Mr. Nicolas Ioannou, Counsellor in Maritime Affairs and Alternate Permanent Representative of the Republic of Cyprus to the International Maritime Organization (IMO),was elected as a member of the Joint Audit Body of the International Oil Pollution Compensation Funds (IOPC Funds).

Mr. Ioannou was elected among eight candidates, securing one of the six seats following a vote in which 71 Member States of the IOPC Funds participated.

This honorary election constitutes further recognition of Cyprus' active and meaningful contribution to the work of the IOPC Funds and reflects the confidence enjoyed by both the Republic of Cyprus and the Cyprus Maritime Administration within the international maritime community. It also represents an important responsibility and commitment for Cyprus to contribute to the future work of the Joint Audit Body, which plays a key role in promoting transparency, accountability and effective governance within the IOPC Funds.
The Shipping Deputy Ministry extends its sincere appreciation to the countries that supported the Cypriot candidacy.

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From HSFO and VLSFO to LNG and biofuel, chartering and operations teams can now check today’s bunker prices without leaving Sedna.

Sedna, the Intelligent Operating System for Shipping, has partnered with Nereus, the intelligence platform for bunker and lubricants procurement, to bring bunker market prices into the conversations behind voyage decisions. The Nereus Bunker Indication Prices app, now live on the Sedna Certified App Marketplace, gives chartering, operations, and bunker procurement teams daily indication prices for more than 450 ports and six fuel grades, directly in Sedna Email.

Bunker prices shape the economics of every voyage. A change in price can shift a voyage’s profitability, which employment a vessel takes next and where it bunkers. Until now, chartering and operations teams have had to get those prices separately, from a broker, a supplier or a market intelligence service, and bring them back into the email conversations where voyages are discussed and negotiated.
The Sedna and Nereus integration closes that gap. Nereus covers the full bunker procurement lifecycle, from market research and inquiry management to negotiation and post-fixture execution. Through the integration, Nereus updates its bunker indication prices every day and sends them to Sedna Email automatically. Users see today’s indication price at each port for HSFO, VLSFO, LSMGO, ULSFO, LNG, and biofuel, with each grade shown at the ports where it is available. Chartering, operations and bunker teams work from one shared set of prices, without opening a second system.

Sedna Founder and CEO Bill Dobie said: “Shipping decisions are made under time pressure, with information spread across inboxes, spreadsheets and specialist tools. We bring critical context to teams at the moment they need it. Nereus is a good example: trusted bunker market data, inside the conversations where fixtures and voyages are discussed, so teams spend less time gathering information and more time acting on it.”

What chartering and operations teams can do in Sedna

With the Nereus Bunker Indication Prices app activated in Sedna, teams can:

• View daily bunker indication prices for more than 450 ports worldwide
• Check prices for high sulphur fuel oil (HSFO), very low sulphur fuel oil (VLSFO), low sulphur marine gas oil (LSMGO), ultra low sulphur fuel oil (ULSFO), liquefied natural gas (LNG), and biofuel
• See which fuel grades are available at each port
• Receive updated prices every day, sent from Nereus to Sedna automatically
• See prices for alternative bunker ports in one place
• Work from one shared set of prices across chartering, operations and bunker procurement teams

Nikolas Gkikas, Founder and CEO at Nereus said: “Bunker cost decides the result of a voyage, and it is estimated long before the vessel reaches the port. It represents 40 to 60% of what a voyage costs, so the prices behind every calculation must be accurate and current.

With Nereus in Sedna, that estimate rests on today’s market prices, and the decisions that follow are better informed”.

The Nereus Bunker Indication Prices app is available now on the Sedna Certified App Marketplace. Sedna users can view daily prices for the top 20 ports free of charge, with full access available through a Nereus subscription.
About Sedna: Sedna is the Intelligent Operating System for shipping. For too long, shipping teams have worked across fragmented platforms: the inbox where decisions happen and the systems where work gets done. Sedna closes that gap. One platform connects communication, commercial operations, and data so teams always have the right context, at the right moment, with the freedom to evolve as markets shift. Sedna Email. Sedna Trade. Sedna Build.

