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(the Borrower).","Transaction record"],["1","The Lender advances €14,000,000, repayable [term to be agreed] after drawdown.","Balance sheet of Navigation Inc., maximum in the year (invented)"],["2","Interest accrues at [rate to be agreed] a year, payable quarterly in arrears.","Not in the file; group transfer pricing policy §3"],["3","Payment terms [to be agreed].","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"draft:mi5","title":"Draft agreement: Loan to the sister owner for a vessel purchase","state":"draft","contentHash":"0611fc06c5c3e993f600d257fceae4ca5355889d27f9a89b4564b5de82139f84","content":{"tx":"mi5","clauses":[["0","Between Aegean Crest Navigation Inc. (the Lender) and Aegean Crest Navigation II Inc. (the Borrower).","Transaction record"],["1","The Lender advances €6,500,000, repayable [term to be agreed] after drawdown.","Loan note, maximum in the year (invented)"],["2","Interest accrues at 5.00% a year, payable quarterly in arrears.","Loan note: 5% a year (invented); group transfer pricing policy §3"],["3","Payment terms [to be agreed].","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"draft:mi6","title":"Draft agreement: Port agency services in the United Kingdom","state":"draft","contentHash":"76097ff15e75574771e7b9273e9ba5663a829d2f9500c98cb5daba676d88199a","content":{"tx":"mi6","clauses":[["0","Between Aegean Crest Agencies Ltd (the Provider) and Aegean Crest Navigation Inc. (the Recipient).","Transaction record"],["1","The Provider supplies the services described in Schedule 1. The Recipient decides which services it orders; the Provider decides how they are delivered.","Functional analysis: who decides what and how"],["2","The Recipient pays the Provider's costs of the services plus a mark-up of 5.00% on those costs.","Group transfer pricing policy §2"],["3","Invoices are payable within 30 days.","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"draft:mi7","title":"Draft agreement: Bareboat charter of m/v Aegean Dawn","state":"draft","contentHash":"6baf02b6026e8b2cefdfbdaba7e76278c837e14db5d147f078e582761924a483","content":{"tx":"mi7","clauses":[["0","Between Aegean Crest Shipping One Ltd (the Provider) and Aegean Crest Navigation Inc. (the Recipient).","Transaction record"],["1","The Provider supplies the services described in Schedule 1. The Recipient decides which services it orders; the Provider decides how they are delivered.","Functional analysis: who decides what and how"],["2","The Recipient pays the Provider's costs of the services plus a mark-up of [to be agreed] on those costs.","Group transfer pricing policy §2"],["3","Invoices are payable within 30 days.","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"draft:mi8","title":"Draft agreement: Bareboat charter of m/v Aegean Spirit","state":"draft","contentHash":"cc8bf7cbe9585aa7e17308fdba62c5ad4699811a3cc08afeeb4a65ae67bbb889","content":{"tx":"mi8","clauses":[["0","Between Aegean Crest Shipping Two Ltd (the Provider) and Aegean Crest Navigation Inc. (the Recipient).","Transaction record"],["1","The Provider supplies the services described in Schedule 1. The Recipient decides which services it orders; the Provider decides how they are delivered.","Functional analysis: who decides what and how"],["2","The Recipient pays the Provider's costs of the services plus a mark-up of [to be agreed] on those costs.","Group transfer pricing policy §2"],["3","Invoices are payable within 30 days.","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"draft:mi9","title":"Draft agreement: Newbuilding loan to Shipping Two","state":"draft","contentHash":"76c17dad54bcbcdee3a3f918987fb3553d78d4da3ea49630038f6667a8d5e2e8","content":{"tx":"mi9","clauses":[["0","Between Aegean Crest Navigation Inc. (the Lender) and Aegean Crest Shipping Two Ltd (the Borrower).","Transaction record"],["1","The Lender advances €9,000,000, repayable [term to be agreed] after drawdown.","Loan note