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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


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

DESIGNSnack

PRINTING AND BINDINGKorifi Publications SA

OWNERAegean42 Hatzikyriakou Street185 38, Piraeus, GreeceTel: +30 210 458 6000Fax: +30 210 458 6241E-Mail: [email protected]: www.aegeanoil.gr,www.ampni.com

Comments and suggestions are welcome.

Aegean News is free of charge and is available, subject to availability, to any interested person or organization.

CODE: 5169

4 AEGEAN NEWS SUMMER 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.


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!


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.


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.


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."


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.”


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.


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.


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.


Speech Delivered by Dimitris Melissanidis at the Inaugural Ceremony


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.


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


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.


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


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


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


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.


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



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


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.


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.


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.


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.


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.


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.


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.


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

aegean news · the development and modernization of the aegean fleet continues, with three new...

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