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Aegean News

T H E Q U A R T E R L Y M A G A Z I N E O F A E G E A N

AUTUMN 2008

Aegean Bunkering 3 Years in Jamaica Interview Steve Leonard Hellenic Environmental Center New Contracts Children and the Environment

Flows & Currents Maritime Tradition

Plus

Marine lubricants

A New Global Brand

AlfA

editorial

Rightly so, consumers around the world are deeply concerned about the financial crisis that is destabilizing markets globally and creating a sense of uncertainty at almost every level of society. In parallel with a global credit crunch and a severe testing of the banking industry, energy worries continue to concern policy makers, industry, business owners, and everyday citizens. In addition to the radical swings we have witnessed over the last several months in the price of oil--rapidly increasing to 147 dollars a barrel before receding just as quickly to less than 50 dollars--the public is concerned about diverse sources of energy, stable supplies of energy, and the effect our energy consumption has on the environment. Coupled with these serious concerns is the sudden increase of commodity prices that can have devastating effects on developing economies. Add in the abrupt depreciation of the Euro against the U.S. dollar, complex political developments, and the current climate is indeed one that is the most challenging of our generation. Aegean has long held that stability in markets, whether they be energy markets, financial markets, or commodities markets, is the cornerstone to responsible growth. If healthy global trade is to continue to benefit the world's citizens then growth must be based on systems and policies that ensure responsibility and accountability. Free markets are the foundation for democratic societies, research and innovation, and solutions to our most pressing needs. It is up to all of us to ensure that our markets operate with transparency, with the correct regulatory mechanisms in place, and with stability of prices. In this way, energy will be a secure and dependable commodity for every citizen and business.

Aegean

Retail

Core activities

àAEGEANOILhasestablishedagasstations network throughout Greece, and isoneofthefastestgrowingcompanies intheretailmarket.AEGEAN'Sgasoline marketshareinGreeceis9.1%.

Shipping

à AEGEANSHIPPINGmanagesafleetof

tankers,rangingfrom3,500DWTto 100,000DWT,thattransfersanddelivers oiltoourclientsthroughouttheworld.All shipsmeetISMstandards.

Bunkering

àInPiraeus,Gibraltar,Kingston,OchoRios,

MontegoBay,Antwerp,PortlandUK,TemainGhana,UnitedArabEmirates,Singapore,MontrealandVancouver,AEGEAN MARINEPETROLEUMisaleaderinprovidingthebestbunkeringservicesavailable. InPiraeus,AEGEANMARINEPETROLEUM isthemarketleaderinbunkering.

Agency Services

Raymond mateRa

Publisher

à ShipsfromaroundtheworldrelyonAEGEANAGENCYservicesatPiraeus,Gibraltar, andJamaica,fromloadinganddischarging,tosparepartsandsupplies.

Lubricants

à AEGEANOILproducesandmarketshigh

performancelubricantsforvehiclesand industrialuse,undertheAEGEANbrand andAEGEANMARINEPETROLEUMtrades andsupplieslubricantsforthemarine marketundertheALFAbrand.

aUtUmn 2008 AEGEAN NEWS

contents

10

AegeanBunkeringcelebratedthree yearsofoperationsinJamaica

16

Mr.SteveLeonard,AegeanUSAVicePresident, speakstoAegeanNewsonAMP'sentryinto thedynamicNorthAmericanmarket

21

Aegean'sALFAmarinelubricantsarebeing deliveredwithtanktrucksandatanchorage bybarges

Code: 5169

4 AEGEANUPDATE 8 LOWSANDCURRENTS F

TrendsandNewsintheOilandEnergyFields

20 ETAIL R

PositiveSalesResultsDuringA'Semester2008

autumn 2008

Aegean Newsis published quarterly by aeGean Publisher & Managing editor Raymond matera Contributing editor J. Georgana design Snack Printing and binding Korifi Publications Sa owner aegean 42 Hatzikyriakou Street 185 38, Piraeus, Greece tel: +30 210 458 6000 Fax: +30 210 458 6241 e-mail: [email protected] Internet: www.aegeanoil.gr, www.ampni.com Commentsandsuggestions arewelcome. Aegean News isfreeofchargeand isavailable,subjecttoavailability,to anyinterestedpersonororganization.

21 UBRICANTS L

ALFAMarineLubricants

1 B 0 UNKERING

ThreeYearsinJamaica

26 ELLENICENVIRONMENTALCENTER H

NewContracts

15 HIPPING S

NewbuildingsinOperation

27 NVIRONMENT E

PlanetEarthSOS

16 EGEANMARINEPETROLEUM A

InterviewwithSteveLeonard

28 NVIRONMENT E

ChildrenandtheEnvironment

18 TATIONSOFTHEMONTH S

·EfremidisIoannis-NeaSantaKilkis ·MarkosGrammenidis-2ndKilometerN.R. Komotini-Xanthi

30 ARITIMETRADITION M

GreekSeamanshipintheByzantinePeriod

31 EGEANIMAGE A

ProductsThatSay"We'reDifferent"

aUtUmn 2008 AEGEAN NEWS

PleaseRecycle

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UpdA te

Aegean Marine Providers Inc. Opens in Manila

On July 15, 2008, after having fulfilled all the requirements of the Philippine Overseas Employment Administration and complying with the city government ordinances, the doors of Aegean Marine Providers, Inc. officially opened, with the primary objective to provide maritime labor to shipowners. The company, as a Manning Agent, is engaged in the selection, recruitment, hiring and deployment of competent, certified and qualified Filipino seafarers to cover aspects of ships' crew management. Moreover, the company is staffed with personnel who are qualified under Philippine laws to engage in a Manning Agency, as well as committed to comply with all applicable codes, guidelines, standards, rules and regulations in respect to maritime labor and are responsive to the changing requirements of principals and seafarers. Mr. Dimitris Karaboulis and Mr. Bibiano O. Reynoso are the men responsible for the efficient operation of the Agency.

"AEGEAN ORION" Joins Portland Fleet

PortlandBunkersInternationalLimited (PBIL)announcedthatthefullyrefurbished"AEGEANORION"hasjoinedthe Portlandbargefleet.Intensiveworkhas beenundertakeninanefforttobringthe vesseluptothestandardsexpectedof AMPNI.The"AEGEANORION"(previously "Orion"),atlessthan600tonnesdwt,is agreatadditiontothePortofPortland infrastructurewhereshesuppliesonly withinthewellshelteredharbourinside thebreakwaters.

Logging On

AegeanMarineProviders,Inc. 3/ABPIBldg.1377A.MabiniSt.,CornerStaMonicaSt.,Ermita,1000Manila,Philippines Tel:+6325253445-5253241,+6327103424(wireless) Fax:+6325253241 Mob:+639285075738 E-mails:[email protected],[email protected],[email protected]

CustomersandassociatesofAegean mayvisitthecompany'swebsite,www. aegeanoil.gr,tolearnaboutthecompany'sactivities.Bunkeringcustomers mayregisteronlinetoconductbusiness andmaintaincontactwiththebunkering departmentatwww.ampni.com.

AEGEAN NEWS aUtUmn 2008

New Stations

in Aegean's Retail Network

TheAegeannetworkisgrowingthroughout thecountry.Listedbelowarethestations that have started displaying the Aegean Logoduringthepastthreemonths.

2nd KM DRAMA-KAVALA, DRAMA CaRFoUR maRInoPoULoS S.a.. 222 KM. . N.R. ATHENS-THESSALONIKI, STYLIDA FTHIOTIDA tZoUnI KonStantInoU BRoS. VROSINA IOANNINA SOFIA 6 VARI-KOROPI AVENUE aRGyRIoU GeoRGe TYBAKI-HERAKLION CRERE KydonaKI-aLeVIZaKI CHaRoULa AG. GEORGIOS, VERIA LIatSoS tHomaS 115 28th OCTOBER ST.­KANARI- ABELOKIPI, THESSALONIKI GoUnoPoULoS S. & Co. PLATANOVRYSI, PATRAS KaLentZIotIS GRIGoRIS DIMOKRATIAS AVE. & PANAGI TSALDARI, AEGINIO PIERIA PetRaKIdIS I. CHRIStoS

"AEGEAN ORION" in Oil Spill Exercise

Approximately 20 shoreside and shipboard staff from PBI (Portland Bunkers International) and Aegean attended a course held by Portland Port's resident environmental officer, who as an ex-employee of "Oil Spill Response Limited" (OSRL), is an expert in all aspects of anti-pollution measures. All attendees received certification categorizing them as official Oil Spill responders after the two day courses which culminated in a major response drill. The drill was attended and observed by all local concerned bodies and involved a scenario which included both of AMPNI resident barges. The scenario enacted a mock spill from a bunker operation where "AEGEAN X" acted as the receiving vessel and "AEGEAN ORION" as the delivering bunker barge. It was necessary for all staff to utilize the knowledge they had gained from the course to activate emergency and preventive measures. The drill was a massive success and has elevated Aegean and PBI even more in the eyes of the UK authorities as a responsible and professional operator with trained and competent staff in all areas

"AEGEAN X" in Fire Drill Exercise

At the beginning of August Aegean's M/T "AEGEAN X" was used for an exercise performed jointly by PBI and Dorset Fire & Rescue Department. he scenario was that the vessel, whileloadingexPBITerminal,encounteredafireinthepump roomandasaresulttwocrewmembersweremissing. TwofireappliancesandafireteamfromDorsetFire&Rescue Dept.cooperatedverycloselywith"AEGEANX"fireteamand theexercisewascompletedsuccessfully.

