Allied Shipbroking appointed Stefanos Fragos as its new Chief Executive Officer, effective immediately.

With a wealth of long experience in ship financing and corporate finance, Stefanos will play a key role in expanding our core activities, enhancing our key competencies, and strengthening our global brand as we continue our commitment to delivering superior services to our clients.

Before joining Allied Shipbroking, Stefanos Fragos led Braemar's corporate finance division in Greece, where he was responsible for developing financing solutions for a diverse range of shipowners. Prior to that, he established and headed the ship lending business at YieldStreet, a U.S.-based financial technology platform focused on supporting small to mid-sized shipowners. His deep expertise in ship financing was cultivated during his tenure at German ship lender DVB, where, in his last five years, he was responsible for originating and managing a portfolio of term loans for internationally renowned shipowners.

Stefanos Fragos holds a BSc and MSc in Marine Engineering from the University of Newcastle upon Tyne, as well as an MSc in Shipping, Trade & Finance from BAYES Business School.

Image: Stefanos Fragos new CEO of Allied Shipbroking

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IBIA recognises that 2025 is a very significant year for the regulation of GHG emissions from international shipping. Respecting fully the views of all IMO Member States, IBIA wishes to reiterate its support for the adoption of a maritime GHG emissions pricing mechanism that establishes an IMO GHG fund to facilitate a just transition, including supporting the development of alternative fuel infrastructure for production and supply to international shipping. Such an IMO GHG fund would complement a global GHG Fuel Standard that IBIA also consider as necessary to signal and drive the investments needed going forward.

IBIA considers a IMO GHG fund as the best way to close the cost gap between conventional fossil fuels and the alternative zero and net-zero fuels that are needed for shipping to meet the goals of the 2023 IMO GHG Strategy. To lower its contribution, levy or fee, shipping will be incentivized to use alternative fuels and then using a clear and transparent methodology the funds generated can then be disbursed to stimulate innovation and development of alternative fuels and other important needs identified by the Member States.

IBIA acknowledges the concerns expressed by some Member States regarding governance after the establishment of a IMO GHG fund but we consider that the Organization has significant experience of successfully administering funds and we therefore have confidence in the Secretary-General and the IMO staff.

IBIA supports the objectives of the mid-term measures which are to achieve the IMO’s GHG reduction goals while ensuring no one is left behind. The technical element, the global GHG Fuel Standard, serves as a goal-based measure mandating the transition to zero or net zero GHG emission fuels and technologies, thereby reducing life cycle GHG emissions. In addition, IBIA recognises that the 2023 IMO GHG Strategy should also provide incentives for the international fleet and establish resources to support a just and equitable transition. These objectives cannot be fully realized through the implementation of the GHG Fuel Standard and alternative compliance approaches alone.

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The members of the Union of Greek Shipowners reassured their confidence to Melina Travlou during the recent elections to lead the Union for the next three years.

The new board of directors was formed as follows:

President: Travlou N. Melina

Vice-Presidents: Chandris D. Michael, Laimos N. Antonios Th.

Secretaries: Veniamis Th. Nikolaos, Fafalios I. Dimitrios

Deputy Secretaries: Giouroukos D. Georgios, Prokopiou G. Ioanna

Treasurer: Xylas A. Giannis

Deputy Treasurer: Karousis I. Konstantinos

Members: Angelicoussis I. Maria, Angelopoulos K. Georgios, Kanellakis Ch. Antonios, Karageorgiou K. Georgios, Coustas D. Ioannis (Dr.), Konstantakopoulos V. Konstantinos, Lekanidis S. Ioannis, Livanos G. Stavros, Lyras K. Ioannis, Margaronis I. Georgios, Marinakis M. Evangelos, Martinos K. Nikolaos, Nomikos A. Markos, Economou Ch. Georgios, Paliou S. Semiramis, Papagiannopoulos A. Vasileios, Pappas P. Alexander, Pittas I. Aristides, Sarakakis D. Dimitrios, Fragista A. Maria, Frangou N. Angeliki.

