Tsakos Columbia Chooses Electronic Payments for Crew

Electronic paymentIllustration; Image Courtesy: Pxhere

Seafarers employed on Tsakos-owned vessels operated under its management arrangement with Columbia Shipmanagement will now be paid electronically as opposed to by ‘Cash-by-Master’.

Under an agreement, signed with global maritime payments provider ShipMoney, the crewmembers will have complete control and access to their wages while onboard ship, including the timing and currency of remittances sent home.

The contract with the Greece-based ship management company will see ShipMoney’s products being rolled out to its fleet of 90 vessels consisting of tanker, container and dry cargo ships, following a successful trial.

“By introducing ShipMoney, we’ve been able to streamline the onboard crew payment process across the fleet by enhancing the safety in money transfer, reducing costs, saving time and providing a new benefit to our valued crewmembers and their families,” Harry Katsipoulakis, CFO of Tsakos Columbia Shipmanagement, said.

“One of the important benefits to the deal relates to foreign exchange, which is often a hidden cost for crew. The majority of today’s crew are contracted and paid in US dollars and most employers remit individual US dollar wire payments to individual seafarer bank accounts. If the seafarer’s home bank account is not denominated in dollars, then the receiving bank has complete control over the conversion from US dollars to the currency of the crew member’s account,” Stuart Ostrow, President of ShipMoney, said.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >