Retail - Aegean Marine Petroleum Network Inc.

Transcription

Aegean News
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
AUTUMN 2005
Policies
Dimitris
Sioufas
Minister
of Development
Interview
OMI
Gas Station
Network
People Matter
Alternative
Solutions
Biofuels
Plus
Flows & Currents
Roots
Maritime Tradition
RETAIL
A Growth Story
∞¶ƒπ§π√™ - π√À¡π√™ 2003 AEGEAN NEWS 1
editorial Aegean
China, followed by India, is making tremendous con-
Core Activities
tributions of manufactured goods on the global market,
and gradually emerging as an industrial power. This influx of goods may be creating some problems for markets in the EU and Greece, but it is actually opening
new horizons in global shipping. Although market
growth and fluctuations cannot be predicted accurately,
Retail
➔ More than 423 gas stations throughout
Greece proudly display the AEGEAN logo,
and our network is growing every week.
AEGEAN's market share in Greece is 6.06%.
it appears that maritime shipping will continue to lead
mass transport worldwide. This is an indication that the
bunkering sector has an equally dynamic future as well.
Aegean’s plans for the future take all these factors into consideration. The
company is developing new bunkering stations and has ordered new state-ofthe-art refueling ships from Chinese shipyards.
Shipping
➔ AEGEAN manages a fleet of 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.
Another Aegean investment initiative, already in progress, involves Greece’s
unique geography. Accessing the Aegean islands has always been difficult, particularly for fuel delivery. This has made fuel much more expensive on the islands than
in the rest of the Greek market. To address this need, Aegean has ordered six special tankers (Ro-Ro) to supply the gas station network being developed on the islands. The new stations will be able to offer fuel at very low prices. We also will
take all the necessary measures to protect the sensitive island and sea environment.
These new initiatives place Aegean in an excellent position today, and over the
long term. I wish our staff, associates, and friends a good winter and continued
Bunkering
➔ In Piraeus, Gibraltar, Istanbul, Jamaica, Sin-
gapore, 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 Services
➔ Ships from around the world rely on our
personal and professional success.
agency services at Piraeus, Gibraltar and
Jamaica 24/7, from loading and discharging, to spare parts and supplies.
DIMITRIS MELISSANIDIS
TEXACO
Lubricants
➔ AEGEAN exclusively stocks and sells
ChevronTexaco automotive lubricants
throughout its retail network.
AUTUMN 2005 AEGEAN NEWS 1
contents
22
The Minister of Development, during his recent
trip in the USA, presented
the Greek Government’s
primary development
targets.
13
Aegean’s super modern automatic
car wash in Thessaloniki is ready
to wash.
Autumn 2005
4 AEGEAN UPDATE
6 FLOWS AND CURRENTS
Aegean News is published
quarterly by AEGEAN
8 RETAIL
CODE: 5169
PUBLISHER & MANAGING EDITOR
Raymond Matera
CONTRIBUTING EDITOR
G. Georgana
LAYOUT AND PRODUCTION
Multimedia S.A.
PRINTING AND BINDING
A. Psillidis & Co.
OWNER
Aegean
42 Hatzikyriakou Street
185 38, Piraeus, Greece
Tel: +30 210 458 6000
Fax: +30 210 458 6241
E-Mail: info@aegeanoil.gr
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.
Trends and News in the Oil and Energy Fields
The Positive Course Keeps Strong
9 RETAIL
Journey to a Greece Blooming with Daisies
10 STATIONS OF THE MONTH
Ioannis Sioutas—”The Perfect Arrangement”
Kostas Stavropoulos—First Kilometer of the
Argos-Korinthos Road
12 RETAIL
Advice on Economical Driving
13 RETAIL
Car Wash
14 RETAIL
Biofuels—A Challenge for the Present
and Future Liquid Biofuels
16 RETAIL
Gas Station Network “People Matter”
Our Gas Stations Owners Talk about Us
16
Sincerity, interest, and direct contact,
prove to be the best ingredients in
Aegean’s successful cooperation with
its gas station owners.
19 BUNKERING
Aegean’s Upward Course
in the First Nine Months of 2005
20 BUNKERING
Each Day is Different in the Marine Fuels Market
21 BUNKERING
Marine Lubricants
22 MINISTER OF DEVELOPMENT
AT NEW YORK CITY’S
HARVARD CLUB
24 INTERVIEW: OMI
26 ∂XPLORATION
Oil—A Brief History
27 MARITIME TRADITION
Maritime Museums
28 ROOTS
Komboloi—Part Two
29 ATHLETICS
Greek Football
30 ∆RAVEL
Thessaloniki—The Eternal City
AEGEAN
U P DATE
Aegean at Tsavliris Reception
Aboard Fotiy Krylov
New Personnel
Kavadakis Antonis
RETAIL
Mavroeidis Ioannis
RETAIL
Kondoyiannopoulos Alexandros
RETAIL
Meravidis Ioannis
OPERATIONS/BUNKERING
Tzanakakis Ioannis
TRADER/SINGAPORE OFFICE
Petroulaki Efrosyne
RECEPTION/SECRETARY
Mouratos Andreas
ASSISTANT IT MANAGER
Tzanakis George
MARINE PETROLEUM TRADER
Tsogas Ioannis
MARINE PETROLEUM TRADER
Demiza Marilena
MARINE PETROLEUM ACCOUNTANT
Parisos Prodromos
BUNKERING SERVICES/TECHNICIAN
Plevraki Vasiliki
ADMINISTRATIVE ASSISTANT TO THE PRESIDENT
Kondrafouri Demetra
SHIPPING/ACCOUNTING
The Tsavliris Salvage Group recently held a very successful reception on board the Fotiy Krylov
to celebrate her first visit to the port of Piraeus in three years. Numerous ship owners, marine
insurers, bankers, brokers and other prominent figures in the industry visited the vessel. The
Fotiy Krylov jointly holds the title as the world’s largest and most powerful salvage tug with her
sister ship the Nikolay Chiker. Together, the two mega tugs have performed 60 salvage and
towage contracts worldwide over the last ten years. Mr. Dimitris Melissanidis was among the
distinguished guests.
Logging On
Customers 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.
Two More Ships
to Join the
Aegean Fleet
Within the framework of its fleet
renewal program, Aegean is acquiring
two more double hull ships.
The newest acquisitions are the
double hull, 11523DWT, sister ships,
AEGEAN PRIDE and AEGEAN
GLORY. The first one joined the
fleet on the 24th of October 2005
and the second one is expected in
mid January 2006.
4 AEGEAN NEWS AUTUMN 2005
Aegean Participates
in Economic
Conference
For the third consecutive year, Aegean participated in the “Hour of the Greek Economy”
conference. An annual event, now in its 16th
year, the conference is organized by the
American-Hellenic Chamber of Commerce and
was held November 7th and 8th at the Athens
Intercontinental. Mr. Dimitris Melissanidis
made a presentation at the conference as part
of the panel discussing Public and private Initiatives for Regional Cooperation. “Hour of
the Greek Economy” is a leading annual economic forum that enables key figures in the
public and private sectors to exchange views
and discuss current developments in the
country’s economy. Prime Minister Constantinos Karamanlis was the keynote speaker at
the gala dinner of conference on Novemvber
8, and Opposition Party Leader George Papandreou addressed participants during the first
evening’s dinner, November 7.
Thessaloniki International Fair
(T.I.F.)
Aegean’s President Dimitris Melissanidis visited the Thessaloniki International Fair. With over 350,000
visitors from around the world, the
T.I.F. is the top annual international
event held in Greece, and the venue
the Prime Minister uses for his
speech on the Greek economy. This
year, Prime Minister Karamanlis
spoke about his government’s
strategy of bold reforms aimed at
simplifying procedures, promoting
electronic governance, and eliminating bureaucracy. He proclaimed his intentions to re-invent the state and a more productive
public sector, to strengthen local authorities, and to introduce a new immigration policy. The
Prime Minister also referred to other important recent developments in northern Greece such
as the Burgas–Alexandroupolis oil pipeline, the Greece-Turkey natural gas pipeline, the undersea pipeline which will transport natural gas from Greece via Italy to Central Europe, and increasing the speed of rail connections between Thessaloniki, Sofia and Istanbul. As evidence
that reforms are being made quickly, Prime Minister Karamanlis mentioned specific recent initiatives in privatization, public and private partnerships, the deregulation of the domestic electricity and natural gas markets, the reform of bankruptcy legislation, and the new regulations
facilitating the establishment of businesses.
Mr. Dimitris Melissanidis
at the Bureau Veritas
Hellenic and Black Sea
Committee Meeting
Super Automatic,
Modern Car Wash
in Thessaloniki
Another innovative Aegean initiative is
realized. The biggest and most modern
automatic car wash in Greece is now in
operation.
At the invitation of Mr. Didier Bouttier,
the Regional Chief Executive of the
Hellenic and Black Sea Committee, Mr.
Dimitris Melissanidis participated in the
Eighth Committee Meeting, held at the
Grand Resort in Lagonissi, and was
elected as a member of the Committee.
New Stations
in Aegean’s Retail
Network
The Aegean network is growing throughout
the country. More than 420 gas stations in
Greece are now part of the Aegean family.
Listed below are the stations that have started displaying the Aegean logo during the last
three months.
1 Evritanias, Agrinio — Soumelis Michalis
Tranovalto Kozanis—Gatsou Evaggeli
Nea Efessos Pierias—D. Pitsilis Bros
Kandela Aetoloakarnanias
Sideras Charalambos
Almiri Korinthias—F. Staikos Co.
