on customer accounts. Furthermore, we provide appropriate allowances for any specific customer collection issue we identify which allowance is calculated on a case-by-case basis. Trade receivables are written off when it becomes apparent based upon age or customer circumstances that such amounts will not be collected.

We believe the level of our allowance for doubtful accounts is reasonable based on our experience and our analysis of the net realizable value of our trade receivables during each reporting period. The estimates driving the calculation of our allowance for doubtful accounts have not changed in the past periods and we do not expect these estimates to change in the foreseeable future because they have resulted and we believe that they will continue to result in accurate calculations of our allowance for doubtful accounts. We cannot guarantee that we will continue to experience the same credit loss rates that we have experienced in the past, since adverse changes in the marine industry or changes in the liquidity or financial position of our customers could have a material adverse effect on the collectability of our trade receivables and our future operating results. If credit losses exceed established allowances, our results of operations and financial condition may be adversely affected.

Vessel Depreciation

We record the value of our vessels at their cost (which includes acquisition costs directly attributable to the vessel, capitalized interest and expenditures made to prepare the vessel for its initial voyage) less accumulated depreciation and impairment, if any. We depreciate our vessels on a straight-line basis over their estimated useful lives. Depreciation is based on cost less the estimated residual scrap value.

We estimate the useful lives for our bunkering and in-land waterway tankers to be 30 years and 45 years, respectively, from the date of initial delivery to us from the shipyard. Furthermore, we estimate the useful life of our floating storage facilities to be 30 years from the date of acquisition. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful lives. However, when regulations place limitations on the ability of a vessel to trade, its useful life is adjusted to end at the date such regulations become effective. We estimate the residual scrap values of our vessels to be $175 per light-weight ton. We form these estimates based on our experience and the prevailing practices of other companies in the bunkering and shipping industries.

An increase in the estimated useful life of a tanker or in its estimated residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the estimated useful life of a tanker or in its estimated residual value would have the effect of increasing the annual depreciation charge and may result in an impairment charge. A 20% decrease in the remaining estimated useful lives of our vessels would increase our depreciation charge for the year ended December 31, 2014 by $4.5 million.

Our estimates of the useful lives of our vessels and of the residual scrap values of our vessels have not changed in the past periods.

Impairment of Long-lived Assets

We evaluate the carrying amounts of our long-lived assets to determine if events have occurred which would require modification to their carrying values. In evaluating useful lives and carrying values of long-lived assets, we review certain indicators of potential impairment, such as vessel sale and purchase prices in the marketplace, business plans and overall market conditions. If an indicator of impairment exists, we determine undiscounted projected net operating cash flow for each vessel or group of vessels and compare it to the relevant carrying value. In developing estimates of future cash flows, we rely upon estimates made by management with regard to our vessels, including future deliveries, operating expenses, and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations and are consistent with the plans and forecasts used by management to conduct its business. The variability of these factors depends on a number of conditions, including uncertainty about future events and general economic conditions; therefore, our accounting estimates might change from period to period. As a consequence, our estimates of undiscounted cash flows involve sensitivity tests on the sales volume, average inflation rate, and gross spread. In the event that undiscounted projected net operating cash flows were less than carrying value, we would estimate the fair value of the related asset and record a charge to operations calculated by comparing the asset's carrying value to the estimated fair value. When performing impairment assessments, management would generally consider vessel valuation reports obtained from third-party valuation specialists.

The fair market value of the vessels that we currently own or may acquire in the future may increase or decrease depending on a number of factors, including general economic and market conditions affecting the international marine fuel supply industry, supply and demand for bunkering tankers, costs of newbuildings and governmental or other regulations. If we sell any vessel when vessel prices have fallen and before we have recorded impairment adjustment to our financial statements, the sale may be at less than the vessel's carrying amount on our financial statements, resulting in a loss. Such loss could adversely affect our financial condition, results of operations and our ability to pay dividends to our shareholders.

Goodwill and intangible assets

Intangible assets consist of concession agreements, in the United Kingdom, the Canary Islands and Panama, a non-compete covenant in Belgium, an acquired time chartering agreement in the United States and goodwill derived from the Company's acquisitions in Belgium, Canada and United States. In connection with the acquisitions of Portland Bunkers International Limited, Las Palmas Business and Panama, we recorded identifiable intangible assets and concession agreements which convey to an exclusive right to perform bunkering operations in the port of Portland, Las Palmas and Panama over a specified period of time. These assets are being amortized over their useful life. In connection with our acquisition of the U.S. East Coast business, we acquired an agreement for the chartering-in of a barging vessel. We recorded the estimated fair value of this acquired agreement, which includes a fixed day rate that is below the day rate available as of the acquisition date, and we amortized it over the duration of the contract. Goodwill derived from our acquisitions is not amortized, but reviewed as of December 31 of each year for impairment. We also evaluate goodwill for impairment at any time that events occur or circumstances change indicating a possible impairment. The Company tests for goodwill impairment using the two-step process. The first step is a screen for potential impairment, while the second step measures the amount of impairment. Fair values are derived using discounted cash flow analysis.

We calculated the fair value of the reporting unit using the discounted cash flow method, and determined that the fair value of the reporting unit exceeded its book value, including the goodwill. The discounted cash flows calculation is subject to management judgment related to revenue growth, capacity utilization, the weighted average cost of capital of approximately 8%, and the future price of marine fuel products. Although we believe that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subjective. We perform sensitivity tests on our sale volume, gross spread, net operating cash flows, average inflation and growth rate. No impairment loss was recorded for any of the periods presented.

Deferred Drydock Cost

Our vessels are generally required to be drydocked approximately every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are operating. We capitalize the costs associated with drydockings as they occur and amortize these costs on a straight-line basis over the period between drydockings. Costs capitalized as part of the drydocking include actual costs incurred at the drydock yard and parts used in making such repairs that are reasonably made in anticipation of reducing the duration or cost of the drydocking; cost of travel, lodging and subsistence of our personnel sent to the drydocking site to supervise; and the cost of hiring a third-party to oversee a drydocking. We believe that these types of capitalized costs are consistent with practice among other companies in our industry that apply this method of accounting and that our policy of capitalization reflects the economics and market values of the vessels.

Although many companies in our industry apply this method of accounting for deferred drydock costs, some companies apply other methods of accounting, such as expensing drydock costs as incurred. If we were to adopt that method of accounting as our accounting policy, our drydock costs would have been as disclosed under the heading "As Incurred" in the table below, for the periods presented therein.

	Average Number of Vessels				Drydock Costs
Year Ended December 31,	Bunkering		Non-bunkering		As Reported		As Incurred
					(in thousands of U.S. dollars)
2014		50.2		14.8		5,536		10,229
2013		53.8		9.2		7,078		8,929
2012		57.9		8.7		7,573		6,293

The table above discloses the average number of vessels that we have owned in each of the periods presented and the drydock costs that we have reported. In the future, depending on the date a newly-purchased secondhand vessel is drydocked prior to its delivery to us, we may pay drydocking costs and incur subsequent amortization expense of these costs sooner after delivery than if the vessel had been owned by us throughout its life. This would increase our average drydocking expenses in periods immediately following the acquisition.

We expect to first pay drydocking costs and incur subsequent amortization expense of these costs approximately 30 months after the delivery of each of our newbuilding vessels under our newbuilding program. This would decrease our average drydocking expenses in periods immediately following the acquisition of a newbuilding vessel since we would have no such costs to amortize in respect of these vessels until they were first drydocked. Under our newbuilding program, we contracted for the construction of 31 double hull newbuilding bunkering tankers, which were delivered to us between 2007 and 2012.

Our estimates of the frequency of required drydocking of our vessels have not changed in the past periods. We do not expect these estimates to change in the future because we believe they will continue to accurately represent the frequency of drydocking inspections necessary for the maintenance of our vessels.

Recent Developments

On January 8, 2015, we launched physical supply operations in Germany, including assuming the time charter in contracts of two bunkering barges previously under charter to O.W. Bunker, assuming approximately 20,000 cubic meters of on-shore storage capacity, and establishing a marketing and business development office in Hamburg, Germany.

On January 16, 2015, we issued an aggregate of $48.3 million aggregate principal amount of additional 4.00% Convertible Unsecured Senior Notes due 2018, including the full exercise by the underwriters of the overallotment option. See "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Credit Facilities—Convertible Bond" in this annual report for a description of the 4.00% Convertible Unsecured Senior Notes due 2018.

On January 20, 2015, we commenced marketing operations in Russia dedicated to sales and marketing of marine petroleum products across all Russian ports.

On March 16, 2015, we adopted a new equity incentive plan, which we refer to as the 2015 Equity Incentive Plan, which replaced in full our 2006 Equity Incentive Plan. We have reserved a total of 5,091,402 shares of common stock for issuance under the 2015 Equity Incentive Plan, consisting of 91,402 common shares that remained unissued under our 2006 Equity Incentive Plan plus an additional 5,000,000 common shares. The 2015 Equity Incentive Plan expires in March 2025, or ten years from its adoption.

On March 16, 2015, we completed the sale and delivery of the single hull bunkering tanker, the Tapuit, with a cargo carrying capacity of approximately 2,500 dwt, to a third-party purchaser, for a total amount $0.05 million, resulting in a total loss to us of approximately $0.13 million.

B.	Liquidity and Capital Resources

Our treasury activities are controlled centrally by our treasury department, which is located at our offices in Greece. Our treasury department administers our working capital resources, including our current accounts, time deposits, overdrafts and bank loans. Our liquidity objective is to maintain an optimum daily net cash position, which takes into consideration immediate working capital and operational requirements, as well as short- to medium-term capital expenditure requirements, but which would not result in an unnecessary net cash surplus. In this way, we seek to maximize available cash to reinvest in our business. Our policy is to minimize the use of time deposits, financial instruments or other forms of investments, which we believe generate lower levels of return than the return on our invested capital.

Our cash is primarily denominated in U.S. dollars because our sales of marine petroleum products are denominated in U.S. dollars. Our service centers pay their operating expenses in various currencies, primarily the Euro, the United Arab Emirates dirham, the Gibraltar pound, the British pound, the Canadian dollar, the Jamaican dollar, and the Singapore dollar. Our treasury department transfers cash to our service centers monthly on an as-needed basis and, accordingly, we maintain low levels of foreign currency at our service centers.

Under the laws of jurisdictions where our subsidiaries are located, there are currently no restrictions on the export or import of capital, including foreign exchange controls or restrictions that materially affect the remittance of dividends, loans, interest or other payments. Most of our vessel-owning subsidiaries have long-term bank loans outstanding that were obtained to partially finance the acquisition cost of their vessels. Most of these vessel-owning companies are not permitted to pay any dividends without the lender's prior consent. However, these vessel-owning companies generally do not generate third-party revenues and do not possess material amounts of excess cash. Therefore, these restrictions on our vessel-owning companies' ability to pay dividends to us should not materially impact our ability to meet our cash obligations. Accordingly, there are no significant restrictions on our ability to access and mobilize our capital resources located around the world.

We have funded our business primarily through: (i) cash generated from operations, (ii) equity capital and convertible notes issuances, (iii) short-term borrowings from banks, (iv) long-term bank debt and (v) trade receivables purchase agreements. We believe that our working capital resources are sufficient for our present requirements.

We have revolving credit facilities that provide for borrowings up to certain amounts for working capital purposes as well as a sublimit for the issuance of standby letters of credit. Furthermore, we have long-term debt facilities with several banks used to partially finance the acquisition costs of several of our vessels or land-based storage facilities. The credit agreements for the long-term debt facilities are secured with first priority mortgages over certain of our vessels or land-based storage facilities.

Borrowings

As of December 31, 2014 and 2013, we had the following outstanding borrowings:

	Date of Facility	Outstanding balance as of December 31, 2014		Outstanding balance as of December 31, 2013
Credit Facilities		(in millions of U.S. dollars)
2014 Long Term Loan Agreement	March 21, 2014		4.2		-
2014 Uncommitted Working Capital Facility	August 22, 2014		110.5		99.3
2013 Secured Multicurrency Revolving Credit Facility	September 19, 2013		316.5		-
2013 Fujairah Credit Facility	March 11, 2013		59.0		73.5
2010 Overdraft Credit Facility	September 1, 2013		-		28.5
2010 Revolving Credit Facility	May 10, 2013		-		109.8
2010 ANWE Revolving Credit Facility	November 16, 2012		-		65.1
2010 Newbuilding Secured Loan Facility	April 1, 2010		5.2		6.4
2010 ANWE Acquisition Loan Facility	April 1, 2010		-		0.3
2010 Newbuilding ANWE Loan Facility	April 1, 2010		1.4		2.0
2009 Trade Credit Facility	August 9, 2013		-		135.8
2008 Overdraft Facility	June 26, 2013		7.0		8.0
2008 Secured Term Loan	June 29, 2012		1.7		4.0
2008 Newbuilding Secured Term Loan	April 24, 2008		25.6		27.5
2007 Newbuilding Secured Term Loan	July 5, 2007		25.4		29.7
First 2006 Newbuilding Secured Term Loan	December 19, 2006		14.2		17.0
2006 Newbuilding Secured Syndicated Term Loan	October 30, 2006		46.0		49.4
Second 2006 Newbuilding Secured Term Loan	October 27, 2006		11.2		12.4
Third 2006 Newbuilding Secured Term Loan	October 25, 2006		17.5		19.0
2005 Newbuilding Secured Syndicated Term Loan	August 30, 2005		20.1		22.5

Convertible Bond
4.00% Convertible Unsecured Senior Notes due 2018	October 23, 2013		75.4		73.1

Total			740.9		783.3

For the Credit Facilities, the above dates show the later of the date of the facility, the date of the most recent renewal or the date the loan was assumed by the Company. The following is a summary of terms of our borrowings:

Credit Facilities

2014 Long Term Loan Agreement. On March 21, 2014, we entered into a long term loan agreement for $4.5 million to partly finance our acquisition of the New Jersey. The loan will be repaid in forty quarterly installments and bears interest at a rate of LIBOR plus a margin of 2.80%. As of December 31, 2014, the outstanding balance under this facility was $4.2 million.

2014 Uncommitted Working Capital Facility. On December 17, 2013, Aegean Bunkering U.S.A., our wholly-owned subsidiary which assumed the U.S. East Coast bunkering business of Hess Corporation following our acquisition, entered into a $150.0 million uncommitted facility which was renewed on August 22, 2014 for one year and for an amount up to $250.0 million. The facility bears interest at LIBOR plus a margin of 2.4%. We used a portion of the proceeds of this facility to fund the purchase of inventories pursuant to the acquisition from Hess Corporation and to fund our expansion into the U.S. market. As of December 31, 2014 and December 31, 2013, the outstanding balance under this facility was $110.5 million and $99.3 million, respectively.

2013 Secured Multicurrency Revolving Credit Facility. On September 19, 2013, AMP, Aegean Petroleum International Inc. and Aegean NWE N.V., our wholly-owned subsidiaries, entered into a $1 billion Secured Multicurrency Revolving Credit Facility with a syndicate of commercial lenders, which we and these subsidiaries have guaranteed. The facility is comprised of three tranches, consisting of Tranche A of $155 million for a one year tenor, Tranche B of $115.0 million for two year tenor and Tranche C of $730 million for an uncommitted tenor. On September 18, 2014, our wholly-owned subsidiaries renewed the facility for a two year period. Outstanding amounts under Tranche A and Tranche B bear interest at LIBOR, plus a margin of 2.1% and 2.5%, respectively, and outstanding amounts under Tranche C bear interest at a rate determined by the relevant lender that represents its cost of funds, plus a margin of 2.0%. The facility imposes certain operating and financial restrictions on us, which restrict our ability to incur debt, change our legal and beneficial ownership, merge or consolidate, acquire or incorporate companies and change our business activities. In addition, the facility contains financial covenants which require us to maintain (i) minimum consolidated net working capital of not less than $35.0 million, which will increase to $125.0 million following the first utilization date, (ii) consolidated net tangible net worth of $410.0 million, (iii) a current ratio of at least 1.04 to-1 which will increase to 1.15-to-1 following the quarter of the first utilization date and (iv) an interest cover ratio of at least 1.9-to-1. We used a portion of the proceeds of this facility to repay certain of our existing working capital facilities. As of December 31, 2014 and December 31, 2013, the outstanding balance on this facility was $316.5 million and $0 million, respectively.

2013 Fujairah Credit Facility. On March 11, 2013, our subsidiary, Aegean Oil Terminal Corporation, as borrower, entered into a credit facility, which we refer to as our 2013 Fujairah Credit Facility, for an aggregate amount of $73.5 million with an international commercial bank to finance the construction of our new oil terminal in Fujairah. The loan is repayable in quarterly installments beginning March 31, 2014 and bears interest at LIBOR plus a margin of 5.25%. As of December 31, 2014 and December 31, 2013, the outstanding balance under this facility was $59.0 million and $73.5 million, respectively.

2010 Overdraft Credit Facility. On September 1, 2011, our subsidiary, Aegean NWE, renewed the 2010 annually renewable overdraft facility for up to $70.0 million and €500,000. Drawdowns on the facility are limited to a maximum of 90% of the accounts receivable that are accepted by the banks and are credit insured. The facility bears interest at LIBOR plus 2.50% for drawdowns and 2.00% for overdrafts. As of January 2014, this facility was repaid in full using a portion of the proceeds we received from our 2013 Secured Multicurrency Revolving Credit Facility.

2010 Revolving Credit Facility. On June 7, 2010, our subsidiary, AMP, entered into an uncommitted credit facility with an international commercial lender for an amount up to $100.0 million and a term of one year. On June 21, 2011, we renewed this facility for an additional one-year term and increased the available amount to up to $200.0 million, and on May 10, 2012 and 2013 we renewed this facility again for an additional one-year term and until the drawdown of our 2013 Secured Multicurrency Revolving Credit Facility. The renewed facility bore interest at LIBOR plus 2.4%. On February 15, 2013, we obtained a waiver from our lender for the compliance with certain of the financial requirements under this facility. As of January 2014, this facility was repaid in full using a portion of the proceeds we received from our 2013 Secured Multicurrency Revolving Credit Facility.

2010 ANWE Revolving Credit Facility. On April 1, 2010, in connection with the acquisition of ANWE, we assumed an overdraft facility with a Belgian bank in amount of up to $45.0 million. This facility was renewed in October 2010 to $55.0 million, in April 2011 to $70.0 million and in November 2012 to $80.0 million. Drawdowns under this facility are limited to a maximum of 90% of the accounts receivable accepted by the banks and credit-insured. On April 8, 2013, we obtained a waiver from our lender for the compliance with a certain financial requirement under this facility. The facility bore interest at LIBOR plus 2.00% on drawdowns and 2.5% on overdrafts. As of January 2014, this facility was repaid in full using a portion of the proceeds we received from our 2013 Secured Multicurrency Revolving Credit Facility.

2010 Newbuilding Secured Loan Facility. On April 1, 2010, we assumed a loan agreement with an international bank that was entered into on October 6, 2009 by ANWE and a third-party in an amount of €5.7 million to finance the new building Montana. The facility bears interest at EURIBOR plus 1.26% and is repayable in quarterly installments of approximately €0.1 million. As of December 31, 2014 and December 31, 2013, the outstanding balance under this facility was $5.2 million and $6.4 million (or €4.3 million and €4.6 million), respectively.

2010 ANWE Acquisition Loan Facility. On April 1, 2010, in connection with our acquisition of ANWE, we assumed a loan agreement with a Belgian Bank in an aggregate amount of €4.0 million. This facility bore interest at EURIBOR plus 2.5%. This facility matured on March 31, 2014, and as of December 31, 2014 and December 31, 2013, the outstanding balance under this facility was $0.0 million and $0.3 million (or €0.0 million and €0.2 million), respectively.

2010 Newbuilding ANWE Loan Facility. On April 1, 2010, in connection with our acquisition of ANWE, we assumed a loan agreement with a Belgian bank in an aggregate amount of €3.7 million to finance the construction of our double hull bunkering vessel, the Texas. This facility bears interest at a rate of 4.36%. This facility is renewable every five years and was last renewed on April 1, 2009. As of December 31, 2014 and December 31, 2013, the outstanding balance under this facility was $1.4 million and $2.0 million (or €1.1 million and €1.4 million), respectively.

2009 Trade Credit Facility. On November 19, 2009, our subsidiary, AMP, entered into an uncommitted trade credit facility, which we refer to as the 2009 Trade Credit Facility with an international commercial lender, for up to $100.0 million, with a sub-limit in an amount of $20.0 million, for short-term transit and storage financing. On May 23, 2011, and further on July 1, 2012, we renewed this facility to increase the amount to $220.0 million, and on August 9, 2013, we renewed the facility to change the amount to $200.0 million with a sub-limit of up to $100.0 million. This facility bears interest at LIBOR plus 2.50%. This facility is secured by, among other things, our assigned receivables and fuel oil and gas oil stored or to be stored in a storage facility acceptable to the lender and pledged in its favor. The maximum credit terms given to any individual counterparty may be 45 days from the date of the delivery of the products; the inventories may only be financed up to 30 days from the date such inventories are delivered to the storage facility; and the product to be stored and in transit may be financed up to 10 calendar days from the date of the bill of lading. As of January 2014, this facility was repaid in full using a portion of the proceeds we received from our 2013 Secured Multicurrency Revolving Credit Facility.

2008 Overdraft Facility. On March 11, 2008, we entered into a one year, annually-renewable revolving overdraft facility with a bank in an amount of $20.0 million. On March 30, 2011, we amended this facility to reduce the amount to $10.0 million. On June 29, 2012, we amended this facility to reduce the amount to $8.0 million through April 30, 2013, which we extended until April 30, 2014 for an amount up to $7 million with a supplemental agreement dated July 26, 2013. This facility bears interest at LIBOR plus 6.0%. As of December 31, 2014 and December 31, 2013, we had $7.0 million and $8.0 million outstanding under this facility, respectively.

2008 Secured Term Loan. On July 8, 2008, we entered into a collateralized term loan facility with a bank for an amount of $15.0 million, which was amended on June 29, 2012. On July 26, 2013, the facility was renewed to extend the repayments. This facility bears interest at LIBOR plus 5.25%. As of December 31, 2014 and December 31, 2013, we had $1.7 million and $4.0 million outstanding under this facility, respectively.

2008 Newbuilding Secured Term Loan. On April 24, 2008, four of our vessel-owning subsidiaries, Kassos Navigation S.A., Tilos Navigation S.A., Halki Navigation S.A. and Symi Navigation S.A., as co-borrowers, jointly and severally, entered into a syndicated collateralized term loan with an international bank for an amount of $38.8 million to partially finance the construction costs of the vessels Kassos, Tilos, Halki and Symi. This loan bears interest at LIBOR plus 1.40%. As of December 31, 2014 and December 31, 2013, we had $25.6 million and $27.5 million outstanding under this facility, respectively.

2007 Newbuilding Secured Term Loan. On July 5, 2007, as thereafter amended and supplemented, five of our vessel-owning subsidiaries, Andros Marine Inc., Dilos Marine Inc., Ios Marine Inc., Aegean VII Shipping Ltd. and Anafi Shipping (Pte.) Ltd., as co-borrowers, jointly and severally, entered into a collateralized credit facility for an aggregate amount of $37.6 million with an international commercial bank to partially finance the construction of five bunkering tankers, Andros, Dilos, Ios, Anafi and Sikinos, respectively. On September 12, 2008, we amended this facility and increased the loan amount to $43.2 million. This loan bears interest at LIBOR plus 1.0%. As of December 31, 2014 and December 31, 2013, the outstanding balance under this facility was $25.4 million and $29.7 million, respectively.

First 2006 Newbuilding Secured Term Loan. On February 10, 2006, five of our vessel-owning subsidiaries, Milos Maritime Inc., Amorgos Maritime Inc., Kimolos Maritime Inc., Mykonos Maritime Inc. and Syros Maritime Inc., as co-borrowers, jointly and severally entered into a collateralized term loan with an international commercial bank for an aggregate amount of $33.4 million to partially finance the construction costs of five double hull tankers, Milos, Amorgos, Kimolos, Mykonos and Syros, respectively. This loan bears interest at LIBOR plus 1.15% plus additional compliance costs. This loan is collateralized by a first priority mortgage over each of the vessels. On December 19, 2006, this facility was refinanced by a term loan (with identical terms and conditions) with the same bank. As of December 31, 2014 and December 31, 2013, we had $14.2 million and $17.0 million outstanding under this facility, respectively.

2006 Newbuilding Secured Syndicated Term Loan. On October 30, 2006, seven of our vessel-owning subsidiaries, Kerkyra Marine S.A., Ithaki Marine S.A., Cephallonia Marine S.A., Paxoi Marine S.A., Zakynthos Marine S.A., Lefkas Marine S.A. and Kythira Marine S.A., as co-borrowers, jointly and severally entered into a syndicated secured term loan for an aggregate amount of $64.8 million with an international commercial bank to partially finance the construction of seven double hull oil tankers, the Kerkyra, Ithaki, Kefalonia, Paxoi, Zakynthos, Lefkas and Kythira, respectively. This loan bears interest at LIBOR plus 1.30%. As of December 31, 2014 and December 31, 2013, the outstanding balance under this facility was $46.0 million and $49.4 million, respectively.

Second 2006 Newbuilding Secured Term Loan. On October 27, 2006, two of our vessel-owning subsidiaries, Tasman Seaways Inc. and Santon Limited, as co-borrowers, jointly and severally, entered into a loan agreement with an international commercial bank for a term loan facility in an aggregate amount of $17.6 million to partially finance the construction costs of two double hull tankers, Kalymnos and Leros, respectively. The facility bears interest at LIBOR plus 1.15% on 70% of the principal amount and at LIBOR plus 1.25% on 30% of the principal amount. As of December 31, 2014 and December 31, 2013, the outstanding balance under this facility was $11.2 million and $12.4 million, respectively.

Third Newbuilding 2006 Secured Term Loan. On October 25, 2006, three of our vessel-owning subsidiaries, Eton Marine Ltd., Benmore Services S.A. and Ingram Enterprises Co., as co-borrowers, jointly and severally entered into a syndicated secured term loan for an aggregate amount of $26.3 million to partially finance the construction costs of three double hull tankers, the Patmos, Nisyros and Karpathos, respectively. This facility bears interest at LIBOR plus 1.30%. As of December 31, 2014 and December 31, 2013, the outstanding balance under this facility was $17.5 million and $19.0 million, respectively.

2005 Newbuilding Secured Syndicated Term Loan. On August 30, 2005, as amended, five of our vessel-owning subsidiaries, Kithnos Maritime Inc., Tempest Shiptrade Ltd., Paros Maritime Inc., Santorini Maritime Inc. and Serifos Maritime Inc., as co-borrowers, jointly and severally, entered into a syndicated secured credit facility for an aggregate amount of $35.5 million with an international commercial bank to finance the construction of five bunkering tankers Kithnos, Naxos, Paros, Santorini and Serifos, respectively. The loan bears interest at LIBOR plus 1.55%. As of December 31, 2014 and December 31, 2013, the outstanding balance under this facility was $20.1 million and $22.5 million, respectively.

Convertible Bond

4.00% Convertible Unsecured Senior Notes due 2018. On October 23, 2013, we issued $75.0 million aggregate principal amount of 4.00% Convertible Unsecured Senior Notes, or the Initial Notes, which are due November 1, 2018. The full over allotment option granted was exercised and an additional $11.3 million Initial Notes were purchased by the underwriters. Accordingly, $86.3 million in aggregate principal amount of the Initial Notes was sold, resulting in aggregate net proceeds of approximately $83.4 million after the underwriters' commissions. We have bifurcated, at the issuance date, the $86.3 million principal amount of the Initial Notes into liability and equity components of $72.7 million and $13.6 million, respectively, by first determining the carrying amount of the liability component of the Initial Notes by measuring the fair value of a similar liability that does not have an associated equity component. The equity component was calculated by deducting the fair value of the liability component from the total proceeds received at issuance. As of December 31, 2014 and December 31, 2013, the outstanding liability under the Initial Notes was $75.4 and $73.1 million, respectively.

On January 16, 2015, we issued an additional $48.3 million aggregate principal amount of the Initial Notes, or the New Notes, including the full exercise by the underwriters of the overallotment option, resulting in aggregate net proceeds of approximately $52.2 million after the underwriters' commissions and before expenses. The New Notes have the same terms (other than issue date and public offering price) as the Initial Notes and rank pari passu with, and vote together with, the holders of the Initial Notes. The New Notes also have the same CUSIP number and ISIN as the Initial Notes and are fungible with the Initial Notes for trading purposes.

Trade Receivables Purchase Agreement

On October 17 2011, we entered into a factoring agreement pursuant to which we transfer ownership of eligible trade accounts receivables to a third party purchaser without recourse in exchange for cash. Proceeds from the transfer reflect the face value of the account less a discount. The receivables sold pursuant to this factoring agreement are included in the trade receivables on the consolidated balance sheets and are reflected as cash provided by operating activities on the consolidated statements of cash flows. The third party purchaser has no recourse to our assets for failure of debtors to pay when due. We renewed the agreement on November 12, 2012, on October 2, 2013, November 12, 2013, and November 13, 2014. As of December 31, 2014 and 2013, we sold $473.8 million and $572.7 million trade accounts receivables, respectively, pursuant to this agreement.

Covenants

Our credit facilities generally contain financial covenants, which require us to maintain, among other things:

minimum net equity of between $175.0 million to $250.0 million, depending on the applicable credit facility;

consolidated net tangible net worth of $410.0 million;

minimum market value adjusted net worth or book net worth of between $175.0 million and $410.0 million;

minimum solvency ratio on the statutory financial statements of our subsidiary ANWE of 20%;

minimum working capital of $125 million following the first utilization date under our 2013 Secured Multicurrency Revolving Credit Facility;

minimum interest coverage ratio of at least 1.9-to-one;

minimum current ratio of 1.15-to-one;

aggregate minimum liquidity of between $25.0 million and $30.0 million and minimum liquidity ratio of more than 0.50-to-one;

maximum ratio of total liabilities to total assets of between 0.70-to-one and 0.75-to-one; and

minimum consolidated leverage ratio of 0.75-to-one.

The agreements governing our indebtedness also contain restrictions and undertakings, including, among other things:

the requirement to maintain the listing of our shares of common stock on the NYSE;

restrictions on our payment of dividends and distribution of assets;

restrictions on our incurrence of debt;

the requirement to maintain a minimum value of collateral;

restrictions on our ability to merge or consolidate;

restrictions on our ability to acquire additional vessels;

restrictions on changes in our business activities; and

change of control restrictions.

Our secured credit facilities are generally secured by, among other things:

a first priority mortgage over each of the pledged vessels in favor of each of our lenders;

assignments of earnings, insurances and requisition of compensation of each of the mortgaged vessels; and

corporate guarantees.

A violation of any of the financial covenants contained in our credit facilities described above may constitute an event of default under our credit facilities, which, unless cured within the grace period set forth under the credit facility, if applicable, or waived or modified by our lenders, provides our lenders with the right to, among other things, require us to post additional collateral, enhance our equity and liquidity, increase our interest payments, pay down our indebtedness to a level where we are in compliance with our loan covenants, sell vessels in our fleet, reclassify our indebtedness as current liabilities and accelerate our indebtedness and foreclose their liens on our vessels and the other assets securing the credit facilities, which would impair our ability to continue to conduct our business.

Furthermore, certain of our credit facilities contain a cross-default provision that may be triggered by a default under one of our other credit facilities. A cross-default provision means that a default on one loan would result in a default on certain of our other loans. Because of the presence of cross-default provisions in certain of our credit facilities, the refusal of any one lender under our credit facilities to grant or extend a waiver could result in certain of our indebtedness being accelerated, even if our other lenders under our credit facilities have waived covenant defaults under the respective credit facilities. If our secured indebtedness is accelerated in full or in part, it would be very difficult in the current financing environment for us to refinance our debt or obtain additional financing and we could lose our vessels and other assets securing our credit facilities if our lenders foreclose their liens, which would adversely affect our ability to conduct our business.

As of December 31, 2014, we were in compliance with all of the financial covenants contained in our credit facilities.

Liquidity and Uses of Cash

Cash and cash equivalents as of December 31, 2014 and 2013, amounted $129.6 million and $62.6 million, respectively. The table below illustrates our working capital and working capital excluding cash and debt as of December 31, 2014 and 2013. Working capital is defined as current assets less current liabilities.

The marine fuel supply industry is capital intensive. The timing and levels of operational cash flows are important aspects of our business. Our periodic cash flows from operations are mainly dependent on our periodic working capital, excluding cash and debt. Accordingly, we use working capital excluding cash and debt to monitor changes in our operational working capital accounts such as trade receivables, inventories and trade payables, and to assess the current strength and to predict the future state of our cash flows from operations. Our periodic working capital excluding cash and debt is partly driven by our sales volume growth rates for the relevant periods. As a result, the higher the sales volume growth rates are, the larger the working capital investment needed to purchase and sell the increased quantities of fuel. A larger working capital investment decreases our operational cash flows for the relevant periods. Furthermore, significant period-on-period movement in the average outstanding days of our trade receivables, inventories and trade payables considerably impacts our periodic working capital excluding cash and debt positions and our operational cash flows. Finally, significant fluctuations in marine fuel prices materially affect our periodic working capital excluding cash and debt. A period-on-period increase in marine fuel prices increases the level of working capital investment needed to purchase the same quantity of marine fuel. Accordingly, we would have to increase our working capital investment at a multiple of the increase in marine fuel prices in order to increase our sales volumes.

