UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13A-16 OR 15D-16 UNDER THE SECURITIES
EXCHANGE ACT OF 1934

For the month of November 2015

Commission File Number:  001-33179

AEGEAN MARINE PETROLEUM NETWORK INC.

(Translation of registrant's name into English)

10, Akti Kondili
185 45, Piraeus
Greece

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [ X ]     Form 40-F [   ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ________.

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ________.

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached as Exhibit 1 to this Report on Form 6-K is a copy of the press release of Aegean Marine Petroleum Network Inc. (the "Company"), dated November 19, 2015, announcing the Company's financial and operating results for the third quarter ended September 30, 2015.

Attached as Exhibit 2 is a copy of the Company's consolidated financial statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

 

Exhibit 1

 

 

 

 

Aegean Marine Petroleum Network Inc.

Announces Third Quarter 2015 Financial Results

Strong results backed by solid execution and record sales volumes

New York, NY, November 19, 2015 – Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced financial and operating results for the third quarter ended September 30, 2015.

Third Quarter Highlights

·

Recorded operating income of $17.7 million which includes an impairment charge of $5.3 million related to the closure of Aegean's Portland, UK business.

o

Operating income adjusted for the impairment charge was $23.0 million.

·

Recorded net income attributable to Aegean shareholders of $6.8 million or $0.14 basic and diluted earnings per share.

o

Net income adjusted for the impairment charge related to the closure of Aegean's Portland, U.K. business was $12.1 million or $0.25 basic and diluted earnings per share.

·

Recorded EBITDA of $26.2 million.

o

EBITDA adjusted for the impairment charge related to the closure of Aegean's Portland, U.K. business was $31.5 million.

E. Nikolas Tavlarios, Aegean's President, commented, "Aegean Marine's market leadership position and strong financial performance provide a solid foundation for continued growth and diversification. We are excited about the new growth opportunities and revenue streams we are pursuing, and we continue to shift our mix to higher return products such as lower sulfur fuels and blended finished products. Our Fujairah Oil Terminal continues to perform well, operating at excellent efficiency levels and is currently at about 86% capacity. During the quarter we expanded our customer offerings to include cargo sales, a new area of investment for Aegean Marine that is expected to provide us with an additional low cost revenue stream."

Revenue – The Company reported total revenue of $1.1 billion for the third quarter of 2015, a decrease of 40.2%, compared to the same period in 2014 due to the drop in oil prices.  Voyage and other revenues increased to $21.2 million or 14.8% compared to the same period in 2014.

Gross profit – Gross Profit, which equals total revenue less directly attributable cost of revenue increased by 2.2% to $84.4 million in the third quarter of 2015 compared with $82.6 million in the same period in 2014.

 

Operating Expense – The Company reported operating expense of $66.7 million, a decrease of $11.0 million or 14.2% from the prior year period.  When adjusted for the impairment charge related to the closure of Aegean's Portland, U.K. business in the current quarter and a loss on sale of assets in the prior year period the Company reported a decrease in operating expense of $2.5 million or 3.9%.

Operating Income – Operating income for the period ended September 30, 2015 was $17.7 million, an increase of 261.2% over the prior year period. Operating income adjusted for the impairment charge related to the closure of Aegean's Portland, U.K. business in the current quarter and a loss on sale of assets in the prior year period showed an increase of $4.3 million or 23.0%.

Net Income – The Company achieved net income attributable to Aegean shareholders for the three months ended September 30, 2015 of $6.8 million, or $0.14 basic and diluted earnings per share.  Net income adjusted for the impairment charge related to the closure of Aegean's Portland, U.K. business was $12.1 million or $0.25 basic and diluted earnings per share.  For the three months ended September 30, 2014, the Company recorded net income attributable to Aegean shareholders adjusted for a loss on sale of assets of $9.4 million, or $0.20 basic and diluted earnings per share.

Operational Metrics

Sales Volume – For the three months ended September 30, 2015 the Company reported record marine fuel sales volumes of 3,386,511 metric tons an increase of 14.5% compared with the same period in 2014.

Gross Spread Per Metric Ton – For the three months ended September 30, 2015 the Company reported gross spread per metric ton on an aggregate basis of $21.6 per metric ton.  Gross spread per metric ton on Aegean's physical marine fuel supply business was approximately $23.0 per metric ton.

Adjusted EBITDA Per Metric Ton – For the three months ended September 30, 2015 the Company reported adjusted EBITDA per metric ton sold of $9.30.  Adjusted EBITDA per metric ton in the prior year period was $7.70 per metric ton.

Liquidity and Capital Resources

Net cash provided by operating activities was $127.5 million for the three months ended September 30, 2015. Net income, as adjusted for non-cash items (as defined in Note 9 below) was $19.8 million for the period.

Net cash used in investing activities was $0.5million for the three months ended September 30, 2015, primarily due to the purchase of fixed assets.

Net cash used in financing activities was $54.2 million for the three months ended September 30, 2015, derived mainly from the repayment of short-term debt.

As of September 30, 2015, the Company had cash and cash equivalents of $115.4 million and working capital of $281.2 million. Non-cash working capital, or working capital excluding cash and debt, was $457.7 million.

 

As of September 30, 2015, the Company had $910.4 million undrawn amounts under its working capital facilities and $115.4 million of unrestricted cash and cash equivalents to finance working capital requirements.

The weighted average basic and diluted shares outstanding for the three months ended September 30, 2015 was 47,434,953. The weighted average basic and diluted shares outstanding for the three months ended September 30, 2014 were 47,434,953 respectively.

Spyros Gianniotis, Aegean's Chief Financial Officer, stated, "We delivered strong financial results in the quarter as a result of our differentiated and diverse strategy, financial flexibility and solid balance sheet that can support profitability over the long-term. We are introducing a new metric this quarter, EBITDA per ton, which we believe more accurately reflects Aegean's performance and the impact our diversified revenue stream is having on the bottom line. Looking ahead, we remain focused on advancing our position in the fuel supply industry and enhancing our global footprint.  We are confident in our ability to create value for shareholders, continue successfully executing our strategy and drive profitability."

 

Summary Consolidated Financial and Other Data (Unaudited)

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2014				2015				2014				2015
		(in thousands of U.S. dollars, unless otherwise stated)
Income Statement Data:
Revenues - third parties		$	1,801,722			$	1,075,076			$	5,203,859			$	3,289,132
Revenues - related companies			7,977				6,432				20,418				15,186
Total revenues			1,809,699				1,081,508				5,224,277				3,304,318
Cost of revenues  - third parties			1,615,070				971,698				4,674,314				2,942,082
Cost of revenues– related companies			112,010				25,401				299,968				118,724
Total cost of revenues			1,727,080				997,099				4,974,282				3,060,806
Gross profit			82,619				84,409				249,995				243,512
Operating expenses:
Selling and distribution			52,443				50,484				163,209				153,045
General and administrative			10,577				10,551				27,040				31,459
Amortization of intangible assets			892				374				2,947				1,123
Loss / (gain) on sale of vessels, net			13,770				-				13,277				130
Impairment charge			-				5,308				4,062				5,308
Operating income			4,937				17,692				39,460				52,447
Net financing cost			(8,112	)			(9,468	)			(25,102	)			(27,607	)
Gain on sale of subsidiary, net			-				-				-				-
Foreign exchange (loss) / gain, net			(3,342	)			(93	)			(3,245	)			599
Income taxes (expense) / benefit			2,192				(1,334	)			(973	)			730
Net income			(4,325	)			6,797				10,140				26,169
Less income attributable to non-controlling interest			20				-				66				-
Net income attributable to AMPNI shareholders		$	(4,345	)		$	6,797			$	10,074			$	26,169
Basic earnings per share (U.S. dollars)		$	(0.09	)		$	0.14			$	0.21			$	0.53
Diluted earnings per share (U.S. dollars)		$	(0.09	)		$	0.14			$	0.21			$	0.53
EBITDA(1)		$	8,929			$	26,150			$	59,125			$	78,009
Other Financial Data:
Gross spread on marine petroleum products(2)		$	73,578			$	74,426			$	224,912			$	217,809
Gross spread on lubricants(2)			633				1,246				2,120				3,434
Gross spread on marine fuel(2)			72,945				73,180				222,792				214,375
Gross spread per metric ton of marine fuel sold (U.S. dollars) (2)			24.7				21.6				26.8				22.7
Net cash provided by / (used in) operating activities		$	54,522			$	127,506			$	(12,311	)		$	44,454
Net cash provided by / (used in) investing activities			13,226				(544	)			(33,542	)			(8,172	)
Net cash provided by / (used in) financing activities			(54,721	)			(54,168	)			103,430				(47,497	)
Sales Volume Data (Metric Tons): (3)
Total sales volumes			2,958,882				3,386,511				8,324,325				9,452,911
Other Operating Data:
Number of owned bunkering tankers, end of period(4)			49.0				49.0				49.0				49.0
Average number of owned bunkering tankers(4)(5)			49.4				49.0				50.8				48.7
Special Purpose Vessels, end of period (6)……………			1.0				1.0				1.0				1.0
Number of operating storage facilities, end of period(7)			13.0				14.0				13.0				14.0

