On 11 March 2025 M/V “Marimyr A” was sailing on the Madagascar channel. On about 12:14 local time and approximately on position lat. 22-09.4S & long. 040-48.2E the bridge look-out sighted and identified two persons drifting in the sea on a custom-made raft. Rescue operation was ordered immediately by the Master of M/V “Marimyr A”.

The rescue operation was successfully completed by the crew. The castaways are of Pakistani nationality and crew of Iranian flagged fishing boat “Solaeq” where she got caught in a typhoon in the Madagascar channel and alleged crew of 10 abandoned the boat on about 13th of February. For nearly a month drifting in the sea, the castaways were finally safe onboard Marimyr A. They were provided with first aid, food, water and care by the Master and his crew.

During the rescue operation the local authorities, rescue coordination centers and Gard P&I were informed by “Marimyr A” and Mykonos Shipping. The La Reunion MRCC spotted 3 fellow crewmembers of “Solaeq” casted on the island of Europa on the Madagascar channel who were identified by the castaways onboard “Marimyr A”. Resue operations by MRCC is in progress for the 5-crew missing. The fishermen are now sailing with “Marimyr A” and their repatriation process is in progress in coordination with Mykonos Shipping, Gard P&I and local authorities. We wish the best outcome is reached from the rescuing efforts of the MRCC to spot and save the rest crew of “Soaleq”.

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The 2025 GREEN4SEA Athens Forum took place on Wednesday 12th of March 2025 at the Lighthouse of Stavros Niarchos Foundation Cultural Center (SNFCC), Athens, where various experts from all parts of the maritime industry gathered to share their insights on green shipping, global developments and the shifting regulatory field around decarbonization.

The event was organized by SAFETY4SEA having as lead sponsors the following organizations: Jotun, MacGregor, and SQE MARINE. The event was also sponsored by: ARCADIA SHIPMANAGEMENT CO. LTD, Blue Planet Shipping Ltd, BUREAU VERITAS, Capital-Executive Ship Management Corp., Capital Gas Ship Management Corp., Capital Shipmanagement, DÖHLE SEAFRONT Crewing (Manila), Dorian LPG, Eastern Mediterranean Maritime Limited (EASTMED), Latsco Marine Management Inc., RISK4SEA, SEAFiT, Sun Enterprises Ltd, UK P&I Club, V. Group, and The World Liquid Gas Association (WLGA).

Supporters of the event included the following organizations: Clean Shipping Alliance 2020, International Bunker Industry Association (IBIA), International Ship Recycling Association (ISRA), International Windship Association (IWSA), INTERCARGO, Zero Emissions Ship Technology Association (ZESTAs) and Women’s International Shipping & Trading Association (WISTA) Hellas.

Agenda highlights

• Addressing uncertainties in the decarbonization journey
• Emerging technologies & innovation
• Industry’s needs to facilitate the transition to low-carbon shipping
• Long-term goals for decarbonizing the shipping industry
• Addressing safety challenges, availability & readiness of the alternative fuel
• Incentives and regulatory mechanisms for the uptake of alternative fuels
• How collaboration supports industry’s green transition
• Achieving a just and equitable transition towards net zero
• Addressing the human factors: New skills & training methods
• Green shipping initiatives for a sustainable future

Opening the forum, Apo Belokas, Managing Editor, SAFETY4SEA, warmly welcomed attendees and speakers while extending appreciation to the event’s sponsors and supporters. He addressed the maritime industry’s evolving approach to decarbonization, stressing that while progress is being made, there is still a long way to go. He highlighted the need for a balanced strategy that not only prioritizes regulatory compliance but also ensures the safety of the crew and financial feasibility for industry stakeholders.

Session #1: The path towards maritime decarbonization

Dr. John Kokarakis, Technical Director, SEEBA Zone, Bureau Veritas, delivered an insightful presentation on the challenges and strategies for maritime decarbonization, focusing on FuelEU Maritime compliance and the IMO’s mid-term measures. According to Kokarakis, all these measures loom over the maritime industry like “Damocle’s sword.”

“The multi-million-dollar question is what should be done if the computed carbon intensity exceeds the target,” Kokarakis pointed out, adding that MEPC 83 will be critical as the giants of EU and BRICS will cross their swords and fight for the future of shipping.