	As of December 31,
	2014		2013

	(in thousands of U.S. dollars)

Working capital		202,593		244,453
Working capital excluding cash and debt		428,326		541,919

Our working capital, excluding cash (and restricted cash) and debt, decreased to $428.3 million as of December 31, 2014 from $541.9 million as of December 31, 2013. Our working capital position also decreased to $202.6 million as of December 31, 2014 from $244.5 million as of December 31, 2013.

We primarily use our cash to fund marine petroleum product purchases for resale to our customers. Except for transactions with our related company, Aegean Oil, in which we usually have extended unsecured trade credit, we obtain secured trade credit from our suppliers against a standby letter of credit. In certain cases, we purchase quality marine petroleum products from certain suppliers at discounted prices with cash on or near delivery. Our ability to fund marine petroleum product purchases, obtain trade credit from our suppliers and provide standby letters of credit is critical to the success of our business. Increases in oil prices negatively impact our liquidity by increasing the amount of cash needed to fund marine petroleum product purchases as well as reducing the volume of marine petroleum products which can be purchased on a secured credit basis from our suppliers.

We also use our cash to fund the acquisition or construction costs of vessels and our land-based storage terminal in Fujairah, as well as to fund the maintenance cost of our vessels. The following table illustrates the cash paid for the acquisition and construction of vessels, the construction of the Fujairah terminal and the cash paid for drydocking of our vessels for the years ended December 31, 2014, 2013 and 2012.

	Year Ended December 31,
	2014		2013		2012
	(in thousands of U.S. dollars)
Payments for vessel acquisitions		7,786		-		-
Payments for vessel construction		2,730		1,585		2,303
Payments for drydocking		10,304		8,999		5,561
Payments for other fixed assets under construction		61,405		62,675		62,366
Payments for other fixed assets		7,955		5,136		844

We do not anticipate any payments for vessel construction in the coming years due to the completion of our newbuilding vessels. Currently, we have no bunkering tankers on order.

Currently, we intend to purchase only secondhand double hull bunkering tankers, which are generally more costly than secondhand single hull bunkering tankers. Payments for drydocking are expected to remain the same during the year 2015, since even though we increased the number of vessels in our fleet the last years we also disposed of some of our older vessels.

Payments for other fixed assets under construction are expected to decrease during the year 2015 because we have completed the construction of our land-based storage facility in Fujairah.

We intend to fund our growth strategy, which may include further acquisitions of additional vessels or investments in other energy-related projects using either cash on hand and cash flow from operations or new long-term bank debt.

We anticipate that, assuming market conditions are consistent with our historical experience, cash on hand, internally generated cash flow and borrowings under our credit facilities will be sufficient to fund our future expansion and our working capital requirements. In the future we may consider raising funds through additional equity or debt offerings, depending on our future business plans.

Our beliefs, intentions, plans and expectations concerning liquidity and our ability to obtain financing are based on currently available information. To the extent this information proves to be inaccurate, or if circumstances change, future availability of trade credit or other sources of financing may be reduced and our liquidity would be adversely affected. Factors that may affect the availability of trade credit, or other financing, include our performance, the state of worldwide credit markets, and our levels of outstanding debt. In addition, we may decide to raise additional funds to respond to competitive pressures or changes in market conditions, to fund future growth, or to acquire vessels. We cannot guarantee that financing will be available when needed or desired, or on terms favorable to us.

Cash Flow

Net Cash Provided by Operating Activities

Net cash provided by operating activities was $182.2 million for the year ended December 31, 2014, compared to $40.6 million for the same period in 2013. This increase was directly attributable to the fuel price decrease towards the end of the year ended December 31, 2014.

Net cash provided by operating activities was $40.6 million for the year ended December 31, 2013, compared to $123.5 million for the same period in 2012. This decrease was directly related to the change in working capital, excluding cash and debt, during 2013 as compared to 2012. Our working capital, excluding cash and debt, increased by $108.4 million in 2013 to a surplus of $541.9 million as of December 31, 2013, from a surplus of $433.5 million as of December 31, 2012.

Net Cash Used In Investing Activities

Net cash used in investing activities was $59.5 million for the year ended December 31, 2014, compared to $181.8 million for the same period in 2013. During 2014, we paid $61.4 million mainly for the construction of our storage facility in Fujairah and $7.8 million for the acquisition of the vessel New Jersey. Furthermore, we received net cash consideration of $16.2 million for the sale of our tankers, Aegean Flower, Aegean X, Aegean XI, Aegean XII, PT36, Leader and Aegean Daisy.

Net cash used in investing activities was $181.8 million for the year ended December 31, 2013, compared to $58.2 million for the same period in 2012. During 2013, we paid $127.4 million in connection with our acquisition of Hess's East Coast bunkering business, $62.7 million mainly for the construction of our storage facility in Fujairah. Furthermore, we received net cash consideration of $8.3 million for the sale of our tankers, Aeolos, Tulip, Ellen, Elbe, Steidamm and Vigo.

Net Cash Used In/Provided by Financing Activities

Net cash used in financing activities was $50.3 million for the year ended December 31, 2014, compared to $126.0 million provided by financing activities for the same period in 2013. This decrease was mainly due to repayment of short-term borrowings. Furthermore, during the year ended December 31, 2014, we paid financing costs of $3.3 million, while we declared and paid dividends of $0.3 million to non-controlling parties and of $2.4 million to our shareholders.

Net cash provided by financing activities was $126.0 million for the year ended December 31, 2013, compared to $57.1 million used in financing activities for the same period in 2012. This increase was mainly due to additional funds required in connection with our acquisition of Hess's East Coast bunkering business and the purchase of inventory to commence operations there. Furthermore, during the year ended December 31, 2013, we paid financing costs of $11.1 million, while we declared and paid dividends of $2.7 million to non-controlling parties and of $1.9 million to our shareholders.

C.	Research and development, patents and licenses, etc.

Not applicable.

D.	Trend information.

During the year ended December 31, 2014, our sales volume of marine fuel increased by 14%, as compared to the prior year, which was mainly due to our business acquisition in the U.S. East Coast market in December 2013. Sales volumes are expected to increase during 2015 in light of our presence in new markets such as the U.S. West Coast, Gulf of Mexico, Germany, and Russia.

In 2014 we sold seven of our vessels: the Aegean Flower, Aegean X, Aegean XI, Aegean XII, PT36, Leader and Aegean Daisy. The sale of our older vessels is driving down our operating expense structure and increases the utilization of our fleet. In 2015, we also commenced operations in Germany and Russia. We plan to expand our operations in new markets during 2015 and further diversify revenue and enhance flexibility.

In addition to our bunkering operations, we market and distribute marine lubricants under the Alfa Marine Lubricants brand. Starting in 2011, we have currently built up an extensive production and distributing network in major and minor worldwide ports for our brand. Within 2015, we expect to continue expanding our branded supply and we expect our sales volumes to increase, as we are constantly getting bigger market share.

Our success in attracting business has been due, in part, to our willingness to extend trade credit on an unsecured basis to our customers after suitable credit analysis of them. Adverse changes in world credit markets may adversely affect our ability to do business with customers whose creditworthiness may no longer meet our criteria. Volatility in the price of marine fuel and lubricants may also affect our working capital requirements.

E.	Off-balance sheet arrangements.

We do not have any off-balance sheet arrangements.

F.	Tabular disclosure of contractual obligations.

Contractual Obligations

The following table sets forth our contractual obligations as of December 31, 2014:

	Within One Year		One to Three Years		Three to Five Years		More than Five Years		Total
	(in millions of U.S. dollars)
Long-term debt (excluding interest)		-		-		75.4		-		75.4
Long-term debt secured (excluding interest)		38.6		197.9		81.8		28.2		346.5
Operating lease commitments		40.9		60.5		44.8		186.9		333.1
Interest on long-term bank debt (1)		13.3		17.7		6.9		1.0		38.9
Minimum purchase commitments (2)		120.6		-		-		-		120.6
Total		213.4		275.1		208.9		216.1		914.5

(1)

Our long-term bank debt outstanding as of December 31, 2014 bears variable interest at margin over LIBOR. The calculation of variable rate interest payments is based on an actual weighted average rate of 3.20% for the year ended December 31, 2014, adjusted upward by 10 basis points for each year thereafter.

(2)

In the normal course of business, we have entered into long-term contracts with reputable suppliers, such as government refineries or major oil producers. The contractual commitments set forth in the above table include the minimum purchase requirements in our contract with Aegean Oil. The minimum purchase requirements provided for in our contract with Aegean Oil have been calculated by multiplying the minimum monthly volumes of marine fuel specified in the contract by an indicative market price based on quoted PLATTS prices as of December 31, 2014.

G.	Safe harbor

Forward-looking information discussed in this Item 5 includes assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as "forward-looking statements." We caution that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material. Please see the section entitled "Cautionary Statement Regarding Forward-Looking Statements" in this annual report.

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

A.	Directors and Senior Management

Set forth below are the names, ages and positions of our current directors and executive officers. Our board of directors is elected annually on a staggered basis, and each director holds office until his successor has been duly elected, except in the event of his death, resignation, removal or the earlier termination of his office. The business address of each of our executive officers and directors is 10 Akti Kondili, Piraeus 185 45 Athens, Greece.

Name	Age		Position
Peter C. Georgiopoulos		54	Chairman of the Board, Class B Director
Yiannis N. Papanicolaou		63	Class A Director
Konstantinos D. Koutsomitopoulos		47	Class A Director
John P. Tavlarios		53	Class B Director
Spyridon Fokas		60	General Counsel and Corporate Secretary, Class B Director
George Konomos		76	Class C Director
E. Nikolas Tavlarios		52	President and Principal Executive Officer
Dimitris Melisanidis		64	Head of Corporate Development
Spyros Gianniotis		54	Chief Financial Officer

_______________

Certain biographical information about each of these individuals is set forth below.

Peter C. Georgiopoulos has been the Chairman of our board of directors since December 2006. Since 1997, Mr. Georgiopoulos has served as the Chairman of the board of directors of General Maritime, a crude oil tanker company. Upon the completion of General Maritime's merger with Navig8 in May 2015, Mr. Georgiopoulos became the Chairman of the board of directors and Chief Executive Officer of Gener8, the surviving company. Mr. Georgiopoulos is also Chairman of the board of directors of Genco Shipping & Trading Limited, a drybulk shipping company, and a member of the board of directors of Atlantis Deepwater Technology Holding AS, a Norwegian offshore drilling technology company. From 1991 to 1997, Mr. Georgiopoulos was the principal of Maritime Equity Management, a vessel-owning and investment company which he founded in 1991. Mr. Georgiopoulos is a member of the American Bureau of Shipping. Mr. Georgiopoulos holds a master's degree in business administration from the Tuck School of Business at Dartmouth College, and is a member of the Board of Overseers of the Tuck School.

Yiannis N. Papanicolaou has served as a member of our board of directors since December 2006. Mr. Papanicolaou serves as the chairman of our compensation committee and a member of our audit and nominating and corporate governance committees. Since 2004, Mr. Papanicolaou has been an independent consultant to various companies. From 1998 to 2004, Mr. Papanicolaou served as Director General of the International Center for Black Sea Studies and from 1997 to 2005 as Alternate Governor of Greece at the Black Sea Trade and Development Bank. Between 1989 and 1996, Mr. Papanicolaou was employed as an independent consultant to various companies. Prior to that, Mr. Papanicolaou had a career in government where he served, among other positions, as Chief Economic Advisor to the Prime Minister of Greece, Chairman of the Council of Economic Advisors to the Ministry of National Economy and Special Advisor to the Minister of Foreign Affairs of the Hellenic Republic. Mr. Papanicolaou has studied economics at the National University of Athens, the London School of Economics and the London Graduate School for Business Studies.

Konstantinos D. Koutsomitopoulos has served as a member of our board of directors since May 2008. Mr. Koutsomitopoulos also serves as chairman of our nominating and corporate governance committee and a member of our audit and compensation committees. Mr. Koutsomitopoulos currently serves as an independent consultant to various companies. From October 2004 to May 2007, Mr. Koutsomitopoulos was employed at Diana Shipping Inc. (NYSE:DSX). While at Diana Shipping, he served as President and Head of Corporate Development from March 2006 to May 2007, and as Chief Financial Officer and Treasurer from February 2005 to March 2006. Mr. Koutsomitopoulos joined Pegasus Shipping Inc. in 1992. From 1997 to 2003, he was responsible for chartering, sales and purchasing and assisting in financing activities of the company, holding the positions of Chief Executive Officer and, subsequently, Director. Mr. Koutsomitopoulos holds a bachelor's degree in economics from the University of Athens and a master's degree in shipping, trade and finance from City University Business School in London.

John P. Tavlarios has served as a member of our board of directors since December 2006. From December 2008, Mr. Tavlarios has served as the President and director of General Maritime, and in July 2011 was designated Chief Executive Officer of General Maritime. Upon the completion of General Maritime's merger with Navig8 in May 2015, Mr. Tavlarios became the Chief Operating Officer of Gener8, the surviving company. Mr. Tavlarios also served as Executive Vice President of General Maritime from its inception in 1997 until January 2000, and President and Chief Operating Officer of General Maritime from May 2001 until December 31, 2002. Following an internal reorganization of General Maritime, which took effect at the close of business on December 31, 2002 through December 2008, Mr. Tavlarios was Chief Executive Officer of its tanker operating subsidiary, General Maritime Management LLC. From 1995 to 1997, Mr. Tavlarios was affiliated with Maritime Equity Management, a vessel-owning and investment company, where he served as Director of Marine Operations. From 1992 to 1995, Mr. Tavlarios was President and founder of Halcyon Trading Company, a consulting firm specializing in international business development with a particular emphasis on the international oil industry. From 1984 to 1992, Mr. Tavlarios was employed by Mobil Oil Corporation, spending most of his tenure in the Marine Operations and the Marketing and Refining divisions. Prior to 1984, Mr. Tavlarios was involved in his family's shipping business, assisting in marine operations. Mr. Tavlarios is a member of the American Bureau of Shipping, the Det Norske Veritas North American Committee, the Skuld board of directors, the Directors Committee and the North American Panel of INTERTANKO, the organization of independent tank owners and on the Board of Trustees of the Seaman's Church Institute. Mr. Tavlarios holds a master's degree in business administration from St. John's University. Mr. Tavlarios is the brother of Mr. E. Nikolas Tavlarios, the Company's President and Principal Executive Officer.

Spyridon Fokas has been a member of our board of directors since June 2005. Mr. Fokas has also served as our General Counsel and as our Corporate Secretary since June 2005. Mr. Fokas currently is an attorney at S. Fokas – B. Koumbiadou Law Offices. Mr. Fokas has been practicing maritime law since 1982 and has represented the Company since 1998. Mr. Fokas is a member of the Greek Maritime Law Association and the Hellenic Society of Maritime Lawyers. Mr. Fokas holds a law degree from the University of Athens School of Law and has undertaken post-graduate studies in shipping law at the University College London.

George Konomos has served as a member of our board of directors and as the chairman of our audit committee since November 2008. Mr. Konomos is also a member of our compensation committee. Currently, Mr. Konomos is a Senior Advisor with Latigo Partners L.P., an alternative asset manager, which he joined in 2005. From 2000 to 2005, Mr. Konomos was the Co-Portfolio Manager at Mellon-HBV Rediscovered Opportunities Fund. Mr. Konomos' experience prior to joining Mellon-HBV includes 11 years as an Investment Manager at Baker Nye Investments, service as a senior advisor to the World Bank on privatizations and financial restructurings of state-owned companies and a 14-year career in investment banking at Lehman Brothers and Samuel Montague & Co. Mr. Konomos also served as a director of General Maritime until May 2012. Mr. Konomos holds a bachelor's degree in economics from the University of Arizona, a master's degree in economics from American University and a juris doctor degree from George Washington University Law School.

E. Nikolas Tavlarios has served as our President and Principal Executive Officer since December 2006. From 2003 to 2006, Mr. Tavlarios served as Vice President of General Maritime Management LLC, a tanker operating subsidiary of Gener8, where he oversaw business development and maintained relationships with commercial representatives of major oil companies. From 2000 to 2003, Mr. Tavlarios was Vice President of Sales and Administration at Universal Services Group. From 1998 to 2000, Mr. Tavlarios served as Executive Director of Rockefeller Center for Tishman Speyer Properties. Prior to 1998, Mr. Tavlarios was a Surveyor for the American Bureau of Shipping. Mr. Tavlarios is a member of the American Bureau of Shipping and of the Det Norske Veritas (DNV) North American committee. Mr. Tavlarios holds a bachelor's degree in marine transportation from State University of New York Maritime College and a master's degree in business administration from St. John's University. Mr. Tavlarios is the brother of John P. Tavlarios.

Dimitris Melisanidis is our founder and has served as our Head of Corporate Development since December 2006. Prior to that, Mr. Melisanidis served as our President and Chief Executive Officer from June 2005 to December 2006 and served as a director and Chairman of our board of directors until July 2006. In 1995, Mr. Melisanidis founded and has since managed the group of companies that form our Company. Mr. Melisanidis has also been involved historically with our related companies and had a leadership role with respect to the promotion of their products and services. Mr. Melisanidis is a member of the Greek Committee of the classification society Bureau Veritas, the Committee on Petroleum Policy of the Hellenic Petroleum Marketing Companies Association and is involved in a number of other institutions, including the Hellenic-American Chamber of Commerce, the Propeller Club of The United States, the Union of European Shipowners with Cyprus Flag and The Yacht Club of Greece. Mr. Melisanidis is a founding member and President of the Athens Club of Black Sea and a Vice President of the World Fraternity for Hellenism and Orthodoxy as well as the Association for Greek-American Friendship. From 1992 to 1995, Mr. Melisanidis was the co-owner and served as President and Managing Director of soccer club AEK Athens.

Spyros Gianniotis has served as our Chief Financial Officer since September 2008. Mr. Gianniotis has served as a director and audit committee chairman of NewLead Holdings Ltd., a shipping company which shares trade on NASDAQ Global Select Market, since October 2009. Prior to joining our Company, Mr. Gianniotis served as the Head of Shipping at Piraeus Bank SA, holding the title of Assistant General Manager. From 2001 to 2005, Mr. Gianniotis served on the board of Capes Investment Corporation, a privately-owned drybulk company. Between 1989 and 2001, Mr. Gianniotis held a number of positions, both in New York and Athens, within corporate and shipping finance at Citigroup. He holds a bachelor's degree in economics and sociology from Queens College (CUNY), a master's degrees in transportation management from Maritime College (SUNY) and in business administration from Wagner College, New York, and an executive certificate from Pace University.

B.	Compensation

The aggregate annual compensation paid to our executive officers for the year ended December 31, 2014 was $1.1 million. We also paid $0.3 million to our non-executive directors during the year ended December 31, 2014. Furthermore, our executive officers and directors received an aggregate of 500,000 nonvested shares pursuant to our equity incentive plan during the year ended December 31, 2014. In addition, each director is reimbursed for out-of-pocket expenses incurred attending any meeting of the board of directors or any committee of the board of directors. We do not maintain a medical, dental or retirement plan for our directors. Officers who also serve as directors do not receive additional compensation for their services as directors.

C.	Board Practices

Our board of directors is comprised of the six directors named above. Our board of directors is divided into three classes, Class A, Class B and Class C, as nearly equal in number as possible, with each director serving a three-year term and one class being elected at each year's annual meeting of shareholders. The term of our Class C director expires in 2015, the term of our Class A directors expires in 2016 and the term of our Class B directors expires in 2017.

We do not maintain a service contracts with any of our directors providing for benefits upon termination of employment.

Committees of the Board of Directors

The standing committees of our board of directors consist of an audit committee, a compensation committee and a nominating and corporate governance committee. Each of our standing committees is comprised of independent members of our board of directors. In addition, special committees may be established under the direction of the board of directors when necessary to address specific issues.

Audit Committee

Our audit committee is comprised of three independent members of our board of directors. The committee is responsible for, among other things, making recommendations concerning the engagement of our independent public accountants, reviewing with the independent public accountants the plans and results of the audit engagement, approving professional services provided by the independent public accountants, reviewing the independence of the independent public accountants, considering the range of audit and non-audit fees and reviewing the adequacy of our internal accounting controls. Our audit committee is comprised of Messrs. Konomos, Koutsomitopoulos and Papanicolaou. Mr. Konomos serves as the chairman of the audit committee.

Compensation Committee

Our compensation committee is comprised of three independent members of our board of directors. The committee is responsible for determining compensation for our executive officers and other employees and administering our compensation programs. Our compensation committee is comprised of Messrs. Papanicolaou, Koutsomitopoulos and Konomos. Mr. Papanicolaou serves as the chairman of the compensation committee.

Nominating and Corporate Governance Committee

Our nominating and corporate governance committee is comprised of three independent members of our board of directors. The committee is responsible for identifying and recommending qualified candidates for board membership to the board of directors. Our nominating and corporate governance committee is comprised of Messrs. Koutsomitopoulos, Konomos and Papanicolaou. Mr. Koutsomitopoulos serves as the chairman of the nominating and corporate governance committee.

Employees

The following table reflects the number of our crews and salaried employees for the periods indicated.

	Year Ended December 31,
	2014		2013		2012

Shipboard personnel		646		732		845
Shoreside personnel		314		289		368
Total		960		1,021		1,213

Our Greek shoreside employees are subject to Greek national collective bargaining agreements, which set minimum standards of their employment. Our Greek shipboard personnel are also subject to these standards. Our Filipino crew members are subject to a collective bargaining agreement with the Philippine Government that sets their minimum standards of employment. We consider our employee relations to be satisfactory.

Our full-time Greek shoreside employees are covered by state-sponsored pension funds for which we are required to contribute a portion of the monthly salary of these employees. Upon retirement of these employees, the state-sponsored pension funds are responsible for paying the employee's retirement benefits and we have no obligation to pay these benefits. However, under Greek labor legislation, we are required to pay a lump sum as a retirement benefit, based on the salary and the years of employment, for certain of our Greek employees. Our crew members are employed under short-term contracts and we are not liable for any of their pension or post-retirement benefits.

E.	Share ownership

The common shares beneficially owned by our directors and senior managers are disclosed in "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders" below.

Equity Incentive Plan

In December 2006, we adopted an equity incentive plan, which we refer to as the 2006 Equity Incentive Plan, under which our officers, key employees and directors were eligible to receive options to acquire shares of common stock. We have reserved a total of 4,053,500 shares of common stock for issuance under the 2006 Equity Incentive Plan, of which, as of the date of this annual report, we granted an aggregate of 3,962,098 restricted shares pursuant to the 2006 Equity Incentive Plan to certain of our employees, executive officers and directors, subject to applicable vesting restrictions.

In March 2015, we adopted a new equity incentive plan, which we refer to as the 2015 Equity Incentive Plan, which replaced in full the 2006 Equity Incentive Plan. We have reserved a total of 5,091,402 shares of common stock for issuance under the 2015 Equity Incentive Plan, consisting of 91,402 common shares that remained unissued under the 2006 Equity Incentive Plan plus an additional 5,000,000 common shares. The compensation committee of our board of directors administers the 2015 Equity Incentive Plan. Under the terms of the 2015 Equity Incentive Plan, the compensation committee may grant new options exercisable at a price per common share to be determined by our board of directors but in no event less than fair market value as of the date of grant. The 2015 Equity Incentive Plan also permits our compensation committee to award restricted stock, restricted stock units, non-qualified stock options, stock appreciation rights, dividend equivalent rights, unrestricted stock, and performance shares. The 2015 Equity Incentive Plan expires in March 2025, or ten years from its adoption. As of the date of this annual report, we granted an aggregate of 200,000 restricted shares pursuant to the 2015 Equity Incentive Plan, subject to applicable vesting restrictions.

ITEM 7.

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS.

A.	Major shareholders.

The following table presents certain information regarding (1) the beneficial owner of more than 5% of the shares of common stock and (2) the total amount of common stock beneficially owned by all of our directors and executive officers, other than Messrs. Melisanidis, Georgiopoulos and John Tavlarios, as a group in each case as of May 11, 2015.

	Number		Percentage**
Dimitris Melisanidis (1)		11,003,031		22.4	%
Peter C. Georgiopoulos		5,120,250		10.4	%
John P. Tavlarios (2)		695,324		1.4	%
Rima Senvest Management, LLC (3)		4,721,535		9.6	%
12 West Capital Management LP (4)		3,258,903		6.6	%
Other directors and executive officers as a group*		999,951		2.0	%

_________________

*	Individually own less than 1% of our outstanding common shares.

**	Based on 49,203,853 shares outstanding as of May 11, 2015.

(1)

Mr. Melisanidis beneficially owns 915,000 shares in his individual capacity and 10,088,031 shares through Leskira Holdings Co. Limited, or Leskira, a Cypriot corporation controlled by Mr. Melisanidis. On October 31, 2014, Leveret, a Liberian corporation also controlled by Mr. Melisanidis, contributed 10,088,031 shares of our common stock to Leskira. Leveret and Leskira are an entities wholly owned by Mr. Melisanidis, and therefore, there was no change in beneficial ownership as a result of the contribution.

(2)	Includes shares owned by a trust for the benefit of members of Mr. Tavlarios's family.

(3)

The beneficial ownership is based on the latest available filing made with the SEC on Schedule 13G/A on February 17, 2015, which reported shared voting and dispositive power over the shares with Richard Mashaal. The business addresses of Rima Senvest Management, LLC and Richard Mashaal, as reported on the Schedule 13G/A filed with the SEC on February 17, 2015, is 540 Madison Avenue, 32nd Floor, New York, New York 10022 and c/o Rima Senvest Management, LLC, 540 Madison Avenue, 32nd Floor, New York, New York 10022, respectively. Also, per the Schedule 13G/A, the reported securities are held in the accounts of Senvest Master Fund, L.P. and Senvest International L.L.C, Rima Senvest Management, LLC is the investment manager and general partner of Senvest Master Fund, L.P., and Mr. Mashaal is the managing member of Rima Senvest Management, LLC and is president of Senvest International L.L.C.

(4)

Our principal shareholders will have the same voting rights as other holders of our shares of common stock.

As of May 11, 2015, we had 87 shareholders of record, 16 of which were located in the United States and held an aggregate of 37,228,544 shares of our common stock, representing 75.7% of our outstanding shares of common stock. However, one of the U.S. shareholders of record is Cede & Co., a nominee of The Depository Trust Company, which held 35,281,931 shares of our common stock, as of May 11, 2015. Accordingly, we believe that the shares held by Cede & Co. include shares of common stock beneficially owned by both holders in the United States and non-U.S. beneficial owners. We are not aware of any arrangements the operation of which may at a subsequent date result in our change of control.

B.	Related party transactions.

Aegean Oil S.A.

Marine Fuel Supply Service Agreement. On April 1, 2005, we entered into a marine fuel supply service agreement with Aegean Oil, a related company owned and controlled by members of Mr. Melisanidis' family. Mr. Melisanidis may also be deemed a control person of Aegean Oil for U.S. securities law purposes, but Mr. Melisanidis disclaims such control. Aegean Oil is engaged in the downstream gasoline market in Greece and is licensed as a trader and physical supplier of marine petroleum products in Greece. Aegean Oil is managed by a full-time executive team and has no common management with us. Under the terms of this agreement, Aegean Oil sells and delivers marine petroleum products to our customers within Greek territorial waters. Under the agreement, as amended and supplemented, we must purchase a minimum, and Aegean Oil must sell up to a maximum, quantity of marine petroleum products. Aegean Oil sells the marine petroleum products at an amount equal to its purchase costs from selected Greek refineries plus a margin. Payments are made within 30 calendar days from the date of receipt of the invoices, with a penalty of 10% imposed on late payments. Under this agreement, we are required to provide security by way of a standby letter of credit or other mutually acceptable guarantee in relation to any outstanding balance. This agreement terminated on March 31, 2015 and was renewed until December 31, 2015, unless any of the following situations occur prior to the termination date: (i) Aegean Oil's petroleum trading license terminates or is revoked by the Greek authorities, in which case Aegean Oil may elect to terminate the agreement; (ii) upon the breach by any party in the performance of any of its obligations, as defined in the agreement, in which case the non-breaching party may elect to terminate the agreement; or (iii) upon the liquidation or bankruptcy of any party, in which case the agreement terminates automatically.

During the years ended December 31, 2014, 2013, and 2012, we purchased marine petroleum products from Aegean Oil in the amount of $342.7 million, $414.7 million, and $455.5 million respectively.

Additionally, during the years ended December 31, 2014, 2013 and 2012, we purchased marine petroleum products of $1.4 million, $4.0 million and $1.9 million, respectively that were consumed in connection with our voyage revenues and are included "cost of voyage revenues - related companies" in the accompanying consolidated statements of income. During the year ended December 31, 2014, purchases of marine petroleum products of amount $1.70 million were included in the selling and distribution expenses in the accompanying consolidated statements of income.

License Agreement. On December 8, 2006, we entered into a trademark license agreement with Aegean Oil pursuant to which Aegean Oil granted us a non-transferable, non-exclusive, perpetual (subject to termination for material breach), world-wide, royalty-free right and license to use certain trademarks related to the Aegean logo and "Aegean Marine Petroleum" in connection with marine fuel supply services.

Aegean Shipping Management S.A.

We conduct transactions with Aegean Shipping Management and certain vessel-owning companies, or collectively Aegean Shipping, which are related companies owned and controlled by members of Mr. Melisanidis' family. Mr. Melisanidis may also be deemed a control person of Aegean Shipping for U.S. securities law purposes, but Mr. Melisanidis disclaims such control. Aegean Shipping is the owner and operator of an international shipping of fleet tankers which are chartered out in the international spot markets. Aegean Shipping is managed by a full-time executive team and has no common management with us. Aegean Shipping purchases marine fuel and lubricants from us. Our sales of marine petroleum products to Aegean Shipping for the years ended December 31, 2014, 2013 and 2012 amounted to $7.7 million, $7.8 million and $7.1 million, respectively. We also incurred hire charges related to cargo transportation from Aegean Shipping for the years ended December 31, 2014, 2013 and 2012 in the of amounts of $0.0 million, $2.0 million and $1.4 million, respectively.

Leveret International Inc. and AMPNInvest LLC

Registration Rights Agreement. On December 13, 2006, we entered into a registration rights agreement with Leveret and AMPNInvest, our then-existing shareholders, pursuant to which we granted Leveret and AMPNInvest, and certain of its transferees, the right, under certain circumstances and subject to certain restrictions, including restrictions included in the lock-up agreements, to require us an aggregate of three times to register under the Securities Act shares of our common stock held by Leveret and Messrs. Georgiopoulos and John Tavlarios, AMPNInvest's successors-in-interest. Under the registration rights agreement, Leveret and Messrs. Georgiopoulos and John Tavlarios have the right to request us an aggregate of three times to register the sale of shares held by each of them on their behalf and may require us to make available shelf registration statements permitting sales of shares into the market from time to time over an extended period. In addition, Leveret and Messrs. Georgiopoulos and Tavlarios have the ability to exercise certain piggyback registration rights. All expenses relating to registration will be borne by the Company. Messrs. Georgiopoulos and John Tavlarios own respectively 5,195,250 and 850,000 common shares entitled to these registration rights. On October 31, 2014, Leveret contributed its entire shareholdings of 10,088,031 common shares to Leskira, a Cypriot corporation controlled by Mr. Dimitris Melisanidis.

Aegean V

Bunkering Agreement. During the year ended December 31, 2014, we employed two of our vessels, the Amorgos and the Karpathos, under agreements with Aegean V, which is owned and controlled by relatives of Mr. Dimitris Melisanidis. Under these agreements, we earn revenue based on the distance our vessels travel and the volumes they transport. For the years ended December 31, 2014, 2013, and 2012, our aggregate revenue under these contracts was $1.8 million, $8.8 million and $8.1 million, respectively.

Aegean VIII

Bunkering Agreement. During the year ended December 31, 2014, we employed three of our vessels, the Amorgos, the Naxos and the Karpathos, under agreements with Aegean VIII, which is owned and controlled by relatives of Mr. Dimitris Melisanidis. Under these agreements, we earn revenue based on the distance our vessels travel and the volumes they transport. For the year ended December 31, 2014, our aggregate revenue under these contracts was $3.4 million.

Gener8 Maritime, Inc. (formerly, General Maritime Corporation)

Sale of Marine Petroleum Products to Gener8 Maritime, Inc. (formerly, General Maritime Corporation). Gener8, a tanker company, purchases marine fuel and lubricants from us. Mr. Georgiopoulos, the Chairman of our board of directors and our shareholder, serves as Chairman of the board of directors and Chief Executive Officer of Gener8 and Mr. John Tavlarios, our director and shareholder, is the Chief Operating Officer of Gener8. Our sales of marine petroleum products to General Maritime for the years ended December 31, 2014, 2013, and 2012 amounted to $7.2 million, $6.3 million and $30.6 million, respectively.