		As of December 31, 2014				As of September 30, 2015
		(in thousands of U.S. dollars, unless otherwise stated)
Balance Sheet Data:
Cash and cash equivalents			129,551				115,397
Gross trade receivables			360,074				361,412
Allowance for doubtful accounts			(5,851	)			(7,012	)
Inventories			156,990				163,822
Current assets			736,888				714,849
Total assets			1,484,725				1,445,619
Trade payables			120,451				110,576
Current liabilities (including current portion of long-term debt)			531,540				433,637
Total debt			740,880				691,402
Total liabilities			917,309				835,416
Total stockholder's equity			567,416				610,203
Working Capital Data:
Working capital(8)			205,348				281,212
Working capital excluding cash and debt(8)			431,081				457,703

Notes:

1.

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 or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of EBITDA may not be comparable to that recorded by other companies. EBITDA is included herein because it is a basis upon which the Company assesses its operating performance and because the Company believes that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. The following table reconciles net income to EBITDA for the periods presented:

		For the Three Months Ended September 30,
		2014				2015
		(in thousands of U.S. dollars, unless otherwise stated)
Net income attributable to AMPNI shareholders			(4,345	)			6,797
Add: Net financing cost including amortization of financing costs			8,112				9,468
Add: Income tax expense/ (benefit)			(2,192	)			1,334
Add: Depreciation and amortization excluding amortization of financing costs			7,354				9,235
EBITDA			8,929				26,150

 

2.

Gross spread on marine petroleum products represents the margin the Company generates on sales of marine fuel and lubricants.  Gross spread on marine fuel represents the margin that the Company generates on sales of various classifications of marine fuel oil ("MFO") or marine gas oil ("MGO"). Gross spread on lubricants represents the margin that the Company generates on sales of lubricants. Gross spread on marine petroleum products, gross spread of MFO and gross spread on lubricants are not items recognized by U.S. GAAP and should not be considered as an alternative to gross profit or any other indicator of a Company's operating performance required by U.S. GAAP. The Company's definition of gross spread may not be the same as that used by other companies in the same or other industries.  The Company calculates the above-mentioned gross spreads by subtracting from the sales of the respective marine petroleum product the cost of the respective marine petroleum product sold and cargo transportation costs. For arrangements in which the Company physically supplies the respective marine petroleum product using its bunkering tankers, costs of the respective marine petroleum products sold represents amounts paid by the Company for the respective marine petroleum product sold in the relevant reporting period. For arrangements in which the respective marine petroleum product is purchased from the Company's related company, Aegean Oil S.A., or Aegean Oil, cost of the respective marine petroleum products sold represents the total amount paid by the Company to the physical supplier for the respective marine petroleum product and its delivery to the custom arrangements in which the Company purchases cargos of marine fuel for its floating storage facilities, transportation costs may be included in the purchase price of marine fuels from the supplier or may be incurred separately from a transportation provider. Gross spread per metric ton of marine fuel sold represents the margin the Company generates per metric ton of marine fuel sold. The Company calculates 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. The following table reflects the calculation of gross spread per metric ton of marine fuel sold for the periods presented:

		For the Three Months Ended September 30,
		2014				2015
Sales of marine petroleum products			1,791,261				1,060,342
Less: Cost of marine petroleum products sold			(1,717,683	)			(985,916	)
Gross spread on marine petroleum products			73,578				74,426
Less: Gross spread on lubricants			(633	)			(1,246	)
Gross spread on marine fuel			72,945				73,180
Sales volume of marine fuel (metric tons)			2,958,882				3,386,511
Gross spread per metric ton of marine fuel sold (U.S. dollars)			24.7				21.6

3.

Sales volume of marine fuel is the volume of sales of various classifications of MFO and MGO for the relevant period and is denominated in metric tons. The Company does not use the sales volume of lubricants as an indicator.

 

The Company's markets include its physical supply operations in the United Arab Emirates, Gibraltar, Jamaica, Singapore, Northern Europe, Vancouver, Trinidad and Tobago (Southern Caribbean), Tangiers (Morocco), Las Palmas, Tenerife, Barcelona, Algeciras, Hamburg, U.S.A. and Greece, where the Company conducts operations through its related company, Aegean Oil.

 

4.

Bunkering fleet comprises both bunkering vessels and barges.

5.

Figure represents average bunkering fleet number for the relevant period, as measured by the sum of the number of days each bunkering tanker or barge was used as part of the fleet during the period divided by the cumulative number of calendar days in the period multiplied by the number of bunkering tankers at the end of the period.   This figure does not take into account non-operating days due to either scheduled or unscheduled maintenance.

6.

Special Purpose Vessels consists of the Orion, a 550 dwt tanker which is based in our Greek market.

7.

The Company owns one barge, the Mediterranean, as a floating storage facility in Greece.  The Company also operates on-land storage facilities in Las Palmas, Fujairah, Tangiers, Panama, U.S.A., Hamburg and Barcelona.

The ownership of storage facilities allows the Company to mitigate its risk of supply shortages. Generally, storage costs are included in the price of refined marine fuel quoted by local suppliers. The Company expects that the ownership of storage facilities will allow it to convert the variable costs of this storage fee mark-up per metric ton quoted by suppliers into fixed costs of operating its owned storage facilities, thus enabling the Company to spread larger sales volumes over a fixed cost base and to decrease its refined fuel costs.

8.

Working capital is defined as current assets minus current liabilities. Working capital excluding cash and debt is defined as current assets minus cash and cash equivalents minus restricted cash minus current liabilities plus short-term borrowings plus current portion of long-term debt.

9.

Net income as adjusted for non-cash items, such as depreciation, provision for doubtful accounts, restricted stock, amortization, deferred income taxes, loss on sale of vessels, net, impairment losses, unrealized loss/(gain) on derivatives and unrealized foreign exchange loss/(gain), net, is used to assist in evaluating our  ability to make quarterly cash distributions. Net income as adjusted for non-cash items is not recognized by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States.

 

Third Quarter 2015 Dividend Announcement

On November 19, 2015, the Company's Board of Directors declared a third quarter 2015 dividend of $0.02 per share payable on December 17, 2015 to shareholders of record as of December 3, 2015. The dividend amount was determined in accordance with the Company's dividend policy of paying cash dividends on a quarterly basis subject to factors including the requirements of Marshall Islands law, future earnings, capital requirements, financial condition, future prospects and such other factors as are determined by the Company's Board of Directors. The Company anticipates retaining most of its future earnings, if any, for use in operations and business expansion.

 

Conference Call and Webcast Information

A replay of the webcast will be available soon after the completion of the call and will be accessible on www.ampni.com.  A telephone replay will be available through September 1, 2015 by dialing (888) 203-1112 or (for U.S.-based callers) or (719) 457-0820 (for international callers) and enter the passcode: 623974.

 

About Aegean Marine Petroleum Network Inc.

Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 31 markets, including Vancouver, Montreal, Mexico, Jamaica, Trinidad and Tobago, Gibraltar, U.K., Northern Europe, Piraeus, Patras, the United Arab Emirates, Singapore, Morocco, the Antwerp-Rotterdam-Amsterdam (ARA) region, Las Palmas, Tenerife, Panama, Hong Kong, Barcelona, the U.S. East Coast, Los Angeles, the U.S. Gulf, Algeciras, Germany and Russia. The Company has also entered into a strategic alliance to extend its global reach to China. To learn more about Aegean, visit http://www.ampni.com.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release 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.

The Company 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. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. 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 important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, 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, 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 failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors.  Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

CONTACTS:

Aegean Marine Petroleum Network Inc.

(212) 430-1098

 

 

 

 

Exhibit 2

		December 31, 2014				September 30, 2015
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	129,551			$	115,397
Trade receivables, net of allowance for doubtful accounts of $5,851 and $7,012, as of December 31, 2014 and September 30, 2015, respectively			354,223				354,400
Due from related companies			18,662				31,795
Derivative asset			18,941				8,282
Inventories			156,990				163,822
Prepayments and other current assets			54,901				36,235
Deferred tax asset			754				3,340
Restricted cash			2,306				1,578
Total current assets			736,328				714,849
FIXED ASSETS:
Advances for vessels under construction and acquisitions			5,466				-
Advances for other fixed assets under construction			-				373
Vessels, cost			473,388				480,346
Vessels, accumulated depreciation			(92,196	)			(104,954	)
Other fixed assets, net			253,768				248,941
Total fixed assets			640,426				624,706
OTHER NON-CURRENT ASSETS:
Deferred charges, net			27,874				29,958
Intangible assets			15,507				9,076
Goodwill			66,031				66,031
Deferred tax asset			1,224				-
Other non-current assets			925				999
Total assets			1,488,315				1,445,619
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings			318,978				254,764
Current portion of long-term debt			38,612				38,702
Trade payables to third parties			115,634				110,544
Trade payables to related companies			3,422				32
Other payables to related companies			1,172				1,646
Accrued and other current liabilities			55,917				27,949
Total current liabilities			533,735				433,637
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion			383,290				397,936
Deferred tax liability			1,010				710
Derivative liability			592				444
Other non-current liabilities			2,272				2,689
Total non-current liabilities			387,164				401,779
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 25,000,000 shares authorized, none issued			-				-
Common stock, $0.01 par value; 100,000,000 shares authorized at December 31, 2014 and September 30, 2015; 50,242,992 and 51,383,992 shares issued and 48,271,353 and 49,412,353 shares outstanding at December 31, 2014 and September 30, 2015, respectively			502				513
Treasury stock $0.01 par value; 1,971,639 shares, repurchased at December 31, 2014 and  September 30, 2015			(29,327	)			(29,327	)
Additional paid-in capital			371,924				391,469
Retained earnings			224,317				247,548
Total  AMPNI stockholders' equity			567,416				610,203
Total  equity			567,416				610,203
Total liabilities and equity		$	1,488,315			$	1,445,619

		Nine Months Ended September 30,
		2014				2015
Revenues
Revenues – third parties		$	5,203,859			$	3,289,132
Revenues – related companies			20,418				15,186
Total Revenues			5,224,277				3,304,318
Cost of  Revenues
Cost of revenues– third parties			4,674,314				2,942,082
Cost of revenues – related companies			299,968				118,724
Total Cost of Revenues			4,974,282				3,060,806
Gross Profit			249,995				243,512
OPERATING EXPENSES:
Selling and Distribution			163,209				153,045
General and Administrative			27,040				31,459
Amortization of intangible assets			2,947				1,123
Loss on sale of vessels			13,277				130
Impairment charge			4,062				5,308
Total operating expenses			210,535				191,065
Operating income			39,460				52,447
OTHER INCOME/(EXPENSE):
Interest and finance costs			(25,164	)			(27,653	)
Interest income			62				46
Foreign exchange (losses) / gains, net			(3,245	)			599
			(28,347	)			(27,008	)
Income before income taxes			11,113				25,439
Income taxes			(973	)			730
Net  income			10,140				26,169
Net income attributable to non-controlling interest			66				-
Net  income attributable to AMPNI shareholders		$	10,074				26,169
Basic earnings per common share		$	0.21			$	0.53
Diluted earnings per common share		$	0.21			$	0.53
Weighted average number of shares, basic			46,249,949				47,216,050
Weighted average number of shares, diluted			46,249,949				47,216,050

