Tsakos Columbia Shipmanagement has phased out cash payments to crew by masters.
ShipMoney has rolled out an electronic payment solution on 90 ships, including tankers, boxships and bulkers, following a trial.
Seafarers employed on Tsakos-owned vessels operated by Columbia Shipmanagement will have "complete control and access to their wages while onboard ship, including the timing and currency of remittances sent home," the payment provider said.
"It will also dramatically reduce the need for large amounts of cash to be delivered to ships and eliminate the need for Tsakos to administer individual crew wire payments sent to home bank accounts."
Harry Katsipoulakis, CFO of Tsakos Columbia Shipmanagement, said: “Our crew is the most important asset we have in our company.
"By introducing ShipMoney, we’ve been able to streamline the onboard crew payment process across the fleet by enhancing the safety in money transfer, reducing costs, saving time and providing a new benefit to our valued crewmembers and their families.”
In November, Japanese owner NYK said it was much closer to introducing a cashless vessel.
It was considering setting up a new network that will allow financial settlements on board using electronic money.
Tests were conducted to examine the potential to reduce administrative work and the risk of cash loss.
NYK estimated that total cash on company ships around the world amounts to about $800m a year, and costs related to handling are very high.
