Aegean NewsAs a result, M/V FEDRA, a bulk carrier anchored in the eastern anchorage, ran aground....

Aegean Ανέγερση

Πετρελαϊκών Εγκαταστάσεων στην Fujairah

ΣυνέντευξηHarald Kuznik

Παγκόσμιος Επικεφαλής

Ναυτιλίας ΗSH Nordbank AG

Lloyd’s List Βραβεία Ελληνικής

Ναυτιλίας

ΑκόμηΤάσεις & Εξελίξεις

Ταξίδια

Aegean News ΧΕΙΜΩΝΑΣ 2008-2009 ΤΟ ΤΡΙΜΗΝΙΑΙΟ ΠΕΡΙΟΔΙΚΟ ΤΗΣ AEGEAN

TrinidadΟ Δέκατος Τρίτος

Σταθμός της Aegean

TrinidadAegean’s Thirteenth

Station

Aegean Construction of Oil Installations

in Fujairah

Interview Harald Kuznik

Global Head of Shipping

HSH Nordbank AG

Lloyd’s ListGreek Shipping

Awards

PlusFlows & Currents

Travel

Aegean Newswinter 2008-2009

T H E Q U A R T E R L Y M A G A Z I N E O F A E G E A N

As the global financial crisis continues to affect markets worldwide, Aegean is maintaining its position of strength amid an environment of uncertainty and instability.

By implementing a strategic plan that encompasses long-term horizons yet makes room for more immedi-ate market fluctuations, Aegean Marine Petroleum has been able to fulfill its objectives of becoming a leading

independent bunker provider worldwide. The Aegean Marine Petroleum policy of developing a double hull bunkering fleet, both through newbuidlings and pur-chases, is placing the company at the forefront of the global bunkering market.

The recent moves to expand the Aegean Marine Petroleum bunkering net-work, in North America, in Europe, in the Caribbean, and in Africa, demon-strate the status, strength, and position of the company, as well as its potential for growth, even in these challenging times.

These are tangible achievements that put Aegean Marine Petroleum among the finest bunkering companies in existence. Likewise, the fact the Aegean is among the top 10 bunker providers in the port of Singapore, one of the most important in the world, clearly establishes a stature for the company that is beyond doubt.

In Greece, Aegean Oil is moving ahead in the retail gasoline market with remarkable success. The recent introduction of RO-RO vessels to serve the Greek islands is producing dramatic results. On the island of Crete, a number of new Aegean gas stations served by the vessels is creating a new buzz in this important market that should have profound effects and highly favorable re-sults for the company.

Although 2009 is expected to be a difficult year globally, Aegean is cautious-ly optimistic that it will emerge stronger, more efficient, and more valuable for its customers, shareholders, and employees.

editorial

Raymond mateRaPublisher

RetailàAEGEANOILhasestablishedagassta-

tions network throughout Greece, and

isoneofthefastestgrowingcompanies

intheretailmarket.AEGEAN’Sgasoline

marketshareinGreeceis9.1%.

ShippingàAEGEANSHIPPINGmanagesafleetof

tankers,rangingfrom3,500DWTto

100,000DWT,thattransfersanddelivers

oiltoourclientsthroughouttheworld.All

shipsmeetISMstandards.

BunkeringàInPiraeus,Gibraltar,Kingston,OchoRios,

MontegoBay,Antwerp,PortlandUK,Te-

mainGhana,UnitedArabEmirates,Sin-

gapore,MontrealandVancouver,AEGEAN

MARINEPETROLEUMisaleaderinprovid-

ingthebestbunkeringservicesavailable.

InPiraeus,AEGEANMARINEPETROLEUM

isthemarketleaderinbunkering.

Agency Servicesà ShipsfromaroundtheworldrelyonAEGE-

ANAGENCYservicesatPiraeus,Gibraltar,

andJamaica,fromloadinganddischarg-

ing,tosparepartsandsupplies.

Lubricantsà AEGEANOILproducesandmarketshigh

performancelubricantsforvehiclesand

industrialuse,undertheAEGEANbrand

andAEGEANMARINEPETROLEUMtrades

andsupplieslubricantsforthemarine

marketundertheALFAbrand.

AegeanCore activities

WInteR 2008-2009 AEGEAN NEWS

WInteR 2008-2009 AEGEAN NEWS �

4 AEGEANUPDATE

8 FLOWSANDCURRENTSTrendsandNewsintheOilandEnergyFields

10 CHRISTMASPARTY

11 SHIPPINGAegean’sFleetRenewalContinues

12 BUNKERING❚ThePortofFujairah❚Aegean’sStrategicallyImportantInvestment

inFujairah

16 LLOYD’SLISTGreekShippingAwards

17 HELLENICENVIRONMENTALCENTER16YearsintheProtectionoftheMarineEnvironment

18 BUNKERINGTrinidad—Aegean’sThirteenthStation

22RETAILSailingtoCrete

23RETAILHighFuelPricesAffectedSales

24STATIONSOFTHEMONTH❚AntoniosFleris

❚SpyrosKondostathis

26AEGEANMARINEPETROLEUMInterviewwithHaraldKuznik

26ENVIRONMENTChildrenandtheEnvironment

26TRAVELMetsovo

31AEGEANIMAGEProductsThatSay“We’reDifferent”

18 AnewstationinTrinidadisAegean’snewmajorinvestmentintheCaribbean15 AegeanreinforcesitspositioninthePersianGulfwiththeagreementfortheconstructionofoilinstallationsinFujairah

26 HaraldKuzniktalkstoAegeanNewsaboutthepositionofGreekShippingandofAegeanintheglobalscene

contents

Winter 2008-2009Aegean Newsis published quarterly by aeGean

Publisher & Managing editor Raymond matera

Contributing editor J. Georgana

design Snack

Printing and binding Korifi Publications Sa

owner aegean 42 Hatzikyriakou Street 185 38, Piraeus, Greece tel: +30 210 458 6000 Fax: +30 210 458 6241 e-mail: [email protected] Internet: www.aegeanoil.gr, www.ampni.com

Commentsandsuggestionsarewelcome.

Aegean News isfreeofchargeandisavailable,subjecttoavailability,toanyinterestedpersonororganization.

Code: 5169

PleaseRecycle

� AEGEAN NEWS WInteR 2008-2009

New Aegean PersonnelThe following employees have joined the

Aegean work force

AEGEANBUNKERINGSERVICESAndreou Vasilios, Bafaloukos Irineos,

Bourousi Evagelia, Dimitriadis Ioannis,

Exarhos Panayiotis, Kalivas George,

Karathanos Dimitrios, Koskina Ekaterini,

Manouilidis Ioannis, Lebesis Dimitrios,

Lazarou Efstratios, Mougolia Nandia,

Papadopoulou Sophia

Sofianos Ioannis, Theodoropoulou

Panayiota, Veroukis Alexandros

AEGEANSHIPPINGAidonidis Lazaros, Benou Sophia

AEGEANMARINEPETROLEUMKarakasi Anna-Maria, Peramatzis Minas,

Raptodimou Christina, Sayia Osanna,

Chohlakis Emmanuel, Christoforatos George

Fandomas Neofitos,

AEGEANOILAivaliotis Vasilios, Gavriilidis Antonios,

Karvelas Andreas, Sarris Konstantinos,

Stamatoulakis Dimitris

A e g e A n U p d A t e

Dimitris Melissanidis Elected Member of the Greek Committee of Germanischer LloydOn October 10, 2008 the meeting of the Greek Committee of Germanisher Lloyd took place in Athens. During the meeting in Athens, Mr. Dimitris Melis-sanidis, Aegean Group founder, was elected member of the Committee. The Committee convenes once a year and discusses industry related issues. At this year’s meeting, with Captain Vasilis Constantakopoulos as Chairman, 30 par-ticipating representatives of the Greek Shipping Community discussed and exchanged views on new trends of the market, operational challenges, and new technologies for fuel saving.

Logging OnCustomersandassociatesofAegean

mayvisitthecompany’swebsite,www.

aegeanoil.gr,tolearnaboutthecom-

pany’sactivities.Bunkeringcustomers

mayregisteronlinetoconductbusiness

andmaintaincontactwiththebunkering

departmentatwww.ampni.com.