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UpdA te

Theodoros II Visits Ghana

His Beatitude Theodoros II, Pope and Patriarch of Alexandria and All Africa, the spiritual leader of the Orthodox Church, visited Ghana for the first time in the church's history. The purpose of his visit was to celebrate the 25th Anniversary of the Orthodox Church in Ghana and also the inauguration of the St. Peter and Paul

HisBeatitudewithlocalChiefs

Catamaran ALPHA-- A New Aegean Acquisition

Aegean'sstationinGibraltar,inorder toimprovetheservicesprovidedtoits customers,recentlytookdeliveryofCatamaranALPHA.ALPHAwillbemannedby localcrewwhoarefullyqualifiedandhave extensiveexperienceoperatingonHarbor CraftinGibraltar. Thisdevelopmentdramaticallyexpands therangeofservicesAegeanofferstoclientvesselscallingatGibraltar,aswellas allowingAegeantohandlein-houseallcrew transportationanddeliveriesofstores.It alsoallowsAegeantoofferitsservicesfor vesselspassingthroughGibraltarinthe formofOffPortLimitsservicesforvessels transitingGibraltarStraits.

church at Larteh­ Akuapim.

During his visit, His Beatitude paid a courtesy call on the President of the Republic of Ghana, His Excellency, President John Agyekum Kufuor at the Osu Castle. At a press conference held on July 24, His Beatitude spoke of the role of the church in helping develop the economy by building schools and hospitals to serve the needs of people in communities where the church is located. A dinner reception was held at the residence of the Station Manager of Aegean Bunkering Ghana, Captain Theofilos Pizanias, in honour of Theodoros II, and invited guests included Greek diplomats in Ghana, esteemed members of the Greek community in Ghana, members of the Orthodox church, policy makers and media practitioners. The culmination of the event was the knighting of Captain Theofilos Pizanias from the Order St. Markus of Alexandria.

Aegean Gas Station Refuels Ferrari

An annual drive to Italy with spectacular Ferrari automobiles has become an institution for the Greek Ferrari Club. This year, driving throughPatras,the30Ferrarisstoppedforgas,awashandacupof coffee at Aegean's gas station on the Athens-Patras National Road. ThepresenceoftheimpressivecarsforalmosttwohoursatAegean's gasstationwassoonmadeknownandcarloverscamerunningtohave the chance to take a photograph next to the Italian beauties. Local media could not miss the opportunity too, so a small press conferencewasheldatthestationwiththePresidentandthemembersof theFerrariClubandMr.AndoniDre,ownerofthebuildingandMr.Aris Kolokythas,Aegean'sassociate.

AEGEAN NEWS aUtUmn 2008

AegeAn SponSorShipS

Aegean Sponsors Publication on Pontian Tradition

AegeanwasthesponsorofthepresentationofthepublicationPontos,Folklore Topics of Pontian Greeks which tookplaceonWednesday,September 24, 2008, at Athens' King George Hotel. Deputy Minister of Agricultural Development, Mr. Konstantinos Kiltidis,wasthekeynotespeaker.The 462-page volume on folklore culture andPontiantraditionistheworkof18 specialresearchers,scientistsanduniversityprofessors,underthecoordinationofMr.ManolisSergis,AssistantProfessorofFolklore,intheLanguage,LiteratureandCultureDepartmentoftheDimocritianUniversityofThrace.Thepublicationtracesthefolkloretraditionof AsiaMinorPontianswhocametoGreeceaftertheAsiaMinor1922eventsandtheexchange ofpopulation,intheframeworkoftheLausanneconvention,in1923-1924.

IKARIADA 2008

"The Birth of Flight"

TheMinistryofMercantileMarine,Aegeanand IslandPolicyorganizedforthefirsttimethis year,onJuly17-20,festiveeventsonIkaria islandunderthenameIKARIADA2008.The eventsaimedtoreenacttheIkarusmythand to mark Ikaria as the place where the ceremonyofthelightingofthetorchforthe2009 aeroathleticgamesmusttakeplace. Aegean was a sponsor of the event.

International Conference "September 6-7 1955 Events"

Duringpastdecades,unionsfromConstantinoplehavejointlyorganizedavariety ofeventsinmemoryofSeptember6-71955.Thisyearaconferencetookplaceon September13,atAthens'ClassicalAcropolHotel,aimingtomarkthosecatalysts whichplannedandexecutedsuchactions,themaintenanceofsuchmechanismsin un-democraticconditions,andtheneedforhealingthewoundsofthevictims,onthe basisoftheInternationalLawforHumanRights. Aegeanwasoneofthesponsorsoftheevent.

Aegean Sponsors PRESPEIA 2008

Twenty Years were completed this year for the Prespes festive events and the anniversary was celebrated in a grand manner. This year's events took place on August 29, 30 and 31 in Agios Achillios and the town of Florina, in the presence of the Presiden of the Republic, Mr. Karolos Papoulias, the President of the Parliament, Mr. Dimitris Sioufas and a great number of political and cultural personalities from Greece and abroad. The events included a "Tribute to Maria Callas" one evening dedicated to Vasilis Tsitsanis and another to Stelios Kazantzidis. Also performing were the Russian choir singers from Moscow's Novospaski Monastery, Goran Bregovic, musical bands from Turkey, Albania and Bulgaria and the Philharmonic Orchestras of Corfu and Florina.

aUtUmn 2008 AEGEAN NEWS

FlowS

&

CUrrentS

Electric Energy Free from Emissions

In the beginning of September 2008, in Spremberg Germany, the first electric energy producing plant started a pilot operation where electricity produced does not produce carbon dioxide emissions. The new technology is based on carbon containment and capture (CCS). Carbon dioxide is separated from the other chemical substances during the production of electric energy and is then transported and deposited deep in the ground in regions where formerly natural gas or oil were extracted. Specialists point out that the CCS system will support the effort to combat global warming. The new plant cost 70 million Euro and its construction took approximately two years.

Russian Single-hull Ban Wind Generators at Sea

Fourplansformarineaeolicparks havebeensubmittedtotheRegulatory AuthorityforEnergy,which,ifapproved, willbethefirststepforGreecetoward theproductionofelectricenergyby windgeneratorslocatedclosetothe coastline.Oneiftheseparkswillbe intheGulfofEvia,oneintheGulfof KymiandtwointheThracianSea. Theoffshoreaeolicparkshaveadvantagesanddisadvantages.Themain advantageisthatstrongwindsblowat sea,andatthesametimetheycause minimalvisualdisturbance.Among thedisadvantagesincludedthehigher constructioncostandthefactthat thegeneratorsmustbeabletoendure thenaturalsconditionsatsea,suchas storms,waves,andsaltywater.Also, theproductioncostsofsuchaprojectat seaare50%morethanasimilaraeolic parkonland.Theplansfortheseparks areinaccordancewiththeeverincreasingtrendataEuropeanlevel,where, accordingtoestimates,bytheendof thenextdecadetherewillbeoffshore aeolicparkswithaproductioncapacity ofupto40,000MW.

Russian authorities have decided to bring the country's tanker fleet into conformity with the international MARPOL convention in a move that could see 95% of the fleet that refuels ships in the country's ports grounded. A report in the Russian daily Kommersant said all single-hull tankers below 5,000 deadweight ton (dwt) will be taken out of service by the end of the year, following the decision by the Russian Transportation Ministry. "In the port of St. Petersburg, for example, only two of over 70 refuelling vessels will remain. A systemic crisis is expected to result," Kommersant said. "This will have major, major implications," Jonathan D Morley, Lead Specialist and head of MARPOL section at Lloyd's Register (LR), told Bunkerworld. He said it looked like a knee-jerk reaction following the Kerch Strait fuel oil disaster last November, when the 1978-built, single-hulled Russian river tanker Volgoneft-139 broke up during a violent storm, spilling its cargo.

