The Republic of the Marshall Islands (RMI) Maritime Administrator has awarded an Approval in Principle (AiP) to Anemoi Marine Technologies (Anemoi) for their Rotor Sail systems following a review of two bespoke configurations of the wind-propulsion technology.
Rotor Sails, also known as “Flettner” rotors, are vertical cylinders that harness the renewable power of the wind to provide additional forward thrust to the vessel and thereby improves its energy efficiency, along with a reduction in carbon emissions.
The RMI Maritime Administrator’s AiP was issued after undertaking a comprehensive review of a 210,000 deadweight ton (DWT) Newcastlemax bulk carrier designed by Shanghai Merchant Ship Design & Research Institute (SDARI), thereby validating Anemoi’s four Rotor Sails (measuring 5 meters (m) x 35 m) with a folding deployment system and six Rotor Sails (measuring 5 m x 30 m) with a bespoke rail deployment system. 
The review also included a technical assessment of how the installation of Rotor Sails in both configurations will impact the vessel’s Energy Efficiency Design Index (EEDI) calculations, with an estimated improvement of 20% for the rail system and 17% for the folding deployment system for the vessel’s EEDI.
Jasbir Jaspal, Deputy Commissioner of Maritime Affairs, RMI Maritime Administrator said, “the RMI Maritime Administrator is fully committed to supporting industry efforts to continuously evolve and improve safety and environmental performance on board vessels. We are very pleased to award this AiP as the Anemoi Rotor Sail systems provide a means for the commercial shipping industry of today to once again leverage wind energy as a means of propulsion and to reduce its carbon footprint.”
Kim Diederichsen, Chief Executive Officer of Anemoi, said, “we are delighted to have received the support of the RMI for Anemoi’s award-winning Rotor Sail technology. Wind propulsion has found its place in modern commercial shipping and this partnership is the latest step in demonstrating the positive impact of Rotor Sails. We look forward to a close and long-standing relationship with one of the world’s leading flag States as we all continue to work together to boost decarbonisation efforts in shipping and improve vessel efficiency goals.”
Anemoi Rotor Sails have been installed on board a number of RMI flagged vessels. Installation of Anemoi’s rail deployment system was completed in June 2023 on the 82,000 DWT TR LADY Kamsarmax bulk carrier. The 400,000 DWT SOHAR MAX very large ore carrier is scheduled for completion in mid-2024 with Anemoi’s folding deployment system. The Rotor Sails on both of these vessels will provide additional forward thrust, improve their energy efficiency, and reduce their total carbon footprint.
Ship owners are increasingly turning to Rotor Sails as an energy saving technology to ensure their vessels meet critical international emission reduction targets, including EEDI/Energy Efficiency Existing Ship Index (EEXI) and the Carbon Intensity Indicator (CII). The installation of three Anemoi Rotor Sails on board TR LADY is expected to save more than 10% on fuel and emissions annually, while the inclusion of Rotor Sails onboard SOHAR MAX is expected to reduce CO2 equivalent emissions by up to 3,000 tonnes per year.
Image 1: Graphic showcasing six Anemoi Rotor Sails deployed on 210,000 dwt Newcastlemax bulk carrier with a rail deployment system Credit: Anemoi Marine Technologies
Image 2: Graphic showcasing four Anemoi Rotor Sails deployed with the company's bespoke folding deployment system Credit: Anemoi Marine Technologies
Image 3:  The collaboration between Anemoi and RMI will assess how the installation of Rotor Sails, pictured in transit, will impact a vessel's EEDI calculations, with an estimated improvement of 20% for the rail system and 17% for the folding system Credit: Anemoi Marine Technologies

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The ESG Shipping Awards, an esteemed recognition platform for sustainable and responsible practices in the maritime industry, is pleased to announce the successful conclusion of the Workshop on Mental Health and Well-being for Seafarers “It’s Ok Not To Be Ok!” by Learning Seaman, which took place on 13 February 2024 at the Grand Hyatt in Athens.
The event recognized the unique challenges faced by seafarers and aimed to break the silence surrounding mental health in the maritime industry. "We must bring the conversation about seafarers’ mental health into the mainstream, encouraging open and destigmatized discussions. Seafarers should feel empowered, not ashamed!” Mr. Yofis Florentin, CEO of Learning Seaman emphasized in his opening remarks.
“Seafarers are the most precious asset on the vessels and our efforts on political and business level should be as clear as possible” Mr. Manolis Koutoulakis, Secretary General of Ministry of Maritime Affairs and Insular Policy, stressed at the beginning of the workshop.
Leonidas Dimitriadis – Evgenidis, president of Eugenides Foundation and IMO Ambassador in Greece emphasized the unique challenges of seafarers “Isolation and loneliness, fatigue, and sleep deprivation, physical health risk, mental health straggles cultural language barriers, so many aspects to be tackled and addressed in an ever-changing world”.
Esteemed speakers from academia and industry shared their expertise, experiences, and best practices, shedding light on the often-overlooked mental health needs of seafarers.
"It all starts with awareness. I think it’s important to take the stigma away from mental health. Once you are aware then acceptance will come.” said Dr. Deepti Mankad, trainer and consultant at MINDSPEAK. “Being proactive to build a robust system to address mental health and wellbeing concerns is an investment. Mentally healthy seafarers will always bring in safer operations and reduce incidents."
Dr. Maria Carrera, research associate of World Maritime University, emphasized the need for collaboration: "Seafarers expect action more than words and intentions concerning well-being and mental health. The whole industry must work collaboratively to integrate human factors and social welfare into industry practices and regulations for the long-term sustainability of the shipping industry."
Participants engaged in discussions covering a broad range of topics, including understanding the psychological impact of prolonged isolation, recognizing signs of mental health issues, promoting lifestyle medicine, implementing effective support systems, and reducing the stigma surrounding mental health.
The workshop facilitated meaningful conversations, allowing participants to share their experiences and learn from one another. Mr. Panos Zachariadis, Technical Director of Atlantic bulk carriers, referred to his own experience when he was sailing at sea in the early eighties, describing a prevalent feeling of isolation, noting that today the issue is a lot worse due to the availability of internet keeping crews in their cabins after their shift.
Experts in the shipping industry have also voiced their support for recognizing and addressing seafarers' mental health challenges: “We need to embrace new technologies and find innovative tools if we are to successfully address these challenges” said Mr. Christos Kechris, HSQE of Maran Gas Maritime Inc.
Cpt Anna Maria Papakosmopoulou, an ex-seafarer, from Maran Gas Maritime Inc. shared her thoughts on the workshop: "I have personally witnessed the struggles that seafarers can have on mental health and I always insist that we must listen to them. Glad to see all those in-field experts recognizing the significance of mental health. The passion of the people putting their expertise together is remarkable.”
Cpt Nikolaos Polymeris, from Danaos Shipping Co. recognized the importance of inclusivity and diversity in supporting seafarer’s mental health: “we need to create an inclusive and diverse environment on board to ensure happy and committed crew to keep the industry safe”.
During the event experts also highlighted the relationship between technology and seafarers’ mental health: “Automation, digitalization, and sophisticated onboard navigation systems can significantly reduce the workload, however technostress from feeling overwhelmed by technology demands can lead to burnout and depression among seafarers, compromising their well-being and overall job performance.” said Dr. Aspasia Pastra, Assistant professor of World Maritime Academy.
Overall the event provided a supportive platform for open dialogue, knowledge-sharing, and the development of actionable strategies to support seafarers' mental health. ESG Shipping Awards remains committed to supporting seafarers' mental health and well-being, and this workshop is just one of the many initiatives they undertake to create a positive and inclusive maritime industry.
For more information about the ESG Shipping Awards, please visit www.esgshippingawards.com or contact us at This email address is being protected from spambots. You need JavaScript enabled to view it.. Title & Program Sponsor: Learning Seaman
Supporter Sponsors: Elko Marine Group of Companies, Marine Tours, The American Club