Aegean Assists Gibraltar Port AuthoritiesOn October 10, 2008, Gibraltar was hit by the worst weather conditions ever recorded at the island. As a result, M/V FEDRA, a bulk carrier anchored in the eastern anchorage, ran aground.Although there was no loss of life or any significant injuries to her crew of 30, the vessel was a total loss.It was estimated that the vessel was carrying approximately 200mts of fuel oil in her bunker tanks, which with the vessel breaking up, started leaking. As a result, Gibraltar Port Authorities initiated their response protocols, and as part of their response enrolled the assistance of Aegean’s recently acquired service boat ALPHA.The services of the launch ALPHA, as well as the crew, were retained by Port Authorities from October 13 until October 26 on a 24-hour basis.Aegean Gibraltar is proud of having been able to contribute and assist Gibraltar Authorities in their response to this situation, and remain committed to assist-ing with all our means in the future.

New Stations in Aegean’s Retail NetworkΤhe Aegean network is growing throughout thecountry.Listedbelowarethestationsthathavestarteddisplaying theAegeanLogoduringthepastthreemonths.

ΖARKADIA, CHRYSOUPOLIS- KAVALA KaRanIKoLaS IoannIS

MAKRI YIALOS-LASITHI GIKaKI KaLLIoPI

ARMENI –RETHYMNON dRoUdaKIS GeoRGe

VONNI-KASTELI-HERAKLION FRaGIadoULaKI anna

DAFNES – HERAKLION LaBRaKIS nIKoS

111 J. KENNEDY, PERISTERI-ATTICAZISImoPoULoS GeoRGe

KAPANDRITI-ATTICAeConomoU eVaGeLoS

MAYROVOUNI, GITHIO-LACONIAmaStaKoURIS eLIaS-GeRondIdI eLeFtHeRIa

MELISSI-KORINTHyIanaKoULIa eKateRInI

SOSTIS-KOMOTINIaLI eRGoUn

MAYROMATI-KARDITSAyIotIS SteFanoS

205 DOIRANIS ST.-KALLITHEASyGGRoU PaRK aVenUe S.a.

SERVOTA-TRIKALAZoULIanItIS tHomaS

R.ROAD VASILIKA-THESSALONIKInGIdIS CH.-eV. GeKaS

340 AHARNON ST.- ATHENSmayRomIHaLoS S & Co.

Aegean Marine Petroleum Presents at Marine Money Conference in Miami AegeanMarinePetroleumwasinvitedtopresentatthe5thAnnualMarineFinance

Forum:“LatinAmericaandCaribbean”heldinMiamiBeachonNovember20,2008.

AegeanMarinePetroleum,representedbySteveLeonard,presentedwiththreeother

companiesinthesessionmoderatedbyHansLauofJanGisholtShippingtitled

“LeadingCompaniesEveryLenderandInvestorShouldKnow.”

MarineMoneyInternational,aleadingproviderofshipfinanceinformationandmari-

timecompanyanalysis,hoststheindustry'smostimportantshipfinanceforumsand

seminarsthroughouttheworld,providingexcellentnetworkingopportunities.


A e g e A n U p d A t e

Canadian Honors for AegeanAegean was honored for its contribution to a lasting and fruit-ful economic cooperation between Canada and Greece.Aegean Marine was a guest of honor at the Greek General Consulate Dinner held on December 11, 2008 in Montreal.The event was held at the McGill Faculty Club in the historic Baumgarten Mansion, built in 1887 by aristocrat and engi-neer Baron Alfred Baumgarten, who rose to prominence as the President of the St. Lawrence Sugar Factory. As part of its new strategy to promote Greece to foreign mar-kets, the Greek Ministry of Foreign Affairs recently inaugu-rated a series of events to honor existing and potential new partners in order to attract wider attention and participation from the business community, government and academia. Aegean’s newly established presence in Canada, through its acquisition of ICS Petroleum, was viewed as one of the most important business developments that took place in 2008 on a bilateral level. As such, Aegean was invited to make a brief presentation and speak about its entry into the Canadian market in addition to future prospects.Steve Leonard, Aegean’s Vice President for the Americas, spoke about Aegean’s global presence and in particular why Canada was so important to the continued growth strategy of the company. It was a very enjoyable evening, followed by a concert of ancient and modern Greek music and songs performed by Maria Diamantis, soprano, Dimitris Ilias, tenor and Hugh Cawker, pianist.

1)BPSingaporePteLtd

2)ExxonMobilAsiaPacificPteLtd

3)GlobalEnergyTradingPteLtd

4)ShellInternationalEasternTradingCo

5)SKEnergyInternationalPteLtd

6)EquatorialMarineFuelManagement

ServicesPteLtd

7)NorthwestResourcesPteLtd

8)SentekMarine&TradingPteLtd

9)SearightsMaritimeServicesPteLtd

10) AegeAn Bunkering Pte Ltd

11)SingaporePetroleumCompanyLimited

12)ChevronSingaporePteLtd

13)AllianceOilTradingPteLtd

14)ConsortMarineServicesPteLtd

15)TitanBunkeringPteLtd

16)OceanBunkeringServices(Pte)Ltd

17)O.W.BunkerFarEast(Singapore)PteLtd

18)BunkerHousePetroleumPteLtd

19)Chemoil–ITCPteLtd

20)GasTrade(S)Pte

Aegean Among Singapore’s Top 20 SuppliersInmidJanuarytheMaritimeandPortAuthorityofSingapore(MPA)listedSingapore's

20leading—amongatotalof80—accreditedbunkersuppliersbyvolumefor2008.

AegeanBunkeringwaslistedin10thposition.


Christmas Events ChristmasBallofEfxeinosPontianClub

TheannualChristmasBallofAthensEfxeinosClubtookplaceDecember19atCaravelHotel

andwasagreatsuccess.Morethan500guestsdancedandsangtogetherwithsingerYiannis

Theodoridis,accompaniedbythesoundsoftraditionalmusicalinstrumentsplayedbyKyria-

kos Antoniadis, Vasilis Folinas, and Nikos Hatzidaftidis. Many distinguished personalities

honoredtheeventwiththeirpresence.

ChristmasinThessaloniki

Aegean Sponsors Special Publication on the Life of Stelios Kazantzidis

An outstanding publication on the Pontian singer Stelios Kazantzidis, who passed away a few years ago, and who sang about the sorrows and the joys of the average Greek, was issued recently, titled “Stelios Kazantzi-dis—Tracing the Tail of a Myth. His Life and Work.” The Grand Spon-sor of this very special publication was Aegean’s founder, Mr. Dimitris Melissanidis, who, in addition to his pioneering business activities, devel-ops cultural initiatives that highlight important personalities of Pontian culture. According to Mr. Melissani-dis, the sponsorship of the publication on Kazantzidis is a tribute to his own Pontian origin.ThePontianAssociation“AkritestouPontou”singingChristmascarolsoutsideAegean’sThessalonikioffices

SnapshotfromtheChristmaspartyforthechildrenofAegean’sThessalonikistaff

Rugby has been present in Greece since 1982 when Athens based teams hosted foreign teams in friendly games. Some efforts followed at an

amateur level to establish local tour-naments. However, the game became official in Greece with the founding of the National Federation and the organization of the 1st Pan Hellenic Championship, the setting up of a national representative and national team for under 17. The Hellenic Rugby Federation was founded at the end of 2004 following an initiative of the deputy Minister for Athletics at the time, Mr. George Orfanos. Its President is Mr. Evaggelos Stamos.

Under the auspices of the Hellenic Rugby Federation three Pan-Hellenic Championships have been organized (with15 players) 2005-6, 2006-7, 2007-8 and one Panhellenic Rugby Sevens Championship (with seven players) 2007-8. The Athens Rugby Union Football Club has won the Championship for all three previ-ous seasons. Member of the winning team, and also of the National team, our own Yiannis Tsogas, bunker trad-er of Aegean Marine Petroleum.