Carbon Dioxide Reaches Record Levels

Carbondioxidelevels,worldwide,havecurrentlyreached387ppm(partspermillion), almost40%highersincetheindustrialrevolutionperiod.Theaverageannualgrowthwas 2.14ppmin2007.From1970upto2000 theconcentrationincreasedbyalmost1.5 ppmannuallybutfrom2000onitreached 2.1ppm.Specialistspointoutthatthis increaseindicatesthattheearthhasstarted toloseitsnaturalcapacitytoabsorbbillionsoftonsofcarbondioxideeachyear.They alsopointoutthatiftheconcentrationofcarbondioxidecontinuesatlevelslikethese, emissionswillhavetobereducedbymuchmorethatitisestimatedtoday.

AEGEAN NEWS aUtUmn 2008

Drinking Water from Carbon Dioxide

OntheGreekislandofAmorgosscientistsareworkingonapioneeringdesalinationmethod,inwhichcarbondioxide fromthePublicElectricityCorporation chimneywillbeusedtoproducewater andindustrialbicarbonate(soda).This technologyhasalreadybeenusedin NorwayandtheNorwegiancompanythat implementeditiscurrentlycooperating withtheMunicipalityofAmorgosanda Greekteamofscientists.Carbondioxide willbechanneledtospecialdevicesand saltywaterwillbemixedwithammonia andchanneledtothesamedevices. Chemicalreactionsforcethecarbon dioxidetoseparatewaterfromsaltand asaresultdesalinatedwaterisproduced andbicarbonatenatrium,whenheated, istransformedintosodaproducts.The projectwilladdressthewatershortageproblemonwaterlessislandsinan ecologicalway,reducingatthesame timepollutingemissionsfromthePublic ElectricityCorporation'splants.

Greek-Russian Cooperation in Energy Issues

FurthertotheagreementfortheBurgas-AlexandroupolisandtheBlueStreampipeline, the Russian side is showing great interest to cooperate with Greece in electricity and naturalgas.Specifically,therearethreepossibilitiesregardingthepresenceofGazprom in the Greek market. One has to do with the extension up to 2040 of the bilateral agreement with DEPA (Public Gas Corporation) for the supply of Russian natural gas, which expires in 2017, the other the entry of Gazprom in the retail market of natural gas through three new natural gas supplying companies to be established in Lamia, KomotiniandSerresandthefinaloneisthe investment in electricity production through theestablishmentofanelectricenergyunit byGazprom,aloneorbyaconsortium.

Energy Production from Wild Artichokes

The wild artichoke can produce a wide range of energy products by burning, liquidation or gasification of its biomass. These products are liquid biofuels; second generation biodiesel and second generation cellulose bioethanol, gas biofuels; production of biogas and biohydrogen, where the production of biogas is achieved with the methanic fermentation of the biomass and the end product of the non-aerobic conversion of cellulose is methane and CO2. The whole process is performed in two reactors with the assistance of a mixture of microorganism cultivations. The production of hydrogen is achieved with biological or thermochemical conversion. Finally, the biomass of wild artichokes can produce solid biofuels, where the biomass can be used either directly for burning and the production of heat or electricity or be converted to solidified biofuels following compression.

Privatization of Greek Ports

The procedures for assignment of many yearsofprivatemanagementofthecommercialstationsoftheportsofPiraeusand Thessalonikiarespeedingup.Majorcandidateshereareforeigngroupswhichareshippingcompaniesorinvestorswithknow-how in the management of commercial ports. InThessaloniki,amongotherjointventure schemes,willbeDubaiPorts,Hutchison,and probablyGreece'sTechnodomiki.TheChineseCoscoandtheDanishcompanyMaersk standoutinthecaseofPiraeus.

aUtUmn 2008 AEGEAN NEWS

B Unkering

ThreeYearsforAegean

inJamaica

B TheoDoRos MoTsenigos |STATIONMANAGER

KingstonistheprimarycityofJamaica,withatropicalclimatethatisnestledbetweenthe BlueMountainrangesandoneoftheworld'ssevendeep-seanaturalharbors.Initsfirst30 years,KingstonwasmerelyoneofthefourportsinKingstonHarbor,theotherthreehaving beenbuiltpriorto1692.Nowadays,itisoneofthemostactiveportsintheregion,notonly apassagewayinthecenterofCaribbean,butalsoaveryhospitableport,wideopentoour friendsandpartners.

1 1.BunkertankerBridgeduringManoeuvering2.CargoControlConsole3.BunkertankerMainDeck

2 3

10 AEGEAN NEWS aUtUmn 2008

TheCompany

In March 2008, Aegean Bunkering (JAM) LTD celebrated its third anniversary in Jamaica. Established in 2005 to supply quality bunker fuel in Jamaica the company succeeded to create reliable and high quality bunkering service. In 2005 we understood that bunkering business in Jamaica could grow and that is why we decided to create a company which could serve and increase the traffic in the port of Kingston and the greater area. The strategy turned out to be right. Until today more than 2,500 vessels supplied with more than 50% of them, called for bunkers only. Finally, Aegean's ALFA marine lubricants are now available in all Jamaican ports. Aegean directly provides Jamaica with every quantity of the full series of its marine lubricants (engine oils, auxiliary lubricants, synthetic lubricants and grease oils) in very competitive prices.

Aegean directly provides Jamaica with every quantity of the full series of its marine lubricants in very competitive prices

tors was to convince them to bunker their vessels in Jamaica and to prove to them that their demands in the stable quality of fuel and service are reachable. The results prove we have succeeded. It is well known that prices always played an important role in decision making. However, after many years of work in the bunker market, we understand that the best price is not the only advantage our clients are looking for. The quality of product and services are also very important. To attract more and more clients we have to guarantee the highest quality of our product and services.

4

QualityofProduct

Fuel and Gas Oil is loaded from a local refinery. Pre loading quality test are ensuring product's high quality in line with ASTM, IP, and ISO 8217:2005 specifications. Prior to load the quality of the product is monitored at the refinery on an on-going basis by a team of qualified chemists and analysts, using internationally recognized test methods, such as the ASTM-American Society for Testing Material Institute of Petroleum Standard Test Methods and the ISO.

FocusedStrategy fortheClients'Benefit

Against our regional competitors we follow one main strategy. This is to specialize in bunkering, directing our forces to build up a reliable service to supply high-quality fuel any time of the day. To achieve this goal we have a trained team of professionals and effective company management. Our quality management system allow us to fulfill and to control every stage of the process that a company is involved in: loading storage and supply.

5 4.Preparingforbunkering 5.Rescueexersise

MARPOL73/78AnnexVIand ShellMarineProducts

Our Products comply with the MARPOL Annex VI regulations--focusing on reducing air pollution from diesel engine exhaust gases--from the implementation date. To this end, we have updated our Delivery Procedures and Bunker Delivery Notes to include the requirement to report

Sulphur, Density, Vessel IMO number and Company's contact details, together with the MARPOL Statement of Compliance. Our Products ensure that the MARPOL Retained sample is taken as part of our delivery and handed to the receiving vessel for their retention for a minimum of 12 months.

SulphurOxides(SOx)Emissions

Regulation 14 (1) of Annex VI states that the sulphur content of any fuel oil used on board ships must not exceed 4.5% m/m. Our Quality Monitoring procedures are ensuring that not any ship will be supplied with fuel oil with

aUtUmn 2008 AEGEAN NEWS 11

TheMainStreams ofBunkerDevelopments

At the beginning many of our clients avoided fuelling in Jamaica having strong prejudice against it. So, that is why our main goal as bunker opera-

B Unkering

Our Quality Monitoring procedures are ensuring that no ship will be supplied with fuel oil with sulphur content higher than .% m/m

BunkerDeliveryNoteand SampleRequirements

Regulation 18 of Annex VI sets out the requirements for Bunker Delivery Notes and Retained samples. Our Bunker Delivery Receipt includes the following information: Name and IMO number of receiving ship Port Date of commencement of delivery Name, address and telephone number of marine fuel oil supplier Product name(s) Quantity in metric tones Density at 15 degrees Celsius Sulphur content (% m/m) Additionally, the Bunker Delivery Receipt include a declaration that the fuel oil is in conformity with regulation 14 (1) and 18(3) The MARPOL Retained sample is provided by and is being taken at the receiving ship's inlet bunker manifold, wherever it is safe and feasible to do so. Where this is not possible a suitable alternative location is agreed with the receiving vessel, to ensure that a representative fuel sample is obtained for each and every delivery.

monitoring of density and viscosity. The construction of bunker ship cargo tanks, together with local climate characteristics and our monitoring control, help to keep the product at a constant temperature above 45oC to avoid any biodeterioration. All cargo tanks and its associated piping are under scheduled inspections to ensure structural integrity and cleanliness for a proper product storage environment.

LocalFleet

Our ships are either constructed or upgraded specially for the purpose of bunkering operations. As such, the delivery operation is performed safely and on time following high standards.

