We believe that we possess a number of core strengths that provide us with a competitive advantage in the marine fuel supply industry. These strengths include:
Integrated Service Capability - Our ability to control the supply chain of physically supplying refined marine fuel to end users from procurement to delivery provides high barriers to entry. Through our integrated service capabilities, we have:
- Long-term contractual arrangements with supply
sources for marine petroleum products
- Local service centers that monitor and support
the logistical aspects of each customer order
- Bunkering tankers to transport fuel from our suppliers to the customer
Our direct control and management of our bunkering tankers and delivery schedules enhance our ability to provide marine fuel to ships in port and at sea on a timely and cost effective basis while controlling the quality of our product, service and fueling safety.
Strong Customer Relationships - We have developed strong relationships with our customers as a result of the quality of our operations and reliability of our service. As a Greek-based independent physical supplier, we have developed strong relationships with international commercial shipping companies. We have also been approved as a supplier to the United States Navy in Greece and played a role in fueling the United States Naval fleet during "Operation Iraqi Freedom." We believe that our successful industry relationships provide significant leverage opportunities as we continue to expand our global service center locations.
Fleet of Double Hull Bunkering Tankers - The percentage of our fleet comprised of double hull bunkering tankers is well above the industry average. Due to the expected phase-out of single hull tankers under environmental protection laws and regulations worldwide, we believe the global supply of bunkering tankers will decline significantly.
We plan to capitalize on this dynamic industry environment by significantly increasing the number of new double hull bunkering tankers in our fleet.
Effective Credit Controls - We provide trade credit to customers who, according to our in-house credit system, exhibit an acceptable credit risk profile. We believe our active credit risk management has been essential to our success. Our credit evaluation system has enabled our business to grow while allowing us to effectively manage our credit exposure.
Strong Management with Successful Track Record - We have assembled a management team of senior executive officers and key employees with decades of experience in all aspects of the marine fuel supply and shipping industries. We believe that our management team has a demonstrated history of successfully expanding the Company's marine fuel delivery capabilities by entering into new markets and strategically adding to our modern fleet of bunkering tankers.
Excellence in Operations - We are ISO 9001 certified for the Provision of Procurement Services for Marine Fuel Oils and Lubricants and ISO 14001 certified for Environmental Management System. We have also obtained a TR-8 certification issued by Lloyds for Quality Management for Bunker Supply. We believe that our operational effectiveness and logistical reliability are attributable to the expertise we have developed through our experience in operating our bunkering business in multiple locations around the world.