Additionally, he presented key compliance strategies, including the adoption of low-carbon fuels. Emphasizing the importance of a holistic approach, he outlined a gap analysis that identifies critical areas for transition,

Capt. Konstantinos G. Karavasilis, Regional Director, Loss Prevention, UK P&I Club, spoke on the critical steps needed for the maritime industry’s decarbonization journey. “The industry faces increasing pressure to decarbonize and, unfortunately, this will reach the end-users, the consumers,” said Karavasilis, pointing out that apart from environmentally sustainable, the transition should also be economically viable.

Moreover, he emphasized the necessity of clear, long-term policy frameworks and globally aligned regulations to provide stability and direction for industry stakeholders. Highlighting the role of innovation, he underscored the importance of investing in research, development, and expressed his view that nuclear propulsion is the future towards net-zero emissions.

Dimitris Mytilinis, Senior Performance Engineer, Latsco Marine Management Inc. delivered an insightful presentation on the evolving landscape of shipping decarbonization. He also tackled various regulatory frameworks, especially focusing on how measures such as pooling can assist in compliance under the FuelEU Maritime.

“Pooling is a better option than paying the penalties”, Mytilinis explained but expressed the opinion that using biofuel is more cost-effective than pooling. He also put emphasis on the importance of strategic planning and the adoption of sustainable technologies to ensure compliance while maintaining operational efficiency.

During the first panel discussion, Stergios Stergiou, Green Shipping & Sustainability Director, Capital Group, also explored various solutions for reducing shipping emissions such as the adoption of LNG and carbon capture. “At Capital we have adopted LNG as a fuel, we consider it as a transitional fuel with several benefits both on machinery and operational aspect”, said Stergiou.

Meanwhile, Dr. Anastasios Tsalavoutas, Energy Efficiency Manager, Argo Navis, shared his thoughts on maritime decarbonization saying that “the biggest challenge facing the industry is the uncertainty.” For instance, he expressed his concern about the uncertainties of carbon market measures and the lack of appropriate infrastructure to support the shift towards net zero.

Focus presentation: Human factors in the decarbonization era

Following the discussion, Apo Belokas, Managing Editor, SAFETY4SEA, delivered a focus presentation on the role of human factors in the decarbonization era. He pointed out industry uncertainty, the need to move beyond traditional thinking, and the challenge of upskilling costs. As he explained, “We ask seafarers to have numerous skills but at the end of the day we’re not providing any short of framework on how this will happen.” Additionally, he emphasized that seafarers should be seen as assets rather than expenses.

“In our industry no one speaks on the return of investment (ROI) on human capital”, Belokas noted, highlighting that the numbers show that investment on human capital is both feasible and imperative.

Focus presentation: Sea trials practicing in the decarbonization era

Andreas Zontanos, Managing Partner, Argo Navis, followed with another focus presentation on the insights gained from sea trials conducted on existing ships for EEXI (Energy Efficiency Existing Ship Index) calculations. His discussion evaluated the relevance of these trials within the context of the evolving decarbonization landscape in the maritime industry.

“We have more and more measures which practically mean taxation, so performance monitoring is getting more and more interesting for shipowners”, Zontanos explained. Moreover, he explored the applicability, procedures, risks, and benefits of these trials. He emphasized that sea trials, along with continuous performance monitoring, play a crucial role in assessing the impact of energy efficiency retrofits.

Session #2: Fuel for thought: Insights on the alternative options

Bill Stamatopoulos, Global Marine Fuels Business Development Director, VeriFuel, discussed the evolution of the maritime industry, particularly in relation to B100 biofuel. He delved into the introduction of new standards, manufacturer endorsements, and updated standards such as ISO 8217:2024. His presentation covered important insights into biofuels, including their technical specifications, while also addressing their role in ensuring compliance with emerging regulations: “For the next few years we’re only talking about LNG and biofuels,” Stamatopoulos highlighted.

Diane Gilpin, Founder & CEO, Smart Green Shipping Alliance, focused on the journey of wind-assisted propulsion from concept to reality. “We’ve seen wind move ships for thousands of years but how do we introduce it into the 21^st century?”, Gilpin said, explaining that the modern adoption of wind-assisted propulsion requires a multi-faceted approach that is based on research.

