Operating in a firm market that underpinned yet another quarter of high profitability Stealthgas the Nasdaq listed company reported for the first six months the strongest performance on record, with an EPS of $0.71. CEO Harry Vafias of STEALTHGAS inc commented “During the second quarter we further divested assets in a rising market and will continue to diversify the fleet with the timely addition of bigger sized vessels. We were also largely focused on reducing debt, repaying $105million during the quarter alone, thus greatly reducing our interest rate expenses. At the same time our Board authorised us to repurchase shares that we started doing late in the previous quarter. Up to now we have repurchased over 1million common shares and will continue. We are at the fortunate position where we can deleverage, diversify, repurchase stock and maintain strong liquidity concurrently. Despite any seasonal fluctuations the market remains relatively firm and we expect and upturn in the winter months that are approaching. We remain positive for the medium-term outlook of the LPG shipping market”.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

• • All-time record Net Income of $27.3 million for the six-month period corresponding to a basic EPS of $0.71. Strong profitability continued for the second quarter with Net Income of $10.5 million for the three-month period corresponding to a basic EPS of $0.27.
• • About 80% of fleet days are secured on period charters for the remainder of 2023, with total fleet employment days for all subsequent periods generating approximately $90 million (excl. JV vessels) in contracted revenues. 
• • Concluded the previously announced sale of the Eco Czar, the Eco Nemesis, the Eco Texiana and the Eco Enigma. All four vessels were sold at a profit, two were delivered during Q2 23’ and two during Q3 23’.  
• • Entered into an agreement to sell two more vessels, the Eco Dream and Eco Green with forward delivery in January 2024. 
• • Initiated a share repurchase program of up to $15 million. Up to August 11, 2023, 1.1 million shares had been repurchased.
• • Massively reduced debt by $104.9 million from $245.4 million as of March 31, 2023, net of deferred finance charges, to $140.5 million as of June 30, 2023.
• • Revenues at $36.7 million for Q2 23’ despite having reduced the number of vessels in the fleet from 34 vessels at the end of Q2 22’ to 29 vessels at the end of Q2 23’.

image:  CEO Harry Vafias of STEALTHGAS Inc.

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ABS Chairman and Chief Executive Officer, Christopher J. Wiernicki, and the Board of Directors have elected John McDonald as President of ABS at its Board meeting on July 18. 
McDonald, who has served as Executive Vice President and Chief Operating Officer of the company since July 2021, will take on the title of President and remain the Chief Operating Officer of the company.
“John McDonald has seized the opportunity to demonstrate his leadership skills since becoming Chief Operating Officer of ABS in 2021 and will now be given a further opportunity to showcase his strategic insight and leadership capabilities in the marine and offshore industries as he steps into the President’s position,” said Christopher J. Wiernicki, who will remain Chairman and CEO of ABS.   
McDonald joined ABS in 1996 as a surveyor and has served in various frontline roles in Korea, the Northern Europe and Africa Region and the Central Region for the former Americas Division. He previously held the position of Vice President of Occupational Health and Safety for both ABS Bureau and its affiliate, ABS Group, and led the former ABS Divisions in Europe and in the Pacific. He also has held operational leadership roles including Senior Vice President of the Western Hemisphere Survey Operations and as Senior Vice President of Global Business Development prior to becoming the Chief Operating Officer. McDonald has a bachelor’s degree in marine engineering from Maine Maritime Academy and an MBA from Texas A&M University.
By virtue of his election as President, McDonald will also join the ABS Board of Directors.

