Ship Management
Ship Management

Third-Party Ship management is a highly professional activity primarily when performed under the strict, demanding guidelines set by the International Ship Managers Association. The size and composition of a fleet managed by National Energy Transportation S.A. offer the owner the benefits of very competitive buying power for spares, stores, and services. The owner is free to concentrate on fixing his ships in today's competitive markets, knowing that National Energy Transportation S.A. agreed budgets for daily running costs are adhered to.

NET's staff have previously served with shipbuilding, repairing, owning, and management companies of high repute. Their skills comprise technical know-how, allied with commercial awareness of our client's ships' trades. NET has the skills to operate any vessels, from bulk carriers to steam turbine tankers and reefers to highly sophisticated LNG ships. A particular degree of specialization has been achieved on chemical tankers.

NET also makes efficient use of powerful computer-based applications. Mostly adapted in-house to our needs, forming a part of our service to clients providing continuous monitoring and instantaneous reporting on vessel's costs and condition.

NET provides owners, financial institutions, underwriters, and Statutory Organizations with professional representation outside their resources. The Company thus invests upon the considerable shipping knowledge accumulated by the National Energy Transportation SA NET executes work as non-exclusive supervisors. For example, other clients include international insurance groups. The Company regularly carries out pre-purchase condition surveys. An additional service offered is asset auditing and monitoring the condition of ships for those parties who are financially involved in them, either on a regular or incidental basis. This practice follows long-accepted international accounting standards in outside auditing.

Professional Ship management is an industry strictly governed by ethical and commercial standards. However, the importance of this industry's sector has grown considerably over the past two decades.

The Company's rationale is to provide an extremely high standard of service in terms of crew selection and maintenance, either directing or outsourcing. The vessel's condition and performance are always commensurate with competitive operating costs. The Company's total commitment and dedication to Quality Assurance, combined with our fully computerized experienced shore-based organization and our many years of experience in practical and theoretical know-how, provide an unbeatable professional combination.

Commercial Management

Net-Marine is experienced in providing commercial management services to dry bulk and tanker owners. We employ operation teams tuned into the commercial iterations of the highly competitive tanker market. The operation teams are headed by ex-Marine Masters with proven experience in the industry. They are prepared to deal promptly and effectively with any circumstance.

These services include:

  • Checking the recapitulation of terms and informing master
  • Checking voyage orders and informing master
  • Performance monitoring under terms of charter-party
  • Laytime calculations
  • Off-hire calculations
  • Voyage calculation follow-up and demurrage claims
  • Calculate and invoice charters for payment of freight for principals
  • Claims handling
  • Assisting owners and brokers with information to conclude fixtures
  • Appointing agents and handling disbursements
  • Checking pro-forma D/A’s and arranging advance payment
  • Checking and settlement of D/A’s
  • Evaluating and nominating bunker suppliers
  • Keeping track of vessel’s ROB and checking figures
  • Checking bunker invoices and remitting in due course
  • Compliance

National Energy Transportation S.A. additional commercial activities encompass the following services:

  • Full & Crew management
  • Ship Finance
  • New building Contracting & Supervision
  • Chartering & Vessel Operations
  • Nautical & Technical Supervision
  • Fully computerised Planned
  • Preventative Maintenance
  • Docking
  • All Class Matters
  • Technical Consultancy
  • Storing & Contracting
  • Complete Insurance Service for H & M. including claims handling, P & I, L.O.H., etc.
  • Fully computerised Accounting
  • Budgetary Planning & Control Marine Training at the Company's own Marine Training program that offers specialized courses for oil, chemical, and LNG/LPG tankers
  • Flag Options
  • Registration of Vessels. Mortgages and Companies Sale & Purchase
  • Financial Affairs from Freight Collection to Capital Funding
Technical Operations
New Building Design
Lay-Up Management
Green Passport

Net Marine Ship Management provides expertise and experience with a wide range of services in connection with sign for new building and conversions to external and in-house clients. Close co-operation between Net-Marine’s Group of ship owning division and Net’s Ship Management section gives a unique operational experience.

Net-Marine Provides Expertise in the following areas:

  • Project Management
  • Vessel Design
  • Yard Selection and Negotiations
  • Plan Approval and Site Supervision
  • Enviromental Issues

Net-Marine has a worldwide network and are able to provide you safe and secure locations for lay- up and follow through all procedures. Lay-up management is essential for handling the wide range of technical and financial issues that arise when taking vessels out of service for a period of time. Successful lay-up management should be measured as a best possible combination of:

  • Complete evaluation of the lay-up site towards weather conditions, mooring arrangement and security 
  • Assessment of the lay-up manager and the services it provides 
  • Evaluation of the lay-up procedures whether in compliance with Class and Insurance guidelines
  • Complete assessment of applicable equipment maintenance and scope 
  • Availability of de-humidification options 
  • Lay-up declaration, preservation declaration, green lay-up declaration - whether above certification possible? 
  • Availability of ship reactivation options when lay-up period is over
  • We provide a comprehensive lay-up in line with class and insurance guidelines (certified by ABS)
  • We provide various asset certifications from ABS that may result in reduced lay-up insurance premiums 
  • As an established ship manager, we have a complete understanding of customer’s requirements and are able to customize lay-up solutions.
  • A well-documented, safe site, protected weather conditions and security 
  • Comprehensive preservation procedures for engine room, accommodation, deck, hull, bridge and tanks 
  • Comprehensive routine planned maintenance package 
  • Monthly asset condition reports 
  • Classification Society / Flag state / Insurance guidelines compliant 
  • Asset certification from Class that may result in reduced insurance premiums
  • Lay-up Declaration
  • Lay-up Clean Declaration

Inventory of Hazardous Materials / Green passport. Net-Marine’s provides complete Green Passport services which is a requirement of the Ship Recycling Convention adopted in May 2009. 

Once the ship recycling convention enters into force, any ship that is greater than 500gt will be required to maintain an Inventory of Hazardous Materials (IHM).  This inventory identifies, locates and lists out all hazardous and potentially hazardous material on board a vessel.  

Once the IHM has been reviewed by class, a Statement of Compliance (Green Passport) will be issued under the Hong Kong Convention.

The development of the IHM will be a significant task for shipowners for both existing and new building ships once the convention is ratified and enters into force.

In preparation for the expected rush, NET has built an in-house expertise to develop the IHM for their managed fleet as well as for independent owners; this is carried out by our group of trained experts (trained and certified by ABS), sailing on board typically for 2-3 days where records, manuals are consulted in detail and samples collected.  After analysis results are received, the IHM is prepared and submitted to class for obtaining a Statement of Compliance or popularly known as the Green Passport., and the company observes the:

i) the 2009 Hong Kong International Convention of Safe and Environmentally Sound Recycling of Ships

(which shall apply even if not in force);

(ii) The EU Ship Recycling Regulation (EEC/1257/2013) or the EU Waste Regulation (EEC/1013/2006) (as


(iii) The Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their

Disposal, 1989, as amended;

(iv) The guidelines standards and regulation issued from time to time by the IMO (International Maritime

Organization) related to Recycling; and

(v) Any other laws, standards, regulations or rules which are applicable to Recycling, including without

limitation any national, international, state or local environment or waste laws


Net-Marine insurance Management offers shipowners a competitive range of marine insurance services via an affiliated company. This Company has a long history of obtaining highly competitive rates for demanding clients and offers a full range of insurance types.


Inviting tenders 
Purchasing and taking out marine insurance at competitive prices with reputable brokers and underwriters in all recognized insurance market 
Marine claims handling 
Loss prevention services 
Securing accurate insurance documentation, premium payment and premium budgeting 
Cargo claims handling 
On the strength of total premium represented, and with a highly professional staff to take care of owner/client interests, NET receives maximum attention, support and service in all international markets.

Securing best possible terms and conditions with top security underwriters / markets. Predictable insurance costs enable our clients to allocate funds to cover premiums and expenses and secure their own budget goals and financial stability. Provide utilization of insurance services (broker, markets, premium lead, claims lead, etc.). It is ensuring correct claims settlement with loss prevention programs.

From an accounting point of view, insurance is an element of capital cost quintessential to the salvage and perpetuation of material wealth and social stability in the ever-changing environment of the often-unpredictable "free" marketplace. Insurance, by preserving capital, provides the necessary potential to consolidate and, through the complex process of risk management, allows it to generate more wealth within a sheltered shielded and probably intelligently controlled selective sequence of financial, social, and economic functions.

In collaboration with substantial brokering houses, the insurance department is headed by dynamic management, with more than two decades of experience in all aspects of marine insurance placements, P&I, and claims handlings.

Clients enjoy a great deal of experience in legal work. The Company arranges cover against a wide range of risks, such as Hull and Machinery, War Risks, Protection Indemnity, and Freight Demurrage and Defense, etc.


Background, scope, and approach

The Company is in the process of expanding its operations, and it has identified the need to review its procedures and controls because of future changes.

  • Compare the Company’s interial control activities against leading practices
  • Identify specific opportunities to improve the effectiveness, alignment and coordination of Company’s internal control activities
  • Discuss the effectiveness of risk coverage with critical stakeholders and design and develop the future state implementation plan at a high level.


Areas in scope

The areas that were included in the assessment were defined based on the Shipping Maturity model of National Energy Transportation S.A. and the discussions with Senior Management on their overall view of the operations of the Company, the principal business objectives, and the associated vital risks.

