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net-marine.com

National Energy Transportation S.A.

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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 other relevant 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 an extremely flexible approach, so as to accommodate all the various and specific requirements to our clients 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 the 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.