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In a first-time collaboration, Hellenic Hull, a leading player in marine insurance since 1994, enter into a dynamic partnership with the Conference of Peripheral Maritime Regions of Europe (CPMR), a non-profit organization operating since 50 years as a think tank and lobby for regions, ensuring that regional needs and interests are taken into account in EU policies with a high territorial impact.
The CPMR, representing 150+ regions in the EU and beyond, has been advocating for a balanced European development, looking at social, economic, and territorial cohesion, integrated maritime policy, and transport accessibility.  The CPMR operates as a think tank and regional advocate, ensuring needs are heard and policies are impactful.
Sharing goals for the blue economy, maritime strategies, shipping, and insular policy, Hellenic Hull and the CPMR are joining forces, promising a wave of mutual benefits across the maritime spectrum.
Dive into the Initiative:
Lectures: As part of the E-sealearning pilot program, the CPMR will deliver a guest lecture on June 2024 to students, researchers, and professors of the Universities of Aegean and Piraeus in Greece. This initiative aims to foster knowledge exchange and collaboration between academia and industry.
Professional Development Courses (PDCs): The CPMR’s specialized PDCs cover topics vital to Hellenic Hull, including the EU's maritime policies. Charting a course for continuous professional development in the maritime sector.
E-sealearning Program: Dive into the Future. Hellenic Hull’s E-sealearning program will be endorsed by the CPMR and shared among its members. An educational voyage, aiming at enhancing island regions and elevating insularity at the European level.
Award Ceremony: The CPMR commits to participating in an award ceremony honoring students engaged in the program. The "Young Maritime Ambassador" title will be conferred upon the student achieving the highest score, following a comprehensive evaluation by the School of Humanities of the University of Aegean.
This collaboration starts a promising journey in promoting sustainable blue economy, education, and the development of expertise within the European insular community. Hellenic Hull and the CPMR will build up a dynamic partnership to support an innovative maritime industry into the future and nurtures the growth of maritime ambassadors for a brilliant tomorrow!

About CPMR:  The Conference of Peripheral Maritime Regions  brings together more than 150 Regions from  24  States from the European Union and beyond.
Representing about 200 million people, the CPMR campaigns  in favour of a more balanced development of the European  territory. It operates both as a think tank and as a lobby for regions. Through its extensive network of contacts within the EU  institutions and national governments the CPMR has, since its creation in 1973, been targeting its action towards  ensuring that the needs and interests of its Member  Regions are considered in policies with a high territorial impact. It focuses mainly on social, economic, and territorial  cohesion, maritime policies and blue growth, and  accessibility. European governance, energy and climate change, neighbourhood and development also represent important areas of activity for the association.

About Hellenic Hull:  Hellenic Hull Management (HMA) Limited was founded in 1994 to act as managers of the Hellenic Hull Mutual Association Plc., the first hull and machinery mutual association for Greek and Cypriot shipowners. During its 28 years of operation Hellenic Hull Management has insured more than 12,500 vessels and more than 450 managing companies with a 99% renewal ratio.  The company’s record of zero bad debts illustrates the strength and reliability of its insured clients over many years. Meanwhile, HMA’s underwriting expertise and discipline is evident in a historical loss ratio of 67%. The company maintains offices both in Limassol, Cyprus and in Piraeus, Greece.
Since July 2016, HMA has been the manager of American Hellenic Hull Insurance Company Limited, a joint venture between the American P&I Club and Hellenic Hull Management. American Hellenic Hull’s founders and managers established a leading global player in the international blue-water marine hull insurance market and the first-ever Solvency II marine underwriter in Cyprus. In February 2022, American Hellenic Hull Insurance Company was renamed American Steamship Owners Marine Insurance Company (Europe), or American Club (Europe) for short, expanding its license to include P&I and related business for EU/EEA operators qualifying for such coverage.

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ZeroNorth and Alpha Ori Technologies recently received all required regulatory approval for their agreement to join forces. It means that today is day one of the two organisations as a new, integrated business under the name ZeroNorth.
The milestone kicks off an ambitious next phase for the new ZeroNorth, enabling the company to boost its value to the more than 4,500 vessels and 200+ customers that the companies serve. Fuelled by AI and human expertise, and by fully integrating Alpha Ori Technologies’ high frequency data and expertise in IoT sensors, ZeroNorth will streamline resource management, predict maintenance, monitor hull performance, optimise voyages, digitalise bunker operations, track and report emissions and enable stronger vessel selection decisions for its customers.
It means that customers will be able to tap into a single source of data that improves their profit and reduces their impact on the planet, in line with their operational goals and strategies.
More broadly, the milestone further powers up shipping’s digital transformation, and creates a leading maritime optimisation company. It powers up ZeroNorth’s ambition to bring about a greener global trade ecosystem by speeding up the company’s data flywheel, meaning that stronger solutions and optimisation recommendations are made over time. The deal will create a beacon of empowerment for the industry, improving decision-making on a wide scale across the value chain.
The company’s management team will continue to be led by Søren Meyer in his role as Chief Executive Officer.
The joint business will remain an independent company with robust financial backing and heritage from top industry leaders, leveraging their deep shipping knowledge to deliver transformative solutions that positively impact the sector. The company will be headquartered in Copenhagen with 12 global offices.
Speaking on the milestone, Søren Meyer, CEO, ZeroNorth said: “Today marks the next bold step for a new ZeroNorth. The combined company will have the size to accelerate the impact on the shipping and maritime value chain. It is a statement of intent to the market, underlining the power and potential of our partnership and platform to support customers' economic and environmental strategic goals. We are excited about enabling our customers in the transformation of the global fleet.”
Bala Sankaran, Co-CEO Alpha Ori Technologies, added: “I’m proud to have founded a company that delivers value to our customers and brings technology and data to the forefront in making global trade green. I celebrate the new ZeroNorth and its potential to accelerate the green transition for our customers, the industry, and the planet.”
ZeroNorth has already been demonstrating its impact on the industry by transparently sharing the CO2 savings generated by its platform. Since 2022, the company’s technology has prevented more than 1.4m tonnes of CO2 from being emitted into the atmosphere; an impact statement that will only increase as a result of today’s news.

About ZeroNorth 
Recognising the challenges posed by climate change, technology company ZeroNorth was founded to accelerate the transition to greener global trade. By blending cutting-edge data-driven technology with human expertise, the ZeroNorth platform provides a range of software solutions that are helping the global shipping industry cut emissions and reduce its impact on the climate, whilst maintaining commercial performance. 
ZeroNorth offers one platform with multiple services and is an industry leading software developer, which interconnects data into insights and actions, optimising global trade for cargo owners, vessel owners, commercial operators, charterers, and bunker suppliers. The company’s software offers a full range of services which support the value chain to increase earnings and reduce CO2 emissions.

