Tatham & Co and Sea Green Law, two leading specialist maritime law firms in the UK, are merging to create a 22 lawyer practice, and a stronger version of themselves.  

The combined entity began operating on 1 April 2025 under the Tatham & Co name, will be jointly led by lead Partners Stephen Askins and James Hickland from Tatham & Co, and Ted Graham from Sea Green Law.

By combining their expertise and resources and building on the success of the two firms, the expanded Tatham & Co will have the capacity and capabilities to handle a greater number of larger cases on the contentious side, alongside providing a wider range of expertise to their client base. It will enhance the firm’s dry shipping and sale of goods capability, whilst complimenting Tatham & Co’s existing admiralty team. Partners from both firms know each other well, having worked together for many years previously, share similar values, visions and culture and are well adapted to continue to serve the maritime law sector.

“For the past six years, Sea Green Law has grown steadily and we have been very successful, whilst maintaining work life balance. But the young lawyers want to work in London and we are excited about being back in the heart of one of maritime’s most important cities,” said Ted Graham.

“We are delighted that Sea Green have agreed that the time is now right for us to join forces and take our combined maritime law expertise to the next stage. Ted and his entire team are incredibly well respected in the market. The merger creates synergies and efficiencies which will benefit both clients and the firm itself. Having them on board gives us more depth and resilience in an increasingly competitive sector,” said Stephen Askins.

Tatham & Co began trading in 2019, has offices in London and Piraeus, and a worldwide client base.

Caption: Stephen Askins, Partner, Tatham & Co

Caption: James Hickland, Partner, Tatham & Co

Caption: Ted Graham, Director, Sea Green Law

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A highly productive and insightful technical meeting was recently held in the Athens Marriott, bringing together Hyundai Electric and Oceanking to showcase Hyundai Electric’s latest innovations in marine technology. The event introduced cutting-edge solutions designed to enhance energy efficiency, reduce emissions, and support the maritime industry’s shift toward sustainable operations.

The meeting highlighted three major technological advancements: the Shaft Generator, the Intelligent Motor Control Unit (IMCU), and the Intelligent Preventive Diagnosis System (Hi-PDS).

“We are very proud to have been working together for over 15 years, having established a strong cooperation and relationship,” said Ms Carola Yannouli, OCEANKING General Manager. “With the mutual efforts of Oceanking and the Hyundai Electric team, we have today over 500 Greek ships with HDE products onboard”.

Hyundai Electric continues to leverage their vast experience in advanced diesel and gas engine technologies to support the evolving needs of global shipping. With increasing environmental regulations shaping the future of the industry, the event underscored the importance of innovative, compliant technologies. Hyundai Electric is responding with robust investments in state-of-the-art systems that not only meet current standards but also anticipate future demands. A key highlight of the event was the presentation of the Shaft Generator, a solution enabling onboard power generation with significantly reduced environmental impact. This technology helps minimize emissions and lower operational costs, aligning with the industry’s dual goals of sustainability and economic efficiency. The system features include:

- Reduced fuel consumption and operational costs

- Lower noise levels and vibration

- Decreased carbon emissions

- High operational efficiency

To date, the Shaft Generator has been installed on 67 vessels.

Also unveiled were the Intelligent Motor Control Unit (IMCU) and the Intelligent Preventive Diagnosis System (Hi-PDS). These smart systems integrate state of the art software to extend the life of electric equipment onboard and reduce maintenance requirements. They ensure optimal motor performance while minimizing energy usage, helping shipowners maintain reliable, efficient operations.

The event concluded with an overview of HD Hyundai Electric’s operations in China, which mirror the quality and certification standards of the company’s Korean headquarters. This expansion supports the growing demand within the Chinese newbuilding market.

Oceanking remains committed to delivering solutions that meet the challenges of a rapidly changing maritime landscape.

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A business trip that reflects the extroversion and cooperative spirit of Greek ship-repairing, trading and manufacturing of ship equipment 

With the aim to share technical experience and maritime culture the Hellenic Maritime Club of Hamburg organised a one-day workshop on the challenges of shipping.

In his opening speech the president of HMCH Capt. Dimokratis Tatanis referred to the scope of the Club which is to strengthening the bonds between Greeks that work in the maritime cluster of Hamburg.

Danaos Diaplous Uteco and WIMA were the sponsors of the event.

In his presentation the managing director of Danaos Management Dimitris Theodosiou presented the issue of “The Challenge of AI in Shipping ERP". He told that AI Danaos platform can provide email automation, AI assistance, large language models incorporating with the company’s documentation.

The system can dictate employees if they achieve the goals of the company.

It must be noticed that Danaos is 39 years in shipping with 12 offices around the world and 650 customers worldwide. The strategy is to achieve integration using big data analytics and performance models developing numerous modules that cover all spectrum of maritime operations like crew management technical support training and other activities.

Diaplous’ Angelos Lazaridis and Nikos Georgopoulos discussed the topic of "Key Take away from Experience in the Middle East Region". They commented on Houthi’s’ attacks in the Red Sea and the ability to continue the terrorist activity in the future. The capabilities are still there and Houthis will probably continue to threaten the maritime trade in the region.

Next presentation was made by Psyctotherm’s Stamatis Zissis who referred to the topic of "Refrigerants in Shipping: F-Gas Regulations and Future Alternatives / Waste Heat Recovery with Organic Rankine Cycle (ORC): Maximizing Fuel Efficiency & IMO Compliance".

The speaker elaborated on ORC technology and presented the benefits of the system such as energy efficiency and cost savings. He also referred to the history of refrigeration in shipping. 

SQ Learn’s Thanassis Bourlios referred to the issue of "Choosing the Right Training for Regulatory Compliance". The speaker said that for SQ Learn compliance means safety, sustainability and operational excellence. 

The company has an extensive online library based on STCW standards providing training solutions for any kind of vessel. He also referred to tailored training for vetting preparation and Rightship inspections. 

More specifically Mr Bourlios presented the Vetti app. an innovative software for vetting inspections and CaptAIn a revolutionary learning aid to optimize training and skills development in the maritime sector.

Concluding focused on SqLearn’s strengths such as internationally approved by most flags, training available onboard 24/7, support via emails and chats and many others.

Uteco’s George Paradisis presented the topic of “Sensors - Cables - Automation / Technical Solution Partners Network". Uteco is involved in marine automation for more than 50 years and is a market leader in Greece in all kind of sensors and instrumentation for various types of vessels. The speaker presented a great variety of sensors measuring flow temperature level pressure etc. 

Uteco represents an extensive range of brands in marine instrumentation covering a wide range of applications. Finally, Uteco is also involved in electrification and renewable energy.

The event was concluded with WIMA’s "Overview of its Members Companies", address of Elias Hajiefremidis president of WIMA and introduction of all WIMA members.

He said that WIMA reflects the strength of cooperation between a network of certified companies that cover all the needs of a shipping company from the acquisition, maintenance and the demolition of ship.

Finally he referred to WIMA’s milestones especially to various joint projects that were delivered during the last years such as the refits of passenger vessel “Amet majesty”, Ropax vessels “Pantokrator” “Elysian” “Sunny” “Corse” and many more.

The event took place at The Westin Hamburg and on the 2nd day of the business trip in Hamburg the members of WIMA had the chance to visit two shipyards Emden shipyard and dock GmbH and Fassmer GmbH & Co. KG. which are located 2:30-3 hours far from Hamburg.

Emden Shipyard

It is one of the largest shipyards in Germany for the construction of warships and the repair of merchant ships. Until 2005 it was robust employing more than 6,000 workers but faced significant financial difficulties and for a period of time it ceased operations.

It should be noted that it has built the world's largest dreger vessel.