79 Patron, Korinthos—Bournia Maria
Karavomylos Samis, Kefalonia
Artelari Bros & Co.
190 Aetolikou & Agias Lavras, Nikaea
Staikos P. Fotis
282-284 Gr. Labraki, Nikaea
Staikou F. Helen
268 El.Venizelou, Kallithea
Staikos F.-Strimbakou G.
272 Demosthenous, Kallithea
Marmarinos M. Nikolaos
Kypseli Aetoloakarnanias
Tsiakanika Evaggelia
Chalastra Thessalonikis
Kantzouras Evaggelos
¡. Irakleitsa Kavalas—Nikolaidou Polymnia
16 Akti Moutsopoulou, Piraeus
Fanourgiakis G. Ioannis
24 Patron –Klaus, Patra
Giannakopoulou E. & Co.
24 George Papandreou, Chalandri
Karatzalis K. & Co.
39 Demokratias Ave., Aiginio Pierias
Petrakidou Irene
70 Thermaikou, N. Efkarpia, Thessaloniki
Mitsas Aemilios & Sons
4th km Deskatis-Elassonas, Larisa
Bikeris Constantinos
Kalivia Elassonas, Larisa
Margaritis Athanasios
155 Michael Voda, Athens
Parklink SA
Mandres Kilkis—Derebeidou Martha
Drepano Kozani—Pehlivanidis Panagiotis
136 ∞. Papandreou, Sikies, Thessaloniki
Giavasis D.-Rogougou E.
Details inside.
FLOWS AND CURRENTS
Greek Shipping Reaches New Heights
Biofuels
Enter
Our Lives
Biofuels, the focus of one of the
four bills presented by Development
Minister Sioufas, are set to become
part of our lives beginning this year.
A percentage of motor fuel and
gasoline will be composed of biofuels produced from natural biological
sources. For example, motor fuel
will be composed of up to 5%
biodiezel. This is an environmentally
friendly fuel with very low emissions that does not burden the
atmosphere with carbon dioxide. In
addition, biodiezel has higher
octane, which improves horse power
The Greek-owned fleet represents almost one
quarter of global sea transportation. According
to the Greek Ship Owners Union, in 2004 the
fleet reached 3,800 ships, a capacity of 160 million DWT. This capacity represents 17.1% of the
world total. The Greeks have 22.4% of the global tanker fleet and 24.6% of the bulk carriers.
Greek-owned ships under an EU flag constitute
51.5% of the Community’s DWT capacity. According to Ship Owners Union President Nikos
Efthimiou, the continued growth of Greek shipping is due mainly to two reasons: the sudden
rise of cargo transportation prices to a 60-year
record high due to intense demand by China and
India, and the extensive renewal through orders
for new ships and the acquisition of used, but
not very old, ships. In March 2005, Greek ship
owners placed orders for 320 new ships (not including ferry boats) with a total capacity of 26.8
million DWT. Out of these ships, 192 are tankers
and 82 are bulk carriers. These vessels represent 10.1% and 17.1%, respectively, of the total
number of ships being built globally in these two
categories. Finally, the Ship Owners Union would
like to see Piraeus develop into the focal point
for Greek Shipping, and the Greek government to
establish new policy that capitalizes on the productivity of this very assertive sector of the
Greek economy.
and lubricates diesel motors better.
year to be produced from biological
The Ideal Countries
for Business Relocation
sources, while by 2010 this percent-
A survey conducted, on behalf of the British Consulting Group Cushman
European legislation requires 2% of
all motor fuels sold in Greece this
age must increase to 5.75%. Tax
deductions for producing a certain
& Wakefield, indicated that among European businesses planning to relocate
quantity of biofuels will be avail-
to within the next two years the top choices are as follows: 52% for the ten
able. The 2005 fuel consumption
newly-accessioned EU countries, 29% for China, 25% for Western Europe,
tax will not apply to quantities up to
51,000 cubic meters, and in 2006
and 2007 these quantities will
increase to 91,000 and 114,000
cubic meters, respectively.
F
23% for India, 21% for Eastern European countries outside of the EU, 10%
for Latin America, and 3% for South Africa. Another survey finding indicated
that London, Paris, Frankfurt, Brussels and Barcelona were considered to be
the ideal cities for hosting business activities. Five hundred and one executives
Details inside.
from leading firms participated in the survey.
Alcatel
to Modernize
Kosovo’s Fixed
Phone Network
The French telecommunications
company Alcatel SA signed a 17
million Euro deal last July with
Deregulation of the Domestic
Electricity and Natural Gas Markets
In mid October, Greek Minister of Development
Dimitris Sioufas presented four bills including
the deregulation of the domestic electricity
and natural gas markets, the use of biofuels,
and the establishment of the National Energy
Strategy Council. He also announced investments of 3.5 billion Euros in the electricity and
natural gas sectors. The construction of new
electricity units with a total power of 900
mega watts is expected to be announced by a
tender at the end of the year. However, analysts express reservations regarding the investors’ interests because of the high business risk involved for individuals to construct
a 200 million Euro electrical unit. Bank financing may be hard to come by, particularly because of competition by PPC that produces
power using the less costly lignite. Once the
natural gas bill is approved by Parliament,
large-volume consumers (such as industries
and electricity units) will be able to purchase
fuel from suppliers other than PPC, and starting on November 15, 2008 the market will
open for DEPA, Greece's Gas Corporation, as
well. The plan is to establish an affiliate of DEPA to take over the responsibility and rights
over the entire pipeline system. The mother
company will be responsible for the trade sector. The four bills were presented in response
to warnings by EU officials that Greece would
miss all the deadlines for deregulating its energy markets. All 25 EU member states are
obliged to deregulate their electricity and natural gas markets by July 2007.
Kosovo’s Telecom to modernize
and expand the fixed line network
infrastructure in the province. The
project also aims to double the
number of fixed line phones.
Currently, there are 115,000 users
of fixed telephony. “The state-ofthe-art solution to be provided is
unique in the Balkans and among
the most innovative in the world,”
stated the Kosovo company
manager, and added that the
agreement will bring “the next
generation VoIP solution” to the
province VoIP, or Voice over
Internet Protocol technology, shifts
calls away from wires and switches
to using computers and broadband
connections to convert sounds into
data and transmit them over the
Internet. Project implementation is
expected to begin in October.
R E TA I L
Aegean continues to maintain the biggest sales
increase during the first semester of 2005
BY KONSTANTINOS POURSANIDIS | RETAIL MARKET MANAGER
A
ccording
to recent
data from
the Ministry of
Development on
the fuel market
during the first
semester of 2005,
Aegean marked
the greatest increase in sales compared
with other fuel trading companies during the same period last year.
The table compares the prevailing
increases/decreases nationwide during the first semester of 2005, with
Aegean’s performance.
PRODUCT
PERCENTAGE OF INCREASE
/DECREASE NATIONWIDE
SUPER L.R.P.
AEGEAN’S PERCENTAGE
OF INCREASE/DECREASE
-19,7%
-1,6%
UNLEAD PETROL 95
8,0%
28,2%
UNLEAD PETROL 100
7,0%
40,4%
DIESEL ENGINE
-4,1%
17,1%
DIESEL HEATING
-1,6%
23,1%
-0,7%
22,3%
TOTAL FUEL
It is worth noting that Aegean achieved
the greatest sales increase in a period
marked by great fluctuations and huge
price increases.
Furthermore, Aegean remains
steadily sixth out of 20 companies in
fuel sales, and ranks fifth in total gasoline sales.
“Aegean achieved the highest sales increase in an environment with great fluctuations”
ªarket shares based on ministry of development first semester 2005 data
COMPANY
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
SHELL
BP
EKO - ELDA
AVIN
AEGEAN
JET OIL
REVOIL
ELIN
ETEKA
SILK OIL
EL PETROL
DRACOIL
CYCLON
KAOIL
SUN OIL
KMOIL
ARGO
MED OIL
TEXACO
BITOUMINA
TOTAL
UNLEADED
95
327 901
271 471
224 121
99 432
90 501
77 453
64 032
61 286
53 727
45 328
31 878
30 174
23 110
18 353
12 435
9 095
6 209
4 586
63
910
1 452 065
PERCENTAGE
%
22.6
18.7
15.4
6.8
6.2
5.3
4.4
4.2
3.7
3.1
2.2
2.1
1.6
1.3
0.9
0.6
0.4
0.3
0.0
0.1
100.0
UNLEADED
100
19 389
57 358
22 278
7 898
7 135
6 563
3 908
5 383
4 330
1 878
1 990
1 606
2 263
1 725
683
558
565
247
0
51
145 808
PERCENTAGE
%
13.3
39.3
15.3
5.4
4.9
4.5
2.7
3.7
3.0
1.3
1.4
1.1
1.6
1.2
0.5
0.4
0.4
0.2
0.0
0.0
100.0
SUPER
L.R.P.
