The Union of Greek Shipowners (UGS) supports the ratification of the International Maritime Organization’s (IMO) Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC), by the governments of Bangladesh, a major ship recycling state and Liberia, one of the largest ship registries.
“As strong advocates of global regulations for our sector, we are especially pleased that the long-awaited entry into force of the HKC is now becoming a reality”, the President of the UGS, Ms. Melina Travlos stated. “This development is a major breakthrough, which the shipping industry has been promoting consistently and tirelessly”, she added.
With the HKC in effect, safe and environmentally responsible ship recycling practices will be guaranteed all over the world. The next step should be the revision of regional relevant regulations, such as the EU Ship Recycling Regulation. This will help remove any unnecessary hurdles in creating a global, unified set of health and safety standards when ships are recycled in HKC compliant yards globally.
“Shipping is indeed part of the solution in addressing environmental challenges. As an indispensable sector in the global supply chain, it abides by international ship recycling standards and practices to effect real environmental change without distorting competition”, Ms. Travlos concluded.

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The “Pireas 2023” two - day event included remarkable gatherings, the 8th Global Shipbrokers Forum under the title “Constant Challenges and Adaptive Industry” and the Gala Dinner on Thursday 29th June 2023 at Peace & Friendship Stadium.
Ship Owners, Ship Managers, Charterers, Shippers, Agents, Insurers, Banks, Lawyers, Brokers, Shipbuilders, Administrators Ports, Oil Suppliers, Telecommunications, Service Providers & Equipment, Charter and Sales Brokers met, exchanged views, strengthening existing collaborations or expanding into new professional horizons.
The Hellenic Shipbrokers Association hosted for one more time the World Maritime Community, as traditionally organised every second year since 1995 but this year’s event was co-hosted by the Baltic Exchange.
The forum opened with a welcome speech by Mr. John N. Cotzias (President of H.S.A.).
Mr. John N. Cotzias (President, Hellenic Shipbrokers Association), Mr. Charalambos Fafalios (Chairman, GSCC), Mr. Mark Jackson (CEO, Baltic Exchange), Prof. Angelos Pantouvakis (Dean, School of Maritime and Industry Director, M.Sc. in Shipping Management, University of Piraeus), Mr. George D. Pateras (President, Hellenic Chamber of Shipping).
Mr. Charalambos Symantonis (President of EENMA) and Moderator Mr. George Xiradakis (XRTC) discussed during the 1^st session the issue of Maritime Associations and Organisations and how the leading maritime organisations and associations ensure that their collective and individual voices are heard in a world of challenging and ever-changing regulations.
A Keynote Speech / Presentation followed by Mr. Yiannis Kourkoulis – Vice President (S&P) at Best Oasis.
The 2^nd session with speakers Μrs. Maria Livanou (Managing Director, Nilimar SnP), Ms. Foteini Mega (Partner, EY), Ms. Amalia Miliou-Theocharaki (Deputy Managing Director, TEO Shipping), Ms. Irini Mylona (Best Oasis, Commercial Executive Greece), Ms. Elpi Petraki (President, WISTA International), Ms. Katerina Stathopoulou (Exec Director, Investments and Finance, principal Co-Organiser The ESG Shipping Awards) and Moderator Mr. Martin Crawford-Brunt (the Baltic Exchange’s Carbon Lead) spoke on the issue of New Environmental regulations and the commercial impact on shipping.
The next session dealt with Dry Bulk Shipping: Dry bulk Shipping Outlook.
Moderator was Mr. George Alexandratos (CEO/Apollonia, Vice-president NEE) and speakers Mr. Stephen Aitchison (Senior Freight Assessor, Baltic Exchange), Mr. Tom Beney (Chief Commercial Officer, Suisse Atlantique), Mr. Andrew Benjamin (Delta Corp. Shipping, Executive Vice President), Mr. Kerry Deal (Head of Business Development & Institutional Sales, Freight Investor Services), Mr. Vassilis Mouyis (Director, Doric Shipbrokers), Cpt. Nikos Pentheroudakis (Honorary president HSA, Chartering Costamare), Mr. Aristidis J. Pittas (Chairman and Chief Executive Officer, EuroSeas).
The final session of the day discussed about Tanker Shipping and if Tanker markets are looking good after such a prolonged period of a near flat line of earnings.
Moderator was Mr. Matthew Cox (Head of Benchmark Production, Baltic Exchange) and speakers Mr. Stavros Dimitros (Head of Commercial Operations Interorient Marine Services Ltd.), Mr. Pankaj Khanna (CEO, Heidmar Inc.), Mr. Thanassis Kossidas (CEO, Aerio Shipmanagement Corp), Mr. George Lazaridis (Head of Research & Valuations, Allied QuantumSea), Mr. Ioannis Psarros (CCO and Deputy CEO, Signal Maritime Services)
Mr. Eddie Valentis (CEO, Pyxis Tankers).
The “Pireas 2023” two - day event was concluded with an exciting Gala Dinner on Thursday 29th June 2023 at Peace & Friendship Stadium.

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The DNV-Jotun-Kongsberg Joint Norwegian Workshop, held under the auspices of the Norwegian Embassy in Greece, brought together industry stakeholders on Tuesday, the 4th of July 2023, at Istioploikos in Piraeus. The workshop provided an insightful and productive platform for addressing emerging technologies, market trends, and regulatory changes impacting the maritime industry.
The workshop offered diverse presentations and engaging discussions, offering comprehensive coverage of the key topics affecting the industry's future. In particular, the event highlighted the collaborative efforts necessary to drive innovation and sustainability in the maritime sector. The insights shared and discussions will undoubtedly contribute to advancing sustainable practices and operational and technological innovation in the sector.
The agenda encompassed presentations from notable speakers, including: Ms Lajla Brandt Jakhelln, H.E. the Norwegian Ambassador to Greece and Cyprus, delivered the Welcome Speech, expressing her gratitude for the participants’ presence and setting the stage for the discussions.
Jason Stefanatos, Regional Decarbonization Director at DNV Maritime, delivered a thought-provoking presentation on navigating the Seas of Change in the Maritime Industry, emphasizing the importance of decarbonization initiatives and their impact on the sector.
Tom H Evensen, M.Sc., Regional Category Manager for Hull Performance at WESCA Jotun, presented Jotun’s Clean Shipping Commitment, and outlined the company’s dedication to environmentally friendly practices and technologies.
Oskar Levander, Vice President of Strategy & Business Development, Integration & Energy at Kongsberg Maritime, addressed the upcoming fuel transition, shedding light on the challenges and opportunities associated with this significant shift.
The event concluded with a discussion panel, moderated by George Teriakidis, Area Manager for the East Mediterranean & Black Sea at DNV Maritime.
Following the stimulating discussions, attendees had the opportunity to network and establish connections during the cocktail party, fostering new collaborations and partnerships within the maritime industry.

