Aegean News · N. Stephanou, General Secretary, ... honored Juan Luis Ghio, a member of Aegean’s...

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Aegean Orders6 New RO-RO

Tankersto Serve

Greek Islands

Lloyd’s Register“WorkingTogether”

GeorgeMelissanidisAn Interview

EnergyPolicy

¡. Stefanou

PlusFlows & Currents

ExplorationMaritime Tradition

Aegean NewsSUMMER 2005

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

Creating the Future

RetailMore than 420 gas stations throughout

Greece proudly display the AEGEAN logo,

and our network is growing every week.

AEGEAN's market share in Greece is 5.9%.

ShippingAEGEAN manages a fleet of 32 tankers,

ranging from 3,500DWT to 100,000 DWT,

that transfers and delivers oil to our

clients throughout the world. All ships

meet ISM standards.

BunkeringIn Piraeus, Gibraltar, Istanbul, Jamaica,

and the United Arab Emirates, AEGEAN is

a leader in providing the best bunkering

services available. In Piraeus, AEGEAN is

the market leader in bunkering.

Agency ServicesShips from around the world rely on our

agency services at Piraeus, Gibraltar and

Jamaica 24/7, from loading and discharg-

ing, to spare parts and supplies.

TEXACOLubricants

AEGEAN exclusively stocks and sells

ChevronTexaco automotive lubricants

throughout its retail network.

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AegeanCore Activities

Increasing sensitivity and stricter legislation on is-

sues related to environmental protection coupled with

the rapid progress of Aegean, led us, in the past

months, to place a large order for the construction of

15 new double hull tankers. With this move we contin-

ue the complete renewal of our fleet and, with the new

operation of our stations in the Caribbean, Singapore,

and Istanbul, Aegean’s horizons are expanding and fa-

vorable conditions are being established for our further

growth and development.

At the same time, the expansion of our gas station network in the Greek

market continues at a very rapid pace. Today, 420 gas stations, accounting for

5.9% of the market, are displaying the Aegean logo. This achievement will be

best understood if we take into consideration that this network has been devel-

oped from 2000 until today, which means that during the past five years the

people of Aegean have created a new station every four days.

Together with the modernization of our fleet and the expansion of our activ-

ities, we continue to enrich our human resources, which account for the greatest

share of responsibility in Aegean’s success.

With the wish and hope that the future holds both professional and personal

success, I wish all Aegean staff, associates, and friends a wonderful summer.

editorial

SUMMER 2005 AEGEAN NEWS 1

DIMITRIS MELISSANIDIS


8 20George Melissanidis discusses how

Aegean is responding to changes in

today's global shipping marketplace.

contents

4 AEGEAN UPDATE

6 FLOWS AND CURRENTSTrends and News in the Oil and Energy Fields

8 RETAILAlexandroupolis Installations

10 RETAILQuality & Economy

12 RETAILAegean’s Performance—

First Trimester 2005

14 STATIONS OF THE MONTHToulis Baldis:

“I Don’t Like Big Fat Words”

Yiannis Klettas-Sofiko Korinthias

16 BUNKERINGAnalysis: Fuel Low in Sulphur

17 BUNKERINGNew Certificates—TR8:2003

Customer Satisfaction Questionnaire

18 BUNKERINGJamaica’s First Days of Operation

19 SHIPPINGWorking Luncheon with Captain P. Tsakos

19 AEGEAN ORDERS 6 RO-RO TANKERS

20 SHIPPINGInterview with George Melissanidis

22 LLOYD’S REGISTER“Working Together”

24 ENERGY POLICYN. Stephanou, General Secretary,

Ministry of Development

26 EXPLORATION“Azerbaijan”

The Birthplace of the Oil Industry

27 MARITIME TRADITIONA Fish named Tarichos

28 ROOTSKomboloi—Tracking Down its Roots (Part One)

29 ATHLETICSSoccer Crosses the Atlantic

30 TRAVELHydra—An All-Time Classic

Aegean is in the process of

upgrading its liquid fuels reserve

and trading installations

in Alexandroupolis.

22Apostolos Poulovassilis,

Area Manager, East

Mediterranean & Black

Sea, Lloyd’s Register

EMEA, discusses today's

evolving marketplace.

Summer 2005

Aegean News is published

quarterly by AEGEAN

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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

Comments and suggestions

are welcome.

Aegean News is free of charge and

is available, subject to

availability, to any interested

person or organization.

CODE: 5169

4 AEGEAN NEWS SUMMER 2005

A E G E A N U P D A T E

New Office in CyprusIn May 2005 Aegean established a branch

office in Nicosia, Cyprus. The premises of the

Cyprus branch office are located at 36 Vyronos

Street, Nicosia. The new Cyprus office, under

the management of Ms Mikaela Christou, offers

a flexible support center for Aegean and a

platform for further expansion.

Tel: + 357 2245 1290

e-mail: [email protected]

Address, Phone and Fax

Aegean42 Hatzikyriakou Street, 185 38 Pireaus

Tel: +30 210 45 86 000, Fax: +30 210 45 86 241

E-mail: [email protected], web site: www.aegeanoil.gr

Prime Minister ofGibraltar attendsAegean WeddingThe Prime Minister of Gibraltar (R),

Peter R. Caruana, accompanied by

his wife, honored Juan Luis Ghio,

a member of Aegean’s Bunkering

team in Gibraltar, with his presence

at his wedding reception.

Juan Luis Ghio, tied the knot with

Denise Busto. Our best wishes

to the new couple.

Aegean Acquires Two ShipsAegean has acquired two new Double Hull, Double Bottom ships, the Araevo (I Search) and the Atora (Now), named from the Pontian dialect of Greek, reflecting the Pontian heritage of Aegean. The 29,000 DWT sister vessels will allow Aegean to serve its customers in thecurrent and new markets in which the company operates.

New Office in New YorkAegean has opened its New York offices

in a newly built highrise on the Hudson

River. The office, managed by trading

specialist Georgia Kounelakis and tower-

ing above the pavement on the 38th

floor, is responsible for overseeing the

bunkering operations in Jamaica.

The New York office is to be the bridgehead

for further expansion in the Americas.

North America is viewed by Aegean as a

highly important market.

Tel: + 201 944 5530

e-Mail: [email protected]

Aegean Expandingits Operationsin JamaicaAegean plans to add a third ship to its

bunkering station in Jamaica, as the

company is beginning to gain a

greater share in the Caribbean market

just five months after it began

operating its first bunkering station

in the region.


New Stations in Aegean’s Retail NetworkThe Aegean network is growing throughout the country. Today 420 gas stations are a part

of the Aegean family. Listed below are the stations that have started displaying the

Aegean logo during the last two months.

6655 OOtthhoonnooss,, LLaammiiaa FFtthhiioottiiddaa

Kotsilitis Pandelis

55 TThheerrmmaaiikkoouu,, TThheessssaalloonniikkii

Eliadis Elias

11sstt kkmm AAppssaalloouu--TThheessssaalloonniikkiiss

Metitanidis Georgios

1155tthh kkmm PP..∂∂..√√.. TThheessssaalloonniikkiiss--EEvvzzoonnoonn

Karayiannidis SA

2299tthh kkmm TThheessssaalloonniikkiiss––MMiihhaanniioonnaass

KKeerraassiiaa TThheessssaalloonniikkii

Hadjigeorgiou Nikolaos

LLoouurrooss PPrreevveezziiss

Letsios Christos

AAggnnaaddeerroo KKaarrddiittssaass

Laspas Demetrios

22nndd kkmm TTrriikkaalloonn--PPyylliiss

Pan. Gouma Bros.

ZZiilleeffttii TTrriikkaalloonn

Tsiotras Evaggelos

CCrryyssaavvggii TTrriikkaalloonn

Pappa Efterpi

OOiihhaalliiaa TTrriikkaalloonn

Hadji Ioanna

1188 LLaavvrriioouu AAvvee..,, GGllyykkaa NNeerraa

Konstandinidis Ioannis

TTeerrmmaa VVeenniizzeelloouu,, KKiillkkiiss

Sarandis Vasilios

CChhrryyssoovviittssaa AAssttaakkoouu

Zorbas Herakles

MMaakkrroohhoorrii VVeerrooiiaass

Chrysanis Ioannis

AArrggooss AAiirrppoorrtt,, AArrggooss

Patouras Vasilis

ªª.. VVoollvvii LLaaggaaddaa

Georgiadou Despoina

3322 SSiivviittaanniiddoouu && PP.. TTssaallddaarrii,, KKaalllliitthheeaa

Kazantzis Stamatis & Co.

220055 TThhiivvoonn AAvveennuuee,, PPeerriisstteerrii

Maravelias F- Papadeas A.

KKoonnddaarriioottiissssaa KKaatteerriinniiss

Pistilis Demetrios

4400 MMaarraatthhoonnooss AAvveennuuee,, MMaarraatthhoonnaass

Rousi-Barba Fotini

KKeerrkkyyrraass && 2244 PPaaxxoonn,, KKyyppsseellii

Foundas P. Ioannis & Co

KKaaiinnoouurrggiioo AAggrriinniioouu

Sideris Ioannis

PPiippeerriiaa AArriiddaaeeaa

Konakoglou Anna

GGaarreeffii AArriiddaaeeaa

Koyios Alexandros

AAnnooiixxiiss AAvveennuuee AArriiddaaeeaa

Kotaidou Arhondi

DDoorrootthheeaa AArriiddaaeeaa

Berberis Evaggelos

PPoollyykkaarrppii AArriiddaaeeaa

Pehlivanis Georgios

¡¡oottiiaa AArriiddaaeeaa

Eleftheriadis Demetrios

FFoouussttaannii AArriiddaaeeaa

∫apelis Stylianos

FFiillootteeiiaa AArriiddaaeeaa

Karaelias Stavros

ªªiilliiaa AArriiddaaeeaa

∫lironomoi Giannakopoulou N.