One of Ours Among the Champions


F l o w s & C U r r e n t s

Russian-Ukrainian Tension Over Natural GasThe settlement of Ukrainian debt to the Russian Gazprom, and the signing of a new contract on 2009 prices, on the terms of which the two sides disagree, were the main causes of the tension between the two countries. In the beginning of January Gazprom’s natural gas station stopped the flow of natural gas to Ukraine, although Gazprom announced that it will continue to supply its EU clients with natural gas. The pipelines crossing Ukraine carry natural gas to the EU covering 20% of its needs. Europeans expressed their concerns that the situation of January 2006 would be repeated, when with the interruption of supply to Ukraine, shortages resulted in several European countries. However, in January Gazprom let natural gas flow to Europe, through Ukraine, putting an end to the crisis.

Ecological DrivingIthasbeenshownthatmanydriversofhybridcarscannot

achievesignificantreductionintheconsumptionofgasoline

because they drive aggressively. This is the reason why

nextgenerationhybridmodelswilladvisedrivers,withspe-

cificindications,onhowtoachieveidealconsumption.Inthe

speedometerofanewgenerationhybridmodelofacertain

automobilemanufactureraplant isdepictedwhichgrows

greenleavedwhenthedriverdrivesinanecologicallycorrect

manner.Whenthedriverstepsonthegasaggressivelythe

leavesstarttogetwitheredandfinallyfall.Anothermanu-

facturer’smodel,whichwillbeincirculationwithin2009,hasaspeedometerwithchanging

colors.Greenforthedriverwithanecologicalconsciencetoblueforthenervousdriver.European Groups in the Greek Electric Energy MarketSpanishEndesa,FrenchEdF,Italian

ΕΝΕL and the French GDF Suez are the

fourEuropeanGroupsthathasstarted

tochallengethemonopolyofthePublic

PowerCorporation(DEI)intheGreek

electric energy market. France’s Suez

agreedinthebeginningofDecember

withtheGEKTERNAGrouponthe

acquisitionof50%ofTERNA’sfirst

twoenergyunitsinViotia(IronIand

IronII).Theagreementalsoincludes

thecommonadministration-manage-

mentofthetwoenergyunits.Theopen

cyclenaturalgasunitIronIof150

MWhasbeeninoperationsince2004,

beingthefirstprivateenergyunitin

Greece.Thecombinedcyclenaturalgas

unitIronII,of450MW,isundercon-

structionandisexpectedtobeready

forcommercialoperationwithinthe

firsttrimesterof2010.GEKTERNA

holdsaleadingpositioninGreecein

thefieldsofconstruction,energy,real

estateandconcessions,andGDFSUEZ

isoneofthelargestinternationally

Groupsinthefiledofenergy,possess-

ingasignificantnumberofenergy

units.

Increasing Demand for BiofuelsAccordingtotheanalystsoftheInternationalEnergy

Association (ΙΕΑ), by 2030 biofuels will correspond to

12%oftheinternationalsupplyofliquidfuels,with

thepercentagereaching26%by2050.

Demandincreasewilloriginatefromthefieldsofair

transportandshipping.By2030thesetwosectors

willcover30%oftotalglobalbiofuelconsumption,

turningmainlytobiodieselandsyntheticfuel.Inaddi-

tiontothegreatincreaseintheproductionanduse

ofbiofuels,IEAanalystsestimatethatstarting2025

therewillbeasubstantialturntofirstgeneration

ethanolfromsecondgenerationbiofuels.


Agreement with Cosco Signed in PiraeusThefoundationsoftheagreementfor

theacquisitionbytheChineseCoscoof

acargoterminalatthePortofPiraeus

werelaidin2006duringtheGreek

PrimeMinister’svisitinBeijing.Atthe

endofNovember2008theagreement

wasratifiedwiththefinalsignatures

intheHellenic-Chineseagreement.

Coscoofferedanamountreaching490

millionEuros,whichwillreach4.3

billionEurosoverthecourseofthe35

year-agreement.Coscowillinvest350

millionEurosforthecreationof6spots

forthesimultaneousserviceofsixships

of 10,000 containers in piers II and ΙΙΙ.

Reduction of Russian Oil OutputRussia may reduce oil output to combat falling prices, the country’s minister of energy announced at the beginning of December.The move would formally cement Russia’s cooperation with the Organization of Petroleum Exporting Countries. After the announcement, crude oil rose by $2.28 a barrel to $45.77. In the previous five months the price of crude fell by $100 a barrel.

F l o w s & C U r r e n t s

Petroleum Pool Beneath the Gulf of MexicoA trioofoil companieshas tappedapetro-

leum pool deep beneath the Gulf of Mexico

thatcouldboostthenation’sreservesbymore

than50percent.Atestwellindicatesitcould

be the biggest new domestic oil discovery

sinceAlaska’sPrudhoeBayagenerationago.

But the vast oil deposit roughly four miles

beneath the ocean floor won’t significantly

reducethecountry’sdependenceonforeign

oilanditwon’thelplowerpricesatthepump

anytimesoon.

“It’s a nice positive, but the U.S. still has

a big difference between its consumption

and indigenousproduction,”saidArtSmith,

chiefexecutiveofenergyconsultantJohnS.

Herold.“We’llstillbeimportingmorethan50

percentofouroilneeds.”Itisestimatedthe

300-square-mile region where its test well

sitscouldholdbetween3billionand15bil-

lionbarrelsofoilandnaturalgasliquids.The

U.S.consumesroughly5.7billionbarrelsof

crude-oilinayear.

It will take many years and tens of billions

of dollars to bring the newly tapped oil to

market, but the discovery carries particular

importance for the industry at a time when

Western oil and gas companies are finding

fewer opportunities in politically unstable

partsoftheworld,includingtheMiddleEast,

AfricaandRussia.

Greek Merchant FleetAccording to a National Statistics Ser-

vice announcement at the beginning of

2009, theGreekmerchant shipping fleet

totalled2,075shipswithatotaltonnage

of 38,864,028 grt. According to the

statistics report, 628 were cargo ships,

513tankersand934werepassengerand

otherkindofships.

10 AEGEAN NEWS WInteR 2008-2009

Christmas Party for the Children of AegeanAs in years past, Aegean held its annual Christmas party to enjoy the

season’sspiritwiththechildrenofitspersonnel.OnDecember14,Athens

Caravel Hotel filled with daisies and children. Possibly the best party of

recentyears,thisyear’seventtookplaceinthehotel’smostbeautifularea,

theRoofGarden.

SantaClaus,MiniandMickeyMouse,magiciansandclowns,aDJanddancing

music, a Karaoke competition and much more provided the setting where

our children really had the time of their lives. It was a memorable evening

forchildrenandadultsalike.Theeveningclosedwithtwomoresurprises,the

impressivelyrichbuffetandthenicepresentsAegeangavetoourchildren.

Αegean, thank you. May we all be healthy and well next year to get together

andcelebrate.

MAYTHISBEAHAPPYYEARFORALL!

WInteR 2008-2009 AEGEAN NEWS 11

s h i p p i n g

Aegean’sFleetRenewalContinuesAegeaniscontinuingitsnewbuildingprogramatavibrantpace.Threevessels,PATMOS,

PAROS,andNAxOShavebeendeliveredsinceNovemberwhileanothertwoarejustaroundthe

corner,creatinganawesomeexpansionrecordamidtheglobalfinancialcrisis.

DeliveryofM/TPATMOSThe first of a 16-vessel series was

delivered on November 18, 2008 from Qingdao Huyndai Shipbuilding, the Chinese subsidiary of the renowned Korean shipbuilder. The vessel will join the Aegean fleet in Fujairah, strength-ening significantly company’s presence in this important bunkering port.

The vessel was built under the close survey of Lloyds Register and the own-ers’ site team. She complies with the lat-est rules and regulations for oceangoing navigation, hosting high quality equip-

ment for bunkering trade and opera-tions. She has five pairs of cargo oil tanks and one pair of slop tanks with a total capacity of 7026 m3. She is equipped with two sets of twin screw type pumps with 750 m3/h and one screw type cargo pump with 300 m3/h, each driven by an independent diesel engine.