Unique Tankers

Sale of Marine Petroleum Products to Unique Tankers. Unique Tankers, a tanker pool, purchases marine fuel and lubricants from us. Unique Tankers is a fully owned subsidiary of Gener8. Our sales of marine petroleum products to Unique Tankers for the years ended December 31, 2014, 2013, and 2012 amounted to $9.9 million, $0 million and $0 million, respectively.

Melco S.A.

During the year ended December 31, 2014, 2013 and 2012, we sold to Melco, a company owned and controlled by members of Mr. Melisanidis' family, marine petroleum products in the amount of $3.7 million, $7.7 million, and $4.6 million, respectively. During the years ended December 31, 2014, 2013 and 2012, we also purchased from Melco marine petroleum products of amount $5.9 million, $6.7 million and $2.6 million, respectively.

Other Companies

The amounts due from other companies affiliated with Mr. Peter C. Georgiopoulos were $0.23 million and $0.27 million as of December 31, 2014 and 2013, respectively.

The amounts due from other companies owned by Mr. Dimitris Melisanidis or his relatives were $0.47 million and $0.58 million as of December 31, 2014 and 2013, respectively.

The amounts due to other companies owned by Mr. Dimitris Melisanidis or his relatives were $0.76 million and $0.31 million as of December 31, 2014 and 2013, respectively.

Sales of marine petroleum products to other companies of Mr. Peter C. Georgiopoulos were $1.91 million and $1.02 million for the years ended December 31, 2014 and 2013, respectively.

Voyage and other revenues from other companies owned by Mr. Dimitris Melisanidis or his relatives were $0.11 million, $0.10 million and $0.07 million as of December 31, 2014, 2013 and 2012, respectively.

On December 23, 2013, we sold the vessel Vigo, to a related company owned by Mr. Dimitris Melisanidis. The loss on sale of this vessel was $0.21 million.

Other Related Party Transactions

Office Lease. We lease our head offices at 10, Akti Kondili, Piraeus, 18545 from Aegean Warehouse, which is owned and controlled by members of the family of Mr. Dimitris Melisanidis. Mr. Melisanidis may also be deemed a control person of Aegean Warehouse for U.S. securities law purposes, but Mr. Melisanidis disclaims such control. We pay a monthly rate of approximately $60,000 under the rental agreement, which expires on March 2023. During the year ended December 31, 2014, 2013 and 2012, we paid approximately $0.7 million, $0.7 million and $0.7 million under the agreement.

We also lease an office at 299 Park Avenue, New York, New York 10171, from Gener8 (formerly, General Maritime), which expires in December 2015. We pay an average monthly rental, which includes services that Gener8 provides for us, of approximately $16,500.

Legal Services. We have retained Mr. Spyridon Fokas, our director, general counsel and corporate secretary to provide legal services from time to time. The legal services rendered by Mr. Fokas' firm included advice on general corporate formation matters as well as ship and corporate financings.

Fujairah in-land storage facility: In July 2010, Mr. Melisanidis, our founder and Head of Corporate Development, transferred to us, for no consideration, all of the shares of Aegean Oil Terminal Corporation, a company that possesses a 25-year terminal lease agreement with the Municipality of Fujairah. The lease agreement may be automatically renewed for an additional 25 years. We completed the construction of the new facility in the fourth quarter of 2014. We have paid $205.3 million for construction and other related costs during the construction period.

C.	Interests of experts and counsel.

Not applicable.

ITEM 8.

FINANCIAL INFORMATION

A.	Consolidated Statements and Other Financial Information

See "Item 18. Financial Statements."

Legal Proceedings

In the ordinary course of business, we may be subject to legal proceedings and claims for damages or penalties relating to, among other things, personal injury, property casualty and environmental contamination. We expect that these claims will be covered by our insurance policies, subject to customary deductibles. While these claims (even if lacking merit), could result in the expenditure of significant financial and managerial resources. In the opinion of management, our liability (if any) under any pending litigation or administrative proceedings (other than as set forth below), even if determined adversely, would not materially affect our financial condition, results of operations or cash flows.

In November 2005, an unrelated party filed a declaratory action against one of our subsidiaries before the First Instance Court of Piraeus, Greece. The plaintiff asserted that he was instrumental in the negotiation of our eight-year Fuel Purchase Agreement with a government refinery in Jamaica and sought a judicial affirmation of his alleged contractual right to receive a commission of $0.01 per metric ton of marine fuel over the term of the contract. In December 2008, the First Instance Court of Piraeus dismissed the plaintiff's action as vague and inadmissible, however we appealed that decision on the grounds that there was no contract between us and the plaintiff and that the court lacked jurisdiction. While the action was pending in Greece, the plaintiff commenced a new action involving the same cause of action before the Commercial Court of Paris, France, which dismissed that action in June 2009. The plaintiff's appeal of the dismissal was denied by the Paris Court of Appeal in February 2010. In January 2012, the plaintiff commenced a new action relating to the same allegations before the Commercial Court of Paris, which was dismissed on June 27, 2012 in favor of the competence and jurisdiction of the Greek courts. In July 2012, the plaintiff filed a "contredit," an appeal procedure under French law. In November 2013, the Court held that there is no matter pending in Greece that would allow the French courts to decline jurisdiction to the benefit of the Greek proceedings. As a result, the case is to return to the Commercial Court of Paris which should have to examine the admissibility of Mr. Varouxis' claim in France. With the relevant pleadings procedurally scheduled to be filed by the parties on May 21, 2015. We believe that this matter fails for lack of jurisdiction and is unwarranted and lacking in merit and that the outcome of this lawsuit will not have a material effect on our operations and financial position.

In May 2013, on the order of STX Corporation, or STX Corp., we supplied bunkers to the vessel Unico Sienna in the Port of Singapore. The invoice for those bunkers totaled approximately $323,000. STX Corp. has filed for reorganization in Korea and for protection under Chapter 15 of the U.S. Bankruptcy Code. We believe that we have a maritime lien against this vessel, and have arrested the UNICO SIENNA in Panama to enforce our maritime lien against it. We intend to exercise our remedies for recovery of the unpaid amounts and believe that we will recover the full amount due. The hearing on the merits of the case is scheduled to take place on June 2, 2015 before the Maritime Court of Panama.

On December 18, 2014, we and Aegean Bunkering (USA) LLC, or the Aegean Parties, filed a one-count complaint for breach of contract against Hess in New York Supreme Court, New York County (653887/2014). In the complaint, the Aegean Parties allege that Hess breached certain express representations and warranties in representing its financial condition in an agreement pursuant to which Hess sold its bunker oil business to Aegean Bunkering (USA) LLC. The Aegean Parties claim approximately $28 million in compensatory damages, exclusive of interest and costs. On February 9, 2015, Hess filed an answer to the complaint. We are not in a position to comment further on this matter at this time.

We have supplied bunkers through agreements with various entities of O.W. Bunker, which filed for bankruptcy in November 2014. We issued notice to O.W. Bunker for the request of payment for the value of the bunkers supplied. Our exposure for these supplies amounts to $5.5 million, of which we recorded $3.3 million as a provision for doubtful accounts in the statement of income for the year ended December 31, 2014. We believe that O.W. Bunker was never the rightful owner of the bunkers and we are currently trying to work out escrow or other practical solutions with the end users. Following arrest proceedings which we initiated against the M/V Amazon in the Bahamas, we received a letter of undertaking issued by the North of England P&I Club in the sum of $1.2 million as security for our claim plus interest and costs. We expect to recover the amount of at least $2.3 million.

Following the completion of the construction of our new terminal facility in Fujairah, United Arab Emirates, we and our contractor are discussing the closure in full settlement of remaining issues related to the provision of a Performance Security to remedy any defect or damage in the works due to design or faulty materials, payment of retention money to the contractor and compensation for delay in the completion of the works. As of December 31, 2014, we had contractual obligations for an amount of $8.3 million and we expect to pay approximately 50% to 60% of the amount to the contractor through the execution of a relevant agreement between the parties.

Dividend Policy

Our policy is to pay regular cash dividends on a quarterly basis on shares of our common stock so long as we have sufficient capital or earnings to do so. While we cannot assure you that we will continue to do so in the future, and subject to, among other things, legal requirements, our ability to obtain financing on terms acceptable to us and our ability to satisfy financial covenants contained in our financing arrangements, we paid dividends of $0.02 per share in March 2015 with respect to the fourth quarter of 2014, $0.02 per share in December 2014 with respect to the third quarter of 2014, and $0.01 per share in September and June of 2014 for the second and first quarters of 2014, respectively. In March 2014, we paid dividends of $0.01 per share with respect to the fourth quarter of 2013, and $0.01 per share in December, September and June 2013 for the third, second and first quarters of 2013, respectively. We anticipate retaining most of our future earnings, if any, for use in our operations and the expansion of our business. Any further determination as to dividend policy will be made by our board of directors and will depend on a number of factors, including the requirements of Marshall Islands law, our future earnings, capital requirements, financial condition and future prospects and such other factors as our board of directors may deem relevant.

Marshall Islands law generally prohibits the payment of dividends other than from surplus, when a company is insolvent or if the payment of the dividend would render the company insolvent.

In addition, we may incur expenses or liabilities, including extraordinary expenses, which could include costs of claims and related litigation expenses, or be subject to other circumstances in the future that reduce or eliminate the amount of cash that we have available for distribution as dividends or for which our board of directors may determine requires the establishment of reserves. Our board of directors may determine to finance our growth with cash from operations, which would reduce or even eliminate the amount of cash available for the payment of dividends.

Our ability to pay dividends is also subject to our ability to satisfy financial covenants contained in our financing arrangements. See "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Credit Facilities."

B.	Significant Changes.

There have been no significant changes since the date of the annual consolidated financial statements included in this report.

ITEM 9.

OFFER AND THE LISTING

A.	Offer and Listing Details.

Shares of our common stock commenced trading on the NYSE on December 8, 2006 under the symbol "ANW."

The following table sets forth the high and low closing prices of our shares of common stock on the NYSE for the periods indicated below.

For the Fiscal Year Ended	High		Low
December 31, 2010	$	33.93	$	8.74
December 31, 2011	$	12.82	$	3.73
December 31, 2012	$	7.85	$	4.30
December 31, 2013	$	12.62	$	5.73
December 31, 2014	$	14.02	$	7.29

For the Quarter Ended
March 31, 2013	$	7.66	$	5.73
June 30, 2013	$	10.07	$	5.80
September 30, 2013	$	11.86	$	8.41
December 31, 2013	$	12.62	$	9.53
March 31, 2014	$	11.05	$	8.80
June 30, 2014	$	10.80	$	8.95
September 30, 2014	$	10.46	$	9.10
December 31, 2014	$	14.02	$	7.29
March 31, 2015	$	14.99	$	13.19

For the Month:
November 2014	$	10.13	$	8.69
December 2014	$	14.02	$	9.53
January 2015	$	14.54	$	13.19
February 2015	$	14.92	$	13.98
March 2015	$	14.99	$	13.43
April 2015	$	15.53	$	13.98
May 2015 (through and including May 14, 2015)	$	15.02	$	14.28

B.	Plan of Distribution

Not applicable

Markets.

Shares of our common stock are trading on the NYSE under the symbol "ANW."

D.	Selling Shareholders

Not applicable.

Dilution

Not applicable.

F.	Expenses of the Issue

Not applicable.

ITEM 10.

ADDITIONAL INFORMATION

A.	Share capital.

Not applicable.

B.	Memorandum and Articles of Association.

Our amended and restated articles of incorporation and bylaws have been filed as exhibits 3.1 and 3.2, respectively, to the Registration Statement on Form F-1 (Registration No. 333-129768), declared effective by the SEC on December 7, 2006. Information regarding the rights, preferences and restrictions attaching to each class of our common shares is described in section entitled "Description of Capital Stock" in our Registration Statement on Form F-3 (Registration No. 333-189813), declared effective by the SEC on August 28, 2013, and is incorporated by reference herein, provided that since the date of such Registration Statement, our total issued and outstanding common shares has increased to 49,203,853 as of May 11, 2015.

Stockholders Rights Agreement

We entered into a Stockholders Rights Agreement, or the Agreement, with Computershare Trust Company, N.A., as Rights Agent, as of August 14, 2009. Under the Agreement, we declared a dividend payable of one preferred stock purchase right, or Right, for each outstanding share of our common stock, to our stockholders of record at the close of business on August 14, 2009. Each Right entitles the registered holder to purchase from us a unit consisting of one one-thousandth of a share of our Series A Participating Preferred Stock, par value $0.01 per share. The Rights will separate from the common stock and become exercisable after the earlier of (1) the 10th day (or such later date as determined by our board of directors) after public announcement that a person or group acquires ownership of 15% or more of shares of our common stock or (2) the 10th business day (or such later date as determined by our board of directors) after a person or group announces a tender or exchange offer, which would result in that person or group holding 15% or more of shares of our common stock. On the distribution date, each holder of a Right will be entitled to purchase for $100, or the Exercise Price, a fraction (1/1000th) of one share of our Series A Participating Preferred Stock, which has similar economic terms as one share of our common stock.

If an acquiring person, or an Acquiring Person, acquires more than 15% of the shares of our common stock, then each holder of a Right (except that Acquiring Person) will be entitled to buy at the Exercise Price, a number of shares of our common stock which has a market value of twice the Exercise Price. Any time after the date an Acquiring Person obtains more than 15% of shares of our common stock and before that Acquiring Person acquires more than 50% of outstanding shares of our common stock, we may exchange each Right owned by all other Rights holders, in whole or in part, for one share of our common stock. The Rights expire on the earliest of (i) August 14, 2019 or (ii) the redemption of the Rights by us or (iii) the exchange of the Rights as described above. We can redeem the Rights at any time on or prior to the earlier of the tenth business day following the public announcement that a person has acquired ownership of 15% or more of shares of our common stock, or August 14, 2019. The terms of the Rights and the Agreement may be amended to make changes that do not adversely affect the rights of the Rights holders (other than the Acquiring Person). The Rights do not have any voting rights. The Rights have the benefit of certain customary anti-dilution protections.

C.	Material contracts.

We refer you to "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Credit Facilities" and "Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions" for a discussion of our material agreements that we have entered into outside the ordinary course of our business during the two-year period immediately preceding the date of this annual report.

Other than as set forth above, there were no material contracts, other than contracts entered into in the ordinary course of business, to which we were a party during the two year period immediately preceding the date of this annual report.

D.	Exchange controls.

Under Marshall Islands, Greek law and the law of jurisdictions where our service centers and marketing offices are located, there are currently no restrictions on the export or import of capital, including foreign exchange controls or restrictions that materially affect the remittance of dividends, interest or other payments to non-resident holders of our common stock.

Taxation.

The following is a discussion of the material Greek, Marshall Islands, Liberian, Belgium, Canadian and U.S. federal income tax consequences to our Company and to a "U.S. Holder" and a "Non-U.S. Holder," as each term is defined below. This discussion does not purport to deal with the tax consequences of owning common stock to all categories of investors, some of which, such as dealers in securities, investors whose functional currency is not the U.S. dollar and investors that own, actually or under applicable constructive ownership rules, 10% or more of our common stock, may be subject to special rules. This discussion deals only with shareholders who own the common stock as a capital asset. Moreover, this discussion is based upon laws, regulations and other authorities in effect as of the date hereof, all of which are subject to change, possibly with retroactive effect. You are encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local and foreign law of the ownership of shares of our common stock.

Greek Tax Considerations

AMP has established an office in Greece which provides services to AMP and AMP's office in Cyprus. Under the laws of Greece, and in particular under Greek Law 3427/2005, the income of AMP's Greek office is calculated on a cost plus basis on expenses incurred by that office. This determination is subject to periodic review every five years. The profit margin set by the Greek Ministry of Economy and Finance for the period 2011 to 2015 is 5.42%. AMP's income, as calculated by applying the applicable profit margin, is subject to Greek corporate income tax at the rate of 26% for the fiscal years 2014, 2013 and 2012. All expenses to which the profit margin applies are deducted from gross income for Greek corporate income tax purposes. Accordingly, under Greek Law 3427/2005, as currently applied to us, we expect that AMP will continue to have no liability for any material amount of Greek income tax.

Additionally, according to new tax legislation ratified on January 11, 2013, all vessels with a non-Greek flag, which are managed by Greek or foreign ship management companies established in Greece, bear tonnage tax on the basis of the gross tonnage and age of the vessel. Our vessels did not incur material tax liabilities as a result of this new legislation.

Marshall Islands Tax Considerations

In the opinion of Reeder & Simpson P.C., our Marshall Islands counsel, the following are the material Marshall Islands tax consequences to us of our activities and to our shareholders of the ownership of our common stock. We are incorporated in the Marshall Islands. Under current Marshall Islands law, we are not subject to tax on income or capital gains, and no Marshall Islands withholding tax or income tax will be imposed upon payments of dividends by us to our shareholders or proceeds from the disposition of our common stock, provided such shareholders are not residents of the Marshall Islands. There is no income tax treaty between the United States and the Republic of the Marshall Islands.

Liberian Tax Considerations

Under the Consolidated Tax Amendments Act of 2010, nonresident Liberian corporations are wholly exempted from Liberia taxation effective as of 1977. Therefore, our Liberian subsidiaries will be wholly exempt from Liberian income taxation.

Belgium Tax Considerations

Our operations in Belgium, through our subsidiaries Aegean Bunkers at Sea NV, or ABAS, and ANWE, are subject to Belgium income taxation. For the year ended December 31, 2014, our operations in Belgium were taxed at a rate of 33.99%. Please see Note 26 to our financial statements included herein for further discussion on our tax liability in Belgium.

Canada Tax Considerations

Our operations in Canada, through our subsidiary ICS Petroleum, are subject to Canada income taxation. For the year ended December 31, 2014, our operations in Montreal were taxed at a rate of 26.9% and our operations in Vancouver were taxed at a rate of 26.0%. Please see Note 26 to our financial statements included herein for further discussion on our tax liability in Canada.

U.S. Federal Income Tax Considerations

In the opinion of Seward & Kissel LLP, our U.S. counsel, the following are the material U.S. federal income tax consequences to us of our activities and to U.S. Holders and Non-U.S. Holders, as defined below, of investing in our common stock. The following discussion of U.S. federal income tax matters is based on the U.S. Internal Revenue Code of 1986, as amended, or the Code, judicial decisions, administrative pronouncements, and existing and proposed regulations issued by the U.S. Department of the Treasury, or the Treasury Regulations, all of which are subject to change, possibly with retroactive effect. References in the following discussion to "we" and "us" are to Aegean Marine Petroleum Network Inc. and its subsidiaries on a consolidated basis.

U.S. Federal Income Taxation of Our Company

We conduct business in the United States through certain subsidiaries. These subsidiaries will generally be subject to U.S. federal income tax at a rate of 35% as well as U.S. state and local income tax in the jurisdictions in which they operate. Dividends paid by our U.S. subsidiaries are generally subject to U.S. federal withholding tax at a rate of 30%.

A foreign corporation is subject to U.S. federal income tax on a net basis only if it is engaged in a trade or business in the United States. A foreign corporation which is engaged in a trade or business in the United States will be subject to U.S. federal income tax and branch profits tax at a combined rate of up to 54.5% on its income which is effectively connected with its U.S. trade or business, or Effectively Connected Income.

Income from the sale of inventory property outside of the United States by a foreign corporation will be treated as Effectively Connected Income if the corporation has a fixed place of business in the United States to which such income is attributable, unless (1) the property is sold for use, consumption or disposition outside of the United States, and (2) the foreign corporation has a fixed place of business in a foreign country which materially participates in the sale.

While we or certain of our foreign subsidiaries may have a place of business in the United States, we believe that none of their income from the sale of inventory property would be treated as Effectively Connected Income under the rules discussed above. Specifically, we anticipate that (1) all of our sales of petroleum products will occur outside the United States; (2) such products will be sold for use, consumption or disposition outside the United States, and (3) one of our foreign offices will materially participate in such sales. Therefore, we anticipate that none of our income from the sale of inventory property will be subject to U.S. federal income tax on a net basis.

If any portion of our income is treated as Effectively Connected Income, then such income will be subject to U.S. federal income tax and branch profits tax at a combined rate of up to 54.5%.

U.S. Federal Income Taxation of U.S. Holders

As used herein, the term "U.S. Holder" means a beneficial owner of our common stock that is a U.S. citizen or resident, U.S. corporation or other U.S. entity taxable as a corporation, an estate the income of which is subject to U.S. federal income tax regardless of its source, or a trust if a court within the U.S. is able to exercise primary jurisdiction over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust.

If a partnership holds our common stock, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. If you are a partner in a partnership holding our common stock, you are encouraged to consult your tax advisor.

Distributions

Subject to the discussion below under the heading "Passive Foreign Investment Company," any distributions made by us with respect to our common stock to a U.S. Holder will generally constitute dividends, which may be taxable as ordinary income or "qualified dividend income" as described in more detail below, to the extent of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of our earnings and profits will be treated first as a nontaxable return of capital to the extent of the U.S. Holder's tax basis in our common stock on a dollar-for-dollar basis, and thereafter as capital gain. Because we are not a U.S. corporation, U.S. Holders that are corporations will not be entitled to claim a dividends received deduction with respect to any distributions they receive from us. Dividends paid with respect to our common stock will generally be treated as "passive category income" or, in the case of certain types of U.S. Holders, "general category income" for purposes of computing allowable foreign tax credits for U.S. foreign tax credit purposes.

Dividends paid on our common stock to a U.S. Holder who is an individual, trust or estate, or a U.S. Individual Holder, will generally be treated as "qualified dividend income" that is taxable to such U.S. Individual Holder at preferential tax rates provided that: (1) the common stock is readily tradable on an established securities market in the United States (such as the NYSE on which our common stock is traded); (2) we are not a "passive foreign investment company" for the taxable year during which the dividend is paid or the immediately preceding taxable year (which we do not believe we are, have been or will be); (3) the U.S. Individual Holder has owned the common stock for more than 60 days in the 121-day period beginning 60 days before the date on which the common stock becomes ex-dividend; and (4) the U.S. Individual Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property. There is no assurance that any dividends paid on our common stock will be eligible for these preferential rates in the hands of a U.S. Individual Holder. Any dividends paid by us that are not eligible for these preferential rates (including dividends paid to U.S. Holders other than U.S. Individual Holders) will be taxed as ordinary income.

Special rules may apply to any "extraordinary dividend," generally a dividend in an amount which is equal to or in excess of ten percent of a shareholder's adjusted tax basis (or fair market value in certain circumstances) in its common stock. If we pay an "extraordinary dividend" on our common stock that is treated as "qualified dividend income," then any loss derived by a U.S. Individual Holder from the sale or exchange of such common stock will be treated as long-term capital loss to the extent of such dividend.

Sale, Exchange or Other Disposition of Common Stock

A U.S. Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition of our common stock in an amount equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or other disposition and the U.S. Holder's tax basis in such common stock. Subject to the discussion under the heading "Passive Foreign Investment Company" below, such gain or loss will be treated as long-term capital gain or loss if the U.S. Holder's holding period of the common stock is greater than one year at the time of the sale, exchange or other disposition; otherwise it will be treated as short-term capital gain or loss. Long-term capital gains of a U.S. Individual Holder are taxable at preferential tax rates under current law. Such capital gain or loss will generally be treated as U.S. source income or loss, as applicable, for U.S. foreign tax credit purposes. A U.S. Holder's ability to deduct capital losses is subject to certain limitations.

3.8% Tax on Net Investment Income

For taxable years beginning after December 31, 2012, a U.S. Holder that is an individual, estate, or, in certain cases, a trust, will generally be subject to a 3.8% tax on the lesser of (1) the U.S. Holder's net investment income for the taxable year and (2) the excess of the U.S. Holder's modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals is between $125,000 and $250,000). A U.S. Holder's net investment income will generally include distributions made by us which constitute a dividend for U.S. federal income tax purposes and gain realized from the sale, exchange or other disposition of our common stock. This tax is in addition to any income taxes due on such investment income.

If you are a U.S. Holder that is an individual, estate or trust, you are encouraged to consult your tax advisors regarding the applicability of the 3.8% tax on net investment income to the ownership and disposition of our common stock.

Passive Foreign Investment Company

A foreign corporation will be treated as a "passive foreign investment company," or a PFIC, for U.S. federal income tax purposes if 75% or more of its gross income consists of certain types of "passive income" or 50% or more of its assets produce or are held for the production of such "passive income." If a corporation owns at least 25% (by value) of the shares of another corporation, it is treated for purposes of these tests as owning a proportionate share of the assets of the other corporation and as receiving directly a proportionate share of the other corporation's income. "Passive income," for this purpose, generally includes dividends, interest, royalties, rents and gains from commodities and securities transactions. We presently believe that we are not a PFIC and do not anticipate becoming a PFIC. This is, however, a factual determination made on an annual basis based on our activities, income and assets, among other factors, and is subject to change.

If we are classified as a PFIC, a U.S. Holder of our common stock could be subject to increased U.S. federal income tax liability upon the sale or other disposition of our common stock or upon the receipt of amounts treated as "excess distributions." Under these rules, the excess distribution and any gain upon a sale of our common stock would be allocated ratably over the U.S. Holder's holding period for the common stock, and the amount allocated to the current taxable year and any taxable year prior to the first taxable year in which we were a PFIC would be taxed as ordinary income in the current taxable year. The amounts allocated to each of the other taxable years would be subject to tax at the highest marginal rates on ordinary income in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit would be imposed on the resulting tax liability as if such tax liability had been due with respect to each such other taxable year. In addition, shareholders of a PFIC may not receive a "step-up" in tax basis on common stock acquired from a decedent. In addition, a U.S. Holder would be required to file annual information returns with the U.S. Internal Revenue Service, or the IRS, if we were to be classified as a PFIC. U.S. Holders should consult with their own U.S. tax advisors with respect to the U.S. tax consequences of investing in our common stock as well as the specific application of the "excess distribution" rule and other rules discussed in this paragraph.

The effect of the PFIC rules on a U.S. Holder may be mitigated if a U.S. Holder makes a valid and timely "mark-to-market" election or "qualified electing fund" election. We will notify U.S. Holders in the event we conclude that we will be treated as a PFIC for any taxable year. U.S. Holders are encouraged to consult their tax advisors regarding the application of the PFIC rules, including eligibility for, and the manner and advisability of, making certain elections with respect to our common stock in the case that we are determined to be a PFIC.

U.S. Federal Income Taxation of Non-U.S. Holders

A beneficial owner of common stock that is not a U.S. Holder (other than a partnership) is referred to herein as a "Non-U.S. Holder."

Dividends on Common Stock

Non-U.S. Holders generally will not be subject to U.S. federal income tax or withholding tax on dividends received from us with respect to our common stock, unless such dividend is effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States. If the Non-U.S. Holder is entitled to the benefits of a U.S. income tax treaty with respect to those dividends, that income is subject to U.S. federal income tax only if it is attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States.

Sale, Exchange or Other Disposition of Common Stock

Non-U.S. Holders generally will not be subject to U.S. federal income tax or withholding tax on any gain realized upon the sale, exchange or other disposition of our common stock, unless:

the Non-U.S. Holder is an individual who is present in the United States for 183 days or more during the taxable year of disposition and other conditions are met; or

the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States. If the Non-U.S. Holder is entitled to the benefits of a U.S. income tax treaty with respect to that gain, that gain is subject to U.S. federal income tax only if it is attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States.

If a Non-U.S. Holder is engaged in a U.S. trade or business for U.S. federal income tax purposes, the income from the common stock, including dividends and the gain from the sale, exchange or other disposition of the common stock that is effectively connected with the conduct of that U.S. trade or business will generally be subject to U.S. federal income tax in the same manner as discussed in the previous section relating to the taxation of U.S. Holders. In addition, earnings and profits of a corporate Non-U.S. Holder that are attributable to such effectively connected income, subject to certain adjustments, may be subject to an additional U.S. federal branch profits tax at a rate of 30%, or at a lower rate as may be specified by an applicable U.S. income tax treaty.

Information Reporting

Pursuant to recently enacted section 6038D of the Code and the proposed and temporary Treasury Regulations promulgated thereunder, individuals who are U.S. Holders (and to the extent specified in the applicable Treasury Regulations, certain individuals who are non-U.S. Holders and certain U.S. entities) who hold "specified foreign financial assets" (as defined in section 6038D of the Code and the applicable Treasury Regulations) are required to file IRS Form 8938 (Statement of Specified Foreign Financial Assets) with information relating to each such asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year. Specified foreign financial assets would include, among other assets, our common stock, unless the common stock were held through an account maintained with a U.S. financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect. Additionally, the statute of limitations on the assessment and collection of U.S. federal income tax with respect to a taxable year for which the filing of IRS Form 8938 is required may not close until three years after the date on which IRS Form 8938 is filed. U.S. Holders (including U.S. entities) and Non-U.S. Holders are encouraged to consult their own tax advisors regarding their reporting obligations under section 6038D of the Code.

Other Taxes

In addition to the tax consequences discussed above, we may be subject to tax in one or more other jurisdictions where we conduct activities. Although we currently do not pay a material amount of tax in any jurisdiction in which we operate, there can be no assurance that this will not change.

F.	Dividends and paying agents.

Not applicable.

G.	Statement by experts.

Not applicable.

H.	Documents on display.

We are subject to the informational requirements of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act. In accordance with these requirements we file reports and other information with the SEC. These materials, including this annual report and the accompanying exhibits, may be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the public reference room by calling 1 (800) SEC-0330, and you may obtain copies at prescribed rates from the Public Reference Section of the SEC at its principal office in Washington, D.C. 20549. The SEC maintains a website (http://www.sec.gov) that contains reports, proxy and information statements and other information that we and other registrants have filed electronically with the SEC. Our filings are also available on our website at www.ampni.com. This web address is provided as an inactive textual reference only. Information contained on our website does not constitute part of this annual report.

Shareholders may also request a copy of our filings at no cost, by writing or telephoning us at the following address:

Aegean Marine Petroleum Network Inc.

10 Akti Kondili Piraeus 18545 Athens

Greece

Telephone: 011 30 210 458-6200

I.	Subsidiary Information

Not applicable.

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Price Risk

Our price risk has been minimal because we have generally purchased inventory for which we have already had a binding sales contract in place. We generally do not fix future prices for delivery of fuel in excess of one week and our suppliers generally use average PLATTS pricing in their calculation of cost prices to us. Accordingly, our exposure to price risk has covered a period of only a few days. For the year ended December 31, 2014, we imported and stored cargos of marine fuel prior to resale to our customers. Accordingly, in some regions, we purchased fuel before entering into a binding sales contract with a customer. We believe that our exposure to price risk in these locations covers a period of one to two weeks. From time to time, we take positions in fuel pricing contracts. Our policy is to not use fuel related derivative financial instruments for speculative purposes. Generally, fuel pricing contracts may be used to hedge exposure to changes in the net cost of marine fuel purchases. Upon settlement, if the contracted net price of marine fuel purchased is less than the settlement price, the seller of the fuel pricing contract is required to pay the buyer an amount equal to the difference between the contracted price and the settlement price. Conversely, if the contracted price is greater than the settlement price, the buyer is required to pay the seller the settlement sum. If we take positions in fuel pricing contracts or other derivative instruments, we could suffer losses in the settling or termination of these agreements. This could adversely affect our results of operation and cash flow.

During the years ended December 31, 2014 and 2013, we entered into fuel pricing contracts for 7,784,141 and 2,068,695 metric tons, respectively. These derivatives are intended to serve as an approximate hedge for the net cost of fuel purchases. Our fuel pricing contracts do not qualify as cash flow hedges for accounting purposes and therefore gains or losses are recognized in the accompanying consolidated statements of income. Fuel pricing contracts are settled on a monthly basis using quoted market prices of the underlying commodity. The fair value of these instruments as of December 31, 2014 was an asset of $18.9 million. The fair value of these instruments as of December 31, 2013 was a liability of $0.8 million. During the years ended December 31, 2014 and 2013, we recognized a gain of $50.5 million and a loss of $2.7 million, respectively. In the future, we may enter into long-term fixed price sales commitments, which fix the prices of future fuel sales. Furthermore, we may use cargo storage in our other service centers or we might import larger cargos of fuel for storage, which would increase our oil price risk. Furthermore, in the future, we might execute cargo trading transactions to arbitrage the price of marine fuel, which method would increase our oil price risk. Finally, we may enter into derivative contracts in the forms of swaps or futures in order to mitigate the risk of market price fluctuations in marine fuel. Please refer to Note 16 to our consolidated financial statements included at the end of this annual report which provides additional information on our derivatives as of December 31, 2014 and 2013.

Interest Rate Risk

We are subject to market risks relating to changes in interest rates as we have significant amounts of floating rate long-term debt and short-term borrowings outstanding. During the year ended December 31, 2014, we paid interest on this debt mainly based on LIBOR plus an average spread of 2.3% on our bank loans. A one percent increase in LIBOR would have increased our interest expense for the year ended December 31, 2014 from $28.3 million to $35.5 million. We expect to repay our borrowings on a periodic basis using cash flows from operations.