AArrhhaaggggeellooss AArriiddaaeeaa

Batsili Petroula

EExxaappllaattaannooss AArriiddaaeeaa

Panagiotelidis Miltiadis

EErraassmmiioo XXaanntthhii

Netzip Oglou Tourhan

220000 PPiirraaiiooss,, TTaavvrrooss

Makridis Yiannis

1188 AAgg.. GGeerraassiimmoouu,, 229911 0000 ZZaakkyynntthhooss

Tsourakis Nikolaos

Logging OnCustomers and associates of Aegean

may visit the company’s web site

[www.aegeanoil.gr] to learn about the

company’s activities.

Bunkering customers may register

online to conduct business and maintain

contact with the bunkering department.

New Office in SingaporeAegean has opened a new office in the busy

Asian shipping capital of Singapore. As Aegean

establishes a presence in new markets world-

wide, Singapore figures high on the list of

Eastward expansion and the new office will pro-

vide Aegean with the necessary foothold for

growth in Asian markets.

Aegean's offices, which occupy the 13th floor

in the central business district of Singapore,

are fully operational and by the end of the year

will be making physical supplies in the Singa-

pore market. The 6-person office is managed

by Erwin Chua and the Greek side of the Singa-

pore team is represented by Yiannis Tzanakakis.

Tel: + 65 622 45210

e-Mail: [email protected]


F L O W S & C U R R E N T S

DEPA and SofregazBoost TerminalCapacity DEPA S.A. and the Sofregaz—Athina

consortium signed a 37.7 million euro

agreement to boost capacity at a liquefied

natural gas terminal on the island of

Revythousa.

Under the terms of the agreement, the

state-of-the-art facility will boost hourly

output capacity to gasification from 267

cubic meters to 1000 cubic meters, taking

annual capacity from 1.7 billion cubic

meters to 4.7 billion cubic meters.

The project, due for completion by the

end of 2006, is co-financed under a

competitiveness program in the European

Union's Third Community Support

Framework.

Greek—Italian and Greek—TurkishNatural Gas Pipelinesin the Works

Construction of a Greek-Italiannatural gas pipeline is due to beginsoon, Development Minister DimitrisSioufas said after an InternationalEnergy Agency (I EA) ministersmeeting in Paris.

Mr. Sioufas and his Italian coun-terpart Claudio Scajola agreed thatGreece and Italy should sign a bilater-al protocol for speeding up the imple-mentation of a Greek-Italian naturalgas pipeline. The pipeline will makeGreece and Italy a major energy con-duit for natural gas from the CaspianSea to larger European markets.

Mr. Sioufas and Mr. Scajola agreedto create a Greek-Italian committeecharged with drafting the protocol.This decision comes on the heels of amemorandum of intention signed byGreece's Public Gas Corporation(DEPA) and Italy's Edison for the

construction of the pipeline. “This is a very significant develop-

ment,” Mr. Sioufas said. “This pipelinein combination with the Greek-Turkishnatural gas pipeline, on which workwill soon commence, creates an energyring linking Turkey, Greece, and Italy,and consequently all of Europe for thetransfer of natural gas from the coun-tries of the Caspian Sea.”

Regarding the Turkish-Greek nat-ural gas pipeline, Mr. Sioufas metwith his Turkish counterpart MehmetHilmu Guler to discuss the details ofbeginning construction on the projectand expanding bilateral cooperationon other energy-related issues.

Greece MeetsIEO Oil Deposit Targets

International Energy Organization (IEO) Executive Director

Claud Mandil held talks with Development Minister Dimitris

Sioufas in the framework of the ministerial energy conference

held in Paris. Mr. Mandil expressed his satisfaction with

Greece’s efforts to meet its international obligations on

maintaining 90-day oil deposits during the past year.

According to Mr. Mandil, current instability in the oil market

and high oil prices make meeting this international obligation very important.

Maintaining 90-day oil deposits helps to supply the oil market and to balance oil

demand and supply because it allows IEO member-states to react immediately

and effectively in the event that supply is discontinued. Mr. Sioufas said that

Greece’s efforts to maintain oil deposits will continue so that the country can

contribute to the IEO's common targets in the best possible way.

Athens—quoted Public Pow-

er Corporation (PPC) won a

tender for the sale of a Bul-

garian thermo-electric pow-

er plant. Development Minis-

ter Dimitris Sioufas said, “The acquisition

marks PPC's outward-looking orientation,

which has the necessary capital and know-

how and may play a leading role at home

and in the wider region.”

According to Bulgaria's privatization au-

thority, PPC won the tender for acquisition

of 100% of stock in the 630-MW plant for

282.09 euros per share, a total of roughly

70 million euros.

PPCBuys Bulgarian Power Plant

“This is a very significant

development”

Oil Starts Flowingthrough Azerbaijan PipelineIn a grand ceremony on May 26, the

presidents of Azerbaijan, Georgia, and

Turkey opened the pipeline that will be

transferring approximately 1 million

barrels of crude oil a day from the

Caspian Sea to the Turkish port of

Ceyhan in the Mediterranean. The cost

of constructing the pipeline totaled

roughly 3.6 billion U.S. dollars.

According to Turkish President Ahmed

Necdet Sezer, “this is the Silk Road of

the 21st Century.” Azerbaijan,

Georgia, and Turkey, and investors

owning part of the fields through which

the pipeline will pass, expect to collect

more than 150 billion U.S. dollars in

revenue from oil, gas, and transit fees

from 2005 to 2024.

The consortium investing in the

pipeline is led by BP and comprises 11

partners and developers, including

State Oil Company of Azerbaijan,

Unocal, Statoil Norway, the Turkish

Petroleum Corporation, Eni and Total,

Itochu, Inpex and ConocoPhillips, and

Amerada Hess.

Greece and Kosovo Seek Closer Cooperationin EnergyGreek Development Deputy Minister George Salagoudis met with energy officials from

Kosovo, led by Energy Minister Ethem Ceku, to discuss forging closer cooperation in energy

and natural resources.

The delegation also included Development and Strategy Department Director Nail Reshidi,

Energy Department Director Mimoza Kusari, Mining Department Director Lorik Haxhiu, and

Political Analyst Sabri Limari.


G8 Summit: Need for Action Establishedwithout Specific TargetsUpon the completion of the G8 summit,an announcement was made publicstating that “the group is ready to actnow” against climatic change, “so thatincrease of emissions responsible forthe greenhouse effect may be reversed”.The announcement makes a referenceto the Kyoto protocol, the internationalagreement demanding the decrease ofsuch emissions, by 2012, which theUSA have refused to ratify, on the ba-sis of the huge costs it requires and ofscientific “uncertainties” in regards

to the change of the climate.The announcement also makes it clearthat the G8 countries will focus onproviding help to developing countries,to adopt clean energy technologies, in-stead of placing restrictive measureson their economies.The British Prime Minister Tony Blairannounced that the G8 together withfive emerging economies-China,Brazil, India, Mexico and S.Africa-will discuss in November new strategiesagainst the greenhouse effect.

“This is the Silk Road

of the 21st Century"


Under the framework ofthe upgrade program,Aegean:

1: Upgraded the tank—truck load-ing areas by modifying them toBottom Loading and connectingthem to an automatic programmingand loading software.

2: Installed a Vapor Recovery Unit, in line with MinisterialDecree 10245/713/97 and European Council Directive94/532/EK that was passed on December 20, 1994. Soonthe Vapor Recovery Unit will be employed to protect theenvironment from emitted liquid fuel vapors.

3: Moved the installation’s chemical lab to a newly renovatedarea and installed new equipment, such as flash point, to en-sure the quality of traded fuels.

Major Works At Installations in AlexandroupolisYIANNIS PISTOLAS | MANAGER, ALEXANDROUPOLIS INSTALLATIONS

R E T A I L

Aegean is in the process of upgrading its liquid fuels reserve and trading

installations in Alexandroupolis. The company’s Management has approved

a comprehensive program designed to improve operational capabilities,

environmental management and protection, and the quality of services

and products.


4: Is replacing existing pipelines with two new pipelines, sixinches and eight inches, for loading and unloading fuels fromtankers with the “pig” system. Completion of this project willhelp to prevent accidents and minimize the use of sea waterand oil residues.

With their modernization, the upgrading of their operation,and great emphasis on environmental sensitivity and thequality of services and products, Aegean’s installations inAlexandroupolis will operate as a model installation in theregion and will increase liquid fuels trading through con-trolled and qualitative procedures that are safe for man andthe environment. Aegean’s installations will be in a position to meet everincreasing demands in eastern Macedonia and Thrace.

The human resources of our branch, with experiencegained from the six-year operation of the installations,broad knowledge in the Liquid Fuels sector, and directcommunication with all of Aegean’s associates, have man-

aged to increase considerably the volume of trading throughthe Alexandroupolis installations during the winter period(2004-2005), confirming that respect from associates andcompetitors is gained through modernization, upgrading,and healthy competition.


Quality and Economy. These two words are rarely compatible. But at Aegean,

we managed to combine concepts that can only be combined on exceptional

occasions, concepts that rarely go hand in hand with the absolutely positive

course of a company, our company.

Aegean Quality and EconomyANTONIS HATZIS | MANAGER OF NORTHERN GREECE GAS STATIONS NETWORK

R E T A I L

11

But how did this come about?Quality is the basic guidingprinciple that we follow. If we

analyze all the parameters of Aegean’sphilosophy, starting from its corporateimage, we become aware of the supe-rior quality and innovative design of itsgas stations. Aegean never hesitated tospend as much as necessary to attainthe image it desires for its stations.

Aegean places a lot of attention onfuel quality. This is why Aegean hasstaffed a special mobile unit that per-forms random inspections at its gasstations to certify excellent fuel quality.

In the sector of services to gas sta-tion owners, Aegean has a customer-centered concept and aims at address-ing any problems that may naturallyoccur in these transactions. In linewith our customer-centered approach,Aegean is in the process of attainingISO 9001 certification for services of-fered to all its associates.

These efforts have been possiblethrough the continuous support of theadministration’s network and espe-cially the CEO Mr. Iakovos Melissani-dis, who makes customer-service a toppriority.

One would naturally expect thatclose attention to quality would raisethe cost of the company’s products, butAegean’s philosophy is to make profits

from heavy consumption and networkexpansion, not from burdening itsclients.

As a result of these efforts, a largenumber of consumers—growing largerby the day—identify Aegean’s gas sta-tions as the best and most economicalsolution.

At Aegean, we make sure that quali-ty and economy are compatible con-cepts, concepts that will no longer seem

contradictory when we incorporate theminto one strategy. For us, it is a commit-ment, for you, an opportunity.

Aegean’s philosophy is to make profits from heavy

consumption and network expansion, not from

burdening its clients.

Aegean Provides Fuel to the American Base in SoudaExpanding its cooperation with the U.S. public sector, Aegean recently signed

a five-year contract to provide a U.S. military base in Souda with fuel.

Since June 1, Aegean has been providing the base with fuel for its vehicles

and for the operation of all its installations.

SUMMER 2005 AEGEAN NEWS


Recently, theMinister ofDevelop-

ment publicized thenationwide resultsof the petroleump ro duct s ret a i lmarket for the first

trimester of 2005. The data indicates a significant de-

cline in the growth rates of the petrole-um products market, due mainly to a6% sales decrease of diesel engines anda 5.4% sales decrease in diesel heating.Gasoline products registered a positivetrend of 3%. Total domestic market fu-els registered a 3.6% decline.

The table compares the dominanttrends (increases/decreases) nation-

wide with Aegean’s trends during thefirst trimester of 2005. Percentages arelisted by product.

Once again, Aegean maintains aleading position among its competitorsand registers the highest increase com-pared with the same trimester of last year.

In gasoline sales, Aegean has climbedto fifth place among the sector’s twen-ty companies, leaving behind compa-nies with a historical presence in thismarket.

This table presents first trimestergasoline sales by gasoline product, to-tals, and respective percentages.

SUPER L.R.P. -20,2% -3,3%

UNLEADED PETROL 95 8,0% 25,5%

UNLEADED PETROL 98 5,2% 44,6%

DIESEL ENGINE -6,4% 8,2%

DIESEL HEATING -5,4% 16,3%

TOTAL FUEL -3,6% 16,7%

PRODUCT NATIONWIDE PERCENTAGE AEGEAN’S PERCENTAGEINCREASE/DECREASE INCREASE/DECREASE

Aegean Enjoys the Highest Increasefor the First Trimester 2005KONSTANTINOS POURSANIDIS | RETAIL MARKET MANAGER

1st Trimester 2005: Petroleum Market Share According to Ministry of DevelopmentCOMPANY UNLEADED PERCENTAGE UNLEADED PERCENTAGE SUPER PERCENTAGE TOTAL PERCENTAGE

95 % 98 % L.R.P. % FUEL %

1. BP 130 429 19.0 25 944 37.7 26 579 20.2 182 952 20.62

2. SHELL 154 037 22.4 8 811 12.8 19 507 14.8 182 355 20.56

3. EKO - ELDA 105 179 15.3 10 839 15.8 22 676 17.2 138 694 15.64

4. AVIN 48 039 7.0 4 106 6.0 9 861 7.5 62 006 6.99

5. AEGEAN 41 875 6.1 3 438 5.0 7 363 5.6 52 676 5.94

6. JET OIL 38 004 5.5 3 336 4.9 8 145 6.2 49 485 5.58

7. REVOIL 31 167 4.5 1 976 2.9 6 686 5.1 39 829 4.49

8. ELIN 28 443 4.1 2 549 3.7 6 277 4.8 37 269 4.20

9. ETEKA 24 295 3.5 2 083 3.0 4 405 3.3 30 783 3.47

10. SILK OIL 20 949 3.1 930 1.4 5 422 4.1 27 301 3.08

11. EL PETROL 15 193 2.2 992 1.4 2 660 2.0 18 845 2.12

12. DRACOIL 14 643 2.1 826 1.2 2 927 2.2 18 396 2.07

13. CYCLON 10 331 1.5 1 030 1.5 2 147 1.6 13 508 1.52

14. KAOIL 8 468 1.2 896 1.3 2 085 1.6 11 449 1.29

15. SUN OIL 6 053 0.9 332 0.5 1 492 1.1 7 877 0.89

16. KMOIL 4 247 0.6 258 0.4 1 578 1.2 6 083 0.69

17. ARGO 2 913 0.4 293 0.4 918 0.7 4 124 0.46

18. MED OIL 2 431 0.4 126 0.2 832 0.6 3 389 0.38

19. TEXACO 29 0.0 0 0.0 6 0.0 35 0.00

20. BITOUMINA 0 0.0 0 0.0 0 0.0 0 0.00

TOTAL 686 725 100.0 68 765 100.0 131 566 100.0 887 056 100.00

Remarks: All quantities expressed in metric tons

R E T A I L

ACHAIA

FOKIDA

ARTAPREVEZA

THESPROTIA

KARDITSA

TRIKALA

IOANNINA

GREVENA

KOZANI

KASTORIA

FLORINAPELLA

KILKIS SERRES

DRAMAXANTHI

RODOPI

THASSOS

LIMNOS

LESVOS

HIOS

SAMOTHRACE

EVROS

KAVALA

THESSALONIKI

HALKIDIKI

IMATHIA

PIERIA

LARISSA

MAGNESSIA

FTHIOTIDA

EVIA

ANDROS

SKYROS

TINOS

MILOS

AMORGOS

ASTYPALIA

SANTORINI

PAROS

SYROSNAXOS

RODOS

KARPATHOS

IKARIA

KOS

EVRITANIA

VIOTIA

ATTIKA

ARCADIA ARGOLIDA

KORINTHIAILIA

MESSINIA

ZAKYNTHOS

LEFKADA

CORFU

KEPHALONIA

AITOLOAKARNANIA

LAKONIA

KYTHIRA

HANIA

RETHYMNO

IRAKLIO

CRETE

LASITHI

5

6

4

2

1

1

2

2

1

1

14

3

5

5

3

27

38

18

4

4

454

1

1

1

1

3

2

12

1212

1151

1127

42

1111

141

1


Aegean’s Retail Network Expanding Rapidly

420 Stations and Growing!

S TAT I O N S O F T H E M O N TH

Toulis Baldis“I Don’t Like Big Fat Words”

For more than 20 years, Mr. Bald-is cooperated with a big multi-national fuel company, and his

relationship with the company was nev-er what he wished it to be. A few yearsago, however, things got even worse. Planshad been announced for changes on thehighway where his gas station —togeth-er with three others— is located. ToulisBaldis clearly noticed a change in his re-lationship with the fuel company. “Theydid not know what would happen withthe highway, and they chose to stop in-vesting in me,” he explains. “Not onlythat, but they started to discriminateagainst me. I am not a man of manywords, I am not a person who complainsand makes demands all the time. So, theywere giving all their attention to thosewho did complain all the time and theycompletely ignored me.”

A veteran in the profession, ToulisBaldis knows things, people, and situa-tions. In this way, he had heard aboutAegean, a new company in the fuel busi-ness. “I liked what I heard from other

colleagues, I liked its logo, I liked its peo-ple, and of course…I liked the fact thatthe company offered the lowest prices,”said Mr. Baldis.

The final agreement was made atIakovos Melissanidis’ office. “I went toThessaloniki to meet with Mr. Iakovos.Straightforward words, no false promis-es. Our meeting quelled any reservationsI still had,” said Mr. Baldis.

Suddenly, the previous company’s in-

difference had transformed into press-ing interest. What happened, why did hemake this decision, was he sure he wasdoing the right thing? Unfortunately forthe previous company, its interest was abit delayed. Mr. Baldis’ decision was ir-revocable.

According to an ancient Greek say-ing, “When one thing goes bad, millions

of bad things follow.” Well, it seems thatthis works the other way around for ToulisBaldis. Things went from good to better.The highway was changed, but to his sta-tion’s benefit. Mr. Baldis’ station climbedfrom 4th station to number one in thearea. This change, combined with hisnewfound cooperation with Aegean,boosted his sales impressively.

So far, Toulis Baldis views his coope-ration with Aegean as more than posi-

tive. He doesn’t even consider the possi-bility of switching to another company.“I wouldn’t pay the slightest attention toany other proposals. What more couldthey offer? My cooperation with Aegeanall this time has been exactly as I wantit. I have no complaints. They have giv-en me all that I have asked for. And asyou know, I don’t like big fat words.”

“I went to Thessaloniki to meet with Iakovos Melissanidis.

Straightforward words, no false promises. This meeting

quelled all my reservations.”

A seasoned veteran in the fuel business, Sevastos Baldis—Toulis to most people—

is the owner of the gas station that, since 1978, operates in Kato Scholari, on the

National Road Thessaloniki-New Moudania. In the summer of 2003, he chose

to continue his successful course, hand in hand with Aegean.


For years the station owner workedwith a big fuel company, as didmost of the stations in the wider

area. There were quite a few problems.According to Mr. Klettas, “the climatehad become almost hostile. They wouldcharge a very low price to stations with theirlogo and a different price to the rest of us.”

“Well, isn’t this absolutely normal?”asked Aegean News.

“Of course it is. But what makes thedifference is the way you do it. When youreally know how to conduct your busi-ness properly you have to deal with peo-ple the right way. You must treat them ina way that will bring them closer to you.You should not alienate them with yourbehavior. This is what I do with my clientsand it has never failed.”

Mr. Klettas did mention one very pos-itive aspect of his cooperation with thebig fuel company. He had the chance tomeet and appreciate certain people,among which are Aegean executives.Through his relationship with these peo-ple, he came to know about the familyclimate of Aegean, and when the fuelcompany announced its withdrawal fromthe market, the station owner had alreadyplotted the course of his next partnership.