Ms. Melina Travlou stated: “I’ m deeply honored and humbled to take on the role of President of the Union of Greek Shipowners for the second consecutive time.

I would like to thank all my colleagues for their unanimous, honorary trust.

United, we will continue to defend Greek shipping, as a global symbol of leadership and pride of our homeland.”

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Mr. George Teriakidis, Regional Manager for Southeast Europe – DNV Maritime and Mr. Nicolas Bornozis, President – Capital Link, Inc. opened the proceedings of the forum.

SHIPPING & TRADE IN A SHIFTING WORLD- CHALLENGES & OPPORTUNITIES

In this session Moderator was Mr. Michalis Pantazopoulos, Senior Vice-President – Liberian Registry (LISCR Hellas) and Panelists were Mr. Elias Triantafyllidis, Regional Bulk Carrier Segment Director, South East Europe Region – DNV Maritime, Dr. Gaby Bornheim, President – German Shipowners' Association (VDR); Managing Director – Peter Döhle Schiffahrts-KG, Mr. Tim Wilkins, Managing Director – INTERTANKO • Mr. Gordon Robertson, Head of Greece – NorthStandard, Mr. Joe Kramek, President & CEO – World Shipping Council.

FUEL & FLEET STRATEGIES: DRIVING THE SHIPPING ENERGY TRANSITION

Moderator was Mr. Ezekiel Davis, Vice President, Regional Business Development, Europe – ABS and Panelists: Mr. Mark O'Neil, President & CEO – Columbia Group; Former President – InterManager, Mr. Mikki Koskinen, Managing Director – ESL Shipping Ltd.; Vice President – European Community Shipowners’ Associations (ECSA), Mr. Polys Hajioannou, CEO – Safe Bulkers Inc. (NYSE: SB); Vice President – Cyprus Union of Shipowners, Mr. Hing Chao, Executive Chairman – Wah Kwong Maritime Transport Holdings; Co-Founder & Chairman – Hong Kong Chamber of Shipping.

Mr O’ Neil told that ESG narrative changes every day because of the Tramp election and we have to formulate our strategy to that new reality. We must be flexible and very much open to any solution that might reduce the carbon emissions.

Mr Hajioannou told that Safebulkers started the decarbonization process earlier than other companies as US listed company ordering new ships and installing energy saving equipment.

The company has also ordered Dual fuel methanol kamsarmax vessels but for the first 2-3 we don’t think that they will have a better employment.

As president of Cyprus Shipowners we are trying to ensure that the taxation ETS and FUEL-EU not burden on our shoulders but they mus be charged to the commercial operators and the charterers.

Mr Chao stressed that build competencies for alternative fuels was a crucial task and achieving optimization of existing ships.

Mikki Koskinen agreed we must retaain the eu shipping competitiveness.

BANK FINANCE PANEL

Moderator was Mr. Jasel Chauhan, Partner, Head of International Finance – Hill Dickinson LLP and Panelists were Mr. Philipp Wünschmann, Head of Shipping – Berenberg, Mr. Chris Conway, Managing Director, Global Head of Transportation – Export Agency Finance – Citi, Mr. Christos Tsakonas, Global Head of Shipping – DNB, Mr. Evan Cohen, Managing Director & Group Head of Maritime Finance – First Citizens Bank.

The speakers told tha regarding sanctions and geopolitical risks the name of the game for banks is compliance and follow a proactive approach. Tariffs is also a very concerning topic for banks as can influence negatively the volume of the seaborne trade. As for the energy transition issue the banks have designed special lending services and products to facilitate their clients demands.

MARKET UPDATE: FUELEU

Moderator was Mr. Alexander Prokopakis, Executive Director – International Bunker Industry Association (IBIA).

Panelists: Mr. Theo Kourmpelis, Strategic Business Partner – Lloyd’s Register, Mr. Ralf Garrn, Managing Director – OceanScore

The speaker told that FUELEU is one the most typical topics to promote the uptake of the alternatives fuels offering a lot of incentives and rewards.Vessels that do not comply will be less attractive.