Today it operates under the regime of leasing its premises and facilities with 150 permanent employees and is engaged in the conversion of warships, the construction of docks, the construction of wind generators and piers for canals and other special projects. For 2025 it is fully booked and operates one Drydock and two floating docks.

Meyer Werft

This shipyard is impressive. Three large cruise ships are being built and it is fully booked until 2034 booked. It also builds warships and special mission vessels as well as oil platforms.

This shipyard faced serious financial problems due to covid pandemic, however it was subsidized by the state and today operates successfully, looking to the future with optimism.

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Evangelos Marinakis, Founder & Chairman of Capital Maritime & Trading Corp., delivered KEYNOTE REMARKS at the Official Luncheon that was held in the context of the 19th Annual Capital Link International Shipping Forum, on Monday March 31, 2025 at the Metropolitan Club in New York City. The Forum was held in cooperation with New York Stock Exchange - NYSE and Nasdaq. 

Mr. Chris Taylor, Chief Development Officer – NYSE GROUP, delivered Introductory Remarks. 

Mr. Evangelos Marinakis, Founder & Chairman - Capital Maritime & Trading Corp., stated: “I'm happy to be here today with all of you. I saw many friends whom I hadn’t seen in quite some time—friends with whom we started out, let’s say, back in the early '90s. So, it was a pleasant surprise to see them again and to see that they’re still strong, healthy, and doing well in business. Since the U.S. elections and the beginning of Mr. Trump’s administration in January, we’ve seen many changes—numerous announcements and discussions on various global matters—which have made our lives more complicated, but at the same time, much more interesting. In shipping, we often benefit from geopolitical events. When there’s uncertainty, I believe that, at the end of the day, it tends to work in shipping’s favor—perhaps in the short term, but also, in the long term, we often see benefits. 

Of course, it all depends on how entrepreneurs react—how they analyze the situation and form a strategy. 

In my opinion, we’ll face many challenges ahead, especially regarding tariffs. The current discussions we’re following are no longer limited to China; now there are tariffs affecting the EU and other countries as well. 

All of this has a direct impact on shipping, because it affects the transportation of goods. In the short term, I expect a negative impact, but I don’t believe such restrictions are sustainable in the long run.

Another issue that concerns us is the future of Chinese-built tonnage. We're not only talking about vessels owned by Chinese companies. In the last 10 to 15 years, due to the way the shipbuilding industry has developed, shipowners often had no choice but to consider building in China—for three main reasons: first, due to the capacity; second, because of competitive pricing; and third, because Chinese shipyards have improved their quality significantly. In many cases, their standards are approaching those of Korean or even Japanese yards. As a result, a large number of ships—owned by both listed and private companies worldwide—have been built in China. 

Currently, we’re seeing charterers—even in short or period charter negotiations—trying to avoid Chinese-built tonnage. Some do this to negotiate better rates; others are genuinely concerned about the risks, particularly when cargoes are being transported in and out of the United States. They simply don’t want to take the risk. If this trend continues, we will end up with a two-tier market, and ultimately, the consumer will bear the cost. Delivered commodity prices will rise, especially for goods entering or leaving the U.S. on non-Chinese-built vessels. I believe this situation could last longer than any of us would like to think. 

On the other hand, the economic situation in Europe is not looking good. We anticipate a recession. There were similar predictions even before COVID, but due to the pandemic and the past five years—which flew by quickly—this recession was postponed. In fact, several industries, including shipping, saw record profits during that time, particularly in the container and dry cargo sectors. Rates soared, and we witnessed extraordinary market conditions.