image: John McDonald new President of ABS

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 Aiming at the assessment of energy-saving devices (ESDs) produced by HEMEXPO member companies (Hellenic Marine Equipment Manufacturers and Exporters), an agreement was signed with the world’s leading classification society, DNV.
Under the terms of the agreement, in the first instance, DNV will review a makers list provided by HEMEXPO to identify ESDs that fall in the category of energy saving devices, according to DNV expertise. In the second step, DNV will assess which regulatory metrics – i.e., the Carbon Intensity Indicator (CII) and the Energy Efficiency Existing Ship Index (EEXI) – the relevant ESDs affect. Finally, the classification society will issue a letter of professional opinion for the HEMEXPO products that fall into the ESD category. This will confirm that the product is assessed as an ESD, as per step 1, and describe the regulatory metrics it influences, as per step 2.
Eleni Polychronopoulou, HEMEXPO President, said: “Our agreement with DNV is a significant breakthrough as it aligns closely with the need for an international standard on ESDs, and HEMEXPO’s endeavours to encourage the marine equipment industry’s transition towards green solutions, which HEMEXPO is working towards. ESDs support ship owners and yards in meeting their environmental sustainability objectives, and this agreement will facilitate the acceptance of impactful technologies within the maritime industry.”
Whether selected for retrofit or at the newbuilding stage, ESDs can help shipping companies improve their CII, EEXI and EEDI (Energy Efficiency Design Index) ratings – and as the maritime regulatory landscape evolves, their importance will only grow, Polychronopoulou added.
Chara Georgopoulou, Head of the Maritime R&D and Advisory - OCCS Manager for DNV Greece, commented: “We are pleased to sign an agreement with HEMEXPO to assess its energy-saving devices. The maritime industry has set ambitious sustainability targets and improvements to vessel efficiency and ESDs, alongside new fuels and digitalisation, can significantly contribute to achieving those goals. ESDs can be instrumental in helping to reduce fuel use, cut greenhouse gas emissions and fully contribute towards compliance. For wider adoption however, the industry needs confidence in the technology. By working together to review HEMEXPO member products, DNV is proud to help build this confidence and ensure that the shipping industry can use ESDs to meet its decarbonisation goals.”
HEMEXPO is committed to delivering environmentally friendly solutions and services to support shipping’s green transition. In addition to ESDs, its member companies offer sustainable technology including friction-reducing hull coatings, shore connection facilities and carbon capture systems.

image:  Eleni Polychronopoulou, HEMEXPO President

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Registro Italiano Navale, Fondo Italiano d’Investimento and RINA S.p.A have signed a new agreement aimed to allow the Italian fund to become a shareholder in RINA S.p.A., a multinational company based in Genoa, Italy.
The deal is expected to be completed in the autumn of 2023 and will involve an injection of up to 180 million euros in capital in the form of equity. After the deal’s completion, the ownership structure will see Registro Italiano Navale maintaining the majority stake, Fondo Italiano d’Investimento and other co-investors holding a minority stake of up to 33%, and the company's management participating with a 2.5% stake.
Fondo Italiano d’Investimento SGR will operate through an innovative structure that includes investments from Fondo Italiano Consolidamento e Crescita (FICC), Fondo Italiano Consolidamento e Crescita 2 (FICC 2), and, for the first time, a group of leading co-investors coordinated by Fondo Italiano. This transaction marks the first investment made by FICC 2, the second edition of the fund dedicated to supporting the growth and consolidation of Italian companies, which on this occasion also carried out, just one month after its launch, a first closing for a total of 245 million euro with cornerstone investors CDP Equity, Fondazione ENPAM, Intesa Sanpaolo, UniCredit, and other leading investors.
The capital injected by Fondo Italiano into the multinational based in Genoa, RINA S.p.A., is aimed at providing additional support for the company's growth, both organically and inorganically, as well as its international expansion. RINA S.p.A. has diversified significantly worldwide over the last twenty years, establishing itself as a brand in the fields of engineering consulting and Testing, Inspection & Certification (TIC).
In 2022, RINA S.p.A. reported pro-forma revenues of over 700 million euros, and it is on track to achieve growth objectives of nearly 800 million euros in 2023.
The Chairman and CEO of RINA S.p.A., Ugo Salerno, commented: “We have found the most suitable partner in Fondo Italiano d’Investimento to share our growth path and the realization of ambitious goals we have worldwide. It is a high-level institutional partner, Italian like us, with whom we will embark on a new phase for RINA and who will allow us to fully implement our strategic plan. Based on ESG principles, we will continue to expand our digital services and processes in favour of ecological transition: a journey that involves significant investments, made possible also thanks to the commitment of Fondo Italiano d'Investimento”.
Davide Bertone, CEO of Fondo Italiano d’Investimento, said: “Today, we announce the first closing and, at the same time, the first investment of the second edition of FICC, our flagship fund dedicated to promoting the development of national and global champions in strategic sectors of the Made in Italy. RINA represents Italian excellence, with a global presence, and leadership, as well as significant ambitions for further growth and innovation not only in the shipping sector but also in the energy transition and infrastructure sectors. I am extremely pleased with the partnership we are entering into today and the trust given to us by Registro Italiano Navale and Engineer Ugo Salerno, with whom we are delighted to collaborate in building another phase of development”.
To facilitate this agreement, RINA S.p.A. was advised by Lazard as the financial advisor, Banca Akros as the co-financial advisor, and PwC for financial Due Diligence and Studio Legale Gattai, Minoli, Partners as legal advisor.
On the other hand, Fondo Italiano d’Investimento was supported by BCG for business due diligence, Legance for legal due diligence, New Deal Advisors for financial due diligence, KPMG for tax due diligence, ERM for ESG due diligence, Marsh for insurance due diligence, and E&Y Parthenon for tech due diligence.
The completion of the transaction is subject to customary conditions, including regulatory approvals.