One of the things that impressed Mr.Klettas was his first meeting with thePresident of the Aegean Group, Mr. Dim-itris Melissanidis, and the CEO of AegeanMr. Ioakovos Melissanidis. “You rarely

meet people with the prestige of DimitrisMelissanidis who tell you that they don’tlike being addressed as Mr. President andwho request that you address him by hisfirst name. This was very indicative of thenature of our relationship.”

“My meetings with Mr. Iakovos re-confirmed my initial positive impre-ssions that have now developed into

completely reliable and honest cooper-ation, a cooperation that all the stationowners in the wider area also enjoy,”said Mr. Klettas.

Yiannis Klettas was the first stationowner in Korinthia to join the Aegeanfamily. Almost concurrently, eleven morestation owners in Argolis did the same.

Switching companies became a rathermassive affair in the wider region. Mr.Klettas’ station was the first in Korinthiato join the Aegean family. At almost thesame time, eleven other stations in Ar-golis followed suit.

It was not easy in the beginning. “Thefirst five months were quite difficult.There was a lot of hesitation and suspi-cion mainly due to talk in the market

about fuel quality. Soon, though, it wasover. The quality of fuel that Aegean pro-vides is excellent, and this soon becameclear to everyone.”

Today, following three years withAegean, Yiannis Klettas knows he madethe right decision. His station’s sales havealmost doubled. He describes his coop-eration with Aegean as being “Impecca-ble. No problem whatsoever.”

“And what about the future?” asksAegean News, “Is there a chance youmight consider some other proposition?”

Mr. Klettas replies with true profes-sionalism. “Look. I have no reason at themoment to consider any such possibility.But when I complete my five years withAegean, I will reevaluate the situation. Ilike to keep up with any new develop-ments in my sector that might help to im-prove the services I offer. I have heardsomething about computers connected tothe fuel deposits and about automatic sales.I want to be involved with all that, I wantto keep up with new things, be compet-itive. This will be a very important fac-tor in my choice of company. But, to tellyou the truth, I believe Aegean, being apioneer in innovations, will support mein everything.”

Mr. Yiannis Klettas’ gas station has been

operating as a family business in Sofiko

since 1985. He joined the Aegean family

three years ago.

Yiannis KlettasSofiko Korinthias

The quality of fuel that

Aegean provides is

excellent, and this soon

became clear to everyone.



B U N K E R I N G

The Total Base Number(TBN) is a factor that in-dicates the ability of the

cylinder oil to neutralize acid us-ing alkaline components. The high-er the TBN of the cylinder oil themore acid can be neutralized.

Controlled corrosion is veryimportant in creating the lubri-

cation oil film and, as a result, the TBN is important tocontrol corrosion on the cylinder liner surface.

We should take extra caution to avoid complete neutral-ization of the acids—sulfur oxides. If complete neutraliza-tion occurs, controlled corrosion cannot be achieved anddamage to the oil film on the cylinder liner surface and ex-cessive corrosive wear may result.

Efficiency in operating fuel oils with sulfur content1–1.5% and high TBN lubrication oils depends on the en-gine maker, age, liner temperature, lube oil feed rate, andthe TBN.

For many years, cylinder oils with TBN 70 have been thestandard in two-stroke diesel engines. It has been accept-able to use cylinder oil of TBN 70 with fuel sulfur contentof 1-1.5% for up to two weeks maximum. At the sametime, engine manufacturers advise that the TBN 70 cylin-der oil feed rate be reduced when using low sulfur fuel.

It has been shown in practice that some two-strokediesel engines can use low-sulfur fuel and still use TBN 70lube oil by reducing the cylinder oil feed rate to the levelsrecommended by the engine’s manufacturer.

Practice has shown that the minimum feed rate of TBN70 lube oil is 0.5 g/bhph. This feed rate can be achievedwhile still maintaining an acceptable film thickness by us-ing fuel with a sulfur content of 2%. An engine using TBN70 lube oil and 0.5 g/bhph feed rate with 1% sulfur fuelwill have over-neutralized acids which we don’t want forreasons explained earlier.

In case we have to use a fuel with sulfur content as low as0.5%, what we need is a low cylinder-oil feed rate (as rec-ommended by the engine manufacturer) and TBN 50 lu-bricant oil.

Relationship Between Low Sulfur Fuel, TBN, and Lube Oil Feed Rate in Two-Stroke Marine Diesel EnginesDIMITRIS G. BAKINEZOS | LUBRICANTS MANAGER

There has been a lot of talk recently about the future use of low sulfur fuels in the

marine industry. The average amount of sulfur in two-stroke marine diesel engines

used today is approximately 3%.

Engine manufacturers advise that the TBN

70 cylinder oil feed rate be reduced when

using low sulfur fuel.


TR8:2003 First in EuropeANNA SAMPSON | BUNKER TRADER

Customer Satisfaction QuestionnaireGREGORIS ROBOLAKIS | DIRECTOR OF MARINE SALES

Aegean always strives to improve the services it offers its customers and believes that it is very important to under-

stand customer needs and take all the measures necessary to facilitate bunkering procedures. Customer responses to

the second questionnaire we issued indicate that Aegean has significantly improved its services during recent years.

This improvement is attributable to the excellent work of our experienced salespeople in our sales department, the

prompt processing of invoices in the accounting department, and the on-time delivery performance at our bunkering

stations. As a natural consequence, Aegean’s sales have recently increased.

CUSTOMER QUESTIONNAIRE—QUESTION AND ANSWER SUMMARY:

EXCELLENT VERY GOOD GOOD

QUALITY OF SERVICES 67% 31% 2%

QUALITY OF SERVICES COMPARED WITH COMPETITION 63% 34% 3%

TOTAL EVALUATION OF AEGEAN 65% 32% 3%

Aegean’s promise to provide high standard services to all

its customers is also a commitment to continually improving

the quality of services it offers.

Within this framework,Aegean, having in recentmonths coordinated its efforts

with its bunkering stations, was success-fully certified by Lloyd’s TR8:2003, thenew quality management system for thebunker supply chain. This system aimsat the development of an effective processfor the qualitative management of thewhole chain of procedures related to aship’s refueling—from the first step ofloading fuel on our barges to the last stepof delivering fuel to the ships of our cus-tomers. The procedures defined inTR8:2003 were incorporated inAegean’s quality procedures manual,along with the renewal of the ISO9001:2000 quality model that is main-

tained by the company in cooperationwith Lloyd’s.

Aegean is the first company in Eu-rope to be certified with TR8:2003. Thisachievement becomes even more signif-

icant if we consider that TR8:2003 wasfirst implemented in Singapore after twoyears of strenuous efforts.

Within the same framework, Aegeanalso acquired one more certificate, theBS EN ISO 14001:2004 (environmen-tal management system). This certificate

specifies the basis on which the compa-ny may determine its policies and set itsgoals on procedures and activities, tak-ing into consideration legal and envi-ronmental demands.

Aegean places a lot of weight on qual-ity. The renewal of its ISO 9001:2000certification, in combination with its newTR8:2004 certification, makes Aegeana pioneer in the sale of marine fuels andlubricants and places the company onestep higher on the ladder of success.

Our efforts to

maximize the

quality of our

services are

a never-ending

process.

Aegean is the first company in Europe certified with TR8:2003

Aegean was successfully certified according to the

new quality management system for the bunker

supply chain TR8:2003


B U N K E R I N G

JamaicaGREGORIS ROBOLAKIS

DIRECTOR OF MARINE SALES

Aegean’s new bunkering station in

Jamaica is operating with great

success. The station continues

establishing its presence in the

region and has been offering much

needed alternative solutions since

its first day in operation.

Aegean delivers fuel in the port and

offshore with two double hull

vessels equipped with the latest

technology, pumping rates of 700

m3/hr, competitive prices, and low

calling costs. The bunkering station

has already attracted the attention

and interest of big shipping

companies and, in response to its

customers’ needs, Aegean has

started operating its new sales

office in New YORK, U.S. This office

is staffed with experienced

personnel, ready to respond to all

fuel sales requests, not only in the

Caribbean, but in other regions

where the company is servicing its

clients. With its New YORK office,

Aegean is selling marine fuel 24

hours a day.

Port Authority of Jamaica

Who would believe that the idyllic tropical isle of Jamaica has

aspirations to become a thriving maritime center! Actually,

Jamaica has succeeded in convincing the leading cruise ship

companies and containership operators of its serious intent.

The Port Authority of Jamaica has invested massive amounts

of money to make the Port of Kingston the 72nd largest container

port in the world and the principal transshipment center in the

region. Infrastructure development to accommodate cruise

shipping has resulted in more than one million cruise passengers

visiting Jamaica each year.

The Jamaica Maritime Administration, namely the Maritime Authority ofJamaica (MAJ), seeks to maintain this momentum. The MAJ was es-tablished in February 1999 under the Shipping Act 1998 to pursue the

development of shipping and to regulate matters relating to merchant ships andseafarers. The activities of the country are conducted in accordance with na-tional and international standards of maritime safety and pollution prevention.

Emphasis was placed on:● Inspection and licensing of the vessels operating in the tourism industry and

commercial fishing sector● Casualty regulations● Port-state control inspection and inquiries into marine accidents occurring in

Jamaican waters● Examination and certification of seafarers● Drafting of the regulations necessary for the implementation and monitoring

of various activities under the Shipping Act● Technical services to vessels

In tandem with regulatory oversight activities, the MAJ also pursued the de-velopment activities geared at further expanding the Jamaica Ship Registry,promoting Jamaica as a shipping center, and increasing the earning potential ofthe MAJ through the provision of technical services.

Aegean presently is involved in the Jamaican Shipping Industry, offering Bunker-ing Services with valuable support from the Maritime Authority of Jamaica.

