Market Overview

Aegean Marine Petroleum Network Announces Key Leadership Appointments and New Management Committee


Aegean Marine Petroleum Network Inc. (NYSE:ANW) ("Aegean" or the
"Company") today announced three significant executive appointments and
the establishment of a new Management Committee. Together these actions
represent important progress rebuilding Aegean's senior leadership team:

  • Kostas Polydakis, formerly Aegean's Managing Director, Shipping, has
    been promoted to Chief Operating Officer;
  • John G. Mystakidis, formerly a partner at Ernst & Young and most
    recently a full-time consultant to the Company, has joined the Company
    as its Group Financial Controller and Interim Chief Financial Officer;
  • Sal Drago, formerly Aegean's Global Director of Supply and
    Trading, has rejoined the Company in the same role.

The new Management Committee will consist of Aegean President Jonathan
McIlroy and Messrs. Polydakis, Mystakidis and Drago.

Both the Company's previous COO Manolis Chochlakis, who was appointed to
the position in December 2017, and the previous CFO Pavlos Papageorgiou,
appointed in April 2018, have left the Company.

"I am delighted to welcome Kostas Polydakis, John Mystakidis and Sal
Drago – three proven executives, who have earned our respect and trust –
to the Aegean senior management team," said Donald Moore, the Company's
Chairman and independent director of the Board. "Each brings an
impressive track record creating value in our industry. Joining our
President Jonathan McIlroy in a newly established Management Committee,
this talented and dedicated group of leaders will streamline
decision-making and execution, speeding the implementation of Aegean's
long-term growth strategy."

About Kostas Polydakis

Kostas Polydakis has more than 20 years of experience in the shipping
industry, including nearly 12 years at Aegean. Most recently as Managing
Director of Shipping, he oversaw the creation of the Company's shipping
division, growing it to a fleet of 50 tankers.

In his previous positions at Aegean as Technical Manager and Deputy
General Manager of the Bunkering Services division from 2006 to 2017,
Mr. Polydakis was responsible for the performance and day-to-day
operations of all division departments. He also completed over 40 sale
and purchase transactions and multiple new building projects, in
addition to successfully reducing fleet operating expenses.

About John Mystakidis

John Mystakidis brings more than 25 years of experience in financial
reporting, financial management and auditing. He has supported and
advised clients with significant cross-border presences and foreign
operations. During 11 years at Ernst & Young, he acted as Lead Partner
to multiple large Greek and multinational companies, helping them to
address and resolve critical financial issues. Since May, Mr. Mystakidis
has served as a full-time consultant to the Company.

Prior to Ernst & Young, Mr. Mystakidis was an Assurance and Business
Advisory Partner at Arthur Andersen, where he supervised audits and due
diligence reviews for a number of Greek and multinational clients.

About Salvatore (Sal) Drago

Sal Drago has over 25 years of experience trading fuel oil, feedstock
and fuel blending components for key global bunkering locations. From
2013 Mr. Drago served as Aegean's Global Director of Supply and Trading,
the position to which he has returned, leading the Company's arbitrage
cargo movements, fuel oil blending and risk management efforts.

Previously, Mr. Drago spent nine years at Hess Corporation, where he was
Managing Director, Fuel Oil and Feedstock Trading. There he led the
company's transition from a fuel oil wholesaler to a fully integrated
supply and trading organization, with retail bunkering operations in
five U.S. ports.

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 more than 30 markets and a team of
professionals ready to serve its customers wherever they are around the
globe. For additional information please visit:

Cautionary Statement Regarding Forward-Looking Statements

This release contains "forward-looking" statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements that are predictive in nature,
that depend upon or refer to future events or conditions, or that
include words such as "expects," "anticipates," "intends," "plans,"
"believes," "estimates," "will," and similar expressions are
forward-looking statements. For example, statements regarding the
transactions contemplated by the Agreement, including financings,
operational services, trading and hedging arrangements and other support
that may be provided by Mercuria to Aegean, are forward-looking
statements. Forward-looking statements involve known and unknown risks
and uncertainties that may cause actual future results to differ
materially from those projected or contemplated in the forward-looking
statements. These risks and uncertainties include, but are not limited
to, the ability to close the trade finance facility by August 15, 2018,
to negotiate and execute final definitive agreements regarding the
transactions contemplated by the MOU, the failure to satisfy the
conditions related to such transactions, the ability to retain Aegean
customers, suppliers and vendors, the ability to manage our liquidity
and satisfy our debt obligations as they become due, and the other risks
and uncertainties disclosed in our filings with the Securities and
Exchange Commission. Given the risks and uncertainties inherent in
forward-looking statements, you are cautioned not to place undue
reliance on any of our forward-looking statements. Forward-looking
statements speak only as of the date on which the statements are made.
Aegean undertakes no duty, and expressly disclaims any obligation, to
update these forward-looking statements to reflect any future events,
developments or otherwise.

View Comments and Join the Discussion!