Overall, her presentation emphasized the potential of wind as a renewable energy source to complement otherl propulsion methods, offering an innovative solution to help the industry meet its environmental goals.

Nikos Xydas, Technical Director, World Liquid Gas Association (WLGA), presented on the prospects of using LPG (liquefied petroleum gas) as a marine fuel, focusing on its benefits and growing adoption within the industry. “LPG as it is now, without its renewable alternatives, can be compliant with FuelEU for the next 15 years”, Xydas noted.

He also discussed the potential of renewable LPG and renewable DME (dimethyl ether), emphasizing their synergy as a future-proof solution for maritime decarbonization. Additionally, he pointed out the expected rise in LPG fleet capacity and its appeal to shipowners due to its cost-effectiveness in meeting new low-carbon emission regulations.

Jean-Philippe Arseneau, Special Adviser, ZESTAs, presented on the importance of viable Absolute Zero Emissions solutions such as hydrogen fuel cells and wind power. As he noted: “Hydrogen has not been deployed at a large scale yet and that is the next step that ZESTAs is focusing on.” However, he also acknowledged the progress already made, with numerous hydrogen-powered vessels and onshore infrastructures either operational or under construction, demonstrating that the technology is ready for deployment. Furthermore, he called for greater collaboration within the industry to accelerate adoption.

Antonis Trakakis, Chairman, CIMAC Greece, delivered a presentation focused on solutions to reduce emissions other than relying on non-fossil fuels. He pointed out there are other, more viable options such as carbon capture. “It has come to a point to ask ourselves to not only solve a problem but also which problem to solve”, he said, adding that it makes more sense to use the example of other, heavier polluting industries rather than rely on alternative fuels which come with a significant set of challenges. Furthermore, he explored different types of engines and mechanical solutions and their effectiveness.

Focus presentation: 2025, 2020-2050, So many uncertainties and now a strong “wildcard”

John N. Cotzias, Co-Founder, Xclusiv Shipbrokers, delivered a focus presentation on the decarbonization of shipping and the implications it poses financially. He explained that there are certain loopholes that create uncertainties. “Being energy efficient and being leaner and cleaner has to make economic sense”, Cotzias explained.

He advocated that energy efficiency measures are the way to go for maritime decarbonization, as they offer significant carbon emission reduction without major costs or the need for excessive training. Furthermore, Cotzias delved into the implications of TrumpEconomics and how the US President’s tariffs will change the landscape.

Session #3: Stepping towards the green transition: Ship Managers’ perspective

During the last panel discussion Takis Koutris, Managing Director, Roxana Shipping S.A.; Panos A. Kourkountis Technical Director, Sea Traders S.A; Costas Th. Kontes, Chief Commercial Officer, Navilands Management Holdings S.A; George Souravlas, Founder & CEO, Load Line Marine S.A; and John N. Cotzias, Co-Founder, Xclusiv Shipbrokers Inc, discussed the challenges and opportunities ship managers face in implementing green technologies, managing fuel transitions, and meeting regulatory uncertainties.

The speakers also discussed ‘Trumponomics’, and how the US President’s plans to boost national ship building impact the industry.

“The biggest problem with reviving US shipbuilding is labor cost because it’s a labor-intensive process”, John N. Cotzias Kotzias said on the matter, with George Souravas adding that “You cannot become a ship-building nation overtime, it’s a culture” and that it takes time to build the labor force. Furthermore, Souvaras made the point that if shipbuilding is disrupted it will also stall greener ships being built and 2050 targets being met.

The panel also discussed green fuels on the path to transition. According to Takis Koutris, alternative fuels pose many questions as “There is not fuel availability quantity wise or network-wise.” “We are regulating with wishful thinking”

“Stakeholders are starting to experiment with alternative fuels without considering the dangers such as having unskilled people operating these ships”, Costas Th. Kontes noted.

Beyond the challenges of green fuel adoption, panelists also examined the broader economic impact of shifting policies. Addressing the rise of protectionism in the US and Europe, Panos A. Kourkountis remarked, “At the end, consumers will buy fewer products. The market will suffer with taxations, and I expect that transportation will be reduced.”

