With total Revenues $360m, total assets $1.2bn και total profits $135m the three listed companies of Vafias Group, StealthGas, Imperial Petroleum & 3Cis recorded a dynamic activity during 2023.
Also, the group unstoppable continues with the purchases of dry cargo vessels and announces 2 more supramaxes purchased last month, the “AULAC VANGUARD” and the “AMIRA MIRO”, both of Japanese construction built in 2012.
In the last year, the group has bought 17 dry cargo ships and in particular eight capes, two kamsarmax, three handies and four supramax.
The most impressive fact is that all vessels are Japanese-built as the group has left China since 2010 when it built four aframaxes at New Times and one capesize at SWS.
Also, it must be reminded that of the five shipping companies in the group, four are without bank loans, while StealthGas has only 15% debt.
The group still has two newbuildings 11,000cbm VCM carriers each to take delivery from Japan in 2025 and 2026. While it has just taken delivery of the last of five 40,000cbm Ammonia carriers from Hyundai in Korea named “ECO ENCHANTED”.
Also, Vafias group supports the effort to revive the Greek shipbuilding industry and announces that it has already done more than twenty ship dockings in Chalkida and another three at ONEX in Syros.
After the last purchases the total tonnage of the group approaches 6m dwt.

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Following the traditional values and principles of Greek shipping, Cypriot shipowner Charalambos Mylonas, with the undivided support of his wife Chariklia, marked a creative and respectable 50-year course in the field of shipping which is today continued successfully by the next generation of Mylonas family.
This important anniversary was recently celebrated at the offices of the Transmed Shipping company in Ekali in the Northern Suburbs of Athens.
The hosts of the touching event Katerina and Nicole Mylonas, daughters of the founder, welcomed with great pride the distinguished guests who had the opportunity to watch an impressive video with the story of the charismatic and dynamic personality of Charalambos Mylonas and his wife who started from scratch building a remarkable shipping group.
The guests, friends and associates also received a luxurious album with the 50-year journey of Transmed, the founder and his wife.
It should be noted that the album was published by ELNAVI under the diligence of co-publisher Theano Kalapotharakou and the collaboration of the graphic designer Maria Kardamenis.
The event was honored by the Bishop Nikolaos of Mesogaia, Father  Alexios, the Deputy Minister of Shipping of Cyprus Mrs. Marina Hadjimanolis, the ship owners George Prokopiou and Thanasis Martinos, Panos Laskaridis,
Andreas Hatzigiannis, Dimitris Prokopiou, Nikolaos Vafias, Evangelos Angelakos, Haralambos Fafalios, representatives of registries, class societies, friends, associates, company employees, well known shipowners and shipping personalities.
As Katerina & Nicole Mylonas mentioned in their speeches: “Our parents started their careers as lawyers in the city of Famagusta in 1970 representing the interests of Greek shipping companies and mainly the Martinos family shipping operations. In 1974, after the Turkish invasion of Cyprus, they moved as refugees to Greece, where with the help of many friends from the shipping industry started their own maritime adventure building a credible and well established shipping group that is involved mainly in the field of dry cargo and oil transport.
Excited Charalambos Mylonas in his message to the friends of the company emphasized that: "The road of shipping is not easy. We fought it with courage and determination. I declare that with any means I will not retire being present in the next 50 years of Transmed".
He thanked his wife Hariklia, his daughters Katerina and Nicole, his son-in-law Ilias Angelakos who all have successfully taken over the reins of the business.
He also thanked all the friends and associates who welcomed them in Greece working hard for 50 years with understanding and mutual benefit.
Extensive reference was made to the contribution of Charalambos Mylonas as president of the Cypriot Shipowners' Union where in 1981 a collective agreement was signed with ITF implemented on Cypriot-flagged ships.
Other emblematic milestones of Transmed were the company’s certification with the ISM Code, the first orders of newbuilding vessels in 1996 and the social contribution of Mylonas family which includes the establishment of the Palliative Care Centre "GALILEE" in the area of responsibility of the Holy Metropolis of Mesogaia and Lavreotiki for terminally III cancer and ALS patients, and the construction and restoration of churches in Kastellorizo, Agathonisi and Jerusalem in the Holy Sepulcher.
Looking forward, Transmed will continue to make its way through calm and choppy seas, always guided by its legacy of perseverance, innovation and strive for excellence.

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Following the continuous changing shipping landscape the dry bulk sector strives to address the challenges and opportunities that have been created by the new environmental regulations, emerging technologies and the adoption of alternative fuels.
With the aim to help Greek shipping companies in their decarbonization journey and inform them for the latest developments in bulk carrier designs and operation, ABS held its Bulk Carrier Forum in Kavouri of Athens bringing together leaders and experts from the maritime value chain who discussed the energy transition and decarbonization goals that will shape the low-carbon future of bulk carriers and drive market grow.
Elias Kariambas, Vice President of Business Development in Greece of ABS welcomed the guests and presented the agenda of the forum.
Vasileios Gkikas, Director, Business Development, Global Lead on Bulk Carriers, ABS referred to the key factors of the Bulk Carrier segment such as the carbon neutral/ zero alternative fuels, standardized and streamlined designs, operational reliability availability and flexibility, crew awareness, multitude solutions approach, global uniformity vs regional regulations, access to financing, dry bulk owners spread, commodity sensitivity and China’s and India’s economic growth.
Stamatis Fradelos, Vice President of Regulatory Affairs of ABS presented the latest regulatory developments such as the IMO GHG Reduction Strategy. He observed they the shipping industry has become more efficient in terms of energy consumption however the air emissions are increasing because of the favorable market conditions.Mr Fradelos also examined the issues of mid- term measures, lifecycle guidelines of marine fuels, amendments to SEEMP, ECA standards, EU-ETS, FUEL-EU.
The Development of SDARI Bulk Carrier Design 2024 were discussed by Zhang Zhuo, Deputy Director, SDARI.
Bulk Carriers Challenges and Survey Trends were elaborated by Leonidas Noulas, Lead Surveyor of ABS.
A Panel Discussion with Key Stakeholders was conducted by Vasileios Gkikas regarding the Perspective and a Pragmatic Approach.
Panelists included Panos Zachariadis, Technical Director, Atlantic Bulk Carriers, Dimitrios Fafalios, Director, Fafalios Shipping, Nicholas Logan, Asset Deal Originator, Cargill Ocean Transportation and Basil Sakellis, Managing Director, Alassia Newships Management Inc.
Dimitrios Fafalios told that the sector must preserve its operating model and treated as Containerships and LNG Carriers and not fighting each other. He also expressed his concern if a ship that will be built in 2026 will continue to be operating in 15 years from now.
Basil Sakellis pointed out that energy transition is the biggest challenge of shipping as we are called to change the way we operate and maintain our vessels therefore we have to work more closely all together involved in the shipping industry addressing the issue of zero emissions.
Moreover he agreed that Greeks will thrive in the future provided that Europe stops shooting itself and penalizing European shipping.
Panos Zachariadis expressed his optimism about the effectiveness of the vessels’ designs and outlined what fuel looks green today may not look green tomorrow.
Nicholas Logan stated that charterers as Cargill are determined to lead the energy transition by incentivizing shipowners and sharing new ideas with them such as the adoption of renewable energy from wind and solar sources.

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We are experiencing very interesting times in the fields of technological developments and energy transition in shipping therefore it is essential to ensure collaboration to find the appropriate strategies optimal solutions and achieve operational sustainability.
As we enter in a decarbonization era we need to prepare ourselves how to handle new technologies and new fuels. The above messages were sent by the speakers and the managing director of SAFETY4SEA Mr Apostolos Belokas at GREEN4SEA Athens Forum.
The 1st panel of the forum examined the following topics: How EU legislation challenges the maritime industry, The EU ETS scheme: Understanding the regulatory framework
EU MRV: Application & timeline and its relation to the EU ETS, Key requirements of FuelEU and other emissions regulations, Why accurate and transparent reporting matters.
The panel included the following speakers: Andreas Philippou, CEO, Dromon Bureau of Shipping, Dr. John Kokarakis, Technical Director, SEEBA Zone, Bureau Veritas, Konstantinos Vlachos, Chief Technical Operations Officer, Castor Ships S.A., Stylianos Psillakis, Technical Director, Columbia Shipmanagement Ltd.
The 2nd panel addressed the 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.
Panel’s speakers as follows: Nikos Kakalis, Global Bulk Carriers Segment Director, Lloyd’s Register Dr. Harilaos Psaraftis, Professor Emeritus, Technical University of Denmark Dimitris Tsoulos, BLUE CONNECT Sales Director, ERMA FIRST Capt. Konstantinos G. Karavasilis, Regional Director, Loss Prevention, UK P&I Club.
The 3rd panel addressed the issues of safety challenges, Bunkering & latest revision of ISO 8217 standard, assessing availability & readiness, Incentives and regulatory mechanisms for the uptake of alternative fuels. The issues were discussed by Bill Stamatopoulos, Global Business Development Director, VeriFuel, Panos Zachariadis, Technical Director, Atlantic Bulk Carriers Management Ltd, Alexander Prokopakis, Executive Director, IBIA.
Panel #4 examined Best practices for Ship Performance, How to enhance vessel performance, Environmentally friendly sustainable solutions, Focus on modern propulsion schemes, Flexibility and capability towards IMO 2030/2050.
The following speakers commented on the above topics: Tom Evensen, Regional Category Manager Hull Performance, Jotun, Philippos Sfiris, Head of Go-to-Market Strategy and Vessel Performance, GIT Coatings, Philippos Giannakos, Senior Sales Manager, Shipping Solutions, South Europe, Middle East and Africa, NAPA, Mats Nyfors, General Manager, Decarbonization & Cooperation, Wärtsilä.
The 5^th panel discussed the Circular economy for sustainable shipping, how to ensure a profitable circular economy within ports, ship recycling challenges and regularoty update, how to modernize waste management in shipping and key consideration for industry’s transition to a circular economy.
Panel speakers were Vincent Favier, CEO, ECOSLOPS S.A., Dr.  Konstantinos Galanis, Chairman, International Ship Recycling Association & Georgios Plevrakis, Group CEO, HEC Group.
A focus presentation followed with the theme of the Decarbonization Footpath – We need to be realistic made by John N. Cotzias, Projects & Finance, Xclusiv Shipbrokers.
The Panel #6, The Green Transition from Ship Managers’ perspective was moderated by Apostolos Belokas, Managing Editor, SAFETY4SEA.
The following topics was included: 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.
Panel speakers were Takis Koutris, Managing Director, Roxana Shipping S.A., George Souravlas, Founder & CEO, Load Line Marine S.A, Basil Sakellis, CEO, Alassia NewShips Management Inc., Dimitris Patrikios, Advisor to the Managing Director, V.Ships Greece Ltd. and John N. Cotzias, Projects & Finance, Xclusiv Shipbrokers.
The speakers noted that we have to be prepared for the unknown. Therefore new ships must be ready to accept retrofit projects. If shipowners wait for the last moment they must be prepared to pay a huge conversion cost.
In particular Mr. Sakellis said that he is proud for his participation in the decarbonization journey.
Imagine that in 30 years we will say to our grandchildren about all these black dirty things the ships used to burn.
Mr. Patrikios also mentioned: “I didn’t see a shipping company to be bankrupt by the regulations.  Therefore, I am not afraid of the great cost that the regulations will bring to the operation of our ships”.
Concluding, the speakers agreed that the teamwork and the involvement of all shipping stake holders is essential to find the ways to adapt to the energy transition.

