Hazem Sadek

• • Maintains general and subsidiary ledgers, accounts receivable, revenue distribution, depreciation, cost, property, and operating expenses

• • participates in cost analyses and rate studies

• • Prepares statements and reports of estimated future costs and revenues.

1. Vessel & Voyage Accounting

Voyage Profitability: Analyze "Hire" revenue and voyage expenses (bunkers, port charges, canal tolls) to determine the net profitability of each journey.

Vessel OpEx Management: Track and audit daily operating costs, including crew wages, technical maintenance, spare parts, and lubricants.

Dry-Docking Capitalization: Manage the accounting for major dry-docking events, ensuring costs are correctly capitalized and depreciated over the vessel's lifecycle.

2. Financial Reporting & Analysis

Consolidated Statements: Prepare monthly, quarterly, and annual financial statements for individual Special Purpose Vehicles (SPVs) and the parent holding company.

Variance Analysis: Compare actual vessel running costs against budgets, providing detailed explanations for overages in technical or crewing departments.

Charter Party Compliance: Reconcile accounts with charterers, ensuring accurate billing of freight, deadfreight, and demurrage claims.

3. Treasury & Compliance

Lender Relations: Prepare compliance certificates and financial covenants for vessel mortgages and bank loans.

International Tax & VAT: Navigate the complexities of tonnage tax regimes and international VAT/GST implications for cross-border maritime operations.

Audit Coordination: Act as the primary point of contact for external auditors, ensuring all vessel valuations and impairments are documented according to IFRS or GAAP.

1. Owner Reporting & Fund Management

Vessel Funding: Monitor and manage "Opex Funding" from owners. Ensure "Initial Working Capital" is received before vessel delivery and manage monthly "Funding Requests."

Owner Statements: Prepare monthly or quarterly "Owner’s Financial Reports," reconciling all expenses incurred by the manager on behalf of the owner.

Management Fees: Ensure accurate and timely billing of fixed management fees and any additional service fees (e.g., superintendency travel, technical inspections).

2. Disbursement Account (DA) & Procurement Oversight

Port Call Management: Review and process Disbursement Accounts from port agents globally, ensuring port charges, tugs, and pilotage are verified.

Technical Spares & Stores: Work closely with the Technical Department to verify invoices for engine spares, paints, and lubricants against purchase orders.

Variance Analysis: Provide owners with detailed "Budget vs. Actual" reports, explaining variances in technical spending or crew overtime.

3. Crewing Finance & Payroll

Crew Payroll: Oversee the disbursement of wages to seafarers across multiple nationalities and currencies, ensuring compliance with MLC (Maritime Labour Convention) standards.

Allotments & Expenses: Manage crew home allotments and "Cash to Master" (CTM) reconciliations for onboard expenses.

4. Corporate & Audit Compliance

Audit Liaison: Coordinate with the owners' auditors, providing supporting documentation for all expenses charged to the vessel accounts.

Intercompany Reconciliations: Manage the flow of funds between the management hubs (e.g., Dubai, Singapore, Cyprus) and the specific vessel accounts.