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. . 2007

. . 2007

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, . , . . , .

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1. 2. 2.1 2.2. 3. 3.1. 3.2. 3.3. 4. 4.1. 4.2. 4.3. 5. 6 6 9 9 12 15 15 22 26 30 30 31 35 37

5.1. 37 6. 7. 7.1. 7.2. 7.3. 8. 8.1. 8.2. 4

39 45 45 46 48 53 53 54

8.3.

55 57

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. , 11 , , , . 200 . DW 3.400 . , , . , , , , . 1. - . ( , ) . [1] ' . - 20 . 1850 , "Baltic Exchange". 1886 7% 1993 18%. , . , ( , 1930) . [2] , 120 500 , 500.000 GRT, 6

Liberties, 2 . 1948 531 2.3 . GRT, . '50 8 10 , 54% 15% . '60 , . 70 '80 , . '90 , 1 1998 . , ISM code. 2005 3,338 182.540.868 dwt, 3,397 24% 21% , , . . , . . , . , . . , , . " " , 7

. , . , . , , , , . , . [3] , A 2003 N, . H E , 20% tonnage , . O . E . A, . T . T E . : . E, , .[4] - , , . , : , , ( ), . [5]

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2. 2.1 . , . . [6] . , . , ISM Code, STCW 1995, ISO 9002, Oil Pollution Act 1990, . . marketing. ship manager , timing. , , . . highly regulated. [7] , , , , , , . , , , 9

, , . standards, , . . Tsakos, Eletson, Roxana Shipping, Magna, Chadris, OSG TEO Shipping, . [8] , . , , Technical, Operations, , Chartering, , Purchasing, Safety and Quality, . , , . , , , . , , , . , . .

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Chief Executive Officer

Executive Secretary

Accounts Department

Claims / Insurance Department

Crew Department

Operations Department

Technical Department

Chartering Department

Safety and Quality Department

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2.2. . . , . : Master General Accounts . . Invoice Reporting . Shipowning Accounts , , . Insurance . Management Accounts management. Disbursements Agency . Operations department Operations department , . , , , . . Crew department , , , Master General Accounts. ,

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, . Technical department , , , . Chartering department . , , . , . , Chartering department . Insurance department , . Safety and Quality department , , , .. , ... Purchasing department , , . , , , . Marine department , , , .

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Information & Technology department , .

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3. 3.1. . , 725 693 2006, 4,7%, 1998 , . 1998-2007

926 835 754 785 749 729 733 690 693 725

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

[: PETROFIN RESEARCH/

1998-2005 . 1998 2005 926 690, 25,4%. 1998 2005. [9]

15

(%) (1998-2007)15

10.7410

5

0

4.7 0.5 -2.7 -6.23 0.4

-5

-10

-5.98 -4.6

-15

-20

-18.571999 2000 2001 2002

2003

2004

2005

2006

2007[: PETROFIN RESEARCH/

1998-2005, , , Petrofin Research. 1998-2005 , . , , , , . , 2003, , , , . [10] , . funds - . , , . 16

. 32 725 2007. , , . , , , . , . 1998 1-2 . 42.34% , , . , 46 70% , 25% 1998.[11] . . , . [12] , . [13] 307, 42,3%, 1 2 . 165 , 22,7%, 3-4 , 126, 17,3%( 58 . . , 63 , 8,6%, 9-15 , 35 , 4,8%, 16-24 , 29 , 4% 25 . , , , . , .

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. 1-2 483 376 325

349

318

308

311

288

288

307

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007[: PETROFIN RESEARCH/ 2007]

3-4 196 166 189 172 170 158 155 157 165 146

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007[: PETROFIN RESEARCH/ 2007]

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5-8 149 143 140 134 128 141 137 131 126

138

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007[: PETROFIN RESEARCH/ 2007]

9-15 85 76 68 82 84 69 59 52 64 63

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007[: PETROFIN RESEARCH/ 2007]

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16-24 36 29 25 22 25 31 36 30

35

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1998 1999 2000 2001 2002 2003 2004 2005 2006 2007[: PETROFIN RESEARCH/ 2007]

, , 19 1-2 . 19 3 4 . 9-15 , , 5-8 11 . 6-24 , 25 . Petrofin 1998, . ( 16 ). 1998 2007.