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On Friday, April 5th, two cutting-edge double level luffing jib shipbuilding cranes arrived at the Port of Piraeus. They are soon to be unloaded and installed at positions 1 and 2 within the Perama Ship Repair Zone.
Equipped with a lifting capacity of 40 tons each, these state-of-the-art cranes are reshaping service offerings within the ship repair zone. With the capability to accommodate vessels up to 55 meters in height, they mark a new era, ending decades of reliance on mobile cranes in the Perama zone, which previously lacked quayside cranes.
It is noted that the procurement of these specific cranes, with a total value of approximately 8 million euros, is part of the investments that PPA S.A. is implementing for the upgrade and renovation of the Ship Repair Zone equipment, in accordance with the concession agreement with the Greek State.
Following the arrival of the cranes, PPA Chairman Yu Zenggang expressed his satisfaction, highlighting the significant upgrade they represent for the Perama Ship Repair Zone. He emphasized their capacity to accommodate a wider range of vessels, underscoring the strategic importance of PPA S.A.'s ongoing investment efforts. This commitment, he emphasized, solidifies Piraeus as a leading and competitive port in the Mediterranean and Europe, offering comprehensive port services. 
Crane unloading, which is implemented according to detailed plans and standards, is scheduled for the coming days, following the completion of all requisite preparatory tasks.

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ATPI Marine Travel, a leader in the global marine travel sector, has launched a new suite of solutions designed to redefine all aspects of the crew change cycle, across the pre-trip, on-trip and post-trip phases. Called Crew Change Logistics, this unique new initiative is designed to optimise planning and operations with a focus on data and market intelligence, targeted communication functionality and expert-led consultancy services. The aim is to enhance interactions between stakeholders and reduce the impact of pain points while unlocking new crew rotation operational and cost efficiencies.
The Crew Change Logistics portfolio is a testament to ATPI Marine Travel’s commitment to delivering comprehensive and tailored solutions to customers worldwide. “With the launch of this new portfolio, we are taking a significant step forward in transforming crew travel management,” said Nikos Gazelidis, Chief Commercial Officer at ATPI Marine Travel. “Our goal is to expand the value added services we provide and function as an extension of our clients’ crewing teams. This allows us to make crew changes more efficient and cost-effective while supporting the well-being of crew members and promoting environmental sustainability”.
Crew Change Logistics leverages ATPI Marine Travel’s experience as the largest provider of marine travel services globally to address changing operational and economic challenges. Delivering new levels of visibility, grip and control, the new portfolio consists of five key hybrid offerings enabled by digital, data-centric applications and expert human consultants; each designed to optimise specific aspects of crew travel.
ATPI CrewView: Enhancing efficiency and reducing costs ATPI CrewView allows users to dive deep into hidden savings, receive proactive recommendations, and gain ultimate control from pre-trip to post-trip. It brings clarity and insight into the coordination of crew changes and offers unparalleled transparency, helping to optimise crew travel operations and savings by making booking decisions based on data analytics, including peer benchmarking.
ATPI CrewD2D (Door to Deck) A unique solution that streamlines management, notification and communication for both air travel and land-based arrangements at the crew change location. It simplifies all aspects of crew travel billing, with the ability to consolidate invoices from multiple providers to just one invoice per trip and enhances visibility of total crew change cost.
ATPI CrewCare: Prioritising crew well-being
ATPI CrewCare is a holistic solution designed to enhance all aspects of a crew members journey to and from their ship. In association with ISWAN, it takes ATPI Marine Travel’s initiatives beyond logistics to providing comfort and support for seafarers at every step. From route optimization to personalised assistance, ATPI CrewCare unlocks safe, connected, and stress-free travel for all crew members.
ATPI CrewPoint: Streamlining the crew change process
ATPI CrewPoint is an all-in-one solution with a single point of contact for streamlined crew change communication and management. It combines real-time monitoring 24/7, effective communication and targeted notifications to optimise crew changes and reduce admin. It allows all stakeholders to keep track of what is happening and act effectively in the face of changing ETA or ETD information.
ATPI CrewCarbon: A step towards sustainable travel
In response to the increasing need for environmental stewardship in shipping, ATPI CrewCarbon offers data-driven solutions to minimise the carbon footprint of crew traveling to and from their ships. Using the intelligence and expertise of ATPI HALO and established sustainability partners, the service provides essential tools to measure, reduce, and compensate for scope 3 carbon emissions.
“We have a wealth of practical, intelligence-based solutions that individually improve diverse aspects of crew travel management, from apps to track the cost of air travel and the environmental impact when rotating crew at different ports, to communications infrastructure for notifications and alerting during dynamic travel situations. Crew Change Logistics harmonises our capabilities with new data- centric solutions in a simple portfolio that can be easily tailored to any needs,” adds Gazelidis.
ATPI Marine Travel is the international leader in specialist travel solutions to the shipping industry. With deep-rooted expertise in crew rotation supported by 24/7 service and innovative technology, the company positions cost, operational efficiency, safety, and wellbeing at the forefront of its clients’ travel strategies. ATPI Marine Travel was responsible for ¾ million seafarer transactions in 2023 and with a network of offices in all global maritime centres, there is always an expert ready to help clients and crew.

Image: Getting to and from work is not the same as jumping on the train when you are a seafarer. This photo was taken by crew member Ryan Paez, on one of his ‘commutes’, and entered into a competition run by ISWAN. Credit Ryan Paez/ISWAN