and shipyard instalments, maximum in the year (invented)"],["2","Interest accrues at 4.50% a year, payable quarterly in arrears.","Loan note: 4.5% a year (invented); group transfer pricing policy §3"],["3","Payment terms [to be agreed].","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"draft:mi10","title":"Draft agreement: Guarantee of Shipping One's bank loan","state":"draft","contentHash":"59f0e35072e1df98393c6b49253ea8ddfdc12135cc49508e8201e510eb8bb80c","content":{"tx":"mi10","clauses":[["0","Between Aegean Crest Navigation Inc. (the Guarantor) and Aegean Crest Shipping One Ltd (the Borrower).","Transaction record"],["1","The Guarantor guarantees the Borrower's obligations to its bank up to €18,000,000.","Bank facility letter for m/v Aegean Dawn: guaranteed amount (invented)"],["2","The Borrower pays the Guarantor a fee of [rate to be agreed] a year on the guaranteed amount — none is charged today. A guarantee is a financial transaction for the Tax Department (FAQ question 5).","Not in the file"],["3","Payment terms [to be agreed].","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"draft:mi11","title":"Draft agreement: Sale proceeds left with Navigation Inc.","state":"draft","contentHash":"bbe7aeabb9ae565f2024568a67baa041f50a06f61942d65b68b203411514dcf6","content":{"tx":"mi11","clauses":[["0","Between Aegean Crest Shipping Three Inc. (the Lender) and Aegean Crest Navigation Inc. (the Borrower).","Transaction record"],["1","The Lender advances €2,100,000, repayable [term to be agreed] after drawdown.","Sale proceeds of m/v Aegean Star left with Navigation Inc., maximum in the year (invented)"],["2","Interest accrues at [rate to be agreed] a year, payable quarterly in arrears.","Not in the file; group transfer pricing policy §3"],["3","Payment terms [to be agreed].","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"draft:mi12","title":"Draft agreement: Bareboat charter of m/v Aegean Wind from Liberia","state":"draft","contentHash":"e999e812379fc9a31252d21b3d1a11c198b0459e9b8fcfbd9d31300c849b7afe","content":{"tx":"mi12","clauses":[["0","Between Aegean Crest Shipping Four Inc. (the Provider) and Aegean Crest Navigation Inc. (the Recipient).","Transaction record"],["1","The Provider supplies the services described in Schedule 1. The Recipient decides which services it orders; the Provider decides how they are delivered.","Functional analysis: who decides what and how"],["2","The Recipient pays the Provider's costs of the services plus a mark-up of [to be agreed] on those costs.","Group transfer pricing policy §2"],["3","Invoices are payable within 30 days.","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"p2:mi","title":"Pillar Two: Aegean Crest Shipping","state":"draft","contentHash":"e5cc6d4abdc2920be53cae513ba2c710faf249cc44ee58542fe6410d09681244","content":{"scope":[[2021,1090000000],[2022,1310000000],[2023,1180000000],[2024,1260000000],[2025,1420000000]],"over":4,"classes":[["mi1.p2class","ancillary"],["mi10.p2class","other"],["mi12.p2class","shipping"],["mi2.p2class","ancillary"],["mi3.p2class","other"],["mi5.p2class","ancillary"],["mi7.p2class","shipping"],["mi8.p2class","shipping"],["mi9.p2class","ancillary"]],"rules":[["eu.p2.scope","verified",750000000,null],["eu.p2.rate","verified",0.15,null],["cy.p2.law","verified",null,null],["cy.p2.qdmtt","verified",null,null],["cy.p2.filing","verified",15,null],["cy.p2.transitional","verified",18,null],["cy.p2.notify","verified",null,null],["cy.p2.relief","verified",null,null],["cy.p2.goodfaith","verified",null,null],["eu.p2.sbie","verified",null,null],["eu.p2.alp","verified",null,null],["eu.p2.shipping","verified",null,null],["eu.p2.ancillary","verified",0.5,null],["cy.p2.tonnage","tbc",null,null],["cy.residence","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"lf:mi-ship:1","title":"Aegean Crest Navigation Inc.: 1. The local entity","state":"draft","contentHash":"db6ceeeb82652aab28627e29ce4fee9c3d40b25c4656b2f7e1fdf284d0177363","content":{"text":["Aegean 