Laskaridis Shipping Co Ltd., led by Panos Laskaridis, has taken delivery of the new-built ship “Pafsanias”.

More specifically, a relevant post on the company’s social media states: “We are proud to announce the successful delivery of our latest new-built bulk carrier.

Built at COSCO SHIPPING HEAVY INDUSTRY (YANGZHOU) Co. Ltd, MV PAFSANIAS is designed for performance, efficiency and a lower environmental footprint – a reflection of our commitment to sustainable growth in the maritime industry.

MV PAFSANIAS is the first vessel of our latest newbuilding programme to be delivered, that represents not only fleet renewal but more importantly our commitment to a greener, smarter and more efficient future for global shipping.

This latest newbuilding programme of Lavinia Group includes:

COSCO SHIPPING HEAVY INDUSTRY (YANGZHOU) Co. Ltd.: Three (3) KAMSARMAXES (82.000 DWT)

C.M.I. Qingdao Shipyard: Four (4) KAMSARMAXES

Jiangsu New Hantong Ship Heavy Industry: One (1) KAMSARMAX

Zhoushan Changhong International Shipyard: Three (3) MR-2 Chemical/Product Tankers (50.000 DWT)”.

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Navios Maritime Partners L.P. has placed USD 300 million of new senior unsecured bonds in the Nordic bond market. The new bonds are due to mature in November 2030 and will pay a fixed coupon of 7.75% per annum, payable semi-annually in arrears. An application will be made for the bonds to be listed on the Oslo Stock Exchange.

The net proceeds from the bond issue are intended to be used for the repayment of certain of the Company’s outstanding secured debt facilities and for general corporate purposes of the group.

Arctic Securities AS acted as Sole Global Coordinator and Bookrunner, Fearnley Securities AS and Skandinaviska Enskilda Banken AB (publ) Oslofilialen acted as Joint Bookrunners, Credit Agricole Corporate and Investment Bank acted as passive Joint Lead Manager and S. Goldman Advisors LLC acted as Co-Manager in the bond issue.

The senior unsecured bonds are being sold in the United States or its territories only to persons reasonably believed to be qualified institutional buyers as defined under Rule 144A under the Securities Act of 1933, as amended (the “U.S. Securities Act”). The bonds have not been registered under the U.S. Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Navios Maritime Partners L.P., nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

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An article written by Nigel Lowry and published in Lloyd’s List

VAFIAS Group has achieved a decades-old ‘dream’ in achieving debt-free status, it has confirmed, even as it continues a fleet expansion with further dry bulk carrier buys.

The milestone is all the more notable for encompassing about 100 unencumbered vessels of various types across five different companies, two of them privately held and three publicly listed.

Nasdaq-listed liquefied petroleum gas carrier owner StealthGas paid off the loan on a last bank-financed vessel in July this year, while the zero-debt status of spin-offs Imperial Petroleum and C3is Inc. have also been a matter of public record.

But shipowner Harry Vafias has confirmed to Lloyd’s List that the privately owned bulker and tanker fleet under family companies Brave Maritime and Stealth Maritime has also freed itself of bank debt.

Just two years ago, the total debt of the group and public affiliates came to $1.1bn.

Although many Greece-based shipowners in the last few years have opted to use excess market earnings to prepay loans during a period of relatively high interest rates, few will have completely wiped out debt on such a large fleet, especially while managing to expand at a rapid clip.

Brave has just clinched the acquisition of a nine-year-old, Japanese-controlled handysize bulker, Seacon Manila (IMO: 9766231), for $17.2m, according to sources familiar with the deal.

The 33,412 dwt vessel was built by Shin Kochi Heavy Industries.

Vafias declined to confirm the latest transaction, but verified reports that the company has acquired a trio of similar handies of about 34,400 dwt, from MUR Shipping.

African Goshawk (IMO: 9728485), African Heron (IMO: 9750000) and African Merlin (IMO: 9701267), all constructed by Namura Shipbuilding in 2016, are being purchased for a price of $17.4m each.

The four latest purchases, which are all scheduled to be delivered before the end of this year, bring the Brave Maritime-managed fleet to about 40 bulkers, up from a group tally of just 11 bulkers three years ago.

Handysize bulkers were “a no-brainer” at the moment, Vafias said.

Last year, the company purchased five kamsarmaxes and five supramaxes, but secondhand prices in these segments had risen, while handysizes had remained lower, as well as having a smaller orderbook.

“They are more versatile ships and at the moment they are earning close to $19,000 per day on the spot market. They are earning more than kamsarmaxes,” he said.

“We try to identify small niches that represent good value and to move quickly.”