image: The Chairman and CEO of RINA S.p.A., Ugo Salerno

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Dr Efi Tsolaki, Chief Scientific Officer at ERMA FIRST, discusses the importance of training, after-sales support and proactive maintenance in achieving continuous compliance under the forthcoming implementation of D2 standard requirements for ballast water management.

With increasing visibility into the supply chain, consumers are taking an ever-greater interest in how the goods they order are transported from the warehouse to their door – specifically, they want insight into the carbon footprint of the transport methods used.
Consumer demand is already influencing how shipping companies operate having emerged as a driver of emissions-reduction strategies. So far, however, the average consumer knows little about the impact of ballast water discharges on marine ecosystems. If they did, suggests Dr Efi Tsolaki, Chief Scientific Officer at leading sustainable maritime solutions provider ERMA FIRST, “they may think twice before ordering products internationally, and this would force shipping companies into action.”
In the absence of consumer consciousness, the external pressures to drive responsible ballast water management have been slow acting. While the International Maritime Organization’s (IMO) Ballast Water Management (BWM) Convention was initially agreed in 2004, meeting its ‘D2’ standard limitation on viable organisms permitted in ballast water discharged from ships only becomes a requirement from 8 September 2024.
Nevertheless, conforming with the D2 standard will rely on the implementation of an effective ballast water treatment system (BWTS), and many of the BWTS installed across the global fleet over the last 20 years will fail to meet the fast-approaching standard. Upgrades and replacements will be necessary.
But maintaining compliance will demand more than having an effective system in place, Dr Tsolaki explains.
“It’s not just about installing the right system; you have to ensure it remains compliant throughout the vessel lifecycle,” she says. “The D2 standard applies to every drop of ballast water discharged, and to ensure that each drop is compliant, the BWTS must be operating under normal conditions at all times. Before Port State Control and other authorities begin to enforce the regulation, ship owners should study their BWTS and ensure their crew know exactly how it works and how to keep it healthy.”
ERMA FIRST’s leading ballast water treatment system, the ERMA FIRST FIT BWTS, uses electrochlorination to disinfect ballast water. When developing the product, Dr Tsolaki says, the company found electrochlorination to be a more efficient alternative to ultraviolet sterilisation, which, although a valid means of ballast water treatment, typically involves an additional disinfection stage during discharge, resulting in higher energy demands.
To help users familiarise themselves with its BWTS, ERMA FIRST is offering a range of specialized training solutions. These include a computerised system that simulates ballasting and discharge scenarios; hands-on training using an operational BWTS on land; interactive digital courses on BWTS operation through the ERMA FIRST e-Learning platform including compliance with the BWM Convention; and advanced courses at its training centres in Greece and the Philippines.
The company has also developed through-life support for its BWTS, in a key strategy to ensure continuous compliance. Its ‘FIT and Care’ after-sales services include round-the-clock support and troubleshooting, commissioning testing, maintenance and annual calibration. “Our after-sales service approach is the opposite of ‘fit and forget’,” remarks Dr Tsolaki. “Through our worldwide network of certified engineers, we provide servicing and technical guidance until the day the ship is scrapped.”
Enriching ERMA FIRST’s after-sales capabilities is an artificial-intelligence feature powered by maritime technology provider METIS Cyberspace Technology. As the first example of AI functionality being embedded in a BWTS, the ‘Smart BWTS’ feature provides continuous monitoring and advanced data analytics, with users receiving valuable insights, customised reports and real-time alerts about critical events. This facilitates a shift towards proactive maintenance, ensuring the system remains functional and compliant while reducing operational and maintenance costs and minimising human error.
ERMA FIRST’s offering in the ballast water management domain also benefits from the company’s membership to BEMA – Ballast Water Equipment Manufacturers’ Association – at which Dr Tsolaki has previously served as both president and vice-president.
BEMA is a non-governmental organisation that represents BWTS manufacturers on the international stage and  provides guidance to industry stakeholders, including regulators and ship owners, on the function, design and performance of BWTS. As a BEMA Charter Member, ERMA FIRST participates in relevant global working groups and fora and contributes to the development and implementation of ballast water treatment regulations.
“We contribute by sharing our extensive knowledge and experience of producing, installing, and maintaining ballast water systems and the certification process to enhance cooperation between all Convention stakeholders, and to help them successfully navigate the journey towards compliance and implementation of the Convention in every possible way,” Dr Tsolaki concludes.