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The International Bunker Industry Association presented the newly elected leadership team to drive the Association’s strategic initiatives and represent the interests of its members globally.
IBIA has welcomed Constantinos Capetanakis, Adrian Tolson and Nigel Draffin to their officers’ roles.
The new Chairman Constantinos Capetanakis joined Star Bulk, serving as General Manager of a number of private vessels and subsequently as Executive Vice President – Control Director of the group’s procurement arm, Ship Procurement Services SA. Since 2019 Constantinos is serving as Star Bulk’s Bunker Director, responsible for bunkering procurement / strategy and Star Bulk’s cooperation with bunker industry stakeholders.
Vice Chairman Adrian Tolson is the owner of 2050 Marine Energy and is widely recognised as one of the shipping industry’s leading marine energy experts. With more than 35 years of experience, he has both detailed knowledge and unique insight into the bunker supply chain and its many related infrastructure developments.
Hon Treasurer: Nigel Draffin, Consultant with a career starting at sea as an engineer for Shell in 1966 and transitioning ashore in 1979, has contributed extensively to the maritime and bunker industry. He’s a technical consultant with over 25 years of experience, a founder and former chairman (2012) and Treasurer (2022) of IBIA and was re-elected to the Board in 2023. Draffin has authored 13 books on Bunkering and Shipping and is an esteemed speaker at industry conferences.
Newly elected Board Members:  Ufuk Erinc, CEO, Unerco Petrol Urunleri Denizcilik ve Ticaret A.S, Deanna MacDonald, CEO, BunkerTrace Ltd (UK), Maria Skipper Schwenn, Director of Regulatory and Public Affairs, Bunker Holding Group
Continuing Board Members: Eugenia Benavides Buitrago, Marine Fuels Director, Terpel S.A., Claudia Beumer, Owner, C4 fuel BV, Rahul Choudhuri, President of Strategic Partnerships, Veritas Petroleum Services (Asia) Pte Ltd, Timothy Cosulich, CEO, Fratelli Cosulich, Jeroen de Vos, Head of Quality, Peninsula, Colin Holloway, Global Head Technical, Cockett Marine Oil, Paul Maclons, Chair, AMSOL Board of Directors, African Marine Solutions Group (Pty) Ltd, Valeria Sessa, CEO, ReSeaWorld s.r.l, Anna Stefanou, Finance and Credit Manager, PMG Holding.
Constantinos Capetanakis states: “I am greatly honoured to be IBIA’s Chair and excited for the times ahead, being determined to lead the Association to further global growth and visibility throughout the entire shipping community”.
This group of individuals bring a wealth of knowledge, experience, and dedication to their roles, and IBIA is confident that under their leadership, the Association will continue to flourish and advance the interests of the bunker industry worldwide.
About IBIA: IBIA - The International Bunker Industry Association is the leading voice of the global bunker industry, ensuring all stakeholders are represented in discussions and decisions that impact the sector.

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The ESG Shipping Awards held the event: "ETS in Action: Bridging the Gap Between Traders & Engineers,"  at the Grand Hyatt Athens on March 29, 2024. This workshop, dedicated to promoting sustainable practices within the maritime industry, focused on the pivotal role of the Emissions Trading System (ETS) in aligning the efforts of traders and engineers towards achieving compliance and fostering cost-effective strategies.

Featuring engaging discussions led by prominent figures and industry experts in the ETS landscape, the workshop offered participants a comprehensive understanding of emissions trading dynamics, invaluable insights, practical knowledge, and best practices essential for navigating the complexities and opportunities presented by emissions trading. From regulatory frameworks to practical implementation strategies, attendees gained relevant understanding aimed at enhancing their proficiency in emissions management.
The success of "ETS in Action: Bridging the Gap Between Traders & Engineers" underscores the importance of collaborative initiatives in addressing environmental challenges within the maritime sector. As the industry continues to evolve, the ESG Shipping Awards remains steadfast in its commitment to championing sustainability and fostering responsible practices.
Key points

Mr. Manolis Koutoulakis, Secretary General of the Ministry of Maritime Affairs and Insular Policy, emphasized the significance of the ESG Shipping Awards initiative in promoting knowledge and awareness of sustainable development among shipping companies and he mentioned the ministry's efforts to support sustainable initiatives in the maritime sector.
Dr. George Pateras, President of the Hellenic Chamber of Shipping, highlighted a potential risk associated with the Emissions Trading System (ETS) for shipowners, indicating that they may need to purchase additional EUAs (European Union Allowances) to safeguard their companies.
Maruxa Heras, Head of Shipping at Global Factor, pointed out a key challenge in implementing the EU ETS within the maritime industry: the allocation of responsibility and cost, highlighting the complexities involved in determining which entities within the maritime sector should bear the financial burden of emission reduction measures and how these costs should be distributed fairly and efficiently.
Miller Wells, a Carbon Market Specialist at Global Factor, stressed the dynamic nature of EU ETS prices, noting their tendency to fluctuate and be influenced by abrupt events which underscores the volatility inherent in carbon markets and emphasizes the importance of monitoring and responding to changes in market conditions.
Antoniadis Konstantinos, Managing Partner at Emicert, emphasized the significant scale of the EU ETS, describing it as the largest emissions trading system globally. He highlighted its role in incentivizing the transition from high-carbon fuels to more sustainable alternatives. Konstantinos noted the demand for emission allowances under the ETS has not reached its peak, indicating ongoing opportunities for market participation and he suggested that starting from 2027, the EU ETS will increasingly compel companies to adapt and actively seek technological solutions to minimize their carbon footprint and adhere to stringent emissions regulations.
George Zisis-Tegos, Head of the Department for Market Mechanisms and GHG Emission Registry at the Directorate of Climate Change and Air Quality, Ministry of Environment and Energy, provided insights into the implementation of the EU ETS within the shipping industry. He outlined the phased implementation of this obligation, and he noted that in Greece, 735 shipping companies are required to open a MOHΑ account for emissions trading. He explained the process of transferring funds between trading accounts and the MOHA account, as well as the reporting requirements at the end of each voyage to mitigate risks. He also underscored the importance of timely compliance with ETS obligations to avoid penalties.
Christos Kontorouchas, Head of Unit for Shipping Policy at the Hellenic Coast Guard, highlighted Greece's unique pursuit of provisions regarding the transfer of liability within the EU ETS framework. Unlike other European countries, Greece advocated for this provision to grant shipowners more rights and facilitate compensation through substantive legal measures. This distinct initiative reflects Greece's commitment to supporting its shipping industry and ensuring fair treatment under emissions trading regulations. He noted that the inclusion of this provision in joint ministerial decisions will involve Greek courts, indicating a concerted effort to address legal complexities and clarify the boundaries between shipping and investment activities. This underscores the importance of clear and comprehensive regulatory frameworks to navigate the challenges posed by emissions trading in the maritime sector.
Costas Constantinou, from Moore's Global Leadership, compared the ETS to a financial instrument, similar to stocks, emphasizing its significance as a strategic asset. He advocated for its management by the Chief Financial Officer (CFO) of each company, citing their familiarity with the organization's financial landscape and the requisite strategy. Mr Constantinou underscored that the ETS holds specific valuation methods and is susceptible to both profit and loss dynamics, implying its potential impact on the company's financial performance. He also flagged institutional loopholes related to the taxation of ETS profits, stressing the need to address regulatory ambiguities swiftly. Mr Constantinou positioned the ETS as an integral component of shipping costs, characterizing it as an expense on the company's balance sheet, further emphasizing the importance of prudent financial management and regulatory compliance in navigating the complexities of emissions trading.
Nikolaos Gouvalas, Carbon Market Specialist and Country Manager for Greece & Cyprus, emphasized the role of demand in shaping the price dynamics of the ETS. He attributed fluctuations in ETS prices to various factors, including industrial activity in Europe, correlations within the EU Emissions Allowance (EU A) commodity, and climate change considerations. Gouvalas highlighted the shipping industry's hesitance to fully embrace the ETS and engage in trading, despite its global relevance. He underscored the significance of ETS best practices, particularly in terms of proactive monitoring and establishing trust within the market.
Ioannis Gemelos, Superintendent Engineer at Diana Shipping Services S.A., initially viewed the ETS as a continuation of the EU MRV framework, primarily as a technical aspect. However, he later recognized that the ETS holds significant commercial implications beyond its technical components. He recognized that some companies may choose to actively participate in carbon trading to capitalize on potential financial opportunities, while others may opt for a more conservative stance focused solely on meeting regulatory requirements.
Leonidas Margetis, Environmental & Sustainability Manager at Tsakos Shipping & Trading S.A., anticipated a transitional phase during the initial year of ETS implementation, noted the multifaceted nature of ETS compliance and the importance of holistic approaches to address the challenges and opportunities associated with environmental regulations. He underscored the necessity for companies to establish well-defined processes and proactive strategies to mitigate both market and legal risks associated with ETS compliance. He also emphasized the importance of verified per-voyage data for discussions with charterers, highlighting the significance of accurate information in negotiating terms and conditions.
Christos G. Timagenis, Attorney-at-law at Timagenis Law firm highlighted significant legal risks associated with the implementation of the ETS. He underscored the substantial resource requirements necessary for compliance, noting that many companies may struggle to meet these demands. His perspective underscored the importance of legal expertise and comprehensive risk management strategies to navigate the legal complexities and operational challenges inherent in emissions trading.
Sponsored by Global Factor & Moderated by Helena Athoussaki, Principal Organizer of the ESG Shipping Awards the workshop served as a crucial platform for fostering collaboration in the journey towards a more sustainable maritime industry.

