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ΤΟ ΤΡΙΜΗΝΙΑΙΟ ΠΕΡΙΟΔΙΚΟ ΤΗΣ AEGEAN

Greek Shipping Shipping Greek ΧΕΙΜΩΝΑΣ 2008-2009

Lloyd’s List Lloyd’s

HSH Nordbank AG Nordbank HSH

of Shipping Shipping of

Head Global

Harald Kuznik Harald Interview Interview Aegean

Ανέγερση

in Fujairah in Πετρελαϊκών

Oil Installations Installations Oil Εγκαταστάσεων Construction of of Construction στην Fujairah

Aegean Aegean Συνέντευξη Harald Kuznik Παγκόσμιος Επικεφαλής Ναυτιλίας ΗSH Nordbank AG

Lloyd’s List winter 2008-2009 winter N A E G E A F O E N I Z A G A M Y L R E T R A U Q E H T Βραβεία Ελληνικής Aegean News Aegean Ναυτιλίας Trinidad Ακόμη Ο Δέκατος Τρίτος Τάσεις & Εξελίξεις Ταξίδια Σταθμός της Aegean

Aegean editorial Core Activities As the global financial crisis continues to affect markets worldwide, Aegean is maintaining its position of strength amid an environment of uncertainty and instability. Retail à AEGEAN OIL has established a gas sta- By implementing a strategic plan that encompasses tions network throughout Greece, and long-term horizons yet makes room for more immedi- is one of the fastest growing companies in the retail market. AEGEAN’S gasoline ate market fluctuations, Aegean Marine Petroleum has market share in Greece is 9.1%. been able to fulfill its objectives of becoming a leading independent bunker provider worldwide. The Aegean Marine Petroleum policy of developing a double hull bunkering fleet, both through newbuidlings and pur- Shipping chases, is placing the company at the forefront of the global bunkering market. à AEGEAN SHIPPING manages a fleet of The recent moves to expand the Aegean Marine Petroleum bunkering net- tankers, ranging from 3,500DWT to 100,000 DWT, that transfers and delivers work, in North America, in Europe, in the Caribbean, and in Africa, demon- oil to our clients throughout the world. All strate the status, strength, and position of the company, as well as its potential ships meet ISM standards. for growth, even in these challenging times. These are tangible achievements that put Aegean Marine Petroleum among the finest bunkering companies in existence. Likewise, the fact the Aegean is Bunkering among the top 10 bunker providers in the port of Singapore, one of the most à In Piraeus, Gibraltar, Kingston, Ocho Rios, Montego Bay, Antwerp, Portland UK, Te- important in the world, clearly establishes a stature for the company that is ma in Ghana, United Arab Emirates, Sin- beyond doubt. gapore, Montreal and Vancouver, AEGEAN In Greece, Aegean Oil is moving ahead in the retail gasoline market with MARINE PETROLEUM is a leader in provid- remarkable success. The recent introduction of RO-RO vessels to serve the ing the best bunkering services available. In Piraeus, AEGEAN MARINE PETROLEUM Greek islands is producing dramatic results. On the island of Crete, a number is the market leader in bunkering. of new Aegean gas stations served by the vessels is creating a new buzz in this important market that should have profound effects and highly favorable results for the company. Agency Services Although 2009 is expected to be a difficult year globally, Aegean is cautious- à Ships from around the world rely on AEGE- AN AGENCY services at Piraeus, Gibraltar, ly optimistic that it will emerge stronger, more efficient, and more valuable for and Jamaica, from loading and discharg- its customers, shareholders, and employees. ing, to spare parts and supplies. Lubricants AEGEAN OIL produces and markets high Raymond Matera à Publisher performance lubricants for vehicles and industrial use, under the AEGEAN brand and AEGEAN MARINE PETROLEUM trades and supplies lubricants for the marine market under the ALFA brand.

WINTER 2008-2009 AEGEAN NEWS

contents

Aegean reinforces its position A new station in Trinidad is Aegean’s new major Harald Kuznik talks to Aegean News about the 15 in the Persian Gulf with the agreement 18 investment in the Caribbean 26 position of Greek Shipping and of Aegean in the for the construction of oil installations global scene in Fujairah

CODE: 5169 4 AEGEAN UPDATE 22 RETAIL Winter 2008-2009 8 FLOWS AND CURRENTS Sailing to Crete Aegean News is published Trends and News in the Oil and Energy Fields quarterly by AEGEAN 23 RETAIL Publisher & Managing Editor 10 CHRISTMAS PARTY High Fuel Prices Affected Sales Raymond Matera 11 SHIPPING CONTRIBUTING Editor 24 STATIONS OF THE MONTH J. Georgana Aegean’s Fleet Renewal Continues DESIGN ❚ Antonios Fleris Snack 12 BUNKERING ❚ Spyros Kondostathis Printing and Binding ❚ The Port of Fujairah Korifi Publications SA ❚ Aegean’s Strategically Important Investment 26 AEGEAN MARINE PETROLEUM Owner in Fujairah Aegean Interview with Harald Kuznik 42 Hatzikyriakou Street 185 38, Piraeus, Greece 16 Lloyd’s List Tel: +30 210 458 6000 Greek Shipping Awards 26 ENVIRONMENT Fax: +30 210 458 6241 E-Mail: [email protected] Children and the Environment Internet: www.aegeanoil.gr, 17 HELLENIC ENVIRONMENTAL www.ampni.com CENTER 26 TRAVEL Comments and suggestions 16 Years in the Protection of the Marine Metsovo are welcome. Environment Aegean News is free of charge and is available, subject to availability, to 31 AEGEAN IMAGE any interested person or organization. 18 BUNKERING Trinidad—Aegean’s Thirteenth Station Products That Say “We’re Different” Please Recycle WINTER 2008-2009 AEGEAN NEWS A e g e a n U p d a t e

New Aegean Personnel The following employees have joined the Aegean work force

AEGEAN BUNKERING SERVICES Andreou Vasilios, Bafaloukos Irineos, Bourousi Evagelia, Dimitriadis Ioannis, Exarhos Panayiotis, Kalivas George, Karathanos Dimitrios, Koskina Ekaterini, Manouilidis Ioannis, Lebesis Dimitrios, Lazarou Efstratios, Mougolia Nandia, Papadopoulou Sophia Sofianos Ioannis, Theodoropoulou Panayiota, Veroukis Alexandros

AEGEAN SHIPPING Aidonidis Lazaros, Benou Sophia

AEGEAN MARINE PETROLEUM Karakasi Anna-Maria, Peramatzis Minas, Raptodimou Christina, Sayia Osanna, Chohlakis Emmanuel, Christoforatos George Fandomas Neofitos,

AEGEAN OIL Aivaliotis Vasilios, Gavriilidis Antonios, Karvelas Andreas, Sarris Konstantinos, Stamatoulakis Dimitris

Dimitris Melissanidis Elected Member of the Greek Committee of Germanischer Lloyd On October 10, 2008 the meeting of the Greek Committee of Germanisher Logging On Customers and associates of Aegean Lloyd took place in Athens. During the meeting in Athens, Mr. Dimitris Melis- may visit the company’s website, www. sanidis, Aegean Group founder, was elected member of the Committee. The aegeanoil.gr, to learn about the com- Committee convenes once a year and discusses industry related issues. At this pany’s activities. Bunkering customers year’s meeting, with Captain Vasilis Constantakopoulos as Chairman, 30 par- may register online to conduct business ticipating representatives of the Greek Shipping Community discussed and and maintain contact with the bunkering exchanged views on new trends of the market, operational challenges, and new department at www.ampni.com. technologies for fuel saving.

AEGEAN NEWS WINTER 2008-2009 New Stations in Aegean’s Retail Network Τhe Aegean network is growing throughout the country. Listed below are the stations Aegean Assists Gibraltar Port Authorities that have started displaying the Aegean Logo during the past three months. On October 10, 2008, Gibraltar was hit by the worst weather conditions ever ΖARKADIA, CHRYSOUPOLIS- KAVALA recorded at the island. As a result, M/V FEDRA, a bulk carrier anchored in the KARANIKOLAS IOANNIS eastern anchorage, ran aground. MAKRI YIALOS-LASITHI Although there was no loss of life or any significant injuries to her crew of 30, GIKAKI KALLIOPI the vessel was a total loss. ARMENI –RETHYMNON It was estimated that the vessel was carrying approximately 200mts of fuel oil DROUDAKIS GEORGE in her bunker tanks, which with the vessel breaking up, started leaking. As a VONNI-KASTELI-HERAKLION result, Gibraltar Port Authorities initiated their response protocols, and as part FRAGIADOULAKI ANNA of their response enrolled the assistance of Aegean’s recently acquired service DAFNES – HERAKLION boat ALPHA. LABRAKIS NIKOS The services of the launch ALPHA, as well as the crew, were retained by Port 111 J. KENNEDY, PERISTERI-ATTICA Authorities from October 13 until October 26 on a 24-hour basis. ZISIMOPOULOS GEORGE Aegean Gibraltar is proud of having been able to contribute and assist Gibraltar KAPANDRITI-ATTICA Authorities in their response to this situation, and remain committed to assist- ECONOMOU EVAGELOS ing with all our means in the future. MAYROVOUNI, GITHIO-LACONIA MASTAKOURIS ELIAS-GERONDIDI ELEFTHERIA MELISSI-KORINTH YIANAKOULIA EKATERINI SOSTIS-KOMOTINI Aegean Marine Petroleum Presents at ALI ERGOUN Marine Money Conference in Miami MAYROMATI-KARDITSA YIOTIS STEFANOS Aegean Marine Petroleum was invited to present at the 5th Annual Marine Finance 205 DOIRANIS ST.-KALLITHEA Forum: “Latin America and Caribbean” held in Miami Beach on November 20, 2008. SYGGROU PARK AVENUE S.A. Aegean Marine Petroleum, represented by Steve Leonard, presented with three other SERVOTA-TRIKALA companies in the session moderated by Hans Lau of Jan Gisholt Shipping titled ZOULIANITIS THOMAS “Leading Companies Every Lender and Investor Should Know.” R.ROAD VASILIKA-THESSALONIK Marine Money International, a leading provider of ship finance information and mari- INGIDIS CH.-EV. GEKAS time company analysis, hosts the industry's most important ship finance forums and 340 AHARNON ST.- ATHENS seminars throughout the world, providing excellent networking opportunities. MAYROMIHALOS S & CO.

WINTER 2008-2009 AEGEAN NEWS A e g e a n U p d a t e

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

Aegean Among Singapore’s Top 20 Suppliers In mid January the Maritime and Port Authority of Singapore (MPA) listed Singapore's 20 leading—among a total of 80—accredited bunker suppliers by volume for 2008. Aegean Bunkering was listed in 10th position.

1) BP Singapore Pte Ltd 7) Northwest Resources Pte Ltd 14) Consort Marine Services Pte Ltd 2) ExxonMobil Asia Pacific Pte Ltd 8) Sentek Marine & Trading Pte Ltd 15) Titan Bunkering Pte Ltd 3) Global Energy Trading Pte Ltd 9) Searights Maritime Services Pte Ltd 16) Ocean Bunkering Services (Pte) Ltd 4) Shell International Eastern Trading Co 10) Aegean Bunkering Pte Ltd 17) O.W. Bunker Far East (Singapore) Pte Ltd 5) SK Energy International Pte Ltd 11) Singapore Petroleum Company Limited 18) Bunker House Petroleum Pte Ltd 6) Equatorial Marine Fuel Management 12) Chevron Singapore Pte Ltd 19) Chemoil – ITC Pte Ltd Services Pte Ltd 13) Alliance Oil Trading Pte Ltd 20) Gas Trade (S) Pte

AEGEAN NEWS WINTER 2008-2009 Christmas Events Aegean Sponsors Special Christmas Ball of Efxeinos Pontian Club Publication on the Life of Stelios Kazantzidis

The annual Christmas Ball of Athens Efxeinos Club took place December 19 at Caravel Hotel An outstanding publication on the and was a great success. More than 500 guests danced and sang together with singer Yiannis Pontian singer Stelios Kazantzidis, Theodoridis, accompanied by the sounds of traditional musical instruments played by Kyria- who passed away a few years ago, and kos Antoniadis, Vasilis Folinas, and Nikos Hatzidaftidis. Many distinguished personalities who sang about the sorrows and the honored the event with their presence. joys of the average Greek, was issued recently, titled “Stelios Kazantzi- Christmas in Thessaloniki dis—Tracing the Tail of a Myth. His Life and Work.” The Grand Spon- sor of this very special publication was Aegean’s founder, Mr. Dimitris Melissanidis, who, in addition to his pioneering business activities, develops cultural initiatives that highlight important personalities of Pontian culture. According to Mr. Melissani- dis, the sponsorship of the publication on Kazantzidis is a tribute to his own The Pontian Association “Akrites tou Pontou” singing Snapshot from the Christmas party for the children of Christmas carols outside Aegean’s Thessaloniki offices Aegean’s Thessaloniki staff Pontian origin.

One of Ours Among the Champions amateur level to establish local tour- Under the auspices of the Hellenic naments. However, the game became Rugby Federation three Pan-Hellenic official in Greece with the founding Championships have been organized of the National Federation and the (with15 players) 2005-6, 2006-7, organization of the 1st Pan Hellenic 2007-8 and one Panhellenic Rugby Championship, the setting up of a Sevens Championship (with seven national representative and national players) 2007-8. The Athens Rugby team for under 17. The Hellenic Union Football Club has won the Rugby Federation was founded at the Championship for all three previ- Rugby has been present in Greece end of 2004 following an initiative ous seasons. Member of the winning since 1982 when Athens based teams of the deputy Minister for Athletics team, and also of the National team, hosted foreign teams in friendly at the time, Mr. George Orfanos. Its our own Yiannis Tsogas, bunker trad- games. Some efforts followed at an President is Mr. Evaggelos Stamos. er of Aegean Marine Petroleum.