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(1998)+25 2.05% 16-24 1.19% 9-15 7.34% 5-8 1-2 52.16% 16.09%

21.17% 3-4 [: PETROFIN RESEARCH/ 2007]

(2007)+25 16-24 9-15 8.69% 5-8 17.38%

1-2 42.34%

4.00% 4.83%

22.76% 3-4 [: PETROFIN RESEARCH/ 2007]

, 2007 182 , 4346 , , 4.164 2006, 4,3%. . 10.000 3,2%, 2.884 2.794 2006, . 204,2 . , 166,7 . dwt 2003.21

3.2. 10.000 15,3 , 19,85 2003. 2006, 7 . . , 0,4 2006 3,4 1998. [14] , 18,71 19,4 2006 23 2005. , , . 30 , 40 . , , , . 741 30 , 645, 240 40 , 209 .[15] 152 ( 464 ) 38 1.635.755 dwt. [16] .

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1-2 9 5% 10-14 4% 7% 15-19

84% 20 [: PETROFIN RESEARCH/ 2007]

3-4 9 7% 10-14 8% 15-19 11%

74% 20 [: PETROFIN RESEARCH/ 2007]

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5-8 9 15% 10-14 16%

53% 20

16% 15-19 [: PETROFIN RESEARCH/ 2007]

9-15 9 22% 10-14 54% 20 10% 15-19 [: PETROFIN RESEARCH/ 2007]

14%

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16-24 9 20 31% 20% 10-14 20% 29% 15-19 [: PETROFIN RESEARCH/ 2007]

25 9 20 34% 7%

10-14 24%

35% 15-19 [: PETROFIN RESEARCH/ 2007]

, . , , , . , , , . , , , .25

3.3. dwt, . 50 , , , , . . 50 , 23 . dwt, 27 . dwt. . . , 29 2.669.914 15 , Ceres 100 . [17] 50 dwt .

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50

KRISTEN NAVIGATION INC. DYNACOM TANKERS MANAGEMENT TSAKOS SHIPPING & TRADING S.A. CARDIFF MARINE INC. ENTERPRISES SHIPPING & TRADING MARMARAS NAVIGATION LTD. THENAMARIS (SHIP MANAGEMENT) INC. GULF MARINE MANAGEMENT S.A. POLYAR SHIPPING CO. LTD. CERES MARITIME SERVICES INC. ANANGEL MARITIME SERVICES INC. EASTERN MEDITERRANEAN MARITIME LTD. NEDA MARITIME AGENCY CO. LTD. POLEMBROS SHIPPING LTD. CHANDRIS (HELLAS) INC. SPRINGFIELD SHIPPING CO. PANAMA S.A. MINERVA MARINE INC. TOP TANKERS MANAGEMENT S.A. GENERAL MARITIME MANAGEMENT (HELLAS) LTD. COSTAMARE SHIPPING COMPANY S.A. CENTROFIN MGMT / MARINE TRUST LTD. CARRAS (HELLAS) S.A. OSG MANAGEMENT LTD. ALPHA TANKERS AND FREIGHTERS INTERNATIONAL LTD. QUINTANA MANAGEMENT LLC. CAPITAL SHIP MANAGEMENT CORP. AELOS MANAGEMENT S.A. DANAOS SHIPPING CO. LTD. EUROPEAN NAVIGATION INC. NEREUS SHIPPING S.A. CYPRUS MARITIME CO. LTD. CHARTWORLD SHIPPING CORP. SUN ENTERPRISES LTD. PRIME MARINE MANAGEMENT INC. ELETSON CORPORATION AVIN INTERNATIONAL S.A. STAMFORD NAVIGATION INC. LIBERIA MOUNDREAS NICHOLAS G. SHIPPING S.A. PANAMA STELTH MARITIME CORP./ BRAVE MARITIME CORP. INC. MARYVILLE MARITIME CORP./ EXCEL MARITIME SAFETY MANAGEMENT OVERSEAS S.A. ATLANTIC BULK CARRIERS MANAGEMENT LTD. GOLDENPORT SHIPMANAGEMENT LTD. GENCO SHIPPING & TR. STAMCO SHIP MANAGEMENT CO. LTD. LIQUIMAR TANKERS MANAGEMENT INC. NAVIOS SHIPMANAGEMENT INC. TECHNOMAR SHIPPING INC. ALLOCEANS SHIPPING CO. LTD NOMIKOS A.M. TRANSWORLD MARITIME AGENCIES S.A.