Over the summer the owner was also buying product tankers, applying similar principles.

The group is reckoned to have been the most active secondhand buyer over the last two years from the Greek shipowning community, which has dominated secondhand buying along with Chinese interests.

Despite the regularity of its deal-making, it has almost entirely eschewed Chinese-built vessels and has focused strongly on Japanese-built tonnage.

Vafias said about 70% of the fleet was constructed in Japan with the balance in South Korea, with the exception of a solitary Chinese built vessel.

Currently, the group’s fleet, including both privately owned and publicly listed fleets, has an estimated value of about $2.8bn.

He said that being debt-free gave the group, above all, “freedom — and a lot of flexibility”.

It meant that “we have a lower break-even rate than the competition and we can raise debt at any time if we want to”, he added.

According to Vafias, the inspiration for eradicating debt was planted back in the mid-1990s by compatriot shipowner Thanassis Martinos of Eastern Mediterranean Maritime.

“He told us [Harry together with father Nicholas Vafias, who is still active in the business] that he had a debt-free fleet.

“That was 30 years ago and we were so far away from something like that, it seemed like a dream,” he said.

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Cruise Lines International Association (CLIA), the leading voice of the global cruise industry, is showcasing the benefits of a thriving cruise sector for communities in Greece with the launch of an exhibition on sustainable cruise tourism in partnership with the Eugenides Foundation. The opening event of the Exhibition, held yesterday at the premises of Eugenides Foundation, follows CLIA’s campaign which, through a series of videos, aims to amplify the voice of the cruise community in Greece and showcase how the sector is a driving force for growth and prosperity.

Mrs. Maria Deligianni, Regional Director, Eastern Mediterranean, CLIA, said: “Greece is at the heart of Mediterranean cruising, and as we highlight through our exhibition and campaign today, partnerships are key to preserving the country’s attractiveness as a great place to visit and to live. With data showing that over 55% of cruise traffic is concentrated in only three ports, we support the Government’s efforts to enhance the visitor experience and develop new destinations. We believe that investing the cruise fee to support this ambition can help spread the benefits of cruise tourism more widely, enabling balanced and sustainable growth and strengthening Greece’s role as a premier hub for cruising. Building on this ambition, we propose the creation of a National Cruise Development Plan, which will be accompanied by a clear timeline for initiating investments and supporting new destinations in Greece. We suggest that this plan be developed by the Greek Government in collaboration with the cruise industry as part of our ongoing dialogue. The implementation of the plan will be funded by revenues from the cruise fee, considering the needs for port infrastructure, development, and the promotional activities required at each destination.”

Mr. Leonidas Dimitriadis-Eugenides, President of the Eugenides Foundation and Goodwill Maritime Ambassador of the International Maritime Organization (IMO), stated: “Cruise tourism is a dynamic sector with a significant contribution to both the European and the Greek economy. Its development must be grounded in balance, strategic planning, and respect for the environment and local communities. Because progress has real meaning only when it combines economic prosperity with knowledge, education, and sustainability. In this context, at the Eugenides Foundation, we believe it is especially important for Greeks — and particularly young people — to acquire the skills that will enable them to take full advantage of the opportunities this growth presents.”

Cruise sector innovations driving sustainability

Reinforcing the sector’s commitment to sustainability, CLIA shared the results of its annual Environmental Technologies and Practices report. The 2025 report shows continuous and measurable progress by member cruise lines as they advance an ambitious environmental agenda — from testing and piloting biofuels, investing in fuel-flexible engines, to the increasing use of lower emissions fuels, and maximizing energy-efficiency measures. Cruise lines are early adopters and innovators of maritime technology — examples include advanced wastewater systems, onshore power supply, air lubrication systems, and the newest generation of dual-fuel engines — from which other sectors of maritime also benefit. Cruise lines are investing tens of billions of euros to build the fleet of the future, including more than 80 new ships on order worldwide that feature these and other innovations.

Generating economic and social benefits for Mykonos economy

CLIA also unveiled the results of a study by the international research firm Oxford Economics showing that cruise tourism generated €201 million to Mykonos economy in 2024. The study also found that cruise tourism in Mykonos supports nearly 3,000 jobs in the economy of the area, highlighting the sector’s significant contribution to local livelihoods. With a focus on Mykonos, the study revealed that cruise passengers spend an average of €107 per person on the island during average stays onshore of a little under six hours. The study shows how cruise tourism serves to introduce Greece to new visitors — eight out of ten (transit) cruise guests in 2024 were visiting the island for the first time, and over half visiting Greece for the first time.

CLIA also announced that it has commissioned a similar study from the University of Piraeus on the economic impact of cruising in Santorini with initial findings expected in early 2026 and the final report to be released in July 2026.

