Aegean News · The development and modernization of the Aegean fleet continues, with three new...
Transcript of Aegean News · The development and modernization of the Aegean fleet continues, with three new...
New Aegean BuildingsFirst Tanker MT/MILOS Delivered
Aegean at the International Car Exhibition 2007
Bunker Summit Greece 2007
American Bureau
of Shipping
PlusFlows & Currents
TravelMaritime Tradition
Aegean NewsSUMMER 2007
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
Grand Inauguration Ceremony
at Aspropyrgos
Reviewing the events of the last six months, it is fair
to say that Aegean has now reached a level of corporate
performance that places the company, to use a soccer
analogy, in a new league.
Certainly, the listing of Aegean on the New York
Stock Exchange created conditions for a company with
a true international presence and one that is now on
the charts of analysts and investors from London to
New York and from Singapore to Athens. And Aegean’s NYSE performance has
been impressive since it was listed in December 2006.
In addition, Aegean’s retail performance in the domestic market, reaching
8.5% in gasoline sales, and capturing fourth position, behind only the multina-
tionals Shell, BP, and Greece’s EKO, testifies to the strong and effective growth
strategy that has been in place for only a few years.
The recent delivery of MT Milos from the Fujian Southwest Shipyard in
China, the first newbuild delivery that will be followed by more than 35 new
ships, is the initiation of a new level of performance for fuel deliveries that will
set Aegean apart from all Bunkering companies worldwide.
Finally, the launch in June of Aegean’s brand new installations in Aspro-
pyrgos, on the coast of Attica, will create new, unlimited opportunities for the
company in its ability to respond to market needs in ways that are unprec-
edented in Greece.
Entering a new league crates new pressures and new responsibilities. Ex-
pectations are higher and the criteria for success are more stringent. Aegean
welcomes the new challenges it now faces, is preparing for the next level of cor-
porate performance, and is creating a long-term game plan that will yet again
propel Aegean toward an even more elite league.
editorial
RAYMOND MATERAPublisher
SUMMER 2007 AEGEAN NEWS 1
Retail AEGEAN has established a gas stations
network throughout Greece, and is one
of the fastest growing companies in the
retail market. AEGEAN’S gasoline mar-
ket share in Greece is 8.5%.
Shipping AEGEAN manages a fleet of tankers, rang-
ing from 3,500DWT to 100,000 DWT,
that transfers and delivers oil to our cli-
ents throughout the world. All ships meet
ISM standards.
Bunkering In Piraeus, Gibraltar, Kingston, Ocho Rios,
Montego Bay, United Arab Emirates and
Singapore, AEGEAN is a leader in provid-
ing the best bunkering services available.
In Piraeus, AEGEAN is the market leader
in bunkering.
Agency Services Ships from around the world rely on our
agency services at Piraeus, Gibraltar and
Jamaica 24/7, from loading and discharg-
ing, to spare parts and supplies.
AegeanCore Activities
SUMMER 2007 AEGEAN NEWS 3
4 AEGEAN UPDATE
8 FLOWS & CURRENTSTrends and News in the Oil and Energy Fields
10 INAUGURATION OF ASPROPYRGOS INSTALLATIONS
15 BUNKERINGBunkerworld On Aegean
16 SHIPPINGNew Buildings
Delivery of “MT MILOS”
19 RETAILOptimistic Trends Seen in First Quarter 2007
20 STATIONS OF THE MONTH • Anastasios Kolokythas—
Neohorio Paramythias, Thesprotia
• Makris Ioannis—Tichero Evros
22 SPECIAL REPORTABS—AMERICAN BUREAU OF SHIPPING
26 EXPLORATIONAll About Oil
27 MARITIME TRADITIONMaritime History of the Greeks
28 ROOTSThe Art of Living Well
29 AUTOMOBILE HISTORYEmphasis on Style
30 TRAVELSounio
31 AEGEAN IMAGEProducts That Say “We’re Different”
22Founded in 1862, ABS has grown to become one of the world’s leading classification societies with offices in 60 countries. 16
The first tanker built at Fujian Southeast Shipyard in China, ΜΤ / MILOS, was deliv-ered to Aegean at the end of June.10
Aegean held the inaugural ceremony for its new ultra modern installations in Aspropyrgos, Attica on June 7, 2007. The ceremony was attended by a large number of business people, politicians, sports personalities, friends and associates.
contents
Summer 2007Aegean News is published quarterly by AEGEAN
PUBLISHER & MANAGING EDITORRaymond Matera
CONTRIBUTING EDITORJ. Georgana
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CODE: 5169
4 AEGEAN NEWS SUMMER 2007
Delivery of M/T MILOSThe first of the newbuildings at Fujian
Southeast Shipyards was delivered to
Aegean on June 29, 2007. (Details inside)
A E G E A N U P D A T E
Inaugural Ceremony for the Aspropyrgos InstallationsOn June 7, 2007, Aegean held the inaugural ceremony for its ultra modern installations in
Aspropyrgos, Attica, in the presence of a large number of business people, politicians, sports
executives, friends and associates (details inside).
Armauf John and Kobia Aarmai,
economic immigrants from Ghana,
worked ceaselessly throughout the
period of modernization, maintenance,
and cleaning of Aegean’s Aspropyrgos
installations. While coordinating the
projects on a daily basis, Dimitris
Melissanidis witnessed their hard work
and efforts and asked that Armauf
John and Kobia Aarmai be included
in the list of official guests for the
inauguration ceremony. Both were in
attendance at the event, wearing their
country’s traditional dress and adding
an emotional touch to the atmosphere.
SUMMER 2007 AEGEAN NEWS 5
New Stations in Aegean’s Retail NetworkThe Aegean network is growing throughout the country. Listed below are the stations that have started displaying the Aegean Logo during the past three months.
Ν.R.R. Verias-ThessalonikisG. Sougioultzi Bros. & Co.
Vrastama, ChalkidikiNikolaos Theodorou
12-16 Gerokostopoulou St., PatrasGeorge Mihalopoulos
2km, Alexandroupolis-Chiles National RoadKonstantinos Malousidis
16 Skouze St., PiraeusMichael Nikolopoulos
Krendi-Kerasohori, Prefecture of EvritaniaEmmanuel Tsiagaridas & Co.
266 Kifisias Ave., ΚifisiaEleftherios Papathanasiou
Armenohori, FlorinaVasilios Petrou
11 Magnisias, Lahanagora, ThessalonikiPanayiotis Metallidis
Cheronia, ViotiaPanagioula Economou
Agrilia-Lamia, FthiotidaGeorgia Karazahou
Dervenakion & 14 L. Karagianni St., Schisto, KoridalosNikolaos Raftis
Molos, FthiotidaAnastasia Stergianou
Eth. Andistaseos & 30 Fil. Eterias St., ChalandriCh. Mikros – Elias Tsiolis
Karystos, EviaChristos Byronas
74a Athinon Ave., Ν. FaliroCarrefour – Marinopoulos S.A.
Oil Company Employees Play TennisThe annual tennis matches
between employees of oil trad-
ing companies took place
with great success on June 8,
2007. The event ended with
the awarding of medals to
the winners and a reception.
Aegean’s Stelios Milanos won
third prize in men’s singles and
was awarded the brass medal.
New Ships Join the Aegean FleetThe development and modernization of the Aegean fleet continues, with three new double hull
ships, KORTSOPON, M/T AEGEAN PRINCESS, and AEGEAN ANGEL.
The Chemical Tanker KORTSOPON, 3,660 DWT, was delivered to Aegean in July 2007 at the
Port of Pesaro in Italy. It will be registered under the Malta flag and port of registry Valletta,
and will—under the management of Aegean Shipping Enterprises—be trading in the Mediter-
ranean and the Black Sea.
M/T AEGEAN PRINCESS, 7,030 DWT, a real princess of the Aegean Bunkering Services fleet,
was delivered on May 28, 2007 at the Port of Gothenburg in Sweden, to enhance extensive
bunkering market demands.
The vessel is now registered under the Liberian flag, the port of registry is Monrovia, and will
cover the requirements of Aegean’s Gibraltar Bunker Station.
AEGEAN ANGEL, 11,474 DWT, was added to Aegean Bunkering Services fleet in July 2007. It
was delivered at Kingston in Jamaica and is registered under the Panama flag.
May all ships always sail in calm seas!
6 AEGEAN NEWS SUMMER 2007
A E G E A N U P D A T E
Bunker Summit Greece 2007The Bunker Summit Greece 2007
took place at the Athens Interconti-
nental Hotel from May 8 to 11, 2007.
It consisted of a daily Bunkering
Workshop, a daily Bunker Arbitra-
tion Course, and a two-day Forum.
Approximately 160 delegates from
all over the world gathered in Ath-
ens and had the opportunity to
listen to speeches given by industry
professionals as well as engage in interesting debates and networking.
Aegean was the Gold Sponsor of the Summit and hosted the Gala Reception at
the Fishbar in Glyfada on the last night of the event.
New Singapore Staff As of July 1, 2007, Captain G. M. Salahuddin has joined Aegean’s Singapore Station
as a Marine Superintendent.
Mr. Salahuddin obtained a Master Mariner (class-1) Certificate of Competency in
Singapore by MPA. He holds a bachelor’s degree in Marine Science (U.S. Equivalent
Evaluation) issued by World Education Service in the U.S. and an Advanced Diploma
in Maritime Transportation from Singapore Polytechnic. He worked on foreign going
ships for 15 years (including two years as Master) and one year as Dock Master in
a shipyard.
Hellastat Report Notes Aegean’s SuccessFuel wholesale trading companies operating
in Greece continued their strategic expan-
sion and network restructuring in 2006, ac-
cording to a report by Hellastat. The report
also noted that the promotion of biofuels in
the European energy charter is one of the
priorities of the European Union in its effort
to introduce green energy sources. The EU
has set a target for biofuels to account for
5.75 percent of total fuel used in transpor-
tation by 2010.
The domestic wholesale fuel market contin-
ued growing in 2006, with the total turnover
of the 19 enterprises in the sector at 9.05
billion euros, up 15.8 percent from 2005.
Pre-tax interest and amortization earn-
ings totalled 170 million euros last year,
down 19 percent from 2005 and reflecting
negative EBITDA results by the three largest
enterprises in the sector. Aegean was the
only wholesaler to report a strong EBITDA
growth rate (15.1 percent).
Logging OnCustomers and associates of Aegean
may visit the company’s website, www.
aegeanoil.gr, to learn about the com-
pany’s activities. Bunkering customers
may register online to conduct business
and maintain contact with the bunkering
department at www.ampni.com.
SUMMER 2007 AEGEAN NEWS 7
Aegean Reaches Greece’s Highest Peak On Friday, April 13, 2007, a small
group made up of members of
Athens’ Greek Climbers’
Association, of which Aegean Oil’s
A. Kondoyiannopoulos is a member,
set out to climb Greece’s highest
and most legendary mountain, Mt.
Olympus. The first part of the climb
was in the Petrostrouga region and
was completed in the afternoon of the
same day. After reaching an altitude
of 1,950 meters, the team set up
camp and spent the night. Saturday
morning the team set out for the sec-
ond phase of the climb to the higher
Olympus zone. This was a technically
difficult endeavor since it included
frozen paths and sharp protrud-
ing edges and required experience
with using climbing equipment. On
Saturday afternoon, the team reached
the legendary tableland of the Muses,
at an altitude of 2,650 meters, and
camped there. With the weather a
friendly companion and Zeus’ Throne
in the background, Sunday morning A.
Kondoyiannopoulos raised Aegean’s
flag on Greece’s highest mountain top.
There, at the Tableland of the Muses
and at an altitude of 2,760 meters,
Aegean’s flag waved in the wind for a
few moments.
Aegean Offers Career OpportunitiesThe Government of Gibraltar, in partnership with Aegean, Marine Service Shipping (Gibraltar) Ltd.,
Maritime (Gibraltar) Ltd., and Vemaoil, is offering scholarships for young British citizens wishing
to gain international qualifications as Sea-going Deck or Engineer Officers on merchant ships. The
three year training package, available beginning in September 2007, will involve a combination of
theoretical studies at a college in the United Kingdom as well as structured practical experience
on sea-going cargo and/or passenger ships engaged in travel worldwide. Subject to successfully
completing written and oral examinations, candidates will attain a UK-MCA Certificate of Compe-
tency as an Officer-in-Charge of a Watch. Dr. Bernard Linares, Minister for Education and Training,
said, “This is a wonderful training opportunity for youngsters, male and female alike, interested in
pursuing a maritime-related career. I wholeheartedly recommend this course of studies to those
interested in attaining internationally recognised maritime qualifications.” Those interested may
contact the Maritime Administration of Gibraltar at +350 47771.
Car ExhibitionThe 7th International Car Exhibition took place in Athens’ former East Air
Terminal from May 12 to 20, 2007 with unprecedented success.
Aegean’s participation was impressive as it was the first oil trading company
in Greece to set up a life-size a gas station in an exhibition hall, fully equipped
with pumps and even a mini market.
The “gas station” stand was designed and prefabricated within 20 days and was
put up in the exhibition area in 6 days using an innovative technical method.
During the event all the retail department personnel was present, informing
visitors about the company, fuel, and the fuel sector in general. Aegean’s pres-
ence was congratulated not only by the visitors but by the other exhibitors. It
was truly a reference point in the exhibition hall.
8 AEGEAN NEWS SUMMER 2007
Ship Traffic in Greek PortsArrivals of Greek and foreign merchant ships at Greek ports in the second quarter of
2006 rose by 2.98 percent as opposed the corresponding quarter in 2005, according
to figures released by Greece's National Statistical Service (NSS).
NSS said that a total of 159,967 arrivals of Greek-flagged and foreign merchant ships at
local ports were recorded in the second quarter of 2006, up 2.98 percent from 153,243
arrivals in the corresponding quarter of 2005. It also said the total number of pas-
sengers disembarking from Greek and foreign merchant vessels at Greek ports rose to
341,000 in the second quarter of 2006, up from 326,000 in the same quarter in 2005.
Further, according to NSS, total passenger traffic (passengers disembarked and em-
barked) from passenger/car ferries reached 5,054,000 passengers in the second quarter
of 2006, marking an 11.22 percent increase from the 4,544,000 passengers transported in
the second quarter of 2005. Finally, commercial cargo traffic rose by 1.21 percent in the
second quarter of 2006 against the same quarter in 2005, NSS said. The total volume of
cargo off-loaded by Greek and foreign ships at Greek ports, coming from abroad, rose to
12,552,000 tons, up from 12,502,000 tons in the corresponding quarter of 2005.
F L O W S & C U R R E N T S
Huge Demand for Seismic VesselsA growing global economy has led
to a strong demand for oil, with
high oil prices as a consequence.
The search for new offshore
hydrocarbon deposits is therefore
more active than ever, and the
demand for modern seismographic
vessels is booming. While the new-
building activity for these vessels
was almost non-existent just a
couple of years ago, the demand is
now very strong.
At present, there are 20 seismo-
graphic research ships under con-
struction, whereas in 2004 there
was only one.
A huge problem facing the explo-
ration companies is the shipyards’
limited newbuilding capacity. To
work around this, other types of
vessels with high tractive power
are being converted into seismo-
graphic vessels. While this method
is not necessarily less expensive,
it enables the vessel to be opera-
tive within a considerably shorter
time period.
In 2006, ten ships were converted
into seismographic vessels and
classified, compared to zero in
2004. Most of the ships were
originally cable layers. This year,
five conversion projects have been
completed with another eight ves-
sels under conversion and awaiting
final classification shortly. These
boats were mainly fishing vessels.
Greek Shipping Currency Inflows Greece’s merchant marine industry is one of the main pillars of the country’s economy. In
2006, the foreign currency inflows imported by Greek shipping exceeded 14 billion Euros.
Experts in the shipping sector estimate that in 2007, currency imports will increase fur-
ther due to the measures taken by the government to reinforce the competitiveness of the
Greek flag. The Greek merchant marine contributes to the national economy more than 7
percent of the gross national product and covers 38 percent of the current account bal-
ance. According to Bank of Greece data, the foreign currency imported by shipping in 2006
came to 14,324.7 million Euros, against 13,871.4 million Euros in 2005 – an increase of
453.3 million Euros.
Dow Jones Turns 123 Years Old The Dow Jones Index was born on July 3, 1884 with the inauguration of the New York Stock Ex-
change. The Index owes its name to two journalists, Charles Dow and Edward Jones, who published
the index daily in their small newspaper "Customers Afternoon Letter."
