DryDel Shipping entered into the Capesize sector with the order of two sister vessels of 182,000 dwt from Namura Shipbuilding in Japan, scheduled for delivery within 2028.
This expansion provides DryDel with the following advantages:
- Top-performing, scrubber-fitted Capes
- Taking advantage of a historically low Cape orderbook
- Diversification into a larger-size drybulk sector
The successful realization of this project as a Joint Venture with our trusted Japanese partners highlights the company’s long-lasting relationship and mutual support. The two Capes will be fully managed, both commercially & technically, by DryDel.
This milestone follows the successful delivery of 4 x 40K dwt vessels from Namura in 2024. Looking ahead the newbuilding program consists of 10 dry bulk vessels to be delivered over the next four years.
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In the framework of the AHEPA Awards established by AHEPA Hellas, Naftiliaki Glafx on November 29 at the Intercontinental Hotel presented an award to Haris Vafias for his contribution and performance in the international economic arena.
The award was presented by Mr. Savvas Tsivikos, (Supreme President AHEPA) from Washington and Mr. Dionysis Politis.
In his speech, Mr. Vafias referred to his origin from Chios, to the great charitable work of AHEPA, but also to how he managed to be the only Greek shipowner with three listed companies on the Nasdaq in New York.
It should be noted that the three listed companies of the Vafias Group (StealthGas, Imperial Petroleum & C3is) in the first 9 months of 2024 had the following impressive results:
- Nine-month revenue: $ 280 million
- Net income: $ 115 million
- Total assets: $ 1.3 billion
and zero bank lending for IMPP, C3is, StealthGas
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The recent workshop on "Effective ESG Reporting for Shipping" with Program Sponsor Enablon & Supporter Sponsor KPMG, brought together industry leaders, financial experts, and sustainability professionals to discuss the evolving landscape of ESG reporting. The event highlighted the growing importance of ESG as a critical component for resilience, accountability, and risk management in the maritime sector.
Participants:
Paul Tours, Senior Solution Consultant, Wolters Kluwer EHS & ESG
Irene Spanoudaki, Director/Head of Group Risk Management Strategy Planning and Operations, Eurobank
George Iliopoulos, Director, ESG & Sustainability Services, KPMG
Costas Constantinou, Managing Partner & Global Shipping Leader, Moore Greece
Vasileios G. Petousis, Energy & Sustainability Manager, Seanergy Maritime Holdings Corp.
Georgia Fardellou, Head of ESG and Corporate Communications, Starbulk Carriers Corp.
Moderator:
Helena Athoussaki, Principal Organizer ESG Shipping Awards
Key Takeaways from the workshop:
George Pateras underscored the importance of creating comprehensive guidelines to help smaller companies navigate ESG reporting. He advocated for benchmarking, ensuring verification to avoid greenwashing, and upholding shipping's leadership role in ESG practices.
Paul Tours emphasized the need for traceability, accountability, and centralized ESG data systems to ensure consistent and auditable reporting, aligning ESG data with the rigor of financial reporting standards.
George Iliopoulos described ESG reports as the equivalent of annual financial statements for sustainability, offering a detailed "X-ray" of a company’s ESG performance. He stressed the need to disclose impacts on the environment, society, and governance, as well as economic risks and opportunities. Mr Iliopoulos also outlined the importance of having an independent role within companies responsible for managing ESG information and strategy to ensure accurate and forward-looking reporting.
Costas Constantinou highlighted the importance of a cultural shift within the industry. He stressed that while smaller companies may initially be hesitant to adopt new ESG frameworks, they are already engaging in many ESG-aligned activities. Mr Constantinou also emphasized designing reliable processes, identifying information origins, and ensuring robust controls to enhance credibility in ESG reporting.
Irene Spanoudaki highlighted the banking sector's perspective, pointing out the integration of ESG risk assessments with credit risk evaluation and stressing the importance of reliable data for enabling a smooth green transition across industries.
Vassilis Petoussis remarked on the shipping industry's existing ESG efforts, urging systematic communication of practices and the establishment of reliable data collection processes to build effective ESG strategies.
Georgia Fardellou shared her company's experience with increasing pressure from stakeholders such as banks, shareholders, and charterers, who demand transparency in ESG reporting and participation in ESG related initiatives.
The panel collectively agreed on the need for accurate data management, interdisciplinary collaboration, and aligning ESG goals with operational processes. They also stressed that ESG efforts should transcend compliance and serve as a pathway to improving internal systems, enhancing credibility, and fostering stakeholder trust.
Live polls conducted during the workshop revealed the following insights:
This workshop served as a significant step in empowering the shipping industry to navigate ESG complexities and position itself as a leader in sustainability and governance.
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Panama has reached a historic milestone, registering 358 newly built ships to date, representing over 8.5 million Gross Tonnage (GT). This achievement reaffirms Panama’s status as the world leader in ship registration, surpassing historical averages and cementing the Panamanian registry as the preferred choice for shipowners modernizing their fleets.
This record-breaking performance reflects a strategic commitment to sustainability and the advancement of Panama’s maritime sector. The Panama Maritime Authority (PMA) has implemented a suite of incentives and specialized benefits aimed at attracting shipowners engaged in new vessel construction, with a clear focus on renewing the global fleet.
The Panamanian flag offers unparalleled advantages, including:
- Economic incentives that promote the development of energy-efficient, environmentally friendly vessels.
- Streamlined processes powered by cutting-edge technologies, significantly reducing administrative time and enhancing efficiency.
- Global support infrastructure through an extensive network of consulates and technical offices, ensuring exceptional client service worldwide.
Panama’s leadership is underscored by its management of 15% of the global fleet, as reported by Clarksons Research. Additionally, HIS Markit notes that Panama’s registry includes 8,742 vessels, amounting to over 249 million GT.
Through its Directorate General of Merchant Marine, the PMA remains steadfast in its mission to propel the Panamanian registry forward. By investing in advanced technologies, enhancing workforce expertise,
and seizing new opportunities in the maritime market, Panama continues to solidify its role as a global maritime leader.
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MAN Energy Solutions has development its ME-LGIA (Liquid Gas Injection Ammonia) engine entering a new phase with the commencement of testing of a full-scale, two-stroke engine running on ammonia at its RCC (Research Centre Copenhagen).
Ole Pyndt Hansen, Head of Two-Stroke R&D, MAN Energy Solutions, said: “Having already completed more than 12 months of testing on a single cylinder running on ammonia, it’s a significant milestone to be able to step up to full-scale engine testing. We have been busy with the conversion process over the past few months, including ensuring that all safety provisions work according to our requirements. We are now ready for the next phase that will focus on, among other parameters, combustion and emissions, engine-tuning, atomizer testing and control-system verification. This is provisionally set to continue until mid-2025.”
Bjarne Foldager, Head of Two-Stroke Business, MAN Energy Solutions, said: “The market is hungry for any news related to our ME-LGIA development and this, the beginning of testing on the world’s first two-stroke, full-scale ammonia engine, is a major milestone. MAN Energy Solutions is proud to be a pioneer within the new segment of ammonia engines but it is equally as important for us to show the world that we are moving forward cautiously in a reliable and safety-first way. Now is the time to develop the technology and we look forward to revealing our progress at the appropriate time.”
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Briefing by InvestHK on Hong Kong’s business advantages
Aiming at the further expansion of Hong Kong as a Transport Logistics and Industrial International Centre the InvestHK’s Benjamin Wong Head of Transport & Logistics and Industrials, welcomed the media correspondents and referred during a press briefing at the advantages of Hong Kong.
It is very important to note that InvestHK helps the companies to grow by providing guidance in strategic implementation and evaluation of business decisions, including opportunity identification, support with business licenses, visa applications, trademark registration, IP and trade regulations, etc, connecting with lawyers, accountants, human resource specialists, consultancies, designers, interior specialists and real estate companies and last but not least tools for continuous expansion.
In shipping we have to mention that Hong Kong has developed into a High-End Maritime Services centre offering the following capabilities:
Finally Benjamin Wong described Hong Kong’s competitive advantages:
It must be noted that Hong Kong has remained in the band of the 20 economies with very low level of corruption in the world.
Visit to DHL Asia Hub
Ride through DHL’s Central Asia Hub
During a visit at DHL’s Asia Hub, Samuel Lee, general manager described the company’s most competitive features through a parcel’s journey which includes:
DHL Central Asia Hub is currently the only dedicated express cargo facility at the Hong Kong International Airport with direct access to airside and landside. DHL’s first pilot in the Asia Pacific region will deploy battery storage and Hong Kong International Airport’s first business partner will implement battery storage on-site.