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The Swedish Club celebrated the 45th anniversary of its Greek office, marking nearly half a century of continuous service to the world’s most influential shipowning community.

Established in Piraeus in 1980, the office has grown alongside Greek shipping, supporting members through market cycles, regulatory change, and evolving risk. What remains constant is a model built for Greece: Hull & Machinery, P&I, claims handling and underwriting expertise delivered locally, in close partnership with members, brokers and stakeholders.

“Forty-five years on, our purpose in Greece is unchanged: be present, be practical and be fast,” said Ludvig Nyhlén, Area Manager, Greece, The Swedish Club. “What sets this office apart is that we make decisions here. Members have direct access to H&M, P&I, claims and underwriting under one roof, in their time zone and in their market. That local capability, combined with the strength of the global Club has earned trust over decades.”

Greek shipping has transformed from a traditional, family-run sector into a diversified global industry operating across every vessel segment. Throughout this evolution, the Club has adapted its support: reinforcing local claims and underwriting capacity; expanding loss prevention services; and bringing data-led tools to members while maintaining the personal relationships and responsiveness that define the Athens office.

“The Greek market moves quickly and values relationships,” said Thomas Nordberg, Managing Director, The Swedish Club. “Our Athens team reflects that culture. They pair deep local insight with the Club’s international standards and resources, so members get the best of both worlds, local agility and global strength.”
The anniversary also highlights the office’s role in promoting safer operations through practical loss prevention training, monthly safety scenarios, emergency response exercises, and guidance on emerging risks such as alternative fuels, sanctions compliance and cyber security. The Club’s recent wellbeing initiatives, including Check Your Pulse and family support resources, underline an approach to risk that starts with people and culture on board.

Looking ahead, the Athens office will continue to invest in capabilities that matter most to Greek owners and managers: rapid claims decision-making; technical and legal expertise close at hand; and data-driven insight that turns experience into prevention. The focus is on helping members navigate a more complex world, whether driven by regulation, geopolitics or technology, and without losing the speed and clarity that Greek clients expect.

“We’re proud of what’s been built here by our team, our members, our brokers and partners,” added Ludvig. “This anniversary belongs to the community that has supported us for 45 years. Our ambition for the next decade is simple: stay close to our members, keep strengthening our local service, and keep earning trust, case by case, day by day.”

The Swedish Club will mark the anniversary in Athens, bringing together members, brokers, partners and colleagues to celebrate shared achievements and look to the future.

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Collaboration is key across maritime, trade and logistics if the sectors are to achieve their goals on equality, gender diversity and decarbonisation, according to speakers at the 2025 WISTA AGM and Conference, held in Barcelona between 22-24 October.

The event, the largest staged by the association in its more than 50-year history, brought together over 400 maritime professionals and leaders from around the world.

In her keynote speech, WISTA International President, Elpi Petraki stressed that collective commitment had been the source of WISTA’s strength in moving the entire maritime industry forward on gender equality.
“Collaboration has always been shipping’s greatest strength. It unites people from all corners of the world, across cultures and disciplines,” she said. “When we bring diverse perspectives together, we don’t just solve problems — we create new possibilities. That is where innovation begins.”

Drawing inspiration from this year’s Nobel laureates in Economic Sciences, who showed that progress often comes through creative destruction, Petraki applied the same principle to the current industry situation, surmising that what might seem disruptive at first can in fact lead to renewal and long-term growth.
Welcoming delegates to the gathering supported by the Port of Barcelona, as well as national and regional transport administrations, Jose Alberto Carbonell, President, Port of Barcelona pledged the Port’s commitment to gender equality and innovation. He urged the industry to respond to its challenges with purpose.
“The sector must follow what WISTA has done and continues to do; challenge the status quo, innovate, and even in the most difficult context, move forward with determination.”

The sentiment was shared by Benito Núñez Quintanilla, Secretary of State of Maritime and Air Transport, who highlighted the Ministry’s support for WISTA International and the nation’s strong belief in gender balance and equality - not only as a general principle, but as essential to the sector’s success.

Núñez Quintanilla took the opportunity to reaffirm the Spanish Government’s commitment to fully decarbonising the maritime industry as part of the international trading system. Manel Nadal, Secretary of Mobility and Infrastructures of the Government of Catalonia, highlighted the importance of the maritime sector in Catalonia, as a centre for logistics and ports activities that sustains over 24,000 companies.

Rosana Velasco, President of WISTA Spain, emphasised the significance of late 2025 as a critical moment for leaders in the energy, maritime, and trade sectors to come together to exchange ideas, inspire action, and shape the industry’s future.