Based on the above, the following areas were reviewed:





Accounting & Finance


Insurance & Claims


Approach followed

Our work included a combination of inquiry of the Company's management and personnel and review of relevant documentation. We initially understood the current structure of the Company as well as the policies and processes that are in place for the core activities through interviews with key personnel. We constantly assess the current state against leading practices by applying a combination of:

Evaluation of the current state related to the objectives and risks
Process subject matter knowledge
Benchmark against leading practices

The following abbreviations are used

CAPEX Capital Expenditure
Company National Energy Transportation
CFO Chief Financial Officer
G&A General & Administrative
ERP Enterprise Resource Planning
KPI Key Performance Indicator
NET National Energy Transportation
OPEX Operating Expenditure
S&P Sale & Purchase
VMF Vendor Master File

NET has engaged accounting and auditing firm to assess its current Internal Control environment.

The assessment included interviews with the Senior Management of the Company, Managers, and key employees and a high-level review of the applicable policies and procedures. The assessment approach examined the design of the processes and did not include testing the controls' operation in place. The assessment was performed in May 2021.

At the time of the assessment, the Company did not own any vessels; however, it planned to have a fleet of 18 vessels (at the end of 2024, mid 2025).

To perform the current state assessment of the Company's internal controls, we developed a Maturity Model adapted to nature, activities, and size of your Company, taking into account the fleet expansion plans. The maturity model provides a framework to approach the Company's operations/ processes and provides a snapshot of the level of maturity of the current situation and future situation.

The seven (7) areas of the evaluation are presented in the following table:


1. Corporate

2. Chartering

3. Operations

4. Procurement

5. Accounting & Finance

6. New-buildings

7. Insurance & Claims


The Accounting Department is internally subdivided for the more efficient and effective control and provides maximum specialization for the services rendered. In order to provide for the most accurate recording of costs the accounting and reporting systems are made available to the relevant other departments of the Company. Regular meetings are held with other company departments in order to discuss any outstanding and controversial matters in respect of the latest internal accounting reports.

The Company provides each individual owner with periodical reports as to the financial status of his vessel(s) as per the agreed terms of the ship management contract. To this end, the Company's accounting program is designed to provide for an extremely flexible approach, so as to accommodate all the various and specific requirements of our clients; be they for compatibility with the clients own financial reporting system, for tax purposes or to comply with the flag state requirements. Latest computer technology has been extensively used. 

The software was developed by using the Company's considerable experience in financial reporting requirements, both for its own purposes and also for our many International Clients. This custom accounting program is regularly reviewed to meet changing needs of the Company and its clients.  Preparation of operating budgets is produced in cooperation with all the departments of the company. Final presentations are agreed between the heads of the respective departments. 



Company Domicilization

National Energy Transportation SA is incorporated in the Marshall Islands, A Marshal Islands company and its business must be domiciled
in a friendly jurisdiction in order to operate and conduct its activities. The traditional maritime centers are Cyprus, Hong Kong, Greece, Switzerland and Vancouver.

Greece is an ideal domiciliation choice and one of the least expensive jurisdictions that the law allows free movement of capital and the market has experienced personnel available to conduct this type of business. For this particular reason the Greek Government as adopted Article 25 of Law 27/1975, as replaced by article 28 of Law 814/78, permits the establishment in Greece of the offices or branch offices of foreign shipping companies of any type or form, provided they engage in the following activities:

a. Ship Management

b. Ship Operation

c. Chartering

d. Insurance

e. Average adjustment

f. Brokerage services (sales and purchases, ship-building, freight and insurance) involving vessels of over 500 GRT under Greek or foreign flag (with the exception of coastline passenger vessels).

g. Representation of companies engaging in the above activities

The aforementioned shipping companies are also subject to the provisions of Law 89/1967 and Law 378/1968 as well as of articles 30 and 37 of Law 814/78.

Facilities and Tax Exemptions

a. Foreign companies owning vessels under foreign flag, managed or operated by a Greek or foreign company, as well as the Greek offices or Greek branch offices of foreign companies, are exempt from paying taxes, duties, levies or withholding taxes to the Greek State on the income earned from the activities or services listed above.

b. The same exemption also applies to the shareholders or partners, with regard to dividend income or the distribution of profits, whether directly or through portfolio investment companies.

c. Foreign personnel of such companies is granted work permits for a period up to two years, which may subsequently be renewed upon expiry of each, such as a two-year period.

The following are required in order for foreign shipping companies to qualify for the exemptions and facilities:

a. A permit has to be granted by joint decision from the Ministers of National Economy, of Finance and from Merchant Marine, which is valid for five years commencing as of the date of its publication in the Government Gazette.

b. The import of the amount of USD 10,000 in foreign exchange, which does not have to be deposited with the Bank of Greece, to cover the operating expenses of the office of the Branch in Greece.

c. The import in Greece of foreign exchange (which does not have to be deposited with the Bank of Greece) for payments on behalf of the said companies or on behalf of third parties.

d. The deposit of a guarantee of at least USD 10,000 in favour of the Greek State, to secure compliance on behalf of the Greek Branch to the terms of the Permit for establishment of the Branch in Greece.