If you have a surplus you can also sell it in a pool of vessels. It’s a hugely complex regulation and you can make money from FUEL-EU.

The alternative fuel order book is booming and this is going to be intensified.

ALTERNATIVE FINANCE PANEL

Moderator: Mr. Chris Vartzis, Partner, Head of Maritime Finance, Greece – Stephenson Harwood

Panelists: Mr. Nicholas M. Petrakakos, Partner & Managing Director, Maritime & Offshore Investment Banking – Alantra, Mr. George Fikaris, Managing Director – EnTrust Global.

Mr. Kevin Kou, Director of Europe and America Department (Shipping) – ICBC Financial Leasing Co., Ltd., Mr. Iraklis Tsirigotis, Director of Origination – Neptune Maritime Leasing Ltd.

The speakers marked that alternative finance is open to smaller groups however it’s more difficult for them to comply with the new environmental regulations and this should be take into consideration. In any case the track of a shipowner matters a lot and the quality of the assets as well.

The speakers are very concerned with the impact of the geopolitical events in the shipping market. However they don’t see any default scenarios as most of the companies have earned a lot of money during the last few years from the favorable conditions in the market.

NAVIGATING OPPORTUNITIES – INVESTMENT PERSPECTIVES IN THE MARITIME SECTOR

Moderator was Ms. Alexia Hatzimichalis, Partner, Athens Office Head – Watson Farley & Williams and Panelists: Mr. Christian Rychly, Head of Shipping – MPC Capital; COO – MPC Container Ships, Mr. Tobias Backer, Executive Director – Pelagic Capital,

Mr. Nicolas Tirogalas, Chief Investment Officer – Tufton Investment Management.

The speakers commented on the unpredictable situation that the shipping industry is experiencing today and the evaluation of investments in this capital intensive industry.

A good investment opportunity of today is the listed shipping companies with well corporate structure.

In his keanote speech H.E. Christos Stylianides Minister of Maritime Affairs & Insular Policy Hellenic Republic said that Greece is a great supporter of the environmental rules in the framework of IMO. We have to overcome regional measures and European Commission have to cooperate with IMO to incentivize the reduction of emissions by imposing a levy on shipping. We should support by providing the necessary means for compliance following a holistic approach to decarbonize the shipping sector.

This transition will require a blend of financing instruments.

Green transition should not jeopardize the dominance of Greek shipping in Europe and globally.

In conclusion we must keep our competitiveness in the shipping sector especially in Europe and retain a unified regulatory framework globally under the guidance of IMO.

AWARD CEREMONY

The KEYNOTE SPEAKER Mr. Apostolos Tzitzikostas Commissioner European Commission for Sustainable Transport & Tourism (VIA Webcast) marked that shipping is one of the most dynamic industries employing almost 2 million people and the European Commission works with members state for more competitive and sustainable solutions like hybrid vessels, adoption of AI, research institutions, green technologies, supply of sustainable fuels.

EU also aims at strengthening the competitiveness of the shipbuilding sector. In this difficult way towards energy transition shipping is not alone as will be financed by the EU funds for more environmental

INTRODUCTORY REMARKS also made by Ms. Elissavet Vozemberg– Vrionidi Chair, Committee on Transport and Tourism European Parliament.

CAPITAL LINK GREEK SHIPPING LEADERSHIP AWARD

The shipping leadership award of 2025 presented to Mr. Thanasis Martinos Managing Director Eastern Mediterranean Maritime Limited and introduced by Mr. George M. Foustanos Maritime Historian & Founder Greek Shipping Miracle & Mr. George Prokopiou Founder Dynacom Tankers Management; Dynagas Ltd. (DLNG) / Sea Traders.

Mr Martinos is not only a successful businessman but he has also a huge philanthropic contribution.

He started with his mother Nounou purchasing a ship in 1964. He was inspired by his love in shipping. He was educated in Athens and London. He loved shipping because of his independent and competitive nature. He is also a keen supporter of the social solidarity supporting religious, health, cultural and educational projects.