6

BunkerShipsCharacteristics

The local fleet of ships consisted by three self-propelled oil tankers with carrying capacity from 5 to 8,000 metric tones. Ships are modern and of double hull construction.

RegulatoryCompliance

All ships are classed with IACS Classification Societies, flagged under International reputable Flag Administrations, insured under international recognized underwriters and certified as international trading ships. Under continuous inspection programs from all the statutory bodies, port state controls, and oil majors, all ships are of high operational standards and are continually improved, always to comply with the most stringent requirements.

7

Storage

The products, following loading from the refinery, are stored in our bunker ships which are equipped with the most modern monitoring and handling equipment. As an additional verification and follow up of product quality and stability, our bunkering ships are equipped with electronic quality analyzers from Anton Paar for continuous

8 6.OilPollutionboomdeployed 7.OilPollutionDrill 8.FireFightingExersise

MachineryandEquipment

All ships are equipped with highpowered engines and pitch propeller systems to ensure timely and efficient thrust gives the ship excellent steerage. Additionally, they are equipped with bow thrusters, increasing the maneuverability and dramatically

sulphur content higher than 4.5% m/ m in order to help our customers to comply with this regulation.

12 AEGEAN NEWS aUtUmn 2008

reducing the necessary room for maneuvers in places such as ports and confined waters. Finally, all critical parts are held in double, ensuring freedom from operational breakdown and facilitating continuous scheduled maintenance.

MooringandFendering

All ships are equipped with an adequate number of high strenth fiber mooring ropes. High performance mooring winches and associated guide rollers, fairleads and bollards, all regularly tested, are provided for handling the ropes. Finally, pneumatic fenders of a size meeting OCIMF recommendations are used as the primary fendering system and an additional ,secondary system is provided as well, to ensure a proper and safe mooring pattern under all conditions.

As an additional verification and follow up of product quality and stability, our bunkering ships are equipped with electronic quality analyzers from Anton Paar for continuous monitoring of density and viscosity

The number of compliment for every ship guarantees fatigue-free living of our seafarers and, together with the company's operating procedures, ensures a safe and environmentally friendly operation. through design and equipment, loading, discharging and cargo handling on board 3. Procedures, guidelines and monitoring of "safe" ships movement, such as using updated charting systems and nautical publications, bridge resource management, pilotage 4. For the prevention of air pollution, our ships use environmentally friendly fuels, such as marine gas oil with sulphur content less than 0,5%. If, despite the most stringent rules and the most thorough inspections, a ship gets into distress, our system of emergency preparedness will ensure a minimization of harmful effects to the environment.

PumpingArrangements

All ships are provided with dedicated piping systems for each grade to ensure contamination free operation. Pumps are driven by high-powered prime movers, ensuring high pumping rates and helping to keep the operation on schedule in line with our customers' commitments and the company's turnaround. Delivery of fuels is performed through flexible hoses, different for each grade, that are properly tested at regular intervals following proper handling and stowing procedures to ensure long life and excellent working condition.

ISM&ISPS

Our company and ships operate under certified Lloyds Register ISM & ISPS schemes in accordance to IMO's requirements.

EnvironmentallyFriendly Operation

Through our commitment to prevent pollution of the marine environment, special attention is paid to operations and the prevention of accidents. Objectives 1. "Clean" shipping operations, such as the environmentally proper disposal of oil, sewage, and waste, plus a use of tin free marine coatings, a reduction in levels of emissions from engines and boilers, and ballast water management 2. Procedures, guidelines and monitoring of "safe" shipping operations

Compliment

All ships are manned with seafarers certified as required by STCW95 with long standing experience in oil tankers and bunkering operations. As this is not sufficient in itself, continuous training and updating programs are established to ensure a safe and professional environment within the company.

Jamaica

AEGEANBUNKERING(JAM)LTD HarbourHeadPen,Rockfort Kingston2,JAMAICA,W.I. Phone:+18769387752 Fax:+18769388638 Mobile:+18763221087 email:[email protected] URL:http//:www.ampni.com

aUtUmn 2008 AEGEAN NEWS 1

1 AEGEAN NEWS aUtUmn 2008

Shipping

NewbuildingsinOperation

Aegean'snewbuildings,oneaftertheother,arearrivingatthestationswheretheywill beinservice.

M/TMAISTROSatthePortofRethymnon

/ MAISTROS totheGreekIslands

On September 22, the tanker M/T MAISTROS successfully completed its first fuel delivery to the Aegean islands. The ship's first stop was in Crete, where the people of the city of Rethymnon spoke very warmly about the captain and the crew of the ship. The pioneer Bottom Loading system of the tank trucks impressed all visitors, with its environmentally friendly characteristics and the accuracy and precision of fuel loading on the trucks. The gas stations owners, impressed by this new technological innovation of Aegean, expressed their view that the company will continue with the same passion and care in the supply of fuel to Crete as well as to the remainder of the Aegean islands. MAISTROS' next stop was in the island complex of the Cyclades. In one day MAISTROS supplied fuel to gas stations in Naxos and Syros, with success, demonstrating again its great capabilities as the first tanker-car ferry in the speedy supply of fuel to

gas stations in the Aegean. We wish MAISTROS calm seas and to carry out successful operations in all its journeys.

M/TKIMOLOSOperatesSuccessfullyinSingapore

/ KIMOLOS was delivered to Singapore Station in early March of 2008, from Fujian South East Shipyard in China, joining sister vessels MILOS and SERIFOS. The ship, manned with a compliment of 13, with local Master, and Philippine Engineers/Officers, and equipped with the latest cutting edge technology equipment for the local bunkering trade and operations, is expected to propel Singapore Station to a greater level of volumes, to be delivered in the very near future. To date, the vessel's out turn performance was 350,000 MT, delivered successfully.

M/TMYKONOS JoinsGibraltarFleet

M/T MYKONOS, the latest addition to Aegean's fleet in Gibraltar, arrived at its station on August 19. MYKONOS is the second of the newbuilds to be stationed in Gibraltar, and is a further manifestation of Aegean's ongoing commitment to modernize and improve the fleet stationed at Gibraltar in order to maintain our position at the forefront of the busiest bunkering port in the Mediterranean.

aUtUmn 2008 AEGEAN NEWS 1

AegeAn MArine petroleUM

Caribbean represent over 35% of the world's bunker demand and supply. There is a substantial maritime presence in the State of Florida, along with four major ports, in addition to it being the home to the world's largest cruise ship operators. In addition, a large number of shipping, Marine Fuel and Industrial Fuel conferences take place in Miami, so there is little doubt that it is a very convenient location.

NorthAmericaiscertainlyalargeandattractivemarketfora companysuchasAegean.Howareyouapproachingthismarketsoyouarepositionedforcontinuedgrowth?

ViewofAegeanMarinePetroleumofficesinMiami

WhatisthebackgroundofAegean'spresenceinFlorida?

I recall when we announced the opening of the office we spoke about the importance of Florida as a strategic hub for Aegean's marketing and business development activities, not only in the Americas and the Caribbean, but globally. We already had an operation underway in Jamaica and have since expanded into Canada and Mexico and plans are to continue this expansion in a logical and disciplined manner. There are plenty of opportunities; after all, the Americas and the

The Miami office's primary area of responsibility is to seek out and develop opportunities that will expand Aegean's activities in the region and globally. The industry is undergoing significant changes propelled in large part by the acceptance that marine fueling is an important part of the transportation and port infrastructure. Fueled by higher prices in oil, ship owners today are more aware of the impact this variable cost has on their entire operation and for these reasons, suppliers that meet stricter criteria supported by stronger balance sheets are able to differentiate themselves from the smaller, less capitalized companies. This has given rise to numerous opportunities, some of which Aegean Marine Petroleum (AMP) is considering. We have to ensure that we approach each opportunity in a manner that makes most sense for Aegean's model and ultimately its shareholders. Acquiring ICS was a very good example of this strategy. It gave us an opportunity to plant the Aegean flag in North America and just as important ICS was a very good fit for us.

AsAMPcreatesaglobalbrandinthebunkeringmarket,how istheentrytoNorthAmericaproceedingandhowwouldyou gaugetheresponsetodate?

