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 deal means crewmembers will have complete control and access to their wages while onboard ship, including the timing and currency of remittances sent home. It will also dramatically reduce the need for large amounts of cash to be delivered to ships and eliminate the need for Tsakos to administer individual crew wire payments sent to home bank accounts.
The latest 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.