The importance of global collaboration was further reflected in the event theme - Powering the Future of Shipping & Trade: Global Energy in Challenging Times – with the conference agenda delivering a series of thought-provoking discussions on the complexities of international trade, logistics and shipping today.

Programme highlights included a panel discussion on decarbonisation where the Secretary General of the International Maritime Organization, Arsenio Dominguez, summarised the outcome of the latest MEPC extraordinary session and next steps. Other sessions also provided insights into the impact of shore power and just-in-time port calls on sustainability and how the industry is adapting to geopolitical tensions, new trade barriers, and the digital transformation of supply chains.

An exclusive fireside chat between Dominguez and Dorothea Ioannou, CEO, The American P&I Club, offered a deeply engaging conversation that focused on policy, regulations and human factors in global shipping. Discussions covered a wide array of topics, including decarbonisation and legal frameworks, the treatment and criminalisation of seafarers, safety, human rights and crew welfare, women in maritime, the Biodiversity Beyond National Jurisdiction (BBNJ) Treaty, and the role of the IMO.

In the days ahead of the conference, WISTA International hosted its President’s roundtable and Annual General Meeting. This year’s event saw Mariella Collazzi appointed Treasurer of the WISTA International Executive Committee, with Connie Roozen stepping down after seven years of dedicated service. During the AGM, three new National WISTA Associations (NWAs) were announced – Croatia, Kenya and Malta – in addition to the relaunch of WISTA Japan.

In the spirit of change, a new brand identity was also unveiled, with the new WISTA International logo representing the global reach, unity, and forward movement for women in the shipping, trading, and logistics sectors.

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GIT Coatings (Graphite Innovation & Technologies Inc.), a global leader in biocide-free, graphene-based marine coatings, proudly announced an additional $5M in EDC funding during the Grand Opening of their new Global Headquarters and Flagship Operations at 409 Wilkinson Avenue in Dartmouth, Nova Scotia, Canada.

The opening event marked a major milestone in GIT Coatings’ mission to redefine marine sustainability through advanced materials innovation. The new building includes 10 times the square footage of their previous headquarters and manufacturing facility allowing the company to scale manufacturing, R&D, quality control, and global support functions under one carbon-neutral roof.

During the event, an additional scaleup fund from Export Development Canada (EDC) was also announced in GIT’s production area which saw 100+ attendees including local MPs, MLAs, investors and stakeholders. EDC will contribute up to $5m in financial support to further expand GIT’s global market presence and export capabilities.

With GIT Coatings now applied to over 500 vessels across 20+ countries, the graphene-based technologies are enabling shipowners to reduce fuel consumption, cut CO2 emissions, and eliminate toxic copper and silicon oil release from oceans. Collectively, these deployments have prevented nearly 250,000 tonnes of CO2 and copper pollution to date. A testament to Canadian innovation driving global environmental impact.

“Today is a proud milestone for our entire team and for Canada’s ocean and clean-tech communities” said Mo AlGermozi, CEO of GIT Coatings. “This world-class site lets us manufacture at scale, accelerate R&D, and serve customers in every major shipping market. All from right here in Dartmouth. With 95% of our revenue coming from exports, we’re proving that Canadian clean technology can compete globally while creating high-quality jobs at home.”

The company previously utilized a space at 1 Research Drive in Dartmouth, Canada, where economic development organization, Invest Nova Scotia, houses a production incubation centre for local companies.

Minister of Environment and Climate Change, the Honurable Timothy Halman, Government of Nova Scotia

stated the following: “We don’t follow — we lead. The innovation you’re showing the world is a testament to that. Innovation requires an innovative government and innovative regulators. Change doesn’t come from government; it comes from the private sector — from the innovators.

The Atlantic Canada Opportunities Agency (ACOA) also previously supported GIT’s expansion with a financial contribution, helping fund the building upgrades and production scale-up at the new headquarters and manufacturing site.

“Our government is proud to support GIT Coatings as they expand right here in Dartmouth,” said Braedon Clark, Member of Parliament for Sackville—Bedford—Preston, on behalf of the Honourable Sean Fraser, Minister of Justice and Attorney General of Canada and Minister Responsible for the Atlantic Canada Opportunities Agency. “This new carbon-neutral facility is a powerful example of how Atlantic Canadian innovation is creating good jobs while protecting our oceans. GIT Coatings is proof that local leadership can drive global impact. We’re excited to see what’s next for this homegrown success story.”