WINTER 2008-2009 AEGEAN NEWS F l o w s & C u r r e n t s

Ecological Driving It has been shown that many drivers of hybrid cars cannot achieve significant reduction in the consumption of gasoline because they drive aggressively. This is the reason why next generation hybrid models will advise drivers, with specific indications, on how to achieve ideal consumption. In the speedometer of a new generation hybrid model of a certain automobile manufacturer a plant is depicted which grows green leaved when the driver drives in an ecologically correct manner. When the driver steps on the gas aggressively the leaves start to get withered and finally fall. Another manufacturer’s model, which will be in circulation within 2009, has a speedometer with changing European Groups colors. Green for the driver with an ecological conscience to blue for the nervous driver. in the Greek Electric Energy Russian-Ukrainian Tension Market Over Natural Gas Spanish Endesa, French EdF, Italian The settlement of Ukrainian debt to the Russian Gazprom, and the signing ΕΝΕL and the French GDF Suez are the four European Groups that has started of a new contract on 2009 prices, on the terms of which the two sides to challenge the monopoly of the Public disagree, were the main causes of the tension between the two countries. Power Corporation (DEI) in the Greek In the beginning of January Gazprom’s natural gas station stopped the electric energy market. France’s Suez flow of natural gas to Ukraine, although Gazprom announced that it will agreed in the beginning of December continue to supply its EU clients with natural gas. The pipelines crossing with the GEK TERNA Group on the Ukraine carry natural gas to the EU covering 20% of its needs. Europeans acquisition of 50% of TERNA’s first expressed their concerns that the situation of January 2006 would be two energy units in Viotia (Iron I and repeated, when with the interruption of supply to Ukraine, shortages Iron II). The agreement also includes the common administration-manage- resulted in several European countries. However, in January Gazprom let ment of the two energy units. The open natural gas flow to Europe, through Ukraine, putting an end to the crisis. cycle natural gas unit Iron I of 150 MW has been in operation since 2004, being the first private energy unit in Greece. The combined cycle natural gas Increasing Demand for Biofuels unit Iron II, of 450 MW, is under con- According to the analysts of the International Energy struction and is expected to be ready Association (ΙΕΑ), by 2030 biofuels will correspond to for commercial operation within the 12% of the international supply of liquid fuels, with first trimester of 2010. GEK TERNA the percentage reaching 26% by 2050. holds a leading position in Greece in Demand increase will originate from the fields of air the fields of construction, energy, real transport and shipping. By 2030 these two sectors estate and concessions, and GDF SUEZ will cover 30% of total global biofuel consumption, is one of the largest internationally turning mainly to biodiesel and synthetic fuel. In addi- Groups in the filed of energy, possess- tion to the great increase in the production and use of biofuels, IEA analysts estimate that starting 2025 ing a significant number of energy there will be a substantial turn to first generation units. ethanol from second generation biofuels.

AEGEAN NEWS WINTER 2008-2009 F l o w s & C u r r e n t s

Agreement with Cosco Signed in Piraeus Petroleum Pool The foundations of the agreement for Beneath the Gulf of Mexico the acquisition by the Chinese Cosco of A trio of oil companies has tapped a petro- Herold. “We’ll still be importing more than 50 a cargo terminal at the Port of Piraeus leum pool deep beneath the Gulf of Mexico percent of our oil needs.” It is estimated the were laid in 2006 during the Greek that could boost the nation’s reserves by more 300-square-mile region where its test well Prime Minister’s visit in Beijing. At the than 50 percent. A test well indicates it could sits could hold between 3 billion and 15 bil- end of November 2008 the agreement be the biggest new domestic oil discovery lion barrels of oil and natural gas liquids. The since Alaska’s Prudhoe Bay a generation ago. U.S. consumes roughly 5.7 billion barrels of was ratified with the final signatures But the vast oil deposit roughly four miles crude-oil in a year. in the Hellenic-Chinese agreement. beneath the ocean floor won’t significantly It will take many years and tens of billions Cosco offered an amount reaching 490 reduce the country’s dependence on foreign of dollars to bring the newly tapped oil to million Euros, which will reach 4.3 oil and it won’t help lower prices at the pump market, but the discovery carries particular billion Euros over the course of the 35 anytime soon. importance for the industry at a time when year-agreement. Cosco will invest 350 “It’s a nice positive, but the U.S. still has Western oil and gas companies are finding million Euros for the creation of 6 spots a big difference between its consumption fewer opportunities in politically unstable for the simultaneous service of six ships and indigenous production,” said Art Smith, parts of the world, including the Middle East, of 10,000 containers in piers II and ΙΙΙ. chief executive of energy consultant John S. Africa and Russia. Greek Reduction of Russian Merchant Fleet Oil Output According to a National Statistics Ser- vice announcement at the beginning of Russia may reduce oil output to combat falling prices, the country’s minister 2009, the Greek merchant shipping fleet of energy announced at the beginning of December. totalled 2,075 ships with a total tonnage The move would formally cement Russia’s cooperation with the Organization of 38,864,028 grt. According to the of Petroleum Exporting Countries. After the announcement, crude oil rose statistics report, 628 were cargo ships, by $2.28 a barrel to $45.77. In the previous five months the price of crude fell 513 tankers and 934 were passenger and other kind of ships. by $100 a barrel.

WINTER 2008-2009 AEGEAN NEWS Christmas Party for the Children of Aegean As in years past, Aegean held its annual Christmas party to enjoy the season’s spirit with the children of its personnel. On December 14, Athens Caravel Hotel filled with daisies and children. Possibly the best party of recent years, this year’s event took place in the hotel’s most beautiful area, the Roof Garden. Santa Claus, Mini and Mickey Mouse, magicians and clowns, a DJ and dancing music, a Karaoke competition and much more provided the setting where our children really had the time of their lives. It was a memorable evening for children and adults alike. The evening closed with two more surprises, the impressively rich buffet and the nice presents Aegean gave to our children. Αegean, thank you. May we all be healthy and well next year to get together and celebrate.

MAY THIS BE A HAPPY YEAR FOR ALL!

10 AEGEAN NEWS WINTER 2008-2009 S h i p p i n g Aegean’s Fleet Renewal Continues

Aegean is continuing its newbuilding program at a vibrant pace. Three vessels, Patmos, Paros, and Naxos have been delivered since November while another two are just around the corner, creating an awesome expansion record amid the global financial crisis.

Delivery of M/T Patmos ment for bunkering trade and opera- Delivery of M/T Paros The first of a 16-vessel series was tions. She has five pairs of cargo oil tanks and M/T Naxos delivered on November 18, 2008 from and one pair of slop tanks with a total Just like Paros and Naxos, the two Qingdao Huyndai Shipbuilding, the capacity of 7026 m3. She is equipped beautiful islands that lie next to each Chinese subsidiary of the renowned with two sets of twin screw type pumps other in the Aegean sea, these two Korean shipbuilder. The vessel will join with 750 m3/h and one screw type cargo sister vessels, named after them, are the Aegean fleet in Fujairah, strength- pump with 300 m3/h, each driven by an operating in the Singapore region ening significantly company’s presence independent diesel engine. and will contribute in increasing the in this important bunkering port. The cargo oil loading/discharging company’s market share. The vessel was built under the close operations are controlled from the The ninth and tenth vessel from survey of Lloyds Register and the own- Cargo Control Room and the system Fujian Southeast Shipbuilding fulfill ers’ site team. She complies with the lat- is able to load and discharge three (3) all the latest classification and statuto- est rules and regulations for oceangoing different grades of cargo oil simulta- ry requirements and will be followed navigation, hosting high quality equip- neously without contamination. by another five vessels.

WINTER 2008-2009 AEGEAN NEWS 11 B u n k e r i n g Port of Fujairah

The demand for bunkering services in the Port of Fujairah is continuously increasing, creating conditions for further development of Aegean Bunkering Fujairah.

The Port anchorage can ujairah Port is situated on the Eastern Seaboard of the United Arab Emirates, approximately 70 nautical miles from the Straits of Hormuz. accommodate up to 100 Its strategic position and facilities have proved attractive to a range of vessels at any time and Fusers of the multi-purpose port. It acts as a center to meet the requirements of the shipping community in the Middle East and the surrounding regions. This offers an efficient and varied makes it recognized globally. “One Stop Shop” service for The Port anchorage can accommodate up to 100 vessels at any time and offers an efficient and varied “One Stop Shop” service for calling vessels. Services include calling vessels ❚ Container Handling—offers significant strategic logistical and economic advantages for container operators such as repair and bunkering facilities ❚ General Cargo—a highly skilled work force supported by a variety of up to date equipment including mobile cranes, all types of cargo slings, forklifts and trailers, that ensure quick turn around, based on 24 hour service ❚ Bulk Cargo—allows the accommodation of large and gearless vessels. Flex- ibility in stockpile storage arrangements and an environmentally friendly loading solution. ❚ Bunkering, Marine Supply, Ship Repair—offers varied and efficient supply and service arrangements with a high level of control and policing. The Port of Fujairah Authority Marine Department professionally manage its safety and security. In addition, the Crew changes to and from the anchorage has reached an average of 2,500 personnel monthly. A fleet of 80 independently owned and professionally operated supply vessels, namely bunker barges, fresh water barges, lubricants barges, tug boats and service boats, which include our very own Aegean fleet, is based in the Anchorage.