The cargo oil loading/discharging operations are controlled from the Cargo Control Room and the system is able to load and discharge three (3) different grades of cargo oil simulta-neously without contamination.

DeliveryofM/TPAROSandM/TNAxOS

Just like Paros and Naxos, the two beautiful islands that lie next to each other in the Aegean sea, these two sister vessels, named after them, are operating in the Singapore region and will contribute in increasing the company’s market share.

The ninth and tenth vessel from Fujian Southeast Shipbuilding fulfill all the latest classification and statuto-ry requirements and will be followed by another five vessels.


B U n k e r i n g

Fujairah Port is situated on the Eastern Seaboard of the United Arab Emirates, approximately 70 nautical miles from the Straits of Hormuz. Its strategic position and facilities have proved attractive to a range of users of the multi-purpose port. It acts as a center to meet the requirements of the shipping community in the Middle East and the surrounding regions. This makes it recognized globally.

The Port anchorage can accommodate up to 100 vessels at any time and offers an efficient and varied “One Stop Shop” service for calling vessels. Services include ❚ Container Handling—offers significant strategic logistical and economic ad-

vantages for container operators such as repair and bunkering facilities❚ General Cargo—a highly skilled work force supported by a variety of up to

date equipment including mobile cranes, all types of cargo slings, forklifts and trailers, that ensure quick turn around, based on 24 hour service

❚ Bulk Cargo—allows the accommodation of large and gearless vessels. Flex-ibility in stockpile storage arrangements and an environmentally friendly loading solution.

❚ Bunkering, Marine Supply, Ship Repair—offers varied and efficient supply and service arrangements with a high level of control and policing. The Port of Fujairah Authority Marine Department professionally manage its safety and security.

In addition, the Crew changes to and from the anchorage has reached an av-erage of 2,500 personnel monthly.

A fleet of 80 independently owned and professionally operated supply vessels, namely bunker barges, fresh water barges, lubricants barges, tug boats and ser-vice boats, which include our very own Aegean fleet, is based in the Anchorage.

PortofFujairahThedemandforbunkeringservicesinthePortofFujairahiscontinuouslyincreasing,creating

conditionsforfurtherdevelopmentofAegeanBunkeringFujairah.

The Port anchorage can accommodate up to 100 vessels at any time and

offers an efficient and varied “One Stop Shop” service for

calling vessels

WInteR 2008-2009 AEGEAN NEWS 1�

The graph below shows the number of vessel calls at the Fujairah Port An-chorage from year 2000 to October 2008

The table and graph shown above demonstrate the excellent services offered by Port of Fujairah from 1995 to 2007.

Port officials said that the port will continue implementing its expansion project, which includes building a further 850 meters of devoted oil tanker quay space. The Fujairah Port will undergo a major development of its existing infra-structure as well as extending its facilities due to the growing use of the port and terminal. This will benefit more the commercial support services in Fujairah The following are some of the ongoing projects in the Port.

0

500

1000

1500

2000

2500

2000 2001 2002 2003 2004 2005 2006 2007 2008*

YEAR CONTAINERS GENERALCARGO BULKCARGO OIL TOTALCARGO1995 4,960,828 63,923 669,368 324,852 6,018,971

1996 4,770,299 75,086 501,077 264,231 5,610,693

1997 4,158,168 97,806 904,016 4,005,507 9,165,497

1998 3,925,361 67,112 2,091,573 1,521,070 7,605,116

1999 4,158,168 90,620 2,902,157 4,011,949 11,162,894

2000 3,925,361 212,843 3,851,155 7,292,911 15,282,270

2001 5,029,577 423,627 4,247,544 11,636,031 21,336,779

2002 5,082,249 704,867 6,026,735 11,444,414 23,258,265

2003 1,797,421 647,367 7,492,968 7,969,988 17,907,744

2004 1,948,810 245,915 9,659,818 12,228,019 24,082,562

*(Jan-May)2005 *174009 61,181 12,331,682 20,503,245 32,896,108

2006 198,695 15,722,287 29,533,410 45,454,392

2007 230,430 16,600,480 27,699,570 44,530,480

YearlyTonnage

0

5000000

10000000

15000000

20000000

25000000

30000000

200720062005*2004200320022001200019991998199719961995

ContainersGeneralCargoBulkCargoOil

*(Jan-May)

1� AEGEAN NEWS WInteR 2008-2009

SouthernBreakwaterBerthThiswillprovide840metersofgeneralcargoberthswithadraftof

15meters.AdditionallyaTravelLiftfacilityandBerthwillbeavail-

ablefortheliftingofsupplyandassociatedvesselsformaintenance

andrepair.ThePortispreparingcommonusersitesforvesselrepair.

NorthernBreakwaterOilBerths(OT2)ThisprojectcommencedinJanuary2008andisdueforcompletionat

theendof2010.Thiswillprovideafurther940metersofOilBerths

withadraftof18meters.The“spine”oftheexistingbreakwaterwill

beleveledtoprovidelevelaccessbetweentheexistingOT1andOT2.

AdditionalTankStorageFacilitiesTalkscontinuebetweentheGovernmentandinterestedparties

ontheallocationoflandforsubstantialinvestmentsinadditional

TerminalStorageFacilities.

ADCOPPipelineProjectThecontractorsforthismajorprojectforaCrudeOilPipeline

between Abu Dhabi and Fujairah have now mobilized. Construc-

tionisexpectedtobecompletedbytheendof2010.Terminal

StorageFacilitiesaretobeconstructedtogetherwithSPM’s.Itis

estimatedthatamajorpartoftheU.A.E.’sCrudeOilexportswill

usethisrouteoncompletionoftheproject.

Theseprojectswillbenefitmorethecommercialsupportservic-

esinFujairahandtherestofUnitedArabEmirates.According

toDr.AlKindi,TheFujairahPortfloatingstoragecapacityex-

ceeds740,000cubicmeters,whileitsonshorestoragecapac-

itynowexceeds1.9millioncubicmeters,withfurthercapacity

comingonline.

TheFujairahbunkeringmarkethandlesanaverageofoverone

milliontonesofbunkeringsupplieseverymonthandprojectedto

increasefurtherinthecomingyears.

B U n k e r i n g

DevelopmentsinthePort


Aegean’sStrategicallyImportantInvestmentinFujairah

In line with the expansion and development program of Fujai-rah Port, Aegean Oil Terminal Corporation has signed a Land Lease Agreement with Fujairah Municipal-ity relative to its operation of an oil storage terminal in Fujairah, United Arab Emirates. The leased prem-ises with have an approximate size of 100,000 square meters.

The project will include the con-struction of pipelines connected to Port of Fujairah, enabling the envi-ronmental friendly, state-of-the-art terminal to store and supply all types of high quality marine fuels.

The new oil storage terminal is expected to be completed by the end of 2010 and is set to operate in two phases. Phase one, with eight tanks, is to have a total storage capacity of 250,000 cbm and phase two is to have an additional eight tanks with 250,000 cbm capacity. The oil depot will be fully operational and coincide with the construction of the new jetty of the Port of Fujairah.

The strategic location of Fujairah, in relation to navigational routes, shipping anchorages and growing bunkering business, is expected to be pivotal in establishing Aegean in Fu-jairah as a more important presence in the region.

Mr.DimitriosMelissanidis(sittingontheright),President/DirectorofAegeanOilTerminalCorporationwithHisHighnessSheikhHamadBinMohammedAlSharqi,rulerofFujairah.

FromLeft:Dr.Salem,specialadvisortothegovernment;Mr.SpyrosFokas,SheikhSalehBinMohammedAlSharqi,HeadofIndustryandEconomyofFujairah;Mr.DimitriosMelissanidisandMr.TheofanisGoumas.

FollowingtheagreementfortheconstructionofthenewoilinstallationinFujairah,Aegean’s

positioninthePersianGulfisfurtherreinforced


Mr. Panos Kammenos, Depu-ty Minister of Mercantile Marine, Aegean and Island Policy, delivered the opening address. Lloyd's List was proud to welcome Ae-gean Marine Petroleum to the table of sponsors for the first time this year. Ae-gean sponsored the International Per-sonality of the Year Award and Aegean's Mr. Spyros Fokas, General Counsel and Corporate Secretary. presented the tro-phy to Admiral Thad W. Allen, of the U.S. Coast Guard. Admiral Allen was

unable to attend in person and Capt. Michael Morgan, Defence & Naval At-taché at the U.S. Embassy in Athens, accepted the award on his behalf. The Commandant of the U.S. Coast Guard, Thad Allen, was given the award pri-marily for his efforts this past year to ensure that seafarers calling at U.S. ports are treated with due respect and fairness. Admiral Allen was selected as Lloyd's List's inaugural International Personality of the Year not only for his overall leadership in the Coast Guard

but for his specific initiative this year to amend the culture of the USCG and insist on greater respect for seafarers on ships calling in the U.S. A special “Man of the Sea” Award was presented to Capt. Kristo Laptalo, the Greek Ship-ping Personality of the Year Award was presented to Mr. Efthymios Mitropou-los, and the Lifetime Achievement prize to shipowner Nikolas Lemos. In total, 16 awards were presented and the eve-ning concluded with a well-organized gala dinner.

l l o Y d ' s l i s t

AegeanAwardstheU.S.CoastGuardattheLloyd’sListEventBYYIANNISTSOGAS|BUNKERTRADERAMP

The5thLloyd'sListGreekShippingAwardstookplaceattheAthenaeumIntercontinentalHotel

onDecember12,withguestsincluding1,000shippingpersonalities.

Capt.MichaelMorgan,Defence&NavalAttacheattheU.S.EmbassyinAthens,receivestheawardfromMr.SpyrosFokas,onbehalfoftheU.S.CoastGuard.

Oil, as an energy source, became, and still remains until today, the main source of energy due to its many advantages. Apart from the advantages that established oil, its use as

well as the use of lubricants entail problems that need spe-cial management to avoid pollution of the environment.

One of these problems, probably the most important of all, is the pollution of the sea from oil products and other oil residues, which can be minimized by the proper, legal and environmentally acceptable methods of their management.

The Aegean Group, with special environmental sensitiv-ity and aiming to deal proactively with the possibility of a pollution related accident from the products it manages, founded HEC in 1994, creating an environmental shield for the protection of the environment.

Hellenic Environmental Center collects, transports and processes oil residues from ships and land units (industrial, shipyards), while it also manages all liquid residues pro-duced by ships.

In short, HEC’s task is to tame and eliminate oil pro-duced pollutants.

From the day of its foundation until today, the basic principles of the company’s operations are summed up in the thoroughness, efficiency and quality of its services, in consistency, in a safe working environment, in the imple-mentation of procedures imposed by national and Interna-tional legislation and in its complete operational structure.

Full compliance with these fundamental principals resulted in HEC being active in most of the major Greek ports, while, at the same time, it has set the foundations for its international prospects, since demand for its services has grown beyond Greek borders.

In order to carry out its work, HEC owns and operates floating separators, where collected residues end up to be processed, their final destination being state refineries.

HEC also has a fleet of tankers and tank trucks (equipped accordingly) with which residues are collected and transported.

With its continuous investments in know how and tech-nical infrastructure, HEC succeeds not only in preventing but in being ahead of ever stricter demands developing within international environmental Legislation.

HEC operates according to ISO 9001: 2000 System of quality management, ΕLOT 1801/OHSAS 18001 System of Hygiene and Safety at work, and ΕLOT EN ISO 14001: 2004 & EMAS System of environmental management, whereas, regarding safety, all demands of the ISPS Code are met.

In short, HEC, with its scientific, trained, responsible human workforce and its complete and contemporary equipment, may be considered as one decisive ring in the evolving cycle of nature and life, transforming, with the process of recycling, the useless to useful, the harmful to beneficial, the pollutant to energy resource and the waste to an element of life’s cycle.

helleniC environmentAl Center

HEC16YearsattheServiceoftheMarineEnvironmentBYPANAYIOTISSTAMATOYIANNIS|HEC

ThemainactivityoftheAegeanGroupfallsunderthesectorofenergyandspecificallythe

supplyandtradingoffuelandlubricants.



B U n k e r i n g

Trinidad&TobagoAegean’sThirteenthStationBYTHEODOROSMONTSENIGOS|STATIONMANAGER

Aegeanisdelightedtoannouncethatitwillshortlystartoperating,intheRepublicofTrinidad

andTobago,itsthirteenthstation.


This new station will be located in a vibrant shipping market and at the crossroads to one of the Americas traditional shipping routes. The statiion is expected to begin operating at the end of the1st quarter of 2009.

This is a major investment by Aege-an in this steadily and rapidly develop-ing area and another milestone in our overall development project, which is delivering state-of-the-art marine bunkering services to meet the chang-ing needs of today’s customers.

This new bunkering station is evi-dence of our commitment and dedica-tion to deliver, personally and around the clock, quality and environment friendly marine bunkering services to our customers globally and of our vi-sion to strengthen our position in the global marine fuels market.

We view the establishment of this new station as an investment in the future of Aegean and we look forward to serving new and existing customers

in this area for many years to come. The new station location and the

decision to provide bunkering services is a result of being at the crossroads of a very busy shipping route. Trinidad, by itself, is one of the fastest developed islands in the Caribbean, and, the hub of major commercial development in the region in recent years.

The new bunkering station will provide a full range of marine fuels, quality as per ISO 8217- 2005 speci-fications and procedures according to

MARPOL 73/78 ANNEX VI. The deliveries of the marine fuels

will be performed by two modern double hull oil tankers at anchorage and offshore, capable to pump up to 750 metric tons per hour on 24/7 basis.

The bunkering tankers are fully certified according to the latest IMO and Industry requirements, registered in reputable international ship regis-tries and classed by IACS Classifica-tion Society.

The ships are manned with STCW 95 certified, trained and experienced seafarers and fully equipped for;❚ User friendly and environment

friendly operation❚ safe ship-to-ship operation❚ modern cargo handling systems❚ fast, safe and contamination free

cargo operationIn accordance with Aegean’s estab-

lished practice and philosophy, the overall commercial and operational aspects of the bunker station will

be controlled and followed up by its family of professionals, ensuring high standards and uninterrupted service to our customers.

This new bunkering station is evidence of our commitment and dedication to deliver round-the-clock, high quality, and environment friendly marine bunkering services to our customers globally


LocationThe twin-island Democratic Republic of Trinidad and Tobago is located at the southern end of the Caribbean archi-pelago, just outside the hurricane belt off the northeast coast of Venezuela.

Trinidad, the larger island at 1,864 sq mi (4,828 sq km), is mainly flat and rolling, with mountains in the north that reach a height of 3,085 ft (940 m) at Mount Aripo. Tobago, at just 116 sq mi (300 sq km), is heavily forested with hardwood trees.

HistoryChristopher Columbus discovered Trinidad and Tobago (T&T) in July of 1498 on his third voyage. By all ac-counts his crossing was a hard one. He was forced to take a more southerly route to avoid a hostile French fleet and this led him into the doldrums. While drifting in the still heat of the equator his water barrels burst and his food rotted.

When T&T was explored by Co-lumbus, it was inhabited by the Arawaks. T&T remained in Spanish

possession, despite raids by other Eu-ropean nations, until it was ceded to Britain in 1802.

For the next century T&T became

a typical British sugar colony with its fortune following the price of sugar on its roller-coaster ride. Important events include the emancipation of slaves in 1834, and the beginning of indentured labor schemes in 1852, which bought Chinese and East Indi-ans to Trinidad. In 1871 the first tele-graph cable was laid (at Macqueripe Bay) linking T&T with the rest of the world. Trams and railways were also introduced in the second half of the 19th Century.

Partial self-government was in-stituted in 1925, and from 1958 to 1962 the nation was part of the West Indies Federation. On Aug. 31, 1962, it gained independence and on Aug. 1, 1976, T&T became a republic, re-maining within the Commonwealth.