40 154
54 804
46 890
20 561
15 750
16 994
13 784
13 492
9 387
11 378
5 634
6 050
4 646
4 550
2 729
3 322
1 860
1 636
10
109
273 740
PERCENTAGE
%
14.7
20.0
17.1
7.5
5.8
6.2
5.0
4.9
3.4
4.2
2.1
2.2
1.7
1.7
1.0
1.2
0.7
0.6
0.0
0.0
100.0
TOTAL
FUELS
387 444
383 633
293 289
127 891
113 386
101 010
81 724
80 161
67 444
58 584
39 502
37 830
30 019
24 628
15 847
12 975
8 634
6 469
73
1 070
1 871 613
PERCENTAGE
%
20.70
20.50
15.67
6.83
6.06
5.40
4.37
4.28
3.60
3.13
2.11
2.02
1.60
1.32
0.85
0.69
0.46
0.35
0.00
0.06
100.00
REMARKS: All quantities expressed in metric tons.
Journey to a Greece
Blooming with Daisies
Aegean’s cooperation with gas stations throughout the country has reached a number high
enough to compete with the large multinational companies that have long dominated the
domestic fuel market. According to data from the Ministry of Development, Aegean ranks
sixth among its competitors, a fact that makes all Aegean company employees very proud.
BY OLGA PASHALIDOU | THESSALONIKI ACCOUNTING
A
quick trip
th roug h
Gre e c e
reveals that new
Aegean gas stations are “sprouting up” every day
in many neighb orho o d s a nd
cities, creating a garden of colored
daisies. These stations serve customers
quickly and efficiently, and maintain
fuel prices at reasonable levels despite
the prevailing circumstances in the local and international markets.
All this began about five years ago
in northern Greece, when Mr. Iakovos
Melissanidis specified the targets for
the c omp a ny a nd the c onti nue d
growth of the gas station network.
Gradually, the network expanded to
other regions of the country and resulted in our current dynamic presence in the domestic market. Our network has exceeded 420 gas stations.
Aege a n ’ s j ou r ney th roug hout
Greece, from Ptelea in Evros to the
blessed island of Tinos, from Glyky in
Thesprotia to Areopolis in Lakonia,
and from Hydrousa in Florina to Zakynthos, has convinced us all that our
constant efforts have been fruitful.
The numbers are proof of this fact. But
how can the number of glorious
Aegean colors flying over gas stations
throughout Greece impress anyone?
How can one measure the enthusiasm
and joy of seeing another flag fluttering in the breeze? Can the numbers
really show the untiring daily effort
made by each one of us, whether a
manager or accountant, secretary or
salesman, truck driver or repair crew
member?
Once Aegean’s journey throughout
the country nears its end, we will realize that our efforts have paid off, that
our teamwork has been rewarded. We
will also realize that our responsibilities will continue to increase. We will
have to make sure that we keep working to maintain Aegean’s upward
course, and to make the daisies bloom
in every corner of Greece.
A quick trip through Greece
reveals that new Aegean
gas stations are “sprouting
up” every day in many
neighborhoods and cities.
How can the enthusiasm and joy of seeing another Aegean
flag fluttering in the breeze be measured?
S TAT I O N S O F T H E M O N T H
Ioannis Sioutas
“The Perfect Arrangement”
One may think that Mr. Sioutas’ description of his cooperation with Aegean is a bit of an
overstatement. But from what Mr. Sioutas told Aegean News during a recent interview,
his choice of words could not be more accurate.
J
ohn Sioutas’s gas station is a family
business located on the first kilometer of the Xanthi-Porto Lagos
road. Mr. Sioutas considers himself new
to the business because he started in
2003 and Aegean is the first company
he has worked with. Aegean News asked
Mr. Sioutas how this all came about.
“An acquaintance of mine worked for
Aegean. He happened to come by when
I was starting to set up the station. He
liked what he saw and suggested I meet
with Mr. Iakovos Melissanidis. That was
it. We agreed on everything. We still do.
For me, Mr. Iakovos is the best collaborator, a friend, and a brother.”
Aegean News asked Mr. Sioutas to
compare his cooperation with Aegean
with previous business relationships.
“I do not have any previous experiences, but I have heard from colleagues
about the usual state of things in this
business. And this is why I consider
myself a lucky man. I do not believe
that pain is necessarily gain.”
Mr. Sioutas continued by telling
Aegean Ne ws that the wisdom of his
choice has been reconfirmed many times.
“From the second year of operation, our
gas station experienced a dramatic increase in sales. We have a steady client
base that knows the quality of our fuel
and trusts us. From the outset, Aegean
supplied us with all the necessary, technologically advanced equipment for setting up this business. Today, there is a lot
of talk about fuel quality control programs. But with Aegean, we had such a
program from the beginning.”
Aegean News asked Mr. Sioutas to
discuss his working relationship with
Aegean. “In the beginning, the first
company inspector assigned to my station came from Xanthi to visit me every
day. He really was the one who helped
me set up this station. The present inspector, Mr. Baloutas, has tremendous
experience and helps me with anything
I might need. You see, Aegean is always
by my side. When I started, I faced
some problems with the competition.
Aegean was there. The company helped
me remain competitive without lowering my profit margin.”
When Aegean Ne ws asked John
Sioutas whether he would consider
making an arrangement with another
company, he did not hesitate to reply.
“For some other company to approach you, you must leave space for
them to do so. I will not even discuss
such a possibility. I have the perfect
arrangement.”
“For me, Mr. Iakovos is the best collaborator, a friend, and a brother,”
reiterated station owner John Sioutas during a recent interview.
Kostas Stavropoulos
First Kilometer of the Argos-Korinthos Road
Finding a quiet moment to talk with Mr. Stavropoulos during his day was not easy.
Ever since he started working with Aegean, he has been busier than ... a bee!
R
elatively young but with 25
years of experience owning and
operating a gas station, Kostas
Stavropoulos dared to make a big
change in his business three years ago
by working with Aegean. He told
Aegean News that up until that time, his
cooperation with other big fuel companies stumbled over the usual problems.
“What can I tell you? An impersonal relationship, not even an inspector to visit us. We had to try to solve
things over the phone….let us not even
discuss it. I could never find anyone.
When an Aegean inspector visited my
station, I was ready to listen. I decided
to make contact with Mr. Iakovos
Melissanidis. What can I tell you about
this man? Civil, friendly, straightforward. Nothing resembling the usual
impression we station owners have
about fuel companies whose primary
goal is to smother us. No bureaucracy
whatsoever. Not even that many papers
to go through with my lawyer, but of
course those necessary to be certain
that I understand and to safeguard my
interests. Simple, clear words!”
Now, three years later, by his modest
estimate, Mr. Stavropoulos’ gas station
has more than tripled the quantity of
fuel it sells. Mr. Stavropoulos points out
that his clients can count on the quality
of fuel he provides and that Aegean’s
prices have no comparison. “Our station is by now known to all with two
words, quality and prices,” he added.
Aegean Ne ws asked about Mr.
Stavropoulos’ relationship with Aegean
representatives, and whether there have
been any changes over time. Mr.
Stavropoulos explained that from the
moment he started his cooperation
with Aegean and up to the present day,
the positive climate has not changed in
the least. Communication with the
representatives remains frequent and
friendly. “Our cooperation is impeccable. There have not been any problems,
and if some difficulty arises it is dealt
with immediately. The company’s inspectors pay us very frequent visits.
Sometimes even twice a week,” said
Mr. Stavropoulos.
When Aegean News asked whether
he might consider changing companies, Mr. Stavropoulos’ reply was quite
emphatic. “I do not want to hear anything about it. Given the large quantity
of fuel sales I have, there have been
quite a few efforts by other companies
to approach me. You see, 500-600
cubic meters of fuel sold per month
cannot be easily overlooked. But I am
not interested in the least.”
Aegean Ne ws asked whether Mr.
Stavropoulos would like to renegotiate
any aspects of his cooperation with
Aegean. “No negotiations. I am covered
on all aspects. To make my point clear,
I want you to know that a year ago I
established another gas station in Nemea. When the time came I called
Aegean, not with the intention of negotiating but to let them know that I
was ready to put up the company’s
colors. It was as simple as that. It was
very clear to me. This new gas station
would be under the colors of the company that allowed me to sleep peacefully.”
R E TA I L
Advice
on Economical Driving
BY ALEXIS PISLIS | SALES INSPECTOR
The significant increases in international oil prices over recent months have had
direct consequences on retail fuel prices in Greece. Below is some practical
advice for achieving fuel economy in your automobile.
Following these practical rules for fuel economy will have positive effects on
your bottom line and the environment, and will also improve the reliability,
functioning, and longevity of your car.
l Follow the manufacturer’s specifications for regular maintenance
of your vehicle. Regular tune-ups and preventive maintenance will
ensure fuel savings of up to 10%. By comparison, a vehicle that
has not been serviced will consume 50% more fuel, and also burden the environment with increased emissions.
l Check your tire pressure on a regular basis. The tire pressure suggested by the manufacturer should be faithfully maintained. Correct pressure is necessary for the vehicle’s proper response when driving, to
avoid premature wear, and to economize on fuel by as much as 3.5%.
l Turn the engine off when idling for more than one minute. When
the engine is idle for more than 10 seconds, more fuel is consumed
than the fuel needed to restart the engine.
l Avoid revving the engine, especially before turning it off, which
needlessly consumes fuel.
l Decide on your route in advance to avoid tension. Maintain a safe
distance from cars ahead to avoid the need for abrupt moves, such
as sudden braking. Eliminate jack-rabbit starts. Accelerate slowly
and gradually.
l Remove excess weight from the trunk or inside the car. Estimates
indicate that in bigger cars, a weight increase of 50 kilos will increase fuel consumption by 2%. Removing the rack from the top of
the car when not in use is recommended because the rack increases aerodynamic resistance and fuel consumption.
l Do not exceed speed limits. In addition to improving your personal
safety, this ensures fuel economy.
l Take advantage of your engine’s power. Operate your car at the
speed it performs best. Try to drive in the proper gear all the time.