DWT 8.041.488 7.579.232 6.094.565 5.693.002 5.020.250 4.818.532 4.139.831 3.909.631 3.650.705 3.390.809 3.074.218 3.009.313 2.892.084 2.710.839 2.566.110 2.565.497 2.562.742 2.498.582 2.381.717 2.231.854 2.216.023 2.127.972 2.103.448 1.956.804 1.801.145 1.779.088 1.698.719 1.649.523 1.603.410 1.581.497 1.551.001 1.548.477 1.527.602 1.486.930 1.414.705 1.406.565 1.398.548 1.299.907 1.206.964 1.124.002 1.191.150 1.100.956 1.095.936 1.028.405 1.012.739 995.681 963.520 916.308 896.872 875.460

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50 , .1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 ENTERPRISES SHIPPING & TRADING TSAKOS SHIPPING & TRADING S.A. LASKARIDIS SHIPPING CO. LTD. CARDIFF MARINE INC. MARMARAS NAVIGATION LTD. DYNACOM TANKERS MANAGEMENT CAPITAL SHIP MANAGEMENT CORP. THENAMARIS (SHIP MANAGEMENT) INC. OSG MANAGEMENT LTD. STELTH MARITIME CORP./ BRAVE MARITIME CORP. INC. CHARTWORLD SHIPPING CORP. COSTAMARE SHIPPING COMPANY S.A. KRISTEN NAVIGATION INC. CERES MARITIME SERVICES INC. DANAOS SHIPPING CO. LTD. MINERVA MARINE INC. POLYAR SHIPPING CO. LTD. AEGEAN SHIPPING MANAGENT S.A. AVIN INTERNATIONAL S.A. EASTERN MEDITERRANEAN MARITIME LTD. TOP TANKERS MANAGEMENT S.A. TECHNOMAR SHIPPING INC. STAMCO SHIP MANAGEMENT CO. LTD. ATLANTIC BULK CARRIERS MANAGEMENT LTD. ANANGEL MARITIME SERVICES INC. CYPRUS MARITIME CO. LTD. GOLDENPORT SHIPMANAGEMENT LTD. PRIME MARINE MANAGEMENT INC. MOUNDREAS NICHOLAS G. SHIPPING S.A. PANAMA ALLOCEANS SHIPPING CO. LTD ELETSON CORPORATION POLEMBROS SHIPPING LTD. QUINTANA MANAGEMENT LLC. CENTROFIN MGMT / MARINE TRUST LTD. CHANDRIS (HELLAS) INC. EUROPEAN NAVIGATION INC. GENCO SHIPPING & TR. MARYVILLE MARITIME CORP./ EXCEL MARITIME NAFTOMAR SHIPPING & COMMERCIAL S.A. GENERAL MARITIME MANAGEMENT (HELLAS) LTD. NEDA MARITIME AGENCY CO. LTD. ALPHA TANKERS AND FREIGHTERS INTERNATIONAL LTD. MAGNUS CARRIERS CORP. NORDSTRAND MARITIME & TRADING CO. LTD SPRINGFIELD SHIPPING CO. PANAMA S.A. STAMFORD NAVIGATION INC. LIBERIA SUN ENTERPRISES LTD. NAVIOS SHIPMANAGEMENT INC. VSL 69 60 59 58 49 48 45 44 41 39 36 36 35 33 30 30 30 28 27 27 25 25 24 23 23 23 23 23 22 21 21 21 21 20 20 20 20 20 20 19 19 17 17 17 17 17 17 16

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49 50

NOMIKOS A.M. TRANSWORLD MARITIME AGENCIES S.A. ROSWELL NAVIGATION CORP.

16 16

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4. 4.1. , , , . . T , . M E, . , , , , . . . [18] 2007, 19 4 . , XRTC ( - Natixis) 334 3.500 . XRTC , 1993 , 35 2002 . 18 . , , , , , . , , , Stealthgas 2005 Nasdaq . . Quintana Maritime , , , 735 . , 13 .