The Russia-Ukraine war also affected the tanker market, pushing freight rates to exceptionally high levels. The market was very strong for a time. Then came the conflict between Israel and Palestine, along with disruptions in the Suez Canal—which had a real impact on our business and on freight rates. At the same time, the Panama Canal faced its own issues with draught restrictions. For the first time in history, both canals were not fully operational at the same time. This pushed rates higher, but this advantage won’t last forever. Eventually, these factors will normalize. Our strategy going forward is to continue modernizing our fleet while staying highly aware of emissions, environmental concerns, and the latest IMO regulations. Even though the Trump administration may not push ahead with environmental regulations in the U.S., we remain committed to reducing emissions and being environmentally conscious. We pay a premium to build eco-friendly and dual-fuel ships. For a while, there will be a transitional phase where we use less-polluting energy sources, even though we haven’t yet seen charterers, oil majors, or liner companies paying a premium for these vessels. Still, we’ve expanded our newbuilding program with dual-fuel technology in container ships. We take a long-term view and believe it will pay off. 

The key is to remain financially strong so we can withstand market cycles. Eventually—especially in Europe—environmental regulations will move forward, and dual-fuel LNG vessels will offer clear advantages in terms of both emissions and cost, particularly when the Russia-Ukraine war ends. We hope that will happen soon—possibly within the year. When gas prices fall, using LNG will become significantly more cost-effective—not only from an environmental standpoint, but also financially, due to lower fuel consumption. 

Things we thought could never happen—such as tensions with China, Russia, or the Israel-Palestine conflict—are happening. The years ahead will be very interesting. I believe that, ultimately, these developments will benefit shipping and our companies. In the short term, we may have to endure some pain and wait for normalization. But once again, I say: all this volatility and all these geopolitical changes tend to support our industry in the long run. Regarding the European economy, I said three years ago—when the Russia-Ukraine war began—that the EU sanctions strategy would backfire. In the end, it was the European citizen who paid the price. 

Russian oil continued to be exported to China and India at deep discounts. Meanwhile, European countries bought refined products from those same refineries at record-high prices. 

So, despite the sanctions, Russia actually received more income than before, while Indian and Chinese refineries enjoyed record profits. And it was the European consumer who footed the bill. 

This is one of the reasons I believe a recession in Europe is now unavoidable. I also think the Trump administration is taking the right approach toward the Russia-Ukraine war. In the last three years, Europe has made no serious effort to stop this war. Innocent people—especially children—are dying. And after three years, there is no justification for this to continue. It’s senseless, and it must stop. 

These are my personal views on the economic outlook in Europe and the future of shipping. What I wish for everyone here today is to remain strong and healthy. Because when you are strong and healthy, you can navigate crises and embrace daily challenges. In the end, we all try to do our best—for our companies, our shareholders, and the future.

Thank you very much.”

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On March 28th, at the Yacht Club of Greece, The Propeller Club Port of Piraeus hosted a business luncheon celebrating the strong maritime ties between Greece and Japan.

Guest of honor and keynote speaker was H.E. Koichi Ito, Ambassador of Japan to Greece. General Secretary Christos Timagenis welcomed the guests and moderated the event while President Costis Frangoulis took the floor first, with his address.

John Inglessis, President of Samos Steamship, shared his experience from decades of collaboration with Japanese shipyards and suppliers and introduced the Ambassador.

HEMEXPO’s President Eleni Polichronopoulou received a special award, recognizing the growth and achievements of the Greek marine equipment manufacturers.

Maritime historian George Foustanos, author of the book “Made in Japan” also shared his insights before concluding of the event with an engaging Q&A session between Ambassador Ito and guests.

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Challenges and Opportunities for Further Cruise Growth in the Region

As the 8th Posidonia Sea Tourism Forum (PSTF) opens its doors in Heraklion this May, the spotlight is firmly on the Eastern Mediterranean, where the cruise industry faces multiple challenges potentially slowing its growth. 

These range from concerns about overcrowding and its strain on local environments and resources to port infrastructure deficiencies and geopolitical uncertainties.

Under the theme “The Med: A Compelling Need for New Marquee Ports & Destinations,” this year’s forum will bring together key industry stakeholders, industry leaders and policy makers to explore these pressing issues and find solutions. Discussions will focus on solutions and strategies to overcome these challenges while unlocking new opportunities for sustainable and consistent growth.