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ABB is helping Italian inland ferry operator Gestione Navigazione Laghi with its ambitious decarbonization program, installing hybrid-electric technology on the long-serving Adamello.

Gestione Navigazione Laghi, an Italian inland ferry operator managing almost 100 vessels on Italy’s three largest lakes Garda, Maggiore and Como, is engaged in an ambitious modernization program to minimize its fleet’s environmental impact. ABB supports these efforts with its expertise in modernizing vessels in the short-distance shipping segment for smoother and more sustainable operations.

The latest notable step in Navigazione Laghi’s continuous journey of improvement is replacing the conventional diesel propulsion system of its 42-meter Lake Garda ferry, Adamello, with a cleaner, more efficient hybrid-electric propulsion system. The retrofit work took place at Peschiera del Garda shipyard.

After supporting the successful modernization of San Cristoforo in 2021, ABB supplied a hybrid-electric propulsion system for Adamello that will take us another step closer to achieving our fleet decarbonization goals.

“After supporting the successful modernization of San Cristoforo in 2021, ABB supplied a hybrid-electric propulsion system for Adamello that will take us another step closer to achieving our fleet decarbonization goals,” said Paolo Mazzucchelli, Technical Director, Gestione Navigazione Laghi. “Thanks to ABB’s technical expertise and proven track record in delivering efficient and sustainable solutions for the short-distance shipping segment, the collaboration has been successful also this time.”

By offering an alternative means of transport, Adamello’s continued service helps to reduce road traffic congestion – and therefore emissions – around Lake Garda. Image credit ABB

Like San Cristoforo, Adamello features an integrated electric propulsion and automation system based on ABB’s Onboard DC Grid™. The compact solution is specially designed to help smaller vessels optimize fuel efficiency by making the best use of available power. It will also enable time-efficient installation as well as space savings in the engine room.

As a further benefit of retrofitting an older vessel with modern, hybrid-electric technology, Adamello’s service life has been extended by decades, while the availability of spare parts and support is greatly enhanced. Passengers benefit from improved comfort due to reduced emissions, vibrations and machinery noise, while taking in their spectacular setting.

“Our first project with Navigazione Laghi was a great success, and we are proud to support them in another significant step towards more sustainable ferry operations on the Italian lakes,” said Tomas Arhippainen, Head of Marine Service & Digital, ABB Marine & Ports. “One of the core objectives of ABB is to help our customers in decarbonizing their operations ship by ship.”

Gestione Navigazione Laghi, an Italian inland ferry operator managing almost 100 vessels on Italy’s three largest lakes Garda, Maggiore and Como, is engaged in an ambitious modernization program to minimize its fleet’s environmental impact. Image credit ABB

The project’s positive environmental impact extends beyond the capabilities of the technology itself. By offering an alternative means of transport, Adamello’s continued service helps to reduce road traffic congestion – and therefore emissions – around Lake Garda. Meanwhile, Navigazione Laghi’s choice to retrofit rather than replace the vessel will minimize the amount of energy required to support the project.

In addition to Onboard DC Grid™, ABB’s comprehensive scope of supply comprises batteries and battery management, electric propulsion and control, shore charging, ship automation and alarm monitoring, a remote alarm system and commissioning services.

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With the aim to strengthen its relationships with its clients and partners Atlantic Marine Associates (Hellas) Inc. organized a Wine & Dine event at Hams & Clams Oyster Bar in Piraeus.

AMA has offices in New York, London and Piraeus.

The Piraeus office is headed by Mr. Nikolaos Tassios and his son Nikos and is recruited with experienced and highly educated surveyors.

AMA has also affiliated offices in Singapore, UAE, Turkey, Netherlands, Belgium, Argentina.

AMA was established in 2012 to provide high quality service with selected staff surveyors.

The company’s services include Marine Surveying and Consultancy, Expert Witness reports, Hull machinery damage, Machinery failure surveys, collision investigations, Loss of Hire surveys and other similar services.