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T N, . 4.2. , . 90 2004 [19]. , . Hellenic Carriers , . Hellenic Carriers . 60 31 supramax. ellenic Carries , panamax handymax. NBG International. : Tsakos Energy Navigation, Danaos Corporation, Dryships, Energy Infrastracture Acquisition, Euroseas, Excel, Go Carriers, Oceanaut, Ocean Freight, Omega Navigation, Quintana Maritime, Star Maritime Acquisition, StealthGas, Diana Shipping, Capital Product Carriers, Eagle Bulk Shipping, Top Tankers, Navios Maritime, Navios Maritime Partners, Paragon Shipping, Seanergy Maritime.31

Tsakos Energy Navigation , Tsakos Shipping & Trading. 44 , 52 . Danaos Corporation . . 36 2011 32 . Dryships , . 42 . Energy Infrastructure Acquisition blank checque , . . Euroseas Ltd 2005 . . Euroseas 15 . Excel Maritime Carriers & Maritime 1989 . 16 . . Oceanaut 2007. blank checque. H Global Oceanic Carriers 2005. 11 . Antares Shipmanagement. GO Carriers . OceanFreight 2007 7 . Omega Navigation Enterprises 2006. 8 . Target Marine .

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Quintana Maritime 2005. . Quintana . 700 . . Star Maritime Acquisition blank checque 2005 . 188 . . Stealth Gas . , Eastern Mediterranean Maritime. Stealth Gas 39 . Diana Shipping . . 21 . Capital Product Partners 2007 . . Eagle Bulk Shipping . 23 handymax . Top Tankers . 2004 , . . real estate . Navios Maritime Holding Navios Maritime Partners . 2005 blank checque ISE, Navios. Navios . Paragon Shipping . 10 . . Paragon, , Paragon . Seanergy Maritime blank checque. , blank cheque, . 33

. , . 245 . . Seanergy : Follie - Follie, , , . Globus Maritime GoldenPorts Holding . Globus . . . . GoldenPort Holdings Globus Maritime.

H Goldenport Holding 340 390 . ., 80 . 17 container. . , Goldenport Holding, . [20] . , . 20%. . Bloomberg Baltic Dry, rates, 9,6% , . - 25% Navios Maritime Holdings ( ), Genco Shipping & Trading, DryShips ( ), Golden Ocean Group, Compagnie Maritime Belge Quintana Maritime ( ). . Jonathan Chapell, JP Morgan Chase , "" Navios Genco. . ' Navios DryShips34

- , 12 13 ' . [21] 4.3. , , . , , . Diana Shipping , 166 . . New York Stock Exchange , 230 . . Royal Bank of Scotland bulk carriers. RBS 330 . . Eagle Bulk , Nasdaq . I, Aries Maritime, 140 . . 150 . . . , , 520 . . HSH Nordbank Navios Maritime Holding International Shipping Enterprises . , , . 50 , . Petrofin 26% , 32 . .35

, RBS, Citibank, Credit Suisse ABN Amro. , , 25% , 20% . [22]

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5. 5.1. , . , bulk carriers 22,2%, tankers 21% chemical products 14,45% . [23] , 17,1% dwt 51% tonnage 25 . [24] o 41% , 2006 - 2007 ECSA. H 3,6% 16,9% . , 21 , 3800 , 160 , . 1565 . 25% . [25] , . 120.000 - .., [26] 661 34 . . [27] , , . , , , , , , . , . . , , .37

. , 40% .[28] , . : Motor Oil, , Eurobank, , , Easy Jet .. [29] , , . [30]

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6. 35 - 40 . 2007 . . 16 , Metrostar . . 500 - 600 . . Metrostar bulk carrier (capsize) , 1 . . 487 , . 28 . . . 2007 16,83 . . 2006, . [31] . 2007 , 86% 2006! [32] 661 . 30 . . . 2006 42 . . 2007 5% 10%. , . , . 2006 3,5 . . [33] ,

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- 30% 40%- . resales - . , , , 15% 30%. .