In 1974 with his brothers Dinos and Andreas founded Thenamaris increasing its fleet to over 50 ships. In 1991 he founded his own company Eastern Mediterranean following an impressive course.

Thanassis Martinos is one Greatest philanthropists and benefactors of Greece.

His friend George Prokopiou referred to the ecclesiastic contributions of Thanassis Martinos and his wife Marina and their friendship from the early years of their lives.

Mr Martinos completes 60 years in shipping and deserves many more awards.

In his address Th. Martinos thanked Mr Foustanos and G Prokopiou for their presentations and told that shipping is in DNA of Greeks and it flows in our veins.

With Mr Foustanos shares his love for maritime history and G Prokopiou was instrumental to his career in shipping.

Mr Martinos made also a review of the current shipping developments and focused on the beneficial course of the tanker sector after the Russian invasion into Ukraine.

He commented that if tariffs will be imposed in China, they will have a negative effect on the shipping market. Finally, he marked that AI cannot predict the future adventure of Greek shipowners.

KEYNOTE REGULATORY ROUNDTABLE

Moderator in this interesting topic was Mr. George Teriakidis, Regional Manager for Southeast Europe – DNV Maritime with panelists Dr. Dorota Lost-Sieminska Director, Legal Affairs & External Relations Division International Maritime Organization (IMO) and Ms. Fotini Ioannidou Director, DG for Mobility & Transport European Commission.

Dr Sieminska referred to the most concerning issues of IMO which are the decarbonization process, criminalization of seafarers, fake flag states, attacks in the Red Sea and AI role in shipping.

Ms Ioannidou highlighted on the geopolitical situation, welfare of seafarers are some issues of concern. When it comes to decarbonization is a great challenge for E.C.and has a very bold framework making sure that these efforts will benefit the EU shipping competitiveness.

EC has FUELEU ETS and a legislation covering the infrastructure to support all involved in this process achieving targets in the less possibly cost for shipping. We stand with IMO and we have a constructive partnership.

Dr Sieminska reminded that although shipping contributes less than 3% of GHG emissions and carries more than 90% of global goods IMO has taken a lot of measures like EEXI IMO sulphur cap special emission areas GHG emissions by 40% in 2030.

Regarding the biggest challenges of decarbonization the speakers referred to the availability and price of new fuels however EC will scale up the production supporting with financing tools to develop the necessary infrastructure.

Other challenges include training of seafarers to deal with new technologies, safety and global consensus.

KEYNOTE INDUSTRY LEADERSHIP ROUNDTABLE STEERING THE COURSE - DRIVING THE INDUSTRY FORWARD

Moderator was Mr. Nicholas Brown, Corporate Affairs Director, Marine & Offshore – Bureau Veritas and Panelists: Mr. Nikolaus Schües, President & Chairperson of the Board – BIMCO; CEO – Reederei F. Laeisz, Mr. John Xylas, Chairman – INTERCARGO; President & CEO – Ariston Navigation Corp,

Mr. Guy Platten, Secretary General – International Chamber of Shipping (ICS), Dr. Nikolas P. Tsakos, Chairman – INTERTANKO (2014-2018); Founder & CEO – TEN Ltd.

Mr Schües referred to the phrase drill baby drill which a stupid one as will let China to become leader in the decarbonization process.

Nicholas Tsakos marked that shipping likes open borders and free trade without tariffs.

Mr. Xylas told that shipping has made a significant progress by applying practical solutions route optimization and energy saving equipment.

Mr. Tsakos agreed that the industry has made a significant progress and especially tankers follow the common rules of IMO in any given period. We have proved that we have scored when ever it was needed to adopt more environmental measures reinventing ourselves.

The speakers also told that the vast majority of sea pollution is caused by shore industries and not from shipping. Plastics and other wastes are coming mainly from the rivers and other sources. We should realize that we must take a responsible action before regulators as Helmepa did 42 years ago. Shipping supports clean up initiatives and other environmental projects because all are involved love the sea.