DHL HK is located within a four-hour flight time to major cities in Asia Pacific and in the Pan-Pearl River Delta region. DHL’s central Asia Hub is projected to have a Total Project Commitment of HK$4.9 billion (EUR 562 million) and HK$3.2 billion (EUR 377 million) for Phase 3 expansion.
DHL Central Asia’s Hub employs over 670 (as of 30 Sep) employees and has a Total Warehouse Space of 49.500sqm (+50%)
It handles 1.06 million tonnes per annum (+50%) and can deliver up to 125.000 shipments per hour (previously 75.000 pph).
HONG KONG MARITIME WEEK DAY 4
Visit at Modern Port Terminals of Hong Kong
The briefing was made by Elin Wong, head of corporate affairs who welcomed the media correspondents at the terminals at Kwai Tsing. The company began port operations 52 years ago in 1972 and today owns and operates Terminals 1,2,5 & 9 (south) in Hong Kong. The port facilities have contributed to the rapid development of the economy of Hong Kong and became one of the biggest transshipment hubs worldwide. The shareholders are Wharf, China Merchants and Jebsen Group. It has a capacity of 7 million teus and the Port of Hong Kong had a throughput of 14.4 million teus in 2023. It must be noticed that in the port of Hong Kong there are another four operators. Modern Terminals has 7 container berths, 30 Quay Cranes and 3 barge berths. The company’s culture values include accountability, teamwork, and trust to achieve work life fulfillment while operational excellence is one of its brand promises. In 2022 the port and logistics industry contributed 6,2% of HK’s GDP and 175.200 jobs. The competitive edges of the Port of Hong Kong include its free port status, high operational efficiency and flexibility, and it is facing uncertainties in global economy, deployment of more mega vessels, limited yard space, and competition from nearby ports. Ms Wong mentioned the benefits of Hong Kong Seaport Alliance, and the Company’s QC & berth upgrade plan including cranes heightening, as well as Modern Terminals’ Sustainability Strategy aiming at carbon neutrality by 2050.”
Visit to Cathay Cargo Terminal
The terminal is located at the international airport and includes an import & export area, interface staging area and a live animal handling center.
The Cathay Cargo Terminal is one of the most advanced air cargo terminals in the world. The terminal has offered a full range of air cargo services for airlines operating at Hong Kong International Airport since 2013 and is capable of handling an annual throughput of 2.7 million tonnes.
The terminal incorporates innovative features and advanced technologies to enhance the visibility, efficiency and reliability of each step of operations, setting new standards in operational efficiently, environmental design and service levels. Reinforcing Hong Kong’s position as the world’s premier international airfreight hub, the vision is to be the world’s most customer-centric air cargo terminal.
Press Briefing by Hong Kong Shipowners Association HKSOA
The foreign media correspondents’ team was welcomed at the Association’s offices by Ms Sandy CHAN, Managing Director and Captain Nittin Handa, Regulatory Affairs Director of HKSOA.
They pointed out that the Hong Kong Chief Executive and the Administration attach great importance to the maritime industry and has accepted many of the recommendations from the Hong Kong Shipowners Association (HKSOA).
In the HKSOA’s consultation, innovation and reform recommendations were made in five areas: (1) Green Shipping, (2) Commodity Trading, (3) Maritime Services, (4) Global Partnership and (5) Institutional Framework.
HKSOA fully supports the national strategic plan to consolidate Hong Kong’s position as an “international finance, shipping and trade centre” and the various new policy initiatives about Commodity Trading, including the creation of a commodity trading ecosystem in the city.
HKSOA great welcome the many new and practical Green Shipping measures, including construction of a green shipping corridor and co-operation with ports in the Greater Bay Area, to develop Hong Kong as a green fuel export center and bunkering hub.
Hong Kong can play a leading role in global efforts and be a big contributor an “Ecological Civilization”.
It must be noticed that Hong Kong follows a multi-pronged approach promoting high value added Maritime Services, such as marine insurance, ship broking and financing and maritime arbitration, while supporting the “commercial principals”.
HKSOA maintains excellent global partnerships with the International Chamber of Shipping (ICS) including the Union of Greek Shipowners and other national shipping organisations.
With the support of the Government the HKSOA and the ICS held the Hong Kong Maritime Global Trade Summit during the maritime week in November.
