Bunker supplier Aegean Marine Petroleum Network Inc has launched a new bunkering operation in South Africa’s Algoa Bay near the ports of Port Elizabeth and Coega.

New York-listed Aegean said the new bunkering operation is located within a few miles of heavily used international shipping lanes, and positioned as a natural stopover on routes to Europe, the Americas, Asia, Australia and both coasts of Africa.

Approximately 2m metric tonnes of bunker fuel is sold annually in the region, underscoring that Aegean's new operations are located in a robust market with potential for growth, the company said.

E. Nikolas Tavlarios, president of Aegean, said: “The launch of bunkering operations in Algoa Bay is consistent with our strategy to opportunistically enter new markets. This strategic expansion allows us to take advantage of compelling market dynamics while simultaneously providing customers with a faster, more efficient and affordable alternative in the region.

“We are confident that entering this attractive market will strengthen Aegean's unique market position and prospects for continued growth.”

Earlier this year, Aegean started operations in the South American market with the opening of itsnew office in Rio de Janeiro. The team in Brazil manages an asset-light physical supply and back-to-back trading model in the region.