Aegean Marine Petroleum Network Up 9.8% (ANW)

Shares of Aegean Marine Petroleum Network Inc. ANW are trading up 9.8% at $10.01 per share during the Wednesday afternoon trading session. The company announced on Tuesday after the market closed that it plans to begin physical supply operations in Cape Verde off the coast of Western Africa, upon entering into a strategic co-operation with Enacol, a local Cape Verde energy company. President E. Nikolas Tavlarios said, "We are pleased to co-operate with Enacol and once again expand our global reach by establishing a strategic presence in Cape Verde. The port of Mindelo provides exciting opportunities for our Company as we remain focused on profitably increasing sales volumes. By providing an integrated marine fuel solution throughout this market, which connects critical trade routes between North and South America, Africa and Europe, we expect to increase fleet utilization and expand our future earnings potential. Importantly, based on our co-operation with Cape Verde's leading energy company, we will not incur any incremental capital expenditures by launching operations in this new and attractive market. We also expect to achieve operational efficiencies with our existing service centers located in Ghana and Las Palmas." The day's range for shares of Aegean Marine Petroleum Network Inc has been between $9.13 and $10.12 per share. The average price target of analysts who cover Aegean Marine Petroleum Network Inc is $16.00 per share. Volume of 1.1 million shares is above the daily average volume of 780,000 shares. Aegean Marine Petroleum Network Inc. (ANW) is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. Read more from Benzinga's Company news.