Image:  Søren Meyer, CEO, ZeroNorth

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WE Tech Solutions has signed a contract with New Times Shipbuilding Co., Ltd, China for the delivery of shaft generator solutions for three plus one 156500 dwt Suezmax Tankers owned by the Greece shipowner Polembros Shipping Ltd.
Polembros Shipping turned to WE Tech Solutions to receive a state-of-the-art solution that will address the concerns of IMO’s and EU’s environmental regulations and restrictions. This is a strategic move, as the solutions provided by WE Tech Solutions help the company create savings, as well as reduce emissions. These solutions are designed to significantly reduce emissions and environmental impact in the maritime industry. WE Tech Solutions’ Power Take Off (PTO) is an innovative and energy efficient solution that uses a shaft generator to convert mechanical power from the main engine into electrical power. This solution minimizes the running hours of auxiliary generators and thus, also reduces the consumption of fuel. This is a highly fitting solution for Polembros´ three new tankers.
The collaboration between WE Tech Solution and Polembros aligns perfectly with the European Union’s goal towards zero emissions. The EU aims to cut greenhouse gas (GHG) emissions by at least 55% by 2030, and to make the EU a climate-neutral continent by 2050. By utilising LNG and adopting shore connection, Polembros is playing a pivotal role in reaching these ambitious goals.
Mr. Martin Andtfolk, Sales Manager of WE Tech Solutions, says: “We are thrilled to partner with Polembros and provide them with our shaft generator and shore connection solution. This collaboration does not only highlight Polembros’ commitment to environmental sustainability, but also positions them as industry leaders in the embracement of advanced green technologies. By choosing WE Tech Solutions, Polembros is taking a significant step towards reducing their carbon footprint and contributing to a sustainable maritime future.”
“At Polembros, we are committed to embracing the energy transition through innovative solutions towards zero carbon vessels. Our collaboration with WE Tech Solutions for our new eco Suezmax tankers exemplifies our dedication to this mission, as ensures compliance with new regulations, allows us to be machinery fuel flexible. These solid steps ere emphasising our commitment to sustainable shipping”, said Dr. Eleftherios Dedes, Energy, Projects & Sustainability Manager of Polembros.

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Capital Link is hosting the 7th Annual Cyprus Shipping Forum on Tuesday, February 27, 2024, at the Columbia Plaza – Limassol, Cyprus. The Forum will take place under the Auspices of the Shipping Deputy Ministry of Cyprus and the Shipping Deputy Minister to the President and in cooperation with the Cyprus Union of Shipowners, which is also the Lead Sponsor. The event is also supported by the Cyprus Shipping Chamber and the other major stakeholders of the Cyprus maritime cluster.
The event aims to highlight the significant role of Cyprus as a maritime, energy and logistics hub and as an investment and business destination. The Forum will feature major international speakers and delegates and local leaders in an exchange of ideas on critical industry topics. It will discuss the developments and trends in the major shipping, financial and capital markets as well as issues pertaining to geopolitical and regulatory developments, technical and commercial fleet management. The Forum will highlight the competitive positioning and advantages of Cyprus as an industry hub.
The Forum presents a unique opportunity to meet and network with a large, high-caliber audience of ship owning and offshore executives, institutional investors, research analysts, industry experts, commercial and investment bankers, risk advisors, private equity and venture capital firms, high-net worth investors, and financial media. The event will be open to the buy and sell side communities as well as the media. By attending, participants will gain a deeper understanding of the current state of the shipping and marine services industry, the subsequent effects on their investments, and a clear focus on the opportunities and challenges ahead.
For the seventh year in a row, the Conference Chairman of the Forum will be Mr. George A. Tsavliris, Principal of Tsavliris Salvage Group, Past Chairman – INTERMEPA (International Marine Environment Protection Association), Chairman – CYMEPA (Cyprus Marine Environmental Protection Association), Member of the Board of Directors of the Cyprus Union of Shipowners and Honorary Chairman – Tsavliris Cultural Foundation.
More information & Registration here

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A remarkable and inspiring personality of Shipping Dr. Nikolas P. Tsakos, Founder & CEO at TEN Ltd. and Chairman at INTERTANKO (2014-2018) was honored with the Capital Link Shipping Leadership Award for Reaching the Milestone of 30 Successful Years as a Public Company and for his Outstanding Contribution to Greek & Global Shipping.
The Introductory Remarks were made by Mr. Paolo d’Amico Chairman INTERTANKO Chairman & CEO - d'Amico International Shipping SA.
In his acceptance remarks, Dr. Nikolas P. Tsakos stated inter alia that, very often when he lectures at Professor Grammenos’ school of thought in London, he is asked to explain the recipe for the company’s success. He credited the company’s strategy of seeking steady but prudent growth in a cyclical industry over many years, a substantial fleet renewal program, focus on maintaining a strong balance sheet with conservative leverage and healthy cash reserves, and rewarding shareholders with continuous and uninterrupted dividends. He made special mention of TEN’s customer centric focus, with the company growing after studying the needs of its customer base. He mentioned that innovation too was a reason for TEN’s success, as it was the first tanker company to operate a double-double fleet, way ahead of the OPA90 deadline. Also, in 2023 TEN took delivery of the first series of Greek flag LNG powered aframaxes and is in the process of expanding its green initiative footprint. Dr. Tsakos further stressed that, operating in a very complex international industry, the company’s focus is put on running safe, environmentally friendly vessels, with well-educated, satisfied, and happy crews. The human factor is another of the company’s important traits. Diversity, Flexibility, Simplicity, Focus and Quality if Service, with the Human Factor at the core are centerpieces of TEN’s culture and strategy.
He also said that being public in NY and dealing with the best bankers and law firms in the world was an essential element in the growth of the company and expressed his gratitude and appreciation to the human factor of Tsakos Group putting at the Centre of its activity.
He also thanked his colleagues George Saroglou, Michael Joliffee, Efthimios Mitropoulos, Vassilis Papageorgiou and Paul Durham who contributed the most in this 30-year Odyssey in shipping.
He concluded that now that his most important job of parenthood was completed, as an empty nester he would have even more time to grow the company further.
Today TEN operates 72 tankers of all shorts LNG, VLCCs, aframax, Suezmax a policy that was inspired by his father Cpt Panagiotis Tsakos.