12 AEGEAN NEWS WINTER 2008-2009 The graph below shows the number of vessel calls at the Fujairah Port An- chorage from year 2000 to October 2008 2500

2000

1500

1000

500

0 2000 2001 2002 2003 2004 2005 2006 2007 2008* Yearly Tonnage Year Containers General Cargo Bulk Cargo Oil Total Cargo 1995 4,960,828 63,923 669,368 324,852 6,018,971 1996 4,770,299 75,086 501,077 264,231 5,610,693 1997 4,158,168 97,806 904,016 4,005,507 9,165,497 1998 3,925,361 67,112 2,091,573 1,521,070 7,605,116 1999 4,158,168 90,620 2,902,157 4,011,949 11,162,894 2000 3,925,361 212,843 3,851,155 7,292,911 15,282,270 2001 5,029,577 423,627 4,247,544 11,636,031 21,336,779 2002 5,082,249 704,867 6,026,735 11,444,414 23,258,265 2003 1,797,421 647,367 7,492,968 7,969,988 17,907,744 2004 1,948,810 245,915 9,659,818 12,228,019 24,082,562 *(Jan-May)2005 *174009 61,181 12,331,682 20,503,245 32,896,108 2006 198,695 15,722,287 29,533,410 45,454,392 2007 230,430 16,600,480 27,699,570 44,530,480

30000000

25000000

20000000

15000000

10000000 Containers 5000000 General Cargo Bulk Cargo Oil 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005* 2006 2007 *(Jan-May)

The table and graph shown above demonstrate the excellent services offered by Port of Fujairah from 1995 to 2007. Port officials said that the port will continue implementing its expansion project, which includes building a further 850 meters of devoted oil tanker quay space. The Fujairah Port will undergo a major development of its existing infrastructure as well as extending its facilities due to the growing use of the port and terminal. This will benefit more the commercial support services in Fujairah The following are some of the ongoing projects in the Port.

WINTER 2008-2009 AEGEAN NEWS 13 B u n k e r i n g

Developments in the Port Southern Breakwater Berth ADCOP Pipeline Project This will provide 840 meters of general cargo berths with a draft of The contractors for this major project for a Crude Oil Pipeline 15 meters. Additionally a Travel Lift facility and Berth will be avail- between Abu Dhabi and Fujairah have now mobilized. Construc- able for the lifting of supply and associated vessels for maintenance tion is expected to be completed by the end of 2010. Terminal and repair. The Port is preparing common user sites for vessel repair. Storage Facilities are to be constructed together with SPM’s. It is estimated that a major part of the U.A.E.’s Crude Oil exports will Northern Breakwater Oil Berths (OT2) use this route on completion of the project. This project commenced in January 2008 and is due for completion at These projects will benefit more the commercial support servic- the end of 2010. This will provide a further 940 meters of Oil Berths es in Fujairah and the rest of United Arab Emirates. According with a draft of 18 meters. The “spine” of the existing breakwater will to Dr. Al Kindi, The Fujairah Port floating storage capacity ex- be leveled to provide level access between the existing OT1 and OT2. ceeds 740, 000 cubic meters, while its onshore storage capacity now exceeds 1.9 million cubic meters, with further capacity Additional Tank Storage Facilities coming on line. Talks continue between the Government and interested parties The Fujairah bunkering market handles an average of over one on the allocation of land for substantial investments in additional million tones of bunkering supplies every month and projected to Terminal Storage Facilities. increase further in the coming years.

14 AEGEAN NEWS WINTER 2008-2009 Aegean’s Strategically Important Investment in Fujairah

Following the agreement for the construction of the new oil installation in Fujairah, Aegean’s position in the Persian Gulf is further reinforced

n line with the expansion and development program of Fujai- rah Port, Aegean Oil Terminal ICorporation has signed a Land Lease Agreement with Fujairah Municipal- ity relative to its operation of an oil storage terminal in Fujairah, United Arab Emirates. The leased prem- ises with have an approximate size of 100,000 square meters. The project will include the construction of pipelines connected to Port of Fujairah, enabling the environmental friendly, state-of-the-art terminal to store and supply all types of high quality marine fuels. Mr. Dimitrios Melissanidis (sitting on the right), President/ Director of Aegean Oil Terminal Corporation with His Highness Sheikh Hamad Bin Mohammed Al Sharqi, ruler of Fujairah. The new oil storage terminal is expected to be completed by the end of 2010 and is set to operate in two phases. Phase one, with eight tanks, is to have a total storage capacity of 250,000 cbm and phase two is to have an additional eight tanks with 250,000 cbm capacity. The oil depot will be fully operational and coincide with the construction of the new jetty of the Port of Fujairah. The strategic location of Fujairah, in relation to navigational routes, shipping anchorages and growing bunkering business, is expected to be pivotal in establishing Aegean in Fu- jairah as a more important presence From Left: Dr. Salem, special advisor to the government; Mr. Spyros Fokas, Sheikh Saleh Bin Mohammed Al Sharqi, Head in the region. of Industry and Economy of Fujairah; Mr.Dimitrios Melissanidis and Mr.Theofanis Goumas.

WINTER 2008-2009 AEGEAN NEWS 15 l l o Y D ' S l i s t

Aegean Awards the U.S. Coast Guard at the Lloyd’s List Event BY Yiannis TSOGAS | Bunker trader AMP

The 5th Lloyd's List Greek Shipping Awards took place at the Athenaeum Intercontinental Hotel on December 12, with guests including 1,000 shipping personalities.

r. Panos Kammenos, Depu- unable to attend in person and Capt. but for his specific initiative this year to ty Minister of Mercantile Michael Morgan, Defence & Naval At- amend the culture of the USCG and Marine, Aegean and Island taché at the U.S. Embassy in Athens, insist on greater respect for seafarers on MPolicy, delivered the opening address. accepted the award on his behalf. The ships calling in the U.S. A special “Man Lloyd's List was proud to welcome Ae- Commandant of the U.S. Coast Guard, of the Sea” Award was presented to gean Marine Petroleum to the table of Thad Allen, was given the award pri- Capt. Kristo Laptalo, the Greek Ship- sponsors for the first time this year. Ae- marily for his efforts this past year to ping Personality of the Year Award was gean sponsored the International Per- ensure that seafarers calling at U.S. presented to Mr. Efthymios Mitropou- sonality of the Year Award and Aegean's ports are treated with due respect and los, and the Lifetime Achievement prize Mr. Spyros Fokas, General Counsel and fairness. Admiral Allen was selected as to shipowner Nikolas Lemos. In total, Corporate Secretary. presented the tro- Lloyd's List's inaugural International 16 awards were presented and the eve- phy to Admiral Thad W. Allen, of the Personality of the Year not only for his ning concluded with a well-organized U.S. Coast Guard. Admiral Allen was overall leadership in the Coast Guard gala dinner.

Capt. Michael Morgan, Defence & Naval Attache at the U.S. Embassy in Athens, receives the award from Mr. Spyros Fokas, on behalf of the U.S. Coast Guard.