“The wider Eastern Mediterranean faces complex dynamics,” said George Koumpenas, President, Hellenic Cruise Ship Owners and Associated Members’ Union (EEKFN), “The ongoing Gaza conflict and escalating security risks in the Red Sea have significantly contracted the cruise footprint across the region, echoing patterns last seen after the Arab Spring. Key markets such as Israel, Egypt, Cyprus, and parts of Southern Turkey are experiencing a notable downturn.”

Despite these pressures, Greece has demonstrated resilience, with strong recovery figures post-pandemic and promising forecasts.

According to data from the Hellenic Ports' Association (E.LIM.E.), Greece recorded 5,490 cruise ship calls in 2024, representing a total of 7,927,709 passenger visits - an increase of 260 calls and 924,559 passenger  movements compared to the previous year. Homeporting activity continues its upward trend, with Piraeus leading the charge with 635 cruise turnarounds and over 1.1 million passengers, followed by Corfu, Heraklion, Lavrion, and Thessaloniki.

But challenges to further growth remain. Although the region recovered quickly after the pandemic crisis, Turkey has yet to reach its erstwhile heights as a dominant cruise magnet. With a potential reopening of cruising in the Black Sea not in sight, coupled with Turkey’s slower recovery, the performance of Greek ports in the Northern and Eastern Aegean Sea has also been impacted to a degree.

These fast-changing dynamics and the disparity in the growth pattern between destinations in the same region, make itinerary and vessel deployment planning even more complex. The trend of cruise lines also deploying larger vessels in the Eastern Mediterranean to meet growing demand is going to feature high in the list of PSTF topics. While these ships offer economies of scale and increased passenger capacity, they strain the region’s port and tourism infrastructure, especially when there are multiple ships in port.

Marquee destinations are now imposing daily passenger caps or passenger taxes, as is the case with Santorini and its 8,000-person per day limit, while other ports are contemplating similar restrictions.

Without coordinated action, infrastructure limitations could hinder further growth. “A more holistic and forward-thinking development strategy is now essential,” said Athanasios Liagos, Chairman, E.LIM.E.

“Investments must be directed at both expanding and modernising Greek ports, and also those at smaller emerging destinations, and at the same time safeguarding the cultural and environmental heritage that makes these destinations attractive in the first place.”

Cruise stakeholders will call for enhanced collaboration between governments and the cruise industry to earmark specific destinations for sustainable expansion. Larger vessels are expected to remain the industry standard, making it crucial to identify ports with the capacity - and the means and ambition - to upgrade facilities without compromising authenticity.

“As operators, we see enormous potential in the East Med beyond the traditional hotspots,” commented Manolis Alevropoulos, Vice President, Marine Operations, Celebrity Cruises – Royal Caribbean Group.

“With the right infrastructure and destination management, several underutilized ports could emerge as marquee destinations in their own right, unlocking tremendous value for travellers and local economies alike.”

There are several mainland and island destinations across the whole region with great potential for an infrastructure upgrade that could support larger vessels and provide valuable travel experiences, but remain dormant and unexploited. Any future growth strategy will have to take this destination potential into account.

Sponsors for the 2025 PSTF include: Diamond sponsor Heraklion Port Authority, Gold sponsors Region of Crete and Hellenic Organisation of Cultural Resources Development (ODAP), Silver Sponsors Greek National Tourism Organization and Piraeus Port Authority, Bronze sponsors Celestyal and Kyvernitis Travel Group, Sponsors Thessaloniki Port Authority and Minoan Lines, Supporters Heraklion International Airport and Creta Interclinic, Official Airline SKY express, and is organized under the auspices of the Ministry of Maritime Affairs & Insular Policy, the Ministry of Tourism, and the Municipality of Heraklion and is supported by the Hellenic Chamber of Shipping, the Cruise Lines International Association (CLIA), the Association of Mediterranean Cruise Ports (MedCruise), the Union of Cruise Ship Owners & Associated Members of Greece,  and the Panhellenic Ship Suppliers and Supporters Association.