Trinidad is the larger of the two is-lands and home to the capital city (Port of Spain) and most of the country's 1.3 million people and industrial develop-ment. Tobago is a powerful lure for tourists, with breathtakingly beautiful ocean views and rain forests full of exotic birds, animals and plants.

Trinidad, by itself, is one of the fastest developing

islands in the Caribbean and has been the hub of major commercial development in the region in recent years

TheRepublicofTrinidadandTobago

B U n k e r i n g

WInteR 2008-2009 AEGEAN NEWS 21

EconomyThe twin-island nation of Trinidad and Tobago are experiencing real GDP growth as a result of economic reforms, tight monetary policy, and fiscal re-sponsibility. In 2006 the country experi-enced a real GDP growth rate of 12.2%. Long-term growth looks promising, as Trinidad and Tobago further develops its oil and gas resources and the indus-tries dependent on natural gas, includ-ing petrochemicals, fertilizers, iron/steel and aluminum. Additional growth po-tential also exists in financial services, telecommunications and transport.

Strong growth in Trinidad and To-bago over the past few years has led to trade surpluses, even with high import levels due to industrial expansion and increased consumer demand. The debt service ratio is around 2.8%, unemploy-ment rate at 6.5%, headline inflation at 7.9%, food price inflation at 16.7%, and interest rates at 8.0%.

There are no currency or capital controls and the Central Bank main-tains the TT dollar in a lightly man-aged, stable float against the U.S. dollar with exchange rate to fluctuate between TT$6.0 and TT$6.5 to the U.S. dollar.

Trinidad and Tobago has made a transition from an oil-based econo-my to one based on natural gas. In 2006, natural gas production averaged 4000 million standard cubic feet per day (mmscf/d), compared with 3200 mmscf/d in 2005. The petrochemi-cal sector, including plants producing methanol, ammonia, urea, and natural gas liquids, has continued to grow in line with natural gas production, which continues to expand and should meet the needs of new industrial plants com-ing on stream over the next few years, including iron, aluminum, ethylene and propylene. Trinidad and Tobago is the fifth-largest exporter of LNG in the world and the single largest supplier of LNG to the U.S., supplying two-thirds of all LNG imported into the U.S.

The government of T&T is seeking to diversify the economy to reduce de-pendence on the energy sector and to achieve self-sustaining growth. The di-versification strategy focuses on seven

key industries: yachting, fish and fish processing, merchant marine, music and entertainment, film, food and bev-erage, and printing and packaging.

InvestmentEnvironmentThe government's economic policy is directed to the development of a robust and open market-driven econ-omy. It is committed to actively en-couraging foreign investment in T&T. Apart from enacting legislation to remove restrictions on foreign invest-ment and to remove foreign exchange control, the government has also made a wide range of fiscal incentives available to the foreign investor. They generally take the form of import duty concessions or other tax allowances.

T&T trade initiatives continue to be pursued in a context that recog-nizes both regional and bilateral trade agreements as complementary to agreements at the multilateral forum. It is in this regard that T&T has been an active member of the Caribbean Community (CARICOM) and has increasingly sought expanded market access with third countries. T&T has been involved in preferential trading arrangements as the Cotonou Agree-ment, CARIBCAN and the Caribbean Basin Initiative (CBI).T&T partici-pates as a member of CARICOM in the negotiation of the Free Trade Area of the Americas (FTAA).

MaritimeServicesWith over 2,000 ship calling annually and an extensive oil and gas industry, Trinidad is home to many companies offering a full range of maritime services from ship agency, repairs and provision-ing to consultancy and inspection.

Trinidad and Tobago further develop its oil and gas resources and the industries dependent on natural gas


r e t A i l

SailingtoCreteBΥ NIKOLAOS PERAMATZIS |GASSTATIONNETWORKMANAGER

AttheendofthesummerandassoonasM/TMAISTROSwasreadyforaction,webeganto

"conquer"theislandofCrete.

In September 22, 2008 we deliv-ered our first cargo of fuel to the gas stations of our associates Mr. Charis Grigorakis and Ms. Zoi Papa-daki in Rethymnon, Crete. This is fuel that was loaded in Maistros ιn tanks, which are transported from Maistros, which in essence is a floating installa-tion serving the island under the best possible conditions.

The timing was perfect because dur-ing that same period, for almost one week, due to a customs strike, Aegean was the only company supplying fuel to the island, while the competition was facing great difficulties. Consequently, our operation started with great suc-cess and the supply of the gas station

network is being performed without any problems. However, the most im-portant item is the enthusiasm of our associates. During the short period of our cooperation, our associate gas sta-tion owners are discovering in Aegean the cooperative relationship they were looking for, the anthropocentric policy we are implementing in every way and at every opportunity and, of course, the enthusiasm we put into our work. In a word, our cooperation to date fully meets their expectations.

Furthermore, all these elements have an even greater value following the warm response of motorists who have ‘em-braced’ the gas stations with the Aegean logo. The comments we receive range

from positive to enthusiastic and we see our sales rising rapidly. The sales increase in Aegean gas stations in many cases is greater than 200% and in all cases is above and beyond the levels estimated.

We are experiencing a climate of enthusiasm, an impressive fact during a period that is not the best for the market, and we are committed that Aegean will continue to develop in Crete, with the same growth rates that the company developed in the rest of Greece. Our effort will remain strong, our policy will always put the human being at the center, with care for our customer and associate, with special sensitivity on issues of quality in our products and in our services.

TheGrigorakisbrothers

OpeningcelebrationofthegasstationoftheGrikorakisbrothersinRethymnon,Crete


PercentageIncrease/DecreaseofDomesticMarketSalesinTenMonthPeriod2008vs2007PRODUCT TOTALCOMPANIES AEGEANSUPERL.R.P. -23.25%

TOTALGASOLINE -1.94%

-18.55%

TOTALGASOLINE 6.91%UNLEADEDPETROLU95 0.36% 9.26%

UNLEADEDPETROLU100 -4.71% 5.87%

DIESELENGINE 9.79%TOTALFUEL -2.78%

13.69%TOTALFUEL -2.72%

DIESELHEATING -15.46% -17.21%

TOTALFUEL -2.43% 1.64%

TABLE I SOURCE: MINISTRY OF DEVELOPMENT

De s p i t e t h e fact that be-g i n n i n g i n October 2008 crude oil prices, and con-

sequently oil by-products, started to decline gradually, the continuous increased during the prior period

negatively affected total consumption in the domestic market. According to the Ministry of Development data, the domestic market registered a decrease of 2.43% during the ten month period January-October 2008, compared with the same period in 2007.

During that same period Aegean

registered an increase in total fuel sales by 1.64%, while it is worth not-ing that the increase in automotive fuels came to 9.36% (TABLE Ι).

At the same time Aegean main-tained fourth place in gasoline sales, with a market share of 9.10% (TA-BLE ΙΙ).

HighFuelPricesAffectedJanuary-October2008SalesBΥ KONSTANTINOS POuRSANIdIS|GENERALMANAGER

0%

5%

10%

15%

20%

SHEL

L

BP

EKO

AEG

EAN

AV

IN

JET

OIL

ELIN

REV

OIL

ETEK

A

SILK

OIL

EL P

ETR

OL

CYCL

ON

KA

OIL

DR

ACO

IL

SUN

OIL

KM

OIL

GA

LLO

N

MED

OIL

BIT

OU

MIN

A

AR

GO

Gasoline Market Shares, Τen Month Period 2008 & 2007

TABLE II SOURCE: MINISTRY OF DEVELOPMENT

2007

2008


ThedayafterChristmas.Coldandrainy.Emptystreets.AnidealtimetotalktoMr.Fleris,

theproprietoroftheAegeangasstationat103PiraeusAve.

AndonisFleris103PiraeusAve.,KaminiaAppearancesDoNotDeceive

s t A t i o n s o F t h e m o n t h

The streets appear empty but the station is busy and so is Mr. Fleris. However, when he hears the name Aegean, the tone of his voice changes and he is more than willing to talk to us. He started in the fuel business in 1984, together with his father. Since 1989 he has been working at this spe-cific gas station together with his fam-ily. He joined the ever-growing family of Aegean two years ago. The reasons? More or less the same that have moti-vated other gas station owners.

