Revenue during the quarter surged 102.44 percent to $1,524.26 million from $752.93 million in the previous year period. Gross margin for the quarter contracted 547 basis points over the previous year period to 5.27 percent. Total expenses were 99.09 percent of quarterly revenues, up from 97.57 percent for the same period last year. That has resulted in a contraction of 152 basis points in operating margin to 0.91 percent.

Operating income for the quarter was $13.87 million, compared with $18.30 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $21.94 million compared with $27.15 million in the prior year period. At the same time, adjusted EBITDA margin contracted 217 basis points in the quarter to 1.44 percent from 3.61 percent in the last year period.

E. Nikolas Tavlarios, Aegean's President, commented, "Our results in the quarter were impacted by increased competition across operations and continued challenging market dynamics. These results do not reflect the overall strength of our business or our strong track record of delivering consistent growth and stable financial results. To position Aegean for continued success, we are actively managing our business and taking decisive action to improve performance despite industry headwinds. We are controlling what we can control by shifting our strategy towards a more\ asset-light model and taking a strategic view of our operations to enhance efficiency. Consistent with our focus of actively managing our fleet, we are marketing several vessels for sale, charter, or redeployment to the highest growth areas. We are confident that these initiatives, once fully implemented, will drive improved performance and value creation."