About Nereus: Nereus is the intelligence platform for bunker and lubricants procurement. It combines real-time market intelligence, live indication prices across 450-plus ports, and a direct link to vendors, and covers the full procurement lifecycle from market research and inquiry management through negotiation, post-fixture execution and fleet-wide budget monitoring.

With more than 20 years of hands-on bunkering experience and deep technology expertise, Nereus guarantees a platform built for the way bunker desks work.

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At its recent meeting, RINA S.p.A.’s new Board of Directors appointed Paolo Moretti, currently General Manager, as Group Chief Executive Officer. Moretti succeeds Carlo Luzzatto, who had served as Chief Executive Officer since December 2023. The Board of Directors extends its sincere thanks to Luzzatto for his dedication to the Group’s development. Ugo Salerno will continue as Executive Chairman, with responsibility for communications and institutional relations.

The leadership transition marks a further step in RINA’s development, in line with the growth strategy agreed with its shareholders, Registro Italiano Navale and Fondo Italiano d’Investimento.
The Board of Directors of RINA S.p.A. now comprises Barbara Caputo, Marco Cecconi, Nazareno Cerni, Simonetta Di Pippo, Guido Figliola, Roberto Martinoli, Paolo Moretti, Paolo Pierantoni and Ugo Salerno.
Under the new organisational structure, Giosuè Vezzuto has succeeded Paolo Moretti as Chief Executive Officer of RINA Services, the Group company operating in the marine and certification sectors.

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MSC GROUP’S CRUISE DIVISION IN CORFU

Representatives of the government, local authorities, port authorities and the tourism industry met on board MSC Armonia

 
On Wednesday, 21 October 2026, MSC Group’s Cruise Division hosted the event “Shaping the Future of Cruise Tourism in Greece” on board MSC Armonia in the port of Corfu. The event brought together representatives of the government, local authorities, institutional bodies, port authorities and local media, as well as the island’s business and tourism community. Its aim was a meaningful dialogue on cruise tourism’s contribution to the local economy and to the wider development of Corfu.
The event is part of a series of similar meetings held by MSC Group’s Cruise Division in Thessaloniki, Kavala, Syros and Piraeus in 2025, and in Rhodes in 2026. The series reaffirms the Group’s long-standing commitment to the Greek market and its close cooperation with local communities in Greek destinations.
The event was attended by the Deputy Minister of Maritime Affairs and Insular Policy, Mr. Stefanos Gkikas, accompanied by Hellenic Coast Guard Commander Ms. Chrysanthi Xakopoulou, and the Secretary General for the Aegean and Island Policy, Mr. Fotis Mangos.

In his statement, the Deputy Minister of Maritime Affairs and Insular Policy, Mr. Stefanos Gkikas, said: “Cruise tourism is a particularly important sector for the Greek economy, for tourism and for local communities, and the statistics confirm that it has been growing steadily and dynamically in our country in recent years. Greece has every comparative advantage needed to strengthen its position on the international cruise map even further, drawing on its historical and cultural wealth and on the distinctive identity and natural beauty of each destination. When we consider that around 6.4 million cruise passenger arrivals have been recorded across the country since the start of the year, we can see the potential we have to showcase our country’s unique qualities.”

From his part, the Secretary General for the Aegean and Island Policy, Mr. Fotis Mangos, stated: “Cruise tourism is an integral pillar of our country’s tourism economy and can make a substantial contribution to the sustainable development of the Greek islands. In this respect, MSC Cruises is a particularly positive example of responsible and well-organised business activity in the cruise sector, contributing to employment, to economic activity in the destinations it calls at and to strengthening Greece’s international tourism image. Our goal is for tourism growth to be measured not only by the number of visitors, but also by the real value it creates and that stays in each destination.”