According to Mr Tsakos another great challenge in shipping is the lack of seafarers to find people who love the sea.

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The global maritime industry stands at a critical juncture, with increasing pressure to reduce greenhouse gas emissions, improve energy efficiency, and meet stringent environmental regulations. Among the myriad of alternative energy solutions being explored, nuclear propulsion emerges as a compelling option, offering the potential for zero-emission, high-efficiency power generation. While nuclear technology has successfully powered naval vessels and icebreakers for decades, its adoption in commercial shipping remains a complex and ambitious challenge.

Aiming at the role of nuclear technology in shipping Mr. Harilaos Petrakakos, a 45-year experienced Nautical Architect of P&P Marine Consultants explained during the January meeting the principles, advancements, and feasibility of nuclear technology as a transformative solution for the shipping industry’s energy transition.

Mr. Petrakakos said: “Nuclear propulsion offers unparalleled energy density and endurance, making it particularly suitable for large ships operating on long-haul routes. However, its implementation raises critical questions about safety, regulatory compliance, economic viability, and public acceptance.  As the shipping sector looks beyond traditional fuels toward innovative propulsion systems, this session provides a platform for maritime engineers, regulators, and stakeholders to engage in a thoughtful dialogue on the role of nuclear technology. By bridging the gap between atoms and oceans, we can envision a future where nuclear propulsion contributes to a cleaner, more sustainable maritime industry while maintaining the reliability and efficiency that global trade demands”.

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ERMA FIRST GROUP, a global leader in sustainable maritime technologies, joined Green Marine, the leading environmental certification program for the North American maritime industry. This milestone marks a significant step in the company’s strategic expansion and commitment to environmental responsibility across global markets. With this membership, ERMA FIRST GROUP gains access to an extensive network of maritime stakeholders, including service/product/tech providers, engineering and environmental consulting, ship managers, Class societies, R&D companies, pilotage, energy companies, governments, municipalities, maritime/port/ferry associations, and shipping chambers. By integrating into Green Marine’s directory, ERMA FIRST GROUP enhances its credibility and strengthens its ability to engage with key industry players in the region.

Moreover, the organization’s participation in Green Marine Europe underscores its commitment to sustainable shipping on both sides of the Atlantic.

“Our participation in Green Marine aligns perfectly with ERMA FIRST GROUP’s mission to drive sustainable innovation within the maritime sector,” said Nikos Drimalas, Sales Director, ERMA FIRST GROUP. “Through this collaboration, we aim to promote cutting-edge environmental solutions, including our complete Decarbonization portfolio including ESDs, AMP and CCS, the Ecochlor’s EcoOne BWTS Series, EcoBlue BWTS Chemical, Armada PALS solution, and other advanced technologies, to help North American and European shipowners meet stringent regulatory standards.”

ERMA FIRST GROUP’s comprehensive suite of offerings includes:

- Energy Saving Devices (ESD): FLEX SERIES consisting of FLEXCAP (propeller cap), FLEXRING (duct), and FLEXFINS (hull fins)

- ARMADA Passive Air Lubrication System (PALS)

- Alternative Maritime Power (AMP): BLUE CONNECT

- Carbon Capture & Storage (CCS): CARBON FIT

- Advanced Measurement & Monitoring Technologies: AMIO Coriolis Flow Meter, NaviPULSE VFD (Variable Frequency Drives), and Metis Ship Connect, a cloud-based solution for data acquisition, monitoring, and optimization.

- POLCOR Sacrificial Anodes, also available in Cadmium-free version

- Bilge, Sewage, and Freshwater Treatment

- Comprehensive BWTS Portfolio: ERMA FIRST FIT BWTS, the industry standard solution, ERMA FIRST FLOW BWTS, an advanced filterless solution, oneTANK BWTS, the world’s smallest and lowest-cost BWTS, and Ecochlor’s EcoOne BWTS Series.