Why did you decide to switch to a new

company?

At the time when I decided upon this new partnership, all the companies of-fered the same prices, more or less. That was not the reason. It just happened that during that period I met Iakovos Melissanidis and that meeting was a determsning factor. An unbelievable personality! Furthermore, at that same time, a person for whom I have great respect, Mr. Polykarpos Kondaxakis, now supervisor of the gas station net-work, moved to Aegean—up to then he worked for a big name in the sector. This was something that also affected and influenced me greatly. On top of that I had in my possession two public

use vehicles that were not being used. With Aegean’s network they would be better utilized. For all the above reasons, each one with its own weight, I decided to proceed with this new cooperation.

DidAegean’sname in themarket influ-

encetosomeextentyourdecision?

The company already had a very strong brand name that was equivalent to majors in this sector. Aegean needed, however, a certain time to build their reputation and gain prestige in the market. My switch to Aegean influ-enced my clientele but in appositive way. Customers trust the name. And in addition to that the company trans-formed my gas station into a new one.

It is one thing to enter an old looking gas station, and a completely different thing to be served and feel welcomed at a station sparkling clean, with a bright happy appearance. You know what they say about appearances. In the case of Aegean, appearances do not deceive. They are just the introduction of what is to follow. Good, personalized service, quality fuel, competitive prices.

Didyouhaveanyproblems?And ifyes

howdoyousolvethem?

I did not face any significant problems. Be sure that if I did, I would not hide it. People in the market know that I am not holding my tongue. But up to now, if there is something important to settle I discuss it directly with Iakovos. For smaller scale issues I talk to Polykarpos and things are taken care of right away.

What else can I tell you? This is an ideal partnership.

It is one thing to enter an old looking gas station, and a completely different thing to be served and feel welcomed

at a station sparkling clean, with a bright happy appearance


SpyrosKondostathis2ndKilometerRegionalRoadAlmyros-VolosWhenEvenGreySeemsaBrightColor

My father opened up this gas station in 1983. With the exception of the years when I was studying, I always remem-ber myself next to a gas pump. I took on the business 4-5 years ago, but with my father standing by me. We remain a family business.

Your cooperation with Aegean started

18monthsago.Howdiditcomeabout?

I started thinking about this coopera-tion when I was a soldier, serving my military term in Northern Greece. It is there when I starting hearing about Aegean, and I had my ears wide open to anything relating to our line of business. All the information I got was more than positive. I would say enthusiastic. My first contact with the

company was with Mr. Sekeslidis. It was an important meeting as the idea I had in my head started to take on a more definite shape. Following that,

the agreement presented to me by Mr. Kyprianidis convinced me and I made up my mind. Aegean took on the change of our gas station’s appearance right away. The way this was done really impressed me. The gas station

did not have to close down almost at all. Just for two hours for the chang-ing of the pumps. And this is how we became the 1st Aegean gas station in the Prefecture of Magnesia.

How did your customers react to this

change?

The change created some small prob-lems. Some customers left, but new customers approached us. And those who left came back after 1-2 months. Besides, they could see the flexibility in the prices and the high quality, which is never compromised. The external appearance plays an important role. Pumps, shelters, logo, all very differ-ent form the usual. Bright, optimistic, even grey looks different.

Whatisyourrelationshipwiththepeople

ofAegean?

This is another thing that has im-pressed me. This company has a human face. The contact with lots people is easy and problems are dealt with and solved right away. Its people, no matter how young, inspire us with confidence.

Howdoyoufeelaboutyourdecisionaf-

teroneandahalfyears?

I do not have the slightest reserva-tion. This is a cooperation that should have been made. And I hope, wish and will do everything possible to see it continue.

Pumps, shelters, logo, all very different form the

usual. Bright, optimistic, even grey looks different. And appearance plays a

significant role.

Raisedliterallyamonggaspumps,SpyrosKondostathisisayoungman,26yearsold,fullof

enthusiasmandwillingnesstotalkaboutAegean.


HSHNordbankisthelargestprovideroffinanceforshippingin

theworld.Whatisthehistoryofthebankandhowdidachieve

thispositioninshippingfinance?

HSH Nordbank is the result of the merger of two North-ern German Banks. Both predecessor banks already had a long history in ship-finance, going back to the thirties of the last century. With some of our customers we are doing business since the late forties of the last century. This is a good example of what ship-finance is all about: long-term relationships to mutual benefit.

Shipping is a volatile business; our customers in hard times need the support from their bankers (and in today's challenging banking environment, the banks need the sup-port of their customers!) .

Shipping, it has been said, is at the heart of globalization. How doesshippingplaythisroleandhowimportantisshippingintheglobaleconomy?

Shipping is the enabler of globalization, and globalization has enabled the heady development of shipping!

The world-wide division of labor is not possible without shipping. Consumers in the western economies are ben-efitting from having access to reasonably priced products being manufactured in far away countries. In the manu-facturing countries, export-related jobs are created, which otherwise would not be there because domestic demand in those countries would just not be such a big "job-machine." By the way, shipping is not only benefiting from globaliza-tion, but also from the services of our customer, Aegean,

being a world-leading supplier of bunkering services to the shipping industry with a world-wide presence. Aegaen Ma-rine Petroleum provides a reliable service to their shipping customers, just as we do on the financing side!

Whatarethegeo-economicconditionsthatareshapingtoday’s

globaleconomyasitrelatestoshipping?

At the moment shipping is suffering from the effects of the negative development we witness in the global economy. However, in our opinion, globalization is an unstoppable process: the manufacturing of toys and shirts will not come back to Europe! Consequently, once the world-economy picks up again, so will shipping. The overcapacity shipping is suffering at the moment will be absorbed with a certain time-lag, and the usage of ships will reach a healthy level again. But, it is going to be tough until we reach market equilibrium again.

HSHNordbankhasopenedanofficeinGreece.Whataresome

ofthereasonsforthismoveandhowdoyouviewyoursuccess

todate?

We opened our office in Greece because as the second larg-est lender to the Greek shipping industry it was high time that we got closer to our customers.

Our success in the Greek market is built on two very important factors: First and most important: the support and loyalty of our Greek customers, whom we serve since the middle of the nineties of the last century; second, the excellent account officers who have long experience in the

i n t e r v i e w

Harald Kuznik GlobalHeadofShipping,HSHNordbankAG

HaraldKuzniktalkstoAegeanNewsonglobalshippingfinanceissues,onthepositionofGreek

Shipping,andofAegeanintheglobalscene.

Greek shipping, due to the close involvement of shipping entrepreneurs in the day-to-day running of ships, is always at the forefront of developments


market and are very close to our customers, and always ap-proachable together with their colleagues to find the best solutions for the financing and risk-management needs of our customers.

This is especially important in these days where the credit crunch is affecting financial markets, and conse-quently also ship-owners.

Greecehas longbeena leader inglobalshipping.Howwould

you characterize Greece’s position today?

Greek shipping has a paramount position on the world-wide shipping scene. Greek shipowners not only control a large part of world-wide fleet in the water but in the orderbook.

Greek shipping certainly is going to maintain that po-sition. Why? Because Greek shipping, due to the close involvement of shipping entrepreneurs in the day-to-day running of ships, is always at the forefront of develop-ments: the management of Greek shipping companies has its ears very close to the market and is extremely flexible and nimble in reacting very quickly to new challenges fac-ing the industry.

Let's face it: the whole shipping world is always watch-ing: "What are the Greeks doing?" This is the greatest com-pliment one can pay to Greek shipping.

Aegean Marine Petroleum is becoming a major player in the

internationalbunkersectorthroughrapidandstrategicgrowth.

HowdoyouviewthepositionofAegeanasitmovesaheadwith

theincreaseofitsbunkeringfleet?

Very positive. As I said above, AMP is instrumental in sup-porting shipping on a world-wide basis. Especially their decision, taken already some time ago, to order double-hulled bunkering ships has set an industry standard.