Photos: George Savvoulidis

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GRM (Global Risk Management) and Baseblue are thrilled to announce the successful conclusion of the “Navigating the Seas of Change” conference held in Piraeus on June 28, 2023.
The event brought together an exceptional gathering of industry experts, analysts, and professionals, resulting in valuable insights and empowering discussions surrounding the global oil market, energy transition, and maritime sector.
Kicking off the conference, Dr Leo Drollas, Independent Energy Consultant and former Chief Economist at CGES (Center for Global Energy Studies) delivered a captivating keynote address, shedding light on the intricacies of the global oil market, with a particular focus on OPEC and Russian supply dynamics.
Drollas highlighted the strong recovery of Brent oil prices in 2021, driven by improved oil demand and measured output response from OPEC. He also discussed the price turbulence experienced in 2022 due to Russia’s invasion of Ukraine and the subsequent restrictions on Russian oil exports. Despite severe sanctions by Europe and the US, Russia managed to increase its oil exports to countries such as China, India, Turkey, and other destinations. Drollas emphasised the significance of continuous investment in the oil and gas industries to combat natural decline and ensure future sustainability.
Continuing the momentum, Arne Lohmann Rasmussen, Chief Analyst and Head of Research at Global Risk Management provided a comprehensive analysis of the demand view of the global oil market. Rasmussen’s presentation addressed the Chinese reopening and the potential global recession risks, imparting vital knowledge and perspectives to the audience. Participants left equipped with a better understanding of market trends and their potential impact on their businesses.
Furthermore, the conference shed light on the maritime sector's crucial role in the EU ETS (Emissions Trading System). Dennis Lysemose Andersen, Head of Sales at Global Risk Management, presented the process of purchasing EUAs (carbon allowances) within the EU ETS.
During the presentation, it was emphasised that the EU ETS aims to reduce overall emissions by 55% compared to 1990 levels, with a specific target of 62% sector emissions reductions by 2030 (from 2005 levels).
The responsibility of surrendering the allowances lies with the shipping companies operating within EU waters.
Each country’s legislation and interpretation may vary, but the responsibility is believed to be on the ship owner, the ship (technical) manager, or the bareboat charterer.
Companies operating in EU waters will be obliged to comply with EU regulations. They must surrender the allowances to their local authorities. The EU is expected to publish the list of responsible companies by February 2024, providing clarity and transparency for the industry. Attendees gained practical guidance on when, how, and where to buy EUAs, empowering them to navigate the evolving landscape of emissions trading effectively.
The “Navigating the Seas of Change” conference provided industry professionals with an unparalleled networking and knowledge-sharing platform. The results were profound, with attendees leaving the event equipped with actionable insights and fresh perspectives. The connections made, and the knowledge gained during the conference will undoubtedly contribute to fostering innovative approaches and driving positive change within the energy sector. GRM and Baseblue would like to extend their heartfelt gratitude to all the speakers, attendees, and partners who contributed to the success of the conference.

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On June 26, 2016, thousands of people observed the beginning of a new era for the country with the inauguration of the Panama Canal expansion. 
The new locks gave way to the transit of the container ship COSCO SHIPPING PANAMA, marking a before and after for the movement of cargo around the world, while the Canal fulfilled its mission to bring greater benefits to the country. 
The Canal Expansion became the largest enhancement project undertaken since the Canal's original opening in 1914, allowing the waterway to provide shipping lines, retailers, manufacturers and consumers with greater shipping options, better maritime service, enhanced supply chain reliability and sustainability. 
The expansion also opened the waterway to 90 percent of the global LNG fleet for the first time in 2016, offering significant time savings for LNG producers in the United States and Latin America when exporting to the South America West Coast and Asia. 
Additionally, it increased the route’s emission savings for customers by allowing them to transport even greater amounts of cargo in less voyages, reducing time, fuel, and emissions significantly. 
As a result, it has caused a ripple effect on the local and global economy, impacting shipping and trade, as ports worldwide expand to accommodate larger ships, and benefitting those across the supply chain in every region the Panama Canal serves.  
Consistent with its commitment to its customers, until the first week of June, over 20,600 vessels have safely transited the Neopanamax locks since their inauguration in 2016. 

Expansion figures 
The Neopanamax Locks were initially expected to serve vessels with a maximum of 12,600 twenty-foot equivalent units (TEUs); however, the Panama Canal team quickly managed to exceed this threshold, thanks in part to the experience they gained operating the locks and their close collaboration with customers.   
Their ability to support larger vessels such as the Zephyr, which has a total capacity of 16,285 TEUs, enabled the Neopanamax Locks to accommodate 53 percent of the total Panama Canal tons that transited the waterway in FY2022. 
The Neopanamax Locks continue to account for more than 50 percent of the Canal's total tonnage, with more than 270 million Panama Canal tons (PC/UMS) between June 2022 and last May. 

Connectivity  
Given its privileged and strategic geographic location, Panama and the Panama Canal offer unsurpassed advantages to the world’s maritime commerce.  
Ships from all parts of the world transit the Panama Canal daily, and 13 to 14 thousand vessels transit the Canal every year. The waterway serves more than 180 maritime routes, connecting 170 countries and reaching approximately 1,920 ports in the world. 
Transiting the Panama Canal considerably reduces voyage time for vessels traveling from the U.S. Gulf Coast to markets in Asia.  
Sailing from the US East Coast to Asia through the Expanded Canal takes 20 days, compared to 35.6 days for voyages through Cape Horn, 31.6 days through Cape of Good Hope, or 29.5 days if transiting through the Suez Canal. 

Green Route  
The Canal’s all-water route requires fewer cargo movements compared to freight transportation via air, truck or rail. Given the shorter traveling distance and larger TEU capacity it offers, the Canal reduces fuel consumption and therefore emissions, having a positive impact on the reduction of global greenhouse gases compared to other routes.  
The waterway is more than a shortcut. In addition to offering safe, reliable, and efficient service, the Panama Canal offers unmatched environmental advantages to its customers.   

Water and climate challenges 
This seventh anniversary comes with important challenges on water and climate.   
The Panama Canal is closely monitoring the development of weather events affecting water availability in the Canal Watershed, which according to forecasts, could worsen with the arrival of the El Niño phenomenon. 
Due to the extended drought, in advance, the Panama Canal informed its customers that based on the current and projected levels of our water reservoirs to enforce maximum authorized drafts in the Neopanamax and Panamax Locks. 
In response, the Canal is enforcing water saving measures during the rainy months to aid water recovery throughout the surrounding lakes and, thus, guarantee resources for human consumption without affecting transits. Although, current estimates indicate that the economic impact is unavoidable. 

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The critical issue of Port State Controls was presented by the executives of ABS who organised a seminar under the title “How to avoid Port State Detentions”.
The agenda of the seminar included a welcome note by Dhaval Mehta (Vice President, Europe Operations, ABS) and speeches delivered by Louise O’ Donell (Assistant Chief Surveyor, ABS) and Christos Nomikos (Hemisphere Lead Surveyor, ABS) who discussed PSC detentions.
Konstantinos Theocharis (Engineer II Regulatory Affairs, ABS) and Filippos Nikolatsopoulos (Area Operations Manager, Eastern Europe, ABS) presented ABS’ initiatives on PSC detentions.
ABS also focused on the Port State Control resources-key to success with Port State Inspections such as pre-arrival check lists – quarter PSC early reports – ABS and MOU Annual Report.
In addition to the above shipping companies must be prepared for solid drills, crew competence, logs (up-to-date correct), ISM, vessel condition and maintenance.
It was also mentioned that ABS’ Digital tools on PSC Detentions include: 
- EU ETS Calculator. All infos are easily accessible, streamlined and tailored to ABS clients’ needs.
- Fleet status which indicated the due dates of mandatory class / condition surveys
- Regulatory Tracker that shows the upcoming statutory requirements for ships
- Regulatory world map and
- PSC Tracker which identifies inspection risks and supports keeping a clean PSC record.

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Accelleron Greece recently hosted a successful corporate event in Athens to celebrate the one-year launch of the Accelleron brand as an independent company and its global leading position in turbocharging technologies.
The event was attended by 420 shipping industry executives from over 100 companies, including representatives from technical, purchasing, operational and fleet departments, along with Technical General Managers.
“This celebration was a testament to the strong partnership between our esteemed customers and partners. We took this opportunity to express our gratitude for the trust and support that has enabled us to create joint value and long-term success. We look forward to continuing working together to create more innovative and successful solutions that will help accelerate the energy transition of marine transportation,” said John Smyrneos, Managing Director of Accelleron Greece & Cyprus who opened the event and welcomed customers to Accelleron’s first event in Greece. He concluded by expressing his confidence in the company’s ability to providing customers with the best possible service and support and maintaining its strong relationship with them.
John Smyrneos was followed by Daniel Bischofberger, CEO Accelleron, highlighting company’s commitment to sustainability and its focus on developing innovative products and services that reduce emissions and improve fuel efficiency. He highlighted the importance of Accelleron‘s research and development efforts to create new technologies that will enable the industry to transition to a more sustainable future and more especially the support it provides to its people on all levels.
“In our company, we believe that our people are the driving force behind our success and play a pivotal role in shaping a sustainable future. We are one family, and we are proud of the work we do together,“ he said.
Mr Bischofberger also referred to Accelleron‘s recent acquisition of Officine Meccaniche Torino S.p.A. (OMT), one of the world’s leading manufacturers of fuel injection systems for marine engines to reinforce its leading market position in technologies to decarbonize the marine industry.
Overall, the event provided the opportunity for attendees to connect with other professionals in the industry in a relaxed atmosphere with local cuisine and entertainment.
Accelleron is a global leader in turbocharging technologies and optimization solutions for 0.5 to 80+ MW engines, helping to provide sustainable, efficient and reliable power to the marine, energy, rail, and off-highway sectors.
Through its innovative product offerings and research leadership, the company accelerates the decarbonization of the industries in which it operates. Accelleron has an installed base of approximately 180,000 turbochargers and a network of more than 100 service stations across 50 countries worldwide (www.accelleron-industries.com).

Image: Daniel Bischofberger, CEO Accelleron / Caterina Pagoni, Corporate Communications Manager of Accelleron Greece & Cyprus / John Smyrneos, Managing Director of Accelleron Greece & Cyprus

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Imperial Petroleum Inc. (Nasdaq: IMPP) has completed the spin-off of its previously wholly-owned subsidiary, C3is Inc., the holding company for two drybulk carriers, effective June 21, 2023.
Imperial Petroleum stockholders and warrantholders received one C3is common share for every eight shares of Imperial Petroleum’s common stock (“Imperial Petroleum common stock”) owned, or in the case of holders of Imperial Petroleum’s outstanding Warrants that they have the right to purchase pursuant to Warrants owned, at the close of business on June 13, 2023 (the “Record Date”). To the extent the distribution would have resulted in any shareholder owning a fractional C3is common share, such fractional shares will be aggregated by the distribution agent into whole shares, sold in the open market at prevailing rates and the net cash proceeds from the sales distributed pro rata to each holder who would otherwise have been entitled to receive fractional C3is common shares in the distribution.
Imperial Petroleum will retain an interest in C3is Inc. through its ownership of Series A Convertible Preferred Stock of C3is Inc., which was not distributed by Imperial Petroleum in the spin-off.
About Imperial Petroleum Inc.
Imperial Petroleum Inc. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of ten vessels; five M.R. product tankers, one Aframax oil tanker, two Suezmax tankers and two Handysize dry bulk carriers with a total capacity of 744,000 deadweight tons (dwt). Imperial Petroleum Inc.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP”, respectively.

Image:  Harry N. Vafias President, Chief Executive Officer and Chairman OF Imperial Petroleum Inc.

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Aiming at the safe and reliable salvage & towage operations to meet the ever-increasing needs of its customers Vernicos Scafi Tugs and Salvage Maritime Co., which is involved in Greece/East Med/Black Sea/Red Sea regions, purchased its first newbuilding tug MED-A2575 ‘’VERNICOS SCAFI III’’, one of the most modern and powerful tugs in Eastern Mediterranean. “Vernicos Scafi III” is expected to be delivered in Turkey between 4-10 September 2023, under Greek flag.
ASD ‘’Vernicos Scafi III’’, was built by Med Marine in Eregli Shipyard in Turkey, one of the most reputable shipyards in Europe. MED-2575 model belongs to RAmparts 2500W design series by Robert Allan Ltd. and it is one of the most versatile ASD tug design for ship-handling, coastal towing, general purpose or escort duties. It can deliver more than 70 tons of bollard pull.  Its high power and maneuverability making it capable to provide both high quality harbor and deep-sea towage services. The tug is fitted with two MTU-16V4000M63 main engines, each developing 2,000 kW at 1,800 rpm and with two thrusters (Kongsberg/Rolls Royce). It is also equipped with FiFi 1 class fire-fighting system, capable also to provide oil recovery and escort services.
Mr. Dimitris Vernicos, Director of Vernicos Scafi, commented: Four years after we joined our forces with Scafi Società di Navigazione S.p.A (Scafi), Vernicos Scafi continues its expansion with the acquisition of its first newbuilding tug in its modern history, in order to meet the ever-increasing needs of its customers with safety and reliability. Hopefully, the Company will order more tugs in the future for projects out of Greece as well. This investment marks the transition into a new era for our company, which will further strengthen our position and will certainly add value to the fleet of our joint venture in Med Tugs.
Vernicos Scafi Tugs and Salvage Maritime Co. operates mainly in Piraeus area, but is also active in Thessaloniki, as well as in other ports (East Med/Black Sea/Red Sea, Patras, Lavrion, Mykonos and Katakolon).

Image: Mr. Dimitris Vernicos, Director of Vernicos Scafi

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DNV hosted a highly anticipated research and development (R&D) Forum, inviting stakeholders from the Greek shipping community to share and learn about the latest innovation projects. The speakers focused on zero-carbon fuels, digital twins, vessel automation and autonomy, electrification, and onboard carbon capture and storage (CCS).
The DNV R&D Forum took place on Thursday, June 22nd at the Eugenides Foundation and provided the participants to learn more about the cutting edge of maritime innovation, as DNV experts and partners presented the latest on a large range of ongoing joint R&D initiatives. These projects covered a wide range of the most important topics in the industry today, including ammonia as a marine fuel, liquid organic hydrogen carriers (LOHC), vessel automation, autonomy and electrification, onboard CCS, digital twins, and hydrogen as a ship fuel.
«With a commitment dating back to 2008, DNV’s Maritime R&D and Advisory unit in Piraeus has been actively engaged in collaborative R&D projects with industrial and academic partners,” said Chara Georgopoulou, Head of DNV Maritime R&D and Advisory Greece and Onboard CCS Manager. “These endeavours aim to develop new knowledge and expertise while generating value for DNV and our customers”. Ms. Georgopoulou also presented the DNV Guidelines for onboard CCS applications during the event.
Speakers explored the latest technological advancements and innovations Mr. Giannis Moraitakis, General Manager, Marine Project Sales South Europe at Wartsila, delivered a presentation on ammonia 2-4 and methanol fuel developments. This was followed by Mr. Konstantinos Louzis from the School of Naval Architecture and Marine Engineering at the National Technical University of Athens, who shared insights from the EU project MOSES on vessel automation and electrification.
“Fuel cells can produce clean power from hydrogen on board ships,” said Mr. Markus Rautanen, Research Team Leader for Hydrogen Applications at VTT Technical Research Centre of Finland, as part of his discussion of the SHIP-AH2OY project and LOHC. “LOHC enable the utilization of hydrogen with existing transportation and bunkering infrastructure. The SHIP-AH2OY project demonstrates the use of LOHC and fuel cells at a 1 MW scale on board”, he explained.
“The challenges posed by decarbonization in shipping have accelerated the timeline for research to materialize into practical applications,” said Prof. George Dimopoulos, an external advisor to DNV and faculty member of the School of Naval Architecture and Marine Engineering at the National Technical University of Athens, in his presentation on the applications of digital twins in the shipping industry.
“Computer modelling serves as a catalyst for delivering innovative solutions faster to the maritime sector. Through digital twins of ships and systems, ideas can be linked with mission requirements and the actual operating conditions vessels encounter throughout their lifecycle”, he emphasized. Mr. Brendan Sullivan, Associate Professor from the School of Management at Politechnico di Milano presented the e-SHyIPS project, highlighting the utilization of hydrogen as a fuel in passenger ships.
The Forum concluded with a workshop, jointly moderated by Chara Georgopoulou, addressing the gaps in the IGF code in terms of using hydrogen as a ship fuel. 

Image caption: The DNV R&D forum took place at the Eugenides Foundation, June 22, 2023

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