Engagements › Aegean Crest Shipping › Local File
Local File
Assembled section by section for each entity that owes one. Each section shows what it rests on and where it stands. Content follows OECD Ch. V, Annexes I–II.
Assembled section by section; exports as final only when confirmed.
Aegean Crest Navigation Inc.Aegean Crest Navigation II Inc.Aegean Crest Chartering LtdAegean Crest Shipping One LtdAegean Crest Shipping Two Ltd
1. The local entity
DraftAegean Crest Navigation Inc. is taken to be a company resident in Cyprus by management and control, to be confirmed by the practice. Incorporated in the Marshall Islands; if managed and controlled from Limassol (board minutes requested), tax resident in Cyprus. Owns three dry bulk carriers and operates three more bareboat-chartered in from the single-ship companies; a qualifying owner under tonnage tax.
Group: Aegean Crest Shipping. Entities in the group: Aegean Crest Navigation Inc. (CY); Aegean Crest Navigation II Inc. (CY); Aegean Crest Ship Management Ltd (CY); Aegean Crest Chartering Ltd (CY); Aegean Crest Agencies Ltd (GB); Aegean Crest Holdings Corp. (MH); Aegean Crest Shipping One Ltd (CY); Aegean Crest Shipping Two Ltd (CY); Aegean Crest Shipping Three Inc. (CY); Aegean Crest Shipping Four Inc. (LR).
Documentation duty: services of €2,210,000 exceeds the €1,000,000 threshold the Tax Department publishes; financing, by its maximum principal, of €33,500,000 exceeds the €5,000,000 threshold the Tax Department publishes.
Sources: ITL s.2; ITL s.33(7)–(8); Tax Dept FAQ Q52; Tax Dept FAQ Q9–10; OECD Ch. V, Annexes I–II. Rests on: Obligations: Aegean Crest Navigation Inc. (draft).
Sign-Off
ReviewedVerifiedConfirmedRests on, not yet confirmed: Obligations: Aegean Crest Navigation Inc.
Next: Reviewed, by a team member. Choose a person under View As to sign.
Evidence still outstanding: Accounts for 2022, 2023 and 2024 for every Cyprus company, due 12 Nov 2026 — in 5 days.
Evidence still outstanding: Board minutes showing management and control in Limassol, due 17 Nov 2026 — in 10 days.
Signing is still open: say in what you looked at how the conclusion stands without it.
Hash
Content hashdb6ceeeb8265 · a change to it reopens every sign-off2.1 Loan to the sister owner for a vessel purchase
DraftLoan to the sister owner for a vessel purchase: Aegean Crest Navigation Inc. to Aegean Crest Navigation II Inc., interest €325,000 in the year on a maximum principal of €6,500,000.
Method: Interest at 5%, set by the group; never tested. Tested party: Aegean Crest Navigation Inc.
Circular 6/2023 safe harbour: not available: the category is over the threshold.
No written agreement on file.
Risk allocation: Lender bears the credit risk of the borrower.
Sources: OECD 1.36; Tax Dept FAQ Q31. Rests on: Financing: Loan to the sister owner for a vessel purchase (draft).
Sign-Off
ReviewedVerifiedConfirmedRests on, not yet confirmed: Financing: Loan to the sister owner for a vessel purchase.
Next: Reviewed, by a team member. Choose a person under View As to sign.
Evidence still outstanding: Accounts for 2022, 2023 and 2024 for every Cyprus company, due 12 Nov 2026 — in 5 days.
Evidence still outstanding: Board minutes showing management and control in Limassol, due 17 Nov 2026 — in 10 days.
Signing is still open: say in what you looked at how the conclusion stands without it.
Hash
Content hash25f63bf1d111 · a change to it reopens every sign-off2.2 Port agency services in the United Kingdom
DraftPort agency services in the United Kingdom: Aegean Crest Agencies Ltd to Aegean Crest Navigation Inc., €410,000 in the year.
Method: Cost plus 5%. Tested party: Aegean Crest Agencies Ltd.
No benchmarking study in Cyprus: the tested party is outside Cyprus.
No written agreement on file.
Risk allocation: Owner bears the trading risk.
Sources: OECD 1.36.
Sign-Off
ReviewedVerifiedConfirmedNext: Reviewed, by a team member. Choose a person under View As to sign.
Evidence still outstanding: Accounts for 2022, 2023 and 2024 for every Cyprus company, due 12 Nov 2026 — in 5 days.
Evidence still outstanding: Board minutes showing management and control in Limassol, due 17 Nov 2026 — in 10 days.
Signing is still open: say in what you looked at how the conclusion stands without it.
Hash
Content hash5730e0c3a9f3 · a change to it reopens every sign-off2.3 Newbuilding loan to Shipping Two
DraftNewbuilding loan to Shipping Two: Aegean Crest Navigation Inc. to Aegean Crest Shipping Two Ltd, interest €405,000 in the year on a maximum principal of €9,000,000.