Captain Tsakos Hosts Working Lunch

Captain Panyotis Tsakos of the Tsakos ShippingGroup, and President of the Hellenic Advisory Com-mittee to Lloyds, invited a group of Greek shipown-

ers to a working lunch to discuss current topics of interest tothe Greek shipping community.

Nikos Efthymiou, President of the Greek Shipowners As-sociation was present at the meeting, which was attended bymany of the leading names in Greek shipping. Aegean Newswishes every success to Captain Tsakos in his efforts to pro-mote the interests of Greek shipping.

ANGELAKOS E. | ANGELAKOS HELLAS S.A.

CHATZIGIANNIS A. | CYPRUS MARITIME CO LTD

DALACOURAS G. | DALEX

ECONOMOU G. | DRYTANK S.A.

FRANGOS N. | GOOD FAITH SHIPPING CO S.A.

FRANGOU A. | MARITIME ENT. MANAGEMENT S.A.

GABRIEL G. | GOLDEN UNION

GIGILINIS D. | GIGILINIS MICHAEL & CO

GRATSOS G. | STANDARD BULK TRANSPORT CORP.

HATZIOANNOU P. | SAFETY MANAGEMENT

HATZIMICHAEL H. | TSAKOS SHIPPING AND TRADING

HATZIMICHALIS L. | ST.JAMES SHIPPING

IOANNIDIS J. | SPRINGFIELD SHIPPING COMPANY

KANELAKIS CHR. | AVANGEL SHIPPING ENTERPRISES

KARNESSIS S. | EUROPEAN

NAVIGATION CO LTD

KARRAS L. | TOMAZOS SHIPPING CO LTD

KOMNHNOS A. | TARGET MARINE S.A.

KONSTANTAKOPOULOS V. | COSTAMARE S.A.

SHIPPING CO.

KORKODILOS D. | ANDRIAKI

LASKARIDIS P. | LASKARIDIS SH.

LEKANIDIS S. | EQUINOX

LYRAS J. | PARALOS MARITIME CORP. S.A.

MAMIDAKIS K. | MAMIDOIL

MANIOS V. | TRANSMAN

MARINAKIS E. | BARKLAY SHIPPING LTD.

MELISSANIDIS D. | AEGEAN SHIPPING

MOUNDREAS N. | NICHOLAS G. MOUNDREAS

SHIPPING S.A.

PANAGIOTIDIS GABRIEL | MARYVILLE MARITIME

PAPACHRISTIDIS V | HELLESPONT CORP.

PAPADAKIS N | A.G.PAPADAKIS

PAPAGEORGIOU V. | TSAKOS SHIPPING AND

TRADING S.A.

PAPAGIANNOPOULOS A. | COMMON PROGRESS

PATERAS M. | COMMON PROGRESS

PERATIKOS K. | PLEIADES SHIPPING AGENTS S.A.

PROCOPIOU DIM. | CENTROFIN

TSAKOS NIKOLAOS | TEN LTD

VENIAMIS THEOD. | GOLDEN UNION SHIPPING CO.

XYLAS J. | PYRSOS MANAGING CO.


GUESTS ATTENDING WORKING LUNCHEON

S H I P P I N G

In May, Aegean signed a contract for six RO RO Tankers to be built for

operations in the Aegean Sea. The ships, which will distribute

petroleum and petroleum products to the Greek islands of the Aegean,

are being built to the highest standards and will incorporate the last

word in technology. The new initiative by Aegean will provide fuel and

petroleum to the Greek islands at low prices, a major

advantage for consumers. A major international company will build

the new vessels to Aegean's specifications. The contract was finalized

at the offices of Aegean with the presence of Mr. Stelian

Stancioiu, Mr. Liviu Capet, Mr. Ion Enachescu, Mr. Dimitris

Melissanidis, President of Aegean, Mr. Kyriakos Dermatis of

Intermodal, Mr. Grigoris Parissis and Mr. Spyros Fokas of Aegean.

The new vessels are double-double tankers for diesel oil, gasoline,

and other clean and dirty oil petroleum products.

Aegean Orders 6 RO RO Tankers

Seated: Dimitris Melissanidis, Stelian Stancioiu

Standing L to R: Ion Enachescu, Liviu Capet, Spyros Fokas, Grigoris Parissis,

Kyriakos Dermatis


George Melissanidis

S H I P P I N G

Aegean has been investing considerably recently. What is Aegean's

focus, especially in shipping?

Aegean is continually and rapidly evolving. All our invest-ments are within the framework of the company’s develop-ment and our constant efforts to meet with market de-mands. Indicatively, in the last two years, we have investedlarge amounts of money both on ships and ashore to up-grade all levels of operation. During the last two years,Aegean purchased 15 modern ships to be employed for usein Aegean business or in the free market. All these shipsmeet the latest EU standards and comply with all its regu-

lations. Another very significant moment for the companywas the moving of the Aegean Group’s headquarters to aprivately owned building in Piraeus that is equipped withthe latest technology and ensures a modern and comfortableworking environment for our staff.

What role does technology play at Aegean?

Technology has become a part of our lives and I must con-fess that contemporary technology is my passion. Therefore,we might say that it was because of my insistence that tech-nology plays such a significant role in Aegean’s shippingoperations. We closely follow all technological developmentsand their applications in the market, especially in shippingenterprises. We may boast that all company sections, spreadin various cities, in the seas and the ports of the world, havean on-line connection and can communicate with eachother. For example, all vessels are online 24/7 and arelinked to the company’s system through the use of specialsatellite equipment. This means that we at the office havefull knowledge of what is happening on the ships. Ships canbe tracked at any time. Stores, provisions, and inventoriesare followed automatically and technical data (runninghours, machinery maintenance) is collected and recorded.ISM is also followed that way since it is even possible to giveonline seminars to people on board.

How do you view the current shipping environment?

The shipping market is always unpredictable. It’s up to eachowner to decide the amount of risk he is willing to take. Thestrategy that we have chosen to apply is to have a number ofships in the spot market where big numbers can be achieved,and the remaining ships to be employed either for Aegean’s owncargo transports or for time charters to third parties. That way,

Although he earned a university degree in shipping operations in the United Kingdom,

George Melissanidis believes his real training started when, at 15, he spent three

consecutive summers aboard Aegean ships learning the day-to-day reality of

working at sea. Today, the son of Aegean President Dimitris Melissanidis works

in Aegean's shipping department, where he concentrates on improving the quality of

services, modernizing the fleet and its level of operation, and expanding Aegean's

shipping interests.

significant profits can be achieved when market levels are highand risks can be reduced in the case of market drops, sincefixed income is secured through time charters.

How important are environmental considerations at Aegean?

Aegean has a built-in sensitivity to environmental issues.Let us not forget that our emblem is the ecological daisy.Within this framework, Aegean Shipping is committed tomanaging environmental issues as an integral part of ourbusiness, safeguarding the environmental completeness ofall our procedures, means, and installations everywhere andalways. There is no doubt that pollution prevention is one ofthe most important issues in today's shipping market. Weplan all of our shipboard activities in accordance with en-vironmental considerations, under controlled conditions,and in compliance with all applicable laws and regulations.We employ management systems, procedures, and technol-ogy specifically designed to prevent activities and conditionsthat threaten environmental safety, with an aim at protect-ing the communities in which we operate. Aegean is alsomaking every effort to identify potential emergency situa-tions—oil spills, air emissions, solid and hazardous waste—and prepare a proper and efficient response so that incidentsassociated environmental impacts are prevented or mitigat-ed. There is a company within the Group that deals exclu-sively with the marine environment.

It is said that Piraeus may regain its importance as a major Eu-

ropean Port. What infrastructure and management changes

need to be enacted for Piraeus to take its place next to Rotter-

dam and other European ports?

During recent years, the port of Piraeus has been neglected.It has fallen behind in many areas and has lost a significantportion of its traffic and prestige. Fortunately, significantsteps have been made recently and Piraeus is on a modern-ization course. We hope that when these steps have beencompleted, Piraeus will be transformed into a fully mod-ernized port, providing competitive services—General Car-go, Bulk Carrier, Container, Tanker, and Ro-Ro Vessels—inrelation to other European ports. After equipment, pro-grams and procedures have been upgraded under the fullsupport of the European Commission, Piraeus will become“a European Metropolis.” As you are already aware, theaim of the European Commission (EC) is to build the in-frastructure for a pan-European network of sea transportat the port that will compete, in terms of time and cost, withthe terrestrial transfer of goods. The new system will allowthe port to reduce the amount of time spent ashore forloading and unloading and will cut the cost of using port

facilities for the handling of goods. According to the EU, theprogram will mark the start of a revolution in the shippingindustry and the port of Piraeus will be the first port inMediterranean adopting such a program.

How do you view the future in light of a marketplace that is

regulated by EU and international bodies?

It is common knowledge that during the last decades inter-national bodies such as the IMO have sought to regulate in-ternational shipping through the development of interna-tional conventions and codes. This international regimepromoted a level playing-field from a commercial point ofview by preventing, for example, rogue ships from operatingto the financial detriment of well-built, well-maintained,and well-managed vessels. The system also provides for auniform application and enforcement of ship safety andpollution prevention regulations. Considering EU involve-ment, increased pressure has been brought to bear on itsMember Nations to fulfill their obligations under interna-tional maritime conventions and codes. Today, all shipstrading internationally must comply with internationallyrecognized safety standards and management practices,implementing uniform shipping laws that apply across theregion. Bearing these factors in mind, I assume, and I be-lieve that you’ll agree with me, that all those involved in theshipping market—ship owners and managers—that do nothave sufficient resources to handle effectively the manycomplex matters arising from international bodies and theEU will not manage to survive.

And now a personal question. How do you feel about the fact

that you’ve been in the deep since a very young age, and how do

you spend your free time?