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Capital Group, Navios Maritime Partners, Neda Maritime Agency, Star Bulk and Thenamaris get behind initiative for a global Maritime Emissions Reduction Centre.
The Lloyd’s Register (LR) Maritime Decarbonisation Hub is collaborating with five leading shipowners as Founding Members in the establishment of a not-for-profit Athens-based global Maritime Emissions Reduction Centre (M-ERC) that will focus on optimising the efficiency of the existing fleet. LR and The Founding Members believe that this is a significant initiative, which underlines the importance of Athens as an international maritime centre.
The M-ERC is being created with the goal of removing technical, investment and community barriers for the uptake of solutions to reduce the Green House Gas (GHG) emissions of the existing global fleet, offering a collaborative ‘safe space’ for the maritime value chain’s stakeholders, to safely navigate to net zero.
To inform and inspire the adoption of new and existing solutions to facilitate the maritime energy transition, the centre will use its applied research and innovation to remove uncertainties and barriers, enabling the uptake of technologies and solutions today. The M-ERC will help drive optimal operational gains, identifying and resolving the commercial obstacles that stakeholders face.
The centre will also play an important role in ensuring that today’s ships are suitable for the energy transition whilst ensuring that the people within the industry have the necessary training and skills. These goals will be achieved through research and collaboration with shipyards and original equipment manufacturers (OEMs) alongside the M-ERC’s work across society, ports and seafarer organisations to ensure the upskilling and awareness amongst seafarers and shore-based staff.
As part of the collaboration between the LR Maritime Decarbonisation Hub and leading ship owners, including Capital Group, Navios Maritime Partners, Neda Maritime Agency, Star Bulk and Thenamaris, the centre will aim to attract global and regional funding to fund activities, projects and initiatives to deliver on the desired outcomes of the M-ERC. It is anticipated that more shipping stakeholders will join the initiative in the months to come.
Nick Brown, CEO, Lloyd’s Register, said: “Whilst there is much uncertainty on future fuels, the one clarity is that the less fuel used, benefits us today and beyond 2050. We need to explore every possible efficiency gain from the current fleet that we can. Energy saving technologies and operational practices will play the primary role in delivering the 30% reduction of emissions targeted by the IMO in just six years from now. So, we need to make every upcoming drydocking count and the Maritime Emissions Reduction Centre in Athens will support our industry to evaluate and implement existing and new solutions.”
Evangelos Marinakis, Chairman and Founder, Capital Maritime & Trading Corp. said: “We are proud to be a part of this alliance that aims to establish an ecosystem for research and innovation in the shipping industry in Greece. Energy transition in the shipping industry is a challenge that necessitates collective forces. Maritime Emissions Reduction Centre is the implementation act of this initiative, and it is our duty to participate in this first movers’ alliance, an international decarbonization maritime hub, where knowledge, skills, innovation, and research are shared. Its goal is to collaboratively work towards achieving a feasible, safe and sustainable decarbonization pathway for the maritime fleet.”
Angeliki Frangou, Chairwoman of the Board and CEO of Navios Maritime Partners LP said:  “Navios believes in the fundamental importance of developing appropriate technologies and solutions for reducing carbon emissions. As responsible members of the global community, we continue to investigate novel approaches for solving this complex problem. Participating in the establishment of the global Maritime Emissions Reduction Centre is another example of our commitment to this effort.  We are delighted to collaborate with Lloyd’s Register, and we hope our collective efforts will bear fruits in the short term”
George Thanopoulos, CEO, Neda Maritime Agency, said: “We believe that the establishment of the M-ERC in Athens will significantly enhance the shipping industry’s efforts towards a sustainable future. We are delighted to collaborate with LRS and leading ship owners, to pave the way for introduction and evaluation of environmentally friendly, safe and innovative technological solutions with emphasis on the existing fleet.”
Charis Plakantonaki, Chief Strategy Officer, Star Bulk Carriers Corp., said: "At Star Bulk, we are excited to collaborate with our Greek shipping colleagues and Lloyd’s Register in founding the Maritime Emissions Reduction Centre. This initiative reflects our shared commitment to driving sustainable change and underscores the role of Athens as a global maritime hub. By leveraging Greece’s shipping heritage and expertise, we are able to take steps today to improve the energy efficiency of the world fleet and to reduce the carbon footprint of our industry."
Nikolas Martinos, CEO, Thenamaris, said: “We firmly believe in the power of collaboration to accelerate the decarbonization of the maritime industry.  There is a pressing need to identify and implement safe and practical solutions as we transition to the fuels and technologies of the future.  As a Founding Member of the Maritime Emissions Reduction Centre, Thenamaris is committed to being an active partner in this initiative.”

Image: Representatives from the founding members of the M-ERC at the launch event in Athens 
(From left to right) Dimitris Lyridis, Associate Professor National Technical University of Athens - Natassa Kouvertari, Decarbonisation Programme Manager, LR Maritime Decarbonisation Hub - Spyros Capralos, Chairman of BoD Star Bulk - Philippa Charlton, Chief Marketing Officer, LR - Evangelos Marinakis, Chairman and Founder, Capital Maritime & Trading Corp - Angeliki Frangou, Chairwoman of the Board and CEO of Navios Maritime Partners LP - Michael Lykiardopulo, Principal, NEDA Maritime - Nick Brown, CEO, LR - Nikolas Martinos, CEO, Thenamaris - Elina Papageorgiou, Strategic Growth Director and Vice-President Greece & Cyprus.

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In view of the annual New Year’s Cake event the president of the Hellenic Marine Equipment Manufacturers & Exporters HEMEXPO Mrs Helen Polychronopoulou described the association’s achievements and the goals for the New Year.
The event was honored by the presence of distinguished shipping personalities the well-known shipowners Capt Panagiotis Tsakos & Mr. Simos Palios, ex IMO general secretary Mr. Efthimios Mitropoulos, Shipping businessman Mr. John Polychronopoulos, S. Korean Ambassador Mr. Jung-il Lee and the members and friends of Hemexpo.
Mrs. Polychronopoulou told that in the last 10 years Hemexpo has become more extrovert and recognizable around the world. In this framework has participated in the major shipping exhibitions worldwide SeaAsia Posidonia SMM etc. and has expanded its presence in Far East region Singapore, Shanghai and other shipping centers with the support of Enterprise Greece.
In particular S. Korea has been a big target for Hemexpo building strong bonds with the country’s shipbuilding with the support of Greek ship owning companies which show their continuous confidence in the association’s member’s marine equipment.
In this framework the association has also signed a lot of projects with SEVE KOSHIPA& KOSIC exploring even more possibilities in the shipbuilding industry.
Hemexpo has also signed business agreements with Italian shipyards Ficantieri and Portuguese Navy.
A great effort has been undertaken in the development of environmental friendly equipment helping the shipping companies to meet CII EEXI requirements.
Mrs. Polychronopoulou referred to the goals of Hemexpo in 2024 which include the following activities: Enhancing the branch, R&D, focusing more as Energy saving provider, further participating in exhibitions and business missions, exploring funding opportunities, organizing workshops with Martecma in the development of innovative products, intensifying collaboration with Defense Industries and aiming to establish the Hemexpo’s Academy which will provide incentives to young professionals to work in Hemexpo’s companies.
Addressing the event Cpt Panagiotis Tsakos and Mr. Simos Palios congratulated the members of Hemexpo for their achievements, fantastic job and the right partnerships that reflect the innovative spirit and the excellent capabilities of the Hellenic marine equipment manufacturers.