16 AEGEAN NEWS WINTER 2008-2009 Hellenic Environmental Center

HEC 16 Years at the Service of the Marine Environment BY Panayiotis Stamatoyiannis | hec

The main activity of the Aegean Group falls under the sector of energy and specifically the supply and trading of fuel and lubricants.

il, as an energy source, became, and still remains Full compliance with these fundamental principals until today, the main source of energy due to its resulted in HEC being active in most of the major Greek many advantages. ports, while, at the same time, it has set the foundations for OApart from the advantages that established oil, its use as its international prospects, since demand for its services well as the use of lubricants entail problems that need spe- has grown beyond Greek borders. cial management to avoid pollution of the environment. In order to carry out its work, HEC owns and operates One of these problems, probably the most important of floating separators, where collected residues end up to be all, is the pollution of the sea from oil products and other oil processed, their final destination being state refineries. residues, which can be minimized by the proper, legal and HEC also has a fleet of tankers and tank trucks environmentally acceptable methods of their management. (equipped accordingly) with which residues are collected The Aegean Group, with special environmental sensitiv- and transported. ity and aiming to deal proactively with the possibility of a With its continuous investments in know how and tech- pollution related accident from the products it manages, nical infrastructure, HEC succeeds not only in preventing founded HEC in 1994, creating an environmental shield but in being ahead of ever stricter demands developing for the protection of the environment. within international environmental Legislation. Hellenic Environmental Center collects, transports and HEC operates according to ISO 9001: 2000 System of processes oil residues from ships and land units (industrial, quality management, ΕLOT 1801/OHSAS 18001 System of shipyards), while it also manages all liquid residues pro- Hygiene and Safety at work, and ΕLOT EN ISO 14001: 2004 duced by ships. & EMAS System of environmental management, whereas, In short, HEC’s task is to tame and eliminate oil pro- regarding safety, all demands of the ISPS Code are met. duced pollutants. In short, HEC, with its scientific, trained, responsible From the day of its foundation until today, the basic human workforce and its complete and contemporary principles of the company’s operations are summed up in equipment, may be considered as one decisive ring in the the thoroughness, efficiency and quality of its services, in evolving cycle of nature and life, transforming, with the consistency, in a safe working environment, in the imple- process of recycling, the useless to useful, the harmful to mentation of procedures imposed by national and Interna- beneficial, the pollutant to energy resource and the waste tional legislation and in its complete operational structure. to an element of life’s cycle.

WINTER 2008-2009 AEGEAN NEWS 17 B u n k e r i n g

Trinidad & Tobago Aegean’s Thirteenth Station BY Theodoros Montsenigos | Station Manager

Aegean is delighted to announce that it will shortly start operating, in the Republic of Trinidad and Tobago, its thirteenth station.

18 AEGEAN NEWS WINTER 2008-2009 his new station will be located MARPOL 73/78 ANNEX VI. in a vibrant shipping market The deliveries of the marine fuels and at the crossroads to one will be performed by two modern Tof the Americas traditional shipping double hull oil tankers at anchorage routes. The statiion is expected to and offshore, capable to pump up begin operating at the end of the1st to 750 metric tons per hour on 24/7 quarter of 2009. basis. This is a major investment by Aege- The bunkering tankers are fully an in this steadily and rapidly develop- certified according to the latest IMO ing area and another milestone in our and Industry requirements, registered overall development project, which in reputable international ship regis- is delivering state-of-the-art marine tries and classed by IACS Classifica- bunkering services to meet the chang- tion Society. ing needs of today’s customers. The ships are manned with STCW This new bunkering station is evi- 95 certified, trained and experienced dence of our commitment and dedica- seafarers and fully equipped for; tion to deliver, personally and around ❚ User friendly and environment the clock, quality and environment friendly operation friendly marine bunkering services to ❚ safe ship-to-ship operation our customers globally and of our vi- ❚ modern cargo handling systems sion to strengthen our position in the ❚ fast, safe and contamination free global marine fuels market. cargo operation We view the establishment of this In accordance with Aegean’s estab- new station as an investment in the lished practice and philosophy, the future of Aegean and we look forward overall commercial and operational to serving new and existing customers aspects of the bunker station will

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

in this area for many years to come. be controlled and followed up by its The new station location and the family of professionals, ensuring high decision to provide bunkering services standards and uninterrupted service is a result of being at the crossroads of to our customers. a very busy shipping route. Trinidad, by itself, is one of the fastest developed islands in the Caribbean, and, the hub of major commercial development in the region in recent years. The new bunkering station will provide a full range of marine fuels, quality as per ISO 8217- 2005 speci- fications and procedures according to

WINTER 2008-2009 AEGEAN NEWS 19 B u n k e r i n g

The Republic of Trinidad and Tobago Location a typical British sugar colony with its The twin-island Democratic Republic fortune following the price of sugar of Trinidad and Tobago is located at the on its roller-coaster ride. Important southern end of the Caribbean archi- events include the emancipation of pelago, just outside the hurricane belt slaves in 1834, and the beginning of off the northeast coast of Venezuela. indentured labor schemes in 1852, Trinidad, the larger island at 1,864 which bought Chinese and East Indi- sq mi (4,828 sq km), is mainly flat and ans to Trinidad. In 1871 the first tele- rolling, with mountains in the north graph cable was laid (at Macqueripe that reach a height of 3,085 ft (940 m) Bay) linking T&T with the rest of the at Mount Aripo. Tobago, at just 116 world. Trams and railways were also sq mi (300 sq km), is heavily forested introduced in the second half of the with hardwood trees. 19th Century. Trinidad, by itself, is one Partial self-government was in- History stituted in 1925, and from 1958 to Christopher Columbus discovered of the fastest developing 1962 the nation was part of the West Trinidad and Tobago (T&T) in July islands in the Caribbean and Indies Federation. On Aug. 31, 1962, of 1498 on his third voyage. By all ac- it gained independence and on Aug. counts his crossing was a hard one. He has been the hub of major 1, 1976, T&T became a republic, re- was forced to take a more southerly commercial development in maining within the Commonwealth. route to avoid a hostile French fleet Trinidad is the larger of the two is- and this led him into the doldrums. the region in recent years lands and home to the capital city (Port While drifting in the still heat of the of Spain) and most of the country's 1.3 equator his water barrels burst and his million people and industrial develop- food rotted. possession, despite raids by other Eu- ment. Tobago is a powerful lure for When T&T was explored by Co- ropean nations, until it was ceded to tourists, with breathtakingly beautiful lumbus, it was inhabited by the Britain in 1802. ocean views and rain forests full of Arawaks. T&T remained in Spanish For the next century T&T became exotic birds, animals and plants.

20 AEGEAN NEWS WINTER 2008-2009 Economy Trinidad and Tobago further develop its oil and gas resources The twin-island nation of Trinidad and Tobago are experiencing real GDP and the industries dependent on natural gas growth as a result of economic reforms, tight monetary policy, and fiscal re- sponsibility. In 2006 the country experi- Trinidad and Tobago has made a key industries: yachting, fish and fish enced a real GDP growth rate of 12.2%. transition from an oil-based econo- processing, merchant marine, music Long-term growth looks promising, as my to one based on natural gas. In and entertainment, film, food and bev- Trinidad and Tobago further develops 2006, natural gas production averaged erage, and printing and packaging. its oil and gas resources and the indus- 4000 million standard cubic feet per tries dependent on natural gas, includ- day (mmscf/d), compared with 3200 Investment Environment ing petrochemicals, fertilizers, iron/steel mmscf/d in 2005. The petrochemi- The government's economic policy and aluminum. Additional growth po- cal sector, including plants producing is directed to the development of a tential also exists in financial services, methanol, ammonia, urea, and natural robust and open market-driven econ- telecommunications and transport. gas liquids, has continued to grow in omy. It is committed to actively en- Strong growth in Trinidad and To- line with natural gas production, which couraging foreign investment in T&T. bago over the past few years has led to continues to expand and should meet Apart from enacting legislation to trade surpluses, even with high import the needs of new industrial plants com- remove restrictions on foreign invest- levels due to industrial expansion and ing on stream over the next few years, ment and to remove foreign exchange increased consumer demand. The debt including iron, aluminum, ethylene control, the government has also service ratio is around 2.8%, unemploy- and propylene. Trinidad and Tobago is made a wide range of fiscal incentives ment rate at 6.5%, headline inflation at the fifth-largest exporter of LNG in the available to the foreign investor. They 7.9%, food price inflation at 16.7%, and world and the single largest supplier of generally take the form of import duty interest rates at 8.0%. LNG to the U.S., supplying two-thirds concessions or other tax allowances. There are no currency or capital of all LNG imported into the U.S. T&T trade initiatives continue to controls and the Central Bank main- The government of T&T is seeking be pursued in a context that recog- tains the TT dollar in a lightly man- to diversify the economy to reduce de- nizes both regional and bilateral trade aged, stable float against the U.S. dollar pendence on the energy sector and to agreements as complementary to with exchange rate to fluctuate between achieve self-sustaining growth. The di- agreements at the multilateral forum. TT$6.0 and TT$6.5 to the U.S. dollar. versification strategy focuses on seven It is in this regard that T&T has been an active member of the Caribbean Community (CARICOM) and has increasingly sought expanded market access with third countries. T&T has been involved in preferential trading arrangements as the Cotonou Agree- ment, CARIBCAN and the Caribbean Basin Initiative (CBI).T&T partici- pates as a member of CARICOM in the negotiation of the Free Trade Area of the Americas (FTAA).

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

WINTER 2008-2009 AEGEAN NEWS 21 r e t A i l

The Grigorakis brothers Sailing to Crete BΥ NIKOLAOS PERAMATZIS | Gas Station Network Manager

At the end of the summer and as soon as M/T MAISTROS was ready for action, we began to "conquer" the island of Crete.

n September 22, 2008 we deliv- network is being performed without from positive to enthusiastic and we see ered our first cargo of fuel to the any problems. However, the most im- our sales rising rapidly. The sales increase gas stations of our associates Mr. portant item is the enthusiasm of our in Aegean gas stations in many cases ICharis Grigorakis and Ms. Zoi Papa- associates. During the short period of is greater than 200% and in all cases is daki in Rethymnon, Crete. This is fuel our cooperation, our associate gas sta- above and beyond the levels estimated. that was loaded in Maistros ιn tanks, tion owners are discovering in Aegean We are experiencing a climate of which are transported from Maistros, the cooperative relationship they were enthusiasm, an impressive fact during which in essence is a floating installa- looking for, the anthropocentric policy a period that is not the best for the tion serving the island under the best we are implementing in every way and market, and we are committed that possible conditions. at every opportunity and, of course, the Aegean will continue to develop in The timing was perfect because dur- enthusiasm we put into our work. In Crete, with the same growth rates that ing that same period, for almost one a word, our cooperation to date fully the company developed in the rest of week, due to a customs strike, Aegean meets their expectations. Greece. Our effort will remain strong, was the only company supplying fuel Furthermore, all these elements have our policy will always put the human to the island, while the competition was an even greater value following the warm being at the center, with care for our facing great difficulties. Consequently, response of motorists who have ‘em- customer and associate, with special our operation started with great suc- braced’ the gas stations with the Aegean sensitivity on issues of quality in our cess and the supply of the gas station logo. The comments we receive range products and in our services.

Opening celebration of the gas station of the Grikorakis brothers in Rethymnon, Crete

22 AEGEAN NEWS WINTER 2008-2009 High Fuel Prices Affected January-October 2008 Sales BΥ Konstantinos Poursanidis | General Manager

e s p i t e t h e negatively affected total consumption registered an increase in total fuel fact that be- in the domestic market. According to sales by 1.64%, while it is worth not- ginning in the Ministry of Development data, the ing that the increase in automotive DOctober 2008 crude domestic market registered a decrease fuels came to 9.36% (TABLE Ι). oil prices, and con- of 2.43% during the ten month period At the same time Aegean main- sequently oil by-products, started January-October 2008, compared tained fourth place in gasoline sales, to decline gradually, the continuous with the same period in 2007. with a market share of 9.10% (TA- increased during the prior period During that same period Aegean BLE ΙΙ).

Percentage Increase/Decrease of Domestic Market Sales in Ten Month Period 2008 vs 2007 PRODUCT TOTAL COMPANIES AEGEAN SUPER L.R.P. -23.25% -18.55% UNLEADED PETROL U95 0.36% TOTAL GASOLINE -1.94% 9.26% TOTAL GASOLINE 6.91% UNLEADED PETROL U100 -4.71% 5.87% DIESEL ENGINE 9.79% 13.69% TOTAL FUEL -2.78% TOTAL FUEL -2.72% DIESEL HEATING -15.46% -17.21% TOTAL FUEL -2.43% 1.64% TABLE I SOURCE: MINISTRY OF DEVELOPMENT Gasoline Market Shares, Τen Month Period 2008 & 2007 20%

2007 2008

15%

10%

0% L L A N O BP EK ELIN AVI ARGO KAOI SHELL KMOIL ETEK REVOIL MEDOIL JET OI SUN OIL GALLON CYCLON AEGEAN SILK OIL DRACOIL EL PETROL BITOUMINA TABLE II SOURCE: MINISTRY OF DEVELOPMENT

WINTER 2008-2009 AEGEAN NEWS 23 S t a t i o n s o f t h e M o n t h Andonis Fleris 103 Piraeus Ave., Kaminia Appearances Do Not Deceive

The day after Christmas. Cold and rainy. Empty streets. An ideal time to talk to Mr. Fleris, the proprietor of the Aegean gas station at 103 Piraeus Ave.

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

Why did you decide to switch to a new use vehicles that were not being used. It is one thing to enter an old looking company? With Aegean’s network they would be gas station, and a completely different At the time when I decided upon this better utilized. For all the above reasons, thing to be served and feel welcomed at new partnership, all the companies of- each one with its own weight, I decided a station sparkling clean, with a bright fered the same prices, more or less. That to proceed with this new cooperation. happy appearance. You know what they was not the reason. It just happened say about appearances. In the case of that during that period I met Iakovos Did Aegean’s name in the market influ- Aegean, appearances do not deceive. Melissanidis and that meeting was a ence to some extent your decision? They are just the introduction of what determsning factor. An unbelievable The company already had a very strong is to follow. Good, personalized service, personality! Furthermore, at that same brand name that was equivalent to quality fuel, competitive prices. time, a person for whom I have great majors in this sector. Aegean needed, respect, Mr. Polykarpos Kondaxakis, however, a certain time to build their Did you have any problems? And if yes now supervisor of the gas station net- reputation and gain prestige in the how do you solve them? work, moved to Aegean—up to then market. My switch to Aegean influ- I did not face any significant problems. he worked for a big name in the sector. enced my clientele but in appositive Be sure that if I did, I would not hide This was something that also affected way. Customers trust the name. And it. People in the market know that I am and influenced me greatly. On top of in addition to that the company trans- not holding my tongue. But up to now, that I had in my possession two public formed my gas station into a new one. if there is something important to settle I discuss it directly with Iakovos. For It is one thing to enter an old looking gas station, and a smaller scale issues I talk to Polykarpos completely different thing to be served and feel welcomed and things are taken care of right away. What else can I tell you? This is an at a station sparkling clean, with a bright happy appearance ideal partnership.