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."],"cites":["cy.residence","cy.who","cy.lf.threshold.circ2024","cy.faq.loan","oecd.docs"],"hashes":[["obl:mi-ship","70f6ccf0e29e698e4fbc4d32baf9a71b91e91d50d17e95934d6ac4ce6fc48c63"]],"rules":[["cy.residence","verified",null,null],["cy.who","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["cy.faq.loan","verified",null,null],["oecd.docs","verified",null,null]]},"rests_on":["obl:mi-ship"],"signoffs":[],"changes":[]},{"id":"lf:mi-ship:2:mi5","title":"Aegean Crest Navigation Inc.: 2.1 Loan to the sister owner for a vessel purchase","state":"draft","contentHash":"25f63bf1d111274e874a13e6e3f3153071d37c20e95e86e648403973cd2f4b57","content":{"text":["Loan 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."],"cites":["oecd.factors","cy.faq.safeharbour"],"hashes":[["fin:mi5","1442e9ff6f6ec954804317b7b11234838be67588ad7b9f682e95f6055d4497f7"]],"rules":[["oecd.factors","verified",null,null],["cy.faq.safeharbour","verified",null,null]]},"rests_on":["fin:mi5"],"signoffs":[],"changes":[]},{"id":"lf:mi-ship:2:mi6","title":"Aegean Crest Navigation Inc.: 2.2 Port agency services in the United Kingdom","state":"draft","contentHash":"5730e0c3a9f36c5adea3e1e0d2c5f30b84adf77891c521a1a53873d79678ffe1","content":{"text":["Port 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."],"cites":["oecd.factors"],"hashes":[],"rules":[["oecd.factors","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"lf:mi-ship:2:mi9","title":"Aegean Crest Navigation Inc.: 2.3 Newbuilding loan to Shipping Two","state":"draft","contentHash":"fc75d5dbb7f40a67a48cfd52b7a2a91de5b938d43980383aa961f5c04a45c5a0","content":{"text":["Newbuilding 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."],"cites":["oecd.factors","cy.faq.safeharbour"],"hashes":[["fin:mi9","109a3c33d2a6fefb8cb9e0221a953e32c53506ed23a155f966200b42b0916f24"]],"rules":[["oecd.factors","verified",null,null],["cy.faq.safeharbour","verified",null,null]]},"rests_on":["fin:mi9"],"signoffs":[],"changes":[]},{"id":"lf:mi-ship:2:mi10","title":"Aegean Crest Navigation Inc.: 2.4 Guarantee of Shipping One's bank loan","state":"draft","contentHash":"92f88b69120d4d2e672a29de32dce9507a72996e755f2dc0dad101fe469f364c","content":{"text":["Guarantee 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."],"cites":["oecd.factors","oecd.guarantee","cy.faq.guarantee"],"hashes":[["fin:mi10","8e8c4da338d877fe5fcc103cde815bf906d4b002ef1f106b8da2655cf788e09e"]],"rules":[["oecd.factors","verified",null,null],["oecd.guarantee","verified",null,null],["cy.faq.guarantee","verified",null,null]]},"rests_on":["fin:mi10"],"signoffs":[],"changes":[]},{"id":"lf:mi-ship:2:mi12","title":"Aegean Crest Navigation Inc.: 2.5 Bareboat charter of m/v Aegean Wind from Liberia","state":"draft","contentHash":"9e41065213b0bb021672665311b74f92cf01e85baab5b0d10eceae8784a03359","content":{"text":["Bareboat 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."],"cites":["oecd.factors"],"hashes":[["bench:mi12","643de727d8c975855ffd1ec441d8b3a04808f5618104d465b3cc12c987957577"]],"rules":[["oecd.factors","verified",null,null]]},"rests_on":["bench:mi12"],"signoffs":[],"changes":[]},{"id":"lf:mi-ship:3","title":"Aegean Crest Navigation Inc.: 3. Financial information","state":"draft","contentHash":"a15ff8314690818ea628b7e160b81d8702a925dfe66aeedbf6206f2e1e2390d7","content":{"text":["Financial 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."],"cites":["oecd.docs","cy.faq.loan"],"hashes":[],"rules":[["oecd.docs","verified",null,null],["cy.faq.loan","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"lf:mi-ops2:1","title":"Aegean Crest Navigation II Inc.: 1. The local entity","state":"draft","contentHash":"91e8a4dce324ada1b4e5e42477d089c589c02084077384cf0de3a0d1e61ee0db","content":{"text":["Aegean Crest Navigation II 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 two Supramax vessels; 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: financing, by