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The 14th Annual Capital Link Greek Shipping Forum titled “Sailing into the high seas” was held with great success in Athens on Thursday, February, 8, 2024, at the Athenaum Intercontinental Hotel. The event was organized in cooperation with New York Stock Exchange and Nasdaq. Tsakos Energy Navigation – TEN Ltd. was the Lead Sponsor.
With attendance exceeding 1,000, the event featured the institutional and industry leadership of global and Greek shipping, and it has thus been rightly labeled as an unofficial Summit of Global Shipping. The significant topics and pressing issues discussed at the forum included the current trends and outlook of the global economy and the main commodity, energy and shipping markets, the opportunities that lie ahead and strategies to compete in an increasingly complex and demanding world, geopolitical and regulatory developments, compliance with decarbonization targets, trade sanctions geopolitical tensions, the transformational impact of technology, and Maritime Finance and overall access to capital sources.
The Forum was attended by prominent figures including Mr. Arsenio Dominguez, Secretary General - International Maritime Organization (IMO), H.E. Christos Stylianides, Minister of Insular Policy & Shipping - Hellenic Republic, Mrs. Melina Travlos, President of the Union of Greek Shipowners (UGS); Chair of the Board of Neptune Lines, Mrs. Fotini Ioannidou, Head of Unit, Directorate-General for Mobility and Transport – European Commission, Mr. Nikolaus Schües, President & Chairperson of the Board – BIMCO ; CEO - Reederei F. Laeisz, Mr. Dimitris Fafalios, Chairman – INTERCARGO; President/Director - Fafalios Shipping S.A., Mr. Emanuele Grimaldi, Chairman – INTERNATIONAL CHAMBER OF SHIPPING; President & MD - Grimaldi Euromed SpA; Managing Director – Grimaldi Group, Mr. Paolo d’Amico, Chairman – INTERTANKO; Chairman & CEO - d'Amico International Shipping SA, the CEOs of major classification societies, Mr. Knut Orbeck Nilssen - DNV Maritime, Mr. Nick Brown - Lloyds Register and Mr. Ugo Salerno – RINA.
Mr. Nicolas Bornozis, President – Capital Link, Inc., welcomed and thanked all participants for joining, and all of the forum’s sponsors for their contribution to organization of the conference, 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 for the discussion of the most critical issues concerning both the Greek and international shipping industry. He stressed that the 14th Annual Greek Shipping Forum is taking place during a prosperous period for both shipping and the markets despite significant challenges. The forum has been called an informal summit of the institutional and industry leadership of Greek and Global Shipping, and we are honored to have prominent decision makers with us here today. I would like to welcome the Greek Minister of Maritime Affairs & Insular Policy, Mr. Christos Stylianides, the Secretary General of IMO, Mr. Arsenio Dominguez, the President of Union of Greek Shipowners (UGS) and Chair of the Board of Neptune Lines, Ms. Melina Travlos, and Ms. Fotini Ioannidou, Acting Director - EUROPEAN COMMISSION, DG for Mobility & Transport, as well as the heads of the four industry organizations – BIMCO, ICS, INTERCARGO & INTERTANKO, the heads of major classifications societies – DNV, Lloyds Register, RINA, the global heads of shipping of major international banks, and many more prominent speakers.

THE EFFECT OF REGULATIONS ON SHIP SUPPLY – Presentation
Dr. John Kokarakis, Technical Director, SEEBA Zone - Bureau Veritas stated: “Ships are as old as humanity itself. Over four fifths of the trade of the world is flowing through the high seas. As maritime trade expanded so did maritime regulations. Their historical evolution serves as a testament to the industry’s adaptability in the face of a multitude of challenges. Regulations increase risk, as complexity imposes uncertainty, and any changes may devalue one’s fleet. Consequently, compliance is time-consuming and resource-intensive, progressively increasing the cost of production. Fuel selection will be critical, as we transition to zero-carbon, in an effort to reduce shipping’s environmental impact.
In 2023, the global shipbuilding industry witnessed a dynamic year, with IMO’s regulations, which are well-intended but not perfect, being a major driver. Ship owners need to invest in new technologies and processes to meet the new standards. Thankfully, the EU has committed to updating the requirements if the IMO measures, when introduced, are in line with its objectives.”

EU EMISSIONS TRADING SYSTEM (ETS) – THE CARBON EMISSIONS PRICE TAG FOR SHIPPING
Moderator: Ms. Alexia Hatzimichalis, Partner, Athens Office Head – Watson Farley & Williams
Panelists: Mr. Stamatis Fradelos, Vice President, Regulatory Affairs – ABS, Mr. Vasileios Tsiamis, Associate Partner – EY, Dr. Arlie Sterling, Co-Founder & President – Marsoft, Ms. Friederike Hesse, CoFounder and MD - ZERO44
Ms. Alexia Hatzimichalis, Partner, Athens Office Head – Watson Farley & Williams, stated: “Thank you Capital Link for inviting me. Each of the panelists will tell us how they are helping clients reach their goals in the new landscape of the EU emissions trading system in order to ensure accurate reporting and compliance.”
Mr. Stamatis Fradelos, Vice President, Regulatory Affairs – ABS, stated: “When looking at data it is important for us to make our own calculations to make sure they are indeed correct. A few years ago, we looked at the regulations and studied them, to better inform clients on the preparations that will be need from their side. We used data to create digital tools that come up with calculations in only a few minutes. Our website provides the option for owners to enter the details of their ships and get an estimate of the cost. We engage with additional partners and collaborators to achieve maximum transparency.”
Mr. Vasileios Tsiamis, Associate Partner – EY, stated: “Innovation is the answer. I have experienced, in Brussels, the integration of different sectors at the European level. Regulations and directives are not meant to be kept the same for life, but rather to be improved. ETS for the shipping sector is not just a regulation. It is difficult to follow but also an opportunity to access funds and make fleets greener. 800 million euros are dedicated for that purpose.”
I’ve seen two types of shipping companies: those that still resist reality and others that are well-prepared and ready to initiate innovation. As a whole, the sector isn’t that well prepared mentally. My advice is to try to assess a roadmap for greening the fleets, whether it be alternative fuels, electrification, zero emission engines and so on. I encourage you to dare to change.”
Dr. Arlie Sterling, Co-Founder & President – Marsoft, stated: “Gathering so many shipowners at nine in the morning is an extraordinary achievement, congratulations everyone. How do we prepare reports? How do we ensure accurate data? That’s where the focus should be. Then, once you figure out how to do the reporting, it becomes about how to use the mechanism to become more competitive and differentiate from other fleets. One good way to become a winner right away is to retrofit ships and take advantage of low-hanging fruit solutions.”
I would encourage owners to have a conversation with providers and servicers to ensure that no days are lost due to a lack of compliance from their part. We’ve also seen the reputational impact and the fact that quality control and full transparency is becoming critical to achieve premium pricing.”
Ms. Friederike Hesse, CoFounder and MD - ZERO44, stated: “Our company helps you comply with EU ETS and better understand the cost that comes along with it. We work for owners, charterers, and ship managers. Our software is in essence an accounting system that helps you keep track and follow the money, as well as understand potential benefits.
It is a step-by-step process. The first thing is making sure the data is ready, so we can understand the exposure’s extent. The second step would be to get the contracts straight and agree on who’s doing what: who’s paying, who’s invoicing, who’s trading. EU companies need to be a frontrunner in this transition, betting on a long-term strategic perspective.”