SUMMER 2007 AEGEAN NEWS 9
Wireless ElectricitySix MIT scientists, including two Greeks,
promise to relieve us from the torture
of electric cables and wires within the
next three to five years.
The system, which has been named
Witricity (wireless electricity), has
already lit up a lamp from a distance
of two meters. It is estimated that in
about three to five years it will be in
a position to charge cellular phones,
laptops, MP3 players, and other elec-
trical appliances. All that is needed
is for the appliances to be within the
range of a Witricity transmitter. Physics
Professor Yiannis Ioannopoulos and
Mr. Aristidis Karalis, who is working
towards his Ph.D. at MIT, are among the
six scientists working under the direc-
tion of Professor Martin Solyatsits, who
heads the scientific team. According
to Dr. Ioannopoulos, “The applica-
tions of the wireless energy transmit-
ting system are innumerable. There
are already electric cars and we could
charge them remotely while they are
in motion through a network extending
throughout the length of highways.”
The Witricity system consists of two
copper coils – one to transmit energy
and the other to receive it. The receiver
is designed to be tuned to the same fre-
quency as the magnetic field created by
the transmitter.
Environment Tops Priority List for Europe's Business Leaders Business leaders across Europe think that protecting the environment should be the num-
ber-one priority for global political leaders, according to the results of the 16th annual UPS
Europe Business Monitor. When asked which issues should be the highest on global political
leaders' lists of priorities, 45 percent of Europe's top business executives agreed on environ-
mental protection, followed by 40 percent mentioning sustaining economic growth.
Europe's business leaders clearly consider protecting the environment to be the key policy
issue at the moment: in addition to naming it a top political priority, 57 percent also consider
it to be the issue that most divides the EU and the U.S. When it comes to reliable information
about the condition of the global environment, business executives in Europe overwhelmingly
trust academic sources over other stakeholder groups. Fifty-six percent of respondents trust
university scientists and researchers most to provide reliable information about the environ-
ment, well ahead of the media (16 percent), and the mere 4 percent who trust the information
provided by national governments.
Contract for South Stream Pipeline Signed
The Italian Eni and the Russian Gazprom announced in June the signing of the
agreement for the construction of the 900 kilometer “South Stream” gas pipeline
which will connect Russia with Europe.
Eni manager, Mr. Paolo Skaroni, explained that the pipeline will cross the Black
Sea up to Bulgaria and from there it will be divided into two sections, one toward
Austria and the other toward Greece and from there to Taras in southern Italy.
It is estimated that the construction will take three years after all necessary per-
mits are acquired. Work is expected to commence in 2008-2009 and investments
of one billion dollars will be allocated equally to Eni and Gazprom. South Stream
is expected to transport approximately 30,000,000,000 cubic meters of gas.
According to Mr. Pierloutzi Bersani, Italian Minister of Economic Develop-
ment, the pipeline represents “a new element in the strategic reinforcement of
energy security of Italy and the European Union.”
10 AEGEAN NEWS SUMMER 2007
ASPROPYRGOS INSTALLATIONS
On June 7, 2007, Aegean held
the inaugural ceremony for
the ultra modern installa-
tions in the presence of many business
people, politicians, sports executives,
and friends and associates.
The strategically important oil
installations are expected to give a
strong boost to the company’s plans
for expansion of its activities in the
domestic Attica market, in southern
Greece and the islands, as well as in
the lubricant and bunkers market.
Present at the inaugural ceremony
were Deputy Minister of Finance Mr.
Petros Douka, Deputy Minister of
Development Mr. Anastasios Ner-
atzis, and the Metropolitan Bishop of
Piraeus, Seraphim, who performed
the traditional holy water rites and
spoke about the important achieve-
ments of the Melissanidis brothers
“within the commercial environment
of our country.”
The ceremony was also attended by
former ministers Savvas Tsitouridis,
Panos Panyiotopoulos, and George
Katsifaras, the M.P.s Yiannis Diaman-
tidis and Petros Mandouvalos, the
General Secretary of Port and Port
Policy of the Ministry of Mercantile
Marine Mr. George Vlahos, the Com-
mander of the Coast Guard Admiral
Elias Sionidis, the Deputy Prefect of
Athens Mr. Charis Pasvanidis, the
Mayor of Aspropyrgos Mr. Nikos
Meletiou, the coach of the national
basketball team Mr. Panayiotis Gi-
annakis, and many other guests.
Inaugural Ceremony for Aspropyrgos Installations
On July 27, 2006, Aegean announced the signing of the agreement for the acquisition of
Texaco’s fuel terminal and lubricants blending plant in Aspropyrgos, Attica.
SUMMER 2007 AEGEAN NEWS 11
In his address, Mr. Petros Doukas
referred to the significant influence
the business activity and the positive
growth of a Greek company like Ae-
gean has for the Greek economy. Mr.
Neratzis spoke about the important
role businesses active in the oil and
energy sectors play in serving the
consuming public and in the develop-
ment of the country.
Mr. Dimitris Melissanidis spoke
about the company’s course in general
after its recent listing in the New York
Stock Exchange and about the role
the new installations will play in the
expansion of Aegean’s activities. He
pointed out the importance of associ-
ates and employees in the materializa-
tion of the company’s vision.
The Aspropyrgos installations
were fully modernized in record
time. They have 21 fuel storage tanks
with a total capacity of 32 million
liters, two underground pipelines
directly connecting the installations
to the Hellenic Petroleum refineries
in Aspropyrgos, a system of simulta-
neous loading (Bottom Loading) of
four tank trucks, access to the sea via
a pier, and a capacity for simultane-
ous loading and unloading of two
tankers.
There is also a lubricant producing
plant with a current production ca-
pacity of 40,000 metric tons per year,
and a total of 2,500 square meters of
office space. The total area of Aegean’s
installations in Aspropyrgos is 60,000
square meters.
The new installations will position
Aegean as a dynamic player in the
lubricants sector and are expected
to give new impetus to the company.
With a network of 500 gas stations,
the company is already in 4th place
nationwide with a market share of 8.5
percent in the gasoline market. Fur-
thermore, the company’s competitive-
ness and its position in the sensitive
islands region is sure to be reinforced
following the delivery of the new RO
RO tankers.
The ceremony ended with a recep-
tion and live music in a beautifully
decorated space. Mr. Dimitris Melis-
sanidis left attendees with a sense of
anticipation for events which are sure
to follow in the near future.
12 AEGEAN NEWS SUMMER 2007
Your Reverence, Ministers, Mr. Prefect,
Chief of the Coast Guard, Mr. Secretary of the
Ministry of Mercantile Marine, Mr. President of
the Bank of Piraeus, Members of Parliament,
ladies and gentlemen, dear friends:
In the professional life of every person, just
as in his personal and family life, events oc-
cur which become landmarks, days that are
considered milestones.
Aegean has had a life of 15 years in the
fuel trading sector. We worked hard over the
years and achieved a respectable place in the
sector. Our course was not an easy one, as
nothing really is in life.
During our active involvement in this sec-
tor there have been many memorable events.
For instance, my first barge, the first tanker,
the first bunkering station outside Greece, the
purchase of the Alexandroupolis installations,
the 500th gas station, our listing on the New
York Stock Exchange, and now the installa-
tions we are inaugurating here today.
Aegean already owns a network of 500
gas stations throughout all of Greece and is
in the 4th place nationwide with a market
share of 8.5 percent in the gasoline market.
This percentage becomes even more sig-
nificant if we take into consideration the fact
that we have not yet entered the Greek island
market, something we plan to do within the
next months with the operation of the new
RO-RO tankers.
This installation here is of strategic impor-
tance both to the company and to Greek con-
sumers, since, as I already mentioned, we have
not yet developed our network in the Greek
islands. This, however, will happen very soon.
Our new RO-RO tankers will be in Piraeus in
two to three months and will be supplied from
this very installation. It is with these tankers
that we will revolutionize the Greek islands
and Crete, providing islanders with quality and
inexpensive fuel.
I must also point out that this new instal-
lation gives Aegean the opportunity to estab-
lish a strong presence in the lubricants sector
as well. Our state-of-the-art plant already
supplies high quality lubricants to major in-
ternational firms such as Chevron, Texaco,
Toyota, Volvo, and others. Soon, lubricants
with Aegean’s logo will be on the market.
Ladies and gentlemen, just a few months
ago this installation belonged to Texaco, a
company with which Aegean had a longstand-
ing and flawless cooperation. In the spirit of
cooperation and trust, we finally agreed upon
the installation’s sale to Aegean. We intend to
continue the good tradition of this installation
and I would like to express my gratitude to
Texaco for its trust.
We took on the installation a few months
ago and immediately went ahead with its
complete modernization. The result is in front
of your eyes. We have created a model instal-
lation, with excellent organizational structure
and highly specialized personnel, an environ-
ment which resembles a dairy factory more
than a petroleum installation. And we intend
to keep it this way. Such an environment in-
spires the employees, the associates, and
the client. It is a prerequisite for high quality
products and services. This is our primary and
permanent goal.
In summing up, I would like to say that on
this course to achieving the milestones I spoke
about, I was not alone. I had with me the asso-
ciates and all the employees, who, from each
of their positions contributed to make plans a
reality, to materialize the vision, to make the
dream come true. And for that contribution I
thank them from the bottom of my heart and I
dedicate this installation to them. I also thank
my family and all those who contributed in their
own way to Aegean’s course all these years.
Finally, I would like to assure you that this
is not the end of this course. Aegean’s course
will continue and soon we will be called upon
to celebrate other important events. I want
all of you who have been with me, who have
stood by me all these years, to remain with me
for the events to come.
I thank you all for the great honor of your
presence.
ASPROPYRGOS INSTALLATIONS
Speech Delivered by Dimitris Melissanidis at the Inaugural Ceremony
SUMMER 2007 AEGEAN NEWS 13
Statements Made at the Inaugural Ceremony
Α. Neratzis, Deputy Minister of DevelopmentThe government supports private initia-tive, competitiveness, and the Greek char-acter of enterprises. These are the three main pillars of the governmental policy and this is why we are all here today.
P. Doukas, Deputy Minister of FinanceI am extremely pleased to take part in this celebration. I am happy to see Greek enter-prises investing, employing Greeks, and dom-inating international markets by investing abroad. It is also admirable that Aegean is now listed on the New York Stock Exchange.
N. Sallas, President, Bank of PiraeusAegean has established a framework of serious competitive conditions and pres-ence abroad.
P. Mandouvalos, M.P. (Nea Dimokratia)An excellent private investment initiative. May the progress of this business be fol-lowed by other, purely Greek, enterprises. We are very proud.
G. Katsifaras, M.P. (PASOK)These ultra modern installations at the center of Attica have much to offer to the consuming public.
G. Diamantidis, M.P. (PASOK)This is one of the most important investments in the region of Attica. The installations are amazing. Congratulations are in order to Dim-itris Melissanidis for the initiative and the in-vestment which is sure to transform this area.
Ch. Pasvandidis, Deputy Prefect, AthensThese installations are a gigantic invest-ment to proceed successfully into the 21st century. We express our admiration to Dim-itris Melissanidis, who managed so quickly and with such success to climb the ladder of business activity.
P. Panayiotopoulos, M.P. (Nea Dimokratia)Anything good and creative happening in the market economy is good for the country. We applaud such positive initiatives.
G. Mitsikostas, Actor/ComedianGreek Name – Global Scale: Aegean has es-tablished a presence all around the world.
14 AEGEAN NEWS SUMMER 2007
ASPROPYRGOS INSTALLATIONS
SUMMER 2007 AEGEAN NEWS 15
Following are excerpts from the text:
May 30, 2007
Soaring bunker sales in Jamaica
and Gibraltar were behind a solid
41.4% increase in the overall volume
of marine fuels sold by Aegean Marine
Petroleum Network Inc., in the first
quarter (Q1) of 2006, more than mak-
ing up for a drop in sales in other areas.
The New York-listed bunker supplier's
first quarter financial report revealed a
staggering 143 percent increase of ma-
rine fuel to ships in Kingston and Ocho
Rios during the quarter, compared to
the same period a year earlier.
This made Jamaica the second
highest sales center for the Greek
company, contributing 22 percent of
overall sales in the quarter.
Its Jamaican operations began in
March 2005 after the company se-
cured a supply agreement with Jamai-
ca's state-run refiner Petrojam.
Aegean's biggest market in the first
quarter this year was Gibraltar, where
sales soared by 82 percent from a year
earlier, or 38 percent of overall sales.
Revenues from its marine fuel sales
in Gibraltar, compared to first quarter
2006, rose 62 percent.
Aegean Marine Petroleum Net-
work Inc. President, E. Nikolas Tav-
larios said the company planned to
mitigate future supply shortages in
the U.A.E. by deploying the Ouranos,
a 1983-built double-hull Panamax
tanker, as floating storage.
The company acquired the Oura-
nos during the first quarter of 2007,
and plans to acquire seven newbuild-
ing bunkering and specialty tankers
during 2007.
Aegean had 12 bunker tankers
by the end of March 2007. By 2010,
Aegean expects to have a total of 44
double-hull bunker tankers.
"Complementing the expansion of
our delivery capabilities, we plan to
open a minimum of five service cen-
ters over the next four years with two
global service centers expected to
launch in 2007, increasing our total to
seven," Tavlarios said.
bunkerworld on Aegean “Jamaica, Gibraltar - stars of Aegean's first quarter.” This is how Bunkerworld
commented on Aegean Marine Petroleum Network Inc. and its supply operations in
Jamaica and Gibraltar.
B U N K E R I N G
16 AEGEAN NEWS SUMMER 2007
S H I P P I N G
After a series of successful sea
trials and commissioning
tests, the vessel was delivered
to Aegean in a ceremony attended by
representatives from Fujian Shipbuild-
ing Industry Group Corporation, Fu-
jian Southeast Shipyard, Aegean, and
the American Bureau of Shipping.
M/T MILOS flies the Singaporean
flag and will sail from China to Sin-
gapore, where it will join the fleet of
other bunkering tankers that Aegean
operates in the area. The addition
of M/T MILOS to Aegean’s bunker-
ing station in Singapore will further
strengthen Aegean’s leading position
in the strategic port of Singapore,
which is one of the world’s most im-
portant ports and one where Aegean
has strong presence.
In line with Aegean’s proven re-
cord of reliable bunker deliveries,
M/T MILOS is outfitted with the most
modern equipment that will not only
facilitate the bunkering operation and
trade, but will further upgrade Aege-
an’s globally recognized and highly
respected bunkering presence.
The builder worked together with
Aegean’s site office, superintend engi-
neers, and in close cooperation with
the classification society in the final
stages of construction to ensure Aege-
an’s policy to provide quality tonnage
and first class services in the bunkering
sector. Providing first class services to
its clients will help Aegean gain a com-
petitive advantage in the sector.
The second vessel, M/T SERIFOS,
Aegean Newbuildings – Delivery of M/T MILOS
Aegean has entered into a new phase in its rapid and consistent growth. M/T MILOS, the
first newbuilding product tanker from Fujian Southeast Shipyard, was delivered to Aegean
on June 29, 2007.
SUMMER 2007 AEGEAN NEWS 17
and the third vessel, M/T KITHNOS,
are also progressing, almost simul-
taneously at a fast pace. They have
already been launched and are now
positioned al,ongside the builder’s
peer for the outfitting and final phase
of construction. SERIFOS will be de-
livered by the end of the summer and
KITHNOS shortly thereafter.
The fourth and fifth vessels are fol-
lowing closely and are in the assembly
stage on the builder’s slipways. The
builder’s production line has already
constructed a number of blocks for
the next vessels, as the total order with
Fujian Southeast Shipyard in China
includes 15 product tankers.
In the north, Qingdao Hyundai
Shipyard is progressing with the con-
struction of 16 6500 dwt product tank-
ers. The first vessel is in the process of
being erected and the South Korean
builder is constantly laying blocks on
the slipway that are then assembled to
complete the hull form of the vessel.
For the second vessel, the builder
is manufacturing the blocks that will
soon be placed on the slipway for fur-
ther assembly.
The 16 tankers to be built by the
Korean builder will be constructed to
the same standards as M/T MILOS.
Designed by Koreans, they fulfill all
the latest requirements and regula-
tions for safe, oceangoing navigation.
They will also be equipped with the
most cutting edge equipment for bun-
kering trade and operations.
On the European front of Aegean’s
newbuilding program, the construc-
tion of the first two RO RO tankers in
Severnav Shipyard is also advancing to
the next stage. The first of six vessels
on order with the Romanian builder,
M/V MAISTROS, is expected to be
launched sometime in July. The build-
er will deliver MAISTROS toward the
All 37 tankers fulfil the latest requirements and regulations for safe ocean going navigation and will be equipped with the most modern equipment and cutting edge of technology.
From ceremony of M/T MILOS delivery
18 AEGEAN NEWS SUMMER 2007
S H I P P I N G
end of the summer and the second
vessel will follow shortly thereafter.
Along with Aegean’s expanding fuel
station network in Greece, this new ap-
proach to fuel trade and transport based
on innovative design is a realization of
Aegean’s vision to create new standards
of delivering fuel to gas stations, en-
abling them to offer competitive prices
and better service to the consumer.
Aegean, with its total orderbook
of 37 vessels, is now delivering on its
promises for growth and fleet renewal
as the newbuildings start their trad-
ing. It is notable that 31 of the newly-
build vessels are dedicated bunkering
tankers, placing Aegean as the single
bunkering operator globally with such
an extensive orderbook, and soon
with such an extensive fleet.
Set to provide bunkering services in
several locations around the globe, this
order serves Aegean’s long-term strategic
target of increasing its market share in
the bunkering sector. It will be increas-
ing activities in current bunkering sta-
tions while expanding to new locations
through its tonnage supplement advan-
tage after the implementation of new
regulations for bunkering tankers.
The delivery of M/T MILOS will soon be followed by the delivery of SERIFOS and KITHNOS
ShipyardsFujian 15 x 4000 dwt Tankers
Qingdao Hyundai 16 x 6500 dwt Tankers
Severnav 6 x 2500 dwt Ro-Ro Tankers
Severnav Shipyards RO-RO M/T (OR M/V) MAISTROS
Fujian Southeast Shipyards, M/T SERIFOS and KITHNOS
SUMMER 2007 AEGEAN NEWS 19
AEGEAN Domestic Market Shares by Product Group
Optimistic Message for Aegean in First QuarterBY KONSTANTINOS POURSANIDIS | RETAIL MARKET MANAGER
This is due mainly to the sig-
nificantly decreased diesel
heating sales during the
extremely mild winter this year.
Automotive products registered re-
markable increases, with the excep-
tion of L.R.P., whose consumption
continues to decline.
Within this framework, Aegean
has performed exceptionally well in
automotive products sales since its
entrance into the retail market. This
is the result of its investments, its
staff ’s work ethic, and its strategic
collaborations (Table Ι).
Table II presents Aegean’s mar-
ket shares by product group and
total fuels, and is indicative of the
abovementioned development in the
company’s sales.
Aegean became active in the do-
mestic market in 2000. It has gradu-
ally but steadily reached a market
share of 7.5 percent in total fuels and
an impressive 8.4 percent in gasolines,
following SHELL, BP, and ΕΚΟ – all
companies with many years of experi-
ence in the sector.
Aegean is expected to expand its
operations to the islands within the
next months with the delivery and
operation of the first RO/RO tanker.
This is projected to give an even
greater thrust to Aeg ean’s course and
will naturally contribute to an even
higher market share.
Percentage Increases/Decreases of Domestic Market Sales First Quarter 2007 vs. 2006PRODUCT MARKET TOTAL AEGEANSUPER L.R.P. -19.84%
TOTAL GASOLINE 2.74%
-0.73%
TOTAL GASOLINE 23.04%UNLEADED PETROL 5.80% 24.40%
UNLEADED PETROL U100 4.47% 49.21%
DIESEL ENGINE 11.68%TOTAL FUEL -11.65%
42.05%TOTAL FUEL -6.52%
DIESEL HEATING -18.56% -17.47%
TOTAL FUEL -7.86% 2.09%
TABLE I
According to recent data published by the Ministry of Development for the first quarter
of 2007, total fuel sales have declined slightly compared with the corresponding period
in 2006.
TABLE IΙ
0
2
4
6
8
10
2000 2001 2002 2003 2004 2005 2006 2007
1.7
1.6
1.6
3.2
3.1
3.1 3
.5 3.8
3.7 4
.0 4.3
4.2
5.2
4.9 5.0
6.2
5.8 6.0
7.2
6.7
6.9
8.4
7.2 7.5
GASOLINES PETROL TOTAL A΄ Quarter
R E T A I L
SUMMER 2007 AEGEAN NEWS 19
We had a rather difficult time tracking down Mr. Kolokythas, or Tasos, as people call him. He is
constantly on the move between the Patras gas station and the new gas station in Thesprotia.
Anastasios Kolokythas—Thesprotia
S T A T I O N S O F T H E M O N T H
Mr. Kolokythas belongs to
that group of people who
literally grew up in the sec-
tor destined to become their future
profession.
Q: Mr. Kolokythas, how many years have
you been in this line of business?
A: Many! Over 40 years. I was practi-
cally still a child when I found myself
next to my father at the Patras gas
station. Since 1985 my brother and I
have been following our own inde-
pendent path.
Q: You don’t seem to stay in one place
for very long. We had a hard time track-
ing you down!
A: For the past six months, ever since
the new gas station in Thesprotia be-
gan operating, I am constantly going
back and forth between the two sta-
tions. That’s the way it has to be.
Q: Tell us about your cooperation with
Aegean. How did it come about?
A: Well, I cannot say that I had problems
with the previous company. In fact,
we are still cooperating. It just so hap-
pened that I had a conversation with Mr.
Nikos Peramatzis, whom I have known
for years, and I learned about Aegean’s
operations. Following that discussion, I
sat down, made a thorough assessment
of the whole situation, and made up my
mind. We have tank-trucks, and through
a cooperation with Aegean, we were able
to expand our transporting activities. We
began our cooperation in March 2006.
Q: Are you happy with this decision?
A: I am pleased. Everything is working
out very well. Aegean has the profile
of a big company with very competi-
tive prices. Our customers are also
very pleased and what really impresses
everyone is the appearance of the gas
stations bearing the Aegean colors. Our
new gas station in Thesprotia is doing
extremely well, seeing as many cars
from the port of Igoumenitsa pass by
it. But what really makes the difference
with Aegean is the approach. Whoever I
talk to, I find this friendly tone and not
the distant behavior we often encounter
in our business. This is something that
has to do with its staff. It is those people
who create the very distinct climate that
is evident throughout the company.
Q: In a few words, how would you charac-
terize your cooperation so far?
A: One word is enough: impeccable!
It is the people of Aegean who create the special climate that is evident
throughout the company.
20 AEGEAN NEWS SUMMER 2007
The gas station owner himself is
young and new to the business.
He seems to act cautiously; he
measures his words and does not ex-
press excessive enthusiasm.
Q: How long have you been in the fuel
business, Mr. Makris?
A: I am new to the business. I started
with this gas station, which in the fall
will complete three years of operation.
Up to now, there has usually been
a reason behind someone’s choice to
work in the fuel trading business. A
father or some other relative who was
involved, a family business – some-
thing. Not in this case.
Q: What made you decide to open up a gas station? Was there someone in the family involved? Some other reason?
A: No, nobody, no specific reason. It
just happened.
Q: Your gas station is new, so you obviously
began operations with the Aegean logo.
A: Yes, this is the case. My beginning in
this business was the beginning of my
cooperation with Αegean. The whole
set up was from the beginning planned
by the people of the company.
Q: What was the reason behind your de-
cision to work with the company?
A: I knew of the company, the name I
mean. There are two Aegean gas stations
in the village. But I did not get any infor-
mation from those gas station owners.
The person who led me to my choice
was Mr. Yiannis Pistolas. He was simple
and friendly and made everything easy
to understand. It only took one phone
call and our agreement was sealed. It ac-
tually happened just before I was ready
to sign with another company.
Yiannis Makris has not had a previ-
ous experience of cooperation with
another company. It is only natural
he is not in a position to compare the
present situation with previous ones,
to really evaluate the experience he
has gathered so far working with Ae-
gean. So he is measured in words.
Q: Tell us your impressions of the coop-
eration up to now?
A: It is OK. The few small problems
are something we deal with.
Mr. Makris’ gas station is a family business in Evros, on the regional road connecting Tihero
with Provatona. There are two more Aegean stations in the village of Tihero.