Also, in attendance were: Mr. Spyros Argyros, Deputy Regional Governor for Small Islands and Intra-Regional Transport, Mr. Spyros Chalikiopoulos, Deputy Mayor for Sustainable Tourism Development and Public Relations, Municipality of Central Corfu and the Diapontia Islands, Mr. Nikos Cheirdaris, Deputy Mayor for Tourism, External Relations and Entrepreneurship, Municipality of North Corfu, Mr. Spyros Vlachopoulos, Mayor of Paxos, Mr. Kostas Mouzakitis, President of the Corfu Chamber of Commerce, Ms. Theodora Riga, President of Corfu Port Authority S.A. and President of MedCruise, Mr. Dimitris Apergis, Chief Executive Officer of Corfu Port Authority S.A., Captain Theodoros Soukaras, Hellenic Coast Guard, Corfu Harbour Master, Ms. Alexandra Andrioti, First Vice-President of the Corfu Hoteliers Association, Mr. Dimitris Diavatis, Second Vice-President of the Corfu Travel Agents Association, Mr. Vasilis Mamalis, Executive Director of the Hellenic Ports Association (ELIME).

MSC Group’s Cruise Division was represented by Mr. Kyriakos Anastasiadis, Strategic Advisor of MSC Cruises in Greece, Captain Ilias Tsoukalas, General Manager of MSC Hellas, Mr. Shant Krikorian, Senior Corporate Communications Manager at MSC Cruises and Mr. Panagiotis Mitseas, Institutional Relations and Community Engagement Manager.

Greece and Corfu in the Group’s strategy

The event opened with a welcome from Captain Igor Anic, Master of MSC Armonia, followed by addresses from the Deputy Minister of Maritime Affairs and Insular Policy, Mr. Stefanos Gkikas, and the Secretary General for the Aegean and Island Policy, Mr. Fotis Mangos. This was followed by a presentation of MSC Group’s Cruise Division and its two brands, MSC Cruises and Explora Journeys, highlighting their ever-growing presence in the Greek market. In 2026 and 2027, eight of the Group’s ships are making almost 500 calls at 22 Greek destinations, while Piraeus serves as a year-round homeport.

In Corfu, MSC Group’s Cruise Division holds the number one position. According to the port’s 2026 cruise schedule, MSC Cruises and Explora Journeys are making more than 100 calls with seven ships, accounting for 33% of visitors. This presence spans all twelve months of the year: in winter, MSC Lirica (January–March) and MSC Orchestra (November–December) bring visitors to the island every week, supporting the local economy beyond the summer season.

Mr. Kyriakos Anastasiadis stated: “Corfu is one of our guests’ favourite destinations, and we are proud to be by far the cruise line that calls at the island most often, all year round. Our relationship with Greece, however, runs much deeper: MSC Group has been operating in the country since 1994 and today employs more than 500 people in Piraeus, Thessaloniki and Heraklion. Our work to establish Greece as a year-round cruise destination was recently recognised with two gold awards and one silver award at the Tourism Awards 2026. At the same time, together with Marketing Greece, we are creating content and joint campaigns, starting with Syros, to bring Greek destinations to new audiences.

“We know that growth must respect the islands. That is why more than 84% of the fresh water we use is produced on board through desalination, so that we place no burden on local supplies. In addition, by the end of 2026, 22 of the Cruise Division’s 27 ships will be able to connect to shore power. Meetings like today’s help us build the future of cruise tourism in Greece together with local stakeholders.”

Four priorities for the competitiveness of cruise tourism in Greece

To close the presentation, MSC Group’s Cruise Division put forward four priorities for discussion that would make Greece a more competitive cruise destination:

• New cruise destinations: developing priority destinations over the next five years, in cooperation with the government, the relevant ministries and the industry
• More tour guides: training more tour guides across the Greek islands, so that cruise visits bring greater benefit to local economies
• A better guest experience: measures to protect visitors from the heat, as well as protecting and upgrading the infrastructure that serves cruise visitors
• Onshore Power Supply (OPS): drawing up a plan to roll out OPS in Greece as a sustainability priority
  An open Q&A session followed, during which participants exchanged views on the outlook for cruise tourism on the island. The event concluded with a networking lunch and a tour of MSC Armonia.

Deputy Minister of Maritime Affairs and Insular Policy, Mr. Stefanos Gkikas stated: “Cruise tourism is a particularly important sector for the Greek economy, for tourism and for local communities, and the statistics confirm that it has been growing steadily and dynamically in our country in recent years.
“Greece has every comparative advantage needed to strengthen its position on the international cruise map even further, drawing on its historical and cultural wealth and on the distinctive identity and natural beauty of each destination.

