We helped the legendary Greek shipping brand eliminate cash-to-master expenses, increase security and enhance crew benefits.
CHALLENGE
Tsakos is one of Greece’s most storied maritime families. What started a half century ago with Captain Panagiotis Tsakos has grown into a group of successful companies that perform maritime transportation services around the world. In 2018, Tsakos partnered with ShipMoney to reduce cash-to-master expenses and provide crew members with enhanced benefits.
SOLUTION
ShipMoney issued virtual and physical Visa debit cards to all Tsakos crew members worldwide. The company’s Greek seafarers liked having a safer, more secure alternative to cash and the ability to share funds with family members through companion cards – especially those in villages and smaller Greek islands with less access to banking infrastructure.
As the program was being implemented, a Tsakos crew member in Brazil was using his ShipMoney card. Another crew still using cash saw how much they were losing in exchange markups and demanded ShipMoney cards for their own vessel.
RESULTS
Today, Tsakos crew members worldwide use ShipMoney cards to receive their salaries, get real-time access to their wages on payday, and enjoy the flexibility to send money to whoever they want. ShipMoney significantly reduced the company’s cash-to-master expenses and eliminated cash-related security risks for the company, captains and crew members alike.