There is little doubt how Aegean's brand name, brand identification and loyalty have all increased and had such an impact over such a short period of time. It's a tribute to its very strong management and an underlying belief that in this day

SteveLeonard--

1 AEGEAN NEWS aUtUmn 2008

AegeaninTheAmericas

Mr.SteveLeonard,VicePresidentofAmericas,basedinMiami,speakstoAegeanNewsabout AegeanMarinePetroleum'sentryintothisdynamicmarket.

and age success is not only about understanding customer wants and needs, it is about molding the organization to the market. We are not here just to convince the market that we have what the market wants. This is important not only in the Americas but globally because what works in one area might not in another, so while we try to ensure that we remain consistent with our overall business plan we accept that some tweaking along the way is necessary. As such, our approach has to be very methodical and calculated. As for the response, we believe it has been very favorable: there is considerable appreciation in our efforts to become an integral and important independent service provider on a global scale. We are in the process of introducing our Aegean marine lubricants branded product, ALFA Lubes, in the Americas. We currently supply ALFA lubricants in Singapore, Greece, Sri Lanka, and North-West Europe and in the last quarter we were pleased to start offering in Jamaica. We have identified several other locations in the Americas to roll out ALFA Lubes in the very near future.

What are some of the special characteristics that define the Americasthatmightbedifferenttootherpartsoftheworld?

By in large, there are far more similarities than differences. Shipping is an international business that has one common theme: efficiency. The metrics are all the same. You get measured on performance, which encompasses the whole gamut of services and for Aegean to be efficient it needs to control and manage the supply chain. Coupled with this are the variables that we can't directly control but we hold fast to, such as initiatives and legislation to preserve the environment and the seas. The implementation of double hull legislation, an integral part of Aegean's value proposition, had its roots here in the US, the result of the Exxon Valdez incident in Alaska. When it comes to emissions, the Europeans have led the way with enforcement zones and various local directives such as the 2005/33/EC and on that front, it could be said that they are ahead of the U.S. and the Americas. However, I believe most people involved in our industry, specifically in the U.S. will agree, it is only a matter of time before similar enforcement measures become the norm here in the U.S. starting, in all likelihood, on the U.S. West Coast. We continuously monitor these potential changes to ensure that we are prepared.

WhatarethegoalsofAMPasitentersthismarket?

I mentioned earlier that the Americas represent a very large market both from the supply and customer point of view. In addition, there is a large number of brokerage and trading houses, both of which can play an integral role in the pro-

curement process. Our presence here is in line with expanding our global network. As with any market Aegean has entered or intends to enter there is one constant: we strive to offer a service second to none by directly controlling the whole supply chain from the purchase of the oil, the shipping, the storage, blending, and delivery, including the post delivery information flow. We do so by supporting each link of the supply chain with a strong technology platform and support system. This is critical in a global organization. AMP is one of very few suppliers in the marine fuels segment that can lay claim to full ownership, management and control of the supply chain. We monitor each and every step of the delivery process which results in best in class practices in service, product quality and customer satisfaction. If we can't achieve this in its entirety we don't get involved. It is a very exciting time for AMP: we have undergone tremendous growth in a very short period of time and while we look to continue this growth by opening up new supply centers we also continuously strive to grow organically in our ongoing supply centers by constantly adjusting to market conditions.

aUtUmn 2008 AEGEAN NEWS 1

StAtionS oF the Month

EfremidisIoannis--NeaSantaKilkis

TheLastPersontoEverLeaveAegeanWillBeMe

Wetalkedwiththegasstationownerrecently,onaveryhotdaywheneveryonewasheadingfor abeach.Oralmosteveryone.Somepeoplehadtoworkandjustdreamofarefreshingdive.One ofthemwasMr.Efremeidis.

is gas station is a family business, located on the main street in Nea Santa and the surroundings are impressive.

Mr.Efremidis,haveyoubeeninthisprofessionlong?

H

FromwhatIunderstandyougasstation openedupasanAegeanstationfromthe very beginning. What made you decide cooperationwitharathernewcompany inthissector?

No, not at all. I started almost two years ago. Before that I worked with my taxi in Thessaloniki.

Andwhatmadeyoudecidesuchachange?

I wanted a job that I could pass on to my kids. I did not want my son to get involved with the taxi business. I took this decision when my son went to serve his army term. And I started the preparations to set up such a business. And I got into this scrape!

What exactly do you mean by that? It soundsasifyouregretit.

Well, no, but it is a complicated business that requires my presence and involvement all day long, every day of the week. A prison! For a person like me who used to be moving around and especially this season of the year, you see I love underwater fishing, it is a difficult situation. Other than that I have no regrets.

I have known Iakovos Melissanidis for a long time, since my taxi years in Thessaloniki. We had spoken many times and I had realized that he has many elements of my character, elements of our origin. You see I am a Pontian too. When I decided to get involved in this business I got in touch with him and I was satisfied with what I heard. I already knew about Aegean, I had shaped the best possible picture in my mind. At the time many other fuel trading companies approached me and offered me some type of cooperation. I turned all of them down. Not only because I was convinced about the type of cooperation I would have with Aegean but because I do not go back on my word. And I have not regretted it!

Did you face any problems when you started,giventhefactthatyouwerenew inthisbusiness?

local administration, I know a lot of people, and many people know me. I must tell you that from the very beginning I was convinced that everything would l go extremely well. There are four or five other gas stations along this same street and many of my associates expressed some reservations. I did not have the slightest doubt. I was proved right and now everyone tells me that my instinct was correct. And this is only the beginning!

HowwouldyoucharacterizeyourcooperationwithAegeanuptonow?

I faced no problems whatsoever. I am a person with excellent public relations, I am actively involved in the

Our cooperation is excellent. Whatever problem I may have it is dealt with immediately. All the Aegean people are excellent. Thanasis Vamvakas, Pavlos the engineer, the people in Athens, everybody.

How do you imagine the future of this cooperation?

When I decided to get involved in this business I got in touch with Iakovos Melissanidis and I was satisfied with what I heard. I already knew about Aegean, and had shaped the best possible picture in my mind.

1 AEGEAN NEWS aUtUmn 2008

I will tell you this. No matter what happens I will be the last one to ever leave Aegean!

MarkosGrammenidis-- 2ndKilometerN.R.Komotini-Xanthi

WithAegeanOurConsumptionDoubled

Gasstationownersarebusypeople.Aegean'sgasstationownersaremorethanbusy.The nameAegeanisgettingwiderrecognitionanddemandisconstantlyincreasing.

O

ne very busy gas owner is Mr. Markos Grammenidis. It took a lot of effort and an actual "chase" between Komotini and Thessaloniki, during morning, afternoon, and evening hours to finally pin him down to have a talk. Mr. Grammenidis station is a personal business. He operates it himself together with seven employees. He started in the fuel business in 1996. Before that he was a motorist. When he opened his gas station he had already agreed to cooperate with one of the big names in the fuel trading business. He will talk about this cooperation later. In 2000, this gas station owner makes a very important decision. He decides to put an end to the cooperation, changes the station's logo

and starts a new cooperation with Aegean.

Whydidyoudecidetoswitchtoanother companyandwhydidyouchooseAegean tobethatcompany?

The reasons were two. The first reason was the difficulties I started to have with my previous cooperation and the second, and main, reason was Iakovos Melissanidis. Long before Aegean's Alexandroupolis installations were in place, Mr. Kapnisis, together with Iakovos Melissanidis, stopped at my station to fill up. They introduced themselves, we talked a little bit, and just as they were driving away Iakovos turned around and said, "The two of us will talk again. " Time went by. Things had started to get heavy in my cooperation with the

previous company. Mr. Grammenidis does not go into details; he just mentions that he felt under a lot of pressure -I already knew about Aegean and its competitive prices. I remembered the encounter with Iakovos and I got in touch with him. The two of us talked again as he had foreseen. From that moment on things moved smoothly and naturally. Our relationship became friendly, and as a matter of fact, last year he became the best man in my wedding. The change not only did not cause any temporary problems, but "with Aegean our consumption doubles." The gas station is located on the N.Road Komotini-Xanthi and there are nine more gas stations nearby.

How are things with such competition? Anyproblems?

Aegean's prices and the quality of its fuel are by themselves the best advertisement ever

I do not have any problems whatsoever. Not only do I have my steady customers, but more and more consumers are constantly being added to our clientele. Aegean's prices and the quality of its fuel are by themselves the best advertisement ever, and the Aegean brand name is by now well known.

What is your assessment of this cooperationsofar?

I am pleased, no complaints. Even if I have a problem I know the response will be immediate. And this is enough for me!

aUtUmn 2008 AEGEAN NEWS 1

r etA il

PositiveAegeanSalesResults DuringA'Semester2008

KonsTanTinos PouRsaniDis|GENERALMANAGER

espite the unfavorable market conditions, the conjuncture of the dramatic rise in crude oil prices and consequently of its products in the international mar20

D

kets, Aegean, in the first semester of the current year established itself in fourth position in gasoline sales, with a 9.1% market share. (Table I). According to the Ministry of Development data, stagnation was registered in fuel consumption in the domestic market, compared with the

corresponding semester of 2007. During the same period Aegean registered an increase in total fuel sales of 3.97% (Table II). Specifically, the increase in automotive fuels came to 9.18%, a remarkable percentage increase, given the current market conditions.