We enter into interest rate swap agreements from time to time in order to economically hedge our exposure to variability in our floating rate long-term debt. As of December 31, 2014, we had one interest rate swap agreement in place. The total notional principal amount of this swap as of December 31, 2014 and 2013 was $5.2 million and $6.4 million, respectively. This swap has specified rates and duration. Please refer to the table in Note 16 of our consolidated financial statements included at the end of this annual report for a summary of the terms of this interest rate.

Under our interest rate swap transactions, the bank makes quarterly floating-rate payments to us for the relevant amount based on the floating interest rate and we make quarterly payments to the bank on the relevant amount at the respective fixed rates.

Our interest rate swap does not meet hedge accounting criteria under accounting guidance relating to hedge accounting. Although we are exposed to credit-related losses in the event of non-performance in connection with such swap agreement, because the counterparty is rated A or better at the time of the transaction, we consider the risk of loss due to its nonperformance to be minimal. Through this swap transaction, we effectively hedged the interest rate exposure of our 2010 Newbuilding Secured Loan Facility, of which $5.2 million was outstanding as of December 31, 2014.

Exchange Rate Risk

We have conducted the vast majority of our business transactions in U.S. dollars. We have purchased marine petroleum products in the international oil and gas markets and our vessels have operated in international shipping markets; both these international markets transact business primarily in U.S. dollars. Accordingly, our total revenues have been fully denominated in U.S. dollars and our cost of marine petroleum products, which, for the year ended December 31, 2014, comprised approximately 95% of our total operating expenses, have been denominated in U.S. dollars. Our balance sheet is mainly comprised of dollar-denominated assets including trade receivables, inventories and the cost of vessels, and liabilities including trade payables, short-term borrowings and long-term loans. Our foreign exchange losses in recent periods have mainly arisen from the translation of assets and liabilities of our service centers that are denominated in local currency. Accordingly, the impact of foreign exchange fluctuations on our consolidated statements of income has been minimal.

Due to the minimal historic impact of foreign exchange fluctuations on us, it is our policy to not enter into hedging arrangements in respect of our foreign currency exposures.

ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

Not applicable.

PART II

ITEM 13.

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

None.

ITEM 14.

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

Material Modifications to the Rights of Security Holders

We have adopted a stockholders' rights agreement, pursuant to which each share of our common stock includes one preferred stock purchase right that entitles the holder to purchase from us a unit consisting of one-thousandth of a share of our Series A Participating Preferred Stock if any third-party seeks to acquire control of a substantial block of our common stock without the approval of our board of directors. See "Item 10. Additional Information—B. Memorandum and Articles of Association—Stockholders Rights Agreement" included in this annual report for a description of our stockholders rights agreement.

ITEM 15. CONTROLS AND PROCEDURES

(a) Disclosure controls and procedures.

Our management, with the participation of our President and Principal Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of December 31, 2014. Based upon that evaluation, our President and Principal Executive Officer and Chief Financial Officer concluded that as of December 31, 2014, our disclosure controls and procedures were not effective due to material weaknesses in our internal controls over financial reporting, which resulted in certain classification errors, set forth in Item 15(b) below.

(b) Management's annual report on internal control over financial reporting.

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) promulgated under the Exchange Act and for the assessment of the effectiveness of internal control over financial reporting.

Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, our President and Principal Executive Officer and Chief Financial Officer and effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

●

Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

●

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

●

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management conducted the evaluation of the effectiveness of the internal control over financial reporting using the control criteria framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) published in its report entitled Internal Control-Integrated 2013 Framework.

Management, with the participation of our President and Principal Executive Officer and Chief Financial Officer, assessed the effectiveness of the design and operation of our internal control over financial reporting pursuant to Rule 13a-15 of the Exchange Act as of December 31, 2014. Based upon that evaluation, our management concluded that as of December 31, 2014, our internal control over financial reporting was not effective due to the material weaknesses noted below.

A material weakness is defined as "a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis."

Management identified the following material weaknesses in our internal control over financial reporting:

a) Our controls over the preparation and review of bank reconciliations did not operate effectively and, as a result, we failed to identify an overstatement of cash and cash equivalents and short-term borrowings caused by a transfer payment within the Company that could not be processed by the bank.

The impact of the classification error on our consolidated balance sheet and statement of cash flows for the year ended December 31, 2014 included in our earnings release for the three months and year ended December 31, 2014 was (i) an overstatement of cash and cash equivalents of $13.5 million, (ii) an overstatement of short term borrowings of $13.5 million and (iii) an understatement of net cash used in financing activities of $13.5 million.

b) There was an absence of an effectively-designed control to identify and disclose transactions with new related parties.

The impact of the above design deficiency on the consolidated balance sheet and statement of income for the year ended December 31, 2014 was (i) an overstatement of revenues–third-parties of $9.9 million, (ii) an understatement of revenues–related companies of $9.9 million, (iii) an overstatement of trade receivables of $0.4 million and (iv) an understatement of amounts due from related parties of $0.4 million.

The classification errors discussed above were identified subsequent to the issuance of our earnings release for the three months and year ended December 31, 2014. The classification errors were corrected in the audited consolidated balance sheet, statement of income and statement of cash flows for the fiscal year ended December 31, 2014, which are included herein.

The registered public accounting firm that audited the consolidated financial statements, Deloitte Hadjipavlou Sofianos & Cambanis S.A., has issued an attestation report on our internal control over financial reporting, appearing on page F-3 of the financial statements filed as a part of this annual report.

(d) Changes in internal control over financial reporting.

There were no changes in our internal controls over financial reporting that occurred during the period covered by this annual report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting other than the material weaknesses described in Item 15(b).

(e) Plan for Remediation

In response to the material weaknesses identified above, we, with the oversight of our audit committee, are reviewing our internal processes and implementing improved monitoring controls to ensure that our controls for the review of bank reconciliations are executed properly. We have also modified the design of our existing control relating to the identification of related party transactions and in future periods will proceed with its implementation.

The effectiveness of our internal control over financial reporting as of December 31, 2014 has been audited by Deloitte Hadjipavlou, Sofianos & Cambanis S.A., an independent registered public accounting firm, as stated in their report appearing in Item 15(c) above, which expressed an adverse opinion on the effectiveness of our internal control over financial reporting as of December 31, 2014.

ITEM 16A.

AUDIT COMMITTEE FINANCIAL EXPERT

In accordance with the rules of the NYSE, the exchange on which our common stock is listed, we have appointed an audit committee whose members as of December 31, 2014 are Messrs. Konomos, Papanicolaou and Koutsomitopoulos, and Mr. Konomos has been determined to be a financial expert by our board of directors and independent, as that term is defined in the listing standards of the NYSE.

ITEM 16B.

CODE OF ETHICS

We have adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer and persons performing similar functions. A copy of our code of ethics has been filed as an exhibit to our annual report on Form 20-F for the fiscal year ended December 31, 2006 and is also available on our website at www.ampni.com. We will also provide a hard copy of our code of ethics free of charge upon written request of a shareholder.

Shareholders may also request a copy of our code of ethics at no cost, by writing or telephoning us at the following address:

Aegean Marine Petroleum Network Inc.

10 Akti Kondili

Piraeus 185 45 Athens

Greece

Telephone: 011 30 210 458-6200

ITEM 16C.

PRINCIPAL ACCOUNTING FEES AND SERVICES

Our principal accountants, Deloitte Hadjipavlou Sofianos & Cambanis S.A., an independent registered public accounting firm and member of Deloitte Touche Tohmatsu, have billed us for audit, audit-related and non-audit services as follows:

	Year Ended December 31,
	2014		2013
	(in millions of U.S. dollars)
Audit fees		0.8		0.8
Audit-related fees		-		-
Tax- relates fess		-		-
All other fees		-		-
Total fees		0.8		0.8

Audit fees represent compensation for professional services rendered for (i) the audit of our financial statements included herein; (ii) the review of our quarterly financial information; and (iii) services provided in connection with public or private offerings effectuated or withdrawn and any other services performed for the SEC or other regulatory filings by us or our subsidiaries.

The audit committee charter sets forth our policy regarding retention of the independent auditors, giving the audit committee responsibility for the appointment, replacement, compensation, evaluation and oversight of the work of the independent auditors. As part of this responsibility, our audit committee pre-approves the audit and non-audit services performed by our independent auditors in order to assure that they do not impair the auditor's independence from the Company. The audit committee has adopted a policy which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditors may be pre-approved.

ITEM 16D.

EXEMPTIONS FROM LISTING STANDARDS FOR AUDIT COMMITTEES

None.

ITEM 16E.

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASES

On October 16, 2014, we announced that our board of directors authorized a new share repurchase program under which we may repurchase up to $20 million of our outstanding common stock over the next two years. Purchases under the program may be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program are determined by our management, based on their evaluation market conditions, capital allocation alternatives, and other factors. The program does not require us to purchase any specific number or amount of shares of our common stock and may be suspended or reinstated at any time in our discretion and without notice. We will execute purchases only during periods where the executive team and the Board of Directors are not aware of material inside information that would likely affect a seller's decision to sell. As of December 31, 2014, no shares have been repurchased under this plan.

ITEM 16F.

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

None.

ITEM 16G.

CORPORATE GOVERNANCE

Pursuant to an exception for foreign private issuers, we, as a Marshall Islands company, are not required to comply with the corporate governance practices followed by U.S. companies under the NYSE listing standards. We believe that our established practices in the area of corporate governance are in line with the spirit of the NYSE standards and provide adequate protection to our shareholders. In this respect, we have voluntarily adopted NYSE required practices, such as (a) having a majority of independent directors, (b) establishing audit, compensation and nominating committees and (c) adopting a Code of Ethics.

There are two significant differences between our corporate governance practices and the practices required by the NYSE. The NYSE requires that non-management directors meet regularly in executive sessions without management. The NYSE also requires that all independent directors meet in an executive session at least once a year. As permitted under Marshall Islands law and our bylaws, our non-management directors do not regularly hold executive sessions without management and we do not expect them to do so in the future.

The NYSE requires companies to adopt and disclose corporate governance guidelines. The guidelines must address, among other things: director qualification standards, director responsibilities, director access to management and independent advisers, director compensation, director orientation and continuing education, management succession and an annual performance evaluation. We are not required to adopt such guidelines under Marshall Islands law and we have not adopted such guidelines.

Information about our corporate governance practices may also be found on our website, http://www.ampni.com, under "Investor Relations—Corporate Governance."

ITEM 16H.

MINE SAFETY DISCLOSURE

Not applicable.

PART III

ITEM 17.

FINANCIAL STATEMENTS

See "Item 18. Financial Statements."

ITEM 18.

FINANCIAL STATEMENTS

The financial statements, together with the report of Deloitte Hadjipavlou Sofianos & Cambanis S.A. thereon, are set forth beginning on page F-1 and are filed as a part of this report.

ITEM 19.

EXHIBITS

Exhibit Number	Description

1.1	Amended and Restated Articles of Incorporation of Aegean Marine Petroleum Network Inc.(1)

1.2	Certificate of Designations of Rights, Preferences and Privileges of Series A Participating Preferred Stock of Aegean Marine Petroleum Network Inc.(8)

1.3	Amended and Restated Bylaws of Aegean Marine Petroleum Network Inc.(1)

2.1	Form of common share certificate of Aegean Marine Petroleum Network Inc.(1)

2.2	Stockholders Rights Agreement between Aegean Petroleum Network Inc. and Computershare Trust Company, N.A., dated August 14, 2009(8)

2.3	Senior Indenture, dated October 23, 2013, by and between Aegean Marine Petroleum Network Inc. and Deutsche Bank Trust Company Americas, as trustee(12)

2.4	First Supplemental Indenture, dated October 23, 2013, by and between Aegean Marine Petroleum Network Inc. and Deutsche Bank Trust Company Americas, as trustee(12)

4.1	Form of Registration Rights Agreement(1)

4.2	Amended and Restated 2006 Equity Incentive Plan(2)

4.3	Marine Fuel Supply Service Agreement, dated April 1, 2005, by and between Aegean Marine Petroleum S.A. and Aegean Oil S.A.(1)

4.4	Form of License Agreement by and between Aegean Oil S.A. and Aegean Marine Petroleum Network Inc.(1)

4.5	2005 Newbuilding Secured Syndicated Term Loan, dated August 30, 2005, by and among Aegean Baltic Bank S.A. and HSH Nordbank AG, as Lenders, and Kithnos Maritime, Inc., Naxos Maritime Inc., Paros Maritime Inc. and Serifos Maritime Inc., as Borrowers(1)

4.6	Supplemental Agreement, dated January 27, 2011, to the 2005 Newbuilding Secured Syndicated Term Loan, dated August 30, 2005, by and among Aegean Baltic Bank S.A. and HSH Nordbank AG, as Lenders, and Kithnos Maritime, Inc., Naxos Shipping (Pte.) Ltd, Paros Shipping (Pte.) Ltd., Santorini I Maritime Limited, and Serifos Shipping (Pte.) Ltd, as Borrowers(9)

4.7	Supplemental Agreement, dated June 23, 2011, to the 2005 Newbuilding Secured Syndicated Term Loan, dated August 30, 2005, by and among Aegean Baltic Bank S.A. and HSH Nordbank AG, as Lenders, and Kithnos Maritime, Inc., Naxos Shipping (Pte.) Ltd, Paros Shipping (Pte.) Ltd., Santorini I Maritime Limited, and Serifos Shipping (Pte.) Ltd, as Borrowers(9)

4.8	Supplemental Agreement, dated June 8, 2007, relating to the 2005 Newbuilding Secured Syndicated Term Loan, dated August 30, 2005, by and among Aegean Baltic Bank S.A. and HSH Nordbank AG, as Lenders, and Kithnos Maritime, Inc., Naxos Maritime Inc., Paros Maritime Inc. and Serifos Maritime Inc., as Borrowers(3)

4.9	First 2006 Newbuilding Secured Term Loan, dated December 19, 2006, by and among The Royal Bank of Scotland plc, as Lender, and Aegean Marine Petroleum Network Inc. and Aegean Marine Petroleum S.A., as Borrowers, as amended(3)

4.10	Supplemental Letter, dated May 23, 2007, to the First 2006 Newbuilding Secured Term Loan, dated December 19, 2006, by and among The Royal Bank of Scotland plc, as Lender, and Aegean Marine Petroleum Network Inc. and Aegean Marine Petroleum S.A., as Borrowers(10)

4.11	Supplemental Letter, dated June 29, 2007, to the First 2006 Newbuilding Secured Term Loan, dated December 19, 2006, by and among The Royal Bank of Scotland plc, as Lender, and Aegean Marine Petroleum Network Inc. and Aegean Marine Petroleum S.A., as Borrowers(10)

4.12	Supplemental Letter, dated September 21, 2007, to the First 2006 Newbuilding Secured Term Loan, dated December 19, 2006, by and among The Royal Bank of Scotland plc, as Lender, and Aegean Marine Petroleum Network Inc. and Aegean Marine Petroleum S.A., as Borrowers(10)

4.13	Supplemental Letter, dated October 19, 2007, to the First 2006 Newbuilding Secured Term Loan, dated December 19, 2006, by and among The Royal Bank of Scotland plc, as Lender, and Aegean Marine Petroleum Network Inc. and Aegean Marine Petroleum S.A., as Borrowers(10)

4.14	Supplemental Letter, dated October 30, 2007, to the First 2006 Newbuilding Secured Term Loan, dated December 19, 2006, by and among The Royal Bank of Scotland plc, as Lender, and Aegean Marine Petroleum Network Inc. and Aegean Marine Petroleum S.A., as Borrowers(10)

4.15	Supplemental Agreement, dated February 14, 2013, to the First 2006 Newbuilding Secured Term Loan, dated December 19, 2006, by and among The Royal Bank of Scotland plc, as Lender, and Aegean Marine Petroleum Network Inc. and Aegean Marine Petroleum S.A., as Borrowers, as amended(10)

4.16	Third Newbuilding 2006 Secured Term Loan, dated October 25, 2006, by and among Aegean Baltic Bank S.A. and HSH Nordbank AG, as Lenders, and Eton Marine Ltd., Benmore Services S.A. and Ingram Enterprises Co., as Borrowers(1)

4.17	Supplemental Agreement, dated June 23, 2011, to the Third Newbuilding 2006 Secured Term Loan, dated October 25, 2006, by and among Aegean Baltic Bank S.A. and HSH Nordbank AG, as Lenders, and Eton Marine Ltd., Benmore Services S.A. and Ingram Enterprises Co., as Borrowers(9)

4.18	Second 2006 Newbuilding Secured Term Loan, dated October 27, 2006, by and among National Bank of Greece S.A., as Lender, and Tasman Seaways Inc. and Santon Limited, as Borrowers(1)

4.19	2006 Newbuilding Secured Syndicated Term Loan, dated October 30, 2006, by and among Aegean Baltic Bank S.A. and HSH Nordbank AG, as Lenders, and Kerkyra Marine S.A., Ithaki Marine S.A., Cephallonia Marine S.A., Paxoi Marine S.A., Zakynthos Marine S.A., Lefkas Marine S.A. and Kythira Marine S.A., as Borrowers(1)

4.20	2007 Newbuilding Secured Term Loan, dated July 5, 2007, by and among The Royal Bank of Scotland Plc, as Lender, and Andros Marine Inc., Dilos Marine Inc., Ios Marine Inc., Aegean VII Shipping Ltd. and ANAFI Shipping (Pte.) Ltd., as Borrowers, as amended and supplemented(3)

4.21	Supplemental Agreement, dated September 12, 2008, to the 2007 Newbuilding Secured Term Loan, dated July 5, 2007, by and among The Royal Bank of Scotland Plc, as Lender, and Andros Marine Inc., Dilos Marine Inc., Ios Marine Inc., Aegean VII Shipping Ltd. and ANAFI Shipping (Pte.) Ltd., as Borrowers, as amended and supplemented(5)

4.22	Supplemental Agreement, dated August 17, 2012, to the 2007 Newbuilding Secured Term Loan, dated July 5, 2007, by and among The Royal Bank of Scotland Plc, as Lender, and Andros Marine Inc., Dilos Marine Inc., Ios Marine Inc., Aegean VII Shipping Ltd. and ANAFI Shipping (Pte.) Ltd., as Borrowers, as amended and supplemented(10)

4.23	Supplemental Agreement, dated November 20, 2012, to the 2007 Newbuilding Secured Term Loan, dated July 5, 2007, by and among The Royal Bank of Scotland Plc, as Lender, and Andros Marine Inc., Dilos Marine Inc., Ios Marine Inc., IOS Shipping Inc., Aegean VII Shipping Ltd. and ANAFI Shipping (Pte.) Ltd., as Borrowers, as amended and supplemented(10)

4.24	Supplemental Agreement, dated February 27, 2013, to the 2007 Newbuilding Secured Term Loan, dated July 5, 2007, by and among The Royal Bank of Scotland Plc, as Lender, and Andros Marine Inc., Dilos Marine Inc., Ios Shipping Inc., Aegean VII Shipping Ltd. and ANAFI Shipping (Pte.) Ltd., as Borrowers, as amended and supplemented(10)

4.25	2008 Newbuilding Secured Term Loan, dated April 24, 2008, by and among Aegean Baltic Bank S.A. and HSH Nordbank AG, as Lenders, and Kassos Navigation S.A., Tilos Navigation S.A., Symi Navigation S.A. and Halki Navigation S.A., as Borrowers(5)

4.26	Supplemental Agreement, dated June 23, 2011, to the 2008 Newbuilding Secured Term Loan, dated April 24, 2008, by and among Aegean Baltic Bank S.A. and HSH Nordbank AG, as Lenders, and Kassos Navigation S.A., Tilos Shipping (Pte.) Ltd., Symi Navigation S.A. and Halki Navigation S.A., as Borrowers(9)

4.27	2008 Secured Term Loan, dated July 8, 2008, by and among Piraeus Bank A.E., as Lender, and Aegean Bunkering Services Inc., as Borrower(5)

4.28	Supplemental Agreement, dated June 29, 2012, to the 2008 Secured Term Loan, dated July 8, 2008, by and among Piraeus Bank A.E., as Lender, and Aegean Bunkering Services Inc., as Borrower(10)

4.29	2009 Trade Credit Facility, dated November 19, 2009, by and among BNP Paribas, Paris, as Lender, Aegean Marine Petroleum S.A., as Borrower, and Aegean Marine Petroleum Network Inc., as Guarantor(6)

4.30	Supplemental Agreement, dated July 11, 2013, to the 2008 Secured Term Loan, dated July 8, 2008, by and among Piraeus Bank A.E., as Lender, and Aegean Bunkering Services Inc., as Borrower(11)

4.31	2010 Revolving Credit Facility, dated June 7, 2010, by and among Fortis Bank (Nederland) N.V., as Lender, Aegean Marine Petroleum S.A., as Borrower, and Aegean Marine Petroleum Network Inc., as Guarantor(7)

4.32	Receivables Assignment and Security Agreement, dated September 21, 2010, by and between Deutsche Bank AG, as Lender, and Aegean Marine Petroleum S.A., as Borrower(7)

4.33	Credit Contract, dated October 12, 2010, by and between KBC Bank, as Lender, and ANWE, as Borrower relating to the 2010 Overdraft Credit Facility(7)

4.34	Credit Contract, dated September 1, 2011, between KBC Bank, as Lender, and ANWE., as Borrower relating to the 2010 Overdraft Credit Facility(9)

4.35	Letter of Credit, dated November 5, 2010 relating to the 2010 ANWE Revolving Credit Facility, by and between Dexia Bank Belgium S.A., as Lender, and ANWE., as Borrower(7)

4.36	Letter of Credit relating to the 2010 ANWE Revolving Credit Facility, dated April 20, 2011, between Dexia Bank Belgium S.A., as Lender, and ANWE, as Borrower(9)

4.37	2008 Overdraft Facility, dated March 30, 2011, by and between Piraeus Bank A.E., as Lender, and Aegean Bunkering Services, as Borrower(7)

4.38	Supplemental Agreement, dated June 29, 2012, to the 2008 Overdraft Facility, dated March 30, 2011, by and between Piraeus Bank A.E., as Lender, and Aegean Bunkering Services, as Borrower(10)

4.39	Trade Receivables Purchase Agreement, dated October 17, 2011, by and between Aegean Marine Petroleum S.A., as Seller and as Servicer, and Deutsche Bank AG, New York Branch, as Purchaser(9)

4.40	First Amendment, dated November 14, 2012, to the Trade Receivables Purchase Agreement, dated October 17, 2011, by and between Aegean Marine Petroleum S.A., as Seller and as Servicer, and Deutsche Bank AG, New York Branch, as Purchaser(10)

4.41	Uncommitted Facility Letter, dated June 21, 2011, by and among ABN AMRO Bank N.V., as Lender, and Aegean Marine Petroleum S.A. and Aegean Petroleum International Inc., as Borrower(9)

4.42	Amendment Letter, dated November 15, 2011, to the Uncommitted Facility Letter dated June 21, 2011, by and among ABN AMRO Bank N.V., as Lender, and Aegean Marine Petroleum S.A., Aegean Petroleum International Inc. and Aegean Oil Terminal Corporation, as Borrower(9)
4.43	Amendment Letter, dated May 10, 2012, to the Uncommitted Facility Letter dated June 21, 2011, by and among ABN AMRO Bank N.V., as Lender, and Aegean Marine Petroleum S.A., Aegean Petroleum International Inc. and Aegean Oil Terminal Corporation, as Borrower(10)

4.44	2013 Fujairah Credit Facility, dated March 11, 2013, by and among Aegean Oil Terminal Corporation, as Borrower, Aegean Marine Petroleum Network Inc, as Guarantor, ABN AMRO Bank N.V. and UBS Limited, as Arrangers, ABN AMRO Bank N.V., as Agent and Security Agent(10)

4.45	Uncommitted Line of Credit, dated December 17, 2013, by and between Aegean Bunkering (USA) LLC and ABN AMRO Capital USA LLC(11)

4.46	2013 Secured Multicurrency Revolving Credit Facility, dated September 19, 2013, by and among Aegean Marine Petroleum S.A., Aegean Petroleum International Inc., Aegean NWE N.V., ABN AMRO Bank N.V., BNP Paribas (Suisse) S.A., KBC Bank NV, Natixis, Cooperatieve Centrale Raiffeisen-Boerenleebank B.A., ING Belgium Brussels, Geneva Branch, Societe Generale, Belfius Bank N.V./S.A., National Bank of Greece S.A., Credit Suisse AG, Mashreqbank PSC, Emirates NBD PJSC, London Branch, and Arab Bank (Switzerland) Ltd(11)

4.47	Second Amendment, dated October 2, 2013, to the Trade Receivables Purchase Agreement, dated October 17, 2011, by and between Aegean Marine Petroleum S.A., as Seller and as Servicer, and Deutsche Bank AG, New York Branch, as Purchaser(11)

4.48	Supplemental Agreement, dated June 20, 2013, to the Third Newbuilding 2006 Secured Term Loan, dated October 25, 2006, by and among Aegean Baltic Bank S.A. and HSH Nordbank AG, as Lenders, and Eton Marine Ltd., Benmore Services S.A. and Ingram Enterprises Co., as Borrowers(11)

4.49	Supplemental Agreement, dated June 20, 2013, to the 2006 Newbuilding Secured Syndicated Term Loan, dated October 30, 2006, by and among Aegean Baltic Bank S.A. and HSH Nordbank AG, as Lenders, and Kerkyra Marine S.A., Ithaki Marine S.A., Cephallonia Marine S.A., Paxoi Marine S.A., Zakynthos Marine S.A., Lefkas Marine S.A. and Kythira Marine S.A., as Borrowers(11)

4.50	Supplemental Agreement, dated June 20, 2013, to the 2005 Newbuilding Secured Syndicated Term Loan, dated August 30, 2005, by and among Aegean Baltic Bank S.A. and HSH Nordbank AG, as Lenders, and Kithnos Maritime, Inc., Naxos Shipping (Pte.) Ltd, Paros Shipping (Pte.) Ltd., Santorini I Maritime Limited, and Serifos Shipping (Pte.) Ltd, as Borrowers(11)

4.51	Supplemental Agreement, dated July 26, 2013, to the 2008 Overdraft Facility, dated March 30, 2011, by and between Piraeus Bank A.E., as Lender, and Aegean Bunkering Services, as Borrower(11)

4.52	Supplemental Agreement, dated June 20, 2013, to the 2008 Newbuilding Secured Term Loan, dated April 24, 2008, by and among Aegean Baltic Bank S.A. and HSH Nordbank AG, as Lenders, and Kassos Navigation S.A., Tilos Shipping (Pte.) Ltd., Symi Navigation S.A. and Halki Navigation S.A., as Borrowers(11)

4.53	Third Amendment, dated November 12, 2013, to the Trade Receivables Purchase Agreement, dated October 17, 2011, by and between Aegean Marine Petroleum S.A., as Seller, and Deutsche Bank AG, New York Branch, as Purchaser(11)

4.54	Purchase and Sale Agreement, by and between Aegean Marine Petroleum Network Inc., Aegean Bunkering (USA) LLC and Hess Corporation, dated November 12, 2013(11)

4.55	2014 Long Term Loan Agreement, dated March 21, 2014, by and between Aegean Barges NV and KBC Bank NV(11)

4.56	Amended and Restated 2014 Uncommitted Working Capital Facility, dated August 22, 2014, by and between Aegean Bunkering (USA) LLC and ABN AMRO Capital USA LLC

4.57	2013 Multicurrency Revolving Credit Facility, as amended and restated on September 18, 2014, by and among Aegean Marine Petroleum S.A., Aegean Petroleum International Inc., Aegean NWE N.V., ABN AMRO Bank N.V., BNP Paribas (Suisse) S.A., KBC Bank NV, Natixis, Cooperatieve Centrale Raiffeisen-Boerenleebank B.A., ING Belgium Brussels, Geneva Branch, Societe Generale, Belfius Bank N.V./S.A., National Bank of Greece S.A., Credit Suisse AG, Mashreqbank PSC, Emirates NBD PJSC, London Branch, and Arab Bank (Switzerland) Ltd.

4.58	2015 Equity Incentive Plan

8.1	List of Subsidiaries

11.1	Code of Ethics(4)

12.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer

12.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer

13.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350

13.2	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350

15.1	Consent of Independent Registered Accounting Firm

101	The following financial information from Aegean Marine Petroleum Network Inc.'s Annual Report on Form 20-F for the fiscal year ended December 31, 2014, formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets as of December 31, 2013 and 2014; (ii) Consolidated Statements of Income for the years ended December 31, 2012, 2013 and 2014; (iii) Consolidated Statements of Stockholders' Equity for the years ended December 31, 2012, 2013 and 2014; (iv) Consolidated Statements of Cash Flows for the years ended December 31, 2012, 2013 and 2014; and (v) Notes to Consolidated Financial Statements.

_____________

(1)	Filed as an exhibit to the Company's Registration Statement on Form F-1, Registration No. 333-129768 and incorporated by reference herein.

(2)	Filed as an exhibit to the Company's Current Report on Form 6-K furnished to the SEC on September 14, 2007 and incorporated by reference herein.

(3)	Filed as an exhibit to the Company's Registration Statement on Form F-1, Registration No. 333-146918 and incorporated by reference herein.

(4)	Filed as an exhibit to the Company's Annual Report on Form 20-F filed with the SEC on May 25, 2007 and incorporated by reference herein.

(5)	Filed as an exhibit to the Company's Annual Report on Form 20-F filed with the SEC on April 22, 2009 and incorporated by reference herein.

(6)	Filed as an exhibit to the Company's Annual Report on Form 20-F filed with the SEC on April 1, 2010 and incorporated by reference herein.

(7)	Filed as an exhibit to the Company's Annual Report on Form 20-F filed with the SEC on April 6, 2011 and incorporated by reference herein.

(8)	Filed as an exhibit to the Company's Registration Statement on Form 8-A filed with the SEC on August 14, 2009 and incorporated by reference herein.

(9)	Filed as an exhibit to the Company's Annual Report on Form 20-F filed with the SEC on April 13, 2012 and incorporated by reference herein.

(10)	Filed as an exhibit to the Company's Annual Report on Form 20-F filed with the SEC on April 26, 2013 and incorporated by reference herein.

(11)	Filed as an exhibit to the Company's Annual Report on Form 20-F filed with the SEC on April 25, 2014 and incorporated by reference herein.

(12)	Filed as an exhibit to the Company's Current Report on Form 6-K on October 24, 2013, and incorporated by reference herein.

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

	AEGEAN MARINE PETROLEUM NETWORK INC.



	By:	/s/ E. Nikolas Tavlarios
		Name: E. Nikolas Tavlarios Title: President
Date: May 15, 2015

AEGEAN MARINE PETROLEUM NETWORK INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

	Page

Report of Independent Registered Public Accounting Firm	F-2

Report of Independent Registered Public Accounting Firm	F-3

Consolidated Balance Sheets as of December 31, 2013 and 2014	F-4

Consolidated Statements of Income for the years ended December 31, 2012, 2013 and 2014	F-5

Consolidated Statements of Stockholders' Equity for the years ended December 31, 2012, 2013 and 2014	F-6

Consolidated Statements of Cash Flows for the years ended December 31, 2012, 2013 and 2014	F-7

Notes to Consolidated Financial Statements	F-8

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of Aegean Marine Petroleum Network, Inc.

Majuro, Republic of the Marshall Islands

We have audited the accompanying consolidated balance sheets of Aegean Marine Petroleum Network, Inc. and subsidiaries (the "Company") as of December 31, 2014 and 2013, and the related consolidated statements of income, stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2014. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Aegean Marine Petroleum Network, Inc. and its subsidiaries as of December 31, 2014 and 2013, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2014, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company's internal control over financial reporting as of December 31, 2014, based on the criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated May 15, 2015 expressed an adverse opinion on the Company's internal control over financial reporting because of material weaknesses.

/s/ Deloitte Hadjipavlou Sofianos & Cambanis S.A.

Athens, Greece

May 15, 2015

F-2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of Aegean Marine Petroleum Network, Inc.

Majuro, Republic of the Marshall Islands

We have audited the internal control over financial reporting of Aegean Marine Petroleum Network, Inc. and subsidiaries (the "Company") as of December 31, 2014, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company's internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. The following material weaknesses have been identified and included in management's assessment: The control over preparation and review of bank reconciliations did not operate effectively. There was also an absence of an effectively-designed control to identify and disclose transactions with new related parties. These material weaknesses were considered in determining the nature, timing, and extent of audit tests applied in our audit of the consolidated financial statements as of and for the year ended December 31, 2014 of the Company and this report does not affect our report on such financial statements.

In our opinion, because of the effect of the material weaknesses identified above on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2014, based on the criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements as of and for the year ended December 31, 2014 of the Company and our report dated May 15, 2015 expressed an unqualified opinion on those financial statements.

/s/ Deloitte Hadjipavlou Sofianos & Cambanis S.A.

Athens, Greece

May 15, 2015

F-3

AEGEAN MARINE PETROLEUM NETWORK INC.