Ioannis Makris—Tihero, Evros
It only took one phone call and our agreement was sealed. It actually happened just as I was about to sign with another company
SUMMER 2007 AEGEAN NEWS 21
22 AEGEAN NEWS SUMMER 2007
Imagine a long, white, curv-
ing sandy beach. It is a bright,
sunny day. A family arrives and
two small children run towards the
water. The little girl suddenly stops
and bursts into tears, calling for her
mother. Stuck to her foot is a fist
sized lump of gooey black tar. As hard
as the mother tries to scrub away
the sticky black smear it leaves, the
residue will remain on the girl’s foot
all day. At home, some solvent finally
wipes her skin clean but the memory
of that black mark will remain with
the girl and her mother, to be revived
each time they go to the beach.
That is the everyday evidence of
marine pollution. Occasionally a
ship, perhaps a tanker but not nec-
essarily as all ships use heavy black
residual oil as fuel, will run into dif-
ficulties. The hull will be broached
and a tide of black oil will be swept
onto a coast, temporarily destroy-
ing marine life and creating great
economic and social distress for the
local residents. But those instances
are rare and the shipping industry
and governments are working hard
to further reduce the incidence of
such casualties.
We Must Strive to Keep the Seas and Beaches CleanBY CHRISTOPHER J. WIERNICKI | PRESIDENT AND CHIEF OPERATING OFFICER, ABS
Founded in 1862, with offices in 60 countries, ABS is active in
promoting the security of life, property and the natural environment,
through the development and verification of standards for the
design, construction and operational maintenance of ships and
marine related facilities.
AMERICAN BUREAU OF SHIPPING
SUMMER 2007 AEGEAN NEWS 23
A Remarkable RecordThe results of those efforts have been
remarkable. Each year more than 2
billion tons of oil and oil products
are transported by ship across the
world’s oceans, an often hostile and
dangerous environment. And each
year over 99.99 percent of all that oil
and oil product is delivered safely. It is
a safety record that would be the envy
of many shore-based industries. Yet
it is not good enough. Many govern-
ments around the world now expect
the international shipping industry,
and particularly the tanker industry, to
operate with a zero-pollution record.
Although it is a highly laudable
goal, unfortunately perfection is im-
possible. Accidents will occur, human
beings will err. And so governments,
either individually as happens in the
U.S., regionally as in the EU, or collec-
tively through the International Mari-
time Organization (IMO), constantly
seek to minimize risk by imposing
tougher regulations on the maritime
industry.
As a bunker supplier, Aegean is
exposed to some of the highest risks
of all operators. Its fleet of bunker
tankers carry the heavy residuals left
from the refining process that are
used by the shipping fleet to fuel the
tankers, bulk carriers, and container-
ships that carry world trade. They
operate in coastal waters – off Piraeus,
Gibraltar, Fujairah, and Singapore
– where the slightest error that puts
oil in the water can have calamitous
consequences. And they are involved
in ship-to-ship transfers which inevi-
tably carry a greater risk than shore-
to-ship operations.
What Class DoesAs a classification society, ABS is
responsible for assisting operators
like Aegean to minimize those risks.
Classification is the self-regulating
mechanism that has been used by the
shipping industry for almost 200 years
to establish practical standards for the
design, construction, and operational
maintenance of ships.
Class works very closely with gov-
ernments, often acting on behalf of
the flag states with which ships are
registered to verify that a vessel is in
compliance with the various, appli-
cable statutory requirements in addi-
tion to those of the class society itself.
Through the International Association
of Classification Societies (IACS), a
technical organization that represents
the ten largest class societies around
the world, class also acts as a technical
advisor to the IMO, assisting in the
framing of new safety and marine pol-
lution prevention standards.
These activities are ongoing and
the steady improvement in the overall
safety performance of the shipping
industry can be attributed in part to
the efforts of class to constantly raise
safety standards. The most recent
initiative by the members of IACS
has been the introduction of com-
mon standards (or Rules) governing
the design and construction of larger
tankers of 150m in length and greater.
The development of advanced ana-
lytical computer software had encour-
aged ship designers and shipbuilders
Governments, either individually as happens in the U.S., regionally as in the EU, or collectively through the International Maritime Organization (IMO), constantly seek to minimize risk by imposing tougher regulations on the maritime industry.
24 AEGEAN NEWS SUMMER 2007
to optimize new tanker designs against
the slightly differing standards of each
of the ten societies. The result was a
concern that the latest generation of
tankers may not prove to be as robust as
those of previous generations. A multi-
year, multi-million dollar research pro-
gram undertaken by the class societies
led to the adoption, in April 2006, of a
single standard to be used by all class
societies. The new Common Structural
Rules will result in a new generation of
tankers that will be at least as robust as
those that would have been built to the
most stringent of the previous criteria.
These new Rules should further
reduce the risk of major structural
failure that could lead to a seri-
ous oil spill. In addition, the new
government-mandated double hull
tanker requirements that take effect
in 2010 should provide further pro-
tection against the consequences of
an accidental grounding or collision
by wrapping a protective envelope
around the oil cargo spaces.
Operational PollutionBut what about the little girl whose
day at the beach was ruined when she
stepped on the mousse-like blob of
congealed oil? Where did that come
from and what is being done to mini-
mize this persistent plague that soils
the beaches in Greece and around the
world? The source is easily identified.
It comes from ships that, under the
cover of darkness and in contraven-
tion of the applicable international
and national regulations, pump oil
residues from bilges and slop tanks
into the oceans while in transit.
The solution is proving more prob-
lematic. Some activist governments
such as France conduct routine aerial
surveillance, using both visual and in-
fra-red tactics to spot offending ships,
which are promptly escorted into a
French port. The ship’s captain and
owner soon end up in a French court,
subject to substantial fines and pos-
sible imprisonment.
Other governments, such as the
U.S., have instigated an enhanced in-
spection program that not only scru-
tinizes a vessel’s documentation, such
as the Oil Record Book, when the ship
is in a U.S. port, but also conducts
a visual examination of the engine
room, looking for physical evidence
of attempts to by-pass the oil-water
separator and pump sludge directly
overboard. Multi-million dollar fines
and prison terms have been handed
down as a result.
A Compliance MindsetThere is, of course, an alternative ap-
proach – one that has been adopted
by the vast majority of tanker op-
erators. It is to adopt a management
systems approach that encourages
compliance with the regulations and
the eradication of any discharge
– accidental or intentional – of oily
substances into the marine environ-
ment. A key element of this approach
was the adoption by the industry of
the requirements of the International
Safety Management (ISM) Code that
required both each individual ship
and the shore based owner or oper-
ator’s office to demonstrate compli-
ance with an audited safety manage-
ment system.
More recently, tanker operators
AMERICAN BUREAU OF SHIPPING
As a classification society, ABS is responsible for assisting operators like Aegean to minimize those risks and
classification is the self-regulating mechanism that has been used by the shipping industry for almost 200 years.
SUMMER 2007 AEGEAN NEWS 25
have voluntarily taken this approach
a step further with the adoption of the
Tanker Management and Self Assess-
ment (TMSA) program that imposes
more demanding targets than the
ISM Code and requires an operator to
establish Key Performance Indicators
(KPI) that demonstrate a commit-
ment to continuous improvement.
ABS audits ships and shipowner/
operators to both the ISM Code and
to the TMSA standards. We have also
done more through the introduction
of the ABS HSQE standards and nota-
tions. These cover health, safety, qual-
ity, and environmental standards that
go beyond those contained in the ISM
Code and that incorporate marinized
versions of the standards contained in
the relevant ISO standards for quality
and the environment.
Already several tanker operators,
particularly Greek based owners,
have worked with ABS to achieve
these standards. By so doing, they are
able to demonstrate to their clients,
to their flag states, to the authorities
in the various ports they visit, and
to their underwriters that they have
subscribed to the highest standards of
safety and environmental compliance
available to industry.
Together these new structural stan-
dards, tougher government regulation
and enforcement, and the voluntary
adoption of higher management sys-
tem standards should help keep the
beaches clean for the little girl and her
friends in the future. Working togeth-
er, responsible shipowners, classifica-
tion societies, and governments must
make it increasingly difficult and ulti-
mately impossible for the substandard
operator, who knowingly flushes oil
into the sea, to stay in business. That
is a goal worth striving for.
