Electronic payment for seafarers
Seafarers employed on vessels owned by the Greek carrier Tsakos, which are operated by Columbia ship management, will now be paid electronically as opposed to ‘cash-by-master’, under an agreement signed with global maritime payments provider Ship Money.
The deal means that crew members will have control and access to their wages while they are on board, 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 Ship Money’s products being rolled out to its fleet of 90 vessels consisting of tanker, container and dry cargo ships, following a successful trial. (kd)