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The 35th Hellenic Marine Technical Committee Meeting of Bureau Veritas Piraeus took place on Thursday 22nd June 2023 at Grand Hyatt Hotel, Athens and was attended by more than 40 maritime industry technical leaders. The meeting was hosted by Mr. George Andreadis, Marine Chief Executive Greece and was chaired by the Committee Chairman, Mr. George Sarris, President of Enterprises Shipping & Trading S.A. The event was divided in two sessions. The first session opened with a presentation by Dr. John Kokarakis Technical Director of South East Europe, Black Sea and Adriatic Zone Bureau Veritas who gave a thorough presentation on EU and IMO regulatory frameworks, complemented by examples of their effects on vessel running costs. He was followed by Mr Panagiotis Anastasiou, Cyber Security Technical Leader Bureau Veritas, whose presentation was focused on cyber resilience of ships and systems and how the new IACS Requirements and update BV Rules and services help to achieve it. The first session closed with Mr Bill Stamatopoulos, Global Business Development Director Central & South East Europe Region, Verifuel, with a presentation about the charter party clause for fuels.
The second session of the Committee commenced with Mr Vassilis Dimoulas, Technology & Innovation Director of South East Europe, Black Sea and Adriatic Zone presenting two trending decarbonization technologies: Methanol as a fuel and Carbon Capture and Storage (CCS). The presentation was complemented nicely by the next and final one by Mrs Maria Lambardaki, Project Developer of South East Europe, Black Sea and Adriatic Zone Bureau Veritas who presented BV case studies for the effect of Methanol as fuel and CCS on CII, EU ETS and FuelEU. The Committee concluded with an open discussion on EU regulations.
Mr. Andreadis stated: “We are in a period of great change driven by regulation and changing markets – all supported by new technology and technical insight. In our committee we addressed key issues related to the energy transition and the digitalization of shipping. Marine classification, supported by our core product – class rules, is playing a vital role in helping ensure that the energy transition in, and digitalization of, the shipping industry will be safe while maximizing performance for sustainable outcomes. It is only by listening to and involving our clients and stakeholders that we can receive the input we need, so we thank them very much for taking part, for sharing their insights and for supporting us to help shape a better maritime world.”