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As part of the “European Shipping Summit 2025,” the Union of Greek Shipowners is organizing an event titled “Shipping Anchors the EU’s Future.” Prominent figures—at a European and global level—will present their views on the role the shipping sector can play in safeguarding and growing Europe’s competitiveness. Mr. Charles Michel, President Emeritus of the European Council (2019-2024), former Prime Minister of Belgium (2014-2019), Minister of State will deliver the keynote speech.

The President of the Union of Greek Shipowners, Ms. Melina Travlos stated: “Greek shipping means European shipping. With our fleet comprising over 60% of European capacity, we act as responsible leaders—driven by vision, consistency and positions that are both substantiated and realistic. Our efforts underscore the vast contribution shipping makes to Europe’s security and prosperity”.

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The existing joint venture between Arcelor Mittal, the world’s leading vertically integrated steel and mining company, and Peter Livanos-led Drylog, a major global dry bulk shipping company and SEKAVIN a global trader and physical supplier of marine fuels and lubricants, have entered into a strategic partnership to enhance fuel procurement, logistics efficiency, and sustainability in maritime operations.

Combining GCL's deep expertise across the entire shipping value chain, with SEKAVIN’s presence across 400 ports and supplier network of more than 200 suppliers, the partnership is designed to improve fuel security, cost efficiency, and transparency. The collaboration will also explore new approaches to alternative fuels and emissions reduction, aligning with the industry’s broader sustainability goals.

“This partnership reflects the natural synergies between our businesses and the increasing need for integrated solutions in global shipping,” said Yannis Haramis, CEO of GCL.

Sifis Vardinoyannis, CEO of SEKAVIN added: “By working together, we are reinforcing our commitment to ensuring a stable and future-ready fuel supply for the fleet and the wider industry.”

The partnership will initially focus on key strategic bunkering locations, with plans to expand as market demands and sustainability initiatives evolve.

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DNV Maritime welcomed the members of the press to an event held in Piraeus, to celebrate the 25^th anniversary of their Maritime Service Centre, new organization and strategic plans, alongside a raft of new reports dedicated to tackling the latest developments in the industry.

The event, hosted by George Teriakidis, Regional Manager, Southeast Europe, DNV Maritime, offered an inside look at DNV’s new regional structure and vision for the future. A highlight of the gathering was the announcement of the 25th anniversary of the Maritime Service Centre in Greece, presented by Dr. Isaias Loizos, Head of the Maritime Service Centre, who celebrated a quarter-century of delivering high-quality services to the industry.

Speaking at the event, George Teriakidis emphasized the significance of the gathering: “Our industry is navigating an increasingly complex regulatory and operational environment. To support this transition, it is essential to foster open dialogue that can equip stakeholders with the knowledge that enables informed decision-making. At DNV, we are committed to empowering our partners, including the media, with reliable insights and practical solutions to help them find their bearings and stay ahead as our industry rapidly evolves.”

In addition, DNV experts presented insights from the latest DNV white papers and industry reports:

• Lefteris Koukoulopoulos, Regional Decarbonization Expert, presented DNV’s latest white paper on Energy Efficiency Measures & Technologies, which aims to help identify the best technologies for reducing fuel consumption through a comprehensive overview of energy-efficiency measures and technologies.
• Leonidas Karystios, Global Fleet Technology Director, Gas Carriers & Regional Business Development Manager – looked at the new Biofuels in Shipping white paper, which provides guidance on biofuel use, trends in the market, and compliance in today’s regulatory environment.
• Dr. Chara Georgopoulou, Head of Maritime R&D & Advisory Greece, discussed the insights from the new Wind-Assisted Propulsion Systems (WAPS) report, which examines WAPS technologies, the regulations covering their use, their fuel saving potential, and a cost benefit analysis.

The event concluded with a networking session, providing attendees with the opportunity to exchange views and engage with DNV’s experts and management.

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By Irene Notias, Director of Adopt a Ship – Hellas – Project Connect 

Greek school teachers using their professional methods have made the Adopt a Ship maritime educational program come alive and kicking, in Greece and parts of USA.  Developed and managed by PROJECT CONNECT, its educational team attributes this success story to the teachers efforts and the seafaring captains who share their maritime knowledge and experiences.

More than expected. Phenomenal results.