“Depending on the port of call, visitors can combine their cruise experience with visits to archaeological sites of international interest.

“When we consider that around 6.4 million cruise passenger arrivals have been recorded across the country since the start of the year, we can see the potential we have to showcase our country’s unique qualities.”
Secretary General for the Aegean and Island Policy, Mr. Fotis Mangos stated: “Cruise tourism is an integral pillar of our country’s tourism economy and can make a substantial contribution to the sustainable development of the Greek islands. Tourism is the main industry for many of our islands: it creates jobs, supports local businesses, boosts the national economy and opens up new prospects for island communities.
“In this respect, MSC Cruises is a particularly positive example of responsible and well-organised business activity in the cruise sector, contributing to employment, to economic activity in the destinations it calls at and to strengthening Greece’s international tourism image. At the same time, it gives thousands of visitors the chance to discover different places, islands, cultures and experiences of our country on a single voyage, showcasing Greece’s unique multi-island character.

“As the General Secretariat for the Aegean and Island Policy, with deep knowledge of the realities our islands face and a strong sense of responsibility towards island communities, we believe that the further growth of cruise tourism must remain firmly linked to sustainability, respect for the environment and the protection of each destination’s cultural identity. Our goal is for tourism growth to be measured not only by the number of visitors, but also by the real value it creates and that stays in each place: in local businesses, with workers and professionals, and in island communities themselves.

“Cooperation between the State, local government, port bodies and businesses in the sector is essential if we are to shape a strong and sustainable cruise model that combines economic growth with protecting the distinctive character of our islands. Through responsible partnerships and joint planning, we can ensure that cruise tourism becomes not only a major asset for Greek tourism, but also a lasting source of prosperity and opportunity for the people of the Greek islands.”

About MSC Group’s Cruise Division: The Cruise Division of MSC Group, the privately-owned world leader in transportation is headquartered in Geneva, Switzerland with two distinct brands - MSC Cruises, covering the contemporary and premium segments and Explora Journeys dedicated to the luxury segment.

MSC Cruises is the world’s third largest cruise line and the market leader in Europe with a strong and growing presence in North America. A global cruise brand with 23 modern ships offering cruises across five continents, guests can visit more than 100 countries worldwide with more than 250 destinations, making unforgettable memories and enjoying the finest hospitality. For more information visit msccruises.eu
Explora Journeys, launched in 2023, is the luxury ocean travel brand redefining the experience for a new generation of discerning travellers. The fleet, currently comprising three ships and expanding to six by 2028, offers effortless yet refined luxury. Guests embark on transformative journeys, connecting with the sea through exceptional itineraries that inspire discovery in all its forms. For more information visit explorajourneys.com

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Record €1.1bn Demand and €300m Raised

A landmark era for the Hellenic capital market and ocean-going shipping launched at Euronext Athens with the successful initial public offering and exclusive direct listing of Capital Maritime Finance Corp. (“CMF”). Marking a major milestone, total demand reached an unprecedented €1.1 billion, making it the most successful market listing in recent years.

Unprecedented Demand and Cornerstone Investors

The public offer attracted strong interest from international and domestic institutional investors, alongside thousands of Greek retail investors gaining direct investment access to the nation's premier export industry. Major Greek corporate groups (Vardinoyannis, Mytilineos, Peristeris, and Kokkalis) participated as cornerstone investors, contributing a combined €70 million. In response to the extended oversubscription, CMF expanded its offering, raising €300 million in gross proceeds.

Strategic Pricing and Value Creation

Despite room to price at the top of the range (€7.68/share), Capital Maritime Group, led by Evangelos Marinakis, consciously set the offering price at €7.50 per share to leave upside potential for new shareholders. This strategy yields an attractive dividend yield of ~6.80%, outperforming global peer averages.

Ringing the Bell and Executive Statements

The opening bell was rung by Erini Marinaki, daughter of founder Evangelos Marinakis. Nikos Koskoletos, CFO representing the President of Euronext Athens, described the transaction as a historic first direct shipping listing bridging vital global sectors. CMF CEO Gerasimos Kalogiratos emphasized that the successful IPO reflects the group’s structured growth, stating, "The real work begins now”. Hellenic Capital Market Commission Chair Vasiliki Lazarakou praised the listing for enhancing market evolution and transparency.