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Tankers Aegean Shipping Management S.A. Alpha Tankers and Freighters International Ltd. Anangel Maritime Services Inc. Ancora Investment Trust Inc. Andriaki Shipping Co. Ltd. Anemi Maritime S.A. Arcadia Shipmanagement Co. Ltd. Athenian Sea Carriers Ltd. Avin International S.A. Brave Maritime Corporation Inc. Byzantine Maritime Corp. Capital Ship Management Corp. Cardiff Marine Inc. Centrofin Management Inc. Chandris (Hellas) Inc. Chios Navigation (Hellas) Ltd. Consolidated Marine Management Inc. Cosmoship Management S.A. Costamare Shipping Company S.A. Danaos Shipping Co. Ltd. Delfi S.A. Diana Shipping Agencies S.A. Dioryx Maritime Corp. Dorian (Hellas) S.A. Dynacom Tankers Management Ltd. Dynagas Ltd. Eletson Corporation Total 22 5 0 1 0 0 5 4 4 12 3 18 18 3 4 0 3 0 0 0 2 0 0 5 20 2 12

Bulk Carriers Total 0 4 11 0 4 19 0 0 0 2 6 0 11 4 3 3 0 0 0 0 0 2 0 0 6 0 0

Containerships

Ro-Ros 2

Cement Carriers

Car Carriers

Total 24 9 11 1 4 19 5 4 4 14 9 18 29 7 7 3 3 8 4 27 2 2 2 5 26 2 12

8 4 27

2

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Empros Lines Shipping Co. Sp. S.A. Enesel S.A. Enterprises Shipping & Trading S.A. Evalend Shipping Co. S.A. Fairdeal Group Management S.A. Gleamray Maritime Inc. Golden Energy Management Golden Flame Shipping S.A. Golden Union Shipping Co. S.A. Gourdomichalis Maritime S.A. Hellenic Star Shipping Co. S.A. Hellespont Steamship Corp. Iolcos Hellenic Maritime Enterprises Co. Ltd. Ionia Management S.A. Kristen Navigation Inc. Kyklades Maritime Corp. Liquimar Tankers Management Inc. Lotus Shipping Co. Ltd. Maran Gas Maritime Inc. Mare International Ltd. Marine Management Services M.C. Marmaras Navigation Ltd. Meadway Shipping & Trading Inc. Medtankers Management Ltd. Melissa Cement Transport Shipping Company Metrostar Management Corp. Minerva Marine Inc. Modion Maritime Management S.A. Naftotrade Shipping & Commercial S.A. Neda Maritime Agency Co. Ltd. Neptune Lines Shipping & Managing Enterprises S.A.

0 1 6 0 6 0 6 0 0 0 4 8 0 8 8 2 4 1 5 12 8 7 0 2 0 8 4 3 0 0 0

5 0 17 12 0 13 0 2 2 1 3 0 6 0 0 0 0 0 0 0 0 4 5 0 0 17 0 4 0 4 0

2

2 6

5 1 23 12 6 13 6 2 2 1 7 8 6 8 8 2 4 1 5 12 8 11 5 2 2 25 4 7 2 4 6

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Newfront Shipping S.A. NGM Energy S.A. Nicolas G. Moundreas Shipping Nomikos A.M., Transworld Maritime Agencies S.A. Omega Navigation Enterprises Inc. Perosea Shipping Co. S.A. Phoenix Energy Navigation S.A. Polyar Shipping Co. Ltd. Remin Maritime Corp. Roxana Shipping S.A. Safety Management Overseas S.A. Samos Steamship Co. Seascope Shipping Agency Ltd. Seaworld Management & Trading Inc. Stamco Ship Management Co. Ltd. Stealth Maritime Corporation S.A. Targer Marine S.A. Thenamaris (Ship Management) Inc. Top Tankers Inc. Transmed Shipping Ltd. Trojan Maritime Corp. Tsakos Shipping & Trading S.A. Unibros Shipping Corp. Union Commercial Inc.

1 11 0 0 2 4 2 6 6 7 0 5 0 2 2 1 8 5 6 0 0 14 1 0 329

0 0 2 2 0 0 3 0 0 8 3 5 1 0 0 0 10 2 0 35 4 10 0 1 256

28

41

2

34

1 11 2 2 2 4 5 6 6 15 3 10 1 2 30 1 18 7 6 35 4 24 1 1 662

43

, 94,25% . , .

4 4 4 6 20 5 6 63 242 307[: / 2007]

.

34 Car Carriers 41 Containerships 6% 4 Cement Carriers 2 Ro-Ros 5% 0.61% 0.30%

35% 229 Bulk Carriers

53% 351 Tankers

[: / 2007]

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7. 7.1. , . , , . [34] . . . 2006 45,000 - 2010- . , , . . Recruitment- . - , . Modus Operandi . . , . [35] . , 45

. . , 1997 -2010;- . Skandinavian Shipping Gazette 2006 2015, , - . . Ships& Shipping 2006, 2020 . . , , . , . . [36] 7.2. , , . [37] . , . , . , , , , . , 46

, (majors). . [38] , , . , , , . [39] / / . . , . [40] . , , . , , . , : , , , . [41] , , , , timing growth , timing . , . [42] 200 . .- , . , , G Moundreas, , STX . 47

, , , . , . 10 , 20% . 7.3. Capital Link , . , , . . [43] , , 2003, , , . [44] , , . , 2007 6%, (1,8%). Capital Link . , , . , ( 1980-90) , . , , 10 . . [45] 600% 2025. [46] , .

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, LNG . , , , , . , , , , , , LNG LPG. , , Car Carriers Containerships. , ( 15,3 2006 20,3 2000), . , . , / , . . [47] 2006 . 10% . '60 '70. . . , 2003-2004. UBS, 15 1970 1985 1950 1965.

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, . , , . , . commodities. , , CVRD, RIO . . , . , 406 . , 38%. , . , 2007 . , . 5 (, , , , ), . [48] 4%. , 4% 4899 . , 2002. . . , , tonnage. 2002 1258 283 handysize, 428 handymax, 360 panamax 187 capes. 3 899 , 231 handysize, 259 handymax, 233 panamax 176 capes ,

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, . overaged , 1710 handysize (62%), 346 handymax (24%), 318 panamax (23%) 120 capes (17%) 20 special survey , scrap. . , . , . VLCC, , . , . Suezmax , . 4 . 4-5 . , phase out 2010. , , . [49] , . . , Panamax , Handymaxes, . Capes , , , Capes.

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, Containerships, . oil tanker trade, . ;

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8. 8.1. Tankers , . 2010 , . 2010, , . [50] , , , , . [51] Bulk Carriers , , , , . , 46% , . 30% . , , . , , Capesizes Panamaxes 75% 2001 2004. , , , Tankers Bulk Carriers. . , , , , 20% . , , , . LPGs natural gas petroleum gas , .

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petroleum gas, . LPG, 992 165 , 16,6% . LPG, , petroleum gas . , , . [52] LNGs 600% 2025. [46] , . , LNG . Containerships 2007 containerships 10 . TEU, 5 . TEU 2000, 15% . , , containerships, 50% containerships. 8.2. , . , . , ( , . , , , , , .

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, . . , , . , , , , special survey , , . 8.3. , , . , , . , , .

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[1]: . , 2005 [2]: Gelina Harlaftis: History of Greek-owned Shipping. The Making of an International Tramp Fleet, 1830 to the Present Day, Routledge, London 1996 [3]: , , 2006 [4]: The Economist, 12/4/2007 [5]: . , 2005 [6]: . , 2005 [7]: , , 2006 [8]: , : 21 [9]: 3-3-2005 [10]: Petrofin Research/ 2007 [11]: The Economist, 24/6/2007 [12]: 3-3-2005 [13]: , 30/9/2007 [14]: , 28/09/2006 [15]: Petrofin Research/ 2007 [16]: 3-3-2005 [17]: . [18]: , : 21 [19]: , 17/11/2007 [20]: Robert Wright, The Financial Times, 02/11/05 [21]: , 29/8/2007 [22]: The Financial Times, 04/10/05 [23]: , : 21 [24]: . , 2005 [25]: . , 2005 [26]: "", 17/11/2006 [27]: , 30/9/2007 [28]: . , 2005 [29]: , : 21

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[30]: . , 2005 [31]: , 7/11/2007 [32]: , 6/11/2007 [33]: , 17/3/2007 [34]: . , 2005 [35]: , : 21 [36]: , : 21 [37]: , , [38]: , , [39]: , , [40]: , , [41]: , , [42]: , , [43]: , 14/5/2007 [44]: , 6/11/2007 [45]: , 14/5/2007 [46]: , , 9/9/2007 [47]: , , 2006 [48]: , , 2006 [49]: , , 2006 [50]: , Business Files, 2006 [51]: , Business Files, 2006 [51]: , Business Files, 2006

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