TARGETING NET ZERO - Alternative Fuels & Technology
Moderator: Mr. Nick Brown, CEO - Lloyd’s Register
Panelists: Mr. Stelios Troulis, Director, Green Ship, Energy Transition & Sustainability - Angelicoussis Group, Mr. John Lycouris, CEO – Dorian LPG (USA) LLC (LPG), Mr. Konstantinos Stampedakis, Co-Founder & Managing Director - ERMA FIRST, Mr. Bud Darr, EVP, Maritime Policy and Government Affairs – MSC Group, Mr. Dor Raviv, Co- Founder & CTO – Orca AI.
Mr. Nick Brown, CEO - Lloyd’s Register, stated: “I’m delighted to be joined by a wonderful panel today. We’ve got every sector in shipping represented here, from cruisers to liners. Reaching the net zero targets by 2050 represents a huge challenge. Huge investments are required in the production of new fuels, hundreds of thousands of people must be trained, and market-based measures will have to be introduced.”
Mr. Stelios Troulis, Director, Green Ship, Energy Transition & Sustainability - Angelicoussis Group, stated: “We’re fuel agnostic for both our near- and long-term needs. We act on what’s available and safe to operate today, and that’s LNG. We see a potential to reach net zero through the use of biomethane. Furthermore, we only invest in vessels that use alternative fuels if there’s enough supply. With LNG we’re just now getting to that point. We also applaud initiatives such as green corridors. In the future, optionality will have to be safeguarded and we need to have as much precision as possible, allowing us to avoid situations where regulations would be mandating the use of a specific fuel that may be unavailable or extremely expensive due to competition with other business sectors.”
Mr. John Lycouris, CEO – Dorian LPG (USA) LLC (LPG), stated: “The gas and LPG business is what we know well and we believe that these are the transition fuels which are taking us from the carbon age to the hydrogen/ammonia age. Our ships are easily upgradable, reducing the need to build new ships. In the 2030s we’ll see better and greener fuels start to take over. There’s a lot more to be done and the way to do it will probably include some kind of carbon capture technology.”
Training on how to properly handle new fuels is necessary for achieving the transition. We’ve had a good retention record and quality training programs, as well as conferences which take place at least four times a year. Our seafarers need to be aware of the risks and particularities of the upcoming fuels.”
Mr. Konstantinos Stampedakis, Co-Founder & Managing Director - ERMA FIRST, stated: “We’re definitely in an era during which technology has to play a significant role. Achieving the 2030 goals requires changes which are mainly operational. We are transitioning from the promise stage to the efficiency stage. Energy saving devices are already available in the market and allow shipping companies to make important efficiency gains. At ERMA FIRST we strongly advocate for carbon capture and storage technology.”
Mr. Bud Darr, EVP, Maritime Policy and Government Affairs – MSC Group, stated: “Our company has more exposure than most, across different types of ships. We will not achieve our goals unless we remain open-minded, creative and optimistic. Also, it is important to keep the world open to a multi-fuel solution. It’s not going to be simple, as one size does not fit all. We need multiple fuels and investments from both the shipping and energy sectors.
We’re looking to move away from LNG in the long-term. Our aim is to have as much flexibility upfront as possible, as the available fuels could be different in 2038 and different in 2042. We’re preparing for ammonia in the future, ensuring our compatibility. Lastly, we’re working on carbon capture and methanol projects as well, while simultaneously retrofitting existing ships.”
Mr. Dor Raviv, Co- Founder & CTO – Orca AI, stated: “It seems that most of the industry players are ready to invest billions of dollars in new energies, but we must not forget seafarers and the consequences emission deduction is having on them. In naval academies today, this is not being discussed enough. We have to find economic incentives for crews to understand the impact their actions on board are having. Only with combined efforts between the office and crews will we be able to meet our sustainability goals.”

COMMERCIAL BANKING SUMMIT – Adapting to New Commercial & Industry Realities
Moderator: Mr. Jasel Chauhan, Partner Head of International Finance - Hill Dickinson LLP
Panelists: Ms. Anastassia Tcherneva, Global Head of Shipping - ABN AMRO, Mr. Vasilios Maroulis, Managing Director, Global Industry Head, Shipping, Logistics & Offshore – Citi, Mr. Christos Tsakonas, Head of Global Shipping – DNB, Mr. Evan Cohen, Managing Director & Group Head of Maritime Finance – First-Citizens Bank & Trust Company.
Mr. Jasel Chauhan, Partner Head of International Finance - Hill Dickinson LLP, stated: “Thank you to Nicolas and the entire Capital Link team for a great event as always. According to the panel’s title our industry should be adapting to new commercial realities, and with the number of things that are changing, it seems right. Our panelists will give us an overview and what banks are doing to anticipate decarbonization, the energy crisis, and geopolitics, such as the war that is still affecting shipping routes.”
Ms. Anastassia Tcherneva, Global Head of Shipping - ABN AMRO, stated: “It’s been a good year for shipping, although not free of challenges. From ABN AMRO’s perspective we’re optimistic about shipping’s ability to keep generating good returns. Of course, we’d rather have assets that at least have a decarbonization possibility in the future.
It seems like we’re turning a corner. In more and more meetings with client prospects, decarbonization is the dominating discussion topic. Our shareholders, as well as societies and NGOs, especially in Europe, are pushing for change. This is an industry that’s rich on data, and we’re not yet taking advantage of it to the extent that we could, especially with the advent of artificial intelligence.”
Mr. Vasilios Maroulis, Managing Director, Global Industry Head, Shipping, Logistics & Offshore – Citi, stated: “All segments have been performing strongly this past year. All portfolios have offered significant repayments, but we need to keep in mind that there’s a multitude of things play, including fleet regeneration, ESG criteria, and consolidations. There’s a significant demand for capital banks have to deploy, which all makes for a very interesting mix. An important factor for us is working with people with a strategy and the willingness to go down the path of what needs to be done in terms of regulation compliance and the energy transition. Lots of things are happening as we speak which will necessitate groundbreaking transactions and increased capital.”
Mr. Christos Tsakonas, Head of Global Shipping – DNB, stated: “We prefer to select clients with a spotless track record that have shown they know how to deal with adversity. After all, we’re living in a very uncertain time with very high asset prices. Greek companies have managed to preserve their liquidity, maybe through alternative finance providers. There’s plenty of capital available, probably more capital than there are projects. In the western world, US and Europe banks tend to focus on decarbonization, meanwhile we see less of that in the East. What counterbalances that is higher uncertainty and even bigger geopolitical risks, like in Taiwan and China.”

KEYNOTE SPEECH
Ms. Melina Travlos, President - Union of Greek Shipowners (UGS); Chair of the Board - Neptune Lines stated: “Geopolitical crises, economic volatility, financial risk, and a changing regulatory environment create a puzzle for strong players. Players with foresight, who can see the bigger picture and think strategically. Shipping, however, is interconnected with other sectors: shipyards, refineries, legislators, and ports work hand in hand with us. International trade depends on the adoption of pragmatic solutions. In that context we can provide input based on our hands-on experience managing risks. The time has come to work together for a greener, sustainable future for the shipping industry.
It is crucial to ensure proper, fit for purpose implementation. Our practical know-how is therefore necessary in order to assist regulators. We strongly embrace the IMO’s greenhouse gas strategy. But it is important to note that the IMO cannot regulate other business sectors, whose contribution will be fundamental to achieve our global objectives. Let’s face reality: shipping offers the best way to transport essential goods and is indispensable to preserve our way of life and keep transport costs low. This journey will be a collective endeavor. Let’s work on expanding our legacy and create a bright future for the generations to come.”

REGULATORY LEADERSHIP ROUNDTABLE – Setting the Framework for the Industry to Move Forward
Moderator: Mr. Knut Ørbeck-Nilssen, CEO - DNV Maritime
Panelists: Mr. Arsenio Dominguez, Secretary-General –IMO, Mrs. Fotini Ioannidou, Acting Director - EUROPEAN COMMISSION, DG for Mobility & Transport, Mr. Knut Ørbeck-Nilssen, CEO - DNV Maritime, stated: “We’re very pleased to have Mr. Dominguez and Ms. Ioannidou on this stage. I would like to thank Nicolas for hosting and express our gratitude to all seafarers, who face many challenges today, including in the Red and Black Sea.”
Mr. Arsenio Dominguez, Secretary-General -IMO, stated: “You were right to highlight the human element of defending freedom of navigation, so everyone thinks to put safety first in these challenging times. We need global regulations, given the fact that we are a global industry. We have a role to play in highlighting the importance of our sector in all member states, in environmental institutions, even in foreign affairs ministries. At the IMO we focus in bridging gaps, embracing the knowledge and experience that all stakeholders have to offer. We need to move as one, as a big family.
Cooperation with the European Commission has been great, as both parties are becoming more aware of the situation. The decision we made last July as a major steppingstone for the future. There will be compromises, but our teams are working together to end up with a global, harmonized mechanism that’s applied everywhere.”
Mrs. Fotini Ioannidou, Acting Director - EUROPEAN COMMISSION, DG for Mobility & Transport, stated: “The EU is putting into place the most ambitious regulatory framework in the world. Making its implementation a success is our first priority. We’re working closely with all stakeholders to be able to adjust properly. We’re ready to work with all partners to reach an agreement on economic measures and a carbon levy that’s applied worldwide. We need to analyze whether the financial tools at our disposal are fit for purpose and ready to support this transition.
Upskilling and reskilling of seafarers, as well as increasing the attractiveness of the profession are very important to us. Furthermore, climate change is also impacting shipping directly. The targets that have been set to mitigate the environmental crisis are not negotiable.
The maritime industry will benefit a lot from the money collected through EU ETS. Member states have the obligation to use these funds in climate-related projects, including R&D and innovation projects within the maritime industry.”