Athens as a Regional Maritime Hub

This landmark listing solidifies Athens as a dynamic regional maritime financial hub. Capital Group continues its global capital markets leadership, backed by Capital Clean Energy Carriers Corp. (CCEC) on Nasdaq and the landmark listing of Capital Tankers Corp. (CAPT) on Euronext Growth Oslo, which completed a record $500 million equity raise.

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Navigating Geopolitical Shifts, Financial Realities, and Regulatory Waves

The well-established and internationally renowned NYSE listed company Tsakos Energy Navigation (TEN) held its annual strategy meeting on October 19, 2026, at the Grecotel Cape Sounion, bringing together top-tier economists, market analysts, international diplomats, and maritime executives. Set against the backdrop of the Temple of Poseidon, the conference delivered a masterclass in global energy security, macroeconomic realities, and decarbonization trajectories.

Opening the proceedings of the meeting, an exciting video was projected to the audience focusing on TEN’s robust operational foundation, grounded in long-term charter security, pristine Port State Control performance as 93% of inspections recording zero deficiencies across a fleet traversing 90 countries and logging 3.7 million knots, and a steadfast commitment to seafarer safety.

A major focus of the meeting centered on TEN’s capital deployment and modern vessel trajectory. The group underscored its grant fleet expansion program for 2026–2028, featuring state-of-the-art newbuildings, shuttle tanker transactions such as its $1.3 billion landmark Transpetro agreement, and specialized tonnage designed to meet evolving energy trades.

The film also showcased the philanthropic work of the Tsakos Foundation, the TEENS high school and Nautical academy initiatives (honored with a Lloyd’s List Greek Shipping Award), and the recent championship victory of the Tsakos basketball team in the commercial shipping league. Solemn moments of tribute were paid during references to the naming ceremonies of M/T Dr. Irene Tsakos and M/T Silia T, celebrating collective commitment and corporate values.

Addressing the audience, Dr. Nikolas P. Tsakos drew parallels between current decarbonization mandates and past regulatory disruptions such as OPA 90, expressing confidence that tanker shipping possesses the resilience and time to adapt to emerging frameworks. Dr. Tsakos emphasized maintaining discipline: "We must be mindful and avoid over-ordering."

The event was honored by the presence of the founder of the Group Capt. Panagiotis Tsakos, the Ambassadors of South Korea Ju-seong LIM and Panama Julie Lymperopoulos-Karnakis, alongside former EU Commissioner Dimitris Avramopoulos

Geopolitics and Decarbonization

A key briefing delivered by Marco M. Sylvester (Deputy Assistant Secretary for Transportation Affairs, U.S. Department of Transportation / Senior VP, Airlines for America) examined the IMO Net-Zero Framework following MEPC 83 approval and the complex road to formal adoption.

Key takeaways regarding the regulatory horizon included:

Vote Arithmetic, while broad support exists, achieving the required two-thirds majority of Annex VI Parties remains tight. With 20+ typical abstentions and opposing votes hovering around 57, procedural adjournments remain a tactical hurdle.

 Commercial Read-Through for Tankers, Likely final outcomes favor dual-fuel solutions (keeping LNG viable longer) with lower trajectory slopes tied to actual fuel availability. However, primary risk exposure sits in charter party cost allocation, methane accounting, and prolonged exposure under binding regional constraints like EU ETS and FuelEU Maritime.

Global Economics

Dr. Maria Vassalou, Head of the Pictet Research Institute, provided a deep dive into U.S.-China competition, supply chain resilience, and the strategic control of six critical maritime chokepoints. Dr. Vassalou noted that structural inflation will likely remain above 2%, with capital costs rising as the U.S. secures cheap energy and critical minerals while constraining China's access to energy.