24 AEGEAN NEWS WINTER 2008-2009 Spyros Kondostathis 2nd Kilometer Regional Road Almyros-Volos When Even Grey Seems a Bright Color

Raised literally among gas pumps, Spyros Kondostathis is a young man, 26 years old, full of enthusiasm and willingness to talk about Aegean.

y father opened up this company was with Mr. Sekeslidis. It did not have to close down almost at gas station in 1983. With was an important meeting as the idea all. Just for two hours for the chang- the exception of the years I had in my head started to take on a ing of the pumps. And this is how we Mwhen I was studying, I always remem- more definite shape. Following that, became the 1st Aegean gas station in ber myself next to a gas pump. I took the Prefecture of Magnesia. on the business 4-5 years ago, but with Pumps, shelters, logo, all my father standing by me. We remain very different form the How did your customers react to this a family business. change? usual. Bright, optimistic, The change created some small prob- Your cooperation with Aegean started even grey looks different. lems. Some customers left, but new 18 months ago. How did it come about? customers approached us. And those I started thinking about this coopera- And appearance plays a who left came back after 1-2 months. tion when I was a soldier, serving my significant role. Besides, they could see the flexibility in military term in Northern Greece. the prices and the high quality, which It is there when I starting hearing the agreement presented to me by Mr. is never compromised. The external about Aegean, and I had my ears wide Kyprianidis convinced me and I made appearance plays an important role. open to anything relating to our line up my mind. Aegean took on the Pumps, shelters, logo, all very differ- of business. All the information I got change of our gas station’s appearance ent form the usual. Bright, optimistic, was more than positive. I would say right away. The way this was done even grey looks different. enthusiastic. My first contact with the really impressed me. The gas station What is your relationship with the people of Aegean? This is another thing that has impressed me. This company has a human face. The contact with lots people is easy and problems are dealt with and solved right away. Its people, no matter how young, inspire us with confidence.

How do you feel about your decision after one and a half years? I do not have the slightest reserva- tion. This is a cooperation that should have been made. And I hope, wish and will do everything possible to see it continue.

WINTER 2008-2009 AEGEAN NEWS 25 I n t e r v i e w Harald Kuznik Global Head of Shipping, HSH Nordbank AG

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

HSH Nordbank is the largest provider of finance for shipping in being a world-leading supplier of bunkering services to the the world. What is the history of the bank and how did achieve shipping industry with a world-wide presence. Aegaen Ma- this position in shipping finance? rine Petroleum provides a reliable service to their shipping HSH Nordbank is the result of the merger of two North- customers, just as we do on the financing side! ern German Banks. Both predecessor banks already had a long history in ship-finance, going back to the thirties of What are the geo-economic conditions that are shaping today’s the last century. With some of our customers we are doing global economy as it relates to shipping? business since the late forties of the last century. This is a At the moment shipping is suffering from the effects of the good example of what ship-finance is all about: long-term negative development we witness in the global economy. relationships to mutual benefit. However, in our opinion, globalization is an unstoppable Shipping is a volatile business; our customers in hard process: the manufacturing of toys and shirts will not come times need the support from their bankers (and in today's back to Europe! Consequently, once the world-economy challenging banking environment, the banks need the sup- picks up again, so will shipping. The overcapacity shipping port of their customers!) . is suffering at the moment will be absorbed with a certain time-lag, and the usage of ships will reach a healthy level Shipping, it has been said, is at the heart of globalization. How again. But, it is going to be tough until we reach market does shipping play this role and how important is shipping in equilibrium again. the global economy? Shipping is the enabler of globalization, and globalization HSH Nordbank has opened an office in Greece. What are some has enabled the heady development of shipping! of the reasons for this move and how do you view your success The world-wide division of labor is not possible without to date? shipping. Consumers in the western economies are ben- We opened our office in Greece because as the second larg- efitting from having access to reasonably priced products est lender to the Greek shipping industry it was high time being manufactured in far away countries. In the manu- that we got closer to our customers. facturing countries, export-related jobs are created, which Our success in the Greek market is built on two very otherwise would not be there because domestic demand in important factors: First and most important: the support those countries would just not be such a big "job-machine." and loyalty of our Greek customers, whom we serve since By the way, shipping is not only benefiting from globaliza- the middle of the nineties of the last century; second, the tion, but also from the services of our customer, Aegean, excellent account officers who have long experience in the

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

26 AEGEAN NEWS WINTER 2008-2009 market and are very close to our customers, and always ap- proachable together with their colleagues to find the best solutions for the financing and risk-management needs of our customers. This is especially important in these days where the credit crunch is affecting financial markets, and consequently also ship-owners.

Greece has long been a leader in global shipping. How would you characterize Greece’s position today? Greek shipping has a paramount position on the worldwide shipping scene. Greek shipowners not only control a large part of world-wide fleet in the water but in the orderbook. Greek shipping certainly is going to maintain that position. Why? Because Greek shipping, due to the close involvement of shipping entrepreneurs in the day-to-day running of ships, is always at the forefront of developments: the management of Greek shipping companies has its ears very close to the market and is extremely flexible and nimble in reacting very quickly to new challenges facing the industry. Let's face it: the whole shipping world is always watch- ing: "What are the Greeks doing?" This is the greatest com- pliment one can pay to Greek shipping.

Aegean Marine Petroleum is becoming a major player in the international bunker sector through rapid and strategic growth. How do you view the position of Aegean as it moves ahead with the increase of its bunkering fleet? Very positive. As I said above, AMP is instrumental in sup- porting shipping on a world-wide basis. Especially their decision, taken already some time ago, to order double- hulled bunkering ships has set an industry standard. Harald Kuznik talks to Aegean News on What kinds of changes do you believe we will see in shipping financing, considering the tumultuous change in the global, but global shipping finance issues, on the especially U.S., finance markets? position of Greek Shipping, and of Aegean in In my humble opinion, the good old bank finance for shipping will again increase in importance. But also pri- the global scene vate equity will be there for shipping, but at a hefty price! Therefore I think that shipowners will rely again more on their banks to finance their fleet renewals. have been reached with yards to extend the delivery dates of newbuildings. How do you think the shipping industry will react to and be But, we must not kid ourselves: it is going to take quite a positioned in an economy that is as uncertain as is today’s? while until demand for tonnage will pick up again to such Shipping is already reacting! Ships have been taken out of an extent as to absorb the hefty increase in supply we are service, the scrapping of older ships has increased again, seeing coming onto the market in all types of ships. new building orders have been cancelled or agreements However: Navigare necesse est: Shipping is necessary!

WINTER 2008-2009 AEGEAN NEWS 27 Children and the Environment

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

Small Tips - Huge Results

☼ Full Washer - Less Energy There are many things we can do to save energy. Let us start from the clothes washer which we must start only when it is full of clothes. Inform your mother that the energy the washer uses when it has few clothes is the same with the energy used when it is full of clothes. So, make sure you don’t use it for just a pair of pants.

☼ Less detergent We must also pay attention to the quantity of detergent used. For the manufacturing of 100 grams of detergent, 1.3 kilos of harmful gases are emitted into the atmosphere. Something also very important is the water temperature. 90% of the energy consumed by a washer is for warming the water. Today, most detergents are just as effective at lower temperatures.

☼ Do not Leave Electric Appliances in the Stand-By Mode It is indeed very convenient to turn off the TV set from the comfort of our bed, using the remote control. But electric appliances do not use energy only when in operation. They use energy, for no real reason, when in the stand-by mode as well.

