Tsakos Columbia Shipmanagement has agreed a deal with US-based ShipMoney to introduce an electronic payments system to its 90-vessel fleet that will allow seafarers serving on its vessels to be paid electronically, rather than using the previously employed ‘Cash-by-Master’ method.
Crewmembers will be able to access and control their wages while onboard ship using the ShipMoney online system, allowing them to personally manage the timing and currency of remittances sent home.
The new agreement will also significantly reduce the need for large amounts of cash to be delivered to ships for wage payments, and eliminate the need for Tsakos to administer individual crew wire payments to home bank accounts.
The contract with the Greece-based shipmanagement company will see the system rolled out to its fleet of 90 vessels, consisting of tanker, container and dry cargo ships, following a successful trial.
“Our crew are the most important asset we have in our company. 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,” said Harry Katsipoulakis, CFO of Tsakos Columbia Shipmanagement.