In regards to the first part of the question I must say that Ihave not been directly in the deep. I started on deck at avery young age and then I became familiar with shippingand shipping issues on an academic level, studying in Eng-land. After that I entered the company and worked in vari-ous departments under the guidance of my father and ourexperienced executives. When you have so many experi-enced colleagues you cannot claim to have gone directly in-to the deep. What I can tell you is that I am trying to un-derstand and I am trying to participate in all companyfunctions, taking initiatives and adding at the same timewhat I consider to be correct procedures and initiatives. Inregards to my free time, unfortunately there isn’t much of it.In the limited free time I do have, I try to keep in touch withchildhood friends, relatives, and family because I believethat they are the safest refuge in all of life’s rough seas.



L L O Y D ’ S R E G I S T E R

The organisation is committed topromoting high standards ofsafety, quality and environmen-

tal protection. We work closely withbuilders, owners, and operators to im-prove their business performance by pro-viding solutions that help lower techni-cal and commercial risk—ultimatelybuilding better business. Working as partof their team enables us to provide sig-nificant benefits in helping them oper-ate efficiently and safely in design, con-struction, and operation.

Lloyd’s Register has significantly in-creased its market share of the classedfleet, now classing over 116 million gt,and the order book is bigger than everbefore. We offer a wide range of marineadvisory and consultancy services, andour expertise and activities extend farwider than the shipping field. In addi-tion to marine activities, our operationscover management systems, land-basedindustries, railways, and oil and gas. TheLloyd's Register Group has more than200 offices and more than 5,000 em-ployees.

Through its constitution, Lloyd's Reg-ister is directed “to secure, for the ben-efit of the community, high technicalstandards of design, manufacture, con-struction, maintenance, operation, andperformance, for the purpose of en-hancing the safety of life and propertyat sea and on land and in the air.” Likeother classification societies, Lloyd’s Reg-ister is an essential link in the overallsafety chain of the marine industry.

There is already an industry alliance

between classification societies in theform of the International Association ofClassification Societies (IACS). Dedi-cated to safe ships and clean seas, IACSmakes a unique contribution to maritime

safety and regulation through technicalsupport, compliance verification, andresearch and development. More than90% of the world's cargo-carrying ton-nage is covered by the classification de-

sign, construction and through-life com-pliance Rules and standards set by the10 member societies and one associateof IACS. Through IACS there is coop-eration on driving improved quality stan-

dards across the industry. The recent joint tanker Rules project

is an example of how classification so-cieties are working together. The Rulesform a single, robust structural design

Working TogetherAPOSTOLOS POULOVASSILIS | AREA MANAGER, EAST MEDITERRANEAN & BLACK SEA, LLOYD’S REGISTER EMEA

The Lloyd's Register Group, an independent risk management and safety assurance

organisation, provides risk assessment and risk mitigation solutions and management

systems certification around the world.

Classification societies work closely with shipowners’

associations to formulate regulations for the future and

also to devise practical methods of survey and audit of

statutory regulations.


standard that are drawn from the accu-mulated new construction and in-ser-vice experience of each of the three so-cieties. Throughout their development,the new Rules have been discussed withan external review group that includesshipbuilders, shipowners, designers, andindependent consultants.

Classification societies actually worktogether with shipowners—not just aspure regulators. They work closely withshipowners’ associations to formulateregulations for the future and also to de-vise practical methods of survey and au-dit of statutory regulations.

The shipping industry is made up ofa number of different regulators. Some-times, conservatism is necessary in or-der to ensure that higher safety stan-dards are continually promoted, as over-flexibility within the system can lead toan unwanted erosion of standards. Theindustry has to react to major incidentsand any perceived reluctance to changeresults from its desire to maintain stan-dards rather than any opposition toprogress. It should be noted that classi-fication societies can, and do, introducechanges very rapidly—far more so thanthe other bodies involved with safetystandards at sea.

Involvement in the tanker businessrequires balancing a number of differ-ent factors to achieve the overall objec-tive of a successful business. These in-clude not only safety, but commercial,performance, operational, environmen-tal, and organisational issues as well.When a risk assessment for safety is car-ried out, all of these issues can be in-cluded in the evaluation. Hence, safetycan be achieved without compromisingother business objectives.

Lloyd’s Register helps owners and op-erators to understand how they can meetthe challenges of TMSA. We providemany services that can help ownersdemonstrate compliance with the TM-SA guide:

● management systems (ISO, ISM,ISPS, EMS, OHSAS)

● gap analysis, preliminary andperiodical assessments

● risk assessment services● operational risk assessment software

- Lloyd’s Register Mariner● ship emergency response service

(SERS)● fuel oil bunker analysis services

(FOBAS)● planned maintenance and condition

monitoring schemes● ballast water management planning● ClassDirect Live● human element studies● training needs assessments and a

range of practical coursesThe marine world has well-estab-

lished methods of working, generallybased around a prescriptive approach.

However there are many new tech-niques and tools coming into the sectorthat are based upon risk methods. If

companies take the time to look at theserisk-based approaches they will be ableto see that their business operates as asingle integrated unit with safety result-ing from combinations of a large rangeof factors. Issues relating to design, train-ing, operation, and culture can be eval-uated and understood in the context ofhow they influence safety under differ-ent circumstances.

This understanding can then be fedback into both risk-based and pre-scriptive rule making. However, the great-est driver from risk-based techniques willbe the appreciation that every scenario isdifferent and requires an understandingof the situation at hand, and not prewrit-ten Rules, to ensure a safe outcome.

Since the introduction of the ISMCode, the safety culture within the mar-itime industry has undoubtedly im-proved. Safety is very much in the inter-est of all stakeholders, including owners,shipmanagers, ship crews, and class, anda holistic approach is highly desirable.

Class shares the ISM Code’s aim ofimproving safety at sea, and a close re-lationship between the two is essentialin order to achieve this.

People make a difference, and it is nowbecoming more widely accepted that thehuman element is important to maritimesafety. This has been understood formany years, but there now seems to be agreater willingness to consider how toreduce the impact and to reduce thenumber of incidents that result from thefailings of people. Lloyd's Register is in-vesting in creating greater awareness andin developing methodologies for tack-ling human system interaction in a con-structive and beneficial way. The focus

has to move away from the bridge andthe widely held belief that the human el-ement is synonymous with watch-keep-ing and to work towards a genuinely hu-man-centred design for ships that en-courages en effective relationship be-tween people and hardware. Throughthis approach an improvement in mar-itime safety is achievable.

To conclude however, it must be em-phasised that in order to achieve this im-provement it is important that all themain stakeholders, such as IMO, EU, theShipowners’ Associations, the Ship-builders’ Associations and Class, workmore closely together to bring technicaland operational experience to bear oncurrent and future regulations.

People make a difference, and it is now becoming more

widely accepted that the human element is important

to maritime safety.


E N E R G Y P O L I C Y

Following the March 2004 elec-tions, the new government wascalled upon to carry out the dif-

ficult task of managing the final prepa-rations for the Olympic Games and thesuccessful organization of both theOlympic and Para-Olympic Games. Nat-urally, from March to September 2004,both our policies and interventions fo-cused mainly on achieving this target.

Within this framework, emphasiswas given to:First: Enhancing the efficiency of thethree-stage process of generation, trans-mission and distribution of electricity,focusing mainly on upgrading the sys-tem’s stabilitySecond: Securing the country’s supplyof electricity, oil, and natural gas.

Since the autumn of 2004, thegovernment and, in particular, theMi ni stry of Development, hasclearly illustrated its new set ofpolicies concerning the energy mar-ket in Greece, which is based on thefollowing targets:

First: The complete liberalization of theelectricity and natural gas markets, ac-cording to the relevant E.U. DirectivesSecond: The further enhancement of ef-ficiency in producing, transmitting, anddistributing electric energyThird: The country’s gradual withdraw-al from its high oil dependency by fur-ther promoting the use of natural gas andthe use of renewable energy sourcesFourth: The establishment of programsand policies regarding the rational useof energy—energy saving and efficiencyFifth: The creation of a new regulatoryframework regarding procedures for in-vesting in renewable energy sourcesSixth: Greece’s accession into the majorEuropean and international energy net-works in the fields of electricity, oil, andnatural gas Seventh: The upgrading of our country’sgeopolitical role through the construc-tion of large international energy pro-jects and Greece’s active participation inthe both the Organization of the BlackSea Economic Cooperation and the En-ergy Community of South East Europe.

In this direction we have madethe following steps, or rather leaps,during the last period.

With the issuance of the new codesfor Transmission System Operation andElectricity Trading, the regulatoryframework governing the new liberal-ized electricity market will be com-pleted. A new legal framework will beestablished, in which all parties in-volved in the electricity market willoperate and all issues regarding theeffective and proper functioning of themarket will be arranged. These issuesinclude third party access, load allo-cation, and rules governing the tradingof electricity between the transmissionsystem operator, the electricity genera-tor, and the suppliers.

With the actual completion of thenew framework for a liberalized elec-tricity market, both domestic and for-eign players will have the “green light”to invest in the electricity generationsector of the Greek energy market.

The liberalization of the market willcommence with the introduction of the

EnergyPolicies and ProgramsEnergyPolicies and Programs

Nikos Stefanou, General Secretary of the Ministry of Development,

spoke at the European Neighborhood Policy— Energy and Transport

Cooperation Around the Black Sea Conference held in Athens on

April 20-21, 2005. Aegean News prints excerpts from his speech

on Greek energy policy.


new regulatory framework—the new lawgoverning the liberalized natural gasmarket.

At first, all large consumers—in-dustrial and commercial consumers—will directly gain from the marketopening and, as of 2007, domesticconsumers will enjoy the same benefits.

According to the new regulatoryframework, for the first time inGreece, new suppliers of natural gaswill be introduced in the market,which is now controlled by the statemonopoly PGC. This will finally giveconsumers the right to choose theirsupplier.

In addition, the Ministry of Develop-ment, in cooperation with the Regula-tory Authority for Energy, is preparingthe new tariff scheme to govern thetransmission of natural gas within thecountry. The tariff scheme is expectedto be issued right after the vote on thenew natural gas law.

In enhancing the efficiency of theelectricity system, the Ministry of De-velopment is promoting a thorough pro-gram, focusing mainly on strengtheningthe stability of the system through thecreation of new extra high voltage sub-stations in Attica and Peloponnesus.

In addition, with the implementationof a time-based tariff scheme for elec-tricity, the Greek state is aiming to re-duce the irrational use of electricity andpromote the importance of saving ener-gy, especially during the summer. It isworth noting that during last summer,the peak load reached 9.320MW.

Regarding the promotion of en-ergy saving and energy efficiency, itis a fact that the low price of elec-tricity, together with a lack of in-formation on rational energy use,has led Greece to the top of the EU“15” countries in terms of per capi-ta energy consumption.

It is for this reason that we havedeclared 2005 the year of “Energy

Efficiency.” In collaboration withthe PPC and the Centre for Renew-able Energy Sources, we are puttingforward these measures:First: The launching of an informationcampaign focusing on the significanceof energy efficiency. We are determinedto start by implementing these measuresin the wider public sector Second: The incorporation of EU Di-rectives on the energy performance ofbuildings and the promotion of cogen-eration of heat and electricity into ournational laws

Our country’s active participation inthe large electricity, oil, and natural gasnetworks is yet another pillar of our newenergy policies.

The country’s active role the creationand promotion of the Energy Commu-nity of Southeast Europe has turnedGreece into an important player con-

cerning energy affairs in the Balkans.Greece constitutes one of the drivingforces behind the joint effort to createthe Energy Community of Southeast Eu-rope and will continue to work thor-oughly towards this direction.

Proof of this is the fact that our coun-try has undertaken the headquarters forboth the Forum for the Development ofElectricity networks in the region andthe Regulatory Authority for Energy ofSoutheast Europe. These were some ofthe conclusions of the Third Ministeri-al Conference for the Energy Commu-nity that was held here in Athens last De-cember.

We are, at last, certain that verysoon the signing of the Treaty estab-lishing the Energy Community ofSoutheast Europe will take place. TheTreaty will constitute the beginning ofthe long-awaited creation of the Ener-gy Community in the wider region ofSoutheast Europe, which will providegreat benefits to all countries that areinvolved and will essentially open theway for the full incorporation ofSoutheast Europe’s energy markets in-to the greater energy market of theEuropean Union.

In addition, Greece has played an im-portant role in the promotion of mea-sures and policies within the frameworkof the Organization of Black Sea Eco-nomic Cooperation. Greece, still hold-ing the BSEC Presidency, has shown itsstrong support in developing balancedand mutual cooperation in the energysector between the member countries ofBSEC and the EU.

Greece is strongly in favor and work-ing towards the further expansion the oiland natural gas export networks, the pro-motion of closer and stronger coopera-tion in the electricity sector between thecountries of the Black Sea region and, ofcourse, the creation of a friendly envi-ronment for attracting foreign investmentsin this neighborhood of the world.

Greece constitutes one

of the driving forces

behind the joint effort

to create the Energy

Community of Southeast

Europe and will continue

to work thoroughly

towards this direction.


Azerbaijan’s capital Baku hasbeen known since the 8th Cen-tury for its oil reserves. The first

oil well was drilled in 1848 and the firstrefinery was established in 1859. Theyears that followed, years connected withmajor attempts to find oil, transformedBaku into a wealthy city, a pole of at-traction for all European investors. Bythe end of the 19th Century, Azerbai-jan was providing more than half theworld’s oil production.

The Soviets first discovered and triedto develop the regions around Baku calledOily Rocks, but they did not have thetechnology needed to fully exploit them.When the Soviet Union collapsed, theRussians deserted the region. After theSoviets withdrew, hundreds of Westerncompanies rushed to fill the gap. Ac-cording to Dave Churchman, one of the

first to arrive in the early 1990s, “It wastotal chaos. Men were standing aroundwith machine guns. It was like the oldWild West, a strange but very excitingtime.”

Oil companies were fiercely trying tomake a deal, and politicians saw the dealswith western companies as a guaranteefor their country’s future independence.Russia and Iran strongly disliked thepossibility of western countries gainingground in their neighborhood. As a re-

sult, Russia closed all road communica-tions and Iran refused to import oil fromAzerbaijan.

On September 20, 1994, a consor-tium of companies, including BP Oil,Amoco, and Pennzoil, signed an agree-ment with the Azerbaijani government.According to the agreement, oil that un-til then was being transported on slow,old trains would be carried to the Westthrough a pipeline known today as BTC(Baku-Tbilisi-Ceyhan). When thepipeline was completed, daily oil pro-duction was estimated to reach up to 1billion barrels a day and the West hadtaken the first step in its efforts to dis-engage from its dependency on MiddleEast oil.

The route of the pipeline was de-signed in such a way that it would avoidareas of serious conflict. “This is thereason why the pipeline is buried,”said Michael Townshend, CEO of theProject. “Once it is in the ground, youdon’t see it, you don’t hear it, and youcertainly don’t smell it. Very few peo-ple will actually know even where itis.” Instead of following the naturalroute south from Baku towards Ar-menia, the pipeline follows a northerncourse to Georgia, passing throughsmall, heavily inhabited villages.

Mr. Townshend believes the three bil-lion dollar project was necessary. “In afew years, this oil will be almost onequarter of all the new energy sources inthe world. It is a non-Persian, non-Russ-ian, new source of energy.”

E X P L O R A T I O N

AzerbaijanBirthplace of the Contemporary Oil Industry

Geologists believe that the Caspian Sea has one of the world’s largest oil reserves and that

there is enough oil there meet the needs of many generations to come.

With the construction

of the pipeline, the West

had taken the first step

in its efforts to disengage

from its dependency

on Middle East oil.


M A R I T I M E T R A D I T I O N

The oldest shipwreck ever discovered in the Black Sea reconfirmed the region’s important

role in maritime trade during antiquity. It also reconfirmed what, until now, was only

known from ancient writers, some of the dietary preferences of Ancient Greeks.

In January 2003, a group of Amer-ican and Bulgarian scientists an-nounced the August 2002 discov-

ery of a 2,400 year-old shipwreck foundoff the eastern coast of Bulgaria. Scien-tists place the time of the shipwreck inthe 4th Century B.C., the Golden Age ofGreek city-states.

“The first thing we saw was a pile ofamphora. There were 20 to 30 jars ex-posed on the surface layer...I knew rightaway that it was ancient,” said DwightColeman, a marine geologist at the In-stitute for Exploration in Connecticut.The recovery of one amphora revealedunderneath more layers of the same, sug-gestive of the way amphora were placedin ancient ships.

The recovered amphora was of anunusually large size, almost three me-ters high and half a meter wide.

Analysis of the amphora’s contentsrevealed traces of bones from a largefreshwater catfish, olive pits, and resin.There was evidence of cut marks on thebones and researchers concluded that theship carried fish steaks, catfish cut inpieces that probably had been salted and

dried up for preservation. Ancient writers such as Stravon of-

ten mention that Greece imported atype of dried fish called tarichos fromthe Black Sea region near Crimea. “Itis a known fact that Greeks turned to

the Black Sea region for fish and gold,”said the exploration team’s leader, Dr.Robert. The olive pits and resin foundin the amphora raised a lot of specula-tion but scientists concluded that thejar might have been used before totransport olive or olive oil cargo. Resinwas used often as a coating material toprevent leakage.

Archaeologists who examined the

amphora’s design believe it originatedfrom Turkey’s Sinope, a flourishingGreek colony of the 4th Century B.C.

According to Fredrik Hierbert, anarchaeologist from the University ofPennsylvania, the ship must have

started its journey from the southerncoast of the Black Sea and sailed northacross the sea to the Crimean Peninsu-la, where it loaded the amphora withfreshwater catfish and then sailed westalong the northern coast of the BlackSea bound for Greece. “This allows usto construct an idea of what Black Seatrade was like in the 5th to 4th Cen-turies B.C.” said Mr. Hiebert.

“From text and archaeology we havebeen able to learn quite a bit about theGreek presence in the Black Sea andabout the interaction of Greeks withthe people there. But it has only beenthrough indirect evidence that we havebeen able to approach the trade net-works that existed,” said maritime ar-chaeologist Cheryl Ward. “This ship-wreck provides the first opportunity tohave direct evidence of that early tradein action.”

Ancient writers

such as Stravon often

mention that Greece

imported a type of dried

fish called tarichos

from the Black Sea

region near Crimea.

A Fish Called…Tarichos


R O O T S

Komboloi—Tracking Down its Roots

The word itself is a compositeone. Kombos means knot, butaccording to the ancient Greek

meaning of the word, it also means thenoise that two objects make when theyclash against each other. The ending, oiindicates a series of similar things.Therefore, Komboloi is the noise madeby beads, or anything similar, whenpassed through a thread. Some haveeven compared Komboloi to Moiroloi(Greek lamentation song).

Just as the lamentation song repeatswords rhythmically, so does the beadcycle encompass sorrows that come

and go, come and go. In a simpler in-terpretation, the word derives fromkombos (knot) and leo (say, speak),meaning “in each knot, I say a prayer.”In any case, the komboloi started as aprayer tool and its roots lie deep inEastern civilization.

Muslim Komboloi: the Tespih

Mohammed taught his people the im-portance of communicating with Allah.

According to the Koran, Allahasked, through Mohammed, that hisfollowers make 99 prayers, as many ashis attributes. But how could a simpleMuslim keep track of the prayers?Mohammed ordered that 99 beans bepassed through a thread, each beancorresponding to a prayer. This firstKomboloi was called Mashaba, mean-

ing “I recite.” Soon the beads on thepraying strings were made out of pitsand wood, always 99 in number andalways passed through a thin thread.