The Grand Opening of GIT Coatings’ new Global Headquarters & Flagship Operations was not just a celebration of a facility, but of a vision taking shape, one that positions Atlantic Canada as a hub for clean technology and maritime innovation. As the global shipping industry accelerates its transition toward decarbonization, GIT Coatings stands ready to deliver the solutions that make it possible. From Dartmouth to the world’s busiest trade routes, this new chapter ensures Canada remains at the forefront of sustainable ocean technologies for generations to come.

View the full event video here: https://youtu.be/_-1FEfF33IQ

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IMO’s Marine Environment Protection Committee votes to adjourn discussions on the Net-Zero Framework for one year.

The extraordinary session will be reconvened in 12 months’ time. In the interim, Member States will continue to work towards consensus on the IMO Net Zero Framework.

The International Maritime Organization (IMO) has agreed to adjourn the extraordinary session of the Marine Environment Protection Committee (MEPC), which was convened this week (14 to 17 October 2025) to consider the adoption of draft amendments to MARPOL Annex VI, including the IMO Net-Zero Framework.

The extraordinary session will be reconvened in 12 months’ time. In the interim, Member States will continue to work towards consensus on the IMO Net Zero Framework.

The Intersessional Working Group on the Reduction on Greenhouse Gas Emissions from Ships, scheduled to meet 20 to 24 October 2025, will go ahead to continue work on the guidelines for implementing the Net Zero Framework.

The IMO Net-Zero Framework was approved at the MEPC 83 session in April 2025, as a new Chapter 5 of the Draft Revised Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL). It comprises a set of international regulations aimed at reducing greenhouse gas (GHG) emissions from ships, in line with IMO's 2023 Strategy for Reduction of GHG Emissions from Ships. It includes two key elements: a global fuel standard and global GHG emissions pricing mechanism.

Statement of the President of the Union of Greek Shipowners Melina Travlos

The decision to delay the process at the IMO presents a new opportunity to shape a sustainable and effective international framework that will guide global shipping safely and realistically through the green transition.

The lack of consensus highlighted deep rifts over the proposed Net-Zero Framework regulation, where the positions advanced by the shipping industry were not sufficiently taken into account.

Greek shipping remains firmly committed to the shared goal of decarbonisation and is ready to lead constructively, with evidence-based and unifying proposals, in a global effort to shape a fair, practical and enforceable clean plan, where all stakeholders assume their share of responsibility on the collective path toward the green transition.

Greek Shipping Co-operation Committee statement in relation to IMO MEPC Extraordinary Session outcome

Last Friday’s events at the IMO need not presage a delay in the creation of a coherent decarbonisation policy.

They simply provide an opportunity to involve those at the epicentre of the maritime world, the shipping community.

So far, they have only had side seats at this crucial time. We must include them closely to create a workable policy which selects all available low carbon and zero carbon fuels and all technologies on the way towards 2050. Furthermore, fuels that are to be mandated, explicitly or implicitly, to achieve decarbonisation must be both available and safe.

The non availability of many of the transitional fuels does not help the shipping industry move forward.

There must be a realisation that different sectors of the industry, such as tramp and liner shipping, have different paths to achieve their goals. The regulations must reflect this.

There needs to be certainty and accountability in respect of funds that are to be collected. Furthermore, if there were actual funds specifically ring fenced for the necessary maritime research and development to take place, it might be possible to achieve real solutions before it is too late.

Global shipping companies, which are represented in all major sectors of the shipping industry and which will in fact be the ones implementing the decarbonisation policy, must be closely consulted if a workable pathway to net zero is to be achieved.

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Navigating Volatility and Digital Transformation

For over 30 years, Marine Money has successfully brought together shipowners and financiers. Its 27th annual Greek Ship Finance Forum continued this tradition, featuring prominent and influential maritime experts from around the world.

Mia Jensen, Director Greece & Events Organiser for Marine Money International, opened the forum by setting the stage. She described the current shipping environment as being heavily influenced by geopolitical uncertainty and a volatile freight market.

The first session, "Navigating global trade at the cusp of a new era," was led by Apostolos Zampelas, Partner and Leader of the Shipping Practice at McKinsey & Company. 

Mr. Zampelas presented the following remarks:

1. Global trade remains at almost peak historical levels, with no region being self-sufficient.
2. Trade is travelling further, but countries are trading more with closer political allies.
3. US tariffs are at their highest level in nearly a century leading to trade rearrangement and production ramp-up in different geographies.
4. Fossil fuels remain resilient until 2050, with natural gas gaining share, while alternative fuels see adoption post 2040.

In this challenging environment he advised he advised shipowners to embed global trade scenarios in business planning, Define fleet composition and deployment, Create strategic partnerships, Develop capabilities to decision making (incl. AI). 