As part of this initiative, ERMA FIRST GROUP will take part in the upcoming GreenTech Conference, scheduled for June 9-11 in New Orleans, USA. This premier event gathers Green Marine members and industry leaders to discuss the latest advancements in maritime sustainability.

ERMA FIRST GROUP will leverage this platform to showcase its innovative solutions and foster collaborations that drive a greener future for global shipping.

To ensure seamless regional coordination, David Swindells will be handling the ERMA FIRST GROUP interests in the North America territory, while Nikos Drimalas, Sales Director, ERMA FIRST GROUP, will oversee activities in Europe.

About ERMA FIRST GROUP

From saving the oceans, to safeguarding the planet Founded in 2009 and headquartered in Greece, ERMA FIRST GROUP is a leading manufacturer and provider of future-proof sustainable maritime solutions. The Group’s robust systems and solutions ensure worldwide compliance, provide operational simplicity and reduce operational expenditure, while at the same time minimising the impact of ship operations on the environment.

ERMA FIRST GROUP’s customer-centric approach offers flexible and convenient servicing through a trusted network of certified engineers worldwide. ERMA FIRST GROUP provides sales, maintenance and training to

clients via offices in 46 countries.

ERMA FIRST GROUP offers a complete portfolio, including Ballast Water Treatment Systems (BWTS), Alternative Maritime Power (AMP) solutions, Energy Saving Devices (ESDs) and Carbon Capture and Storage (CCS) systems.

ERMA FIRST won the Lloyd’s List Technical Achievement Award (2013 and 2023), the GREEN4SEA Technology Award (2016) and the GREEN4SEA Sustainability Award (2023).  

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In November 2023 IBIA submitted a document to IMO on the carriage of biofuels for supply to a ship for use as fuel oil on board that ship. This highlighted that as conventional bunker vessels were limited in carrying fuel oil of no more than 25% biofuel it presented a potential impediment to the global adoption of biofuels as fuel oil for ships and so to the ambition for the decarbonization of international shipping in the short term, as set out in the 2023 IMO GHG Strategy.

IBIA therefore welcomes the agreement by IMO’s Sub Committee on Pollution Prevention and Response (PPR 12) to draft Interim Guidance on the carriage of blends of biofuels and MARPOL Annex I cargoes by conventional bunker ships. The guidance allows conventional bunker ships certified for carriage of oil fuels under MARPOL Annex I to transport blends of not more than 30% by volume of biofuel, as long as all residues or tank washings are discharged ashore, unless the oil discharge monitoring equipment (ODME) is approved for the biofuel blend(s) being shipped. The Interim Guidance is expected to be approved by IMO’s Marine Environment Protection Committee (MEPC 83) in April.

IBIA’s membership represents stakeholders from across the global marine fuel value chain, and being able to draw on this technically strong and credible resource will, in its role of having consultative status to the IMO, mean that IBIA will continue to bring important matters to the attention of the wider IMO membership for due consideration.

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Chalkis Shipyards S.A. for one more year will participate in the Expomaritt Exposhipping Istanbul where it will showcase its latest projects and future goals. The 18th International Maritime Exhibition - Expomaritt Exposhipping İstanbul, taking place from 18-21 February 2025 at Istanbul Expo Center is the most important trade and marketing organization in the region that brings together the maritime industry, attracting thousands of professionals from around the world.

Chalkis Shipyards will be located in the stand of Eskomarine (HALL #6- STAND #6A90), where attendees can experience firsthand the services that set Chalkis Shipyards apart. Chalkis Shipyards is one of the top shipyards in the Mediterranean with a history of 50 years unceasing service and a commitment to excellence and customer satisfaction.  

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New analysis by the Maritime Emissions Reduction Centre (MERC) has found that silicone-based hull coatings could deliver significant emissions reductions, but challenges around application and mechanical strength remain.  

Silicone coatings, with their very low surface energies and smooth surfaces, result in self-cleaning properties that release microfouling, preventing the development of macrofouling. The resulting reduction in drag can lead to significant fuel savings and lower greenhouse gas (GHG) emissions. 