“Adopt a Ship” is reaping fruit for the Greek shipping industry.  Its members and supporters’ investment in the project’s program is truly educating early ages and it shows from the teachers and students’ work in school. It is a wonderful way to instruct kids, interactively within an interdisciplinary method and Adopt a Ship is a great learning tool are the consensus of the 450 teachers involved and surveyed, in the last 8 years.

The Adopt a Ship pupils, throughout their school year, regularly communicate with their adopted vessels and learn geography, English, commerce and trade, the importance of shipping to economies, math, physics, history, their national maritime heritage and much more. 

Noteworthy, the Bi-annual surveys show that because of the program,

• One hundred percent of the Piraeus Vocational Nautical School (EPAL) students were admitted to Marine Academies due to the Adopt a Ship program last year, says the school’s teacher, Andreas Georgiadis stated at the recent 3^rd AaS Teachers meeting.  That’s 32 fresh cadets out of 32 EPAL students.
• Vocational nautical students want to be captains and engineers more than ever because they have contact with captains, as role models, on a weekly basis through the program.
• More children have the opportunity to learn about the value of the shipping industry in their lives, and it opens horizons for their future vocational possibilities,
• A little over 50% pupils stated they aspire to join the maritime industry when they grow up, sea and shore jobs! 
• Primary classes say they did not know anything about shipping before Adopt a Ship.
• Adopt a Ship classes attract other classmates, even their teachers and families!
• Seafarer’s happiness rises as captain and crew fulfill their human need to “give back” to society.

What a great solution to the lack of seafarer’s issue. 

Can we embrace Adopt a Ship pupils and help them make their dream come true?

The Adopt a Ship planted the seed of maritime knowledge first during the 2018-2019 school year, into 268 school children and has grown to 4510 pupils this year, who eagerly go to school to read the response e-mail letter from their captain and learn more about the world of shipping and life at sea.  So far 18,000 pupils have had this amazing program regularly in their studies.

You can ask for your child’s school to participate next school season by contacting Elisavet at This email address is being protected from spambots. You need JavaScript enabled to view it.  or you may become a member to give back to society, together with us, at same email. 

Participating primary, secondary, & vocational nautical (EPAL) Schools in areas such as:

Agia Paraskevi, Agia Varvara, Agios Germanos Prespon, Agios Nikolaos, Aifidnes, Alexandroupoli,Alimos, Amaliada, Ampelokipi, Andros, Anixi, Artemida, Aspropyrgos, Astypalea, Athens, Chalandri, Chalkida, Chania, Chios, Davlia Viotias, Didimoticho, Elafonisos, Elefsina, Elliniko, Evoia, Farsala, Florina, Foinikas Salaminas, Galaxidi, Glyfada, Halandri, Hersonisos, Hydra, Ierapetra, Ilion, Ilioupoli, Ioannina,Iraklio, Ithaki, Kesariani, Kalabaka, Kalamata, Kallithea, Kalymnos, Kantza, Kardamyla, Karla Kanalia Magnesias, Kasos, Kastoria, Kea, Kefalonia, Keratsini, Kiato, Kifisia, Korinthos, Koropi, Korydallos, Kos, Kozani, Kymi, Lamia, Larisa, Larymna, Lasithi, Loutraki, Magoula, Marousi, Messinia, Milos, Mykonos, Nafpaktos, Naousa Parou, Nea Erythraia, Nea Ionia Magnesias, Nea Moudania, Neapoli Lasithiou, Nikea, Oinousses, Oraiokastro, Pagrati, Pallini, Paloukia Salaminas, Papagou, Paralia Tyrou Arcadias, Paros, Patisia, Patmos, Patra, Pefki, Perama, Peristeri, Petroupoli, Pilea, Piraeus, Preveza, Psara, Psychiko, Ptolemaida, Rodos, Samos, Selinia Salaminas, Serres, Sparti, Spetses, Stamata, Stavroupoli, Syros, Thermi, Thessaloniki, Tinos, Trikala, Tyrnavos, Vari, Variko Amyntaiou, Voion Lakonias, Volos, Voula, Vouliagmeni, Vrontadou Chios & Vyronas