For instance, use third or fourth gear only when road and traffic
conditions allow.
l Avoid heavy traffic and its consequences by choosing an alternative route, even if the distance is greater.
l Drive steadily. Changing your speed continually needlessly
consumes fuel.
l Avoid driving distances of less than five kilometers very often.
Short distances consume more fuel because the engine does not
have the time to reach the right temperature for best performance.
l Do not rest your left foot on floorboard pedals while driving.
The slightest pressure puts “mechanical drag” on the components
and wears them down prematurely. This “drag” also consumes
additional fuel.
l Use shorter and smoother roads. Remember that corners, curves,
and lane changes require extra fuel.
l Always inspect the suspension and other chassis parts.
l Use the air conditioning conservatively. When driving in the city,
air conditioning increases fuel consumption by almost 20%.
Use the car’s ventilation system or an open window instead.
l Car pools reduce travel monotony and gas expense. Go to work in
one car with colleagues who live close. You will have company and
be able to share the expense.
Do not exceed speed limits.
In addition to improving your personal safety, this ensures fuel economy.
R E TA I L
Car Wash
Another ∞egean Innovation
Aegean’s new Car Wash will radically change the car wash concept, and it will become a new
landmark and meeting point in Thessaloniki.
L
ocated in the Phoenix area, on
the road leading to the Airport,
the car wash is housed in a
350-square-meter building on a
one-acre lot adjacent to the sea. The
biggest automatic car wash in Greece
today, it will really be like a mini Car
City. While a car is being washed, the
driver and passengers will be able to
purchase car accessories from the
large variety available at the air-conditioned Mini Market, or relax and
enjoy a coffee or a soft drink at the
café located in a grassy area, shaded
by pine trees and next to the sea.
Aegean’s car wash is equipped with
state-of-the-art American technology. The new system, imported from
the U.S., will take cars through a gentle
but very thorough wash cycle that will
not damage the color, metal trim or
windows, and also will provide a protective coating.
The cleaning process includes:
l Pre-wash cycle
l Double soap cycle
l Double liquid waxing
l Chassis brush-up
l Interior cleaning
l Cleaning, disinfecting and scenting
of car floor mats
The system uses:
l Special fabric
l Tricolor shining foams
l Special wax
Within a specially designed, airconditioned room, the upholstery,
floor mats, surfaces, and scratches
will be cleaned and cared for.
The company plans to expand this
pioneering car wash system throughout Greece through its gas station
network. Through its efforts until today, Aegean has succeeded in taking
care of its customers by supplying
them with high quality fuel at very
good prices. Now, the company is extending its services to the external appearance of its customers’ vehicles by
using an innovative system by Greek
standards.
Success seems inevitable!
The new system, imported from the U.S., will take cars
through a gentle but very thorough wash cycle that will
not damage the color, metal trim or windows, and also
will provide a protective coating.
The company plans to expand this pioneering car wash
system throughout Greece.
R E TA I L
µiÔfuels
A Challenge for the Present and Future
For several years the use of biofuels has been the focus of discussion and
research efforts. In some countries, biofuels are already substituting traditional
transportation fuels.
BY YIANNIS TSOGAS | BUNKER TRADER
D
irective 2003/30/EU of the
European Parliament and of
the Council of 8 May 2003
intends to meet commitments made in
the Kyoto Protocol, the international
treaty on climate change with a goal of
reducing carbon dioxide emissions and
other greenhouse gases. Within this
context, the European Parliament Directive seeks to promote the use of renewable sources of energy in member
countries, and to ensure that a mini-
With its great competitive advantage due to its moderate
climate and soil quality, Greece is in a position to produce
excellent and competitively priced biofuels for domestic
use and for export as well.
mum amount of biofuels are available
in each country’s markets and that national energy targets are defined. The
Directive specifies that a minimum
level of biofuels in proportion to the
fuels sold should be 2 percent before
December 31, 2005, and should increase to 5.75 percent by December
31, 2010.
In response to the European Union
Directive, the Greek Ministry of Development prepared a bill titled, "Introduction of Biofuels and other Renewable Energy Sources in the Greek
Market," that was open to public deliberation until August 29, 2005, and
is now in the Parliament. The bill
specifies all the biofuel implementation policy measures by first taking
into consideration the existing policies
of the Ministries of Economy and Finance, and Rural Development and
Food.
Due to the abolition or reduction of
EFK for biofuels in the EU’s new
Common Agricultural Policy to be implemented in Greece starting January 1,
2006 for most agricultural products,
the entire framework of income subsidies Greek farmers receive from the EU
will change dramatically. Implementation of the Common Agricultural
Policy (deregulation, multiple compliance, and so on) will bring about great
changes in the agricultural sector. Be-
ginning next year thousands of hectares
of land (tobacco, corn, and cotton
fields) will remain uncultivated or will
be cultivated with crops of a greater
commercial value.
The biofuel sector will be extremely
significant for Greek farmers, agricultural products, and fuel companies. The
development of business initiatives involving biomass production and processing for biofuels will be particularly
worthwhile.
To meet the commitment made to the
EU, Greece must substitute at least 2
percent of fuels sold with biofuels by the
end of 2005, which amounts to 73,000
tons of gasoline and 52,000 tons of
diesel per year. From an agricultural
standpoint, this means that considerable
expanses of land (400,000-10,000,000
hectares) will have to be cultivated
with the right type of vegetables to
produce the equivalent quantities of
bioethanol (for gasoline) and biodiesel
(for petroleum). Sugar beets and sweet
sorghum are the crops used to produce
bioethanol and are well-suited to
Greek climate and soils. Sweet sorghum
is preferable because it needs less water
and fertilizers, and also produces more
energy. The crops suited to Greece for
biodiesel production are rape seed,
sunflower, cotton, and soybean. Rape
seed plants and sunflowers are the preferred choices depending on the cultivation area.
With its great competitive advantage due to its moderate climate and
soil quality, Greece is in a position to
produce excellent and competitively
priced biofuels for domestic use and
for export as well. This is the case
Liquid µiÔfuels
Biofuels are liquid fuels that can be used for
transportation. The most widely used biofuels on the market are:
●
Biodiesel
● Methylester, usually produced from seeds
(rape seed or sunflower) can be used
alone or mixed with diesel in diesel
engines
● Bioethanol produced from sugar beets,
corn, and sweet sorghum can be used
alone or mixed with regular gasoline or as
an additive in specially-designed gasoline
engines
Advantages of
Using Biofuels
The use of biofuels is an effective way of reducing the gas emissions responsible for the
greenhouse effect and for addressing global
climate change. Production of these alternative fuels is creating new opportunities for
employment in agriculture and forestry, investment in new technology, and in the development of cleaner, more efficient industries using natural resources. From a techni-
particularly for bioethanol production
because of the lower cost of the raw
materials.
The biofuel production sector provides an entirely new area of development opportunities and profit for
manufacturing and fuel trading companies, as well as the farmers who will
cultivate the alternative crops to fuel
the future.
The crops suited to Greece for biodiesel production are
rape seed, sunflower, cotton, and soybean. Rape seed
plants and sunflowers are the preferred choices depending
on the cultivation area.
cal standpoint, existing fuel installations can
be modified to use biofuels.
EU Directives
on Biofuels
The directives were proposed by the
Commission in Spring 2002.
In November’02 the EU countries reached an
agreement about the proposal, including
that targets should be indicative, not
binding. The EU countries finally agreed to
the directive in the beginning of April’03,
after the second reading of the Parliament
in March. The directive was finally adopted
in May'03.
R E TA I L
In the Gas Station Network
«People ªatter»
“Small is Beautiful: Economics as if People Mattered” is the title of E. F. Schumacher’s book,
published 25 years ago, that achieved instant success. Schumacher’s basic philosophy is that
work, production, and technology must not only be the means for acquiring wealth, but also
the means for personal development and professional fulfillment. The focus is the individual’s
quality of life as a producer and consumer. Maintaining more human, smaller scale
relationships is considered as the key to achieving this goal.
S
chumacher’s philosophy inevitably comes to mind when
considering Aegean’s course in
recent years, particularly because the
company’s example validates it. A
small company until 1999, Aegean
provided bunkering services in Piraeus.
Its direction began to change at the end
of that year when Aegean bought out
Euro Oil in Alexandroupolis, and
started to take its first steps in the domestic retail market. One of Aegean’s
first moves was “building” a different
image, one that was very different from
its competitors in the fuel trading sec-
tor. The concept was simple but innovative. It involved the creation of a beautiful image, disproportionately beautiful some may argue, in relation to the
size of the company. This image was
made up of vivid colors to represent the
Greek sea and sky, and was carefully
shaped to leave space for human beings.
The daisy was not an accidental choice,
but one in complete harmony with the
company’s sensitivity to the crucial issue of preserving and protecting the
environment, and enabling the new
company to immediately make a clear
statement about its identity.