While manufacturers claim potential fuel savings of up to 10%, the analysis by MERC of actual vessel performance reported by its members provides a more nuanced picture of the technology's benefits.

Coating performance is highly dependent on factors such as vessel type, age and operating profile. While substantial savings are possible, precise performance measurement remains challenging due to variables such as engine condition and weather.

However, the new publication ‘An Overview of Silicone Based Antifouling Paints’ highlights potential challenges, including the higher costs associated with silicone coating systems and more stringent requirements for surface preparation and application. Mechanical strength remains a key consideration, as silicone antifouling is more susceptible to damage than traditional coatings. Regular monitoring and biofouling management, such as hull grooming, are crucial to maintain performance and efficiency between dockings.  

The publication also suggests that hybrid approaches—combining silicone and traditional antifouling paints on different parts of a vessel—could offer the best balance of efficiency, durability, and cost-effectiveness.

VLCCs achieved substantial efficiency gains when using hybrid coating schemes, which combine traditional antifouling systems with silicone coatings in specific hull areas. Partial application of silicone paints on VLCCs led to "out of dock" improvements of around 5%, with average fuel savings of approximately 3% over the docking cycle compared to traditional antifouling.

Stelios Korkodilos, Director of the MERC, said: “Advanced coatings, including silicone-based antifouling, can be a valuable tool for fleet decarbonisation. While they require considerable investment, these coatings can deliver significant emissions reduction without structural modifications or equipment retrofits.

“Careful assessment, analysis, and hybrid approaches that combine traditional and silicone systems may offer the most effective and cost-efficient solutions for ship operators. Monitoring and grooming are important tools to help maximise the benefits from investment in these advanced coatings.”

This is the latest publication from the Athens-based MERC, a non-profit organisation created by five leading Greek shipowners - Capital Group, Navios Maritime Partners, Neda Maritime Agency, Star Bulk and Thenamaris in collaboration with the Lloyd Register’s Maritime Decarbonisation Hub. 

It was founded to fill a gap in the maritime industry’s approach to decarbonisation. While there are numerous initiatives focused on the future of maritime energy, particularly in the development of alternative fuels, there is a need for a dedicated effort to address the immediate challenges faced by the existing fleet, using conventional fuels, and support it to reduce GHG emissions. MERC will use its applied research and innovation to remove uncertainties and barriers, enabling the uptake of technologies and solutions today.  

The publication, which includes detailed analysis of different vessel types and coating configurations, is now available for download at: https://www.m-erc.org/our-publications 

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The event was Addressed by Mr. George Sp. Alexandratos- General Manager of Apollonia Lines S.A- Chairman of the BoD of the PMC and President of Hellenic Chamber of Shipping, Ms. Maria S. Prevezanou- Director of Evmar Marine Services Ltd.- Treasurer of the BoD of the PMC / Organiser of the Conference and Introduction by the Chairman: Mr. Lou Kollakis honorary chairman of Chartworld Shipping Corp.

The speakers discussed the 1st motion: “This House believes that the practice of some clubs in relentlessly accumulating premium revenue by way of general increases at each renewal, while simultaneously returning funds on earlier years, is a paradoxical and confusing approach both to the issue of club financing and to that of shipowner budgeting.”

For The Motion spoke Mr. Jerry Westmore Head of Underwriting European Syndicate Steamship Insurance Management Services Limited.

He pointed out that general increases have to be at a prudent level, Regulators can also set limitations on sharing funds looking at the combined ratio of the Club.

Against The Motion spoke Mr. Phillip Eccleston Head of Underwriting- Greece NorthStandard Limited and Mr. Francis Church Associate Director Underwriting Britannia Steam Ship Insurance Association Limited.

He marked that this issue is not black and white depending on reinsurance changes and claims. However, sustainable pricing safeguards shipowners’ interests.

The P&I relationships must be long term as claims are unpredictable. Francis Church told that the club’s have the ability to return funds because of their mutuality if the capital position allows.