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IMO enters a new era with the election of Arsenio Dominguez, current IMO Director of Environment, as the new Secretary General of the International Maritime Organization.
Last December, The AMP presented the candidacy of Naval Architect Arsenio Dominguez under the slogan “Taking the initiative for a united and better future”, as Secretary General of the IMO.
Arsenio Dominguez is the first Latin American and Panamanian in history to achieve this position.
Dominguez competed alongside Moin Uddin Ahmed of Bangladesh, Suat Hayri Aka of Turkey, Cleopatra Doumbia-Henry of Dominica, Nancy Karigithu of Kenya, Minna Kivimäki of Finland, and Zhang Xiaojie of China for the post.
“As an IMO member country, we extend our congratulations to all of them and look forward to continuing to work together for the maritime industry,” said Noriel Arauz, head of the Panama Maritime Authority and Minister of Maritime Affairs.
Mr. Dominguez has been Panama’s alternate representative to the IMO from 2004 until 2014 when he was appointed Panama’s Ambassador to the IMO and President of MEPC until 2017 when he joined the International Maritime Organization as Chief of Staff, then Administrative Director and Director of Marine Environment.
With the goal of serving IMO by “putting people and the planet first” the Secretary General-elect said during his campaign, “We must take the initiative to address the human element, including the safety, education, training and welfare of seafarers. Seafaring is not a profession like any other: it is rewarding, adventurous and dangerous; our job is to respect it”, which shows that he will prioritize the safety of seafarers in his term as Secretary General.
He also expressed his position on promoting technological innovation to make ships more efficient in their operation and considering the associated cyber risks, and his interest in coordinating the green and autonomous agenda to facilitate and maintain the security of international trade as new trends emerge.
Panama joined the IMO on December 31, 1958, becoming a member of the Council of the International Maritime Organization (IMO) in 1979. With the entry into force in 2002 of the 1993 amendments to the Convention Establishing the Organization, Panama has since been re-elected as a Category A member of the Council.
Mr. Dominguez’s election honors Panama, its maritime vocation, and dedication to this industry for more than a century.
https://www.panamaconsulate.gr/gr/en/articles/panamanian-arsenio-dominguez-is-elected-imos-secretary-general