		Common Stock								Treasury Stock												Additional Paid-in Capital				Retained Earnings				Non-Controlling Interest				Total
		Number of Shares				Par Value				Number of Shares				Par Value
BALANCE, January  1, 2014			49,243,659				492				(1,971,639	)			(20	)			(29,307	)			363,160				209,130				291			$	543,746
- Net income			-				-				-				-				-				-				10,074				66				10,140
- Dividends declared and paid ($0.03 per share)			-				-				-				-				-				-				(1,438	)			-				(1,438	)
- Share-based compensation			975,667				10				-				-				-				5,484				-				-				5,494
BALANCE, September 30, 2014			50,219,326				502				(1,971,639	)			(20	)			(29,307	)			368,644				217,766				357				557,942

		Common Stock								Treasury Stock												Additional Paid-in Capital				Retained Earnings				Non-Controlling Interest				Total
		Number of Shares				Par Value				Number of Shares				Par Value
BALANCE, January 1, 2015			50,242,992				502				(1,971,639	)			(20	)			(29,307	)			371,924				224,317				-			$	567,416
- Net income			-				-				-				-				-				-				26,169								26,169
- Dividends declared and paid ($0.06 per share)			-				-				-				-				-				-				(2,938	)			-				(2,938	)
-Equity component of convertible notes			-				-				-				-				-				12,114				-				-				12,114
- Share-based compensation			1,141,000				11				-				-				-				7,431				-				-				7,442
BALANCE, September 30, 2015			51,383,992				513				(1,971,639	)			(20	)			(29,307	)			391,469				247,548				-				610,203

		Nine Months Ended September 30,
		2014				2015
Cash flows from operating activities:
Net income		$	10,140			$	26,169
Adjustments to reconcile net income to net cash (used in) / provided by operating activities:
Depreciation			15,776				19,100
Provision of doubtful accounts			758				1,161
Share-based compensation			5,494				7,442
Amortization			10,354				13,786
Net deferred tax benefit			(1,121	)			(1,662	)
Unrealized (gain) / loss on derivatives			(3,259	)			10,511
Loss on sale of vessels, net			13,277				130
Impairment charge			4,062				5,308
Unrealized foreign exchange gain			(601	)			(450	)
Decrease / (Increase) in:
Trade receivables			(70,664	)			1,601
Due from related companies			(7,792	)			(13,133	)
Inventories			115,332				(6,832	)
Prepayments and other current assets			(21,159	)			18,666
Increase/ (Decrease) in:
Trade payables			(59,594	)			(8,480	)
Other payables to related companies			(852	)			474
Accrued and other current liabilities			(16,033	)			(21,886	)
Decrease in other non-current assets			(124	)			(74	)
Increase in other non-current liabilities			375				417
Payments for dry-docking			(6,680	)			(7,794	)
Net cash (used in) / provided by operating activities			(12,311	)			44,454
Cash flows from investing activities:
Advances for vessels under construction			(570	)			(2,979	)
Vessel acquisitions			(7,587	)			-
Advances for other fixed assets under construction			(36,194	)			(5,366	)
Net proceeds from sale of vessels			14,497				49
Purchase of other fixed assets			(7,863	)			(604	)
Decrease in restricted cash			4,175				728
Net cash used in investing activities			(33,542	)			(8,172	)
Cash flows from financing activities:
Proceeds from long-term debt			119,455				53,613
Repayment of long-term debt			(26,143	)			(28,894	)
Repayment of capital lease obligation			(395	)			-
Net change in short-term borrowings			15,213				(64,214	)
Financing costs paid			(3,262	)			(5,064	)
Dividends paid			(1,438	)			(2,938	)
Net cash provided by / (used in) financing activities			103,430				(47,497	)
Effect of exchange rate changes on cash and cash equivalents			(2,569	)			(2,939	)
Net increase/ (decrease) in cash and cash equivalents			55,008				(14,154	)
Cash and cash equivalents at beginning of period			62,575				129,551
Cash and cash equivalents at end of period		$	117,583			$	115,397