CONSOLIDATED BALANCE SHEETS

(Expressed in thousands of U.S. dollars – except for share and per share data)

	December 31,
	2013			2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	62,575		$	129,551
Trade receivables, net of allowance for doubtful accounts of $2,622 and $5,851 as of December 31, 2013 and 2014, respectively (Note 2 and 4)		469,921			354,223
Due from related companies (Note 5)		14,654			18,662
Derivative asset (Note 16)		-			18,941
Inventories (Note 6)		303,297			156,990
Prepayments and other current assets (Note 7)		38,707			54,901
Deferred tax asset (Note 25)		1,044			754
Restricted cash (Note 2)		6,532			2,306
Total current assets		896,730			736,328

FIXED ASSETS:
Advances for vessels under construction and acquisitions (Note 8)		1,585			5,466
Advances for other fixed assets under construction (Note 9)		159,062			-
Vessels, cost (Note 10)		517,225			473,388
Vessels, accumulated depreciation (Note 10)		(95,696	)		(92,196	)
Vessels' net book value		421,529			381,192
Other fixed assets, net (Note 11)		22,909			253,768
Total fixed assets		605,085			640,426

OTHER NON-CURRENT ASSETS:
Deferred charges, net (Note 12)		27,478			27,874
Intangible assets (Note 3 and 13)		18,830			15,507
Goodwill (Note 3 and13)		66,031			66,031
Deferred tax asset (Note 25)		1,852			1,224
Other non-current assets		179			925
Total non-current assets		114,370			111,561

Total assets		1,616,185			1,488,315

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings (Note 14)		331,590			318,978
Current portion of long-term debt (Note 15)		34,983			38,612
Trade payables to third-parties		231,235			115,634
Trade payables to related companies (Note 5)		10,508			3,422
Other payables to related companies (Note 5)		1,902			1,172
Derivative liability (Note 16)		839			-
Accrued and other current liabilities		41,220			55,917
Total current liabilities		652,277			533,735

NON-CURRENT LIABILITIES:
Long-term debt, net of current portion (Note 15)		416,744			383,290
Deferred tax liability (Note 25)		2,017			1,010
Derivative liability (Note 16)		470			592
Other non-current liabilities		931			2,272
Total non-current liabilities		420,162			387,164

COMMITMENTS AND CONTINGENCIES (Note 17)

STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 25,000,000 shares authorized, none issued (Note 23)		-			-
Common stock, $0.01 par value; 100,000,000 shares authorized at December 31, 2013 and December 31, 2014; 49,243,659 and 50,242,992 shares issued and 47,272,020 and 48,271,353 shares outstanding at December 31, 2013 and December 31, 2014, respectively (Note 23)		492			502
Treasury stock, $0.01 par value; 1,971,639 shares, repurchased at December 31, 2013 and December 31, 2014 (Note 23)		(29,327	)		(29,327	)
Additional paid-in capital (Note 23)		363,160			371,924
Retained earnings		209,130			224,317
Total AMPNI stockholders' equity		543,455			567,416

Non-controlling interest		291			-
Total equity		543,746			567,416
Total liabilities and equity	$	1,616,185		$	1,488,315

The accompanying notes are an integral part of these consolidated financial statements.

F-4

AEGEAN MARINE PETROLEUM NETWORK INC.

CONSOLIDATED STATEMENTS OF INCOME

(Expressed in thousands of U.S. dollars – except for share and per share data)

	For the Year Ended December 31,
	2012			2013			2014

Revenues
Revenues – third-parties (Note 18)	$	7,207,813		$	6,303,105		$	6,625,244
Revenues – related companies (Note 5 and 18)		51,147			31,624			36,557
Total Revenues		7,258,960			6,334,729			6,661,801

Cost of Revenues
Cost of revenues – third-parties (Note 18)		6,496,327			5,621,408			5,971,819
Cost of revenues – related companies (Note 5 and 18)		459,984			427,329			352,888
Total Cost of Revenues		6,956,311			6,048,737			6,324,707

Gross Profit		302,649			285,992			337,094

OPERATING EXPENSES:
Selling and Distribution (Note 19)		210,236			201,597			220,830
General and Administrative (Note 20)		29,897			29,727			38,099
Amortization of intangible assets (Note 13)		1,505			1,603			3,323
Loss on sale of vessels, net (Note 10)		5,966			4,312			12,864
Vessel impairment charge (Note 10)		-			-			4,062
Total operating expenses		247,604			237,239			279,178

Operating income		55,045			48,753			57,916

OTHER INCOME/(EXPENSE):
Interest and finance costs (Notes 4, 8, 9,12, 14, 15 and 21)		(31,192	)		(28,073	)		(33,898	)
Interest income		123			75			117
Gain on sale of subsidiary (Note 27)		-			4,174			-
Foreign exchange gains/ (losses), net		3,786			1,123			(6,032	)
Other expense		(1,191	)		-			-
Total other expenses, net		(28,474	)		(22,701	)		(39,813	)
Income before provision for income taxes		26,571			26,052			18,103

Income taxes (Note 25)		(4,122	)		978			(464	)

Net income		22,449			27,030			17,639
Net income/(loss) attributed to non-controlling interest		2,372			(33	)		49
Net income attributed to AMPNI shareholders	$	20,077		$	27,063		$	17,590

Basic earnings per common share (Note 24)	$	0.44		$	0.58		$	0.37
Diluted earnings per common share (Note 24)	$	0.44		$	0.58		$	0.37

Weighted average number of common shares outstanding, basic (Note 24)		45,473,360			45,677,249			46,271,716
Weighted average number of common shares outstanding, diluted (Note 24)		45,473,360			45,677,249			46,271,716

The accompanying notes are an integral part of these consolidated financial statements.

F-5

AEGEAN MARINE PETROLEUM NETWORK INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Expressed in thousands of U.S. dollars – except for share and per share data)

	Common Stock				Treasury Stock

	Number of Shares		Par Value		Number of Shares			Par Value					Additional Paid-in Capital		Retained Earnings			Non- Controlling Interest			Total


BALANCE, January 1, 2012		48,196,870		482		(1,967,639	)		(20	)	(29,288	)		341,154		165,734			1,480		$	479,542

- Net income		-		-		-			-		-			-		20,077			2,372			22,449
- Dividends declared and paid ($0.04 per share) (Note 23)		-		-		-			-		-			-		(1,860	)		-			(1,860	)
- Share-based compensation (Note 22)		356,168		4		-			-		-			4,402		-			-			4,406
- Repurchases of common stock (Note 23)		-		-		(4,000	)		-		(19	)		-		-			-			(19	)

BALANCE, December 31, 2012		48,553,038		486		(1,971,639			(20	)	(29,307	)		345,556		183,951			3,852			504,518

- Net income		-		-		-			-		-			-		27,063			(33	)		27,030
- Dividends declared and paid ($0.04 per share) (Note 23)		-		-		-			-		-			-		(1,884	)		-			(1,884	)
- Equity component of convertible notes (Note 15)		-				-			-		-			13,113		-			-			13,113
- Share-based compensation (Note 22)		690,621		6		-			-		-			4,491		-			-			4,497
- Sale of subsidiary (Note 27)		-		-		-			-		-			-		-			(3,528	)		(3,528	)

BALANCE, December 31, 2013		49,243,659		492		(1,971,639	)		(20	)	(29,307	)		363,160		209,130			291			543,746

- Net income		-		-		-			-		-			-		17,590			49			17,639
- Dividends declared and paid ($0.05 per share) (Note 23)		-		-		-			-		-			-		(2,403	)		-			(2,403	)
- Share-based compensation (Note 22)		999,333		10		-			-		-			8,764		-			-			8,774
-Purchase of non- controlling interest in subsidiary		-		-		-			-		-			-		-			(340	)		(340	)

BALANCE, December 31, 2014		50,242,992		502		(1,971,639	)		(20	)	(29,307	)		371,924		224,317			-			567,416

The accompanying notes are an integral part of these consolidated financial statements.

F-6

AEGEAN MARINE PETROLEUM NETWORK INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in thousands of U.S. dollars)

	For the Year Ended December 31,
	2012			2013			2014
Cash flows from operating activities:
Net income	$	22,449		$	27,030		$	17,639
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		22,102			20,467			21,325
Provision of/ (release of) doubtful accounts		2,919			(881	)		3,229
Share-based compensation		4,406			4,497			8,774
Amortization		10,115			9,939			14,160
Provision for income taxes		428			(1,400	)		(89	)
Loss on sale of vessels, net		5,966			4,312			12,864
Loss from impairment of vessels		-			-			4,062
Gain on sale of subsidiary		-			(4,174	)		-
Change in fair value of derivatives		1,469			674			(19,658	)
Other non-cash charges		(39	)		343			(870	)
Decrease (increase) in:
Trade receivables		48,278			4,606			117,925
Due from related companies		880			594			(4,008	)
Inventories		23,231			(25,081	)		146,307
Prepayments and other current assets		(1,329	)		(8,869	)		(16,194	)
(Decrease) increase in:
Trade payables		(8,642	)		(1,076	)		(122,687	)
Other payables to related companies		(671	)		442			(730	)
Accrued and other current liabilities		(2,436	)		17,552			9,866
Increase in other non-current assets		(1	)		(20	)		(746	)
(Decrease)/ increase in other non-current liabilities		(45	)		627			1,341
Payments for dry-docking		(5,561	)		(8,999	)		(10,304	)
Net cash provided by operating activities		123,519			40,583			182,206

Cash flows from investing activities:
Advances for vessels under construction		(2,303	)		(1,585	)		(2,730	)
Advances for vessel acquisitions		-			-			(7,786	)
Advances for other fixed assets under construction		(62,366	)		(62,675	)		(61,405	)
Proceeds from sale of subsidiary, net of cash surrendered		-			6,149			-
Business acquisitions		-			(127,390	)		-
Net proceeds from sale of vessels		8,932			8,328			16,156
Net proceeds from sale of vessel to a related party		-			103			-
Purchase of other fixed assets		(844	)		(5,136	)		(7,955	)
Decrease in restricted cash		-			385			4,226
Increase in restricted cash		(1,581	)		-			-
Net cash used in investing activities		(58,162	)		(181,821	)		(59,494	)

Cash flows from financing activities:
Proceeds from long-term debt		-			170,750			119,455
Repayment of long-term debt		(26,109	)		(152,765	)		(35,706	)
Repayment of capital lease obligation		(1,267	)		(1,181	)		(395	)
Net change in short-term borrowings		(27,482	)		124,838			(127,612	)
Repurchases of common stock		(19	)		-			-
Financing costs paid		(390	)		(11,067	)		(3,279	)
Dividends paid to non-controlling interest		-			(2,713	)		(340	)
Dividends paid		(1,860	)		(1,884	)		(2,403	)
Net cash (used in)/ provided by financing activities		(57,127	)		125,978			(50,280	)

Effect of exchange rate changes on cash and cash equivalents		434			589			(5,456	)

Net increase/ (decrease) in cash and cash equivalents		8,664			(14,671	)		66,976
Cash and cash equivalents at beginning of year		68,582			77,246			62,575
Cash and cash equivalents at end of year	$	77,246		$	62,575		$	129,551

SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the year for interest, net of capitalized interest:	$	20,545		$	15,779		$	21,447
Cash paid during the year for income taxes:	$	7,467		$	737		$	3,388
Non cash advances for other fixed assets under construction:		-			-			4,150
Non cash advances for vessels under construction:	$	-		$	-		$	1,151

The accompanying notes are an integral part of these consolidated financial statements.

F-7

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

1.	Basis of Presentation:

The accompanying consolidated financial statements include the accounts of Aegean Marine Petroleum Network Inc. (hereinafter referred to as "Aegean") and its subsidiaries (Aegean and its subsidiaries are hereinafter collectively referred to as the "Company"). The Company is an independent physical supplier and marketer of refined marine fuel and lubricants to ships in port and at sea.

Aegean was formed on June 6, 2005, under the laws of the Republic of the Marshall Islands, for the purpose of acquiring all outstanding common shares of companies owned, directly and indirectly, by Leveret International Inc. ("Leveret"), which is controlled by Aegean's founder and Head of Corporate Development, Mr. Dimitris Melisanidis.

In December 2006, Aegean completed its initial public offering of 14,375,000 common shares on the New York Stock Exchange under the United States Securities Act of 1933, as amended.

Material Subsidiaries as of December 31, 2014

(a)

Aegean Marine Petroleum S.A. ("AMP"), incorporated in the Republic of Liberia on January 4, 1995, is engaged in the commercial purchase and sale of marine petroleum products and is the principal operating entity of the Company.

(b)

Service Centers, which monitor and support the logistical aspects of each order in their respective geographical locations.


Company Name	Jurisdiction of Incorporation	Date of Incorporation
Aegean Marine Petroleum LLC (the "UAE Service Center")	United Arab Emirates	07/26/2000
Aegean Bunkering Gibraltar Ltd. (the "Gibraltar Service Center")	Gibraltar	08/07/1997
Aegean Bunkering Jamaica Ltd. (the "Jamaica Service Center")	Jamaica	11/25/2004
Aegean Bunkering (Singapore) Pte. Ltd. (the "Singapore Service Center")	Singapore	06/07/2005
Portland Bunkers International Ltd. (the "UK Service Center")	United Kingdom	12/13/1999
ICS Petroleum Ltd (the "Vancouver Service Center")	Canada	11/25/1985
ICS Petroleum (Montreal) Ltd (the "Montreal Service Center")	Canada	06/03/1986
Aegean Bunkering Trinidad Ltd. (the "Trinidad Service Center")	Trinidad & Tobago	02/20/2006
Aegean North West Europe NV ("ANWE", the "NW Europe Business Center")	Belgium	02/12/1986
Aegean Bunkering Combustibles Las Palmas S.A. (the "Canary Islands Service Center", the "Barcelona Service Center" and the "Algeciras Service Center")	Las Palmas	04/30/2010
Aegean Bunkering Morocco SARL AU (the "Tangier Service Center")	Morocco	05/28/2010
Aegean Bunkering (Panama) SA (the "Panama Service Center")	Panama	04/28/2005
Aegean Bunkering (USA) LLC (the "US East & West Coast Business Center")	USA	11/06/2013
Aegean Bunkering Germany BD&M GmbH	Germany	12/02/2014

F-8

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

1.	Basis of Presentation: (Continued)

The following companies are also the owners of the vessels presented in the table:

Company Name	Service/ Business center	Vessel Name	Year Built	Size (dwt)		Date Acquired
Aegean Bunkers at Sea NV	NW Europe	Sara	1990		7,389	10/09/2007
Aegean Barges NV	NW Europe	Colorado	2004		5,088	04/01/2010
Aegean North West Europe NV	NW Europe	Willem SR*	2006		3,180	04/01/2010
Aegean North West Europe NV	NW Europe	Tapuit	1971		2,500	04/01/2010
Blatoma NV	NW Europe	Texas	2003		4,165	04/01/2010
Seatra BVBA	NW Europe	Montana	2011		4,319	05/26/2011
Aegean North West Europe NV	NW Europe	Florida*	2011		1,533	11/15/2011
Aegean Barges NV	NW Europe	New Jersey	2006		4,100	03/25/2014

*10% of ownership

(c)

Aegean Bunkering Services Inc. (the "Manager") was incorporated in the Marshall Islands on July 11, 2003 and provides all the vessel-owning companies listed below with a wide range of shipping services such as technical support and maintenance, insurance arrangement and handling, financial administration and accounting services.

F-9

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

1.	Basis of Presentation: (Continued)

(d)

Vessel-owning companies with operating vessels:

		Vessel Details
Company Name	Date of Incorporation	Vessel Name	Year Built	Size (dwt)		Date Acquired
Sea Breezer Marine S.A. ("Sea Breezer")	04/02/2004	Aegean Princess	1991		7,030	05/25/2007
Milos Shipping Pte. Ltd. ("Milos")	11/23/2006	Milos	2007		4,626	06/29/2007
Serifos Shipping Pte. Ltd. ("Serifos")	11/23/2006	Serifos	2007		4,664	11/20/2007
Kithnos Maritime Inc. ("Kithnos")	01/28/2005	Kithnos	2007		4,626	11/30/2007
Mykonos I Maritime Ltd. ("Mykonos I")	01/28/2005	Mykonos	2008		4,626	06/25/2008
West Coast Fuel Transport ("WCF")	09/10/1990	PT25	1988		2,560	07/01/2008
Santorini I Maritime Ltd. ("Santorini I")	01/28/2005	Santorini	2008		4,629	09/26/2008
Eton Marine Ltd. ("Eton")	12/21/2005	Patmos	2008		6,262	11/18/2008
Paros Maritime Inc. ("Paros")	01/28/2005	Paros I	2008		4,629	11/25/2008
Kimolos Shipping Pte. Ltd. ("Kimolos")	01/28/2005	Kimolos	2008		4,664	03/04/2008
Syros I Maritime Inc. ("Syros I")	01/28/2005	Syros	2008		4,596	04/21/2008
AMP Maritime S.A.("Aegean Champion")	12/15/2008	Aegean Champion	1991		23,400	04/30/2009
Kerkyra Marine S.A.("Kerkyra")	09/26/2006	Kerkyra	2009		6,290	07/29/2009
Tasman Seaways Inc.("Kalymnos")	12/21/2005	Kalymnos	2009		6,283	02/20/2009
Paxoi Marine S.A.("Paxoi")	09/26/2006	Paxoi	2009		6,310	11/20/2009
Ithaki Marine S.A. ("Ithaki")	09/26/2006	Ithaki	2009		6,272	09/01/2009
Tempest Shiptrade Ltd. ("Naxos")	05/07/2014	Naxos	2009		4,626	01/07/2009
Cephallonia Marine S.A.	09/26/2006	Kefalonia	2009		6,272	10/15/2009
ICS Petroleum Ltd. ("ICS")	05/24/1985	PT22	2001		2,315	05/29/2009
Ios Marine Inc. ("Lefkas")	02/21/2007	Lefkas	2010		6,321	03/16/2010
Andros Marine Ltd. ("Andros")	02/21/2007	Andros	2010		4,605	02/05/2010
Zakynthos Marine S.A. ("Zakynthos")	09/27/2006	Zakynthos	2010		6,303	01/20/2010
Kythira Marine S.A. ("Kythira")	09/26/2006	Kythira	2010		6,314	04/30/2010
Dilos Marine Inc. ("Dilos")	02/21/2007	Dilos	2010		4,593	05/05/2010
Benmore Services S.A. ("Benmore")	12/21/2005	Nisyros	2010		6,312	06/01/2010
Santon Limited ("Santon")	01/10/2006	Leros	2010		6,311	09/03/2010
Kassos Navigation S.A. ("Kassos")	02/14/2008	Kassos	2010		6,256	10/29/2010
Tilos Shipping Pte Ltd. ("Tilos")	02/14/2011	Tilos	2011		6,263	03/28/2011
Sifnos Marine Inc. ("Anafi")	02/21/2007	Anafi	2011		4,584	04/06/2011
Halki Navigation S.A. ("Halki")	02/14/2008	Halki	2011		6,256	07/28/2011
Aegean VII Shipping Ltd.	09/07/2005	Sikinos	2011		4,595	08/11/2011
Symi Navigation S.A.	02/14/2008	Symi	2012		6,256	04/11/2012
Amorgos Maritime Inc. ("Amorgos")	01/28/2005	Amorgos	2007		4,627	12/21/2007

(e)

Aegean Management Services M.C. was incorporated in Piraeus on February 20, 2008 and provides all the vessel-maritime companies listed below with a wide range of shipping services such as technical support for ISM purposes, insurance arrangement and handling and accounting services.

F-10

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

1.	Basis of Presentation: (Continued)

(f)

Vessel-maritime companies with operating vessels in Greece:

		Vessel Details
Company Name	Date of Incorporation	Vessel Name	Year Built	Size (dwt)		Date Acquired

Aegean Tiffany Maritime Company	01/23/2009	Aegean Tiffany	2004		2,747	07/07/2004
Aegean Breeze Maritime Company	01/23/2009	Aegean Breeze I	2004		2,747	07/07/2004
Aegean Rose Maritime Company	12/02/2002	Aegean Rose	1988		4,935	01/21/2003
Aegean Ship III Maritime Company	06/23/2008	Aegean III	1990		2,973	07/08/2008
Aegean Ship VIII Maritime Company	06/23/2008	Aegean VIII	1989		2,973	07/08/2008
Aegean Ace Maritime Company	01/26/2009	Aegean Ace	1992		1,615	03/23/2009
Aegean Maistros Maritime Company	11/21/2007	Aegean Orion	1991		550	09/07/2009
Aegean Gas Maritime Company	07/24/2001	Mediterranean	1982		19,894	02/28/2010
Sealand Navigation Inc.	04/27/2011	Karpathos	2010		6,247	07/12/2010
Ios Shipping Ltd.	11/14/2012	Ios I	2010		4,620	09/08/2010

(g)

Other companies with material assets and/or liabilities:


Company Name	Date of Incorporation	Country of Incorporation	Activity
Aegean Investments S.A. ("Aegean Investments")	11/05/2003	Marshall Islands	Holding company
Aegean Holdings S.A. ("Aegean Holdings")	02/26/2003	Marshall Islands	Holding company
Aegean Oil (USA), LLC ("Aegean USA")	04/07/2005	United States	Marketing office
Aegean Petroleum International Inc.	02/22/2008	Marshall Islands	Fuel commerce
AMPNI Holdings Co Limited ("AMPNI Holdings")	02/02/2009	Cyprus	Holding company
Aegean Caribbean Holdings Inc.	01/07/2009	Saint Lucia	Holding company
Caribbean Renewable Energy Sources Inc.	02/02/2007	British Virgin Islands	Asset owner
Aegean Oil Terminal Corporation	04/14/2008	Marshall Islands	Oil Terminal Facility owner and operator

As of December 31, 2014, Aegean's ownership interest in all the above subsidiaries amounted to 100%.

For the years ended December 31, 2012, 2013 and 2014, no customer individually accounted for more than 10% of the Company's total revenues.

2.	Significant Accounting Policies:

Principles of Consolidation: The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include for each of the three years in the period ended December 31, 2014, the accounts and operating results of the Company. Intercompany balances and transactions have been eliminated in consolidation. The Company consolidates subsidiaries where it holds a controlling financial interest or it has an interest in a variable interest entity (VIE). The condition for a controlling financial interest is ownership of majority of the voting interest of over 50% of the outstanding voting shares or the power to direct the activities of the entity that most significantly affect the entity's economic performance and the obligation to absorb losses of the entity that could potentially be significant to the entity or the right to receive benefits from the entity that could potentially be significant to the entity. Noncontrolling interest in both equity and results of operations of subsidiaries are presented separately.

F-11

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

2.	Significant Accounting Policies: (Continued)

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Foreign Currency Transactions: The functional currency of Aegean and its material subsidiaries is the U.S. dollar because the Company purchases and sells marine petroleum products in the international oil and gas markets and because the Company's vessels operate in international shipping markets; both of these international markets transact business primarily in U.S. dollars. The Company's accounting records are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities denominated in other currencies are adjusted to reflect the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of income. The financial statements of the Company's subsidiaries with functional currencies other than U.S. dollars have been converted to U.S. dollars. All assets and liabilities are translated using the period end exchange rate. Shareholders equity accounts are translated using historical rates. Revenues and expenses are translated using the weighted average exchange rate in effect during the period. Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.

Restricted Cash: Restricted cash consists of interest-bearing deposits with certain banks as cash collateral against outstanding short-term facilities and retention accounts that can only be used for the purposes of repayment of current portions of long-term loans. Restricted cash also includes interest-bearing deposits with an international bank as cash collateral against standby letters of credit issued by the same bank to a shipyard. Restricted cash is classified as non-current when the funds are to be used to acquire non-current assets.

Trade Receivables, net: Management is responsible for approving credit to customers, setting and maintaining credit standards, and managing the overall quality of the credit portfolio. The Company performs ongoing credit evaluations of its customers based upon payment history and the assessments of customers' credit worthiness. The Company generally provides payment terms of approximately 30 days. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon its historical experience with its customers, current market conditions of its customers, and any specific customer collection issues. Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. The Company had accounts receivable of $472,543, and $360,074 before allowances for doubtful accounts of $2,622 and $5,851 as of December 31, 2013 and 2014, respectively. Allowances for doubtful accounts are summarized as follows:

	Allowances for doubtful accounts
Balance, December 31, 2012	$	3,503
- Recoveries		(1,374	)
- Additions		493
Balance, December 31, 2013	$	2,622
- Recoveries		(599	)
- Additions		3,828
Balance, December 31, 2014	$	5,851

The Company transfers ownership of eligible trade account receivable to a third-party purchaser without recourse in exchange for cash. The factoring of trade accounts receivable under the agreement is accounted for as a sale. Proceeds from the transfer reflect the carrying amount of the trade account receivable less a discount. The trade account receivables sold pursuant to this factoring agreement are excluded from trade receivables in the consolidated balance sheets and the proceeds are reflected as cash provided by operating activities in the consolidated statements of cash flows. The Company continues to service, administer and collect the trade account receivables sold under this program. The Company does not record a servicing asset or liability on the consolidated balance sheets as the Company estimates the fee it receives is at fair value. Servicing fees received are recorded in the interest and finance costs in the accompanying consolidated statements of income.

F-12

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

2.	Significant Accounting Policies: (Continued)

Insurance Claims: Insurance claims are recorded on the accrual basis once recovery is virtually certain under the related insurance policies and the Company can make an estimate of the amount to be reimbursed. Insurance claims represent the claimable expenses, net of deductibles, incurred through December 31 of each year, which are expected to be recovered from insurance companies.

Inventories: Inventories comprise marine fuel oil ("MFO"), marine gas oil ("MGO"), lubricants, stores and victuals which are stated at the lower of cost or market. Cost is determined by the first in, first out method. Inventory costs include expenditures directly incurred in bringing the inventory to its existing condition and location.

Vessel Cost: Vessels are stated at cost, which consists of the contract price and any material expenses incurred upon acquisition (initial repairs, improvements and delivery expenses, interest and on-site supervision costs incurred during the construction periods). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred.

Advances and milestone payments made to shipyards during construction periods are classified as "Advances for vessels under construction and acquisitions" until the date of delivery and acceptance of the vessel, at which date they are reclassified to "Vessels, cost". Advances for vessels under construction also include supervision costs, amounts paid under engineering contracts, capitalized interest and other expenses directly related to the construction of the vessels.

Amounts of interest to be capitalized during the asset acquisition period are determined by applying an interest rate ("the capitalization rate") to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period are based on the rates applicable to borrowings outstanding during the period. The Company does not capitalize amounts in excess of actual interest expense incurred in the period. If the Company's financing plans associate a specific new borrowing with a qualifying asset, the Company uses the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset that does not exceed the amount of that borrowing. If average accumulated expenditures for the asset exceed the amounts of specific new borrowings associated with the asset, the capitalization rate applied to such excess is a weighted average of the rates applicable to other borrowings of the Company.

Vessels acquired as a part of an acquisition are recognized at their fair value as at the date of the acquisition.

Vessel Depreciation on Ocean- going Bunkering Tankers: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel's estimated salvage value is equal to the product of its light-weight tonnage and the estimated scrap rate. Management estimates the useful life of the Company's bunkering and non-bunkering tankers to be 30 years and 25 years, respectively, from the date of initial delivery from the shipyard. Management estimates the useful life of the Company's floating storage facilities to be 30 years from the date of acquisition. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. However, when regulations place limitations on the ability of a vessel to trade, its useful life is adjusted to end at the date such regulations become effective.

Vessel Depreciation on In-Land Waterway Bunkering Tankers: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel's estimated salvage value is equal to the product of its light-weight tonnage and the estimated scrap rate. Management estimates the useful life of the in-land waterway bunkering tankers to be 45 years from the date of the initial delivery from the shipyard.

Other fixed assets, net: Depreciation is computed using the straight-line method over the estimated useful life of the assets, after considering any estimated salvage value.

Intangible Assets These assets are being amortized over their useful life.

Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at their fair value at the acquisition date. Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, if any. These assets are being amortized over their useful life.

Goodwill: Goodwill represents the excess of the purchase price over the net of the fair value of the identifiable tangible and intangible assets acquired and the fair value of liabilities assumed in business acquisitions. As required by the goodwill topic of the FASB Accounting Standard Codification (ASC) Topic 350, Intangibles Goodwill and Other, goodwill is not amortized, but tested as of December 31 of each year for impairment. The Company also evaluates goodwill for impairment at any time that events occur or circumstances change indicating a possible impairment. The Company tests for goodwill impairment using the two-step process. The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of a reporting unit with its carrying amount, including goodwill. The second step of the goodwill impairment test, used to measure the amount of impairment loss, compares the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. Fair value of the reporting units is derived using discounted cash flow analysis.

F-13

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

2.	Significant Accounting Policies: (Continued)

Impairment of Long-Lived Assets: Accounting guidance requires that long-lived assets and certain identifiable intangible assets held and used or to be disposed of by an entity, be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In evaluating useful lives and carrying values of long-lived assets, the Company reviews certain indicators of potential impairment, such as vessel sale and purchase prices in the marketplace, business plans and overall market conditions. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset and any future disposal is less than its carrying amount, the asset should be evaluated for an impairment loss. In developing estimates of future cash flows, the Company relied upon estimates made by management with regard to the Company's vessels and its other fixed assets, including future deliveries and storage throughput usage, operating expenses, and the estimated remaining useful lives of the vessels or other fixed assets. These assumptions are based on historical trends as well as future expectations and are consistent with the plans and forecasts used by management to conduct its business. The variability of these factors depends on a number of conditions, including uncertainty about future events and general economic conditions; therefore, the Company's accounting estimates might change from period to period. In the event that undiscounted projected net operating cash flows were less than carrying value, the Company would estimate the fair value of the related asset and record a charge to operations calculated by comparing the asset's carrying value to the estimated fair value. Measurement of the impairment loss is based on the fair value of the asset as determined by management considering third-party valuations and discounted future cash flows attributable to the vessel or asset group. The Company regularly reviews the carrying amount of its long-lived assets.

Accounting for Drydocking Costs: The Company's vessels are generally required to be drydocked every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are in operation. The Company follows the deferral method of accounting for drydocking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next drydocking is scheduled to become due. Unamortized drydocking costs of vessels that are sold are written off against income in the year of the vessel's sale.

Leases: Leases are classified as capital leases if they meet at least one of the following criteria: (i) the leased asset automatically transfers title at the end of the lease term; (ii) the lease contains a bargain purchase option; (iii) the lease term equals or exceeds 75% of the remaining estimated economic life of the leased asset; (iv) or the present value of the minimum lease payments equals or exceeds 90% of the excess of fair value of the leased property. If none of the above criteria is met, the lease is accounted for as an operating lease.

The Company records vessels under capital leases as fixed assets at the lower of the present value of the minimum lease payments at inception of the lease or the fair value of the vessel. Vessels under capital leases are amortized over the estimated remaining useful life of the vessel or until the end of the lease term, if shorter. Assets held under capital leases are presented as "Advances for vessels under construction and acquisitions" in the balance sheet until the vessel is deemed ready for its intended use and the balance is reclassified to "Vessels, cost". The current portion of capitalized lease obligations are reflected in the balance sheet in "Accrued and other current liabilities" and remaining long-term capitalized lease obligations are presented as "Other non-current liabilities".

Financing Costs: Fees incurred for obtaining new loans or refinancing existing loans are deferred and amortized to interest expense over the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid or refinanced are generally expensed in the period the repayment or refinancing is made.

Convertible Senior Notes: In accordance with Accounting Standards Codification (ASC), Topic 470, Debt, for convertible debt instruments that contain cash settlement options upon conversion at the option of the issuer, the Company determines the carrying amount of the liability and equity component of its convertible notes by first determining the carrying amount of the liability component by measuring the fair value of a similar liability that does not have an associated equity component. The carrying amount of the equity component representing the embedded conversion option is determined by deducting the fair value of the liability component from the total proceeds. The resulting debt discount is amortized to interest cost using the effective interest method over the period the debt is expected to be outstanding as an additional non-cash interest expense. Transaction costs associated with the instrument are allocated pro-rata between the debt and equity components.

Pension and Retirement Benefit Obligations: The vessel-owning companies included in the consolidation employ the crew on board under short-term contracts (usually up to nine months) and accordingly, they are not liable for any pension or post retirement benefits. The Company's full-time Greek employees are covered by state-sponsored pension funds for which the Company is required to contribute a portion of the monthly salary of these employees to the fund (i.e., a defined contribution plan). Upon retirement of these employees, the state-sponsored pension funds are responsible for paying the employees' retirement benefits and accordingly, the Company has no obligation for these benefits.

F-14

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

Significant Accounting Policies: (Continued)

Accounting for Revenues and Expenses: Revenues are principally earned from the physical supply of marine petroleum products via the Company's bunkering tankers. Sales of marine petroleum products and cost of sales of marine petroleum products are recorded in the period when the marine petroleum products are loaded onto the customer's vessel. In Greece, revenues are earned from the sale of marine petroleum products through a related party physical supplier (refer to Note 5). These sales and the respective cost of sales are recorded in the period when the related party physical supplier delivers the marine petroleum products to the customer.

For arrangements in which the Company physically supplies marine petroleum products via its own bunkering tankers, cost of marine petroleum products sold represents amounts paid by the Company for marine petroleum products sold in the period being reported on. For arrangements in which marine petroleum products are purchased from the Company's related party physical supplier, cost of marine petroleum products sold represents the total amount paid by the Company to the physical supplier for marine petroleum products and the delivery thereof to the Company's customer.