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In a few days ago, representatives of the United States’ Government and the US Embassy in Panama as well held a work´s meeting with representatives of the Panama Maritime Authority (AMP), regarding the continued commitment of both countries in maritime affairs.
During the meeting, AMP staff explained the role of the institution, the Panama Ship Registry and the Control and Monitoring Section Department of Navigation and Maritime Safety in due diligence terms and continuous surveillance of vessels registered in the Panamanian merchant navy.
For its part, Mr. Abram Paley, Deputy Special Envoy for Iran matters of the government of the United States of America, expressed the importance of maintaining cooperation between the two countries in the unstable behavior context of the Islamic Republic of Iran. He also stated that both nations have a common goal, which is why it is healthy to exchange ideas and continue together with the joint work of the last few years.
Among the topics discussed was the possibility of Panamanian flagged vessels being used to transport Iranian oil, however, confirming that to date there are no vessels of Iranian nationality owners in the Panamanian Registry, as far as we are aware. In this sense, Mr. Miad Maleki, Senior Advisor to the Office of Foreign Assets Control, indicated that the Panamanian flag reputation is very important for the United States of America, as well as its trade and that there is full confidence in the Republic of Panama.
In the meeting it was also discussed about the formality and protocol that the government of the United States of America and the Panamanian government developed in 2020 to deal with these issues, but today there has not been any formal communication of requests for cancellations of vessels from the Panama Ship Registry.
It is appropriate to mention that vessel cancellations must be framed within the Panamanian legal framework, specifically by Law N°57 of 6 August 2008, as this is the regulation that governs due process.
Moreover, the AMP´s staff presented the statistics of the 863 vessels cancelled from 2019 to today, of which 706 have been cancelled ex officio, while the other 157 have been cancelled by annulment and judicial sales. Also, the statistics of the Panamanian flag vessels listed by the Office of Assets Control (OFAC) and the consequent cancellation process of the Registry.
Additionally, it was pointed out and demonstrated evidences that out of the 41 ships listed in OFAC, 24 have already been cancelled from the Register, and the information on its web page has been requested to be updated by means of formal notes in the months of April and June 2023. A further 6 have also been cancelled, and the remaining 11 ships are in the process of cancellation. Once these actions are completed, the total of 41 ships listed in OFAC will have been cancelled, as formally communicated.
Another point discussed was the importance of Panama being notified in advance of the information on the vessels to be listed or sanctioned, just as other registries are informed, which would help to avoid a change of registry during the formalization of the listing and sanctioning process.
During the visit, the US delegation had the opportunity to visit the Panamanian Fleet Control and Monitoring Centre and observe its functionality for themselves.
At the end of the meeting, it was agreed that the established protocol for the exchange of information and requests between governments will continue, as well as the possibility of signing a bilateral cooperation agreement, which will continue to institutionalize these efforts in the future administrations of both countries.
To the Panama Maritime Authority (AMP) it was gratifying that Mr. Paley concluded the meeting expressing his certainty that the Panamanian State is focused on its responsibilities as a responsible Register of Ships and an important strategic partner in international maritime trade. The representatives of both governments have pledged to continue working hand by hand for a responsible maritime industry.

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Capital Link's 18th Annual International Shipping Forum took place on Monday, March 11, 2024, at the Metropolitan Club in New York City. The event was held in partnership with Citi and in cooperation with NYSE and Nasdaq.

Held in New York City every year, the Annual International Shipping Forum is known for its large attendance by investors, shipowners and financiers. It is a meeting place for C-level Executives from the maritime industry and the finance and investment communities involved with shipping.

The event examined the macroeconomic issues that are shaping and transforming the international shipping markets today, featuring a comprehensive review and outlook of the various shipping markets, made more relevant by the release of companies’ annual results.

The Forum also featured 1x1 meetings between investors and executives from shipping companies.