Throughout the years, the Muslimkomboli acquired its very distinctcharacteristics: the iname, the tepelik,and the durak. The Iname is the upperlong part. The rest, including the tuft,is the tepelik. Often two differentbeads are placed on the thread to sep-arate every 33 beads from the rest.These two beads are called Durak (hewho stops something) and are notcounted in the total bead number.

Buddhist Komboli: the Mala

The Komboloi appears in China withthe birth of Buddhism and is calledJepian, from the Sanskrit word Jepa,which means prayer. Today it is com-monly known as mala.

The purpose of a mala is to recite amantra or prayer. Most malas consistof 108 beads, with a bigger one on topcalled a guru bead. Some are dividedin 4 parts with 27 beads each or inthree parts, one with 54 beads and twowith 27. The 108 beads symbolize thenames or events of Hindu supplicationsand, according to another version, thegods around which Buddhism was de-veloped. Similar to the accounts ofhow the Muslim beads were created,tradition has it that around 500 BC astudent in Northern India who did notknow how to count had trouble recit-ing the mantra 108 times. The stu-dent’s spiritual guide came up with theidea of piercing 108 pits, passing themthrough a thread, and tying the endstogether. This is how the komboloi issaid to have been born.

According to tradition,

Mohammed had holes made

in 99 beans—as many as

the prayers ordered in the

Koran—and then had a

thread pass through them.

Each bean corresponded to

a prayer.

The favorite habit of most Greeks, to “kill time” or even “drown their sorrows” by playing with

the beads of a Komboloi, has deep roots in human history, though its origins are controversial.


A T H L E T I C S

Mr. Wheelright’s portrait hangstoday in the State House inBoston, where the first soc-

cer game in the New World was played.In the beginning, soccer in the

United States was primarily an up-per-class game played by schoolboysand college teams. The Oneida Soc-cer Club, formed in Boston in 1862,is considered the first soccer club witha regular roaster of players, as opposedto the pick up games commonly playedat the time. Oneida’s members were stu-dents of elite Bostonian public schoolswho played matches against pickup teamsfrom the local collegiate community.

The team went undefeated during itsentire four-year existence. Oneida wasthe first soccer club anywhere outsideEngland, predating even the formationof Scottish teams.

Soon, soccer spread to other collegiatecommunities but rules varied widelyamong different schools and communi-ties. Princeton and Rutgers played thefirst intercollegiate game in NewBrunswick in 1869 using the LondonFootball Association’s 1863 rules. Soc-cer was by now spreading to the studentcommunities of big universities such asYale, Columbia, Cornell, and Harvard.In 1876, however, Harvard, Princeton,and Columbia formed the IntercollegiateFootball Association using Rugby rules.Other big institutions followed suit, as theupper-class community increasingly

looked to Rugby, and by the end of thesame year collegiate soccer in the U.S.came to its end.

After the downfall of collegiate soc-cer, the game lay in the hands of theworking-class communities, who wereadopting it rapidly. Immigrants, arriv-ing in ever increasing numbers, broughtwith them new soccer traditions and thegame became very popular in the North-eastern industrial cities. Pick up games

and informal teams soon grew into es-tablished clubs, and by the 1890s thegame had spread to Chicago, Cleveland,

and St. Louis.Sociological forces, however, were

seriously hampering the game’s de-velopment. Baseball was gainingground as a favorite American pas-time and many immigrants, in an at-

tempt to merge into the culture of theirnew home, began switching to baseball.

Soon, soccer came to be seen as a sportplayed by foreigners.

In 1894, the first attempt was madein the United States to establish a pro-fessional soccer league. Plagued by lowattendance rates, the league collapsedduring its first season with heavy finan-cial losses. The 1920s marked a turn-around for soccer’s popularity in theUnited States, and the decade is now con-sidered first Golden Era of AmericanSoccer. In 1921 the American SoccerLeague was founded. The league man-aged to gain prestige, compete effectivelyfor European players, and even performin par with the National Football Team.

The critical turning point for soccerin the United States came in 1975, whenPele joined the New York Cosmos ofNASL (North American Soccer League).Pele, arguably the greatest player in thehistory of soccer, attracted a recordnumber of fans to NASL contests andinspired many young boys to play thegame.

John Wheelright, the man who presumably brought soccer to America, was the

only man Oliver Cromwell ever feared on the soccer field during his years

at Cambridge University.

The critical turning point

for soccer in the United

States came in 1975, when

Pele joined the New York

Cosmos of the North

American Soccer League.

SoccerCrosses the Atlantic


Michael Kakoyiannis’ moviestarring Ellie Lambeti asthe “Girl in Black” was not

the only movie set on scenic Hydra. In1940, “The Parting Song,” the firstmovie of Finos Productions and amelodrama archetype for later similarproductions, was also filmed in on theisland. Years later, “The Boy and theDolphin” with Sofia Lauren and AllanLadd became the first internationalproduction filmed on Hydra. The is-land’s landmark motion picture, how-ever, is Melina Merkouri’s “Phaedra,”co-starring Anthony Perkins as Hip-politus. Hydra quickly became the is-land of celebrities and remained theirtop vacation choice for years.

Even today Hydra attracts local andinternational visitors with its diverse nat-ural beauty. The island’s name comesfrom Hydor, the Ancient Greek word forwater, which flowed abundantly from theisland’s many fountains during antiqui-ty. During the end of the 18th Century,Hydra was the center of flourishing mar-itime trade. The War of Independenceagainst the Turks in 1821 found Hydraarmed and ready with 130 ships, 5,300men, and 2,400 cannons. On account ofthis, the Turkish Commander Ibrahimcalled the island “Little England.” In theseven years that followed Hydra was adominant sea power and Greek nation-

al heroes from the island—Koundouri-otis, Miaoulis, Kriezis—played leadingrole in the war. Even today, visitors withknowledge of Greek history sense thesmell of gunpowder emerging from Hy-dra’s narrow streets.

The town, located at the center ofthe island and built amphitheatrically

around the harbor, is an architecturalmodel and prepares arriving visitorsfor what lies ahead. To the left andright of the harbor, aging bastions andcannons still stand guard as testi-monies to the island’s glorious past.

Located at the center of the portarea, the 1648 cathedral that once op-erated as an “Assumption” monasterynow houses the Town Hall and the Ec-clesiastical Museum. To the left of thetown hall are the statue of Miaoulis,the old powder-magazine now used asthe Port Authority’s headquarters, andthe well known School of Merchant

Marine Officers, which is housed in theTsamados Family Mansion.

The monasteries of Prophet Elias(where Greek war hero Kolokotronis wasjailed in 1825),of the Holy Trinity, andof Saint Eupraxia, together with theMansions of Maioulis, Topazis, Koundou-riotis, and Kriezis, all decorated in the18th Century island-style, are places avisitor should not miss.

For sea lovers, Spilia, a rocky beachjust outside the harbor with deep clearwaters, is ideal for diving. Other beach-es in Vlyhos, Mandraki, and Molos canbe reached by boat.

Adding to the island’s traditionaluniqueness, cars are not allowed onHydra. Donkeys, the island’s mainmeans of transportation, offer visitorsa very distinct experience.

As the sun sets, Ellie Lambeti’sbeautiful features begin to fade asother 50’s and 60’s personalities takeher place. Joan Collins, Grace Kellywith her Prince Renier, Melina Mer-couri with Jules Dassin, AristotleOnassis with Jackie Kennedy, are allthere, taking a stroll through the nar-row streets , before ending up atLagoudera, the favorite night club ofcelebrities that still operates today.

Don’t be fooled by the dark. If you try,you can see them all there among you,dancing away the sweet summer night.

T R A V E L

A contemporary Electra dressed

in black falls in love with Dimitris

Horn and is forced to confront the

prejudices of a small local society.

When? In 1956. Where?

On the island of Hydra.HydraAn All-Time Classic

Even today, visitors with

knowledge of Greek

history sense the smell of

gunpowder emerging from

Hydra’s narrow streets.

Aegean is proud of the contemporary image of its petrol

stations. Station personnel enhance the “Aegean Look”

through clothing and products that reflect a

commitment to quality and customer service.

Products that say

“We ‘re different”

T H E A E G E A N I M A G E

AegeanAEGEAN is a diverse group of companies active in the energy and ship-

ping industries and is committed to providing its clients with the best

products, services, and solutions to meet their needs. The AEGEAN

group markets fuels and lubricants in the bunkering and retail sec-

tors, is a leader in top-quality bunkering services, provides

marine transport through its fleet of 32 tankers, and of-

fers 24/7 shipping services to trusted clients through-

out the world.

SERVICE AND PRICEAEGEAN is committed to providing its customers

with unmatched services at the most compet-

itive prices. It has grown in just over a decade

into a dynamic force in the industry and from

its headquarters in Piraeus, Greece AEGEAN di-

rects its domestic and international operations.

The company is privately held and 100% Greek owned.

A DYNAMIC GROWTH STRATEGYThrough a strategy of responding to market needs,

AEGEAN has successfully grown to be an industry

leader that is committed to excellence in customer

satisfaction, environmental awareness, and over-

all quality. The company is ISO 9002 accredited,

its ships meet ISM standards, and AEGEAN's

bunkering operations are on the top of the FOBAS

White List. AEGEAN employs more than 1,000

professionals who are the foundation of the com-

pany's success. In 2004, turnover reached $1.5

billion. In addition to its headquarters in Piraeus,

the company has offices in Thessaloniki, Greece and

an international presence in the United Arab Emirates,

Venezuela, Russia, Bulgaria, Gibraltar, and the United States.

FULLY-EQUIPPED FACILITIESAEGEAN has two fully equipped depots to handle its fuel needs. The

depot in Alexandroupolis serves clients and customers in northern

Greece and southeast Europe. The company's depot in Aspropyrgos

serves southern Greece and the important port of Piraeus.

www.aegeanoil.gr

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