Aegean continued its image building
with a second very important step. The
company selected its staff members
carefully for their professional capabilities, but also for their personalities
and communication skills. Then Aegean
attempted a new approach with the professionals of the retail market, the gas
station owners. This approached focused on sincerity, real interest, and direct contact-a winning formula that
was proven in practice. The key ingredients in this successful business relationship were trust in combination with
an attractive pricing and a high quality
Eight Gas Station Owners Discuss Aegean
Tasos Goumas
Michael Tsoutsas
Theodoris Gengelis
Nikos Xatzigeorgiou
PILI, TRIKALA
«My cooperation with Aegean
started recently, but from the
way it is going, I believe it will
last for years»
GOURGIOTISSA, AGRINIO
«The best cooperation I have
ever had on a personal and professional level.
Whatever I ask for, I get»
LOUTRA, ALEXANDROUPOLIS
«I can describe my cooperation
with Aegean in one word
"excellent"»
MIHANIONA, THESSALONIKI
«Everything we agreed upon with
Mr. Iakovos Melissanidis materialized in a week’s time. I went from
despair —due to a previous cooperation— to absolute satisfaction»
DRAMA
PELLA
FLORINA
THESSALONIKI
18
KOZANI
SAMOTHRACE
HALKIDIKI
PIERIA
11
1 THASSOS
41
IMATHIA
KASTORIA
5
10
11
38
2
EVROS
RODOPI
1
KAVALA
27
13
XANTHI
12
SERRES
KILKIS
1
5
GREVENA
2
IOANNINA
1
5
THESPROTIA
CORFU
PREVEZA
LARISSA
TRIKALA
3
3
LIMNOS
27
KARDITSA
ARTA
MAGNESSIA
3
1
1
EVRITANIA
LESVOS
FTHIOTIDA
15
LEFKADA
1
SKYROS
4
AITOLOAKARNANIA
2
FOKIDA
KEPHALONIA
EVIA
4
1
VIOTIA
HIOS
2
ACHAIA
ZAKYNTHOS
ATTIKA
6
5
1
ANDROS
46
KORINTHIA
ILIA
4
ARGOLIDA
ARCADIA
1
1
2
MESSINIA
IKARIA
TINOS
14
SYROS
5
PAROS
NAXOS
1
LAKONIA
AMORGOS
KOS
MILOS
ASTYPALIA
KYTHIRA
SANTORINI
RODOS
Aegean’s Retail Network Expanding Rapidly
423 Stations and Growing!
KARPATHOS
CRETE
HANIA
RETHYMNO
IRAKLIO
LASITHI
Stefanos Lindaris
Haris Demarhopoulos
George Chronopulos
Yiannis Skourtis
PROMAHONAS, SERRES
«Aegean inspires us
with trust»
N. RISIO, THESSALONIKI
«I have been with Aegean for
only six months. I never expected
such a tremendous increase
in my sales»
AEGIO
«My working relationship with
Aegean is like day instead of
night when I compare it with the
previous company I worked with»
ERMIONI, ARGOLIDA
«I am absolutely satisfied with
this relationship. The people
of Aegean are always standing
by to support us»
R E TA I L
product. Through these successful
relationships, Aegean steadily gained
ground with market professionals and
with the consumers themselves. “Our
business was reborn with Aegean,” “Our
life changed, we are friends with the
people of Aegean,” “Our turnover increased by more than 50% ever since we
started working with Aegean,” and “I
will not find anything better anywhere
else,” are only some of the comments we
have received from gas station owners to
describe their relationship with us.
Aegean’s clearly noticeable presence
“rocked the boat” in the fuel trading
market. Companies with a traditionally strong presence were forced to lower
their prices. Aegean then began to organize and staff its Thessaloniki offices, and in less than three years became the dominant player in northern
Greece with the highest sales and the
largest gas station network. The company’s next move was to expand southward. This business decision surprised
competitors. In 2004 and 2005,
Aegean began to penetrate the Peloponnese and Attica. For five consecutive years, the company ranked first in
the percentage of fuel sales growth.
Aegean staff members are selected carefully for their
professional capabilities, but also for their personalities
and communication skills.
Aegean’s presence in Athens was vitally important because the city contains almost half of the country’s population. Soon the long lines outside gas
stations bearing its logo were covered on
television news broadcasts. The company’s name was now synonymous with
fair prices and excellent fuel quality.
One might even say that Aegean
customers practically became our fans.
This summer, the company’s network
included 420 gas stations. We have really come a very long way in a short time!
Aegean is preparing to expand to
the Greek islands using specially designed ships. In May, Aegean signed
an agreement for the construction of
six RO RO tankers that are to be
built according to the highest standards and with state-of-the-art
technology. This new Aegean initiative will be a significant contribution
to consumers, since the company will
be able to supply the Greek islands
with fuel at low prices.
In less than five years, the small
company that started on the Thracian
border in northern Greece has been
listed as the fastest growing company
in the fuel trading sector. In this short
period, Aegean has managed to spread
its colors throughout the country, and
to have fanatically loyal customers and
gas station owners. Its greatest success,
however, is something more unique.
It has managed, despite its ever-increasing size, to maintain those characteristics that usually typify a small
community, a close-knit group of
friends, a family, or sometimes a small
company. These characteristics are a
straightforward approach, sincerity,
and warm human contact. After all,
there is a way to maintain a human dimension in professional relations, one
that does not limit success, but instead
is its most vital ingredient.
Aegean has succeeded in proving
that, “Small things are beautiful,” especially when people matter!
B U N K E R I N G
Aegean’s Upward Course
During the First Nine Months of 2005
During the first nine months of this year, the demand for fuels by Aegean’s customer ships,
in the ports where the company operates as a physical supplier, increased considerably in
comparison with the same period in 2004. Although oil prices undergo great fluctuations,
even from day to day, our customers recognize that Aegean makes the appropriate market
analyses and entrust us with their ships.
GREGORY ROBOLAKIS | DIRECTOR, MARINE SALES
fter seven months of successful
operation, our new station in
Kingston, Jamaica, has established our company’s presence in the
Caribbean region and offers our clients
the most reliable solution for supplying
their ships with quality fuels. To satisfy our
clients’ requests, we also deliver lubricants
off-shore to significantly reduce the delay time for supplying fuel and lubricants.
Aegean recently opened one more marketing office in Singapore to explore the local and regional market as well.
Aegean also is concerned with protecting the marine environment, an important factor in the company’s responsible and
successful development in Greece and abroad. Aegean implements and continually improves its operating procedures in the
fuel trading sector to comply with ISO 9001:2000 (since
1999) and ISO 14001:2004 (environmental management
system–since 2005). The company also requires its associates
to implement the appropriate procedures for the prevention of
marine pollution.
The company’s barges used for fueling tankers are
equipped with all the materials and devices required to immediately deal with any marine pollution that may occur during the fuelling process. In addition, the company’s investment
program for double side, double bottom (DD) ships is in the final stages of implementation. New barges will replace the older single hull models. In Gibraltar, three DD barges are already in operation, and two more are operating in Jamaica and
Khor Fakkan. The number of barges will be increased depending on the needs of the bunkering station.
From its first day of operation, Aegean has set high development targets in Greece and abroad. An important factor in
A
the company’s successful development, along with its human
resources, has been its planning and implementation procedures. By using its own barges and bunkering stations around
the world, Aegean can tightly control procedures so that deliveries are performed without delays and to resolve any problems
that may arise immediately.
Our insistence on maintaining personal contact with our
customers and for making reliable deliveries has made Aegean
the top choice for fuelling ships.
B U N K E R I N G
Every Day is Different
in the Marine Fuels Market…
As all of us involved in this industry know and have experienced first hand, price volatility
has not been conducive to either stability or predictability.
BY GEORGIA KOUNALAKIS | BUNKER TRADER
ignificant recent developments in the
energy markets are due to the impact of the tragic natural disasters
of hurricanes Katrina and Rita. According to various sources, hurricane Katrina alone is estimated to have caused losses of more than $200 billion. These damages covered the entire spectrum—from
the closure of Gulf Coast ports to the
flooding of New Orleans, from the many
jobs lost to the intense surge in energy
prices, and from the strong negative impact on companies' sales and profits to the
unimaginable personal losses. Moreover,
the impact was not limited to the Gulf
Coast and New Orleans, but was experienced far beyond U.S. boundaries.
Hurricane Rita’s approach to the
S
Gulf coast was like a recurring nightmare, after Katrina’s horrid mark. Although Rita’s damage was not as severe as expected, the effects of the
storm were still apparent. Ports such
New Orleans and Houston are major
ports for container cargo, bulk cargo,
and petroleum. The disruption caused
at these ports, in turn, placed intense
pressure on neighboring ports. Good
examples are the Florida ports in
Tampa, Jacksonville, Pensacola and
Port Everglades, as well as the ports in
Savannah, GA and Charleston, SC.
There was a considerable readjustment
of shipping destinations and many
of the alternative ports were not
equipped to handle the massive do-
cking capabilities of Houston and New
Orleans.
Houston is the largest tanker receiving port in the U.S., handling more
than twice the volume of New Orleans,
which ranks second. Considered together, these ports handle more than
20% of all the U.S. petroleum deliveries. In recent years, Houston has
processed approximately 3,000 tankers
annually. Hurricane Katrina, which
temporarily closed nine refineries, cut
the U.S. oil supply significantly.
Let us briefly consider some of the
facts. The Gulf of Mexico accounts for
nearly 30 percent of the overall oil
production in the U.S. and nearly half
of the nation's oil refineries are based
in the area. In short, the Gulf of Mexico is the energy backbone of the
world's largest oil consumer. So the
impact of Katrina on global crude oil
prices was intense, and it was apparent
when prices hit an all-time high above
the $70 per barrel mark after Katrina,
an increase of more than $4 per barrel
in less than 48 hours.