Images: Pupil teaching classmates about the parts & equipment of a ship, learned from their adopted ship’s captain. Elementary School Synchrona Ekpetheftiria Kotroni - Class B’, Nafpaktos Greece

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Prominent Greek shipowner Harry Vafias expects the proposed US port fees on Chinese-built vessels to have a huge impact on the shipping industry, potentially leading to a two-tier market

Speaking to Riviera, Mr Vafias emphasised the proposed fees are substantial, affecting numerous Greek and international shipping companies that operate fleets with a high proportion of Chinese-built vessels. In many cases, these fees could amount to approximately 10% of a vessel’s value, meaning after just 10 US port calls, operators of these vessels would face severe financial consequences.

Conversely, fleets composed of non-Chinese-built vessels, such as those operated by the five companies within the Vafias Group, stand to gain a competitive advantage. The Vafias Group, comprising US-listed StealthGas, Imperial Petroleum, C3is Inc, and private firms Stealth Maritime and Brave Maritime, controls 94 vessels, all built outside China. "We may be the only company in Greece and Europe with a fleet of this size and no exposure to China," Mr Vafias said.

“If these measures are implemented, it will give us a significant advantage over our competitors,” he stated. The Greek shipowner further explained the policy could create a two-tier market, where vessels built in South Korea and Japan would see increased demand and higher valuations, while Chinese-built ships would decline in value.

When asked whether Japanese and South Korean shipyards could compensate for the potential shortfall in Chinese-built tonnage, Mr Vafias noted the answer depends largely on cost. While South Korean shipyards do have available berths, their pricing is considerably higher, influencing investment decisions.

“In any case, we believe there is a significant quality difference between tonnage built in China versus South Korea and Japan. That’s why we’ve chosen to build our ships there, and now this decision may work to our advantage,” he added.

Tariff impact

The US administration has recently escalated trade tensions, with President Donald Trump confirming new 25% tariffs on imports from Mexico and Canada while doubling duties on Chinese goods to 20%. In response, China has announced retaliatory tariffs of 10%-15% on select US imports, effective 10 March.

Mr Vafias believes the US tariffs will have a positive effect on the tanker market, as longer trade routes will likely emerge as a result of shifting supply chains. “If it becomes less beneficial for the US to import oil from Mexico, it will seek alternative suppliers from more distant locations, increasing tonne-mile demand,” he explained.

However, these tariffs could negatively impact the container freight market, given the high trade volumes exchanged between the US and China.

Growth trajectory

Meanwhile, the Vafias Group continues to expand its fleet through selective acquisitions. Brave Maritime, the group’s dry bulk arm, recently purchased its 20th bulk carrier in two years. According to shipbroking sources, the Greece-based company was the successful bidder for Dream Star, a 2014-built (in Japan), 81,782-dwt Kamsarmax bulk carrier fitted with scrubbers. Reports indicate at least five buyers had competed for the vessel. With this latest acquisition, Brave Maritime now owns a fleet of 32 bulk carriers.

A key advantage of the five shipping companies within the Vafias Group is their strong financial position, particularly their lack of debt. In StealthGas’ recent Q4 report, Mr Vafias highlighted the company is now net-debt free, having significantly reduced its debt in the current quarter.

Among the Group’s three US-listed entities, StealthGas currently owns 31 LPG carriers with a total capacity of 349,170 m³. Imperial Petroleum operates a fleet of 12 vessels, including seven MR product tankers, two Suezmax tankers, and three Handysize bulk carriers, with a total capacity of 751,000 dwt. Additionally, the company has contracted to acquire seven more bulk carriers, adding a further 443,000 dwt of capacity. Finally, C3is Inc owns four vessels – three Handysize bulk carriers with a combined capacity of 97,664 dwt and one Aframax oil tanker with a cargo capacity of approximately 115,800 dwt – bringing its total fleet capacity to 213,464 dwt.

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Highlighting on the major developments and economic results of 2024 the Nasdaq listed company Seanergy Maritime Holding Corp. reported a record full year profitability of $43.5 million.

The company’s fleet TCE outperformed the Baltic Capesize Index (“BCI”) by 27% in Q4 2024 and by 11% in FY 2024.