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Lloyd's Register (LR) has confirmed the completion of a joint development project (JDP) designing ammonia dual-fuel systems on Trafigura's newbuild medium gas carriers (MGCs).

LR completed an extensive design evaluation and safety assessment to approve the designs in line with its rules and international regulations.

Implementing ammonia dual-fuel systems on these vessels marks a significant step towards expanding the use of low-carbon fuels beyond specialised vessels to more diverse ship types. Trafigura is one of the first operators to use this technology on MGCs commercially.

The Singapore-based commodity trading company signed a contract with HD Hyundai Mipo (HMD) in 2024 to build four 45,000 cubic metre MGCs, powered by WinGD ammonia dual-fuel engines and Alfa Laval's Ammonia Release Mitigation System. They are designed to transport both liquefied petroleum gas (LPG) and ammonia.

The vessels will be built at HMD's shipyard in Ulsan, South Korea, with deliveries expected to be completed during 2028.

Panos Mitrou, LR’s Global Gas Segment Director, said: “We are proud to have played a pivotal role in this collaborative project. It demonstrates our commitment to supporting the maritime industry’s energy transition efforts by offering exceptional technical expertise, rigorous safety evaluations, and regulatory leadership.

“As a trusted maritime services partner, we continue to pioneer the pathway enabling the adoption of alternative fuels and innovative technologies that shape the future of decarbonised shipping.”

Vessels powered by low carbon ammonia have the potential to significantly reduce carbon emissions, compared to a conventional marine fuel burning vessel. The ammonia carried by the newbuild vessels can also support decarbonisation of a wide range of heavy industries.

The order for the newbuild dual-fuel vessels makes Trafigura one of the first movers in the low-emission tanker market and sends an important demand signal to the market to generate zero‑carbon fuel production and infrastructure. It also supports Trafigura’s commitment to reduce the carbon intensity of its own shipping fleet and align with the Group’s commitments and participation to the WEF’s First Mover’s Coalition and Global Maritime Forum’s Getting to Zero Coalition.

“EU regulations have been crucial in allowing us to execute this order,” said Andrea Olivi, Global Head of Shipping for Trafigura. “If we are to decarbonise freight and increase the demand for zero-carbon fuels across the world, we need the IMO to implement regulations including EU ETS and Fuel EU maritime on a global scale. The IMO needs to introduce a simple and transparent policy framework including, in our view, a global fuel standard combined with a straightforward levy applied equally across the board.”

About Lloyd’s Register

Trusted maritime advisors, partnering with clients to drive performance across the ocean economy.

Lloyd’s Register (LR) is a global professional services group specialising in marine engineering, technology and digital solutions. We were created more than 260 years ago as the world’s first marine classification society to improve and set standards for the safety of ships.

Today we are a leading provider of classification and compliance services to the marine and offshore industries, helping our clients design, construct and operate their assets to accepted levels of safety and environmental compliance. We also provide advisory services and digital solutions, supporting fleet and voyage performance and optimisation.

Our digital solutions are relied upon by more than 30,000 vessels, following the acquisition of OneOcean in 2022 and Ocean Technologies Group in 2024. In the race to zero emissions, our research, advisory and technical expertise and industry-firsts are supporting a safe, sustainable maritime energy transition.

Lloyd’s Register Group is wholly owned by the Lloyd’s Register Foundation, a politically and financially independent global charity that promotes safety and education.

About Trafigura

Trafigura is a leading commodities group, owned by its employees and founded over 30 years ago. At the heart of global supply, Trafigura connects vital resources to power and build the world. We deploy infrastructure, market expertise and our worldwide logistics network to move oil and petroleum products, metals and minerals, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable. We invest in renewable energy projects and technologies to facilitate the transition to a low-carbon economy, including through MorGen Energy and joint venture Nala Renewables.