KEYNOTE ADDRESS
H.E. Christos Stylianides, Minister of Maritime Affairs & Insular Policy - Hellenic Republic stated: “This forum has become an emblematic event in the shipping industry, so I ‘d like to thank the organizers for including me. Maritime security is becoming a major challenge. One of the most vital shipping lanes is being threatened, putting in danger the lives of innocent seafarers. The Greek government has strongly condemned the attacks and took immediate action. Greece has a fundamental interest in protecting freedom of navigation and it is our responsibility and duty to do so.
Greece lives by the sea, for the sea, because of the sea. Shipping is one the most robust sectors in the country and the Greek fleet is essential for the world economy to keep moving. However, times are challenging, in a competitive international environment. Shipping’s transition to the carbon-free era represents a radical change, but we believe this can become an opportunity that ensures the sustainable growth of the sector. We need to create a predictable environment which will clear the path for the future in collaboration with scientists and research institutions.
Last but not least, no sailing in the high seas can be possible without seafarers. The ministry of maritime affairs has decided that 2024 will be the year of maritime education, taking initiatives in order to attract more young people and increase the available manpower.”

INSTITUTIONAL LEADERSHIP SUMMIT – Leading the Industry Through Transformation, Innovation & Geopolitical Challenges
Moderator: Mr. Ugo Salerno, Executive Chairman - RINA
Panelists: Mr. Nikolaus Schües, President & Chairperson of the Board - BIMCO; CEO - Reederei F. Laeisz, Mr. Dimitrios Fafalios, Chairman - INTERCARGO; President/Director - Fafalios Shipping S.A., Mr. Paolo d’Amico, Chairman - INTERTANKO; Chairman & CEO - d'Amico International Shipping SA, Mr. Emanuele Grimaldi, Chairman – ICS ; President & MD, Managing Director - Grimaldi Euromed SpA - Grimaldi Group.
Mr. Ugo Salerno, Executive Chairman – RINA, stated: “No introduction of mine could be more interesting for you than to listen to our panelists speak their mind on regulations, the energy transition, which by the way is more difficult to achieve on ships than it is on shore, and fuel availability.”
Mr. Nikolaus Schües, President & Chairperson of the Board - BIMCO; CEO - Reederei F. Laeisz, stated: “In my view there are three reasons to be optimistic: First, the industry is already extremely efficient. Secondly, we’ve come a long way already. In 2008, the maritime industry produced 1,1 billion tons C02. Today much it is less, thanks to slow steaming and the measures already in place. The third reason is that the attitude within our industry has changed. It’s much better to start a process with optimism, instead of complaining about the obstacles and hurdles along the way. 2030 will be done, I truly believe so.
Mr. Dimitrios Fafalios, Chairman - INTERCARGO; President/Director - Fafalios Shipping S.A., stated: “There is no lack of willingness from shipowners to decarbonize, but collaboration is necessary. Right now, shipping is the only sector that is being heavily regulated, which may cause disruptions. Thankfully, the IMO as a regulatory body is doing a good job in defending the industry’s interests. We need to use the available technology to the maximum. If shipping is poorly regulated, this will be a disaster; the inherent efficiency of our current models must be safeguarded. For the future, sustainable biofuels and carbon capture technologies do provide hope as long as they’re supported by good regulations.
Mr. Paolo d’Amico, Chairman - INTERTANKO; Chairman & CEO - d'Amico International Shipping SA, stated: “We do not have an alternative fuel that is green and available everywhere in the world. Therefore, it is impossible to invest capital at the moment, due to lack of information. C02 and ammonia are the commodities of the future. I also think that there will be more gas and less transportation of liquids. Lastly, I’m quite optimistic about tankers, there will always be more to do in the sector.
Mr. Emanuele Grimaldi, Chairman – ICS ; President & MD, Managing Director - Grimaldi Euromed SpA - Grimaldi Group, stated: “It will not be an easy ride, decarbonization is complicated, but as Ms. Travlos explained, it is something that needs to be done. We need a big revolution, and the climate for that is becoming more and more positive. Starting from the short-term, existing vessels can and must become more efficient. That alone will save an important amount of fuel and reduce emissions. No solutions should be discarded or discouraged because different solutions may apply to different ships. People are worried about using ammonia, which can be poisonous, aboard passenger ships. I’m sure that carbon capture will have a major role to play. The skepticism that was prevalent a few years ago doesn’t exist anymore, even though regulators have been much harder on our industry in comparison to others.

ALTERNATIVE FINANCE – WHAT IS THE VALUE PROPOSITION
Moderator: Ms. Dora Mace-Kokota, Partner - Stephenson Harwood
Panelists: Mr. Elias Sakellis, Chief Investment Officer - Borealis Maritime Ltd.; Chief Executive Officer - Australis Maritime Ltd., Mr. Omer Donnerstein, Managing Director - Entrust Global, Mr. Martin Hugger, Managing Director - Meerbaum Capital Solutions Inc, Mr. Harris Antoniou, Founder & Managing Director - Neptune Maritime Leasing Ltd.
Ms. Dora Mace-Kokota, Partner - Stephenson Harwood, stated: “We’ve got a fantastic panel on alternative finance. I think what we’ll try to show is that the focus now is on the value proposition. This is a different animal than mainstream banking, but it’s all about the value and the deal on the table.”
Mr. Elias Sakellis, Chief Investment Officer - Borealis Maritime Ltd.; Chief Executive Officer - Australis Maritime Ltd., stated: “Flexibility and speed of execution is what we offer. We go where typical banks won’t go: smaller owners, financing older vessels, going to regions where banks are not active, segments where traditional players don’t operate. Scale is important for us on the credit side. A perfect deal for us is the second, or third deal that we manage to make with the same client.
Everyone already knows what the other party brings to the table, and if everyone does their job, the process becomes smoother and smoother. Repeat business is what we’re after.”
Mr. Omer Donnerstein, Managing Director - Entrust Global, stated: “We’re all here because of banking dislocation and its absence from shipping, but we’re all very different in terms of the approach we have adopted. We set up our fund in 2015, to create a maritime investment platform. Our wide investment in different sectors and products allowed us to grow the business, and in the last three years we’ve made a billion dollars every year, being active mostly in Greece. Our portfolio has grown organically, following the most sufficient way to do business, which is to acquire assets and talents that have a strong position in their respective region. There are no good and bad sectors, there are good and bad deals.”
Mr. Martin Hugger, Managing Director - Meerbaum Capital Solutions Inc, stated: “What has happened recently is banks is that they’ve become more heavily regulated and have to carry a heavy bureaucratic burden. We bring people in contact with agents that understand the industry and its needs well. We can act in the timeframe that is required, provided we know who’re dealing with. Regarding the age of the vessels, we operate in the bracket of ships that are 12-15 years old. A deal that’s good for our client, is ultimately good for us too.”
Mr. Harris Antoniou, Founder & Managing Director - Neptune Maritime Leasing Ltd., stated: “Financing is not just banking, it’s more than that. Three and a half years ago, we decided to venture in the world of leasing. We don’t do lending, nor do we own vessels. We opted for that because the product is developing in the same path that the aircraft industry has done in the past decades. We have had a great run, last year we quintupled our exposure in terms of the number of vessels, covering different sectors such as dry bulk and containerships. We want to stay on that course during 2024.”

