Articles

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Digital advancements must progress into payments

While cybercrime is a threat to business, technology can be an enabling force. Stuart Ostrow, of ShipMoney, argues it is time for the shipping industry to join the modem world when it deals with financial issues. When you compare the shipping industry to the rest of the economic market where businesses and individuals have progressed […]

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Shipping companies are paying the high price of delivering large amounts of cash to vessels

Shipping companies are paying out unnecessary high costs by continuing to pay seafarers with cash says leading financial services provider ShipMoney, who is currently attending the ACI HR and Crew Management Summit in London. EVP Greg O’Connell says that on an average fleet of 50 ships, shipping operators face spending nearly $500,000 in delivering cash […]

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Paying Seafarers in Cash Costs Shipping Companies Money

View article at Maritime-Executive.com. Shipping companies are paying out unnecessary high costs by continuing to pay seafarers with cash, says leading financial services provider ShipMoney, who is currently attending the ACI HR and Crew Management Summit in London. EVP Greg O’Connell says that on an average fleet of 50 ships, shipping operators face spending nearly […]

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Less cash onboard proves essential

Maritime financial services company ShipMoney has advised maritime leaders that reducing the amount of cash onboard can help in the industry’s drive towards sustainability. ShipMoney President, Stuart Ostrow said: “As the industry continues to look for sustainable initiatives, why are seafarers incurring extra costs just from receiving their wages in cash? Sending money back home […]

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The Future of shipping is now, not in 10 years’ time

Four years ago, when the first issue of The Marine Professional got to the hands of its readers, few would have imagined the industry would still be dealing with the repercussions of the downturn of 2008. Since then, there seems to be a new norm sweeping the industry: streamlining. The future of shipping, for now, […]

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Streamlining commercial operations key to keeping the industry afloat

There are many factors impacting the turbulent nature of the industry, however the primary, undisputed factor is overcapacity which has ultimately led to marginal charter rates – supply and demand in its simplest form. Given the overall state of the industry, ‘costs’ seems to be the word on everyone’s mind along with operational efficiencies. When […]

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The high cost of paying seafarers – Are there alternatives?

Did you know that over $6 billion in hard currency is delivered to the global merchant fleet on an annual basis? Stuart Ostrow, President of ShipMoney, a global maritime financial services company, shared these startling figures during a presentation at the recent Crew Connect Conference in Manila. Mr. Ostrow further noted that shipping companies are […]

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ShipMoney: Visa style payments to trim costs

It’s one of the great hassles and hidden expenses for individuals working for shipowners and ship managers, getting cash onboard for daily necessities. As with the greatest inventions, Stuart Ostrow from Florida has come up with an ingenious, yet simple, solution to this perennial headache. He has created a Visa card payment system for captains […]