We live in the age of globalization,
where countries are increasingly dependent on each other and many contribute significantly to the world economy. We have experienced the benefits
of globalization, but now that we are so
intertwined, any major disaster in one
part of the world is eventually transmitted to the rest, affecting the various
global economic barometers.
Marine Lubricants Market
Gasping For Product
The global market for marine lubricants has been hit by the worst crisis ever. Skyrocketing
prices and additive shortages have increased a problem in existence for more than a year.
BY DIMITRIS BAKINEZOS | LUBRICANTS MANAGER
ase oil prices have hit record highs
and lubricant products have been
the hardest hit in the oil sector
because they depend mainly on “bright
stock.” Base oil prices have increased a
further 30% in the last couple months.
The availability of lubricant oil additives is an even a bigger problem. The
marine oil additive supply was already
tight when Oronite’s (the biggest additive supplier) plant in
Singapore suffered an accident that limited its production for
months. At the same time, other smaller additive companies
closed their plants due to high production costs during the
last year and a half. Compounding the problem, the hurricanes Katrina and Rita hit the southern part of the U.S.,
forcing all the additive plants in the area to close, including
Oronite’s principal plant in Belle
Chasse, Louisiana. The four base
oil plants, Port Arthur and Beaumont, Texas, Lake Charles and
Westlake, Louisiana, and 12 lubricant oil blending plants have remained closed since the beginning
of October. These plants account
for 42% of the total capacity of the
continent. The major base oil suppliers have declared this as an act
of God to obtain relief from their
obligations as these events were beyond their control.
Major marine lubricant oil suppliers have put their customers in
the U.S. and the Asia-Pacific region on product allocation. The
shortages in these regions have also affected lubricant oil supplies
on other continents.
B
An oil major has taken a different approach to its cylinder oil shortages by substituting its cylinder oil with one of a
lower base number (70 TBN instead of 40 TBN). Although
lower TBN oil requires fewer additives, it is typically unsuitable for use in engines burning higher sulfur fuels. The
combination of increased production costs, minimum availability, reduced supply and increased demand will most
likely induce further price increases by the oil majors in the
months to come.
The shortages in the U.S. and Asia Pacific
regions have also affected lubricant oil
supplies on other continents due to the
new product allocation.
G R E E C E : T H E E N E R GY H U B
Minister of Development Dimitris Sioufas
at New York City’s Harvard Club
The Minister of Development’s recent visit to Washington, Chicago and New York was focused
on promoting Greece’s development plans. In an event organized by the Hellenic-American
Chamber of Commerce at the Harvard Club of New York City, Mr. Sioufas delivered a speech
on the development goals of the Greek government.
M
r. Sioufas explained that the
primary goal of the government’s development program is to take advantage of the country’s economic potential in all areas of
development. With the declaration of
2005 as the “Year of Competitiveness,”
the emphasis of government policy is
placed upon quality and productivity
and “we will stay on that course for the
years to come” remarked Mr. Sioufas.
The government’s main objective is to
“bring together, under a common
cause, Greek scientists that have made
a name for themselves all over the
world, and we already have with us
some very important personalities
from the proud and dynamic Americans of Greek descent. We have already proceeded in planning, and
have started implementing a series of
measures and interventions, to cover
lost ground and get a dynamic head
start in to a new era.” The Minister of
Development continued by stressing
the very distinct place that new technologies and research have in the National Strategic Development Plan of
Greece, which will be co-funded by
European Community structural
funds and national resources.
After the successful completion of
the 2004 Olympic Games, the government shifted its focus to imple-
Energy projects
Mr. Sioufas extensively discussed the four major international energy initiatives.
● The Greece-Turkey natural gas pipeline, whose construction was inaugurated at the beginning of July by the Greek Prime Minister Costas Karamanlis and his Turkish counterpart,
Recep Tayyip Erdogan.
● The underwater natural gas pipeline between Greece and Italy, an extension of the
Greece-Turkey pipeline, which will transfer gas from Greece via Italy to the center of
Europe. The European Commission has characterized this as a top priority project and it is
supported as such by the Greek and Italian governments.
● The Burgas-Alexandroupolis oil pipeline, which will constitute a complementary route for
the transportation of Black Sea oil to the markets of Western Europe and the U.S. Support
for the project’s construction was sealed with the signing of an agreement between the
governments of Russia and Bulgaria.
● The signing of the treaty for the establishment of the Energy Community of Southeastern
Europe, held in Greece on October 25th, and in which 14 countries of the greater region
participate. “Greece is becoming an international energy hub. Its geopolitical role is being
upgraded and additional incentives for new investments are being established,” said
Minister Sioufas.
“Greece, due to its geopolitical position, is the gateway to
Europe for the countries of the eastern Mediterranean, the
Middle East, Asia and North Africa.”
menting an extensive reform program
with a dual goal. The first goal is to
transform the State into one of increased capabilities. “A State that will
assist and not manipulate private initiative. A State capable of providing
the best services possible to citizens
and businesses, while at the same time
being truly efficient in its social mission,” said Mr. Sioufas. The second
goal is to center development on the
citizen. “Dynamic, viable and balanced development throughout the
country,” said Mr. Sioufas. “Develop-
ment that will distribute its fruits to
all the country’s citizens.”
The Minister continued by pointing
out that today Greece “is building a
new development model, one that is
friendly to entrepreneurship, attractive
to foreign direct investment, aimed at
continuously improving the competitiveness of the economy, and open to
cooperation between the public and
private sectors.”
Toward the accomplishment of this
goal Mr Sioufas pointed out that “we
increased public expenditure for innovation, and in particular funds for
research, technology, and innovation
of the Business Plan for Competitiveness. We are proceeding to the modernization and restructuring of the
institutional framework for research.
Already, the new National Research
and Technology Council has shaped a
number of specific proposals which
are being submitted for national deliberation.”
Greece—Gateway to Europe
Mr. Sioufas continued by discussing
the importance of Greece’s geopolitical position in detail. “Greece, due to
its geopolitical position is the gateway
to Europe for the countries of the
eastern Mediterranean, the Middle
East, Asia and North Africa. At the
same time, it is a place where large enterprises from Western Europe and
America can establish their headquarters and research centers to penetrate the markets of Eastern Europe,
the Balkan countries, the Black Sea
region and the Middle East.
Contemporary Greece is capable of
playing the role of a go-between in the
development of foreign entrepreneurial
and investment interests in the greater
region. Greece is already one of the
biggest investors in most of the Balkan
countries. Greek investments in the
greater geographical region are in ex-
“The new development
model will be open
to cooperation between
pubic and private sectors.”
“A State that will assist and
not manipulate private
initiative, one capable of
providing the best services
possible to citizens and
businesses.”
cess of 8 billion Euros. More than
3,500 Greek enterprises and 700
branches of Greek banks are active in
Balkan countries. Greek-invested
capital is ranked first in F.Y.R.O.M,
Albania, Serbia and Montenegro, second in Bulgaria, and third in Romania.
Furthermore, Greece provides the
opportunity for new entrepreneurial
initiatives, on a large scale and with
great added value, in sectors including,
the exploitation of Olympic infrastructure, renewable sources of energy, energy infrastructure, trade, transporta-
tion, communication, information
technology and shipping.”
Mr. Sioufas concluded his speech by
emphasizing that Greece is entering a
new era, but will continue to focus on
all those traditional characteristics
that make it a country open to all.
“Greece is changing. We dare to
implement the reforms required by the
new era of globalization, of fast developments, of revolution in knowledge
and technology. Greece is building today the infrastructures required to
transform it into a development hub at
the crossroads of East and West, of
North and South. It is building a new
business model, extroverted, and
friendly to entrepreneurship.
“Greece is moving forward with determination and with an integrated
plan. Post-Olympic Game Greece is a
country of perspective and great opportunities, a country with boldness
and perspicacity, ready to face the
challenges ahead. Greece is working
with caution and confidence for peace,
stability, and development of the entire
wider region. It is a country of safety
and hospitality, of culture and history
that is open to all. It is a modern country with new dynamics ready for development and progress.”
“Contemporary Greece is capable of playing the role of a
go-between in the development of foreign entrepreneurial
and investment interests in the wider region.”
B R I D G ES
OMI
From Ship to Shore
Mr. Cameron Mackey, Senior VP of Operations at OMI Corporation in the United States,
discusses issues at the forefront of the shipping industry, and OMI’s cooperation with Aegean.
MI Corporation provides seaborne transportation
services for crude oil and petroleum products in the
international shipping markets. The Company is engaged in two aspects of vessel operation, technical operation,
which involves maintaining, crewing and insuring the vessel,
and commercial operation, which involves arranging the
business of the vessel. OMI is the commercial operator of all
its wholly owned vessels and a subsidiary, OMI Marine Services, LLC, is the technical operator. Its customers include
major independent and state-owned oil companies, major oil
traders, government entities and various other entities.
O
Tell us a little about OMI, its history and activities.
OMI has come a long way from its roots as Oriental Exporters Inc., a drybulk and breakbulk company founded in
1960. The company grew, was acquired by and was later
spun off by Ogden Corporation. It was involved in a host of
businesses—lightering services, for instance—and ship
management for the U.S. Government.
But the Company as it exists today really took shape in
1998. At that time, management very aggressively streamlined its business—spinning off from U.S. Flag operations,
exiting joint ventures, and renaming itself as the OMI Corporation. Earlier this year, the company completed its fleet
renewal program, establishing a very modern, entirely double-hulled fleet of tankers.