During 2024 the company acquired two Japanese vessels, the M/V Meiship, a 2013-built Newcastlemax and the M/V Blueship, a 2011-built Capesize, through a 6-month bareboat with purchase obligation.

The company granted a new $53.6 million sustainability-linked loan facility.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “We are pleased to announce another strong quarter for Seanergy, underscoring the benefits of our strategic focus on the Capesize segment. Our robust hedging strategy resulted in the Company significantly outperforming the broader Capesize market, even amid seasonal year-end softness. Our fleet-wide daily TCE of $23,179, exceeded the BCI average of $18,300 by 27%, resulting in net income of $6.6 million for the fourth quarter of 2024. This strong finish capped off a record-breaking year, during which we achieved net income of $43.5 million, with a full-year daily TCE of $25,063, which is 11% above the BCI average of $22,593. “Our disciplined commercial strategy and efficient operations allowed us to generate substantially superior results compared to industry peers, validating our exclusive focus on Capesize vessels. Unlike smaller dry bulk segments—where orderbooks have increased substantially—the Capesize orderbook remains at historically low levels, positioning this segment for potential outperformance over the long term. “Our estimate for Q1 2025 TCE is approximately $13,400 per day, which reflects seasonal Capesize market softness but remains 44% above the year-to-date BCI average of approximately $9,300 per day. Meanwhile, our fixed-rate charters at $22,100 per day continue to significantly outperform spot levels, and with rising forward freight agreements (“FFAs”), we anticipate a stronger market in the second half of 2025. “In line with our stated growth strategy, we executed targeted fleet expansion while maintaining a healthy balance sheet and rewarding shareholders with strong capital returns. We declared total dividends of $0.76 per share for 2024, representing a robust annualized dividend yield of approximately 11%3 . In addition, during the fourth quarter, we repurchased 226,826 shares at an average price of $9.44 per share, further enhancing shareholder value. “Since the second quarter of 2024, we have committed to invest $138.0 million in four high-quality Capesize vessels, bringing our proforma fleet to 21 units, or 3.8 million dwt. This strategic expansion further strengthens our profitability and cash flow generation potential, allowing us to continue capitalizing on the strength of the Capesize market. Importantly, we closed the year with a loan-to-value ratio of approximately 45%, underscoring our financial sustainability and prudent capital management in a volatile macro environment. “The Capesize market continued to outperform smaller dry bulk segments in 2024, driven by a favorable supplydemand balance. Fleet growth was limited to just 1.7%, while seaborne iron ore, bauxite, and coal shipments increased substantially. Brazilian iron ore exports surged annually by approximately 6%, and Guinea’s bauxite exports grew by over 15%, reinforcing the trend of increasing ton-miles, which directly benefits Capesize companies like ours. “Looking ahead to 2025, Capesize fleet growth is projected to slow further to 1.4%, setting the stage for an even tighter supply-demand balance. While the start of the year saw seasonal weakness, spot rates and FFAs have 3 Based on the closing price of March 3, 2025. 3 risen sharply in recent weeks, pointing to a strengthening market in the months ahead. Vessel values have remained firm, which is a sign of industry confidence in the Capesize sector’s long-term fundamentals. “We believe that the long-term outlook for Capesize demand is robust, driven by rising Atlantic Basin iron ore and bauxite exports, a historically low orderbook, and tightening environmental regulations that are expected to restrict Capesize supply further. A key catalyst is the long-anticipated Simandou iron ore project in Guinea, which is set to commence exports in 2025 and is expected to significantly boost ton-mile demand further. At the same time, global energy needs continue to surge, particularly in emerging economies, as technology-driven industries such as AI, data centers, and semiconductor manufacturing require significant base-load power. Despite the energy transition, coal remains essential to the global power mix, supporting sustained Capesize demand as Asia ramps up imports. “As a pure-play Capesize company, Seanergy remains uniquely positioned to capitalize on these long-term market tailwinds and to deliver consistent, superior returns to shareholders.”

Seanergy Maritime Holdings Corp. is listed on Nasdaq Capital Market and operates a fleet consists of 21 vessels (2 Newcastlemax and 19 Capesize) with an average age of approximately 13.7 years and an aggregate cargo carrying capacity of approximately 3,803,918 dwt.

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