Mr. Nicolas Bornozis, President – Capital Link, Inc., welcomed and thanked the participants, the forum’s sponsors as well as all the Supporting Organizations and Media Partners for their participation and support. Mr. Bornozis emphasized that the conference provides a unique opportunity and platform for discussion among investors, financiers, cargo owners and shipowners about the latest developments in the global shipping, energy and commodity markets, and the financial and capital markets. The Forum will also discuss critical topics of the industry such as geopolitics, energy security, sanctions, access to capital, regulation, technology, innovation and more.

PRODUCT TANKERS SECTOR PANEL

Moderator: Mr. Christopher Eitzen, Managing Director, Investment Banking – Clarksons Securities AS

Panelists:

• • Mr. Anthony Gurnee, CEO – Ardmore Shipping Corp.(ASC)
• • Mr. Robert Bugbee, President – Scorpio Tankers Inc. (STNG)
• • Mr. Erik Hånell, President & CEO – Stena Bulk AB
• • Mr. Ted C. Petrone, Vice Chairman – Navios Maritime Partners L.P. (NMM)

Mr. Robert Bugbee, President – Scorpio Tankers Inc. (STNG) said that although there are outflows of money pouring out for the renewable funds over the last 12 months, there is also lack of questions concerning renewables. Although Investors paid attention to the ESG factors during the pandemic period while making their decisions, interest in ESG among US investors has declined over the past year and a half.

Mr. Bugbee stated that: “The fundamentals which have created a strong rate environment over the last two years remain intact. The cashflows from the elevated rate environment have been significant and transformative… each day, the balance sheet and quality of Scorpio tankers as in investment improves.

Over the last two years, the Company has reduced its total debt by $1.6 billion and returned $732 million to shareholders through share repurchases and dividends.”

Mr. Erik Hånell, President & CEO – Stena Bulk AB, stated: “Over the last twelve months, we have seen increased market volatility, disruptions to the global supply chain, the impacts of local conflicts, and the industry continuing to grapple with international compliance issues such as sanctions on Russian oil.  However, despite or probably partly due these challenges, this year has ultimately been a strong one, and perhaps a record-breaking one, for many tanker shipping companies.

The challenge facing every shipping company is to find ways to evolve and prepare for an uncertain future, to the extent that we can. For example, the volatile geopolitical situation deserves attention, but shouldn’t prompt us into hasty action if that action isn’t warranted to preserve the safety of crew and cargo. This mentality is one that should prevail across the board. For example, decarbonisation shouldn’t prompt us into a last-minute panic, but be realised as the result of a deliberate, pragmatic and measured strategy.

We must use the events of the last few years to act as a catalyst for us to build the shipping industry of the future. This will require all of us to put in an enormous amount of effort and capital, invest in a range of technologies and solutions, identify efficiencies and embrace changes to the business as usual that we have all become used to.

I am confident that if we work together, build the right partnerships, adapt our business models and - fundamentally - take responsibility and do our part, we can continue to act as the resilient backbone of global trade and create the flexible and pragmatic shipping industry that the world needs through this period of uncertainty, change and transformation.”

1X1 DISCUSSION – SHIPPING, GEOPOLITICS & ENERGY TRANSITION

• • Mr. Bud Darr, EVP, Maritime Policy and Government Affairs – MSC Group
• • Ms. Felicia Dinkel, Senior Manager - EY

MSC Group EVP, Maritime Policy & Government Affairs, Bud Darr, examined how the geopolitical conflict in the Red Sea Region and extreme drought in Panama have impacted operations. He explained MSC was rewiring and reoptimizing its network in light of diversions around the Cape of Good Hope. Bud stated, “It is important when looking at the container situation that you view it as an interconnected series of networks and not by any single leg or element. When the situation emerged, there were already disruptions with the Panama Canal and uncertainty over US Gulf and East Coast labor negotiations.”  When commenting on how MSC has coped with those disruptions he highlighted the importance of being ready to adapt and provide solutions in times of trade disruption, for which having additional capacity available to deploy has proven extremely valuable. Furthermore, when questioned about future supply chains and deglobalization he clarified that the rhetoric around deglobalization was overstating the realities of what MSC is seeing, “Let’s face it, these manufacturing hubs developed where they developed for a good business reason, and those dynamics have not changed all that much.”

Bud also discussed the steps MSC is taking to meet its net zero by 2050 target. He explained this encompasses a robust newbuilding program to ensure the fleet is ready to adopt net zero fuels as they become available, retrofitting MSC’s existing fleet to reduce emissions, the digital monitoring of fleet performance, while reconfirming that MSC will not transit the Northern Sea Route as a shortcut to reducing emissions. Bud also highlighted the importance of fuel availability and timely access to those fuels. When expressing the importance of energy companies investing in production for net zero fuels Bud stated “we can buy all the nicest ships in the world.. but if we don’t have the fuels this is all talk.”

NAVIGATING THE GREEN DRIVE – WHAT’S NEXT FOR SHIPPING

Moderator: Mr. John Benson, Partner – Watson Farley Williams

Panelists:

• • Mr. Nikolaus Schües, President & Chairperson – BIMCO; CEO – Reederei F. Laeisz
• • Mr. Knut Ørbeck-Nilssen, CEO – DNV Maritime
• Mr. Frederik Pind, Managing Director – NJORD – Maersk Tankers
• • Dr. Loukas Barmparis, President – Safe Bulkers Inc. (SB)

John Benson, Partner at Watson Farley & Williams LLP, opened the panel with an introduction: “Thinking back to a few years, these panels were all about “getting to zero”. We have since moved on from that, conversations have become more micro and less theoretical and more practical. That said, this is an issue that requires all stakeholders in the industry to be bought in and we need to understand different perspectives for getting there. Today we have a panel where we will hear some of these perspectives.” To start off the conversation, John pointed out that shipping is responsible for 90% of global trade by volume and about 3% of GHG emissions.  From that context, it can be argued that the industry is already extremely efficient based on its impact when compared to others.  Why is it nonetheless critical that the shipping industry takes the lead in the global push to reduce GHGs?”