What kind of fleet do you operate?
OMI operates product tankers and Suezmax tankers. Our
product fleet consists of Handy's (37,000 DWT) and MR's
(47,000 DWT). A number of these ships are ice-class, and
there are another five new buildings to be delivered in the
first part of 2006.
In Suezmaxes, we own or operate 17 vessels. In addition,
we manage the Gemini Pool—a group of similarly modern
Suezmaxes—with a German partner. We also have a Suezmax marketing agreement with Frontline called Alliance
Chartering.
A large number of our fleet is on long-term time charter
to either oil majors or charterers of solid credit and similar
operating philosophy.
Safety has become an important issue in shipping. How do you
respond to the safety and environmental demands of today's
market?
The cost of non-compliance is rising fast. Whether this involves the criminalization of the seafarer, the liability of the
ship owner, or the rising standards of customers with respect to injuries and casualties, the cost is rising.
The vetting process and ISM have accomplished much, but
compliance is what we call “the last mile” of ship management. It is the last mile because there is no simple checklist
which provides an answer. Performance depends on well-de-
signed processes, the right people for the job, and an organization which gives consistent behavioral cues. The new TMSA attempts to capture much of this, but there simply cannot
be a “one size fits all” approach to safety and compliance.
We are investing a great deal in discretionary training—
for instance, the subject of management and leadership has
largely been left to the Master to figure out over the course
of his career. Senior officers rotate through our head office
in the United States to better understand our operational
demands. They must sense at every moment a consistent
message—that investment in safety and compliance pays for
itself ten times over. As an industry, I think the current
pressures stem from generations where safety and commercial opportunity held no relationship. We believe this relationship has begun, and we think it will strengthen, especially in light of other market dynamics.
The shipping industry is undergoing a lot of change. How does
OMI meet the challenges of today in its management structure
and training?
The nexus of requirements and activities are growing very
complex. Traditionally, many owners just wanted a technical
oracle to tell them that everything was alright. Such a personality-based approach has long been obsolete here. Designing clear and transparent processes is one important
ingredient. A common pricing of risk is another. Clear
communications, by training and by design, is essential.
Our team consists of the headquarters in Stamford,
Connecticut, a technical office in Houston, and our exclusive ship management office in Mumbai. As far as shorebased training goes, communications and compliance are
presently the two overriding priorities. Of course, technical
training proceeds as a matter of course.
You have recently appointed an ombudsman. How do you believe this enhances your operations?
Actually, we have had an ombudsman position for some
time, but the change is that the ombudsman and Director of
Environmental Compliance are now one and the same man:
Ole Chr. Shroeder.
This combined position absolutely enhances our operations. I can sleep at night knowing that there is a distinct reporting channel to the Board for any claims of misconduct.
It is the same argument we make to our ship staff—we expect and demand that our employees protect themselves.
In other words, this position has been a tremendous help
with transparency throughout the organization, and its success can be gauged by the pattern of reports—at first very
high, as individuals became used to the mechanism—and
then declining as the quality of the reports improved.
Analysts predict that shipping will remain strong for years. Are
you concerned that there will be an over build?
We look at our business from an opposite perspective—such
as an investor might with a balanced portfolio. Take heed of
the worst-case scenario.
A lot of things have to go right to rationalize the current
orderbook. America, Europe, India, China—all pistons have
to be firing. We watch the U.S. consumer and the mounting
pressures of mortgage, energy prices, credit-card debt, the
coming shopping season, and reminders of America's vulnerability with some concern. Reaching a tipping point in
the early part of next year is not far-fetched.
How do natural disasters such as Katrina and Rita affect the industry?
In the short term, of course the markets benefit—the products by the limitation in U.S. refining capacity and the
crude by virtue of the damage to production, installations
and infrastructure.
In the medium and longer term, of course, one could
look to greater ton-miles in the product market, and the
possible erosion of demand I mentioned earlier.
But the bottom line is that the energy supply chain is
carefully balanced, and shipping is the most vulnerable
link. This will not change. In fact it will only improve as refiners and producers look to further squeeze efficiency out
of upstream and downstream activities. If floating tonnage
can remain in balance, we can continue to capitalize on
events like these and the market volatility they create.
How do you view your relationship in the U.S. with Aegean?
We view Aegean as a reliable partner. As I explained above,
we are taking a close interest in a number of suppliers, not
only in the quality of the product but the quality of the service and the organization. We are extremely pleased with
what we have encountered.
Do you have a strategy in place to advance OMI during the next
decade?
Yes, be flexible, be opportunistic, and be disciplined in the
risks you chose to take.
There are plenty of transactions and business lines
which currently have sex appeal, but are either capital inefficient or simply too risky. Our shareholders expect us to
perform well at any point of the shipping cycle. They expect us to leverage trading and operating expertise to capture excess returns. It just so happens that we still find
these opportunities in our core businesses, but it may not
always stay this way.
E X P LO RAT I O N
Oil —A Brief History
Known since ancient times, oil has been mentioned by historians since Herodotus.
The first oil wells were drilled in China in about the 4th century.
hese wells, reaching depths of
800 feet, were drilled using bits
attached to the ends of bamboo
poles. The oil extracted was burned to
reduce brine into salt. By the 10th century, extensive bamboo pipelines connected the wells to the salt fields. Ancient Persian tablets indicate that the
higher social classes used oil for lighting and medicinal purposes.
In the 8th century, the streets of the
newly-constructed Baghdad were
covered with tar derived from petroleum drilled from the natural springs
in the region.
A century later, oil fields in Baku,
Azerbaijan were exploited for the production of naphtha. Descriptions of
these oil fields, by the geographer Masudi in the 10th century and by Marco
Polo in the 13th century, reveal that
the wells produced hundreds of
shiploads of oil.
The modern history of oil began in
1853 with the discovery of the oil distillation process by the Polish scientist
Ignacy Lukasiewicz who was the first
to distill crude oil into kerosene. The
following year, the first "rock oil" mine
was created in Bobrka and the first refinery was established in Ulaszowice
by Lukasiewicz. These discoveries
spread rapidly around the world, and in
1861, A. Meerzoeff built the first
Russian refinery in the oil fields of
Baku. The first modern oil well was
drilled northeast of Baku by the Russian engineer F. N. Semyenov. On the
North American continent, oil explo-
T
Descriptions of the oil fields of Baku, Azerbaijan, by the
geographer Masudi in the 10th century and Marco Polo in
the 13th century, reveal that the wells produced hundreds
of shiploads of oil.
ration proceeded quickly. The first
commercial oil well was drilled in
1858 in Ontario, Canada by James
Miller Williams, and the American
petroleum industry began with the
discovery of oil in 1859 near Titusville, Pennsylvania by Edwin Drake.
The industry progressed very slowly
during the 1880s since the demand for
oil was limited to kerosene and oil
lamps. The situation changed dramatically in the early part of the 20th
century with the introduction of the
internal combustion engine. Demand
was so great that it has sustained the
industry up to this day. The early discoveries in Ontario and Pennsylvania
were quickly exhausted and were soon
replaced by oil booms in Texas, Oklahoma, and California.
By 1910, significant oil fields had
been discovered in Alberta, Canada,
Sumatra, Persia, Peru, Venezuela and
Mexico.
Today, almost 90% of the demand
for motor fuel is covered by petroleum.
Its value as the source of energy for
most vehicles and as a base for many
industrial chemicals makes it one of
the most significant commodities in
the world.
M A R I T I M E
T RA D I T I O N
If the gentle summer sea breeze is a lingering
memory, join our tour of the Maritime Museums
to appease those nostalgic feelings and enjoy
a seafaring journey into the past.
Maritime Museums
Maritime Museum of Greece
The Maritime Museum of Greece is the
country's largest and was established in
1949. Since 1971, it has been housed
in the Marina Zeas building in Freattida, Piraeus. In ten spacious exhibition
halls, the Museum traces the country’s
maritime tradition through the centuries. The first hall contains paintings
by some of the greatest seascape artists
of the 19th and 20th centuries,such as
Volanakis and Hatzis. The next halls
provide an overview of maritime activity from prehistoric times through antiquity, to the Byzantine and postByzantine periods until the end of the
18th century, and from the Balkan
wars and World War II until the present.
The last exhibit presents the history of
the Greek merchant marine. An extensive collection of Greek and world maps
dating from the 16th to 19th centuries
also are exhibited. The museum contains the only maritime library in the
country, a collection comprised of more
than 10,000 books and periodicals.
The museum has an excellent educational program called "The ways of the
sea" for children aged 6 to 16. This program teaches children about the Greek
maritime heritage, and helps them understand the indissoluble ties of Greece
with the sea.
Crete’s Maritime Museum
On May 27, 1973, a date that coincided
with the 32nd anniversary of the Battle
of Crete, the island’s Maritime Museum
opened. The museum’s exhibits cover
maritime history during the Bronze age,
the Classical and Hellenistic periods
(2800 B.C.-6th century A.D.), and
from 1944 to the present. The exhibits
include models of ships, nautical instruments for measuring wind and distance,
sextants, magnetic compasses, and instruments for guiding destroyers. The
museum’s collection also includes
paintings and authentic historic photographs, including one of the flag being
raised for the union of Crete with
Greece on December 1, 1913. Relics
and other memorabilia from the Royal
Navy’s men who fell in battle are displayed along with guns from the landing
operations of 1912-13.
Santorini’s Maritime Museum
In Santorini’s picturesque town of Oia,
the island’s Maritime Museum is housed
in a captain’s mansion that dates to the
19th century. Captain Antonis Dakoronias established the Museum in 1951 to
preserve and revive the island’s glorious
maritime history. The Museum’s exhibits relate stories of adventure and
prosperity, as well as the hard life of a
sailor at sea. The collection contains rare
figureheads, anchors, carved chests and
sextants, as well as aquarelles and models of old ships. Rare books, documents
and dowry contracts, photographs and
wills are included in the exhibits. All of
these items enable the visitor to imagine
the years when Santorinian seafarers
plied the seas on artistically-built
wooden sailboats to take their valuable
Vinsanto wine to Odessa.
RO OTS
The Christian rosary (from
string of roses) is believed
to have first been used in
the 11th and 12th centuries
by the knights in the Crusades
because they were unable
to pray in churches. At first
rosaries had 54 beads, which
equals half of the 108 beads
used by Buddhist Malas when
praying.
Komboloi —Part Two
T
he rosaries used by Catholics in
Europe during the 13th century
had 59 beads. to equal the number of prayers. The French name for rosary
is chapelet, the Italian name is rosario, and
the German rosenkranz. These rosaries
were made up of evenly-spaced, unmoving beads, in keeping with the strict religious rules of the times.
The Greek komboloi is believed to have
originated with the Greek monks of Agion
Oros. Instead of beads, uniformly-tied
knots made up these komboloia
The Greek word for komboloi is derived
from the original word komboshini (kombos for knot and shini for thread or rope).
Today, the komboloi is no longer used for
prayers, but for passing the time, relaxing,
and to keep idle hands busy. The komboloi’s
design evolved as its use changed. Contem-
A komboloi is made up of an odd number of beads for
aesthetic presentation, design and balance, so that the
odd or single bead at the end creates a perfect semicircle.
porary Greek komboloia usually have 1923 beads, though this varies depending on
bead size. The cord holding the beads should
be long enough to allow the beads room to
move freely and produce a pleasant sound
as they strike each other. The length of cord
also allows users to twirl the komboloi
around their hand. Ideally, the cord should
include an empty space of about four fingers in length. A komboloi is made up of an
odd number of beads for aesthetic presentation, design and balance, and so that the
odd or single bead at the end creates a perfect semicircle. The importance of this single bead becomes apparent in the way a
Some people believe that a komboloi—on an
unconscious level perhaps—satisfies the senses
of sight, hearing and touch.
komboloi is handled. Users allow the beads
to slip downward through their fingers in
pairs, creating a rhythmical sound, and
when all of the pairs have dropped, the single bead is held to keep the the komboloi
from collapsing. Odd numbers also are also considered to bring good luck.
Komboloi beads are made from many
different materials. Amber is considered
to be the best, but black coral, wood, animal bones, seed, and ivory are frequently
used. In recent years, metal and silver beads
are used as well. Some people believe that
a komboloi –on an unconscious level perhaps—satisfies the senses of sight, hearing
and touch. The color, the warmth, and the
special sound amber beads make cannot
be compared with the sensation produced
by metal beads, which is perhaps the reason no komboloi was made of silver before
1950.
ATH L E T I CS
Greek Football
According to one story, the first Greek football game took place on January 29, 1866 in Corfu
when the officers of a British warship, moored at the island’s port, decided to play football
with a group of locals.
ven though the Greeks did not
know the game, they managed to
win in front of 3,000 spectators.
According to another story, football first
made its appearance in the beginning of
the 20th century in Thessaloniki when a
group of foreigners living there established
a football team called Union Sportive.
A true fact, however, is that the new
game was not very popular in Greece,
but had enthusiastic fans in the Greek
cities of Asia Minor, particularly Smyrna. The first football clubs were formed
in those cities and some remain significant to this day. The 1922 forced repatriation of Greeks from Asia Minor, or
the “great disaster” as it is referred to in
Greek history, was a landmark in the
evolution of Greek football.
The over one million refugees who
fled to Greece brought their love for
athletics along with their customs and
traditions.
On January 1, 1899, football became an official sport under the Segas
administration. The year before, John
Chrysafis had prepared the first official translation of football regulations.
The first football teams were the National Gymnastics Club and Panellenios in Athens, the Piraeus Club in
E
Piraeus, Panionios and Apollonas in
Smyrna, and the Pera Club (today’s
AEK) in Istanbul.
A landmark in the evolution
of Greek football was
the 1922 forced
repatriation of Greeks from
Asia Minor. The more than
one million refugees who
fled to Greece brought their
love for athletics along
with their customs
and traditions.
The first nationwide football games
took place in 1906. That same year,
the Goudi Club and the first national
team were formed. In 1908, the
Athens Football Club was established,
and in 1923 it was renamed as the
Panathenian Athletic Club.
The Piraeus Club was renamed as
the Olympic Association of Piraeus
Fans in 1925, and is known today as
Olympiakos.
The Balkan wars and the First World
War interrupted all athletic activity
during the decade from 1910 to 1920.
After this decade, football began to
spread nationwide, and the teams from
Smyrna and Istanbul were re-established in Athens after 1922.
In 1926, the Football Unions of
Athens, Piraeus, and Thessaloniki
founded the Hellenic Football Federation, signaling the organization of
Greek Football according to international standards.
From that time on, the Greek Football Federation developed into one of
the biggest athletic federations in
Greece, and football became the most
popular sport in the country.
Landmarks in early Greek Football history
1926: Foundation of the Hellenic Football Federation
1927: The Hellenic Football Federation becomes a FIFA member
1954: The Hellenic Football Federation becomes one of the founding members of UEFA.
T RAV E L
Thessaloniki—The Eternal City
Thessaloniki’s intriguing history continues to fascinate even the most frequent visitor
because the city has not only survived great upheavals over the centuries but emerged
stronger each time. Today, it can once again claim the role of economic, political, religious
and cultural epicenter of the Balkan peninsula.
T
hessaloniki was founded in 315
B.C. by Kassandros, King of
Macedonia, who named the city
after his wife, the sister of Alexander
the Great. Kassandros’ strategic placement of the city on the Thermaic Gulf,
enabling access by both land and sea,
made Thessaloniki the most important
city and commercial port in northern
Greece and the Balkans.
A visitor walking through Thessaloniki will see evidence of its long history at every step. Archaeological treasures and monuments survive from
every historical period, but the most
numerous date to the one-thousandyear Byzantine period, making Thessaloniki an open-air museum of Byzantine architecture and art.
During the Roman period, Thessaloniki was selected as the capital of the
Roman province of Macedonia. Construction of Via Egnatia to link Rome
to Byzantium, by way of Thessaloniki,
increased the city’s importance. Several archaeological sites and buildings
date to this early period. In the central
Platia Dikastirion are the ruins of the
ancient Roman Agora. Far more intact,
however, is the triumphal Arch of Galerios, constructed by Caesar Galerios
to celebrate his victories over the Persians in 297 A.D. The Arch was part
of a larger complex that included a
palace, hippodrome and the still extant Rotunda. The Rotunda, one of the
oldest monuments in the city, was designed to serve as an imperial mau-
The monuments surviving
from the Byzantine period,
which lasted about a
thousand years, make
Thessaloniki an open-air
museum of Byzantine
architecture and art.
soleum but was never used as such. In
the 4th century, it was consecrated by
the Christians, and later converted into a mosque. Today, it is the church of
Agios Yioryios (Saint George).
In 395 A.D., the Byzantine Empire
was founded and Thessaloniki became
the second most important city after
Constantinople. Sections of the city’s
ramparts and towers remain from this
period. In fact, while sections of these
ramparts date to the 14th century, they were constructed on top of older foundations that date to the
Roman period and even
to city’s founding.
The White Tower, at the far
end of the
waterfront, which was constructed by
Venetian builders after the city, was
seized by the Turks in 1430 A.D. This
tower contains a small museum of
Byzantine art.
Thessaloniki’s Byzantine-period
churches date from the 3rd through the
14th centuries and provide excellent
examples of developments in architectural design from the early Christian,
Byzantine and post-Byzantine periods.
All contain icons, fine mosaics, and
wall paintings. Although Thessaloniki
may be an open-air museum, it is not a
city frozen in time. It is a lively city with
theatres and concert halls, as well as
tavernas, ouzeries, and waterside cafes.
A vibrant city throughout the centuries, Thessaloniki continues to be
lively today.
TH E
A EG E A N
I M AG E
Products that say
“We ‘re different”
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.
Aegean
AEGEAN is a diverse group of companies active in the energy and shipping 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 sectors, is a leader in top-quality bunkering services, provides
marine transport through its fleet of 32 tankers, and offers 24/7 shipping services to trusted clients throughout the world.
SERVICE AND PRICE
AEGEAN is committed to providing its customers
with unmatched services at the most competitive prices. It has grown in just over a decade
into a dynamic force in the industry and from
its headquarters in Piraeus, Greece AEGEAN directs its domestic and international operations.
The company is privately held and 100% Greek owned.
A DYNAMIC GROWTH STRATEGY
Through 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 overall 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 company'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,
Singapore, Russia, Bulgaria, Gibraltar, and the United States.
FULLY-EQUIPPED FACILITIES
AEGEAN 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

Retail - Aegean Marine Petroleum Network Inc.

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