Revenues are also generated from voyage agreements of the Company's vessels. Under a voyage charter the revenues and associated voyage costs are recognized over the duration of the voyage. A voyage is deemed to commence upon the later of the completion of discharge of the vessel's previous cargo or upon vessel arrival to the agreed upon port based on the terms of a voyage contract and is not cancelable and voyage is deemed to end upon the completion of discharge of the delivered cargo.

The Company also recognizes other revenues which mainly derive from brokerage and agency fees, throughput fees and storage fees. These revenues are recognized when services are performed and collectability is reasonably assured.

Operating expenses are accounted for on the accrual basis. The selling and distribution expenses generally represent indirect expenses incurred for selling and distribution and related to the delivery of the products and services to the customers. The general and administrative expenses are presented separately and represent the administrative cost of managing the Company such as the office administrative personnel, the maintenance of the Company's office property, equipment and other fixed assets and its depreciation, and all the general office expenses, professional fees, travel expenses and utilities.

Repairs and Maintenance: All vessel repair and maintenance expenses, including drydocking costs (representing only non-scheduled repairs and maintenance work undertaken on a vessel's engine) and underwater inspections are expensed in the year incurred. Such costs are included in other operating expenses in the accompanying consolidated statements of income.

Income Taxes: The Company accounts for income taxes using the liability method, as required by the generally accepted accounting principles for income taxes reporting. Under this method, deferred income tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities at each period end corresponding to those jurisdictions subject to income taxes. Deferred tax assets and liabilities are recognized for all temporary items and an offsetting valuation allowance is recorded to the extent that it is not more likely than not that the asset will be realized. Deferred tax is measured based on tax rates and laws enacted at the balance sheet date in any jurisdiction.

Income tax regulations in the different countries in which the Company operates under which the Company's uncertain income tax positions are determined could be interpreted differently resulting in tax obligations differing from those currently presented. In this sense, the income tax returns of the Company's primary tax jurisdictions remain subject to examination by related tax authorities.

Earnings per Common Share: Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the year. Net income available to common stockholders is calculated as net income less that amount allocable to non-vested share-based payment awards that contain rights to receive non-forfeitable dividends or dividend equivalents and participate equally in undistributed earnings. Non-vested share-based payment awards have no contractual obligations to share in the losses of the entity and are therefore excluded from the calculation of loss per share. Diluted earnings per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised. Dilution has been computed by the treasury stock method whereby all of the Company's dilutive securities are assumed to be exercised and the proceeds used to repurchase common shares at the weighted average market price of the Company's common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings per share computation. Non-vested shares are included in the calculation of the diluted earnings per shares, based on the weighted average number of non-vested shares assumed to be outstanding during the period.

F-15

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

2.	Significant Accounting Policies: (Continued)

Contingencies: The Company accrues for a loss if the Company deems it probable that a liability has been incurred at the date of the financial statements and the amount of that loss can be reasonably estimated. If the Company deems it reasonably possible that a liability has been incurred, the nature of the contingency and an estimate of the amount of loss is disclosed in the notes to the financial statements.

Financial Instruments: The carrying amounts of the current financial assets and current financial liabilities reported in the consolidated balance sheets approximate their respective fair values because of the short term nature of these financial instruments. Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. The fair value of the revolving credit facilities is estimated based on current rates offered to the Company for similar debt of the same remaining maturities. The carrying value approximates the fair market value for the floating rate loans and revolving credit facilities due to their variable interest rate, being EURIBOR or LIBOR. LIBOR and EURIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence floating rate loans are considered Level 2 items in accordance with the fair value hierarchy. The Convertible Senior Notes have a fixed rate and their estimated fair values were determined through Level 2 inputs of the fair value hierarchy (quoted price in the over-the counter-market). The estimated fair value of the Convertible Senior Notes at December 31, 2013 and 2014, is approximately $91,317 and $100,792, respectively, compared to a carrying value net of finance charges of $70,825 and $73,522, respectively.

The Company enters into derivative contracts in order to mitigate the risk of market price fluctuations in fuel and the interest rate risk deriving from its loan agreements. The derivative instruments are classified according to the guidance of the Accounting Standards Codification (ASC) for derivative instruments and hedging activities. The Company currently does not apply hedge accounting to its derivative instruments.

Interest Rate Swap: Changes in the estimated fair value of the interest rate swap are recognized as components of interest and finance costs in the consolidated statement of income. The fair value of the contract is recorded in the Company's consolidated balance sheet in non-current liabilities.

Fuel Pricing Contracts: Changes in the estimated fair value of the fuel pricing contracts are recognized as components of cost of revenue in the consolidated statement of income. The fair value of the outstanding fuel pricing contracts is presented in the Company's consolidated balance sheet in current assets/liabilities. The Company classifies cash flows related to derivative financial instruments within cash used in operating activities in the consolidated statement of cash flows.

For more information on the Company's derivatives, see Note 16.

Gains/Losses on sale of subsidiary: Gains or losses that result from a loss of a controlling financial interest in a subsidiary are recorded in earnings and are classified as non-operating gains and losses.

Assets Held for Sale: It is the Company's policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies vessels as being held for sale when the following criteria are met: (i) management possessing the necessary authority has committed to a plan to sell the vessels, (ii) the vessels are available for immediate sale in their present condition, (iii) an active program to find a buyer and other actions required to complete the plan to sell the vessels have been initiated, (iv) the sale of the vessels is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year and (v) the vessels are being actively marketed for sale at a price that is reasonable in relation to their current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These vessels are not depreciated once they meet the criteria to be classified as held for sale. Furthermore, in the period a vessel meets the held for sale criteria in accordance with ASC Topic 360, Property, Plant and Equipment, a loss is recognized for any reduction of the vessel's carrying amount to its fair value less cost to sell.

Recent Accounting Pronouncements:

Interest—Imputation of Interest: To simplify the presentation of debt issuance costs, the amendments under Accounting Standard Update No. 2015-03, issued by the Financial Accounting Standards Board, require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. The amendments in this Update for public entities are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years and are expected to affect the Company's treatment of the Convertible Senior Notes issued subsequently according to ASC Topic 470, Debt.

Revenue from Contracts with Customers: In May 2014, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption. The Company is evaluating the potential impact of this adoption on its consolidated financial statements.

F-16

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

3.	Significant Acquisitions:

U.S. East Coast Business: On December 18, 2013, the Company, via its subsidiary Aegean Bunkering USA, acquired Hess 's U.S. East Coast operations (the "US East Coast Business"), for a total consideration of $30,000 plus the inventory acquired on closing which amounted to $97,390. The U.S. East Coast business includes physical supplies of marine fuel products to seagoing ships in ports and at sea. The bunkering operations supply the heavily trafficked ports of New York, Philadelphia, Baltimore, Norfolk and Charleston, and include approximately 250,000 cubic meters of leased tank storage. This transaction marks the Company's entry into supplying customers in the U.S. and increases its exposure to U.S. clients worldwide, including leading cruise lines.

The following table presents the fair value of the assets and liabilities as of the acquisition date.

Purchase Price
Cash consideration to sellers	$	127,390
Fair Value of Assets and Liabilities Acquired
Inventories		97,390
Lease agreement		1,915
Total fair value of assets and liabilities acquired		99,305
Goodwill	$	28,085

Goodwill, which arose on the acquisition, constitutes a premium paid by the Company over the fair value of the net assets of the U.S. East Coast Business, which is attributable to anticipated benefits from the unique position of the U.S. East Coast Business in the markets in which it operates.

The preparation of pro-forma information of the Company as though the acquisition had occurred at the beginning of the prior reporting year and of comparable information for the previous reporting year is impracticable due to different accounting principles and policies applied and due to the fact that Hess historically operated the U.S. East Coast business primarily as part of its integrated distribution network. Therefore, meaningful historical revenue information is not available. As such, the Company has not presented pro forma earnings information for the year ended December 31, 2013.

The amounts of revenue and earnings of the U.S. East Coast Business since the acquisition date included in the consolidated income statements are as follows:

	2013
Total revenues	$	29,347
Net income		468
Earnings per share	$	0.01

4.	Trade Accounts Receivables Factoring Agreement

In connection with the factoring agreement, renewed on November 13, 2014 and valid until November 14, 2015 the Company sold $572,662 and $473,815 of trade accounts receivable during the fiscal year 2013 and 2014, respectively. Servicing fees amounted to $1,563 and $1,298 and are included in the consolidated statements of income for the year ended December 31, 2013 and 2014, respectively (Note 21).

F-17

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

5.	Transactions with Related Parties:

The transactions with related parties presented in the accompanying consolidated financial statements for the year ended December 31, 2012 are analyzed as follows:

	Sales of Marine Petroleum Products- related companies*		Voyage Revenues*		Cost of Marine Petroleum Products- related companies*		Cost of voyage revenues
a) Aegean Oil	$	-		542		455,476	$	1,868
b) Aegean Shipping Management		7,133		-		-		-
c) General Maritime		30,628		-		-		-
e) Melco		4,631		-		2,640		-
f) Aegean V		-		8,141		-		-
h) Other		-		72		-		-
Total	$	42,392		8,755		458,116	$	1,868

*Included in the revenues from related parties in the accompanying consolidated statements of income.

The transactions with related parties presented in the accompanying consolidated financial statements as of and for the year ended December 31, 2013 are analyzed as follows:

	Due from related companies		Trade Payables to related companies		Other Payables to related companies		Sales of Marine Petroleum Products- related companies*		Voyage Revenues*		Cost of Marine Petroleum Products- related companies		Cost of voyage revenues
a) Aegean Oil	$	2,012		10,264		1,587		-		-		414,653	$	3,976
b) Aegean Shipping Management		9,133		-		-		7,818		-		2,042		-
c) General Maritime		452		-		-		6,258		-		-		-
e) Melco		-		244		6		7,667		-		6,658		-
f) Aegean V		2,210		-		-		-		8,756		-		-
h) Other		847		-		309		1,024		101		-		-
Total	$	14,654		10,508		1,902		22,767		8,857		423,353	$	3,976

*Included in the revenues from related parties in the accompanying consolidated statements of income.

The transactions with related parties presented in the accompanying consolidated financial statements as of and for the year ended December 31, 2014 are analyzed as follows:

	Due from related companies		Trade Payables to related companies		Other Payables to related companies		Sales of Marine Petroleum Products- related companies*		Voyage Revenues*		Other Revenues*		Cost of Marine Petroleum Products- related companies		Cost of voyage revenues		Selling and Distribu-tion
a) Aegean Oil	$	1,867		3,016		102		-		-		-		342,666		1,362	$	1,700
b) Aegean Shipping Management		13,344		-		-		7,653		-		41		1,430
c) General Maritime		141		-		299		7,190		-		-		1,542
d) Unique Tankers		419		-		-		9,858		-		-		-		-		-
e) Melco		-		406		8		3,709		-		-		5,888
f) Aegean V		750		-		-		-		1,809		-		-
g) Aegean VIII		1,448		-		-		-		3,352		-		-
h) Other		693		-		763		2,838		107		-		-
Total	$	18,662		3,422		1,172		31,248		5,268		41		351,526		1,362	$	1,700

*Included in the revenues from related parties in the accompanying consolidated statements of income.

F-18

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

5.	Transactions with Related Parties: (Continued)

(a)

Aegean Oil S.A. (the "Greek Subcontractor"):

The Greek Subcontractor, owned and controlled by relatives of Mr. Dimitris Melisanidis, is a diversified energy group principally engaged in the downstream gasoline industry in Greece where it manages a network of approximately 560 service stations. The Greek Subcontractor is managed by a full-time executive team and has no common management with the Company. In addition to its principal operations, the Greek Subcontractor is also a licensed trader and physical supplier of marine petroleum products in Greece.

On April 1, 2005, the Company renewed its contract with a ten-year Marine Fuel Supply Service Agreement with the Greek Subcontractor. This contract stipulates that the Company and the Greek Subcontractor must transact for a minimum quantity of marine fuel per month. Under the contract, the Greek Subcontractor undertakes to sell the marine petroleum products to the Company at an amount equal to the Greek Subcontractor's purchase cost of the marine petroleum products from selected Greek refineries, plus a margin. The margin is reviewed and renegotiated annually between the parties. Payments of the Greek Subcontractor's invoices are made within 30 calendar days from the date of receipt of the invoice. Penalties of 10% are imposed on late payments. If requested, the Company undertakes to provide security to the Greek Subcontractor by way of a standby letter of credit or other mutually acceptable guarantee in relation to any outstanding balance from time to time. The agreement terminates on March 31, 2015 unless any of the following situations occur prior to the termination date: (i) the Greek Subcontractor's petroleum trading license terminates or is revoked by the Greek authorities, (ii) upon the breach by any party in the performance of any of its obligations, as defined in the agreement, (iii) upon the liquidation or bankruptcy of any party. The Company has a unilateral right to terminate the agreement by serving 12 months written notice. During the years ended December 2012, 2013 and 2014, the Company purchased from the Greek Subcontractor marine petroleum products of $455,476, $414,653 and $342,666, respectively, all of which are included under related companies' cost of marine petroleum products sold in the accompanying consolidated statements of income.

Additionally, during the years ended December 31, 2012, 2013 and 2014 the Company purchased marine petroleum products of $1,868, $3,976 and $1,362, respectively that were consumed in connection with its voyage revenues and are included in the cost of revenues- related parties in the accompanying consolidated statements of income. During the year ended December 31, 2014, purchases of marine petroleum products of amount $1,700 were included in the selling and distribution expenses in the accompanying consolidated statements of income.

As of December 31, 2013 and 2014, the amounts due to the Greek Subcontractor were $10,264 and $3,016 respectively, and are included under trade payables to related companies in the accompanying consolidated balance sheets.

As at December 31, 2013 and 2014, the amounts due from the Greek Subcontractor were $2,012 and $1,867 respectively, and are included under due from related companies in the accompanying consolidated balance sheets.

Additionally, as of April 5, 2010, the Greek Subcontractor and the Company's subsidiary Aegean Gas, owner of the vessel Mediterranean signed an agreement so that the Greek Subcontractor could use the vessel as a storage facility at a rate of €35,000 per month. For the years ended December 31, 2012, 2013 and 2014, the Company's revenue under this contract was $542, $0 and $0, respectively and is presented under the revenues from related parties in the accompanying consolidated statement of income.

As at December 31, 2013 and 2014, the Company is also liable to the Greek Subcontractor for the amount of $1,587 and $102 deriving from the purchase of bunkers for own consumption and are included in the other payables to related parties in the accompanying consolidated balance sheets.

F-19

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

5.	Transactions with Related Parties: (Continued)

(b)

Aegean Shipping Management S.A. and certain vessel-owning companies (hereinafter collectively referred to as "Aegean Shipping"):

Aegean Shipping is owned by relatives of Mr. Dimitris Melisanidis and is the owner and operator of an international shipping fleet of tankers that are chartered out in the international spot markets. Aegean Shipping is managed by a full-time executive team and has no common management with the Company.

Aegean Shipping is a customer of the Company. It purchases marine fuel and lubricants, which it consumes during the voyages of its vessels. The Company's sales of marine fuel and lubricants to Aegean Shipping for the years ended December 31, 2012, 2013 and 2014, amounted to $7,133, $7,818 and $7,653, respectively, and are included under related companies' revenues in the accompanying consolidated statements of income.

The Company occasionally uses vessels of Aegean Shipping for transportation of its cargo. It incurred hire charges from Aegean Shipping amounting to $0, $2,042 and $1,430 for the years ended December 31, 2012, 2013 and 2014, respectively, which is included under related companies' cost of marine petroleum products sold in the accompanying consolidated statements of income.

As at December 31, 2013 and 2014, the amounts due from Aegean Shipping were $9,133 and $13,344 respectively, and are included under due from related companies in the accompanying consolidated balance sheets.

(c)

General Maritime Corporation, renamed to Gener8 Maritime Inc ("General Maritime"):

Aegean's Chairman of the Board, Mr. Peter C. Georgiopoulos, also serves as Chairman, President and Chief Executive Officer of General Maritime which is a tanker company.

During the years ended December 31, 2012, 2013 and 2014, the Company's sales to General Maritime amounted to $30,628, $6,258 and $7,190, respectively, which are included under related companies' sales of marine petroleum products in the accompanying consolidated statements of income. The Company also uses vessels of General Maritime for transportation of its cargo and incurred hire charges from General Maritime amounting to $0, $0 and $1,542 for the years ended December 31, 2012, 2013 and 2014, respectively, which is included under related companies' cost of marine petroleum products sold in the accompanying consolidated statements of income.

As at December 31, 2013 and 2014, the amounts due from General Maritime were $452 and $141, respectively, which are included under due from related companies in the accompanying consolidated balance sheets.

(d)

Unique Tankers LLC ("Unique Tankers"):

Aegean's Chairman of the Board, Mr. Peter C. Georgiopoulos, is affiliated with Unique Tankers, a tanker pool which is a fully owned subsidiary of General Maritime. During the years ended December 31, 2012, 2013 and 2014, the Company's sales to General Maritime amounted to $0, $0 and $9,858, respectively, which are included under related companies' sales of marine petroleum products in the accompanying consolidated statements of income. As at December 31, 2013 and 2014, the amounts due from Unique Tankers were $0 and $419, respectively, which are included under due from related companies in the accompanying consolidated balance sheets.

(e)

Melco S.A. ("Melco")

During the year ended December 31, 2012, the Company sold to and purchased from Melco, which is owned and controlled by relatives of Mr. Dimitris Melisanidis, marine petroleum products of $4,631 and $2,640, respectively, which is included under the related companies' sales and cost of marine petroleum products in the accompanying consolidated statements of income. During the year ended December 31, 2013, the Company sold to and purchased from Melco, marine petroleum products of $7,667 and $6,658, respectively. During the year ended December 31, 2014, the Company sold to and purchased from Melco, marine petroleum products of $3,709 and $5,888, respectively. As at December 31, 2013 and 2014, the Company had a liability to Melco of $244 and $406, respectively, included under the trade payables to related companies in the accompanying consolidated balance sheets.

F-20

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

5.	Transactions with Related Parties: (Continued)

(f)

Aegean V ("Aegean V'')

In 2011, two vessel-owning subsidiaries of the Company entered into separate contracts with Aegean V, which is owned and controlled by relatives of Mr. Dimitris Melisanidis. According to these agreements the vessels Amorgos and Karpathos provide freight services to the related party and recognize revenue that is dependent on the distance and the volumes of the transportation. For the years ended December 31, 2012, 2013 and 2014 the Company's revenue under these contracts was $8,141, $8,756 and $1,809, respectively, and is presented under the revenues from related parties in the accompanying consolidated statements of income.

As at December 31, 2013 and 2014, the amount due from Aegean V was $2,210 and $750 respectively, and is included under due from related companies in the accompanying consolidated balance sheets.

(g)

Aegean VIII ("Aegean VIII'')

In 2014, three vessel-owning subsidiaries of the Company entered into separate contracts with Aegean VIII, which is owned and controlled by relatives of Mr. Dimitris Melisanidis. According to these agreements the vessels Amorgos, Karpathos and Naxos provided freight services to the related party and recognize revenue that is dependent on the distance and the volumes of the transportation. For the year ended December 31, 2014 the Company's revenue under these contracts was $3,352, and is presented under the revenues from related parties in the accompanying consolidated statements of income.

As at December 31, 2014, the amount due from Aegean V was $1,448, and is included in the accompanying consolidated balance sheets.

(h)

Other companies:

The amounts due from other companies affiliated with Aegean's Chairman of the Board, Mr. Peter C. Georgiopoulos, were $269 and $228 as of December 31, 2013 and 2014, respectively, and are included under due from related companies in the accompanying consolidated balance sheets.

The amounts due from other companies owned Mr. Dimitris Melisanidis or his relatives were $578 and $466 as of December 31, 2013 and 2014, respectively, and are included under due from related companies in the accompanying consolidated balance sheets.

The amounts due to other companies owned Mr. Dimitris Melisanidis or his relatives were $309 and $764 as of December 31, 2013 and 2014, respectively, and are included under other payables to related companies in the accompanying consolidated balance sheets.

Sales of marine petroleum products to other companies of Mr. Peter C. Georgiopoulos were $1,024 and $1,909 for the years ended December 31, 2013 and 2014, respectively, and are included under related companies' sales of marine petroleum products in the accompanying consolidated statements of income.

Voyage and other revenues from other companies owned Mr. Dimitris Melisanidis or his relatives were $72, $101 and $106 as of December 31, 2012, 2013 and 2014, respectively, and are included under related companies' revenues in the accompanying consolidated statements of income.

Under general and administrative expenses in the accompanying consolidated statements of income the Company includes office rentals paid to a related company owned by Mr. Dimitris Melisanidis under the head offices rental agreements of $671, $724 and $732 as of December 31, 2012, 2013 and 2014, respectively.

On December 23, 2013, the Company sold the vessel Vigo, to a related company owned by Mr. Dimitris Melisanidis. The loss on sale of this vessel of $206 is included under the loss on sale of vessels in the consolidated statements of income (Note 10).

F-21

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

6.	Inventories:

The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:

	December 31,
	2013		2014
Held for sale:
Marine Fuel Oil	$	270,066	$	131,372
Marine Gas Oil		27,812		22,921
		297,878		154,293
Held for consumption:
Marine Fuel Oil		4,477		1,819
Lubricants		809		700
Stores		20		14
Victuals		113		164
		5,419		2,697
Total	$	303,297	$	156,990

7.	Prepayments and Other Current Assets:

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

	December 31,
	2013		2014
Taxes receivable	$	5,637	$	6,509
Receivables from storage facilities		3,938		1,662
Receivables from voyages		6,419		3,521
Prepayments to fuel suppliers		-		19,845
Other prepayments and current assets		22,713		23,364
Total	$	38,707	$	54,901

F-22

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

8.	Advances for Vessels under Construction and Acquisitions:

On August 23, 2013, the Company signed an agreement with the Zijinshan shipyard, for the construction of a 3,600 dwt non self-propelled tanker barge (hull number B003). The construction price of the contract is $3,950 and is payable with the progress of the construction.

As of December 31, 2014, the account, advances for vessels under construction and acquisitions, is analyzed as follows:

					December 31, 2014
Vessel Name	Year of Expected Delivery	Contract Amount			Contract Payments		Capitalized Costs		Total
Zijishan B003	2015		$	3,931		3,931		1,535		$	5,466
Total			$	3,931		3,931		1,535		$	5,466

Interest on the advances paid by the Company in respect of these contracts is computed at the weighted average borrowing cost of the Company, for the duration of the construction period, and capitalized on advances for vessels under construction on the accompanying balance sheets. Total interest capitalized for the years ended December 31, 2012, 2013 and 2014 was $58, $5 and $76 respectively (Note 21).

As of December 31, 2014, the Company had no remaining obligations under the construction contract.

During the years ended December 31, 2013 and 2014, the movement of the account, advances for vessels under construction and acquisitions, was as follows:

	Year Ended December 31,
	2013		2014
Balance at beginning of year	$	-	$	1,585
Advances for vessels under construction and related costs		1,585		2,350
Advances for second hand vessels		-		7,587
Other costs capitalized		-		1,730
Vessels delivered		-		(7,786	)
Balance at end of year	$	1,585	$	5,466

9.	Advances for Other Fixed Assets under Construction:

Fujairah in-land storage facility: In July 2010, the Company assumed a 25-year terminal lease agreement, as a result of the transfer of all the shares of Aegean Oil Terminal Corporation from a related party. The agreement, signed by the Company's subsidiary, Aegean Oil Terminal Corporation, and the Municipality of Fujairah will be automatically renewed for an additional 25 years and was assumed to build an in-land storage facility in the United Arab Emirates. The Company has completed the construction of the facility in December 2014 and total construction cost was transferred to other fixed assets in the accompanying consolidated balance sheets. During the construction period, the Company has paid advances for construction of the in-land storage facility and other related costs amounting to $205,286 and capitalized financing costs amounting to $16,631.

Total interest cost capitalized for the years ended December 31, 2012, 2013 and 2014 was $2,356, $4,565 and $8,923 respectively.

F-23

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

10.

Vessels:

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

	Vessel Cost			Accumulated Depreciation			Net Book Value
Balance, December 31, 2012	$	532,121		$	(79,095	)	$	453,026
- Vessels sold		(14,896	)		2,874			(12,022	)
- Depreciation for the year		-			(19,475	)		(19,475	)
Balance, December 31, 2013		517,225			(95,696	)		421,529
- Vessels acquired and delivered		7,786			-			7,786
- Vessels sold		(51,623	)		21,662			(29,961	)
- Depreciation for the year		-			(18,162	)		(18,162	)
Balance, December 31, 2014	$	473,388		$	(92,196	)	$	381,192

On February 06, 2013, the Company sold the vessel Tulip to an unaffiliated third-party purchaser and generated net proceeds of $1,683. The loss on sale of $634 was calculated as the net proceeds less the carrying value of the vessel of $1,977 and the carrying value of unamortized dry-docking costs of $340. This loss is included under the loss on sale of vessels in the consolidated statements of income.

On February 26, 2013, the Company sold the vessel Aeolos to an unaffiliated third-party purchaser and generated net proceeds of $6,125. The loss on sale of $2,634 was calculated as the net proceeds less the carrying value of the vessel of $8,759. This loss is included under the loss on sale of vessels in the consolidated statements of income.

On April 24, 2013, the Company sold the vessel Ellen to an unaffiliated third-party purchaser and generated net proceeds of $182 (€140,000). The loss on sale of $512 was calculated as the net proceeds less the carrying value of the vessel of $313 and the carrying value of unamortized dry-docking costs of $381. This loss is included under the loss on sale of vessels in the consolidated statements of income.

On August 23, 2013, the Company sold the vessel Elbe to an unaffiliated third-party purchaser and generated net proceeds of $100 (€75,000). The loss on sale of $37 was calculated as the net proceeds less the carrying value of the vessel of $137. This loss is included under the loss on sale of vessels in the consolidated statements of income.

On October 29, 2013, the Company sold the vessel Steidamm, a 1,634 dwt single-hull bunkering tanker, to a third-party purchaser and generated net proceeds of $238 (€175,000). The loss on sale of $289 was calculated as the net proceeds less the carrying value of the vessel of $527. This loss is included under the loss on sale of vessels in the consolidated statements of income.

On December 23, 2013, the Company sold the vessel Vigo, a 1,319 dwt single-hull bunkering tanker, to a related party and generated net proceeds of $103 (€75,000). The loss on sale of $206 was calculated as the net proceeds less the carrying value of the vessel of $309. This loss is included under the loss on sale of vessels in the consolidated statements of income.

On March 10, 2014, the Company entered into a Memorandum of Agreement to sell the vessel Aegean Flower, a 6,523 dwt double hull bunkering tanker, to a third-party purchaser, and generated net proceeds of $2,000. The vessel was delivered to its new owners on April 1, 2014. As of March 31, 2014, the vessel Aegean Flower was classified as asset held for sale and was recorded at the lower of its carrying amount and fair value. The fair value was determined on the basis of the agreed price to sell the vessel i.e. using observable inputs and therefore classified within level 2 of the fair value hierarchy. The resulting impairment loss of $4,062 is included under "Vessel impairment charge" in the accompanying consolidated statements of income.

F-24

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

10.	Vessels: (Continued)

On March 25, 2014, the Company's subsidiary, Aegean Barges NV, took delivery of a Belgian-flagged 4,100 dwt (built in 2006) in-land waterway double hull bunkering tanker, the Elveba (renamed "New Jersey"), to deploy in the A.R.A. region. The vessel was purchased from a third-party purchaser for $7,587 (€5,500,000).

On March 28, 2014, the Company completed the sale of the vessel Aegean X to an unaffiliated third-party purchaser and generated net proceeds of $1,700. The gain on sale of $493 was calculated as the net sales price less the carrying value of the vessel of $460 and the carrying value of unamortized dry-docking costs of $747. This gain is included under the loss on sale of vessels in the accompanying consolidated statements of income.

On May 27, 2014, the Company entered into a Memorandum of Agreement to sell the vessel Aegean XI, an 11,050 dwt double hull bunkering tanker, to a third-party purchaser, and generated net proceeds of $2,400. The vessel was sold and delivered to its new owners on July 3, 2014. During the year 2014, the vessel Aegean XI was classified as asset held for sale and was recorded at its carrying value of $1,742 which was calculated as the carrying value of the vessel of $728 and the carrying value of unamortized dry-docking costs of $1,014. The gain on sale of $658 was calculated as the net sales price less the carrying value of the vessel and is included under the loss on sale of vessels in the accompanying consolidated statements of income.

On August 5, 2014, the Company completed the sale of the vessel Aegean XII, a 3,680 dwt double hull bunkering tanker, to an unaffiliated third-party purchaser and generated net proceeds of $900. The loss on sale of $4,963 was calculated as the net sales price less the carrying value of the vessel of $5,693 and the carrying value of unamortized dry-docking costs of $170. The loss is included under the loss on sale of vessels in the accompanying consolidated statements of income.

On August 15, 2014, the Company's subsidiary, ICS Petroleum Ltd, completed the sale of the vessel PT36, a 3,730 dwt single hull bunkering barge, to an unaffiliated third-party purchaser and generated net proceeds of $399 (CAD 450,000). The gain on sale of $230 was calculated as the net sales price less the carrying value of the vessel of $164 and its unamortized dry-docking cost of $5. The gain is included under the loss on sale of vessels in the accompanying consolidated statements of income.

On September 5, 2014, the Company completed the sale of the vessel Leader, an 83,890 dwt double hull floating storage facility, to an unaffiliated third-party purchaser and generated net proceeds of $7,298. The loss on sale of $9,695 was calculated as the net sales price less the carrying value of the vessel of $16,330 and the carrying value of unamortized dry-docking costs of $663. The loss is included under the loss on sale of vessels in the accompanying consolidated statements of income.

On November 7, 2014, the Company completed the sale of the vessel Aegean Daisy, a 4,935 dwt double hull bunkering tanker, to an unaffiliated third-party purchaser and generated net proceeds of $1,459. The gain on sale of $413 was calculated as the net sales price less the carrying value of the vessel of $676 and the carrying value of unamortized dry-docking costs of $370. The gain is included under the loss on sale of vessels in the accompanying consolidated statements of income.

During the fourth quarter of 2014, the Company completed the purchase and replacement of the main engine of its motor launch in Fujairah for an amount of $199. The new engine is expected to extend the useful life of the motor launch for 5 years.

Cost of vessels at December 31, 2013 and 2014, includes $50,456 and $46,777, respectively, of amounts not included in the contract price of the vessels but which were material expenses incurred upon acquisition and are capitalized in accordance with the accounting policy discussed in Note 2.

As of December 31, 2014, all of the Company's operational vessels except for the Mediterranean, Tapuit, Aegean Rose, Aegean Princess, Aegean Breeze I, Aegean Tiffany, PT25, PT22, Willem Sr, Florida, Aegean Orion and Colorado, having total carrying value of $352,817, were mortgaged under the Company's various debt agreements.

F-25

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

11.

Other Fixed Assets:

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

	Land		Buildings		Storage Facility		Other			Total
Cost, December 31, 2012	$	9,036	$	3,459	$	-	$	3,405		$	15,900
- Additions		-		-		-		10,734			10,734
- Disposals		-		-		-		(943	)		(943	)
Cost, December 31, 2013		9,036		3,459		-		13,196			25,691
- Additions		-		-		226,067		7,955			234,022
- Disposals		-		-		-		(33	)		(33	)
Cost, December 31, 2014		9,036		3,459		226,067		21,118			259,680

Accumulated depreciation, December 31, 2012		-		450		-		2,058			2,508
- Depreciation expense		-		69		-		923			992
- Disposals		-		-		-		(718	)		(718	)
Accumulated depreciation, December 31, 2013		-		519		-		2,263			2,782
- Depreciation expense		-		83		415		2,665			3,163
- Disposals		-		-		-		(33	)		(33	)
Accumulated depreciation, December 31, 2014		-		602		415		4,895			5,912

Net book value, December 31, 2012		9,036		3,009		-		1,347			13,392
Net book value, December 31, 2013		9,036		2,940		-		10,933			22,909
Net book value, December 31, 2014	$	9,036	$	2,857	$	225,652	$	16,223		$	253,768

During the fourth quarter of 2013 the Company transferred to the other fixed assets the advances for other fixed assets under construction incurred amounting to $5,598 on the Las Palmas terminal site related to additions and improvements on its storage facilities. Interest on the advances paid by the Company in respect to these additions is included in the capitalized amount and is computed at the weighted average borrowing cost of the Company. Total interest capitalized for the year ended December 2013 was $130 (Note 21). During the year ended December 31, 2014, the Company set up security systems on its storage facility on the Las Palmas terminal site totaling $1,249.

During the years ended December 31, 2013 and 2014, the Company set up security equipment on its vessels totaling $4,634 and $4,760, respectively, which is being depreciated over in its estimated useful life of five years.

In December 2014 the Company transferred to the other fixed assets from advances for other fixed assets under construction the cost incurred of $226,067 relating to the Fujairah oil terminal site related to the construction of the storage facility (Note 9).