		December 31, 2014				September 30, 2015
Held for sale:
Marine Fuel Oil		$	131,372			$	119,611
Marine Gas Oil			22,921				41,911
			154,293				161,522
Held for consumption:
Marine fuel			1,819				1,525
Lubricants			700				578
Stores			14				10
Victuals			164				187
			2,697				2,300
Total		$	156,990			$	163,822

Balance, December 31, 2014		$	5,466
Advances for vessels under construction and related costs			1,828
Vessel delivered			(7,294	)
Balance, September 30, 2015		$	-

		Vessel Cost				Accumulated Depreciation				Net Book Value
Balance, December 31, 2014		$	473,388			$	(92,196	)		$	381,192
- Additions			7,294				-				7,294
- Depreciation			-				(12,915	)			(12,915	)
- Vessels disposed			(336	)			157				(179	)
Balance, September 30, 2015		$	480,346			$	(104,954	)		$	375,392

		Land				Buildings				Storage Facility				Other				Total
Cost, December 31, 2014		$	9,036			$	3,459			$	226,067			$	21,118			$	259,680
- Additions			-				-				843				604				1,447
- Disposals			-				-				-				(306	)			(306	)
Cost, September 30, 2015			9,036				3,459				226,910				21,416				260,821
Accumulated depreciation, December 31, 2014			-				(602	)			(415	)			(4,895	)			(5,912	)
- Depreciation expense			-				(92	)			(3,874	)			(2,219	)			(6,185	)
- Disposals			-				-				-				217				217
Accumulated depreciation, September 30, 2015			-				(694	)			(4,289	)			(6,897	)			(11,880	)
Net book value, December 31, 2014			9,036				2,857				225,652				16,223				253,768
Net book value, September 30, 2015		$	9,036			$	2,765			$	222,621			$	14,519			$	248,941

		Dry-docking				Financing Costs				Total
Balance, December 31, 2014		$	18,565			$	9,309			$	27,874
- Additions			7,103				4,640				11,743
- Amortization for the period			(4,740	)			(4,919	)			(9,659	)
Balance, September 30, 2015		$	20,928			$	9,030			$	29,958

		Below market acquired time-charter				Concession agreements				Non-compete covenant				Total
Cost, December 31, 2014		$	1,915			$	19,797			$	3,365			$	25,077
- Additions			-				-				-				-
- Disposals			(1,915	)			-				-				(1,915	)
- Impairment loss			-				(7,772	)			-				(7,772	)
Cost, September 30, 2015			-				12,025				3,365				15,390
Accumulated amortization, December 31, 2014			(1,915	)			(5,199	)			(2,456	)			(7,655	)
- Amortization expense			-				(734	)			(389	)			(1,123	)
- Disposals			1,915				-				-				1,915
- Impairment loss			-				2,464				-				2,464
Accumulated amortization, September 30, 2015			-				(3,469	)			(2,845	)			(6,314	)
Net book value, December 31, 2014			-				14,598				909				15,507
Net book value, September 30, 2015		$	-			$	8,556			$	520			$	9,076
Amortization Schedule:
October 1, to December 31, 2015			-				170				128				298
2016			-				678				392				1,070
2017			-				676				-				676
2018			-				676				-				676
2019			-				676				-				676
Thereafter			-				5,680				-				5,680