ABSFounded in 1862, ABS has grown to become one of the world’s leading classi-fication societies. A not-for-profit organization with offices in 60 countries, its activities are devoted to promoting the security of life, property, and the natural environment primarily through the development and verification of standards for the design, construction, and operational maintenance of ships and marine related facilities. Currently almost 10,000 vessels aggregating in excess of 130 million gross tons are operating in conformance with ABS standards and a further 2,300 vessels totaling more than 44 million gross tons are currently on order or under construction to ABS class.
26 AEGEAN NEWS SUMMER 2007
It is usually black or dark brown in
color, but occasionally yellowish or
greenish, and varies in appearance
depending on its composition. Crude
oil may also be found in semi-solid
form mixed with sand, as in the Atha-
basca oil sands in Canada where it
may be referred to as crude bitumen.
Petroleum is most commonly used
to produce fuel oil and gasoline (pet-
rol), both important energy sources.
Out of its total content of hydrocar-
bons, 84 percent (or 37 of 42 gallons
in a typical barrel) is converted into
energy-rich fuels, including gasoline,
diesel, jet, heating, and other fuel oils,
and liquefied petroleum gas.
Due to its high energy density, easy
transportability, and relative abun-
dance, oil has been the world's most
important source of energy since the
mid-1950s. In addition to the above-
mentioned basic uses, petroleum is
also the source for the production of
many chemical products such as sol-
vents, pesticides, plastics, and other
items including CD players, uphol-
stery, skis, nail polish, umbrellas, elec-
tric blankets, glycerin, and hundreds
others. In fact, 16 percent of petroleum
not used for energy production is con-
verted into these other materials.
Petroleum is the product of the
remains of prehistoric marine animals
and terrestrial plants. Over the course
of centuries, organic matter in mud
was buried under thick sedimentary
layers. These extra layers and the in-
creasing heat and pressure caused
crude oil saturated shales to form,
from which the oil was expelled. It
then moved into adjacent rock layers
until it was trapped underground in
porous rock formations in the upper
strata of some areas of the Earth’s
crust, called reservoirs. It can also be
found in oil sands.
Known reserves of petroleum are
estimated to be around 1.2 trillion
barrels without oil sands, or 3.74 tril-
lion barrels with oil sands. However,
oil production from oil sands is cur-
rently severely limited. Consumption
at present is around 84 million barrels
per day, or 4.9 trillion liters per year.
At current consumption levels, and
assuming that oil will be consumed only
from reservoirs, known reserves will be
gone in about 32 years–sometime
around 2039. However, this estimate
does not take into account any new dis-
coveries, changes in consumption, the
use of alternative methods of produc-
tion such as oil sands, the use of syn-
thetic petroleum, and other factors.
E X P L O R A T I O N
Petroleum, or crude oil, from the Greek words petra (rock) and eleon (oil), is a natural liquid
which is found in formations in the earth. It consists of a complex mixture of hydrocarbons
and in its naturally occurring form it may contain nonmetallic elements such as sulfur,
oxygen, and nitrogen.
All about Oil
At current consumption levels, and assuming that oil will be consumed only from reservoirs, known reserves will be gone in about 32 years—sometime around 2039.
The nautical advances and colo-
nialism of the historic period
were due to the independence
and progress of the Greek city-states.
The return to dominance of the seas
by the Greeks was because of the need
to colonize, the need and the natural
inclination to trade across the seas,
and the need for political freedom
and freedom of the spirit.
Colonialism was at its height at about
the 8th century BC, both because the
Greeks wanted to send to new fertile lands
the overspill from the increase in their cit-
ies' population, and because they wanted
to expand their activities in sea trade.
By colonizing, the Greeks, in con-
trast with the Phoenicians, did not want
to profit through violence and stealing;
instead this was a sign and an expres-
sion of their love for adventure and
the discovery of new places, as well an
expression of their nautical instincts.
In certain cases, colonies were estab-
lished for the sole purpose of ensuring
that the mother city-state had a mo-
nopoly on the produce of the region.
The colonies of Fasis and Pityous in
the Black Sea ensured access to the tar
and the lumber of the Caucasus, and
Crimean grain from Russia.
During the colonization period and
up to the 4th century BC, the Greek
merchant fleet sailed throughout the
Mediterranean, from Syria and Cyprus
through the Bosphorus and into the
Black Sea, and from Libya through
Italy to Spain. The maritime tradition
of the Greeks and their high degree of
seamanship is primarily due to what
the Greeks achieved during the historic
period; in other words, during the rise,
the strengthening and the dominance
of the city-states and the development
of the fleet and/or the merchant marine
of each. In the history of each city-state
one finds the reasons why the Greeks
created and established a seamanship
and a maritime tradition that has lasted
through the ages until today.
The most famous cities noted for
their successful merchant fleets of the
Doric period were Corinth, Megara,
Chios, Samos, Fokaia, Militos, Syra-
cuse, and of course Athens.
Fokaia's success was such that her
merchant ships, using Ischia as their
foreign base, sailed all along the Spanish
coast and even ventured into the Atlantic,
and that was more than 2,500 years' ago.
Syracuse, also one of the industrious
Greek cities, which was a colony estab-
lished by Corinth and Megara in about
850 BC, was for five centuries a center
of shipping with a very strong shipping
industry, many successful shipyards for
Triremes, a large merchant fleet, and a
trade center for grain. Merchants from
Marseilles, Italy, Greece, the Cyclades
and other places, came to Syracuse to
buy grain. Another factor in the suc-
cessful creation by the Greeks of a
maritime tradition was the Amfiktio-
niai, a kind of trade association formed
by the city-states. They were originally
thought of as religious associations but
eventually they became trade associa-
tions and associations for the protec-
tion of their sea trades, their merchant
fleets and the cities themselves.
M A R I T I M E T R A D I T I O N
Maritime History of the Greeks —Historical Period
The historic period of the Greek merchant marine starts at about 1,104 BC, when the Dorians
descended on Greece. As of this date the inhabitants of Greece were called Elines (Hellenes). The social
upheaval that took place in that period momentarily slowed expansion of the Greek merchant marine,
and it took approximately three centuries before the Greek merchant marine was prominent again.
SUMMER 2007 AEGEAN NEWS 27
The maritime tradition of the Greeks and their high degree of seamanship is primarily due to what the Greeks achieved during the historic period, in other words, during the rise, the
strengthening, and the dominance of the city-states.
28 AEGEAN NEWS SUMMER 2007
R O O T S
The Art of “Living Well” (EF ZEIN)
What most of us probably do
not know is that all ancient
civilizations, and of course
the ancient Greeks, had a thorough un-
derstanding of the importance of being
in harmony with nature and the exter-
nal and internal environment, always
in relation to the culture, climate, and
morphology of each country’s soil.
Hippocrates said that each place
has its own peculiarities, where the
forces of the earth play the dominant
role. Atmospheric radiation, climate,
soil and subsoil, electromagnetic
grids, and the earth’s radiation all af-
fect living conditions and vary from
one place to another.
It was long before Hippocrates that
a system concerning the proper loca-
tion of cities and buildings was devel-
oped, aiming to put man in harmony
with his surroundings.
It is the art of “Living Well in Har-
mony,” and we see examples of this
approach in ancient theaters, temples,
and above all, cities. Delos and ancient
Athens are considered ideal examples
of cities whose location was chosen on
the basis of soil morphology, average
temperatures, the direction and inten-
sity of the winds, and most important,
the position of the sun. “The care of the
inhabitants’ health is a duty, and this
depends on the good location of the
city and its orientation,” said Aristotle.
He continued, “The cities facing east
and the cities receiving winds blowing
from the east are the healthiest.”
Xenophon, in his book Economist,
and Plato, in his works Critias, Laws,
and The Republic, also refer to the
importance of the external and inter-
nal environment.
In his work On Architecture, the
Roman architect Vitruvius makes fre-
quent references to statements made by
ancient Greek writers about the impor-
tance of the environment in choosing
the location of a house. They believed
that a house should be built in such
a way that it maintains a comfortable
temperature and is protected from wind
and humidity during the winter, and
provides shade during the hot summer
season. Each house was supposed to
function as a small ecosystem, a minia-
ture of the wider region’s ecosystem.
All great philosophers and archi-
tects of antiquity agreed upon one
very important parameter: the sun
and the house’s orientation.
Once a location for a house had
been chosen, the architect and the
owner of the house had to study the
direction of the sun’s rays at the site at
different hours and days of the year.
