Greek marine fuel supplier Aegean Marine Petroleum Network has seen its net income surge to USD 16 million in the fourth quarter of 2016, up from USD 9.7 recorded in the same three-month period in 2015.

The company’s total revenue stood at USD 1.2 billion in the quarter, representing an increase of 29 percent from USD 927.3 million reported a year earlier, driven by an increse in oil prices.

For the three months ended December 31, 2016, the company reported marine fuel sales volumes of 3,95 million metric tons, a decrease of 1.9% compared to 4,02 million seen in the same period in 2015.

“The fourth quarter marked the end of another strong year for Aegean, despite volatile commodity markets and increased competition,” E. Nikolas Tavlarios, Aegean’s President, said.

While Aegean Marine’s full year net income increased to USD 51.8 million from USD 35.8 million seen in 2015, the company’s revenue for the period dropped to USD 4 billion from USD 4.2 billion reached in 2015.

For the full year, the sales volumes increased to 16,51 million metric tons from 13,48 million metric tons.

“Looking ahead, we will continue to deploy our resources into the most effective and profitable markets to generate the greatest return for Aegean shareholders,” Spyros Gianniotis, Aegean’s Chief Financial Officer, said.

“As evidenced by consistent portfolio rationalization, we are focused on strengthening our operations and enhancing efficiencies across our business. Our global footprint now includes more than 30 markets and 51 ports,” Tavlarios added.