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Twenty-seven shipping companies of Greek interests listed in the US capital markets were honored for their exceptional quality, transparency, and attractiveness to global financial and service providers during the inaugural Annual Hellenic-American Shipping Gala.
This prestigious event, held in Athens at the Stavros Niarchos Foundation Cultural Center, and organized by the International Propeller Club of the United States, Port of Piraeus, in collaboration with the U.S. Embassy in Athens, showcased the remarkable cooperation and synergy between Greece and the United States in the shipping sector.
The gala was attended by esteemed dignitaries, including: Adonis Georgiades, Minister of Labor and Social Affairs, Ioannis Pappas, Deputy Minister of Maritime Affairs and Insular Policy, Ioannis Plakiotakis, 1 st Deputy Speaker of the Hellenic Parliament, Marina Hadjimanolis, Deputy Minister of Shipping of the Republic of Cyprus, George J. Tsunis, United States Ambassador to the Hellenic Republic, Sulaiman Almazroui, United Arab Emirates Ambassador to the Hellenic Republic, Vice Admiral Ioannis Drymousis, Chief of the Hellenic Navy General Staff, Vice Admiral Panagiotis Lymperis, Commander in Chief of the Hellenic Fleet, Vice Admiral Georgios Alexandrakis, Commandant of the Hellenic Coast Guard, George Pateras, President of the Hellenic Chamber of Shipping, Melina Travlos, President of the Union of Greek Shipowners, Andreas Hadjiyiannis, President of the Cyprus Union of Shipowners, Charalampos Simantonis, President of the Hellenic Shortsea Shipowners Association and Semiramis Paliou, HELMEPA Chairperson, along with senior NASDAQ and NYSE officials and prominent members of the maritime community.
The companies honored at this event were: NASDAQ-listed: Capital Product Partners L.P., Castor Maritime Inc, C3is Inc., EuroDry Ltd, Euroseas Ltd, Globus Maritime Limited, Imperial Petroleum Inc, OceanPal Inc, Performance Shipping Inc, Pyxis Tankers Inc, Seanergy Maritime Corp, Star Bulk Carriers Corp, Stealth Gas Inc, Top Ships Inc, Toro Corp, United Maritime Corporation.
NYSE-Listed: Costamare Inc, Danaos Corporation, Diana Shipping Inc, Dorian LPG Ltd, Dynagas LNG Partners L.P, Gaslog Partners L.P, Global Ship Lease Inc, Navios Maritime Holdings, Navios Maritime Partners, Safe Bulkers Inc, Tsakos Energy Navigation Ltd.
The event opened with the welcoming remarks of Costis Frangoulis, President of the International Propeller Club, Port of Piraeus and Vice President of the International Propeller Club of the United States. He said: “For tonight’s celebration I would like to thank all the companies and organizations that responded immediately and supported this initiative. Without you and your valuable contribution this effort would not be possible. Tonight, we officially announce the launch of an institution that we hope will open new paths for the future of Greek-American maritime synergy, but which will also act a springboard for even more actions in this direction.”
U.S. Ambassador to the Hellenic Republic and Honorary President of the International Propeller Club, Port of Piraeus, George J. Tsunis said: “We honor the important role that the Greek shipping community plays in U.S.-Greece relations by serving as an essential bridge of friendship between our two nations while sustaining global commerce. This remarkable alliance, founded on shared democratic values and a deep appreciation for maritime trade, has flourished over the years, bringing immense benefits and prosperity to both nations. We believe that our two countries – and our world – are safer, more resilient, and more prosperous because of U.S. investments abroad and the ability of companies around the world to invest in the United States. We celebrate the close ties between the Greek shipping community and the United States, and welcome the immense contributions of both parties to global trade and economic growth.”
Representing the Greek government, Deputy Minister of Maritime Affairs and Insular Policy, Ioannis Pappas said: “Energy, economy, defence and shipping are the main drivers of Greece’s relationship with the USA. Shipping in particular, is a core pillar for growth and prosperity, and its impact on the Greek economy is important and multifaceted. This government’s objective is to reinforce even deeper the footprint of Greek shipping for the prosperity of our nation.”
Senior Managing Director, NASDAQ Stock Exchange Listings, EMEA, Isabella Schidrich, said: “Shipping is dependent on economic growth and trade relations. The major geopolitical and economic challenges that impact the industry include the drive to digitization and decarbonization, which are common. Of course, Greek shipping is playing a pivotal role in the transformation of the maritime industry globally. Greek shipping continues to lead innovation, technology, leadership and business excellence. Over half of the shipping companies listed in our exchange are of Greek interests and this is a great achievement.”
Head of EMEA Capital Markets, New York Stock Exchange (NYSE), Erick Diaz, said: “Today, Greece remains the number one shipping nation in the world. In 2018 the shipping and ports economy generated US$5.4 trillion in total economic activity in the U.S. Given Greece is 20% of the global shipping fleet, we can extrapolate that close to US$1 trillion would have come directly or indirectly from the Greek shipping industry, hence playing a vital role to the US economy. We have close to a dozen shipping companies of Greek interests on our exchange, with a total market capitalization of US$5 billion. The commonality between America and Greece is our commitment to democratic principles of justice, equality, freedom and fairness, values that have united us for the last two centuries.”
Founder, Chairman and CEO of Capital Link, Inc, Nicolas Bornozis said: “Capital Link has been involved and supported the journey of shipping, and Greek Shipping in particular, in the U.S. capital markets and we have had the privilege to work with the vast majority of the companies recognized at this event. Shipping has established a strong beachhead in the U.S. capital markets but it still remains a small percentage of the overall U.S. stock market. Additional listings will help the sector increase its profile, offering more opportunities and alternatives to investors. The public markets can play a significant role in providing capital to the industry”.
The event brought together shipping industry leaders, government officials, diplomats, and representatives from the international maritime community at a gathering designed to appreciate the close ties of Greek shipping and the U.S capital markets and acknowledge the important role that Greek shipping plays in U.S.- Greece relations as an essential bridge of friendship between the two nations whilst supporting global commerce.
Highly acclaimed journalist and TV news anchor Apostolos Mangiriadis moderated the event introducing all speakers including Christos Timagenis, 1 st Vice President of the International Propeller Club, Port of Piraeus, Danae Bezantakou, General Secretary and Dimitri Vassilacos, Treasurer, who participated in the award-giving ceremony together with George J. Tsunis and Costis Frangoulis.
Christos Timagenis, 1st Vice President of the International Propeller Club, Port of Piraeus, explained the rationale behind the idea of the first Hellenic American Shipping Gala. He clarified that this event does not in essence constitute some form of contest or competitive award ceremony, but instead this is a token of “recognition” towards publicly listed shipping companies, which are not only active in the shipping industry but are also active on a daily basis in a different “field”… that of international capital markets and are obliged to abide by a framework of corporate governance and investor reporting rules that are being set by US securities laws and the US Securities and Exchange Commission, as well as by the regulations of each respective exchange, NYSE or NASDAQ. Musician and composer Evanthia Reboutsika along with her four-piece band delivered a memorable performance taking the event’s 500 guests on a musical journey at the crossroads where East meets West - a journey filled with sound and color.
The event was sponsored by: Gold Donors Edit Automation, Tsakos Group of Companies, Silver Donors Alberta ShipManagement, Castor Maritime, Costamare Shipping, D.K. Fotinakis, Franman, Navios Maritime, Safe Bulkers, Sekavin, and Bronze Donors AEGEAS Non-Profit Civil Company, Alassia, Bureau Veritas, Charterwell Maritime, Dorian LPG, Euronav, Latsco Marine Management, M.T. Maritime, Marichem Marigases Worldwide Services, Marine Support Group of Companies, Marshall Islands Registry, National Bak of Greece, Samos Steamship, Seanergy, Technomar Shipping, Tototheo Maritime, V.SHIPS Greece, Watson Farley & Williams.