The architectural planning of a
house should be ruled by Economy,
Order, Orientation, and Symmetry.
Economy meant the balanced use
of materials and the careful planning
of available space.
Order was the design and con-
struction of the building with an ab-
solute sense of scale and symmetry of
the partial with the whole.
Orientation was the proper place-
ment of every object to achieve ele-
gance while maintaining harmony with
the identity and character of the whole.
Symmetry implied the harmoniza-
tion of each part with the rest, and the
correspondence of partial elements
with the whole.
Regarding the interior of a house,
it was considered necessary for rooms
to be aired daily and for many hours,
while the layout of the rooms and the
corridors in relation to the doors and
windows should allow the air to flow
freely and carry with it positive energy.
The bedrooms were to receive light
from the east, proof that the benefi-
cial qualities of the sun’s light at dawn,
in contrast to dusk, were known cen-
turies ago.
(Source: Spyros Makris, “Ecoforces: Ancient Greek Feng Shui.” Archetypo Publications, 2003.)
In recent years there has been much talk about Feng Shui, the Chinese approach to the way the
environment influences human prosperity. It is the belief that all the forces of the universe, the
direct external and the direct internal environment, affect the lives of human beings.
SUMMER 2007 AEGEAN NEWS 29
HISTORY OF THE AUTOMOBILE
The design team is usually split
into three thematic areas: ex-
terior design, interior design,
and color and materials design. Today,
graphic design is also an aspect of
automobile design. The designer re-
sponsible for the design of the exterior
of the vehicle develops the proportions,
shape, and surfaces of the vehicle. Exte-
rior design was first done by a series of
manual drawings but, in the digital age,
is done on the computer. The drawings
are revised and gradually become more
detailed until they are approved.
The designer responsible for the
vehicle interior develops the propor-
tions, shape, and surfaces for things
such as the seats and trim panels, with
an emphasis on ergonomics and the
comfort of the passengers.
The color and materials designer is
responsible for the research, design, and
development of all interior and exterior
colors and materials used in a vehicle.
These include paints, plastics, leather,
carpet, overhead, and wood trim.
Small is BeautifulThroughout the 1950s, designs be-
came more integrated and artful, and
cars became more common around
the world. Issigonis’ Mini and the Fiat
500 mini cars flooded Europe and the
famous VW Beetle shook up the mar-
ket for small cars in America.
The market started to change in the
1960s. Detroit began to worry about
foreign competition as the European
makers adopted higher technology
and Japan began performing as a seri-
ous car-producing nation.
General Motors, Chrysler, and Ford
tried small, radical cars like the GMA-
bodies but saw limited success.
Conglomerates like the British
Motor Corporation consolidated the
market and imports swept through
the U.S. and the U.K., a trend that
reached Italy as larger companies ac-
quired makers like Ferrari, Maserati,
and Lancia.
Fast is BeautifulIn 1964 the Ford Mustang hit the
market and became one of the most
popular cars of the early 1960s. In
1967-68 Chevrolet released the Ca-
maro and Camaro Z28 to compete
with the Ford Mustang. In response,
Ford released the Mustang Boss 302
and 429 in 1969.
In America, performance was the
hot seller of the 1960s, with many new
cars inspired by the Ford Mustang in
1964–affordable, compact, and highly
stylized with a sporty or performance
oriented image and muscle cars (high-
performance automobiles, often with
flashy, sporty styling) propping up the
domestic industry.
A New Era BeginsThe whole scene in the American
auto industry changed in the 1970s as
a result of the 1973 oil crisis, new au-
tomobile emissions control rules, the
influx Japanese and European im-
ports, and stagnant innovation.
Throughout the decade, small im-
ported cars outperformed large Amer-
ican ones, and the domestic auto in-
dustry began to sputter.
Automobile design deals with developing the visual appearance of a vehicle, and is practiced
by designers who usually have an art background and a degree in industrial design.
Emphasis on Style
Issigonis’ Mini and the Fiat 500 mini cars flooded Europe and the famous VW Beetle shook up the market for small cars in America.
30 AEGEAN NEWS SUMMER 2007
A sunset drive to Sounio is an
ideal choice. Cape Sounio lies
just 65 kilometers from Ath-
ens at the southernmost edge of Attica.
To reach Sounio, we follow the coastal
road, passing by some of Attica’s most
popular beaches. A sign we are getting
close, the Temple of Poseidon comes
into view at the highest point of the
rocky hill in the distance and seems to
bring together into a unique entity the
earth, sea, and sky.
The temple, dedicated to Poseidon,
God of the Sea, was built during the
“Golden Age of Pericles,” in the pe-
riod 450 – 440 BC. Originally it had 34
Doric columns but only 15 of them can
be seen today. Archaeological findings
have shown that the temple was built
on the ruins of an earlier temple, which
was also dedicated to Poseidon.
For centuries, the ruins were not only
an inspiration to poets, romantic artists,
and explorers, but also a reference point
for seamen approaching the entrance of
the Saronic Gulf. Even today the ruins
of the temple are known to seamen as
kavokolones (cape columns).
Let us climb up the hill and, as
our eyes scan over the sea, let our
minds seek the roots, the memories
this rocky spot bears. It was at this
very place that Aegeas, Athens’ king,
waited to see his son Theseus’ ship
return from Crete. Theseus had de-
cided to face the Minotaur, a monster
with a human body and the head of a
bull. Every nine years, the Minotaur
devoured seven boys and seven girls
sent by the Athenians as compensa-
tion for the killing of Minoas, the son
of the King of Crete. If Theseus’ mis-
sion were successful he would send a
sign to his father by hanging a white
sail on his ship. If he were killed by the
monster, the ship’s crew would hang
a black sail. Theseus managed to kill
the Minotaur, but he got carried away
during the feast on the journey back
and forgot all about the white sail.
Aegeas, standing on top of the rock
at Sounio, saw the approaching ship
hanging black sails and threw himself
into the sea. It is for this reason that
the sea is called the Aegean. Myths
and history lie underneath every little
stone of this idyllic place.
With our senses wide open and the
taste of salt on our lips, let us sit down
and wait for the glorious sunset. From
a spot ideally placed to worship the
divine beauty of nature, with the sea at
our feet, we watch the sun disappear
slowly into the horizon. Its last rays
give the temple a mysterious, out-of-
this-world glow, seemingly suspended
in a cloud of purple and red hues. The
sea is getting darker. It is serene and
mysterious at the same time–a perfect
epilogue to a perfect experience!
T R A V E L
The weather is in a playful mood this year. Summer is playing hide-and-seek, refusing to let its
roots grow. But deep inside we all know the difference. It is time to get away. Even if holidays
are still far away, there are many opportunities for quick, nearby, and delightful getaways.
Sunset at Sounio
The last rays of the sun give the temple a mysterious, out-of-this-world glow, seemingly suspended in a cloud
of purple and red hues.
Aegean is proud of the contemporary image of its petrol
stations. Station personnel enhance the “Aegean Look”
through clothing and products that reflect a
commitment to quality and customer service.
Products that say
“We‘re different”
T H E A E G E A N I M A G E
31SUMMER 2007 AEGEAN NEWS
Aegean Energy for the FutureAegean 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 MARKETThrough its fast growing network of gas stations Aegean sup-
plies drivers in Greece with gasoline and automotive lubri-
cants. Its network is one of the most well-respected in
the country and is known for its modern, well-cared
for stations, courteous service, and competitive
prices. In addition, Aegean directly supplies large
industrial clients with petroleum products, includ-
ing heating oil.
BUNKERING Aegean provides one of the most efficient and
responsive bunkering services to clients worldwide.
Its ships never stop sailing and its services are avail-
able 24 hours a day, 365 days a year.
Aegean operates bunkering stations in Piraeus, and in
Gibraltar, Singapore, Jamaica, and the United Arab Emirates. 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.
SHIPPINGAegean's fleet of ships is at the heart of its superior
service worldwide. Its vessels operate in full com-
pliance 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 ves-
sels. Its fleet transports oil cargoes worldwide on behalf
of major oil companies, commercial clients, and Aegean
customers.
LUBRICANTSThroughout the world, Aegean supplies marine lubricants at the most competitive prices.
The resources of our company and our follow-up service are all part of successful relation-
ships and that allow Aegean to supply lubricants in 500 ports worldwide.
Αegean's websiteswww.aegeanoil.gr | www.ampni.com