SHIPPING AT CAPITAL & STRATEGY CROSSROADS – Optimizing Corporate Strategy, Capital Sourcing & Allocation – Maximizing Returns
Moderator: Mr. Holt Goddard, Counsel - Seward & Kissel
Panelists: Mr. Mark O’Neil, President & CEO - Columbia Group; President – InterManager, Ms. Christa Volpicelli, Managing Director & Head of Maritime Investment Banking – Citi, Mr. Felix Nölke, Managing Director – Maritime Investments - MPC Capital, Mr. Michael Kirk, Managing Director - RMK Maritime
Mr. Holt Goddard, Counsel - Seward & Kissel, stated: “It’s good to see everyone. Today’s discussion will be on the topic of shipping being at a capital and strategy crossroads. There are many strategic decisions that shipping is called to make.”
Mr. Mark O’Neil, President & CEO - Columbia Group; President - InterManager, stated: “A crossroads suggests an easy choice: we’re more at a junction with no markings and no traffic lights. There’s geopolitical uncertainty, with a number of wars that could escalate at any moment. Alliances and allegiances are changing, and the upcoming elections in many countries, including the US, could change the course of things.
Shipping has never been weaponized and targeted and this level. Many shipping companies are expanding, buying terminals and logistics centers and this influences capital allocation. We lack a single, strong, strategic voice in the sector. We have the capital, because uncertainty works in favor of shipping, but are still looking for a strategy.”
Ms. Christa Volpicelli, Managing Director & Head of Maritime Investment Banking - Citi, stated: “In the midst of everything taking place geopolitically and the current economic megatrends, such as inflation and high interest rates, it comes down to investing in the right assets and cost of capital. Shipping finance has gone from being bank and relationship-driven, to turning to alternative sources. We feel good about 2024, as most experts agree that interest rates will start to come down this year.”
Mr. Felix Nölke, Managing Director – Maritime Investments - MPC Capital, stated: “Capital and strategy are two concepts that are intertwined. If you are a maritime investor, flexibility is going to be key. When you facilitate deals that can happen in two or three weeks, flexibility and versatility are definitely becoming major growth drivers. Differentiation is difficult to achieve in this market, it depends on creating a strategy and sticking to it from day one. This creates credibility with all the different stakeholders, including lenders and clients.”
Mr. Michael Kirk, Managing Director - RMK Maritime, stated: “I’m curious to see what happens as things normalize. Is this more like 2005 or 2008? For me there’s many opportunities still. 2024 in particular will be a year of decisions and we’ll be paying attention to respond accordingly to the choices shipping companies are going to make.
In terms of size, in my opinion it is very idiosyncratic, since although raising capital is easier for larger companies, there is no straight line; some smaller owners are in a better position than some of their larger competitors.”

IMPACT OF MIDDLE EAST DISRUPTIONS ON SHIPPING – Presentation
Ms. Alexandra Alatari, Senior Shipping Analyst – Braemar stated: “This is an industry that’s well-known for its innate volatility. Recently, increased security risks have led to expensive ship diversions. It takes ships two more weeks to reach their destination after the first attacks took place on commercial ships. This leads to supply chain disruptions and inflated freight rates. 30% of containers pass through the Suez Canal. Disruption is causing severe delays, driving up costs, all while the world still recovering from high inflation. The key will be the duration of this turmoil, which is impossible to estimate. A potential ceasefire could ease things up, but a fully-fledged resolution is required for ships to return safely to the Red Sea.”

INVESTING IN SHIPPING – WHERE ARE THE OPPORTUNTIES TODAY?
Do investors and shipowners look at shipping the same way?
Moderator: Mr. Panos Katsambas, Global Co-Lead Financial Industry Group, Partner - Reed Smith LLP
Panelists: Mr. Christian Synetos, Investment Professional, Global Energy & Power Infrastructure – FundBlackRock, Mr. Vagelis Chatzigiannis, Senior Trader – GMS, Mr. Darren Maupin, Founder & Director - Pilgrim Global, Mr. Peter Weernink, Founder – SwissMarine, Mr. Nicolas Tirogalas, Chief Investment Officer (CIO) - Tufton Investment Management., Mr. Panos Katsambas, Global Co-Lead Financial Industry Group, Partner - Reed Smith LLP, stated: “I’m pleased to be closing this well-attended conference. I remember the days we were talking about distress and NPLs. Now, in the last few years we’re in a different market with far greater returns and opportunities for shipping investors. Of course, the current environment presents many challenges due to geopolitical and regulatory changes.”
Mr. Christian Synetos, Investment Professional, Global Energy & Power Infrastructure – FundBlackRock, stated: “Our investment strategy has a very long-term horizon. When making decisions we look at the long-term trends, more than being income driven. We believe that the energy transition should be on top of everyone’s agenda. In terms of opportunities, those would be centered around hydrogen, it could mean ships that transport it, including in forms like ammonia. The emergence of carbon capture will also create opportunities in maritime space. We’re interested in the whole value chain, as energy security becomes a major issue.”
Mr. Vagelis Chatzigiannis, Senior Trader – GMS, stated: “We are looking to improve older assets in terms of their efficiency. The policy we’ve followed has been counter-cyclical and we’ve been successful at that. The recycling business is something that interests us, even though sometimes it requires asking ship owners to look 25 to 30 years ahead. Today, lenders’ confidence in shipping is good thanks to the recent results and turnovers.
From a sanctions perspective, we try very hard to be in line with regulations. Recycling will remain our main business, and I think there will be busy times up ahead.”
Mr. Darren Maupin, Founder & Director - Pilgrim Global, stated: “In a super cyclical business, the only path to success is being counter cyclical. We’ve really pivoted to offshore; that’s where we still see limited risk and very interesting dynamics. We’ve moved on from traditional shipping, because it is the opportunity that drives us: we deal with the market gives us. Our model historically has been to look for opportunities and partnering with good people; across the various segments there’s always something promising to invest in.”
Mr. Peter Weernink, Founder – SwissMarine, stated: “At the beginning our approach looked 12 months into the future, whereas now we’re into more long-term exposure. Raising capital and finding someone willing to finance shipping is not difficult at the moment, it is just about finding the right opportunity.”
Mr. Nicolas Tirogalas, Chief Investment Officer (CIO) - Tufton Investment Management, stated: “Few people spend the time to go through the compliance requirements, but for publicly listed companies it is our fiduciary duty to do so and even more so when regulatory bodies are pushing for it.
If you want to make sure your business is operating efficiently, you need to spend the time. Especially as an investment manager it is crucial not to be caught off guard, to educate ourselves. We’re specifically trained to learn what we can and cannot do.”

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