Loan Facility		December 31, 2014				September 30, 2015
Short-term borrowings:
Revolving overdraft facility dated 5/6/2015		$	6,993			$	5,355
Security agreement dated 8/12/2015			110,500				83,000
Borrowing base facility agreement dated 9/16/2015			201,485				166,409
Total short-term borrowings		$	318,978			$	254,764
Long-term debt:
Secured syndicated term loan dated 8/30/2005		$	20,140			$	18,360
Secured term loan facility under senior secured credit facility dated 12/19/2006			14,220				12,120
Secured term loan dated 10/25/2006			17,531				16,415
Secured term loan dated 10/27/2006			11,153				10,235
Secured syndicated term loan dated 10/30/2006			45,946				43,375
Secured term loan dated 9/12/2008			25,401				22,196
Secured syndicated term loan dated 4/24/2008			25,591				24,118
Secured syndicated term loan dated 7/8/2008			1,706				682
Secured term loan dated 4/1/2010			1,393				1,077
Roll over agreement dated 4/1/2010			5,178				4,471
Corporate credit facility dated 3/11/2013			59,000				45,200
Senior convertible notes dated 10/23/2013			75,411				77,258
Senior convertible notes dated 01/16/2015			-				42,233
Borrowing base facility agreement dated 9/18/2015			115,000				115,000
Roll over agreement dated 3/21/2014			4,232				3,898
Total			421,902				436,638
Less:  Current portion of long-term debt			(38,612	)			(38,702	)
Long-term debt, net of current portion		$	383,290			$	397,936

		Amount
October 1 to December 31, 2015		$	9,704
2016			38,631
2017			159,129
2018			160,394
2019			55,891
2020 and thereafter			27,948
Total principal payments			451,697
Less: Unamortized portion of notes' discount			(15,059	)
Total long-term debt		$	436,638

	As of December 31, 2014
	Interest Rate Index	Principal Amount	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%
	As of September 30, 2015
	Interest Rate Index	Principal Amount	Fair Value/ Carrying Amount of Liability	Weighted-average remaining term	Fixed Interest Rate
U.S. Dollar-denominated Interest Rate Swap	Euribor	$ 4,471	$ 444	10.50	2.35%

		As of
Assets/ (Liabilities)	Balance Sheet Location	December 31, 2014				September 30, 2015
Fuel pricing contracts	Derivative asset, current		$	18,941			$	8,282
Interest rates contracts	Derivative liability, non-current			(592	)			(444	)
Total, net			$	18,349			$	7,838

			Nine months ended September 30,
Income/ (Loss)	Statements of Income Location		2014				2015
Fuel pricing contracts	Cost of  revenue - third parties		$	4,174			$	28,301
Interest rate contracts	Interest and finance costs			(273	)			64
Total			$	3,901			$	28,365

										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				-

						Fair value measurements at September 30, 2015
Assets/ (Liabilities)		Total				Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
Interest Rate Swap		$	(444	)			-			$	(444	)			-
Fuel pricing contracts		$	8,282				-				8,282				-
Total		$	7,838				-			$	7,838				-

		Nine Months Ended September 30,
		2014				2015
Sales of marine petroleum products		$	5,170,187			$	3,244,375
Voyage revenues			23,020				22,916
Other revenues			31,070				37,027
Total Revenues		$	5,224,277				3,304,318
Cost of marine petroleum products		$	4,945,275				3,026,566
Cost of voyage revenues			11,118				10,903
Cost of other revenues			17,889				23,337
Total Cost of Revenues		$	4,974,282			$	3,060,806

		Nine Months Ended September 30,
		2014				2015
Salaries		$	42,750			$	38,972
Depreciation			12,292				11,184
Vessel hire charges			22,340				21,466
Amortization of dry-docking costs			3,943				4,119
Vessel operating expenses			24,537				20,828
Bunkers consumption			23,971				13,039
Storage costs			20,685				29,636
Broker commissions			3,429				4,197
Provision for doubtful accounts			758				1,161
Other			8,504				8,443
Selling and Distribution Expenses		$	163,209			$	153,045

		Nine Months Ended September 30,
		2014				2015
Salaries		$	11,658			$	14,375
Depreciation			1,595				2,046
Office expenses			13,787				15,038
General and Administrative Expenses		$	27,040			$	31,459

October 1 to December 31, 2015		$	9,395
2016			29,619
2017			26,626
2018			25,600
2019			13,710
Thereafter			151,907
Total minimum annual payments under all non-cancelable operating leases		$	256,857