12.	Deferred Charges:

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

	Drydocking			Financing Costs			Total
Balance, December 31, 2012	$	15,864		$	698		$	16,562
- Additions		8,929			10,627			19,556
- Disposals		(722	)		-			(722	)
- Amortization for the year		(7,078	)		(840	)		(7,918	)
Balance, December 31, 2013		16,993			10,485			27,478
- Additions		10,229			3,279			13,508
- Disposals		(3,121	)		-			(3,121	)
- Amortization for the year		(5,536	)		(4,455	)		(9,991	)
Balance, December 31, 2014	$	18,565		$	9,309		$	27,874

The amortization for drydocking costs is included in cost of revenue and in selling and distribution cost in the accompanying consolidated statements of income, according to their function. The amortization of financing costs is included in interest and finance costs in the accompanying consolidated statements of income.

F-26

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

13.	Goodwill and intangible assets:

Goodwill: Goodwill identified represents the purchase price in excess of the fair value of the identifiable net assets of the acquired business at the date of acquisition.

The goodwill presented in the accompanying consolidated balance sheets is analyzed as follows:

	Year Ended December 31,
	2013			2014
Balance at beginning of year		$	37,946		$	66,031
U.S. East Coast business acquisition			28,085			-
Balance at end of year		$	66,031		$	66,031

The Company calculated the fair value of the reporting unit using the discounted cash flow method, and determined that the fair value of the reporting unit exceeded its book value including the goodwill. The discounted cash flows calculation is subject to management judgment related to revenue growth, capacity utilization, the weighted average cost of capital (WACC), of approximately 8%, and the future price of marine fuel products. No impairment loss was recorded for any of the periods recorded.

Intangible assets: The Company also has identified finite-lived intangible assets associated with concession agreements acquired with the purchase of the Portland subsidiary, Las Palmas and Panama with remaining weighted-average amortization period of 15.1 years and a non-compete covenant acquired with the Aegean NWE Business with remaining amortization period of 1.8 years. The total remaining weighted-average amortization period of finite-lived intangible assets is 14.3 years as of December 31, 2014. The values recorded have been recognized at the date of the acquisition and are amortized on a straight line basis over their useful life.

In connection with the acquisition of the U.S. East Coast business, the Company acquired an agreement for the charter-in of a barging vessel, which expired on September 9, 2014. This contract included fixed day rate that was below day rate available as of the acquisition date. After determining the aggregate fair value of this contract as of the acquisition, the Company recorded the respective contract fair value on the consolidated balance sheet under Intangible assets.

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

			Below Market Acquired Time Charter			Concession Agreements			Non-compete covenant			Total

Cost	December 31, 2013		$	1,915		$	19,797		$	3,365		$	25,077
	December 31, 2014			1,915			19,797			3,365			25,077

Accumulated Amortization	December 31, 2013			(94	)		(4,214	)		(1,939	)		(6,247	)
	December 31, 2014			(1,915	)		(5,199	)		(2,456	)		(9,570	)

NBV	December 31, 2013			1,821			15,583			1,426			18,830
	December 31, 2014			-			14,598			909			15,507
		2015		-			988			517			1,505
		2016		-			988			392			1,380
Amortization Schedule		2017		-			988			-			988
		2018		-			988			-			988
		2019		-			988			-			988
	Thereafter		$	-		$	9,658		$	-		$	9,658

F-27

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

14.	Short-term Borrowings:

The amounts comprising short-term debt in the accompanying consolidated balance sheets are analyzed as follows:

Secured Short-term borrowings:	December 31, 2013		December 31, 2014
Loan Facility:
a) Revolving overdraft credit facility dated 5/06/2015	$	7,993	$	6,993
b) Trade credit facility dated 8/9/2013		20,853		-
c) Revolving credit facility dated 11/16/2012		65,120		-
d) Revolving credit facility dated 9/1/2013		28,467		-
e) Revolving credit facility dated 5/10/2013		109,871		-
f) Security agreement dated 8/22/2014		99,286		110,500
g) Borrowing base facility agreement dated 9/18/2014		-		201,485
Total short-term borrowings	$	331,590	$	318,978

The above dates show the later of the date of the facility, the date of the most recent renewal or the date the loan was assumed by the Company.

a)	On May 06, 2015, the Company extended its 2008 overdraft facility of $7.0 million through May 30, 2015 with a supplemental agreement.

The supplemental facility bears interest at LIBOR plus 6.0%, is collateralized by, among other things, a first priority mortgage over each of the vessels Aegean Ace and Aegean Champion and requires the Company to maintain a minimum security value of 125%. Furthermore, the credit facility contains financial covenants requiring the Company to ensure that (i) adjusted consolidated book net worth, as defined, not be less than $175,000, (ii) consolidated leverage ratio, as defined, not to exceed 0.75-to-one, and (iii) consolidated liquid funds (total cash and cash equivalents and the undrawn amount of any committed overdraft facilities available to the Company) ("liquid funds"), as defined, not be less than $25,000.

In July 2012, the Company renewed the uncommitted trade credit facility with an international commercial lender for an amount up to $220,000. The availability of any letters of credit, overdrafts or cash advances under the trade credit facility was subject to the lender's discretion. The facility is guaranteed by the Company and is collateralized by, among other things, the Company's assigned receivables and fuel oil and gas oil stored or to be stored in a storage facility acceptable to the lender and pledged in its favor. The facility bears interest at LIBOR plus 2.50%. The facility contains financial covenants requiring, among other things, that AMP's minimum total net equity is at least $80,000 and had minimum cash collateral of $5,000 at all times; the Company maintains its listing on the New York Stock Exchange; has total net equity not less than $250,000; and has a minimum current ratio of 1.15 with a minimum working capital of $50,000.

On August 9, 2013, the Company renewed the uncommitted secured and storage borrowing base facility changing the facility amount to $200,000 with a sub-limit of up to $100,000 for the financing of purchases of stored products. Existing financial covenants, apart from the minimum net equity that should not be less than $350,000, and interest rates apply. This facility was fully repaid with the drawdown of the borrowing base facility in January 2014.

On April 20, 2011 the Company's subsidiary Aegean NWE renewed its overdraft facility with the Belgian bank for an amount up to $70,000 and on November 16, 2012 it signed an agreement that increased the credit line to $80,000. The facility was guaranteed by the Company and drawdowns on the facility were limited to a maximum of 90% of the accounts receivable accepted by the bank. The facility bore interest at LIBOR plus 2.00% for drawdowns and plus 2.50% on the overdrafts. This facility was fully repaid with the drawdown of the borrowing base facility in January 2014.

F-28

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

14.	Short-term Borrowings: (Continued)

On September 1, 2013, the Company's subsidiary Aegean NWE renewed with the Belgian bank its annually renewable overdraft facility for an amount up to $70,000 and €500,000. The facilities were collateralized by the Company and drawdowns on the facilities are limited to a maximum of 90% of the accounts receivable accepted by the banks and credit-insured, equally shared between the Belgian banks. The facility bore interest at LIBOR plus 2.50% for drawdowns and 2.00% for overdrafts. This facility was fully repaid with the drawdown of the borrowing base facility in January 2014.

On June 21, 2011, the Company renewed its annually renewable uncommitted revolving credit facility with an international commercial lender for one year and increased the amount to up to $200,000. The availability of any letters of credit, overdrafts or cash advances under the revolving credit facility was subject to the lender's discretion. The facility was collateralized by, among other things, the assignment of and pledge of receivables and fuel oil and gas oil stored or to be stored in a storage facility acceptable to the lender.

On May 10, 2012, and 2013 the Company signed a third amendment renewing for a one-year term and until the drawdown of its Revolving Credit Facility. The renewed facility bore interest at LIBOR plus 2.4% and the financial covenants are that the Company should ensure at all times that working capital is not less than $75,000, the liable capital of the Company, which is defined as its capital, revenue reserves, minority interests and subordinated debt less its intangible assets and any loans to related companies, is not less than $375,000 and that its current ratio is not less than 1.10 until March 31, 2013. After that date, the current ratio shall not be less than 1.15.

This facility was fully repaid with the drawdown of the borrowing base facility in January 2014.

On December 17, 2013, the Company's subsidiary, Aegean Bunkering U.S.A., which acquired the U.S. East Coast Business acquisition (Note 3) signed a loan agreement for an amount up to $150,000 with an international bank in order to fund the purchases of the inventories as defined in the purchase agreement. On August 22, 2014, the Company's subsidiary signed an amendment and renewed the facility with a syndicate of commercial lenders for an amount up to $250,000. The facility matures on August 21, 2015, bears interest at LIBOR plus 2.4% and the financial covenants require Aegean Bunkering U.S.A., as the Borrower, to maintain: tangible net worth not less than $25,000; net working capital not less than $25,000, leverage ratio no more than 9.0 to 1.0. The agreement also contains covenants that require the parent to maintain minimum consolidated tangible net worth of $410,000; consolidated net working capital not less than $125,000; consolidated current ratio no more than 1.15 to 1.0; consolidated interest coverage ratio no more than 1.9 to 1.0.

On September 18, 2014, Aegean Marine Petroleum S.A., Aegean Petroleum International Inc. and Aegean NWE N.V., the Company's wholly-owned subsidiaries, renewed the $1 billion Secured Multicurrency Revolving Credit Facility with a syndicate of commercial lenders, which the Company and these subsidiaries have guaranteed. The facility is comprised of three tranches, consisting of Tranche A of $155,000 for a one year tenor, Tranche B of $115,000 for a two year tenor and Tranche C of $730,000 for an uncommitted tenor. Outstanding amounts under Tranche A and Tranche B bear interest at LIBOR, plus a margin of 2.1% and 2.5%, respectively, and outstanding amounts under Tranche C bear interest at a rate determined by the relevant lender that represents its cost of funds, plus a margin of 2.0%. The facility imposes certain operating and financial restrictions on the Group, which restrict its ability to incur debt, change its legal and beneficial ownership, merge or consolidate, acquire or incorporate companies and change its business activities. In addition, the facility contains financial covenants which require the Company to maintain (i) minimum consolidated net working capital of not less than $35,000 which will increase to $125 million following the quarter of the first utilization date, (ii) consolidated net tangible net worth of $410,000, (iii) a current ratio of at least 1.04 to-one which will increase to 1.15-to-one following the quarter of the first utilization date and (iv) an interest cover ratio of at least 1.9-to-one.

As at December 31, 2014, the Company was in compliance with all of its covenants contained in its credit facilities.

Interest: Total interest incurred on short-term borrowings for the years ended December 31, 2012, 2013 and 2014 amounted to $13,141, $14,045 and $13,340, respectively (Note 21) and is included in interest and finance costs, in the accompanying consolidated statements of income. During the years ended December 31, 2012, 2013 and 2014, the weighted average interest rate (including the margin) was 3.24%, 3.72%, and 2.99%, respectively.

Amounts available under Short-term Facilities: As of December 31, 2014, the Company had $722,747 available undrawn amount under its short-term loan agreements to finance working capital requirements and it recognized commitment fees of $453 for its undrawn amounts, included in interest and finance cost included in the consolidated statements of income, see Note 21.

F-29

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

15.	Long-term Debt:

The amounts of the Company's long term indebtedness in the accompanying consolidated balance sheets are analyzed as follows:

		December 31,
		2013			2014
(a)	Serifos, Kithnos, Santorini, Paros, Naxos	$	22,539		$	20,140
(b)	Milos, Amorgos, Kimolos, Syros, Mykonos		17,020			14,220
(c)	Eton, Benmore and Ingram		19,019			17,531
(d)	Tasman and Santon		12,376			11,153
(e)	Kerkyra, Ithaki, Kefalonia, Paxoi, Zakynthos, Lefkas, Kythira		49,374			45,946
(f)	Andros, Dilos, Ios, Sifnos, Tinos		29,675			25,401
(g)	Kassos, Tilos, Halki, Symi		27,555			25,591
(h)	Aegean III, VIII		3,971			1,706
(i)	Blatoma		1,922			1,393
(j)	Verbeke Bunkering		275			-
(k)	Seatra		6,386			5,178
(l)	Overdraft facility under senior secured credit facility dated 03/21/2014		-			4,232
(m)	Corporate credit facility dated 03/11/2013		73,500			59,000
(n)	Senior convertible notes		73,115			75,411
(o)	Trade credit facility dated 9/18/2014		115,000			115,000
Total			451,727			421,902
Less: Current portion			(34,983	)		(38,612	)
Long-term portion		$	416,744		$	383,290

The above debt agreements, apart from the senior convertible notes, are secured by assets of the Company.

(a)

On August 30, 2005, the Company's subsidiaries, Serifos, Kithnos, Santorini, Paros and Naxos, as co-borrowers, jointly and severally entered into a syndicated secured term loan with an international bank for an amount of $35,500 to partially finance the construction costs of vessels Serifos, Kithnos, Santorini, Paros, Naxos, respectively (five tranches of $7,100 each).

The loan bears interest at LIBOR plus 1.55% from January 1, 2011. During the years ended December 31, 2012, 2013 and 2014, the weighted average interest rate (including the margin) was 2.01%, 1.83% and 1.78%, respectively, while at December 31, 2013 and 2014, the interest rate (including the margin) was 1.79%.

The loan agreement contains financial covenants requiring the Company to ensure that book net worth (total stockholder's equity attributable to AMPNI) ("book net worth") shall not be less than $375,000; that the ratio of total liabilities to total assets shall not exceed 0.75-to-one; that the current ratio shall not be less than 1.15-to-one and that the liquidity ratio (cash and cash equivalents and trade receivables to total current liabilities) ("liquidity ratio") shall be higher than 0.50-to-one.

On April 5, 2012, the Company agreed with its lenders to permanently increase the minimum book net worth required to be maintained under the facility to $410,000 and reduce the minimum current ratio required to be maintained under the facility to 1.05-to-one until March 30, 2013. After that date the current ratio shall not be less than 1.15-to-one.

(b)

On February 10, 2006, the Company's subsidiaries, Milos, Amorgos, Kimolos, Syros and Mykonos, as co-borrowers, jointly and severally entered into a collateralized term loan with an international bank for an amount of $33,400 to partially finance the construction costs of vessels Milos, Amorgos, Kimolos, Syros, Mykonos, respectively (five tranches of $6,680 each).

On December 19, 2006, this facility was refinanced by a term loan (with identical terms and conditions) with the same bank under the credit facility.

The loan bears interest at LIBOR plus 1.15% plus additional compliance costs. During the years ended December 31, 2012, 2013 and 2014, the weighted average interest rate (including the margin) was 1.40%, 1.36% and 1.33%, respectively, while at December 31, 2013 and 2014, the interest rate (including the margin) was 1.36% and 1.34%, respectively.

The loan agreement contains financial covenants requiring the Company to ensure that market value adjusted net worth shall not be less than $410,000; that minimum liquidity shall not be less than $30,000 held with the lender at the end of each month with average minimum daily free liquidity of $15,000; that the ratio of total liabilities to total assets shall not exceed 0.65-to-one, which was amended to 0.70-to-one, applied as of December 31, 2011. Under the agreement the Company is also required to maintain a minimum coverage ratio of 1.60-to-one and current ratio of at least the minimum of 1.05-to-one and the one set by the other lenders. After January 31, 2013 the minimum current ratio is 1.15-to-one.

F-30

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

15.	Long-term Debt: (Continued)

(c)

On October 25, 2006, the Company's subsidiaries, Eton, Benmore and Ingram, as co-borrowers, jointly and severally entered into a syndicated secured term loan with an international bank for an amount of $26,250 to partially finance the construction costs of vessels Patmos, Nisyros, Karpathos (three tranches of $8,750 each).

The loan bears interest at LIBOR plus 1.30% from January 1, 2011. During the years ended December 31, 2012, 2013 and 2014, the weighted average interest rate (including the margin) was 1.76%, 1.58% and 1.54%, respectively, while at December 31, 2013 and 2014, the interest rate (including the margin) was 1.55% and 1.53%, respectively.

The loan agreement contains financial covenants requiring the Company, as guarantor, to ensure that book net worth shall not be less than $375,000; that the ratio of total liabilities to total assets shall not exceed 0.75-to-one; that the current ratio shall not be less than 1.15-to-one; that the liquidity ratio shall be higher than 0.50-to-one.On April 5, 2012, the Company agreed with its lenders to permanently increase the minimum book net worth required to be maintained under its corporate guarantee to $410,000 and reduce the minimum current ratio required to be maintained under its corporate guarantee to 1.05-to-one until March 30, 2013. After that date the current ratio should not be less than 1.15-to-one.

(d)	On October 27, 2006, the Company's subsidiaries, Tasman and Santon, as co-borrowers, jointly and severally entered into a collateralized term loan with a Greek bank for an amount of $17,600 to partially finance the construction costs of vessels Kalymnos and Leros (two tranches of $8,800 each).

The loan bears interest at LIBOR plus 1.15% on the principal amount repayable in quarterly installments (for each tranche: $6,160) and at LIBOR plus 1.25% on the principal amount repayable in a balloon payment (for each tranche: $2,640). During the years ended December 31, 2012, 2013 and 2014, the weighted average interest rate (including the margin) was 1.46%, 1.42% and 1.39%, respectively, while at December 31, 2013 and 2014, the interest rate (including the margin) was 1.36% and 1.43%, respectively.

(e)

On October 30, 2006, the Company's subsidiaries, Kerkyra, Ithaki, Kefalonia, Paxoi, Zakynthos, Lefkas and Kythira, as co-borrowers, jointly and severally entered into a syndicated secured term loan with an international bank for an amount of $64,750 to partially finance the construction costs of vessels Kerkyra, Ithaki, Kefalonia, Paxoi, Zakynthos, Lefkas and Kythira (seven tranches of $9,250 each).

The loan bears interest at LIBOR plus 1.15% before delivery of each vessel and at LIBOR plus 1.30% from January 1, 2011, amended with a supplemental agreement, after such vessel's delivery. During the years ended December 31, 2012, 2013 and 2014, the weighted average interest rate (including the margin) was 1.76%, 1.58% and 1.53%, respectively, while at December 31, 2013 and 2014, the interest rate (including the margin) was 1.54% and 1.53%, respectively.

On April 5, 2012, the Company agreed with its lenders to permanently increase the minimum book net worth required to be maintained under its corporate guarantee to $410,000 and reduce the minimum current ratio required to be maintained under its corporate guarantee to 1.05-to-one until March 30, 2013. After that date the current ratio should not be less than 1.15-to-one.

(f)

On July 5, 2007, the Company's subsidiaries, Andros, Dilos, Ios, Sifnos and Tinos, as co-borrowers, jointly and severally entered into a syndicated collateralized term loan with an international bank for an amount of $37,560 to partially finance the construction costs of vessels Andros, Dilos, Ios, Anafi and Sikinos (five tranches of $7,512 each).

On September 12, 2008, the Company amended the collateralized term loan which had entered into on July 5, 2007, and increased the loan to an amount of $43,160, available in five tranches of $8,632 each. Each tranche is repayable in 40 consecutive quarterly installments of $216 each. The first installment of each tranche is repayable three months after the date of drawdown of the final advance.

The loan bears interest at LIBOR plus 1.00%. The loan is collateralized by a first priority mortgage over each of the vessels.

During the years ended December 31, 2012, 2013 and 2014, the weighted average interest rate (including the margin) was 1.94%, 1.72% and 1.67%, respectively, while at December 31, 2013 and 2014, the interest rate (including the margin) was 1.68% and 1.68%, respectively.

The loan agreement contains financial covenants requiring the Company, as guarantor, to ensure that market value adjusted net worth shall not be less than $410,000; that minimum liquidity shall not be less than $30,000 held with the lender at the end of each month with average minimum daily free liquidity of $15,000; that the ratio of total liabilities to total assets shall not exceed 0.65-to-one, which was amended to 0.70-to-one, applied as of December 31, 2011. Under the agreement the Company is also required to maintain a minimum coverage ratio of 1.6-to-one and current ratio of at least the minimum of 1.05-to-one and the one set by the other lenders. After January 31, 2013 the minimum current ratio became 1.15-to-one.

F-31

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

15.	Long-term Debt: (Continued)

(g)

On April 24, 2008, the Company's subsidiaries, Kassos, Tilos, Halki and Symi, as co-borrowers, jointly and severally entered into a syndicated collateralized term loan with an international bank for an amount of $38,800 to partially finance the construction costs of the vessels Kassos, Tilos, Halki and Symi (four tranches of $9,700 each).

The loan bears interest at LIBOR plus 1.40% from January 1, 2011, amended with a supplemental agreement, and is collateralized by the first priority mortgage on the four vessels. During the years ended December 31, 2012, 2013 and 2014, the weighted average interest rate (including the margin) was 1.87%, 1.68% and 1.64%, respectively, while at December 31, 2013 and 2014, the interest rate (including the margin) was 1.65% and 1.63%, respectively.

On April 5, 2012, the Company agreed with its lenders to permanently increase the minimum book net worth required to be maintained under the facility to $410,000 and reduce the minimum current ratio required to be maintained under the loan agreement to 1.05-to-one until March 30, 2013. After that date the current ratio should not be less than 1.15-to-one.

(h)	On July 8, 2008, the Company entered into a collateralized term loan facility with a Greek bank for an amount of $15,000. The facility is collateralized by a first priority mortgage over the vessels, Aegean III and Aegean VIII and bore interest at LIBOR plus 1.25%.

On June 29, 2012 and thereafter on July 11, 2013, the company signed a supplemental agreement, to extend the quarterly repayments until January 8, 2016, amending the interest rate to LIBOR plus 5.25%.

During the years ended December 31, 2012, 2013 and 2014, the weighted average interest rate (including the margin) was 3.17%, 4.87% and 5.53%, respectively, while at December 31, 2013 and 2014, the interest rate (including the margin) was 5.57% and 5.54%, respectively.

The loan agreement contains financial covenants requiring the Company, as guarantor, to ensure that market value adjusted net worth shall not be less than $175,000; that minimum liquidity shall be not less than $25,000; that the ratio of total liabilities to total assets shall not exceed 0.65-to-one. On April 5, 2012, the Company agreed with its lenders to permanently amend the maximum consolidated leverage ratio required to be maintained under the loan agreement to 0.75-to-one.

(i)

On April 1, 2010, the Company, through the Aegean NWE business acquisition, assumed a loan agreement of an amount of €3,740,000 with a Belgian bank dated on March 22, 2004 to finance the construction of its vessel Texas. The loan bears interest at 4.36%.The loan was renewed on April, 01, 2009 and is renewable every five years.

(j)

On April 1, 2010, the Company, through the Aegean NWE business acquisition, assumed a loan agreement of an amount of €4,000,000 with a Belgian bank dated February 25, 2009. The facility bears interest of EURIBOR plus 2.5%. During the year ended December 31, 2012, 2013 and 2014 the weighted average interest rate (including the margin) was 3.89% , 3.83% and 3.84%, while at December 31, 2013, the interest rate (including the margin) was 2.72%. The facility was fully repaid during the year 2014.

(k)

On April 1, 2010, the Company assumed a loan agreement with an international bank that was entered into, on October 6, 2009, by its acquired entity Aegean NWE and a third-party. The purpose of this roll over credit facility for an amount of €5,680,000 is to finance the new building Montana and bears interest at EURIBOR plus 1.26%. The credit facility is repayable in quarterly installments of approximately €95,000.

F-32

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

15.	Long-term Debt: (Continued)

(l)

On March 21, 2014, the Company's subsidiary, Aegean Barges NV signed a roll over loan agreement with a bank for the purpose of financing its new secondhand vessel New Jersey for an amount of $4,455 and bears interest at LIBOR plus 2.80%. The credit facility is repayable in forty quarterly installments. During the year ended December 31, 2014, the weighted average interest rate (including the margin) was 3.03%, while at December 31, 2014, the interest rate (including the margin) was 3.04%.

(m)

On March 11, 2013, the Company's subsidiary, Aegean Oil Terminal Corporation entered into a credit facility for an aggregate amount of $73,500 with an international commercial bank to finance the construction of its new oil terminal in Fujairah. The loan is repayable in quarterly installments beginning March 31, 2014 and bears interest at LIBOR plus a margin of 5.25%.

The agreement contains financial covenants that require the Company, as guarantor, maintain a consolidated net working capital not less than $50,000 until the end of the quarter of the first utilization date and $125,000 thereafter; consolidated tangible net worth not less than $410,000; current ratio not less than 1.05-to-one until the end of the quarter of the first utilization date and 1.15-to-one; consolidated total liabilities to total assets not more that 0.70-to-one; consolidated EBITDA to interest expense not less than 1.90-to one.

(n)

On October 23, 2013 the Company issued $75,000 aggregate principal amount of 4% Convertible Unsecured Senior Notes ("Notes"), which are due November 1, 2018. The full over allotment option granted was exercised and an additional $11,250 Notes were purchased by the underwriters. Accordingly, $86,250 in aggregate principal amount of Notes was sold, resulting in aggregate net proceeds of approximately $83,447 after the underwriters commissions.

The holders may convert their Notes to common stock at any time on or after May 1, 2018, but prior to maturity. However, holders may also convert their Notes prior to May 1, 2018, under the following circumstances: (1) if the closing price of the common stock reaches and remains at or above 130% of the conversion price of $14.23 per share of common stock, or 70.2679 shares of common stock per $1,000 aggregate principal amount of Notes, in effect on that last trading day, for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the calendar quarter immediately preceding the calendar quarter in which the conversion occurs; (2) during the five consecutive trading-day period after any five consecutive trading-day period in which the trading price per $1,000 principal amount of the Notes for each day of that period was less than 98% of the closing price of the Company's common stock multiplied by then applicable conversion rate; or (3) if specified distributions to holders of the Company's common stock are made or specified corporate events occur.

Since the Notes contain a cash settlement option upon conversion at the option of the issuer, the Company has bifurcated, at the issuance date, the $86,250 principal amount of the Notes into liability and equity components of $72,696 and $13,554, respectively, by first determining the carrying amount of the liability component of the Notes by measuring the fair value of a similar liability that does not have an associated equity component. The equity component was calculated by deducting the fair value of the liability component from the total proceeds received at issuance.

The Company's interest expense associated with these Notes is based on an effective interest rate of 9% and the difference from the interest payable upon the Notes is amortized until the expiration of the Notes and included under interest and finance cost in the accompanying consolidated statements of income (Note 21).

The total interest expense related to the Notes in the Company's consolidated financial statements statement of income for the years ended December 31, 2013 and 2014 amounted to $1,143 and $6,148, respectively, of which $419 and $2,297 are non-cash amortization of the discount on the liability component and of the transaction costs allocated to the liability component, $652 and $3,450 are the contractual interest payable semi-annually at a coupon rate of 4% per year.

(o)

On September 18, 2014, Aegean Marine Petroleum S.A., Aegean Petroleum International Inc. and Aegean NWE N.V., the Company's wholly-owned subsidiaries, renewed its $1 billion Secured Multicurrency Revolving Credit Facility with a syndicate of commercial lenders as described above. The facility is comprised of three tranches, consisting of Tranche A of $155,000 for a one year tenor, Tranche B of $115,000 for a two year tenor and Tranche C of $730,000 for an uncommitted tenor. Tranche B, classified in the long-term debt, bears interest at LIBOR, plus a margin of 2.1% and 2.5%, respectively, and outstanding amounts under Tranche C bear interest at a rate determined by the relevant lender that represents its cost of funds, plus a margin of 2.0%.

F-33

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

15.	Long-term Debt: (Continued)

As at December 31, 2014, the Company was in compliance with all of its financial covenants contained in its credit facilities.

As of December 31, 2014, the outstanding vessel-financing loans are generally collateralized as follows:

First priority assignment of the shipbuilding contracts and first priority mortgages over the vessels (when completed);

Assignments of insurance and earnings of the mortgaged vessels (when completed);

An undertaking from the vessels' manager.

The vessel-financing loan agreements contain ship finance covenants including restrictions as to changes in management and ownership of the vessels, additional indebtedness and mortgaging of vessels without the bank's prior consent as well as minimum requirements regarding the ratio of the market value of the relevant vessel to the outstanding loan amount and the ratio of the insured amount of the relevant vessel to the outstanding loan amount. In addition, the borrowing companies and/or their managers must maintain working capital accounts with the lending banks, as defined in the loan agreements. Furthermore, the vessel-owning subsidiary companies are not permitted to pay any dividends without the lenders' prior consent. As of December 31, 2014, most of the Company's vessels, having a total carrying value of $338,189, have been provided as collateral to secure the long-term debt discussed above.

Total interest incurred on long-term debt for the years ended December 31, 2012, 2013 and 2014 amounted to $8,933, $7,264 and $14,924, respectively, (Note 21) and is included in interest and finance costs in the accompanying consolidated statements of income. Accrued interest expense on long-term debt as of December 31, 2013 and 2014 amounted to $1,086 and $1,604, respectively, and is included in accrued and other current liabilities in the accompanying consolidated balance sheets.

As of December 31, 2014, the Company had $912,415 in available liquidity, which includes unrestricted cash and cash equivalents of $129,551 and available undrawn amounts under the Company's working capital facilities of $782,864, to finance working capital requirements.

The annual principal payments required to be made after December 31, 2014, are as follows:

	Amount
2015	$	38,612
2016		153,688
2017		44,187
2018		112,151
2019		55,939
Thereafter		28,164
Total principal payments		432,741
Less: Unamortized portion of notes' discount		(10,839	)
Total long-term debt	$	421,902

F-34

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

16.

Derivatives and fair value measurements:

The Company uses derivatives in accordance with its overall risk management strategy. The changes in the fair value of these derivatives are recognized immediately through earnings. For additional information on its derivatives accounting policy, see Note 2.

The following describes the Company's derivative classifications: The Company enters into interest rate swap contracts to economically hedge its exposure to variability in its floating rate long-term debt. Under the terms of the interest rate swaps, the Company and the bank agreed to exchange at specified intervals the difference between paying fixed rate and floating rate interest amount calculated by reference to the agreed principal amount and maturity. Interest rate swaps allow the Company to convert long-term borrowings issued at floating rates to equivalent fixed rates.

As of December 31, 2013 and 2014, the Company was committed to the following 15 year interest rate swap arrangement with a call option for the bank to terminate it after 5 years duration, on March 31, 2016:

	Interest Rate Index	Principal Amount				As of December 31, 2013 Fair Value/ Carrying Amount of Liability				Weighted-average remaining term				Fixed Interest Rate
U.S. Dollar-denominated Interest Rate Swap	Euribor		$	6,386			$	470				12.25				2.35	%

	Interest Rate Index	Principal Amount				As of December 31, 2014 Fair Value/ Carrying Amount of Liability				Weighted-average remaining term				Fixed Interest Rate
U.S. Dollar-denominated Interest Rate Swap	Euribor		$	5,178			$	592				11.25				2.35	%

The Company is exposed to credit loss in the event of non-performance by the counterparty to the interest rate swap agreement. In order to minimize counterparty risk, the Company enters into derivative transactions with counterparties that are rated AAA or at least A at the time of the transactions.

F-35

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

16.	Derivatives and fair value measurements: (Continued)

The Company uses fuel pricing contracts to hedge exposure to changes in the net cost of marine fuel purchases. The Company has the right of offset with the counterparty of the fuel pricing contracts, and settles outstanding balances on a monthly basis. Therefore, these amounts are presented on a net basis in the consolidated balance sheets (on a gross basis: an asset of $61 and a liability of $900 as of December 31, 2013 and an asset of $43,499 and a liability of $24,558 as of December 31, 2014).

The following table presents information about its derivative instruments measured at fair value and their locations on the consolidated balance sheets:

		As of December 31,
Assets/(Liabilities)	Balance Sheet Location	2013				2014

Fuel pricing contracts	Derivative (liability)/ asset, current		$	(839	)		$	18,941
Interest rate swaps	Derivative liability, non-current			(470	)			(592	)
Total, net			$	(1,309	)		$	18,349

The following table presents the effect and financial statement location of its derivative instruments on its consolidated statements of income for the years ended December 31, 2012, 2013 and 2014:

Statements of Income		For the year ended December 31,
Income/ (loss)	Location	2012				2013			2014

Fuel pricing contracts	Cost of revenue – third-parties		$	(10,596	)		(2,693	)		$	50,472
Interest rate contracts	Interest and finance costs			(331	)		20				(250	)
Total			$	(10,927	)		(2,673	)		$	50,222

F-36

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

16.	Derivatives and fair value measurements: (Continued)

The following table sets forth by level its assets/ liabilities that are measured at fair value on a recurring basis. As required by the fair value guidance, assets/ liabilities are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement.

				Fair value measurements at December 31, 2013
Assets/ (Liabilities)	Total			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
Interest Rate Swap	$	(470	)		-		(470	)	$	-
Fuel pricing contracts		(839	)		-		(839	)		-

Total	$	(1,309	)		-		(1,309	)	$	-

				Fair value measurements at December 31, 2014
Assets/ (Liabilities)	Total			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
Interest rate swap	$	(592	)		-		(592	)	$	-
Fuel pricing contracts		18,941			-		18,941			-

Total	$	18,349			-		18,349		$	-

The fair value of the interest rate swaps is determined using the discounted cash flow method based on market-based Euribor rates swap yield curves, taking into account current interest rates. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measures of volatility, and correlations of such inputs.