GasolineMarketSharesA'Semester2008

16.6 16.6 15.7

15

% 10

9.1 7.0 5.9 5.3 5.2 4.9 3.1 2.5

5

2.4 1.4 1.3 0.9 SUN OIL 0.9 KMOIL 0.5 ARGO 0.4 GALLON 0.3 MEDOIL

0 SHELL EKO JET OIL SILK OIL EL PETROL AEGEAN AVIN ELIN REVOIL ETEKA CYCLON KAOIL DRACOIL BP

0.1 BITOUMINA

TABLE I

SOURCE: MINISTRY OF DEVELOPMENT

PercentageIncrease/DecreaseofDomesticMarketSalesA'Semester2008vsA'Semester2007

PRODUCT SUPERL.R.P. UNLEADEDPETROLU95 UNLEADEDPETROLU100 DIESELENGINE DIESELHEATING TOTALFUEL

TABLE I

TOTALCOMPANIES -22.44% 0.49% -0.47% 9.61% -5.51% TOTALGASOLINE TOTALFUE -1.59% -0.87% -0.06% -16.79% 10.68% 9.27% 10.61% -5.50%

AEGEAN TOTALGASOLINE TOTALFUEL 8.35% 0.95% 3.97%

SOURCE: MINISTRY OF DEVELOPMENT

20 AEGEAN NEWS aUtUmn 2008

lUBriCA ntS

ALFAMarineLubricants

B Paul ioanniDis |MARINELUBRICANTSMANAGER

AsweannouncedinapreviousissueofAegean News,ourcompany,withtheacquisitionofthestateof theartTexacoblendingplantinAspropyrgos,inauguratedanewlineofmarinelubricants,characterizedby thelatesttechnology,whichittradesinGreece,Singapore,Malaysia,Jamaica,SriLanka,NorthernEurope, Gibraltar,andverysooninthePersianGulf,intheGulfofMexico,inPanama,inChinaandinSouthAfrica.

aUtUmn 2008 AEGEAN NEWS 21

l U Bri CA nt S

Lubricants are the "blood of the engine," as experienced engineers say, and as a result the correct lubricant choice is of the utmost importance

that there exists the need for continuous technical updating which, moreover, must focus on the essence of problems and on the constant developments in marine lubricants, without demanding another theoretical bibliographic approach, providing solutions and answers directly to the people of this market. The international developments in the use of low sulphur fuels, and consequently different lubricants, the mixing capacity of products by different suppliers, the use of synthetic lubricants instead of simple mineral oils, the dealing with the mixing of different types of lubricants, the possibility of using one of the lubricants available in the ship in the case of emergency when the suitable product is not available, and developments in basic oils and in chemical additives are a few of the problems lubricants managers in shipping companies often have to deal with. In light of these issues, our company will inform the market on a regular basis, through Aegean News magazine, on technical issues such as these. Furthermore, we will be at the disposal of all the people in the shipping community (shipowners, technical managers, chief engineers, supply managers) whether they are our clients or not, on any question of technical nature they may have, which they may submit, as of now. To the following electronic address: [email protected]

t is a fact that the efficient lubrication of a ship is a very complex and demanding procedure. The ship is a floating plant with hundreds of pieces of equipment and machinery that require advanced technical knowledge and experience for their operation and maintenance, as well as for their proper lubrication. At Aegean, we consider lubricants a factor of grave importance for the engine's proper function, maintenance, and cost saving. Lubricants are the "blood of the engine" as experienced engineers say, and as a result the correct lubricant choice is of the utmost importance.

I

It is also important to point out that Aegean's ALFA marine lubricants are certified by the biggest manufacturers of marine engines, (MAN, WARTSILA) and by the world famous INTERTEK (Caleb- Brett). Following continuous laboratory analyses and exhaustive tests on board the ship by engine manufacturers, Aegean acquired these important certifications in order to be the shipowner's top choice. Therefore, through its extensive experience in sales, in production and in dealing with technical lubrication problems, our company believes

22 AEGEAN NEWS aUtUmn 2008

Aegean offers its clients a complete chemical analysis service on used lubricants through its fully equipped and manned laboratory at the Aspropyrgos plant. Finally, at Aegean's web site (www. ampni.com) you may find all technical specifications, product correspondence, MSDS and the like of ALFA marine lubricants. Below we present the use of different types of lubricants applicable for a ship's main equipment. In general, a typical series of marine lubricants includes the following products: Cylinder oils Crosshead diesel engine oils Trunk piston engine oils HSD engine oils Turbine oils Hydraulic oils Gear oils Compressor oils Refrigerating oils

All the above are available in various viscosity and alkalinity levels, and are employed depending on the use and the instructions of each manufacturer. The categorization of viscosity is done: per SAE for engine oils (Cylinder oils, system lubricants, generator lubricants, Trunk piston engine oils) per ISO for secondary oils (Hydraulic oils, turbine oils, compressor oils, gear oils, coolants) per NLGI for greases The use of the various types of lubricants is depicted below:

LPG / LNG Compressor oils Open gear Greases Rust preventives Coolants Synthetic lubricants Stern tube lubricants

Following continuous laboratory analyses and exhaustive tests on board the ship, ALFA marine lubricants are the shipowners' top choice

aUtUmn 2008 AEGEAN NEWS 2

l U Bri CA nt S

AEGEANmarinelubricantsFullProductRange (ALFAseries)

Applications

1.AirCompressors ALFACOMPACoils Minerallubricantsforreciprocatingair compressors ALFAREFSoils Syntheticlubricantsofalkylbenzene (AB)typeforaircompressorsand refrigerationcompressorsthatuseR22, R114refgases. ALFASYNTHDEoils Syntheticlubricantsofdiester(DE)type forturbocharger,reciprocatingandscrew aircompressors 2.Autopilot/Radar HYDRALFAHVIoils HighVIhydraulicoilsmeetingDIN51524 ­part3HVLPspecs 3.BowThrusters HYDRALFAHVIoils HighVIhydraulicoilsmeetingDIN51524 ­part3HVLPspecs 4.DeckCrane HYDRALFAHVIoils HighVIhydraulicoilsmeetingDIN51524 ­part3HVLPspecs ALFAGREASELi2 HighperformancemultipurposeEP Lithiumgrease 5.DieselEngineGenerators ALFAGENoils Premiumqualitytrunkpistonoils(APICF) forenginesburningMDOorMGO ALFAMARoils Premiumqualityhighalkalinetrunkpiston oilsforenginesburningHFO/IFO BNavailable30,40,50 6.HatchCovers HYDRALFAHVIoils HighVIhydraulicoilsmeetingDIN51524 ­part3HVLPspecs ALFAGREASELi2 HighperformancemultipurposeEP Lithiumgrease

2 AEGEAN NEWS aUtUmn 2008

7.LifeBoatWinch HYDRALFAHVIoils HighVIhydraulicoilsmeetingDIN51524 ­part3HVLPspecs ALFAGREASERG EPgreaseforopengears&wireropes 8.LifeBoatEngine ALFADIESEL15W40/20W50 Multigradedieselengineoilsforheavy dutymodernengines. TheymeetAPICI4(15W40)/CH4and ACEAE7(15W40)/E5specifications ALFAGREASELi2 HighperformancemultipurposeEP Lithiumgrease 9.MainEngine a.CrossheadDieselEngine ALFACYLO570 Supremequalitycylinderoilforthe lubricationoflowspeedmarinediesel enginesburningHFO ALFACYLO540LS Highperformancecylinderoilforthe lubricationoflowspeedmarinediesel enginesburningLowSulphurFuel ALFASYS305 Alkalinesystemoilusedinthecirculation systems'lubricationoflowspeed crossheadmarinedieselengines b.MediumSpeedTrunkPistonDieselEngine ALFAMARoils Premiumqualityhighalkalinetrunkpiston oilsforenginesburningHFO/IFO BNavailable30,40,50 ALFAGENoils Premiumqualitytrunkpistonoils(APICF) forenginesburningMDOorMGO 10.MooringWinch HYDRALFAHVIoils HighVIhydraulicoilsmeetingDIN51524 ­part3HVLPspecs ALFAGEARoils E.P.minerallubeoilsforenclosedgears operatingathighthermalloadorspeed. (API51517part3CLP) ALFAGREASERG EPgreaseforopengears&wireropes