THE EVOLVING LANDSCAPE OF SHIP FINANCE

Moderator: Mr. Hoyoon Nam, Shareholder – Vedder Price

Panelists:

• • Mr. Michael Parker, Chairman, Global Shipping, Logistics & Offshore – Citi
• • Mr. Evan Cohen, Managing Director & Group Head of Maritime Finance - First Citizens Bank
• • Mr. Martin Hugger, Managing Director – Meerbaum Capital Solutions Inc.
• • Mr. Harris Antoniou, Founder & Managing Director – Neptune Maritime Leasing Ltd.

Mr. Hoyoon Nam, Shareholder – Vedder Price, stated: “The environmental and banking regulations will continue to shape the contours of the ship finance landscape for years to come.  How fast the interest rates will come down from a historically high level will also affect the volume of financing activities.”  

Mr. Michael Parker, Chairman, Global Shipping, Logistics & Offshore – Citi, analyzed the current condition in the global capital markets for shipowners. Mr. Parker commented that although shipowners may not need much of the outside capital now, this may change in the future, because of the difficult transition period to different fuel options. Mr. Parker continued that it is a good period for shipping right now, but ultimately financing of decarbonization will be needed and this will be an expensive procedure. As Mr. Parker also pointed out, it’s the first time in a long time that shipowners know ahead of time that they will have to make decisions even if at this point it may not be clear what these decisions will be.

Mr. Harris Antoniou, Founder & Managing Director – Neptune Maritime Leasing Ltd., stated: “Shipping once again proves to be a beacon of stability in a fast changing and volatile geopolitical and economic environment. It helps the arteries of global trade continue to supply the world with much needed commodities and goods. In this context, ship leasing, the core business of Neptune Maritime Leasing, is developing rapidly to become a mainstream financial solution for shipowners. Neptune Leasing follows a pragmatic approach to financing for both existing ships allowing the extension of their economic life through retrofits, but also new buildings as the focus on reducing emissions and on the energy transition intensifies. We offer a competitive, flexible, and predictable service to our clients and attractive risk adjusted returns to our investors.”

SPOTLIGHT ON CAPITAL PRODUCT PARTNERS - 1X1 DISCUSSION

Building An Industry Bellwether Energy Transition Shipping Company

• • Mr. Jerry Kalogiratos, CEO – Capital Product Partners L.P. (CPLP)
• • Mr. Ben Nolan, Managing Director, Energy & Power, Transportation – STIFEL

Mr. Kalogiratos highlighted the company’s focus on the conversion of the Partnership into a corporation, which should help facilitate the transition of CPLP to an LNG and energy transition focused company with the ambition of being a bellwether of the industry.

OPTIMIZING CORPORATE STRATEGY & CAPITAL SOURCING

Moderator: Mr. Keith Billotti, Partner – Seward & Kissel LLP

Panelists:

• • Ms. Christa Volpicelli, Managing Director & Head of Maritime Investment Banking - Citi
• • Mr. Espen Lysdahl, Managing Director, Investment Banking – Clarksons Securities AS
• • Mr. James Cirenza, Managing Director – DNB Markets, Inc.

Mr. Espen Lysdahl, Managing Director, Investment Banking - Clarksons Securities AS, stressed that the investors interest in energy transition is debatable, as well as the fact that the highest dividends are those that are rewarded the most in capital markets today. He also said that perhaps private capital will have to take the lead. Mr. Lysdahl concluded that in shipping, regulatory authorities - IMO and the EU’s ETS – keep putting more pressure on the industry for decarbonization.

CONTAINER SHIPPING SECTOR PANEL

Moderator: Mr. Ken Hoexter, Managing Director – Bank of America

Panelists:

• Dr. Anastasios Aslidis, CFO – Euroseas Ltd. (ESEA) & EuroDry Ltd. (EDRY)
• Mr. Ted C. Petrone, Vice Chairman – Navios Maritime Partners L.P. (NMM)
• Mr. Cao Deambrosio, Managing Partner & Co-Founder – Seamax Capital Management
• Mr. John Butler, President & CEO – World Shipping Council

Mr. John Butler, President & CEO – World Shipping Council, stated: “We see the catastrophic effects of climate change every day, and as a significant emitter of greenhouse gases, the shipping industry must do its part and decarbonise by 2050. Container and vehicle carriers are building and already operating vessels that can run on the greenest fuels, but those fuels cost 3 to 4 times more, and the supply of green fuels is only a fraction of what is needed. Global climate regulations are necessary to make it possible for carriers to operate on green fuels, and to incentivize fuel and energy providers to invest in new production capacity.

Liner carriers are committed to decarbonising shipping and eager to support the development of effective and timely global climate regulations through the IMO. Switching from fossil fuels to green energy sources for the engine of global trade will take time and require massive private and public investments. It is our shared responsibility to make sure we meet the needs of our climate in a way that minimises the cost for the global economy.

That is why WSC has proposed to the IMO a new form of carbon pricing. Through the Green Balance Mechanism, fees are taken from fossil fuels and allocated to green fuels used, so that the average cost of fuel is equal. The greater the greenhouse gas emission reductions a fuel delivers – on a well-to-wake lifecycle basis – the greater the financial allocation received. 

The Green Balance Mechanism makes it economically rational and attractive for both ship owners and energy providers to invest in fuels and technologies that deliver deep greenhouse gas reductions from the day the regulation takes effect. This allows production of the cleanest fuels to grow more quickly, accelerating economies of scale that will push down the cost of green fuels, getting us to zero in the most economically efficient way possible.”

ANALYST ROUNDTABLE DISCUSSION

Moderator: Mr. Robert Bugbee, President – Scorpio Tankers Inc. (STNG)

Panelists:

• Mr. Liam Burke, Managing Director – B. Riley Securities
• Mr. Ken Hoexter, Managing Director – Bank of America
• Mr. Frode Morkedal, Managing Director, Equity Research – Clarksons
• Mr. Omar Nokta, Lead Shipping Researcher – Jefferies
• Mr. Ben Nolan, Managing Director, Energy & Power, Transportation – STIFEL

Introductory Remarks:

• Ms. Christa Volpicelli, Managing Director & Head of Maritime Investment Banking - Citi
• Ms. Cassandra Seier (Tok), CFA - Head of International Capital Markets - New York Stock Exchange - NYSE

Cassandra Seier, Head of International Capital Markets at the New York Stock Exchange, shared in her keynote remarks, “The NYSE is home to many global shipping companies, listing over 30 companies from the marine transportation industry. This representation illustrates the presence the industry has not only on global trade, but also on our U.S. capital markets. This group of companies includes many new issuers we’ve welcomed to the NYSE recently including, Coolco, Okeanis, Himalaya Shipping and Cadeler. NYSE-listed companies hail from 46 countries, generate over $20 trillion of revenue annually, and employ over 43 million people directly, and many millions more indirectly. We look forward to welcoming many more companies, including several shipping companies, to this world-class community in the coming months.”