Whatkindsofchangesdoyoubelievewewillsee inshipping

financing,consideringthetumultuouschangeintheglobal,but

especiallyU.S.,financemarkets?

In my humble opinion, the good old bank finance for shipping will again increase in importance. But also pri-vate equity will be there for shipping, but at a hefty price! Therefore I think that shipowners will rely again more on their banks to finance their fleet renewals.

How do you think the shipping industry will react to and be

positionedinaneconomythatisasuncertainasistoday’s?

Shipping is already reacting! Ships have been taken out of service, the scrapping of older ships has increased again, new building orders have been cancelled or agreements

have been reached with yards to extend the delivery dates of newbuildings.

But, we must not kid ourselves: it is going to take quite a while until demand for tonnage will pick up again to such an extent as to absorb the hefty increase in supply we are seeing coming onto the market in all types of ships.

However: Navigare necesse est: Shipping is necessary!

Harald Kuznik talks to Aegean News on global shipping finance issues, on the position of Greek Shipping, and of Aegean in the global scene

We do not have to make sacrifices in order to save our planet. All that we need to do, with care and love, is to change our everyday habits, taking advantage of everything that contemporary technology offers for the conservation of energy and proper use of natural resources.

Children And the environment


SmallTips-HugeResults

☼ Full Washer - Less EnergyThere are many things we can do to save energy. Let us start from

the clothes washer which we must start only when it is full of clothes.

Inform your mother that the energy the washer uses when it has few

clothes is the same with the energy used when it is full of clothes. So,

make sure you don’t use it for just a pair of pants.

☼ Less detergentWe must also pay attention to the quantity of detergent used. For

the manufacturing of 100 grams of detergent, 1.3 kilos of harmful

gases are emitted into the atmosphere. Something also very important

is the water temperature. 90% of the energy consumed by a washer

is for warming the water. Today, most detergents are just as effective

at lower temperatures.

☼ Do not Leave Electric Appliances in the Stand-By Mode It is indeed very convenient to turn off the TV set from the comfort

of our bed, using the remote control. But electric appliances do not use

energy only when in operation. They use energy, for no real reason,

when in the stand-by mode as well.

☼ Turn off the Computer! An electronic computer open for five hours every day produces 250

kilos of emissions within a year. Turn it off if you are not going to use it

within the next 10 minutes.

And always remember! Turn off the lights when closing the

door behind you. Let us all make the extra effort. The environ-

ment needs it

I Protect the Environment-I Safeguard My Future

I Fight Pollution, I Save Energy, I Protect Natural Resources


DoNotWasteWater!

☼ New Type Toilet CisternsWe must make it an everyday concern to avoid the waste of water.

Our old toilet cistern can be replaced with a new type which man-

ages to significantly save on the quantity of water it uses. How? It

allows us to choose between a light and heavy water flow with the

flick of a button.

☼ . . . And Smart FaucetsToday it is easy to find water saving filters and place them in the

kitchen and bathroom faucets. What they do is to mix the air in the

water and produce a strong flow. We must also make sure, and inform

everyone else in the house, not to keep the water running when wash-

ing the dishes.

☼ Less Water in Car Washing Ask your parents to stop using the hose to wash their car. A bucket

of water will do the job just as well, but with a considerably less quantity

of water.

☼ And In Our Own BathDo not fill up the bath tub. When you take a shower you only use 1/3

of the water you would consume using the bathtub. But be careful with

the shower too. A four-member family taking a shower daily with the

water running for 5 minutes, consumes 3000 liters of water in a week,

as much as one person needs to drink for three years.

Put an end to the waste of the planet’s natural resources.

Inform your own family, talk to your friends, and become an ex-

ample for them to imitate. The planet will reward you!

MAKE YOUR EFFORT A WAY OF LIFE, SO THAT THERE CAN BE LIFE!

�0 AEGEAN NEWS WInteR 2008-2009

t r A v e l

Two versions vie for the origin of Metsovo’s name. The first contends the Slav origin of its name, mets + ovo, the village of the bears, while according to the other the name is the combination of the Greek words meso (middle) and vouno (mountain) due to its geographic location between two mountains. Ap-proximately one hour from Yiannena, built at an altitude of 1200 meters on the slopes of Mount Pindos, Metsovo is one of the most picturesque places in Greece and a classic choice for travelers, especially during the winter months. In a landscape of unique natural beauty, the eye captures a place whose traditional character has remained impressively untouched. Houses with carved stones and wood-en clapboards, small backstreets, old traditional fountains with gur-gling waters, waters mills, and people with local traditional clothes all lend Metsovo features that are not easy to find elsewhere.

Metsovo has been the birthplace of great benefactors, such as Michael Tos-itsas, Nikolaos Stournaris and Geor-gios Averoff, who funded—among others—the National Polytechnic School of Athens, called “Metsovio” in their honor. A visit to the restored mansion of Tositsas, which houses the Museum of Ipirus Folklore Art, offers visitors a cpmprehensive picture of the

life of past centuries. It also features a significant collection of coins. The E. Averoff Art Gallery is home to 250 paintings and sculptures of the most important Greek artists of the 19th and 20th centuries, including Lytras, Gyzis, Iakovidis, and Parthenis while in Averoff ’s Garden, one of the area’s best parks, one will find gathered all the kinds of trees existing in Pindos.

A walk in the town, with the shop windows full of local cheeses, is enough for visitors to realize that we are in the Kingdom of Cheese. The

cheese dairy of the Tositsa Founda-tion, operating since 1958, has mate-rialized Evangellos Averoff ’s dream to establish a practical cheese and dairy school. Young people from Metsovo in the past went to Italy to study the art of cheese making and then returned, creating the famous Metsovo cheeses.

Metsovo’s churches, with their distinct architectural features, stand witness to a glorious past. In the town’s square, the 17th century church of Agia Paraskevi stands imperious, with its 15 meter-high bell tower. The church of Agios Dimitrios, one of the oldest churches of Metsovo, welcomed

in its courtyard, under the huge plane tree, the Apostle of Orthodoxy, Kos-mas the Aetolian (1714 - 1779) He was a monk who traveled through Greece urging Orthodox Christians to establish schools and he was officially proclaimed a saint by the Orthodox Church of Constantinople on 20 April 1961. The church of Agios Georgios, at the center of Averoff ’s garden, a representative sample of a basilica with a cupola, has a wooden carved temple and icons dating to 1709.

Snow and winter sports lovers will

find the ideal spot in Metsovo. The ski center in Politses, 4 kilometers from Metsovo, is friendly to ski amateurs, with its rather easy slopes. There are two other skiing centers, one in Kara-koli, 1.5 kilometers from Metsovo at an altitude of 1340-1520 meters and Zygos, at 1680-1850 meters.

Warmth from the winter sun, a snowcapped beautiful landscape, tradi-tional stone built houses, tile paved back streets, the smell of wood burning in the fireplace, good wine, delicious cheeses, unique tastes. A town from the glorious past, thriving with life into the present. In a word, Metsovo.

Warmthfromthewintersun,asnowcappedbeautifullandscape,traditionalstone-built

houses,tilepavedbackstreets,thesmellofwoodburninginthefireplace,goodwine,

deliciouscheeses,uniquetastes.Inaword,Metsovo.

Metsovo

In a landscape of unique natural beauty, the eye captures a place whose traditional character has remained impressively untouched

WInteR 2008-2009 AEGEAN NEWS �1

Aegeanisproudofthecontemporaryimageofitspetrol

stations.Stationpersonnelenhancethe“AegeanLook”

throughclothingandproductsthatreflecta

commitmenttoqualityandcustomerservice.

Productsthatsay

“We‘redifferent”

t h e A e g e A n i m A g e

�1WInteR 2008-2009 AEGEAN NEWS

�2 AEGEAN NEWS WInteR 2008-2009

Aegean’s websiteswww.aegeanoil.grwww.ampni.com

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Aegean NewsAs a result, M/V FEDRA, a bulk carrier anchored in the eastern anchorage, ran aground....

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Transcript of Aegean NewsAs a result, M/V FEDRA, a bulk carrier anchored in the eastern anchorage, ran aground....