Market Turmoil, Geopolitics, and Finance

A subsequent panel, moderated by Chris Vartzis, Partner and Head of Greece Maritime Finance at Stephenson Harwood, addressed the peak of market volatility and political turmoil in 2025. Mr. Vartzis himself noted that 2025 has been a year of market volatility and geopolitical disruptions.

Key takeaways from the panel included:

Costas Delaportas, President & CEO of DryDel Shipping Inc., commented that new US port tariffs will cause transshipment and a shortage of tonnage. He advocated for a "wait and see" strategy to observe how this will evolve. He also predicted that Chinese leasing facilities will be replaced by other financing methods and expressed optimism for continued improvements in engine optimization and efficiency in the dry bulk sector.

Jerry Kalogiratos, CEO of Clean Energy Carriers Corp., agreed that geopolitics, especially U.S. government sanctions, affect various shipping segments. He highlighted the reduction of ships crossing the Suez Canal as a major disruption to trade flows. He added that the USTR policy will influence how shipowners raise capital and, while M&A and governance issues are present, there is still room for new companies.

Alex Hatzipateras, Chief Operating Officer of Dorian LPG Ltd., outlined that adaptability is crucial, as shipowners have always been resilient to market changes. He agreed that consolidation and alliances will be significant in the future, yet opportunities for new players remain.

George J. Souravlas, CEO of Load Line Marine SA, pointed out that disruptions often create more ton-miles, and shipping must seize the opportunity to deliver more efficient and sustainable services. He also viewed Chinese leasing as an issue due to the port tariffs. Regarding alternative fuels, he cautioned that the necessary technology and infrastructure are not yet in place for their widespread adoption.

The consensus among all speakers was that the industry must live with volatility, and that commercial flexibility and diversification are essential for navigating the shipping cycles.

Investments and Capital Markets

David Herman, Projects/Finance at SSY, moderated the next discussion, which focused on investments and Mergers & Acquisitions (M&A).

Constantine Nanopoulos, Deputy CFO of Star Bulk Carriers Corp., explained that the company focuses on transparency to create an attractive equity for future investors.

Hugh Eden, Managing Director, Maritime Investment Banking at Jefferies LLC, provided an update on the latest developments in the capital markets.

Evangelos Chatzis, Chief Financial Officer of Danaos Corporation, highlighted Danaos's solid balance sheet and its recent $500 million bond offering, which proved the company's clear vision and easy access to capital markets. He stressed that a competitive capital structure requires avoiding reliance on a single source of capital.

Alexis Stephanou, Chief Financial Officer of Goldenport Group of Companies, noted that his company strategically creates partnerships with financial and strategic investors to expand its business into new markets. He advised small and medium-sized owners to consider outsourcing the procurement of spares and other operations to help manage the demands of strict regulations.

Captain of Industry: Nikolas D. Pateras

The "Captain of Industry" session featured an interview with Nikolas D. Pateras, Chairman of Contships Management Inc., conducted by Kevin Oates, Head of Asia, Marine Money International.

Mr. Pateras represents the fifth generation and 150 years of the Pateras family in shipping, with 40 years of personal industry experience, having owned and operated over 150 vessels.

Chairman of Contships, which operates 40 container feeder vessels, he shared lessons learned, the appeal of smaller container vessels, finance alternatives, a recent Nordic bond in Oslo, and the future of Contships.

Mr. Pateras recounted his start in the industry, which began with working close to his father’s office at a young age, followed by polytechnic studies in London and service in the Hellenic Navy. He formally joined the family business during the depressed shipping market of 1984, when only two of the company’s Multi-Purpose vessels (MPP) were trading and the rest of the fleet was idle. Recognizing an opportunity, he borrowed a quite limited amount of money from his father to acquire 10 ships with the financing of a Spanish bank at attractive prices, which he later sold at higher prices when the market recovered. In 1993, he established Pacific and Atlantic, acquiring different types of ships through various market conditions. Following the market recovery in 2002-2003, he liquidated the majority of his fleet just before the market collapse in 2008. He then entered the feeder sector in 2015, acquiring 60 vessels from distressed German KGs.

More recently, Contships raised $175 million bond from the Nordic market for fleet renewal, capitalizing on the continuing good performance of the feeder ship market. CONTSHIPS is now a leader in this delicate and demanding trade, carrying 1 million TEUs per year. The company has also designed a new vessel 1.300 teu, for the construction of a series of 20 new feeder ships. Mr. Pateras also mentioned his religious roots and support for the restoration of monasteries and churches, particularly the renovation of St. Nicholas church in Athens and sites on Oinousae island. His children are also involved in the company.