The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, the Impala Terminals joint venture and Greenergy, supplier and distributor of transportation fuels and biofuels. The Group employs over 13,000 people, of which over 1,400 are shareholders and is active in over 150 countries.

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Piraeus Port Authority S.A. (PPA) reported financial results for the fiscal year 2024, posting record-high net profit and dividend distribution, along with strong performance across its core business segments.

Total revenue reached €230.9 million, up 5.0% or €11.1 million compared to 2023. Pre-tax profits rose to €112,9 million, an increase of 17.4%, while profits after taxes reached €87,4 million, marking a 30.8% increase.

These reflect the continued strengthening of the company’s financial robustness and operational efficiency. Cash reserves amounted to €204.5 million as of December 31, 2024.

The proposed dividend per share surged by 43.7% to €1.92, compared to €1.336 in 2023. This marks the fourth consecutive year of improved financial performance and represents the highest net profit and dividend distribution in the company’s history, underscoring PPA’s continued upward trajectory.

In individual business sectors, cruise operations delivered another record year, with all-time highs in vessel calls, passenger volumes, and a 15.5% increase in revenues. Strategic planning and targeted collaborations further strengthened Piraeus’ position as a leading cruise hub in the Eastern Mediterranean.

The car terminal posted a 28.2% revenue increase, primarily driven by higher storage revenues and a pickup in domestic activity. This growth offset a decline in overall unit volume, underscoring the sector’s ability to generate higher value through operational efficiency.

At the Pier I Container Terminal, managed directly by PPA, revenues rose 10.1%, supported by improved operational performance and increased cargo volumes in the second half of the year. Piers II and III saw a 6.5% drop in revenue, attributed to a challenging first half.

Overall, the container terminal business showed impressive resilience by retaining the total revenues from Piers I, II and III at the same level, despite global supply chain disruptions linked to the Red Sea crisis.

In Coastal Shipping, revenue rose by 6.5% driven by increased passenger and vehicle traffic, confirming Piraeus’ key role in connecting the mainland with the islands.

The Ship Repair Zone remained active, with total revenue from ship repair activities increasing by 0.6%.

Su Xudong, CEO of PPA S.A. stated “We are proud to report another year of strong financial and operational performance. Despite a challenging global environment, our ability to deliver record results while investing in the future of the port demonstrates the strength of our strategy and the dedication of our people. The proposed dividend reflects our commitment to creating value for shareholders and supporting the long-term development of the port and the Greek economy”.

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The Republic of the Marshall Islands (RMI) Registry’s long-term and consistent commitment to high quality shipping continues to be recognized by the international community. 

At INTERTANKO’s North America panel meeting held in Stamford, Connecticut, the United States Coast Guard (USCG) presented QUALSHIP 21 qualifying jurisdictions for this year. For the 21^st consecutive year the RMI remains a qualifying jurisdiction. The RMI is the only of the world’s three largest registries to achieve QUALSHIP 21 for this year, and the only registry in the world to achieve 21 consecutive years.

“Our focus on compliance goes beyond statistics and requirements,” commented Bill Gallagher, President of International Registries, Inc. and its affiliates (IRI), which provide administrative and technical support to the RMI Registry. “Our collaborative approach with owners and operators of RMI-flagged vessels and global port State control (PSC) authorities supports safe vessel operation for today, while our focus on continual internal improvement aims to ensure consistent and steadfast support for the years ahead.”

To maintain the consistent support that has driven the RMI Registry’s outstanding PSC record IRI continues to invest in resources and tools needed for the future. Resources spread across IRI’s global offices, such as specialized teams in the fields of alternative fuels and decarbonization technologies and experts in safety and security, help owners and operators of RMI-flagged vessels meet the challenges ahead.