Replying to a question raised by ELNAVI for the views of HKSOA on decarbonization issue and the attraction of new talent in shipping Mrs Chan and Capt Hand said that the association follows a multilateral approach to decarbonization. The government promotes Green shipping, support the trade and the common approach internationally.
Mrs. Chan and Capt. Hand said that HKSOA has plans to develop a green field bunkering activities at Hong Kong harbor providing green methanol and hydrogen.
The government also encourages young people to join industry. Maritime Sea Scholl cadets for seafaring collaborate with Nautical Institute of Chartered Shipbrokers courses to expand Maritime Aviation Training Fund (MATF) available.
The association is member of Asian Shipowners Association ASA and represents 2,589 ships of 231,527,274 dwt operated/owned/managed by members as at 1st December 2023.
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On Wednesday, November 20th , 2024, the Ambassador and General Consul of Panama in Greece, H.E. Mrs. Julie Lymberopulos Karnakis, had the honor of presenting the Letters of Credence to H.E. Mrs. Katerina Sakellaropoulou, President of the Hellenic Republic.
The ceremony was attended by Mrs. Aliki Chatzi, Secretary General of the Presidency of the Hellenic Republic, Mr. Ioannis Fragkogiannis, Deputy Minister of Foreign Affairs of the Hellenic Republic and Mrs. Aglaia Balta, Chief of Protocol of the Ministry of Foreign Affairs of the Hellenic Republic.
Held in a warm and respectful atmosphere, the event underscored the mutual appreciation and commitment to further strengthening the diplomatic relations between Panama and Greece.
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United Maritime Corporation declared a quarterly dividend of $0.075 per common share for the third quarter of 2024. The Company has generated Net Revenues of $11.6 million compared to $11.7 million in the third quarter of 2023. Net Loss and Adjusted Net Loss for the quarter were $0.9 million and $0.3 million, respectively, compared to Net Income of $8.9 million and Adjusted Net Income of $9.2 million in the third quarter of 2023. Adjusted EBITDA for the quarter was $5.1 million, compared to $13.8 million for the same period of 2023. The Time Charter Equivalent rate (“TCE rate”)2 of the fleet for the third quarter of 2024 was $16,365 per day. For the nine-month period ended September 30, 2024, the Company generated Net Revenues of $34.6 million, compared to $24.5 million in the same period of 2023. Net Loss and Adjusted Net Loss for the period were $1.6 million and $0.5 million, respectively, compared to Net Income of $0.9 million and Adjusted Net Income of $3.4 million in the respective period of 2023. Adjusted EBITDA for the first nine months of 2024 was $15.1 million, compared to $14.4 million for the same period of 2023. The TCE rate of the fleet for the first nine months of 2024 was $16,246 per day. Cash and cash-equivalents and restricted cash as of September 30, 2024, stood at $11.4 million. Shareholders’ equity at the end of the third quarter was $62.5 million, while long-term debt, finance lease liabilities and other financial liabilities, net of deferred finance costs stood at $101.1 million as of September 30, 2024. The book value of our fleet as of September 30, 2024, stood at $155.3 million, including one chartered-in Kamsarmax vessel.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: "In the third quarter of 2024, United continued to deliver value to shareholders, announcing our eighth consecutive quarterly dividend, set at $0.075 per share. This distribution represents an annualized yield of 15% per share. 3 Over the past two years, we have returned $1.60 per share in dividends, prioritizing shareholder returns even amidst market challenges. Our strategy to modernize and optimize our fleet continues to yield significant benefits. The delivery of the 2016- built M/V Nisea, coupled with the profitable sale of the M/V Oasea, which we sold for $1.4 million book profit in July, underscores our disciplined approach to fleet renewal. These transactions not only reduce the average age of our vessels but also secure high-quality charters at rates above market averages, demonstrating the strength of our commercial strategy. While our third quarter financial results reflect a period of transition, they also highlight the robustness of our operational platform.
Our adjusted EBITDA of $5.1 million and near-perfect fleet utilization of 99.9% are testaments to our operational efficiency and market adaptability. Moreover, our prudent capital management ensures that we are well-positioned to capture growth opportunities in a dry bulk market that continues to benefit from favorable supply-demand dynamics. In the fourth quarter, based on current FFA levels, we expect to deliver a daily TCE of $15,140, also taking into account that three Panamax and two Capesize vessels are operating under fixed daily rates, leaving one Capesize and two Panamax exposed to the spot market developments. Lastly, as regards our commercial developments, the M/V Cretansea was fixed on a one-year time charter at an index-linked rate with a major commodity trading company. Concerning the dry bulk market, we note that conditions remain favorable, with positive developments being led mainly by the Capesize sector where projected ton-mile demand exceeds projected fleet supply growth according to all forecasts.