The Company uses observable inputs to calculate the mark-to-market valuation of the fuel pricing derivatives. Fuel pricing contracts are valued using quoted market prices of the underlying commodity. During the years ended December 31, 2013 and 2014, the Company entered into fuel pricing contracts for 2,067,740 metric tons and 7,784,141 metric tons, respectively.

The Company's derivatives trade in over-the-counter markets, and as such, model inputs are generally observable and do not require significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.

F-37

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

17.	Commitments and Contingencies:

Long-term Supply Contracts: On December 3, 2004, the Company signed an eight-year Fuel Purchase Agreement with a government refinery in Jamaica for the supply of mainly MFO and MGO at a price equal to average PLATTS prices plus a margin. The contract stipulates that the Company and refinery are not required to transact for more than a maximum quantity of marine fuel per month; however, by mutual agreement, the maximum quantity per month may be revised upwards. Invoices become due thirty calendar days from the date of delivery. Interest on overdue payments accrues at a rate equal to the local overdraft rate in Jamaica. On December 30, 2009, an addendum between the two parties was signed, which extends the original agreement until December 31, 2014, which was renewed until December 31, 2015. On April 1, 2005, the Company signed a ten-year Marine Fuel Supply Service Agreement with the Greek Subcontractor (refer to Note 5).

(b)	Lease Commitments: The Company leases certain property under operating leases, which require the Company to pay maintenance, insurance and other expenses in addition to annual rentals. The minimum annual payments under all noncancelable operating leases at December 31, 2014 are as follows:

2015	$	40,884
2016		30,314
2017		30,237
2018		28,333
2019		16,456
Thereafter		186,903
Total minimum annual payments under all noncancelable operating leases	$	333,127

Rent expense under operating leases was $7,375, $19,427 and $34,715 for the years ended December 31, 2012, 2013 and 2014, respectively.

(c)

Standby Letters Of Credit: In the normal course of business, for certain suppliers, under certain long-term supply contracts, or under certain long-term construction contracts, the Company is required to post standby letters of credit in order to secure lines of credit. As of December 31, 2014, the total outstanding standby letters of credit amounted to $100,275. The Company has not defaulted on payment of any of its accounts payable so as to cause any of the issuers of the standby letters of credit to settle the Company's accounts payable on the Company's behalf. All the standby letters of credit expire during 2015. The Company expects to extend the validity date of these instruments throughout the duration of the Company's contractual or operating relationships with the respective suppliers.

(d)

Letters of Guarantee: Under the Singapore law, the Company is required to issue letters of guarantee for payroll taxes of crew members during their employment. The guarantee extends for the duration of the employment and the Company is required to pay only if the crew member does not meet individual tax obligations. The Company currently does not believe it will be required to make a payment under these guarantees and accordingly has not recorded any liability. The maximum amount the Company could be required to pay as of December 31, 2013 and 2014 is $463 (or SIN$365,000) and $251 (or SIN$332,000), respectively, and is maintained in fixed deposits and presented in the prepayments and other current assets in the accompanying consolidated balance sheets. The Company is also required to issue letters of guarantee in the U.A.E. for the port authorities and for the employees' passports and permits. The maximum amount the Company could be required to pay as of December 31, 2013 and 2014 is $158 (or AED580,000) and $44 (or AED160,000), respectively, and is maintained in fixed deposits and presented in the prepayments and other current assets in the accompanying consolidated balance sheets. Furthermore, the Company has issued letters of guarantee for transporting cargo on behalf of its time-charter parties for amounts of $742 (€540,000) and $73 (€60,000) as of December 31, 2013 and 2014, respectively, and are maintained in fixed deposits and presented in the prepayments and other current assets in the accompanying consolidated balance sheets.

(e)

Environmental and Other Liabilities: The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the Company's exposure. Currently, management is not aware of any such claims or contingent liabilities for which a provision should be established in the accompanying consolidated financial statements. The Company's Protection and Indemnity ("P&I") insurance policies cover third-party liability and other expenses related to injury or death of crew, passengers and other third-parties, loss or damage of cargo, claims arising from collisions with other vessels, damage to other third-party property, and pollution arising from oil or other substances. The Company's coverage under the P&I insurance policies, except for pollution, are unlimited. Coverage for pollution is $1,000,000 per vessel per incident.

F-38

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

17.	Commitments and Contingencies: (Continued)

(f)	Legal Matters

In November 2005, an unrelated party filed a declaratory action against one of the Company's subsidiaries before the First Instance Court of Piraeus, Greece. The plaintiff asserted that he was instrumental in the negotiation of the Company's eight-year Fuel Purchase Agreement with a government refinery in Jamaica and sought a judicial affirmation of his alleged contractual right to receive a commission of $0.01 per metric ton of marine fuel over the term of the contract. In December 2008, the First Instance Court of Piraeus dismissed the plaintiff's action as vague and inadmissible, however the Company appealed that decision on the grounds that there was no contract between the Company and the plaintiff and that the court lacked jurisdiction. While the action was pending in Greece, the plaintiff commenced a new action involving the same cause of action before the Commercial Court of Paris, France, which dismissed that action in June 2009. The plaintiff's appeal of the dismissal was denied by the Paris Court of Appeal in February 2010. In January 2012, the plaintiff commenced a new action relating to the same allegations before the Commercial Court of Paris, which was dismissed on June 27, 2012 in favor of the competence and jurisdiction of the Greek courts. In July 2012, the plaintiff filed a "contredit," an appeal procedure under French law. In November 2013, the Court held that there is no matter pending in Greece that would allow the French courts to decline jurisdiction to the benefit of the Greek proceedings. As a result, the case is to return to the Commercial Court of Paris which should have to examine the admissibility of Mr. Varouxis' claim in France with the relevant pleadings procedurally scheduled to be filed by the parties on May 21, 2015. The Company believes that this matter fails for lack of jurisdiction and is unwarranted and lacking in merit. The Company believes that the outcome of this lawsuit will not have a material effect on its operations and financial position.

In May 2013, on the order of STX Corporation ("STX Corp."), the Company supplied bunkers to the vessel UNICO SIENNA in the Port of Singapore. The invoice for those bunkers totaled approximately $323. STX Corp. has filed for reorganization in Korea and for protection under Chapter 15 of the U.S. Bankruptcy Code. The Company believes that has a maritime lien against this vessel, and has arrested the UNICO SIENNA in Panama to enforce its maritime lien against it. The Company intends to exercise its remedies for recovery of the unpaid amounts and believes that it will recover the full amount due. The hearing on the merits of the case is scheduled to take place on June 2, 2015 before the Maritime Court of Panama.

On December 18, 2014, the Company and Aegean Bunkering (USA) LLC, or the Aegean Parties, filed a one-count complaint for breach of contract against Hess Corporation, or Hess, in New York Supreme Court, New York County (653887/2014). In the complaint, the Aegean Parties allege that Hess breached certain express representations and warranties in representing its financial condition in an agreement pursuant to which Hess sold its bunker oil business to Aegean Bunkering (USA) LLC. The Aegean Parties claim approximately $28 million in compensatory damages, exclusive of interest and costs. On February 9, 2015, Hess filed an answer to the complaint. The Company is not in a position to comment further on this matter at this time.

The Company has supplied bunkers through agreements with various entities of the O.W. Bunker Group, which filed for bankruptcy in November 2014. The Company issued notice to members of the O.W. Bunker Group for the request of payment for the value of the bunkers supplied. The Company's exposure for these supplies amounts to $5,474, of which $3,280 was recorded as a provision for doubtful accounts in the statement of income for the year ended December 31, 2014. The Company believes that the respective members of the O.W. Bunker Group were never the rightful owners of the bunkers and is currently trying to work out escrow or other practical solutions with the end users. Following arrest proceedings which the Company initiated against the M/V AMAZON in the Bahamas, it received a letter of undertaking issued by the North of England P&I Club in the sum of $1,150 as security for our claim plus interest and costs. The Company expects to recover the amount of at least $2,298.

Following the completion of the construction of the Company's new terminal facility in Fujairah, United Arab Emirates, the Company and its contractor are discussing the closure in full settlement of remaining issues related to the provision of a Performance Security to remedy any defect or damage in the works due to design or faulty materials, payment of retention money to the contractor and compensation for delay in the completion of the works. As of December 31, 2014, the Company had contractual obligations for an amount of $8,300 and it expects to pay approximately 50% to 60% of the amount to the contractor through the execution of a relevant agreement between the parties.

Various claims, suits, and complains, including those involving government regulations and product liability, arise in the ordinary course of business. In addition, losses may arise from disputes with charterers and agents and insurance and other claims with suppliers relating to the operations of the Company's vessels. Currently, management is not aware of any such claims or contingent liabilities for which a provision should be established in the accompanying consolidated financial statements.

18.	Revenues and Cost of Revenues:

The amounts in the accompanying consolidated statements of income are analyzed as follows:

	For the Year Ended December 31,
	2012		2013		2014

Sales of marine petroleum products	$	7,208,440		6,282,466	$	6,590,998
Voyage revenues		22,726		25,049		30,410
Other revenues		27,794		27,214		40,393
Total Revenues		7,258,960		6,334,729		6,661,801

Cost of marine petroleum products		6,939,636		6,025,742		6,286,453
Cost of voyage revenues		15,136		16,202		14,729
Cost of other revenues		1,539		6,793		23,525
Total Cost of Revenues	$	6,956,311		6,048,737	$	6,324,707

Included in the cost of revenues is depreciation of $2,622, $2,024 and $2,424 for the years ended December 31, 2012, 2013 and 2014, respectively.

F-39

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

19.	Selling and Distribution:

The amounts in the accompanying consolidated statements of income are analyzed as follows:

	Year Ended December 31,
	2012		2013			2014

Salaries	$	65,584		62,174		$	57,550
Depreciation		18,896		17,762			16,174
Vessel hire charges		16,535		13,918			30,033
Amortization of dry-docking costs		7,046		6,483			5,174
Vessel operating expenses		39,176		44,195			33,447
Bunkers consumption		35,788		30,805			26,464
Storage costs		6,859		13,209			31,686
Broker commissions		5,032		3,833			4,584
Provision/ (release of) for doubtful accounts		2,919		(881	)		3,229
Other		12,401		10,099			12,489
Selling and Distribution expenses	$	210,236		201,597		$	220,830

20.	General and Administrative:

The amounts in the accompanying consolidated statements of income are analyzed as follows:

	Year Ended December 31,
	2012			2013		2014

Salaries		$	13,401		13,112		$	17,616
Depreciation			580		681			2,312
Office Expenses			15,916		15,934			18,171
General and Administrative expenses		$	29,897		29,727		$	38,099

21.	Interest and Finance Costs:

The amounts in the accompanying consolidated statements of income are analyzed as follows:

	Year Ended December 31,
	2012			2013			2014
Interest incurred on long-term debt (Note 15)	$	8,933			7,264		$	14,924
Interest incurred on short-term borrowings (Note 14)		13,141			14,045			13,340
Servicing fees on factoring (Note 4)		1,738			1,563			1,298
Amortization of financing fees (Note 12)		1,037			840			4,455
Amortization of convertible notes discount (Note 15)		-			419			2,297
Bank commissions, commitment fees and other charges		8,582			8,559			6,582
Interest on lease payments (Note 22)		175			83			6
Capitalized interest (Note 8,9 and 11)		(2,414	)		(4,700	)		(9,004	)
Total	$	31,192			28,073		$	33,898

F-40

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

22.	Equity Incentive Plan:

The Company measures stock-based compensation cost at grant date, based on the estimated fair value of the award which is determined by the closing price of the Company's common stock traded on the NYSE on the grant date, and recognizes the cost as expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. The expense is recorded in the general and administrative expenses in the accompanying consolidated statements of income. Aegean is incorporated in a non-taxable jurisdiction and accordingly, no deferred tax assets are recognized for these stock-based incentive awards.

On November 2, 2006, the Company's Board of Directors adopted the 2006 Equity Incentive Plan ("2006 Plan"), under which the Company's officers, key employees and directors are eligible to receive stock-based incentive awards including nonvested stock, nonvested stock units (with or without dividend equivalents), unrestricted stock, at-the-money nonqualified stock options and stock appreciation rights. The 2006 Plan is administered by the Compensation Committee of the Company's board of directors and the aggregate number of shares of common stock reserved under this plan is 4,053,500. The Company's board of directors may terminate the 2006 Plan at any time. The 2006 Plan expires ten years from the date of adoption.

All grants of nonvested stock issued under the 2006 Plan are subject to accelerated vesting upon certain circumstances set forth in the 2006 Plan.

The following table summarizes the status of the Company's non-vested shares outstanding for the years ended December 31, 2013 and 2014:

	Nonvested Stock			Weighted Average Grant Date Market Price
At December 31, 2012		995,152		$	10.44
Granted		695,000			6.40
Vested		(116,671	)		12.34
Forfeited		(4,379	)		7.31
At December 31, 2013		1,569,102			8.52
Granted		1,069,500			9.97
Vested		(718,769	)		10.94
Forfeited		(70,084	)		7.25
At December 31, 2014		1,849,749		$	8.51

The total fair value of shares at vesting date during the years ended December 31, 2012, 2013 and 2014 were $983, $853 and $7,462, respectively based on the closing share price at each vesting date.

F-41

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

22.	Equity Incentive Plan: (Continued)

Total compensation cost of $4,406, $4,497 and $8,774 was recognized and included under general and administrative expenses in the accompanying consolidated statements of income for the years ended December 31, 2012, 2013 and 2014, respectively.

As of December 31, 2014, there was $5,884 of total unrecognized compensation cost related to non-vested share-based compensation awards. This unrecognized compensation cost at December 31, 2014, is expected to be recognized as compensation expense over a weighted average period of 1.1 years as follows:

	Amount
2015	$	4,673
2016		1,130
2017		81
	$	5,884

23.	Common Stock, Treasury Stock and Additional Paid-In Capital:

Authorized Capital

Aegean was formed on June 6, 2005, under the laws of the Marshall Islands. Aegean's authorized common and preferred stock since inception consisted of 100,000,000 common shares (all in registered form), par value $0.01 per share and 25,000,000 preferred shares (all in registered form), par value $0.01 per share. The holders of the common shares are entitled to one vote on all matters submitted to a vote of stockholders and to receive all dividends, if any. The Company's board of directors shall have the authority to establish such series of preferred stock and with such designations, preferences and relative, participating, optional or special rights and qualifications, limitations or restrictions as shall be stated in the resolutions providing for the issue of such preferred stock.

Share Issuance and Repurchase

On June 8, 2005, Aegean issued 30,472,827 common shares (as restated for the split-ups of common stock, described below), with a $0.01 par value per share, to Leveret and Leveret contemporaneously contributed its direct and indirect ownership in the companies described in Note 1 to Aegean.

On October 3, 2005, Aegean acquired from Leveret 8% of the total then-issued and outstanding common stock of Aegean, representing the entire interests in Leveret of members of Mr. Dimitris Melisanidis' family (other than Mr. Melisanidis himself) for a price of $35,000. Those shares were cancelled upon repurchase, in accordance with a resolution of the board of directors of Aegean. The repurchased shares represented the entire beneficial ownership of those members of Mr. Melisanidis' family. The excess of the purchase price over the par value of the acquired shares was reflected first as a deduction from additional paid-in capital and, upon exhaustion of the balance of additional paid-in capital, as a deduction from retained earnings.

Initial Public Offering

In December 2006, the Company completed its initial public offering in the United States under the United States Securities Act of 1933, as amended. In this respect, 14,375,000 shares of common stock at par value $0.01 were issued for $14.00 per share. The proceeds of the initial public offering, net of underwriting commissions of $14,088, and net of offering expenses of $1,953, amounted to $185,209.

F-42

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

23.

Common Stock, Treasury Stock and Additional Paid-In Capital: (Continued)

Public offering

On January 27, 2010, the Company completed a public offering in the United States under the United States Securities Act. In this respect, 4,491,900 shares of common stock at par value $0.01 were issued for $32.75 per share. The proceeds of the public offering, net of underwriting commissions of $7,355 and net of issuance cost of $707 amounted to $139,047.

Treasury stock

On May 17, 2010, the Company's Board of Directors approved a plan to purchase 1,000,000 shares from Mr. Dimitris Melisanidis. These shares were purchased on May 21, 2010, for an aggregate purchase price of $24,680, which has been recorded as Treasury Stock in the accompanying consolidated balance sheets.

On July 20, 2011, the Company's Board of Directors approved a share repurchase program for up to 2,000,000 shares of the Company's common stock. The Board will review and may choose to renew the program after a period of 12 months. The Company under this program repurchased 967,639 shares during 2011 for an aggregate purchase price of $4,628 and 4,000 shares during 2012 for an aggregate purchase price of $19 which have been recorded as Treasury Stock in the accompanying consolidated balance sheets.

On October 16, 2014, the Company's Board of Directors authorized a new share repurchase program, under which the Company may repurchase up to $20,000 of its outstanding shares of common stock over a period of two years. No shares have been repurchased as of December 31, 2014.

Preferred Share Purchase Rights

In August 2009, the Company authorized and declared a dividend distribution of one preferred share purchase right (a "Right") on each outstanding share of its common stock. The dividend distribution was made to shareholders of record as of August 14, 2009. The rights will separate from the common stock and become exercisable upon the earlier of (i) ten days following the public announcement or disclosure that a person or group (an "Acquiring Person") has acquired beneficial ownership, or obtained the right to acquire, 15 percent or more of the outstanding common stock or (ii) ten business days following the commencement of, or the announcement of an intention to make, a tender offer or exchange offer, the consummation of which would result in such a group or person becoming an Acquiring Person (the "Distribution Date"). On the Distribution Date, each Right holder will be entitled to purchase for $100 (the "Exercise Price") one one-thousandth of a share of a new series of junior participating preferred stock. In the event that an Acquiring Person acquires more than 15 percent of the outstanding common stock, each Right holder (except the Acquiring Person) will be entitled to purchase at the Exercise Price, shares of common stock having a market value equal to twice the Exercise Price. Any time after the date an Acquiring Person obtains more than 15 percent of the outstanding common shares and before that Acquiring Person acquires more than 50 percent of the outstanding common shares, the Company may exchange each Right owned by all other Rights holders, in whole or in part, for one common share. The Rights expire on the earliest of (i) August 14, 2019 or (ii) the redemption of the Rights by the Company or (iii) the exchange of the Rights as described above. The Company can redeem the Rights at any time on or prior to the earlier of the tenth business day following the public announcement that a person has acquired ownership of 15 percent or more of the outstanding common shares, or August 14, 2019. The Rights do not have any voting rights. The Rights have the benefit of certain customary anti-dilution protections. As of December 31, 2014, no such events had occurred, and no rights have been exercised.

Dividends

The Company declared and paid dividends of $1,860, $1,884 and $2,403 during the years ended December 31, 2012, 2013 and 2014, respectively.

F-43

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

23.	Common Stock, Treasury Stock and Additional Paid-In Capital: (Continued)

Additional Paid in Capital

The amounts presented in the accompanying consolidated balance sheets as additional paid-in capital comprise (i) payments made by the pre-IPO stockholders at various dates to finance vessel acquisitions in excess of the amounts of bank loans obtained and advances for working capital, (ii) the estimated value of certain incidental employee services provided to the Company by certain related companies for no consideration, (iii) an allocation of costs for office services historically shared with and the use of office equipment owned by related companies, and (iv) the difference between the par value of the shares issued in the initial and the secondary public offerings the net proceeds obtained for those shares.

24.	Earnings Per Common Share:

The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the year using the two-class method. The computation of diluted earnings per share assumes the granting of non-vested share-based compensation awards (refer to Note 22), for which the assumed proceeds upon grant are deemed to be the amount of compensation cost attributable to future services and not yet recognized using the treasury stock method, to the extent dilutive.

As of December 31, 2013 and 2014, the Company excluded 1,569,102 and 1,849,749 non vested shares, respectively, as anti-dilutive. Non-vested share-based payment awards that contain rights to receive non forfeitable dividends or dividend equivalents (whether paid or unpaid) and participate equally in undistributed earnings are participating securities, and thus, are included in the two-class method of computing earnings per share.

The treasury stock method is used in calculating diluted earnings per share for the Notes as the Company expects to settle the principal in cash.

The components of the calculation of basic earnings per common share and diluted earnings per common share are as follows:

	Year Ended December 31,
	2012			2013			2014

Net income attributed to AMPNI shareholders	$	20,077		$	27,063		$	17,590

Less: Dividends declared and undistributed earnings allocated to unvested shares		(396	)		(739	)		(627	)
Basic income available to common stockholders	$	19,681		$	26,324		$	16,963

Basic weighted average number of common shares outstanding		45,473,360			45,677,249			46,271,716

Diluted weighted average number of common shares outstanding		45,473,360			45,677,249			46,271,716

Basic earnings per common share	$	0.44		$	0.58		$	0.37
Diluted earnings per common share	$	0.44		$	0.58		$	0.37

F-44

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

25.

Income Taxes:

The Company operates through its subsidiaries, which are subject to several tax jurisdictions, as follows:

a)	Marshall Islands

The Company is incorporated in the Marshall Islands. Under current Marshall Islands law, the Company is not subject to tax on income or capital gains.

b)	Republic of Liberia

The principal operating entity of the Company, AMP, is incorporated in the Republic of Liberia. Under regulations promulgated by the Liberian Ministry of Finance, because AMP is considered a non-resident domestic corporation, it is not required to pay any tax or file any report or return with the Republic of Liberia in respect of income derived from its operations outside of the Republic of Liberia. The Liberian Ministry of Justice has issued an opinion that these regulations are valid.

Greece

AMP has a branch office established in Greece. Under the laws of Greece, and in particular Greek Law 3427/2005 which amended, replaced and supplemented provisions of Law 89/1967 as of January 1, 2006, AMP is taxed on a cost plus basis, 5.42% for the period 2011 to 2015, on expenses incurred by its branch office in Greece. AMP's income, as calculated by applying the 5.42% profit margin, as applicable, is subject to Greek corporate income tax at the rate of 26% for the fiscal year 2012, 2013 and 2014. All expenses to which the profit margin applies are deducted from gross income for Greek corporate income tax purposes. Furthermore, AMP is exempt from Greek other tax, charge or contribution in favor of the Greek State or any third-party, on income derived from all its transactions worldwide in petroleum products, lubricants and similar commodities, the object of which lies outside of Greece.

d)	United States

A foreign corporation which is engaged in a trade or business in the United States will be subject to corporate income tax and branch profits tax at a combined rate of up to 54.5% on its income which is effectively connected with its United States trade or business, or Effectively Connected Income.

Income from the sale of property outside the United States by a foreign corporation will be treated as Effectively Connected Income if the corporation has a fixed place of business in the United States to which such income is attributable, unless (1) the property is sold for use, consumption or disposition outside the United States, and (2) the taxpayer has a fixed place of business in a foreign country which materially participates in the sale.

The Company has a place of business in the U.S. East Coast through its subsidiary Aegean Bunkering USA that acquired a U.S. bunkering division on December 18, 2013 (Note 3), and trade activities occurred inside the United States are subject to United Stated federal and state income taxes

The components of the AB USA's (expense)/benefit for income taxes are as follows:

	Year Ended December 31,
	2012		2013			2014
Current tax expense	$	-		(312	)	$	(56	)
Deferred tax expense		-		-			-
Income tax provision	$	-		(312	)	$	(56	)

Effective tax rate		-		45.6	%		(3.19	% )

The reconciliation between the statutory tax expense in Aegean Bunkering USA from continuing operations to the income tax expense recorded in the financial statements is as follows:

	Year Ended December 31,
	2012			2013			2014
Income tax on profit before tax at statutory rate		$	-		(332	)		$	(29	)
Effect of permanent differences			-		20				(27	)
Total tax (expense)/ benefit reconciliation		$	-		(312	)		$	(56	)

F-45

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

25.	Income Taxes: (continued)

Belgium

The Company has trade activities in Belgium through its subsidiary ANWE and operates its subsidiary ABAS, both incorporated in Belgium, and subject to Belgian income taxes which rate is 33.99% for the presented years.

The components of the ABAS's (expense)/benefit for income taxes are as follows:

	Year Ended December 31,
	2012			2013			2014
Current tax expense	$	(75	)		-		$	-
Deferred tax benefit/ (expense)		(241	)		(332	)		(458	)
Income tax benefit/ (expense)	$	(316	)		(332	)	$	(458	)

Effective tax rate Reconciliation		80.00	%		44.09	%		25.46	%

The reconciliation between the statutory tax benefit/ (expense) in Belgium on results of ABAS from continuing operations to the income tax benefit/ (expense) recorded in the financial statements is as follows:

	Year Ended December 31,
	2012				2013			2014
Income tax benefit/ (expense) on result before tax at statutory rate		$	(114	)		(204	)		$	(506	)
Effect of permanent differences			(202	)		(128	)			48
Total tax benefit/ (expense) Reconciliation		$	(316	)		(332	)		$	(458	)

Deferred income taxes are the result of provisions of the tax laws that either require or permit certain items of income or expense to be reported for tax purposes in different periods than they are reported for financial reporting. The tax effects of temporary differences that give rise to the deferred tax asset are as follows:

	Year Ended December 31,
	2012			2013		2014
Deferred tax assets:
Carryforward of notional interest deduction		$	54		-		$	-
Tax carryforward losses			2,023		1,734			1,275
Investment tax incentive			447		458			459
Total deferred taxes, net		$	2,524		2,192		$	1,734

The components of the ANWE Business' (expense)/benefit for income taxes are as follows:

	Year Ended December 31,
	2012			2013			2014
Current tax expense	$	(3,370	)		-		$	(163	)
Deferred tax (expense)/ benefit		(187	)		1,732			547
Income tax (expense)/ benefit	$	(3,557	)		1,732		$	384

Effective tax rate Reconciliation		34.32	%		33.44	%		7.57	%

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AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

25.	Income Taxes: (Continued)

The reconciliation between the statutory tax expense in Belgium on income of Aegean NWE from continuing operations to the income tax expense recorded in the financial statements is as follows:

	Year Ended December 31,
	2012				2013			2014
Income tax on profit before tax at statutory rate		$	(3,472	)		1,750			$	1,735
Effect of permanent differences			(85	)		(18	)			(1,351	)
Total tax (expense)/ benefit reconciliation		$	(3,557	)		1,732			$	384

	Year Ended December 31,
	2012		2013		2014
Deferred tax assets:
Tax carry forward losses	$	-		1,402	$	2,570
Total deferred tax assets, net		-		1,402		2,570

Deferred tax liabilities:
Revaluation of Aegean NWE fixed assets		3,045		2,715		3,336
Total deferred tax liabilities, net	$	3,045		2,715	$	3,336

In the accompanying balance sheets, the deferred income tax assets are included in current assets of $1,044 and 754 as the estimated amounts to recover over the next 12 months and in non-current assets of $1,852 and $1,224 as of December 31, 2013 and 2014, respectively. Deferred tax liabilities are presented in non-current liabilities of $2,017 and $1,010 as at December 31, 2013 and 2014, respectively. Income tax benefits as at December 31, 2014, of amount $3,845 that are carryforwards do not expire. As of December 31, 2013 and 2014, the Company has not recorded a valuation allowance.

Canada

The Company is subject to Canadian income taxes through its Canadian subsidiaries

The components of the Canadian subsidiaries (expense)/benefit for income taxes are as follows:

	Year Ended December 31,
	2012			2013			2014
Current tax expense	$	(249	)		(110	)	$	(334	)
Deferred tax expense		-			-			-
Income tax provision	$	(249	)		(110	)	$	(334	)

Effective tax rate Reconciliation		11.28	%		13.63	%		51.38	%

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AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

25.	Income Taxes: (Continued)

The reconciliation the statutory tax expense in Canada on income from continuing operations to the income tax expense recorded in the financial statements is as follows:

	Year Ended December 31,
	2012				2013			2014
Income tax on profit before tax at statutory rate		$	(616	)		(227	)		$	(183	)
Effect of permanent differences			367			117				(151	)
Total tax expense reconciliation		$	(249	)		(110	)		$	(334	)

Other

Generally, under the laws of the countries of the vessel-owning companies' and the Manager's incorporation and/or vessels' registration, the vessel-owning companies and the Manager were not subject to tax on shipping income. However, the vessel-owning companies are subject to registration and tonnage taxes, which have been included in other operating expenses in the accompanying consolidated statements of income.

The Company files income tax returns in the Canadian federal jurisdiction and various provincial jurisdictions, as well as the Belgian federal jurisdiction. In the normal course of business, the Company is subject to examination by taxing authorities. Open tax years in Canada range from 2011 to 2014 and in Belgium from 2012 to 2014 and in U.S.A. from 2013 to 2014. However, upon examination in subsequent years, if net operating loss carry forwards and tax credit carry forwards are utilized, the Canadian and Belgian jurisdictions can reduce net operating loss carry forwards and tax credit carry forwards utilized in the year being examined if they do not agree with the carry forward amount. As of December 31, 2014, the Company was not under audit in the Canadian or Belgian taxing jurisdictions.

26.	Business Segments and Geographical Information:

The Company is primarily a physical supplier in the downstream marine petroleum products industry. Marine petroleum products mainly consist of different classifications of marine fuel oil, marine gas oil and lubricants.

The Company cannot and does not identify expenses, profitability or other financial performance measures by type of marine petroleum product supplied, geographical area served, nature of services performed or on anything other than on a consolidated basis (although the Company is able to segregate revenues on these various bases). As a result, management, including the chief operating decision maker, reviews operating results on a consolidated basis only. Therefore, the Company has determined that it has only one operating segment.

The Company is domiciled in the Marshall Islands but provides no services in that location. It is impracticable to disclose revenues from external customers attributable to individual foreign countries because where the customer is invoiced is not necessarily the country of domicile. In addition, due to the nature of the shipping industry, where services are provided on a worldwide basis, the country of domicile of the customer does not provide useful information regarding the risk that this disclosure is intended to address.

F-48

AEGEAN MARINE PETROLEUM NETWORK INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars -

Except share and per share data, unless otherwise stated)

26.	Business Segments and Geographical Information: (Continued)

The Company's long-lived assets mainly consist of bunkering tankers, which are positioned across the Company's existing territories and which management, including the chief operating decision maker, reviews on a periodic basis and reposition among the Company's existing or new territories to optimize the vessel per geographical territory ratio. The Company's vessels operate within or outside the territorial waters of each geographical location and, under international law, shipping vessels usually fall under the jurisdiction of the country of the flag they sail. The Company's vessels are not permanently located within particular territorial waters and the Company is free to mobilize all its vessels worldwide at its own discretion.

27.	Sale of Subsidiary:

On February 25, 2013, the Company entered into an agreement with a third-party to sell its ownership interest (55.5%) in Aegean Oil Terminals (Panama). The remaining interest had been previously presented as a non-controlling interest on the consolidated financial statements. Under the terms of the agreement, an amount of $6,318 was paid to the Company. Also, an amount of $3,384 was distributed from Aegean Oil Terminals as dividends to Aegean and an amount of $2,713 to the non-controlling interest in accordance with the ownership interests. The Company's gain from the sale of its ownership interest in Aegean Oil Terminals is included in Gain on sale of subsidiary on the accompanying consolidated statement of income. The net effect of the cash received from the sale and the transfer of cash balances to the owners is reflected in Proceeds from Sale of subsidiary, net of cash surrendered in the investing activities of the consolidated statement of cash flows.

Under a separate agreement with the purchaser, the Company simultaneously agreed to lease from the purchaser fuel storage facilities at the ports of Panama.

28.	Subsequent Events:

Convertible notes offering: On January 16, 2015 the Company issued $48,300 aggregate principal amount of 4% Convertible Unsecured Senior Notes ("Notes"), which are due November 1, 2018, resulting in net proceeds of approximately $52,204 after the underwriters commissions. The Notes bear the same conversion terms with the 4% Convertible Unsecured Senior Notes issued on October 23, 2013.

New markets: On January 22, 2015, the Company commenced physical supply and marketing operations in Germany, assumed the contracts for two bunkering barges previously under charter to O.W. Bunker and approximately 20,000 cubic meters of on-shore storage capacity, and established a marketing and business development office in Hamburg, Germany. On February 12, 2015 the Company commenced operations in Russia, from its new office based in St. Petersburg.

Equity incentive plan: In March 2015, the Company adopted a new equity incentive plan which replaced in full the 2006 Equity Incentive Plan. The Company has reserved a total of 5,091,402 shares of common stock for issuance under the 2015 Equity Incentive Plan, consisting of 91,402 common shares that remained unissued under the 2006 Equity Incentive Plan plus an additional 5,000,000 common shares. Under the terms of the 2015 Equity Incentive Plan, the compensation committee may grant new options exercisable at a price per common share to be determined by our board of directors but in no event less than fair market value as of the date of grant. The 2015 Equity Incentive Plan also permits the Company's compensation committee to award restricted stock, restricted stock units, non-qualified stock options, stock appreciation rights, dividend equivalent rights, unrestricted stock, and performance shares. The 2015 Equity Incentive Plan expires in March 2025, or ten years from its adoption.

Sale of vessel: On March 16, 2015 the Company completed the sale and delivered the single hull bunkering tanker Tapuit, of deadweight 2,500, to third-party purchasers. The vessel was sold for a total amount $50 (€47,500), resulting in a total loss of approximately $130.

F-49