its maximum principal, of €6,500,000 exceeds the €5,000,000 threshold the Tax Department publishes."],"cites":["cy.residence","cy.who","cy.lf.threshold.circ2024","cy.faq.loan","oecd.docs"],"hashes":[["obl:mi-ops2","f1e744bbbe79b5e9335fb27cfe35f9af57388edfdb142466213205df4c1d2e87"]],"rules":[["cy.residence","verified",null,null],["cy.who","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["cy.faq.loan","verified",null,null],["oecd.docs","verified",null,null]]},"rests_on":["obl:mi-ops2"],"signoffs":[],"changes":[]},{"id":"lf:mi-ops2:2:mi5","title":"Aegean Crest Navigation II Inc.: 2.1 Loan to the sister owner for a vessel purchase","state":"draft","contentHash":"25f63bf1d111274e874a13e6e3f3153071d37c20e95e86e648403973cd2f4b57","content":{"text":["Loan 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."],"cites":["oecd.factors","cy.faq.safeharbour"],"hashes":[["fin:mi5","1442e9ff6f6ec954804317b7b11234838be67588ad7b9f682e95f6055d4497f7"]],"rules":[["oecd.factors","verified",null,null],["cy.faq.safeharbour","verified",null,null]]},"rests_on":["fin:mi5"],"signoffs":[],"changes":[]},{"id":"lf:mi-ops2:3","title":"Aegean Crest Navigation II Inc.: 3. Financial information","state":"draft","contentHash":"1ab125e16e25b916631d38d9b564e3ba7e849fbca6229ac450f0509ae6247281","content":{"text":["Financial 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."],"cites":["oecd.docs","cy.faq.loan"],"hashes":[],"rules":[["oecd.docs","verified",null,null],["cy.faq.loan","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"lf:mi-chart:1","title":"Aegean Crest Chartering Ltd: 1. The local entity","state":"draft","contentHash":"e2accfeab8413cc39ddc065293c46b00d7353698b346c43f171e24cc2405c6f3","content":{"text":["Aegean Crest Chartering Ltd is a company resident in Cyprus. Chartering desk: finds cargoes and fixes the vessels for a commission; not a qualifying activity, so under income 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 €1,235,000 exceeds the €1,000,000 threshold the Tax Department publishes."],"cites":["cy.who","cy.lf.threshold.circ2024","oecd.docs"],"hashes":[["obl:mi-chart","f452321a7712b734c73221382feecbcc327a0a67eda95635e4e45d881f283efe"]],"rules":[["cy.who","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["oecd.docs","verified",null,null]]},"rests_on":["obl:mi-chart"],"signoffs":[],"changes":[]},{"id":"lf:mi-chart:2:mi3","title":"Aegean Crest Chartering Ltd: 2.1 Chartering commissions","state":"draft","contentHash":"00f6b9afe0bc8a69453021cc696f2ad6e8bc06b0fa408c306f8374ca93c5e77a","content":{"text":["Chartering commissions: Aegean Crest Chartering Ltd to Aegean Crest Navigation Inc., €1,235,000 in the year.","Method: Comparable uncontrolled price: the commission rate against market address commission and brokerage rates. Tested party: Aegean Crest Chartering Ltd.","No written agreement on file.","Risk allocation: Owner bears the freight market risk."],"cites":["oecd.factors"],"hashes":[["bench:mi3","358a56ef9e1459961d6cbf841e3d08f78adb194057cc08bc0097133bb330d3c3"]],"rules":[["oecd.factors","verified",null,null]]},"rests_on":["bench:mi3"],"signoffs":[],"changes":[]},{"id":"lf:mi-chart:3","title":"Aegean Crest Chartering Ltd: 3. Financial information","state":"draft","contentHash":"9e4ffc748e46ce810b4abe07b8eeaddeeb65ae01d7e0fd6cd01ac5fa20ef5c1c","content":{"text":["Financial information used in the analysis: Management accounts 2025, Aegean Crest companies (SHA-256 eaabf9be89019375…)."],"cites":["oecd.docs"],"hashes":[],"rules":[["oecd.docs","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"lf:mi-spv1:1","title":"Aegean Crest Shipping One Ltd: 1. The local entity","state":"draft","contentHash":"0f6ba545b66fd72c1a4fc7e9f23f91610cc166c06dcb7ff0b2c1b0e57f4794cb","content":{"text":["Aegean Crest Shipping One Ltd is a company resident in Cyprus. Single-ship company: owns m/v Aegean Dawn and bareboat-charters her to Navigation Inc.; a qualifying owner under tonnage tax; its bank loan is