Keynote Address:

Mr. Alexander Saverys, CEO - CMB and Euronav NV (EURN)

Mr. Alexander Saverys, stated: “Our family has been involved with shipping since 1828. Today, our group owns more than 150 ships, in dry bulk, crude oil tankers, offshore wind, chemicals and containers, with an Enterprise Value of $7.5 billion, and we also invest in the production of green fuels.

The strategy of our group has been centered around diversifying our cargo base and investing in the energy transition of shipping.

We believe that a diversified shipping group with a strong focus on decarbonization will create more value in the long run than a pureplay tanker or dry bulk owner.

A pureplay story is a thing of the past, and those that do not embrace decarbonization will disappear.

In the very risky business of shipping, we believe it is sound to diversify risks by investing in different shipping segments. We also believe that our customers need green ships.

Due to a vast array of regulations coming into place and the pressure they are feeling from their customers and stakeholders to decarbonize, we see this as a huge opportunity for the industry and our company, not a threat.”

We will be able to accelerate our investments in the ships of the future. We will use carbon to decarbonize.”

DRY BULK SHIPPING SECTOR PANEL

Moderator: Mr. James Frew, Business Advisory Director – Lloyd’s Register

Panelists:

• Mr. John Wobensmith, CEO & Director - Genco Shipping & Trading Limited Ltd. (GNK)
• Mr. Lars-Christian Svensen, CEO - Golden Ocean Group (GOGL)
• Mr. Steve Kunzer, CEO – Lila Global
• Mr. Ted C. Petrone, Vice Chairman – Navios Maritime Partners L.P. (NMM)
• Mr. Stavros Gyftakis, CFO - Seanergy Maritime Holdings (SHIP)
• Mr. Hamish Norton, President - Star Bulk Carriers Corp. (SBLK)

1X1 LEADERSHIP INSIGHTS DISCUSSION

• Mr. Robert Bugbee, President – Scorpio Tankers Inc. (STNG)
• Mr. Robert Lustrin, Counsel – Reed Smith LLP

OPTIMIZING VESSEL INVESTMENT DECISIONS & THE BALTIC EXCHANGE INVESTOR INDICES

Mr. Paul Mazzarulli, Americas Representative - The Baltic Exchange

Mr. Paul Mazzarulli, impressed upon the Capital Link attendees not only the continued importance of the Baltic indices and route assessments in dry bulk, tanker, gas, and container markets, but also to make sure the maritime finance community is aware of the Baltic Investor Indices (“BII”).  Across physical markets, FFAs, sale & purchase, time charters, and recycling values (among other parts of the market) the Baltic processes more than 9000 data points each week. The result is a specific suite of Indices that inform shipping investors about the big picture of the freight market – from opex to health of earnings, asset play to time-charter vs spot deployment decisions. The BII combines spot voyage rates, time charter earnings, asset prices (newbuilding, five-year-old, and 10-year-old), forward curves, opex costs, recycling values, health of earnings, and residual value / risk on a daily basis to produce a report which gives institutional investors, ship owners, professional services firms, and equity managers the ability to consistently gauge the market beyond the day-to-day price volatility with a view to long-term exposure, trading decisions, and market entry/exit analysis.

These metrics are applied to the dry bulk and tanker markets, specifically addressing Capesize, Panamax, Supramax, and Handysize vessels (in dry), and VLCCs, Suezmaxes, Aframaxes, & MR product carriers in the tanker segment. The Baltic also provides a detailed quarterly review and analysis of these factors and their impact on the macro view of shipping investment.

GAS LNG/LPG SHIPPING SECTOR PANEL

Moderator: Mr. Roy Bleiberg, Vice President, North America Business Development – ABS

Panelists:

• Mr. Spyros Leoussis, Chief Commercial Officer - Capital Product Partners L.P. (CPLP)
• Mr. John Lycouris, CEO - Dorian LPG (USA) (LPG)
• Mr. Oystein Kalleklev, CEO - FLEX LNG Ltd. (FLNG); CEO - Avance Gas Holdings Ltd. (AGAS)
• Mr. Randy Giveans, EVP, Head of IR & Business Development – Navigator Gas (NVGS)

CRUDE TANKERS SECTOR PANEL

Moderator: Ms. Christa Volpicelli, Managing Director & Head of Maritime Investment Banking - Citi

Panelists:

• Mr. Svein Moxnes Harfjeld, President & CEO – DHT Holdings, Inc. (DHT)
• Mr. Lars Barstad, CEO – Frontline plc (FRO)
• Ms. Lois Zabrocky, CEO – International Seaways, Inc. (INSW)
• Mr. Harrys Kosmatos, Corporate Development Officer - Tsakos Energy Navigation, Ltd. (TEN) (TNP)

Ms. Lois Zabrocky, CEO – International Seaways, Inc. (INSW), stated: “Tanker market fundamentals are well positioned for a strong market over the next few years.  Oil supply expansion in the West and increasing oil demand from the East support tanker demand.  Tanker supply growth is so low that vessels on order are not expected to replace vessels that are going to age out of the commercial fleet and support growth in tanker demand.  The industry has not been able to order and deliver new vessels as quickly as in the past since shipyards remain busy with other shipping sectors.  Tightening environmental regulations have deterred shipowners from investing in the aging global fleet without assurances of cost-sharing with customers for higher alternative fuels.  When you combine these fundamentals in an already tight market with disruptions primarily caused by geopolitical events, it sets the stage for a bull market over the next few years.”

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