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Despite the hot weather in Athens earlier this July, distinguished members of the Greek shipping community attended an interesting seminar for the new regulatory challenges in Shipping.
Mr. Dimitris Tsiftsis, Regional Director of The Bahamas Maritime Authority, welcomed the guests, Peter J. Goulandris, Deputy Chair of Bahamas Maritime Authority, the Bahamas Maritime Authority delegation, and the Greek team of the Piraeus office.
The agenda of the seminar included the regulatory developments and a Port State Control review.
Mr. John Goulandris in his speech pointed out that BMA continuously supports its Greek office in Piraeus to properly cater the needs of its customers.
BMA is an independent voice in IMO lobbying for the benefits of its members’' interests.
He also said, “we follow a reasonable policy to help our members to navigate the uncharted waters of shipping”.
BMA also assists its members in selecting the necessary technology and deal with energy transition in shipping.
BMA has also introduced a Merchant Shipping Act to adapt with the new regulations in IMO following a continuously changing strategy in this uncertain times.
Capt. Dwain Hutchinson, CEO & Managing Director of BMA, focused on the 50-year anniversary Bahamas independence and 25 years of operations in shipping delivering high quality services.
He said: “Bahamas is the 8^th largest flag with more than 64 MGT. The fleet of BMA is comprised by 24% tankers, 19% bulkers, 11% passenger ships, 15% offshore units, etc”.
Capt. Hutchinson referred to the issue of industry collaboration and delivering cost efficient and environmental services to the operators of Bahamas flagged vessels.
A presentation of the BMA’s Greek office activities was delivered by the Regional Director Dimitri Tsiftsis. He pointed out that BMA’s mission is to administer the registration of ships adopting international standards and to be a leading maritime authority with vision and quality services ensuring compliance with BMA and IMO requirements.
BMA also maintains a network of inspectors, auditors, engineers, surveyors operating 24 hours a day 365 days a year. The biggest part of the customers are Greek, around 17% of the total ownership.
The benefits of BMA include: all registrars available around the clock, user-friendly registration process, bespoke service, built on long-term relationships, vessel and mortgage premium registration service, questions answered through a single telephone call, a reputation built on trust and wealth on legal knowledge.
BMA is also a trusted partner in the passenger shipping sector as well as bulk carriers and tanker/LNG carriers segments with extensive technical experience and a wide range high quality services.
BMA represents the interests of its customers to IMO supporting a collective voice and international solutions.
Regarding BMA Greek office maintains a great variety of services ranging from registration to technical advice, inspection and issuance of certificates.
Finally, Mr. Tsiftsis referred to the reasons for partnership with Bahamas flag such as long shipping tradition and the excellent image of the registry.
A presentation of IMO Regulatory Update was performed by the Deputy Director of Maritime Affairs Capt. Ghulam Hussain. He referred to the emissions scenarios for carbon intensity estimate using the available data from the IMO Database.
It must be noted that IMO has committed to reduce GHG emissions from shipping as soon as possible, promoting a just and equitable transition reducing CO2 by at least 40% by 2030 and reaching net zero GHG emissions by 2050.
In 2040 GHG emissions should be reduced at least by 70% compared with 2008.
Capt. Ghulam Hussain presented the short term GHG reduction measures such as the IMO DCS, EEXI, SEEMP and CII and other amendments.  
Economic measures will be also discussed until 2025 such as IMO Maritime Sustainability fund and Reward by ICS.
Adoption of near zero technologies will be very important for achieving the goals towards 2030-2040-2050.
It was noted that the EU ETS scheme is a regional initiative, it does not cover the entire world therefore it cannot be adopted by IMO as a mid-term measure. That’s why ETS is not included in the IMO Basket measures.
BMA also promotes better coordination for practical measures, trying to help shipowners to achieve the best results in the management of their ships.
Finally, a General PSC Overview was presented by the Deputy Director of Inspection & Surveys Mr. Stephen Keenan.
According to 2022-23 statistics BMA policy and marine practices in 1277 flag inspections and 2300 PSC inspections of all types of ships got involved only 42 PSC detentions were carried out.
BMA has been recognized as one of the most quality flags in US, Tokyo and Paris MOU detentions BMA stands below 3-year average.