U.S. Maritime Policy and Geopolitical Risks

Brian Maloney, Partner at Seward & Kissel LLP, and RADM John P. Nadeau, USCG (ret.), of Nadeau Maritime/MTI Network, provided an update on U.S. Maritime Policy, covering:

• • Sanctions, Tariffs, and Port Fees.
• • U.S. Maritime Enforcement & Policy Outlook for Key Risks.
• • Strategic Implications for Shipowners, Chinese ships, and USA ports.

New Investments and Market Opportunities

A panel moderated by Eva Tzima, Head of Research & Valuations at Cass Technava Maritime S.A., discussed market opportunities for new investments and future market expectations. Speakers included Nikos Gkezepis, CFO, Neptune Lines Shipping and Managing Enterprises S.A., Yannis Kourkoulis, CEO, ARMI Ship Management, Nicholas Petrakakos, Partner & Managing Director, Maritime & Offshore Investment Banking, Alantra, Pantelis Pittas, Head of Drybulk Chartering, Eurobulk Ltd. and Wilhelm Magelssen, Partner & Fund Manager, NRO Maritime Asset Management.

The panelists agreed that owners remain financially healthy due to accumulated cash, which has kept vessel values high. They suggested that second-hand and newbuild vessel values are likely to see a correction to bring the market back to equilibrium.

Specific comments included:

Mr. Pittas expressed satisfaction with his company's new building investments, noting that the project is gaining value.

Mr. Gkezepis was confident that the RoRo carriers’ market will remain healthy but cautioned that new projects require prudence due to rising asset values.

Mr. Magelssen suggested staying away from the market for a period if tonnage oversupply is expected to continue.

Mr. Kourkoulis referred to the implementation of the Hong Kong Convention, which will cause a bottleneck effect regarding the supply of ships destined for demolition.

Mr. Petrakakos commented on ship finance and capital market trends, expressing confidence that the financial market will continue to support well-organized and high-performing shipping companies.

Afternoon Sessions

The afternoon commenced with lunch co-hosted by TEN Limited.

The subsequent sessions covered critical topics for the future of shipping:

-AI-Driven Decisions: Operational Efficiency and Financial Impact.

This session explored how artificial intelligence (AI) is transforming decision-making across the shipping value chain, covering applications from route optimization and fuel efficiency to predictive maintenance, port logistics, and risk management. The discussion highlighted how AI enables faster, data-driven decisions that reduce costs, improve safety, and enhance sustainability, using real-world case studies.

Speakers were Kimon Drakopoulos, Associate Professor Data Sciences and Operations (USC), Executive Advisor for AI and Innovation, PwC Greece, Konstantinos Kyriakopoulos, CEO & CO-Founder, DeepSea Technologies, Stella Saridou, VP Data Warehouse, The Signal Group and Moderator Alkistis Krimpeni, Director, Head of Strategic Analytics & Operations, PwC Greece.

Chinese Leasing and Asian Finance session.

Moderated by Anders H. Schau, Managing Director & Partner at Northcape Capital AS, this panel addressed the current status and future of Asian finance for Greek owners. The core questions were: Is Chinese leasing and Asian finance still a top target for Greek owners? and Are the planned USTR penalties on Chinese flagged, owned, and built ships impacting the attractiveness of Chinese lease finance?

Speakers were Christoforos Bisbikos, Partner, Watson Farley & Williams, Channing Wang, Partner, Head of European Market, Ebridge Capital, Spiros Vellas, Director & Head of Corporate Finance, Eurofin Group

Scrapping: The Only Bear Market in Shipping.

A presentation on the state of the scrapping market and its future was performed by Edward Finley-Richardson, a shipping investor.

Finance for Greek Shipping in 2025 and Beyond

Financiers discussed the best sources and structures for the current market, addressing whether traditional bank finance is back in favor, if Asian finance is still in high demand, the increasing role of non-bank finance, and whether sustainable finance is now the norm in terms of conditions.

Panelists were Vassilios Maroulis, Managing Director, Global Head of Shipping, Citi, Harris Antoniou, Founder & Managing Director, Neptune Maritime Leasing, Nick Daskalakis, Managing Director, Alpha Shipping Advisors Ltd., Hugues Calmet, Head of DNB Athens Representative Office, DNB Bank, Theofanis Moustakatos, Head of Shipping, National Bank of Greece and Moderator Alexia Hatzimichalis, Athens Office Head and Partner, Assets & Structured Finance Group, Watson Farley & Williams.

The speakers agreed that traditional bank finance will always be there and especially Greek banks are close to the decision makers that’s why don’t exit shipping during the financial crisis of 2010-20 and supported their clients restructuring their debt portfolio. Greek banks have good teams with great shipping experience and highly skilled executives.