guaranteed by Navigation Inc.","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: financing, by its maximum principal, of €18,000,000 exceeds the €5,000,000 threshold the Tax Department publishes."],"cites":["cy.who","cy.lf.threshold.circ2024","cy.faq.loan","oecd.docs"],"hashes":[["obl:mi-spv1","f786c1f21639633e883cb117375565e1c3745ee790e0317781fb8a2f247fcb31"]],"rules":[["cy.who","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["cy.faq.loan","verified",null,null],["oecd.docs","verified",null,null]]},"rests_on":["obl:mi-spv1"],"signoffs":[],"changes":[]},{"id":"lf:mi-spv1:2:mi10","title":"Aegean Crest Shipping One Ltd: 2.1 Guarantee of Shipping One's bank loan","state":"draft","contentHash":"92f88b69120d4d2e672a29de32dce9507a72996e755f2dc0dad101fe469f364c","content":{"text":["Guarantee 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."],"cites":["oecd.factors","oecd.guarantee","cy.faq.guarantee"],"hashes":[["fin:mi10","8e8c4da338d877fe5fcc103cde815bf906d4b002ef1f106b8da2655cf788e09e"]],"rules":[["oecd.factors","verified",null,null],["oecd.guarantee","verified",null,null],["cy.faq.guarantee","verified",null,null]]},"rests_on":["fin:mi10"],"signoffs":[],"changes":[]},{"id":"lf:mi-spv1:3","title":"Aegean Crest Shipping One Ltd: 3. Financial information","state":"draft","contentHash":"169a47056b656877c306904d8febc6397fa881ed56df0a175429c51f06d151db","content":{"text":["Financial information used in the analysis: Management accounts 2025, Aegean Crest companies (SHA-256 eaabf9be89019375…).","Guarantee of Shipping One's bank loan: maximum guaranteed amount €18,000,000; no fee charged; tenor not on file."],"cites":["oecd.docs","cy.faq.loan"],"hashes":[],"rules":[["oecd.docs","verified",null,null],["cy.faq.loan","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"lf:mi-spv2:1","title":"Aegean Crest Shipping Two Ltd: 1. The local entity","state":"draft","contentHash":"1216db780409c73b590a12547ec9117c26a2a636deec4bfb9dccce3959f26f9c","content":{"text":["Aegean Crest Shipping Two Ltd is a company resident in Cyprus. Single-ship company: owns m/v Aegean Spirit, delivered in 2025, funded by Navigation Inc. and bareboat-chartered to her; 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: financing, by its maximum principal, of €9,000,000 exceeds the €5,000,000 threshold the Tax Department publishes."],"cites":["cy.who","cy.lf.threshold.circ2024","cy.faq.loan","oecd.docs"],"hashes":[["obl:mi-spv2","eaff2c1a5720dc6751b7c97483630d21fc0abb0253ae4e8aa72676041ccdc03e"]],"rules":[["cy.who","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["cy.faq.loan","verified",null,null],["oecd.docs","verified",null,null]]},"rests_on":["obl:mi-spv2"],"signoffs":[],"changes":[]},{"id":"lf:mi-spv2:2:mi9","title":"Aegean Crest Shipping Two Ltd: 2.1 Newbuilding loan to Shipping Two","state":"draft","contentHash":"fc75d5dbb7f40a67a48cfd52b7a2a91de5b938d43980383aa961f5c04a45c5a0","content":{"text":["Newbuilding 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."],"cites":["oecd.factors","cy.faq.safeharbour"],"hashes":[["fin:mi9","109a3c33d2a6fefb8cb9e0221a953e32c53506ed23a155f966200b42b0916f24"]],"rules":[["oecd.factors","verified",null,null],["cy.faq.safeharbour","verified",null,null]]},"rests_on":["fin:mi9"],"signoffs":[],"changes":[]},{"id":"lf:mi-spv2:3","title":"Aegean Crest Shipping Two Ltd: 3. Financial information","state":"draft","contentHash":"ac4263c66ca00fe287de453d85d11cc418ca052b021d58202ac9ad496cf5a94d","content":{"text":["Financial information used in the analysis: Management accounts 2025, Aegean Crest companies (SHA-256 eaabf9be89019375…).","Newbuilding loan to Shipping Two: maximum principal €9,000,000; rate 4.50%; tenor not on file; interest in the year €405,000."],"cites":["oecd.docs","cy.faq.loan"],"hashes":[],"rules":[["oecd.docs","verified",null,null],["cy.faq.loan","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]}],"packHash":"be44a383f4327fb32a8ee187aaff765f62f940175122535d73d3bd103bd299ac"}