Over the next years the positive outlook for the dry bulk market is a function of low expected fleet growth owing to limited newbuilding ordering in the face of strict environmental regulations that are increasing the need for fleet renewal. As we look ahead, our focus remains on driving sustainable growth through strategic fleet investments and diversification initiatives like our recently announced participation in an offshore project concerning the construction of an Energy Construction Vessel. This forward-looking approach ensures United is not only wellequipped to capitalize on emerging market trends but also positioned to deliver long-term value to our shareholders under changing market conditions."
United Maritime Corporation operates a fleet of eight dry bulk vessels, comprising three Capesize, two Kamsarmax and three Panamax vessels, with an aggregate cargo carrying capacity of 922,072 dwt.
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The restructuring of the shipping company Eletson Holdings, owned by the families Hatzieleftheriadis, Karastamatis, and Kertzikov, has been completed, after facing numerous financial challenges in recent years.
Specifically, in a statement, it was noted that “it has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy protection, marking a new beginning with new leadership, new financial resources, and no debt.”
The current Reorganization Plan of Eletson, which was proposed and supported by Pach Shemen, a subsidiary of the Canadian hedge fund Murchison, is backed by the majority of its creditors and was approved by the U.S. Bankruptcy Court for the Southern District of New York on October 25, 2024.
Adam Spears, the new CEO of the company, stated: “Today marks a significant milestone for Eletson and its subsidiaries. Following the successful completion of the Chapter 11 process, the company is now in a strengthened financial position and debt-free. We look forward to focusing on the next phase of Eletson’s evolution, enhancing operations and driving growth.”
Additionally, Mark Lichtenstein, Director of Pach Shemen, added: “On behalf of Eletson’s creditors, we are pleased to have participated in achieving this outcome and look forward to continuing our support and guidance for the company during the next chapter.”
It is also clarified that Eletson has a new Board of Directors, consisting of CEO Adam Spears and two new independent members, Leonard Hoskinson and Timothy B. Matthews.
In its announcement, Eletson, founded in 1996, states that it is the parent company of various subsidiaries that own and operate a fleet of medium-sized product tankers, which transport a wide range of refined petroleum products.
Lastly, it is noted that the Navig8 group included three tankers in its management pool in 2022, which had been seized by Chinese CSIC Leasing in 2021 from the Greek shipping company.
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The forum took place at the excellent auditorium of the National Gallery in Athens and Elias Kariambas, ABS Vice President, Regional Business Development, Greece opened the event and presented the well esteemed speakers.
Marco Paviotti, Policy Officer, European Commission gave a regulatory online update and focused on the demand uptake of renewable and low carbon fuels for maritime transport- complement to energy efficiency.
Konstantinos Theocharis, ABS Engineer II, Regulatory Affairs presented ABS’ tools for such as FUELEU maritime simulator and exposure estimator.
The topic of the panel was “Are you ready for FuelEU Maritime” and discussed by Stamatis Fradelos, ABS Vice President, Regulatory Affairs (moderator), Panos Kourkountis, Technical Director, Sea Traders SA, Konstatinos Polydakis, Chief Executive Officer, MM Marine Inc. and Constantinos Capetanakis, Chairman, International Bunker Industry Association (IBIA).
In the Session II of the forum Konstantinos Theocharis, ABS Engineer II and Dimitrios Bardakos, ABS Manager, Global Sustainability referred to the potential of Carbon Capture in Shipping Carbon Capture Challenges.
Stian Aakre, General Manager, Technical & R&D, Wärtsilä Exhaust Treatment focused on Onboard Carbon Capture - Challenges and Possible Solutions.
A panel discussion Moderated by Maria Kyratsoudi, ABS Director, Business Development took place with the panelists replying on the question: Onboard Carbon Capture: Can it a viable solution in shipping's decarbonization journey.
The topic discussed Konstantinos Karathanos, Chief Operation Officer, Gaslog, Stavros Niotis, Chief Sustainability Officer, Prime Marine Stian Aakre, General Manager, Technical & R&D, Wärtsilä Exhaust Treatment, Zongfei Liu, Principal Engineer of Platform Technology, Equinor.
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