11.PitchPropeller ALFATURBOoils Mineraloilsforuseinmarineturbinesof alltypes(steam,hydraulic,gas)aswellas inreductiongears 12.Pumps HYDRALFAHVIoils HighVIhydraulicoilsmeetingDIN51524 ­part3HVLPspecs ALFATURBOoils Mineraloilsforuseinmarineturbinesof alltypes(steam,hydraulic,gas)aswellas inreductiongears 13.Purifiers ALFAGEARoils E.P.minerallubeoilsforenclosedgears operatingathighthermalloadorspeed. (API51517part3CLP) ALFASYNTHGEAR220 Highperformancesyntheticgearoilof PolyalfaolefineType(PAO) 14.RefrigerationCompressors ALFAREFoils Minerallubricantsforrefrigeration compressors ALFAREFSoils Syntheticlubricantsofalkylobenzene (AB)typeforaircompressorsand refrigerationcompressorsthatuseR22, R114refgases

15.SteeringGear ALFATURBOoils Mineraloilsforuseinmarineturbinesof alltypes(steam,hydraulic,gas)aswellas inreductiongears HYDRALFAHVIoils HighVIhydraulicoilsmeetingDIN51524 ­part3HVLPspecs ALFAGEARoils E.P.minerallubeoilsforenclosedgears operatingathighthermalloadorspeed. (API51517part3CLP) 16.SternTube ALFASYS305 Alkalinesystemoilusedinthecirculation systems'lubricationoflowspeed crossheadmarinedieselengines ALFAGEARoils E.P.minerallubeoilsforenclosedgears operatingathighthermalloadorspeed. (API51517part3CLP) 17.TurboChargers ALFATURBOoils Mineraloilsforuseinmarineturbinesof alltypes(steam,hydraulic,gas)aswellas inreductiongears HYDRALFAHVIoils HighVIhydraulicoilsmeetingDIN51524 ­part3HVLPspecs ALFASYNTHDEoils Syntheticlubricantsofdiester(DE)type forturbocharger,reciprocatingandscrew aircompressors ALFASYNTHPAOoils SyntheticlubricantsofPolyalfaolefine (PAO)typeforturbochargersandrotary aircompressors 18.Windlass HYDRALFAHVIoils HighVIhydraulicoilsmeetingDIN51524 ­part3HVLPspecs ALFAGEARoils E.P.minerallubeoilsforenclosedgears operatingathighthermalloadorspeed. (API51517part3CLP) ALFAGREASERG EPgreaseforopengears&wireropes

aUtUmn 2008 AEGEAN NEWS 2

helleniC environMentAl Center

TheEnvironment isnotNegotiable

B PanayioTis sTaMaToyiannis |HEC

Focusedonitsbasicgoal,whichistheprotectionofthemarineenvironment,HECfurtherpursues itsactivitieswithnewcooperationagreements.

CompanytanktruckprovidesservicestothehistoricsailingvesselEscuelaEsmeralda,thepride oftheChileanNavy.TheEscuelaEsmeraldaisoneofthebiggestsailingvesselsintheworld, andrecentlysailedtotheportofPiraeusaspartofatrainingjourneyforChileanmidshipmen.

W

ithin this framework HEC renewed its cooperation with O.L. Piraeus (Piraeus Port Authority and with O.L. Elefsis (Port Authority of Elefsis) with new contracts, which resulted following public tenders, where HEC was once again selected Contractor. Furthermore, under the same procedures, HEC started a cooperation with the Port Authority of Heraklion, where it established all required installations with the required technical, administrative and working personnel. To achieve the more effective protection of the marine environment, contemporary international environmental

legislation, under the doctrine "the environment is not negotiable," obligates all ports (even marinas and fishing bays) to provide thorough and efficient Reception Facilities. These strict demands resulted in more and more ports coming to us, as they all know our efficiency and quality of services and, as a result, our Company recently signed new contracts with:

FthiotidaPortFund ChiosPortFund KefaloniaPortFund HydraPublicPortFund KalymnosPublicPortFund AgetHeraklis(MilakiAliveri)

ElefsinaShipyardsInstalltions SoyaHellasInstallations(Chalkida) ShellHellasInstallations(Amphilohia) ShellHellasInstallations(Perama) ShellHellasInstallations(Chania) BPHellasInstallations(Aspropyrgos) BP Hellas Installations (alamata) PHellasInstallations(Linoperamata B Heraklion) BPHellasInstallations(Igoumenitsa)

Furthermore, since HEC's reputation has by now traveled beyond Greek borders, major international ports require its services, and with some of these ports HEC is in the final stage of signing relevant contracts.

2 AEGEAN NEWS aUtUmn 2008

environ M ent

PlanetEarthSOS

B PanayioTis sTaMaToyiannis |HEC

Rapidtechnologicaladvancement,mainlyduringthe20thcentury,hasledmantoafrenzied rhythmofproductionandtheuseoftechnicaldevicesonaneverydaybasis.

Seeing that he managed to enjoy more and more comforts, man lost the "measure" of things, which ended in overproduction, over consumption, the waste of energy, and the mismanagement of natural resources, as if each generation was the last one to inhabit the earth. Our planet has a changed face, temperatures have risen, forests from trees have decreased and forests from skyscrapers have increased. The rate of development is out of control. It is not natural for a human being to live on the 40th floor, to consume homes of hundreds of square meters, to use two or more cars, to build in forests. The ravaged planet, with its destroyed forest, melting ice, ozone hole and climate change, has started to react more and more intensely and to sound the alarm. These phenomena have awakened humanity and, even with a delay, people and governments have decided to react drastically. People seem to have come out of the lethargy they were in, either by need or by ignorance. They started to review some wrong impressions they had about the use of the environment and realized that every generation is a user of the environment and not an owner. They understood that the environment is the most important heritage passing from one generation to another. That we must not only pass on to our children and grandchildren a higher level of civilization, but we must give up certain comforts in favor of the generations to come. People decided to get together under this cause and do something about it. They started to rally in Rio de Janeiro, in Kyoto, in Montreal and elsewhere, to legislate passing stricter rules aiming at the protection of the planet. At a European level, Community Directive 2000/59/U was issued, giving directions to all Community members regarding the protection of the marine environment, directions which our country adopted by LAW 3418/07/02. With this legislation, which has a mainly preventive character, Reception Facilities were required in the ports of all Community Members A waste management plan was implemented in each port, with high standard welcome facilities, under the constant monitoring by responsible authorities A fee was established on all arriving vessels for the management of their waste Strict and regular inspections on ships has begun But compliance with these laws is based mainly on the conscience of citizens. The introduction of laws without the simultaneous development of citizens' environmental awareness is not sufficient for the protection of the environment. Individuals, groups, even whole nations, violate the international laws for the protection of the environment, placing their personal, or national interests above the common interest of people, the interests of coming generations, in one word, the interests of the planet itself. They forget that technological achievements have no value whatsoever if people do not survive to enjoy them. We Greeks must not forget that the sea is a source of life for the whole world and especially for Greece. From our ancestors we inherited a strong shipping sector, ranked first in the world, and we must maintain this position if we are to preserve our main national resource, the Shipping Exchange. Thousands of kilometers of coastline, combined with the Mediterranean climate, constitute a great privilege, attracting significant tourism exchange, and at the same time creating great responsibilities and multiple obligations. It is a national duty for all Greeks who make a living from our marine and coastal wealth to keep our seas clean. Nevertheless, satellite photos--the district attorney of the environment!!!--show that the Mediterranean is still being polluted by illegal jettisons of oil products. We acknowledge the significant steps that have been taken for the protection of the environment, mainly where the State goes hand in hand with private initiative. However, never has what Hippocrates stated in 429 B.C. been more timely: "Nature is the most dominant ruler of all."

aUtUmn 2008 AEGEAN NEWS 2

Children And the environMent

I Protect the EnvironmentI Safeguard my Future

We do not have to make great sacrifices in order to save our planet. All that we need to do, with care and love, is to change our everyday habits, at the same time passing on the message, with persistence and patience, to friends and relatives, to our neighbors and classmates.

I Fight Pollution, I Save Energy, I Protect Natural Resources

IBecomeInformed

Wetlands

A wetland is a region covered by water (stagnant or running, salty or brackish water) permanently or occasionally. A wetland can also be a region which is not covered by water, but whose substratum is wet for large periods of time. Shallow lakes and rivers, lagoons, swamps, fens and moist meadows are wetlands. In 1971, in the city of Ramsar in Iran, 158 countries signed the Ramsar Treaty for Wetlands, expressing their commitment to protect wetlands, securing a healthy, clean environment for future generationAs. Wetlands are among the most valuable resources of our planet, topped only by tropical forests in biodiversity and productivity. Plants, invertebrates, and a large number of migrating birds and fish find refuge in wetlands, with food and favorable conditions, to spend the winter, and all these species form a complex food chain. In Greece, at least 138 bird species, some of them declared endangered species, depend to a large extent on wetlands. Also, more than 110 fish species inhabit our country's lakes and rivers. Furthermore, wetlands provide refuge to mammals such as otters (Lutra lutra), and jackals (Canis aureus), while smaller wetlands provide home to a large number of amphibians and reptiles. Some very common species in Greek wetlands, such as the frog Rana ridibunda, the water snake Natrix natrix, and the water turtles of the Emydidae family, are in danger of extinction in Europe. Bad management of wetlands has catastrophic consequences for their survival and for the health of humans. Climatic changes causing extreme dryness in wetlands and the pollution caused by human activities have resulted in the reduction of drinking water resources. Many diseases, such as cholera and malaria, find a fertile ground for development in badly managed wetlands. More than 3,000,000 lives are lost every year because of these diseases. Let us all strive to keep wetlands healthy!