Charting a Smart Course Forward for Greek Shipping.

The final panel, moderated by Christos Sigalas, Associate Professors, Department of Maritime Transport and Supply Chain at Deree - The American College of Greece, discussed the future strategy for Greek shipping.

Panelists were Stavros Gyftakis, Chief Financial Officer, Seanergy Maritime Holdings Corp., Symeon Pariaros, Chief Administrative Officer, Euroseas Ltd., EuroDry Ltd. and EuroHoldings Ltd., Peter Borup, Chief Executive Officer, Quadrise PLC and Emma Collier, Partner, Further & Further.

The speakers agreed that Greek shipping has performed extremely well, with bigger companies expanding through new order deliveries and smaller companies growing or upgrading their fleet quality and age. However, they recognized major macro challenges: geopolitics, softer freight markets, regulation, and decarbonization. All agreed that digitization is a game changer.

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TEN, the U.S.-listed shipping giant, recently held its annual strategy meeting, bringing together industry leaders, analysts, and government officials to discuss critical issues shaping the tanker market and the future of maritime shipping. The event featured a series of insightful presentations, culminating in a memorable evening with stunning views of the Saronic Gulf.

The meeting was graced by the presence of several distinguished guests, including the founder of Tsakos Group Capt. Panagiotis N. Tsakos, the Chief of the Hellenic National Defence General Staff, Gen. Dimitris Choupis, the Commandant of the Hellenic Coast Guard, Vice Admiral Tryfon Kontizas, H.E. Julie Lymberopoulos Karnakis, Ambassador and General Consul of Panama in Greece and H.E. Ju-seong LIM, Ambassador of the Republic of Korea to the Hellenic Republic.

Investing in People and a Generational Call to Action

Dr. Nikolas Tsakos, Founder and CEO of TEN, a prominent figure in the shipping world, opened the meeting by inviting his son, Panagiotis N. Tsakos, to address the challenges facing the next generation of seafarers. Panagiotis emphasized the growing shortage of trained officers and competent seafarers, a critical concern given the expanding global fleet. He also highlighted the increasing isolation and anxiety experienced by seafarers in today's demanding environment, a sentiment echoed by many in the industry.

In a powerful statement underscoring the company's commitment to human capital, Panagiotis referenced key initiatives like the 2005 Maria’s House, 2018 Tsakos Enhanced Education Nautical Studies (TEENS), and the establishment of a merchant marine academy in 2024. These programs, he noted, demonstrate that investing in people is paramount, as developing competent maritime professionals takes significantly longer than building a vessel.

Economic Outlook

Capital market expert Professor Angelos Kallipolitis provided his perspectives on global economic growth, focusing on inflation risks and the energy outlook. He remarked on the complexities of P/E development in the shipping industry, concluding that not everything can be captured by a simple formula.

Tanker Market Trends and Future of Shipping Services

Anita Bartels, Head of Tankers and Offshore at IFCHOR GALBRAITHS, delivered a comprehensive presentation on tanker market trends. She highlighted a market characterized by strong spikes and elevated activity in recent years, alongside a rapidly aging fleet and slowing recycling. Bartels noted that output growth supports crude tankers, while a continuing shift in demand bolsters product tankers. She cautioned about potential ongoing volatility, the threat of trade war escalation to global economic growth, and the IMF's recent cut to global growth forecasts.

René Kofod-Olsen, V. Group CEO, then delved into the "Shipping services of the future." He presented V. Group's comprehensive suite of digitally enabled, mission-critical services, ranging from technical to crew management. Olsen underscored the need for scale in an increasingly complex world, pointing to V. Group's global network of 50 offices and a crew pool of 44,000 seafarers. He also addressed the significant shortage of officers, estimated to reach 80,000 by 2030, and the unique pressure on the tanker crew pool. V. Group has launched a dedicated program to empower women in seafaring and maritime leadership, recognizing that crewing complexities will increasingly drive outsourcing in the shipping sector.

AI's Role in Maritime Navigation

The final speaker, Mr. Arabatzis, explored the crucial role of Artificial Intelligence in maritime navigation. He presented a vessel routing model designed to optimize routes for efficiency and enhance the safety of crew members through data-driven insights.

The event concluded with a delightful evening reception, where guests enjoyed the magnificent sunset over the Saronic Gulf, a fitting end to a day of strategic discussions and forward-thinking insights.

ELNAVI Newsletter  
More Information: ELNAVI,
19, Aristidou str., Piraeus 185 31,
Tel.: +30 210 45.22.100, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.