Method: Interest at 4.5%, set by the group; never tested. Tested party: Aegean Crest Navigation Inc.
Circular 6/2023 safe harbour: not available: the category is over the threshold.
No written agreement on file.
Risk allocation: Lender bears the credit risk of the borrower; the vessel is mortgaged to the bank, not to the lender.
Sources: OECD 1.36; Tax Dept FAQ Q31. Rests on: Financing: Newbuilding loan to Shipping Two (draft).
Sign-Off
ReviewedVerifiedConfirmedRests on, not yet confirmed: Financing: Newbuilding loan to Shipping Two.
Next: Reviewed, by a team member. Choose a person under View As to sign.
Evidence still outstanding: Accounts for 2022, 2023 and 2024 for every Cyprus company, due 12 Nov 2026 — in 5 days.
Evidence still outstanding: Board minutes showing management and control in Limassol, due 17 Nov 2026 — in 10 days.
Signing is still open: say in what you looked at how the conclusion stands without it.
Hash
Content hashfc75d5dbb7f4 · a change to it reopens every sign-off2.4 Guarantee of Shipping One's bank loan
DraftGuarantee of Shipping One's bank loan: Aegean Crest Navigation Inc. to Aegean Crest Shipping One Ltd, no fee charged, on a maximum guaranteed amount of €18,000,000.
Method: No guarantee fee charged; no written agreement. Tested party: Aegean Crest Navigation Inc.
A guarantee: no safe harbour rate applies.
No written agreement on file.
Risk allocation: Guarantor bears the risk of the single-ship company defaulting.
Sources: OECD 1.36; OECD 10.161–10.177; Tax Dept FAQ Q5. Rests on: Financing: Guarantee of Shipping One's bank loan (draft).
Sign-Off
ReviewedVerifiedConfirmedRests on, not yet confirmed: Financing: Guarantee of Shipping One's bank loan.
Next: Reviewed, by a team member. Choose a person under View As to sign.
Evidence still outstanding: Accounts for 2022, 2023 and 2024 for every Cyprus company, due 12 Nov 2026 — in 5 days.
Evidence still outstanding: Board minutes showing management and control in Limassol, due 17 Nov 2026 — in 10 days.
Signing is still open: say in what you looked at how the conclusion stands without it.
Hash
Content hash92f88b69120d · a change to it reopens every sign-off2.5 Bareboat charter of m/v Aegean Wind from Liberia
DraftBareboat charter of m/v Aegean Wind from Liberia: Aegean Crest Shipping Four Inc. to Aegean Crest Navigation Inc., €1,800,000 in the year.
Method: Daily bareboat hire set by the group. Tested party: Aegean Crest Navigation Inc.
No written agreement on file.
Risk allocation: The charterer bears the operating and market risk; the owner bears the asset risk.
Sources: OECD 1.36. Rests on: Benchmarking: Bareboat charter of m/v Aegean Wind from Liberia (draft).
Sign-Off
ReviewedVerifiedConfirmedRests on, not yet confirmed: Benchmarking: Bareboat charter of m/v Aegean Wind from Liberia.
Next: Reviewed, by a team member. Choose a person under View As to sign.
Evidence still outstanding: Accounts for 2022, 2023 and 2024 for every Cyprus company, due 12 Nov 2026 — in 5 days.
Evidence still outstanding: Board minutes showing management and control in Limassol, due 17 Nov 2026 — in 10 days.
Signing is still open: say in what you looked at how the conclusion stands without it.
Hash
Content hash9e41065213b0 · a change to it reopens every sign-off3. Financial information
DraftFinancial information used in the analysis: Management accounts 2025, Aegean Crest companies (SHA-256 eaabf9be89019375…).
Loan to the sister owner for a vessel purchase: maximum principal €6,500,000; rate 5.00%; tenor not on file; interest in the year €325,000.
Newbuilding loan to Shipping Two: maximum principal €9,000,000; rate 4.50%; tenor not on file; interest in the year €405,000.
Guarantee of Shipping One's bank loan: maximum guaranteed amount €18,000,000; no fee charged; tenor not on file.
Sources: OECD Ch. V, Annexes I–II; Tax Dept FAQ Q9–10.
Sign-Off
ReviewedVerifiedConfirmedNext: Reviewed, by a team member. Choose a person under View As to sign.
Evidence still outstanding: Accounts for 2022, 2023 and 2024 for every Cyprus company, due 12 Nov 2026 — in 5 days.
Evidence still outstanding: Board minutes showing management and control in Limassol, due 17 Nov 2026 — in 10 days.
Signing is still open: say in what you looked at how the conclusion stands without it.
Hash
Content hasha15ff8314690 · a change to it reopens every sign-off