IFightPollution

reduce re use recycle

Reduce- Reuse

plastic bags

According to estimates, every year in the whole world more than 1 trillion plastic bags are distributed. Three out of four are distributed in super markets. Reduce their use or, if possible, stop using them all together. When you go shopping, you can take bags with you from previous shopping trips or even better, cloth or paper bags.

Recycle

packing

There are recycle bins in most neighborhoods. Make the effort, change your habits, and recycle the packing of products you have already used. Try to use products with packing that is friendly to the environment. Glass, aluminum, and paper are the best materials for recycling.

electric snd electronic equipment

Did you know that European legislation obliges European citizens to systematically collect every year at least 44,000 tones of electronic waste, which correspond to 4 kilograms per citizen, to manage it and dispose of it in a way that will not harm the environment? So, do not throw in the garbage electric and electronic equipment, because they contain dangerous substances. Just one battery with cadmium can contaminate 600,000 liters of water. The best solution for equipment that has completed its life cycle is to recycle. Also, it is

2 AEGEAN NEWS aUtUmn 2008

PaintyourLifeGreen!

best to buy re-chargeable batteries. According to estimates, 180,000 tons of electric and electronic equipment are produced in Greece every year. Unfortunately, according to data for the first 8 months of 2007, only 16, 674 tons of this equipment have been recycled. By recycling electronic equipment We avoid polluting air and water with dangerous substances We reduce the volume of waste sent to the Sanitary Waste Disposal areas We contribute to the re-use of materials, for the production of which, more work hours, energy and natural resources are spent

Plant a Tree

Trees absorb carbon dioxide from the atmosphere and reuse it as a source of energy, emitting oxygen. Just one tree, during the course of its life, can reduce carbon dioxide emissions by 100-1,000 kilograms. Plant a tree in your back yard, on the balcony, or in the sidewalk outside your house, and adopt it for life.

Decorate the Interior of your House with Plants

Plants, with their roots and leaves, absorb pollutants in interior areas from the air and clean it. Research supports that cactus plants absorb, to a large degree, the electronic waves of computers. Discuss these ideas with your parents and put plants inside your house. They will brighten up your lives and protect your health!

MAKE YOUR EFFORT A WAY OF LIFE, SO THAT THERE CAN BE LIFE!

aUtUmn 2008 AEGEAN NEWS 2

MAritiMe trAdition

GreekSeamanship intheByzantinePeriod

Constantinople,thecapitalofByzantium(330A.D),wasaveryoldcommercialharborand eventuallybecametheheartofByzantineseatrade.

reeks were by far the biggest majority in the population of Byzantium, they retained their influence on this eastern part of the Roman Empire and as a result were again able to expand and further develop their activities in shipping, and to once again create a long history of maritime tradition. In examining this tradition we are able to discover that is was the policies in shipping adopted during Byzantium that greatly assisted in the success of the Greek merchant marine fleet throughout the centuries that followed. Emperor Nikiforos, in 803 A.D., founded the first marine bank in history. The bank would loan money to captains and shipowners for the building of ships and charge 17 percent interest. There was a Ministry of Mercantile Marine, which exercised the necessary control over the merchant marine industry, and which would measure ships, establish ownership, register the vessels, and maintain a register of accredited captains. Also in the Byzantine era, "policy makers" established mutual insurance, in other words the P & I Clubs, laws concerning insurance claims, maritime loans, the responsibilities of the shipowner, and regulations governing the relationship between the owner and his crew. But as history repeats itself, there came a time, from about the 8th Century A.D., that the decline of the Byzantine Empire began, first by allotting respon-

G

DromonByzantinecargoship

sibilities for sea trade in the Mediterranean to Italian cities including Amalfi, Genoa, and Venice, and also because the Arabs were becoming stronger. From the 13th century, Byzantium lost substantial power and influence to the Italian cities and Greek merchant marine reached a low point in its history, although Greek seamen continued to play an important role by serving on foreign ships. On the eve of the Ottoman conquest, conditions in Byzantium would lead one to assume that Greek maritime activity was insignificant. Long before the Fall of Constantinople, the Byzantine Emperors became puppets in the hands of the Italian commercial republics, notably Genoa and Venice. With the Empire's trade completely ruined, we can hardly speak of a maritime economy. Whatever maritime activity was still in Greek hands was of a local nature and economically inconsequential, as both external and regional coastal trade was now in the hands of the Italians. Because of this downfall of the

Byzantine economy, the Venetians and the Turks were the beneficiaries of the skills of the Greek craftsmen and seamen of the coastal regions of the Aegean and the Black Sea. Having lost its economic vitality, Constantinople was unable to continue her naval tradition; commerce, shipbuilding and specialization in navigation had now passed to foreign hands. In the islands, however, under Venetian, Genoese, and even Turkish domination or occupation, shipbuilding continued. The Greek islanders ranked among the finest galley builders in the first half of the 15th century. The Greek merchant marine remained almost insignificant until the 18th century, from which time it started to diversify and expand its activities. This was the direct outcome of the emergence of a powerful Christian merchant class that was able to capture, not only the local and the regional trade, but also that of the Eastern Mediterranean, South Russia, and part of Central Europe.

0 AEGEAN NEWS aUtUmn 2008

the

Aege An

iMA g e

Productsthatsay

"We`redifferent"

Aegeanisproudofthecontemporaryimageofitspetrol stations.Stationpersonnelenhancethe"AegeanLook" throughclothingandproductsthatreflecta commitmenttoqualityandcustomerservice.

aUtUmn 2008 AEGEAN NEWS 1 aUtUmn 2008

Aegean

RETAILMARKET

Energy for the Future

AegeanisGreece'smostdynamicenergy,petroleum,andshippinggroup.ThecompanyhasanetworkofretailgasstationsthroughoutGreece,isactiveinmarinefuelsandlubricants,andoperates afleetoftankersandbargesinternationallyanddomesticallytotransportpetroleumandbunkers foritsglobalbaseofclients.

Throughitsfast-growingnetworkofgasstations,AegeansuppliesdriversinGreecewithgasoline and automotive lubricants. Aegean's modern, well-maintained gas station network has won the trustofdriversduetothehighqualityproductsandservicesitoffersatcompetitiveprices.Inaddition,Aegeandirectlysupplieslargeindustrialclientswithpetroleumproductsof allgrades,owingtotheconsistencyandserviceofitstransactions.

BUNKERFLEET

NYSE listed Aegean Marine Petroleum Inc., with an exclusively double hull fleet--of which nine ships are newbuildings--is the natural supplier of marine fuels at 12 of the most significant ports in the world. Furthermore, with its 22 newbuildings program in progress and the continuous opening of new stations, it is one of the most dynamically developing divisions Of the AegeanGroup.

BUNKERING

Aegeanprovidesoneofthemostefficientandresponsivebunkering servicestoclientsworldwide.Itsshipsneverstopsailinganditsservices areavailable24hoursaday,365daysayear. Aegean operates bunkering stations in Piraeus, and in Gibraltar, Singapore,Jamaica,theUnitedArabEmirates,Antwerp,PortlandUK,Tema in Ghana, Montreal and Vancouver. All its products are ISO 8217 certified.TheCompany,whichisamemberofIBIAandisISO9001 certified,iswellpositionedontheFOBASWhiteList.

SHIPPING

Aegean's fleet of ships is at the heart of its superior service worldwide. Its vessels operate in full compliance with EU and international standards, are all certified with the code of safe managementISMandSOLASandareincompletecompliancewith MARPOLregulations. Aegeancontinuallyaddstoitsfleetofships,whichincludeslargevesselsaswellassmallercapacityvessels.Itsfleettransportsoilcargoes worldwideonbehalfofmajoroilcompanies,commercialclients,andAegean customers.

LUBRICANTS

Aegeanproducesandmarketshighperformancelubricantsforvehiclesandindustrialuseunder theAegeanbrandand,forthemarinemarket,undertheALFAbrand.ALFAmarinelubricantsare certifiedandapprovedbythelargestmarineenginemanufacturersintheworld. Theresourcesofourcompanyandourfollow­upservicecreateoursuccessfulrelationshipsand allowAegeantosupplylubricantsin500portsworldwide.

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

2 AEGEAN NEWS aUtUmn 2008

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