☼ Turn off the Computer! An electronic computer open for five hours every day produces 250 kilos of emissions within a year. Turn it off if you are not going to use it within the next 10 minutes.

And always remember! Turn off the lights when closing the door behind you. Let us all make the extra effort. The environment needs it

28 AEGEAN NEWS WINTER 2008-2009 I Fight Pollution, I Save Energy, I Protect Natural Resources

Do Not Waste Water!

☼ New Type Toilet Cisterns We must make it an everyday concern to avoid the waste of water. Our old toilet cistern can be replaced with a new type which manages to significantly save on the quantity of water it uses. How? It allows us to choose between a light and heavy water flow with the flick of a button.

☼ . . . And Smart Faucets MAKE YOUR Today it is easy to find water saving filters and place them in the kitchen and bathroom faucets. What they do is to mix the air in the EFFORT water and produce a strong flow. We must also make sure, and inform A WAY OF LIFE, everyone else in the house, not to keep the water running when wash- SO THAT THERE ing the dishes. CAN BE LIFE! ☼ Less Water in Car Washing Ask your parents to stop using the hose to wash their car. A bucket of water will do the job just as well, but with a considerably less quantity of water.

☼ And In Our Own Bath Do not fill up the bath tub. When you take a shower you only use 1/3 of the water you would consume using the bathtub. But be careful with the shower too. A four-member family taking a shower daily with the water running for 5 minutes, consumes 3000 liters of water in a week, as much as one person needs to drink for three years.

Put an end to the waste of the planet’s natural resources. Inform your own family, talk to your friends, and become an example for them to imitate. The planet will reward you!

WINTER 2008-2009 AEGEAN NEWS 29 T r a v e l

Metsovo Warmth from the winter sun, a snowcapped beautiful landscape, traditional stone-built houses, tile paved back streets, the smell of wood burning in the fireplace, good wine, delicious cheeses, unique tastes. In a word, Metsovo.

wo versions vie for the origin life of past centuries. It also features in its courtyard, under the huge plane of Metsovo’s name. The first a significant collection of coins. The tree, the Apostle of Orthodoxy, Kos- contends the Slav origin of its E. Averoff Art Gallery is home to 250 mas the Aetolian (1714 - 1779) He Tname, mets + ovo, the village of the paintings and sculptures of the most was a monk who traveled through bears, while according to the other the important Greek artists of the 19th Greece urging Orthodox Christians to name is the combination of the Greek and 20th centuries, including Lytras, establish schools and he was officially words meso (middle) and vouno Gyzis, Iakovidis, and Parthenis while proclaimed a saint by the Orthodox (mountain) due to its geographic in Averoff’s Garden, one of the area’s Church of Constantinople on 20 April location between two mountains. Ap- best parks, one will find gathered all 1961. The church of Agios Georgios, proximately one hour from Yiannena, the kinds of trees existing in Pindos. at the center of Averoff’s garden, a built at an altitude of 1200 meters on A walk in the town, with the shop representative sample of a basilica the slopes of Mount Pindos, Metsovo windows full of local cheeses, is with a cupola, has a wooden carved is one of the most picturesque places enough for visitors to realize that we temple and icons dating to 1709. in Greece and a classic choice for are in the Kingdom of Cheese. The Snow and winter sports lovers will travelers, especially during the winter months. In a landscape of unique In a landscape of unique natural beauty, the eye natural beauty, the eye captures a captures a place whose traditional character has remained place whose traditional character has remained impressively untouched. impressively untouched Houses with carved stones and wooden clapboards, small backstreets, cheese dairy of the Tositsa Founda- find the ideal spot in Metsovo. The ski old traditional fountains with gur- tion, operating since 1958, has mate- center in Politses, 4 kilometers from gling waters, waters mills, and people rialized Evangellos Averoff’s dream to Metsovo, is friendly to ski amateurs, with local traditional clothes all lend establish a practical cheese and dairy with its rather easy slopes. There are Metsovo features that are not easy to school. Young people from Metsovo in two other skiing centers, one in Kara- find elsewhere. the past went to Italy to study the art koli, 1.5 kilometers from Metsovo at Metsovo has been the birthplace of of cheese making and then returned, an altitude of 1340-1520 meters and great benefactors, such as Michael Tos- creating the famous Metsovo cheeses. Zygos, at 1680-1850 meters. itsas, Nikolaos Stournaris and Geor- Metsovo’s churches, with their Warmth from the winter sun, a gios Averoff, who funded—among distinct architectural features, stand snowcapped beautiful landscape, tradi- others—the National Polytechnic witness to a glorious past. In the tional stone built houses, tile paved School of Athens, called “Metsovio” town’s square, the 17th century church back streets, the smell of wood burning in their honor. A visit to the restored of Agia Paraskevi stands imperious, in the fireplace, good wine, delicious mansion of Tositsas, which houses the with its 15 meter-high bell tower. The cheeses, unique tastes. A town from Museum of Ipirus Folklore Art, offers church of Agios Dimitrios, one of the the glorious past, thriving with life into visitors a cpmprehensive picture of the oldest churches of Metsovo, welcomed the present. In a word, Metsovo.

30 AEGEAN NEWS WINTER 2008-2009 t h e a e g e a n i m a g 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.

WINTER 2008-2009 AEGEAN NEWS 31 Aegean Energy for the Future

Aegean is Greece's most dynamic energy, petroleum, and shipping group. The company has a network of retail gas stations throughout Greece, is active in marine fuels and lubricants, and operates a fleet of tankers and barges internationally and domestically to transport petroleum and bunkers for its global base of clients. Retail Market Through its fast-growing network of gas stations, Aegean supplies drivers in Greece with gasoline and automotive lubricants. Aegean’s modern, well-maintained gas station network has won the trust of drivers due to the high quality products and services it offers at competitive prices. In addition, Aegean directly supplies large industrial clients with petroleum products of all grades, owing to the consistency and service of its transactions. Bunker Fleet NYSE listed Aegean Marine Petroleum Inc., with an exclusively double hull fleet—of which nine ships are newbuildings—is the natural supplier of marine fuels at 12 of the most significant ports in the world. Furthermore, with its 22 newbuildings program in progress and the continuous opening of new stations, it is one of the most dynamically developing divisions Of the Aegean Group. Bunkering Aegean provides one of the most efficient and responsive bunkering services to clients worldwide. Its ships never stop sailing and its services are available 24 hours a day, 365 days a year. Aegean operates bunkering stations in Piraeus, and in Gibraltar, Singa- pore, Jamaica, the United Arab Emirates, Antwerp, Portland UK, Tema in Ghana, Montreal and Vancouver. All its products are ISO 8217 certified. The Company, which is a member of IBIA and is ISO 9001 certified, is well positioned on the FOBAS White List. Shipping Aegean's fleet of ships is at the heart of its superior service worldwide. Its vessels operate in full compliance with EU and international standards, are all certified with the code of safe management ISM and SOLAS and are in complete compliance with MARPOL regulations. Aegean continually adds to its fleet of ships, which includes large vessels as well as smaller capacity vessels. Its fleet transports oil cargoes worldwide on behalf of major oil companies, commercial clients, and Aegean customers. Lubricants Aegean produces and markets high performance lubricants for vehicles and industrial use under the Aegean brand and, for the marine market, under the ALFA brand. ALFA marine lubricants are certified and approved by the largest marine engine manufacturers in the world. The resources of our company and our follow–up service create our successful relationships and allow Aegean to supply lubricants in 500 ports worldwide.

Aegean’s websites www.aegeanoil.gr www.ampni.com

32 AEGEAN NEWS WINTER 2008-2009