Image:  Dimitris Tsiftsis, Regional Director of Bahamas Maritime Authority, Peter J. Goulandris, Deputy Chair of Bahamas Maritime Authority and Capt. Dwain Hutchinson, CEO & Managing Director of Bahamas Maritime Authority 

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Japan-based automation multinational Nabtesco has made a major investment in the future of AI for shipping, becoming the primary shareholder in Greece-headquartered AI optimisation company DeepSea Technologies. 
DeepSea will continue its growth within the maritime industry while becoming a centre of excellence for AI research and product development. This decision will support Nabtesco’s move towards the development of autonomous vessels and other AI applications in its business sectors.
Nabtesco has been an investor and shareholder in DeepSea since 2021. DeepSea will join Nabtesco Marine Control Systems Company in developing the platforms and tools required to achieve its goal of scalable semi-autonomous shipping. It will also pursue AI-focused research and development covering the entire scope of Nabtesco's activity, which extends beyond maritime, including wind turbines, rail and aviation automation and industrial robotics.
DeepSea will continue to focus on the development of its established software platforms, Cassandra & Pythia, which enable shipping companies to decrease fuel consumption and emissions by optimising vessels and voyages respectively.
“DeepSea’s expertise and team of AI specialists are now well-known in the shipping industry, and are driving a radical improvement to vessel efficiency for their customers. We have been very impressed with their commercial traction and calibre of research since we first invested in the company. Joining forces will enable us to progress even faster towards an exciting future of automation, both within maritime and beyond. We’re excited to announce this news and look forward to driving even greater value for our clients, within each of our market areas, through enhanced innovation and R&D.”  - Mr. Yukihiro Mizutani, President, Marine Control Systems Company, Executive Officer of Nabtesco.
DeepSea has over 70 specialised engineers, mainly in the fields of Artificial Intelligence and software development. It will continue to operate as an autonomous company and will continue to be managed by the two original founders, with Dr. Konstantinos Kyriakopoulos as CEO and Mr. Roberto Coustas as President and head of market development. DeepSea will retain its team, premises and independent brand identity, and will continue to be an autonomous research centre for the development of applications and products based on Artificial Intelligence.
“The deepening of our existing partnership with Nabtesco unlocks even greater potential for our technology and approach, and will be key to unlocking the next wave of innovation for our customers. It’s truly the best of both worlds: DeepSea will maintain its startup culture and focus on disruptive technology, whilst harnessing all the expertise and support of a global powerhouse.” - Dr. Konstantinos Kyriakopoulos, CEO at DeepSea Technologies. 
“This is a natural next step for DeepSea as we continue to grow, focusing our industry-leading team of AI specialists on solving some of the biggest challenges in shipping. Nabtesco and DeepSea want to remain one step ahead as the sector evolves - and this decision to move forwards together will allow our combined product offering to be unmatched.” - Roberto Coustas, President at DeepSea Technologies.
 
Image: From left to right: Rob Genieser, Managing Partner at ETF Partners, Hiroshi Nerima, Managing Partner at Nabtesco Technology Ventures, Roberto Coustas, President of DeepSea Technologies, Konstantinos Kyriakopoulos, CEO of DeepSea Technologies, Mehran Zaker, Sector Specialist (Mobility & Maritime) at Emerald Technology Ventures, Nikolas Pyrgiotis, Vice President of Signal Ventures, Symeon Chatzigeorgiou, Business Director at DeepSea Technologies, Hector G. Kimonides, Principal at Ireon Venture

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