It is very difficult to project how the year will fluctuate. The capital position of a Club is also affected by investment returns and the cost of claims.  In conclusion, the audience agreed that no general increases must be charged when the funds are available.

The 2nd motion referred to the following topic: “This House believes that the Trump administration’s policy on sanctions may be less severe in relation to Russia but more severe in relation to Iran, Venezuela and China, potentially causing differences between the sanctions regimes in the US, UK, and the EU making it impossible for the Clubs to monitor compliance by their members.”

The discussion moderated by Mr. Dinos Caroussis Director Chios Navigation (Hellas) Ltd.

For The Motion argued Mr. Daniel A. Tadros COO American Steamship Owners Mutual Protection & Indemnity Association, Inc. and Mr. Sean Geraghty Regional Director of Greece Thomas Miller P&I Ltd (UK Club).

He noted that Trump is very unpredictable and he has shown a keen interest in the maritime sector. The cabinet also includes commercial minded people and takes very seriously sanctions and compliance.

Sean Geraghty told that: “US loves sanctions and there is a great imbalance in the volume and complexity between US and EU and UK sanctions.

Therefore, owners and operators are in a very difficult position in regards to the sanctions. Governments must align various policies otherwise it is impossible to monitor compliance”.

Against The Motion: Ms. Agapi Terzi Regional Claims Manager, Greece Shipowners and Mr. Harris Papaspyropoulos Head of Claims– Greece The Swedish Club.

Mrs Terzi underlined that: “Trump will follow a unilateral and muscular approach in regards to the sanctions. All Clubs have tracking systems and compliance screening tools to protect help the interests of their members”.

He marked that: “Russia cannot reach to a peace agreement with Ukraine in a short of time as Trump thought.  Venezuela is also a complicated area for imposing sanctions as US takes cheap petroleum products and US companies are involved in the oil production activity.

China is also a very difficult case for imposing tariffs as US economy is heavily depended on Chinese consuming goods.

Shipowners rely a lot at the Club’s assistance regarding AI screening and tracking of sanctions.

George Gourdomichalis believes that: “Trump will also try to control Greenland and Panama Canal at any cost”.

The next motion was: “This House believes that Clubs place importance on S&P ratings and are pressured to diversify so as to strengthen capital returns and good risk management. Clubs that have diversified their line of business have advanced the mutual model and not threatened it by commercial insurance”.

The debate was Moderated by: Mrs Ismini Panagiotidi CEO and Founder Pavimar SA

For The Motion: Mr. Audun Pettersen Vice President Gard and Mr. Marius Vitas Senior Claims & Marketing Manager (Hellas) West of England Insurance Services SA.

Marius Vitas believes that: “mutual Clubs must diversify to H&M, Loss of Hire and other insurance products as it is not cost effective to stay in one activity.

However, diversification has to be adopted without risking the members’ capital.

It must be a profitable activity. Club’s have the appropriate experience and expertise to offer to the members a variety of insurance and financial services.

He said that: “diversification can give you a scale and the ability to handle different complicated cases. The driving factor behind diversification is the cost of running a Club, accumulation of other lines of business and a contribution between the different activities of the Club”.

And the last motion: “This House believes that, in light of the growing volatility and complexity of the global risk environment, traditional methods of differentiating P&I exposures between vessel types, areas of operation and characteristics of trade are increasingly inadequate and will require considerable modification for the future, including those relating to the IG Pool.”

The debate was moderated by: Mr. George D. Gourdomichalis Director Phoenix Shipping & Trading SA

For The Motion: Mr. James Bean Chief Executive The London P&I Club.

Against The Motion: Mr. Leandros Kotsakis Vice President, Claims Skuld Hellas

The speakers and the audience agreed that: “In a complex and volatile shipping world that we are now experiencing with more types of ships like VLACs, OSVs etc and various fuels Clubs have to be well informed and ready for the future.

We live challenging times and Clubs have to differentiate and adapt to the future requirements”.

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