“Consistently achieving a strong PSC record is not only a testament to our owners and operators, but also a reflection of the extensive resources the Registry provides including regular, open, and transparent dialogue with PSC authorities and stakeholders worldwide,” said Thomas Bremer, Vice President, Fleet Quality and Compliance. “As the regulatory environment and onboard equipment and technology have changed so has the support from the Registry.”

Streamlining processes and procedures through technology, the RMI Registry continues to evolve to meet the needs of an increasingly digital and technologically advanced maritime industry.

“We have made a significant investment in technology and human resources to enhance collaboration across our departments, teams, and offices,” noted Theo Xenakoudis, Chief Commercial Officer and Managing Director – Piraeus. “Digital tools for scheduling inspections, data analysis of PSC trends, and electronic access to our teams enhance client services. We aim to create a seamless client experience across our 28 worldwide offices that strengthen our ability to share information, identify trends, and address potential areas of concern to build a stronger, high-quality fleet.”

In addition to 21 consecutive years on the USCG’s QUALSHIP 21 roster, the RMI remains whitelisted with the Paris and Tokyo Memorandums of Understanding and has a favorable rating with the Australian Maritime Safety Authority. The RMI Registry included 5,773 vessels as of 31 March 2025. As of 11 March 2025, 26.1% of all vessels enrolled in QUALSHIP 21 are RMI-flagged, with 36.7% of vessels enrolled in QUALSHIP 21 achieving E-ZERO status are RMI-flagged vessels.

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Targeting milestone opportunities to build modern vessels TEN proceeded to the construction of of nine DP2 Suezmax Shuttle Tankers with 15-year employment contracts for Petrobras Transporte S.A. (“Transpetro”), Brazil’s largest oil and gas transportation company. The deliveries are scheduled for 2027 and 2028 and TEN intends to build the vessels at Samsung Heavy Industries Co. Ltd. in South Korea, the yard that the Company is currently using for the construction of three DP2 Shuttle Tankers, all on long-term contracts to major oil companies, with deliveries in 2025 and 2026.

The charter will be in the form of a bareboat and the charterer will assume all operating and technical costs associated with the running of the vessels during the assigned employment period. With a proforma fleet of 16 DP2 Suezmax Shuttle tankers, TEN is now one of the world’s largest Shuttle tanker owners. Gross revenues from this project are expected to be around $2.0 billion.

“Over the years, we have targeted milestone opportunities to build modern vessels that added an edge, making TEN one of the largest, diversified and versatile energy transporters in the world. In 2007, the acquisition and construction of nine ice-strengthened vessels from Western Petroleum established TEN as one of the major ice-class tanker owners globally. In 2014, Equinor contracted us to build nine Aframax vessels for long-term employment, solidifying TEN as one of its prime vessel providers. In early 2024, TEN acquired a five-vessel modern fleet from Norway’s Viken Crude making TEN one of the biggest operators of Dual-Fuel LNG vessels in the water. The nine DP2 Suezmax Shuttle tankers announced today, on top of the three under construction at present and four already in the water and, make us one of the largest operators of Suezmax DP2 Shuttle tankers globally,” said George Saroglou, President & COO of TEN.

“As we progress with the construction of the nine vessels, we look forward to taking delivery of the three Shuttle tankers currently being built in South Korea while positioning TEN as the company of choice for the long-term needs of the world’s major oil concerns. The Company’s industrial approach when it comes to fleet employment has served us well over the years as it provides cash flow stability, visibility, flexibility and the firepower to move on opportunities fast while maintaining our ability to reward shareholders with healthy dividends irrespective of market conditions. On behalf of our management and myself, I would like to thank all involved in making this milestone transaction happen,” Mr. Saroglou concluded.

TEN, founded in 1993 and celebrating this year 32-years as a public company, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 83 vessels, including twelve DP2 shuttle tankers, two scrubber-fitted suezmax vessels, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers, totaling 10.2 million dwt.

ELNAVI Newsletter  
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