Complementing this perspective, Aggelos Kallipolitis, Global Economist, explored the structural geopolitical transition from "Just in Time" to "Just in Case" supply chain models. Turning to U.S. sovereign debt, Mr. Kallipolitis outlined the massive funding requirements facing the U.S. Treasury—with $71 trillion needing financing over the next five years—and analyzed the behavior of major sovereign bondholders (Japan, UK, China, Canada, Luxembourg, Taiwan, and Ireland). He also referred to the distinction between monetary currency fluctuations and real hard-asset values.

Tanker Market Update

Closing the speakers’ panel, Foteini Kanellopoulou, Director & Senior Tanker Market Analyst at Clarksons, provided a comprehensive tanker market update. Geopolitical shifts have acted as the primary catalyst for freight rate volatility, with cargo re-placements out of the Middle East and expanding Atlantic-to-East trades driving a substantial increase in tonne-mile demand.

Ms. Kanellopoulou highlighted key monitoring drivers for late 2026, including AIS-tracked crude flows, Strait of Hormuz stability, Red Sea export viability, and Sidi Kerir transits. Ultimately, tanker earnings will remain firmly dictated by fleet supply dynamics—specifically vessel demolition rates, new building delivery schedules, and global oil transport demand.

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Smart Investing for Future Gain

The Annual Marine Money Ship Finance Forum brought together international shipowners, financiers, and maritime executives to address strategic investments, geopolitical shifts, and evolving capital markets. Opening the conference, Mia Jensen, Director Greece & Events at Marine Money, set the theme "Smart Investing for Future Gain," reflecting a shipping industry that remains resilient and liquid despite ongoing global trade disruptions.

Navigating Disruptions

Delivering the keynote presentation, Apostolos Zampelas, Partner and Leader of Shipping Practice at McKinsey & Company, presented a detailed analysis of the macro environment reshaping maritime trade pointing out:

- Over $1 trillion worth of cargo trades annually through the Strait of Hormuz. The global energy system remains highly interdependent, directly impacting oil market supply and production.

- Artificial Intelligence is actively reshaping trade engines, with AI-related goods accounting for 37% of global goods-trade growth in 2025, while China and ASEAN continue to restructure manufacturing value chains.

- 23% of global trade faces critical dependencies, creating vulnerabilities amplified by marine chokepoints, supplier concentration, and geopolitical distance.

- Approximately 95% of the global population lives in regions dependent on fossil-fuel imports, making fleet adaptability and route diversification essential.

Navigating 2026 and Market Expectations

In a discussion moderated by Hugh B. Eden (Jefferies LLC), industry leaders reflected on market confidence amid geopolitical volatility in Venezuela, the Middle East, and the Black Sea:

Leon Patitsas (Atlas Maritime Ltd.) stressed the central role of tankers in the global energy agenda, predicting continued strength due to depleted inventories. He highlighted that expanding AI data centers will drive long-term energy demand, while advising owners to maintain readiness for market corrections and potential "black swans."

Stratos Desypris (Navios Maritime Partners) noted that a new global trade architecture has bolstered charter rates, supporting disciplined investments in newbuildings with secure charter coverage.

Aristides Pittas (Euroseas / Eurodry / Euroholdings) expressed caution regarding rising orderbooks, though noting that global tonnage grew at only ~2% annually between 2015 and 2025. He cited persistent inflation, rising interest rates, and trade recession as key risks, urging strong balance sheet management.

Jerry Kalogiratos (Capital Tankers Corp.) highlighted fleet aging and shadow fleet risks, expecting market equilibrium to restore as unmaintained, sanctioned vessels go for scrap during upcoming market corrections. He also emphasized human capital and crew safety at sea.

Michael Kourtesis (SeaHawk Group) raised concerns over crew safety in volatile zones like the Black Sea and the Strait of Hormuz, while confirming optimism for growing energy demand and opportunities in the secondhand asset market.

Capital Markets & The Growing Role of Euronext Athens

A dedicated session moderated by Lillian Georgopoulou (Euronext Athens) explored how European financial markets—specifically Euronext and the Athens Exchange—are providing alternative equity and bond solutions to complement traditional bank debt.

Alexandros Argyros (AXIA Ventures Group Ltd.) emphasized the potential of the Athens Stock Exchange to become a major European financial hub, noting that successful listings require critical mass, a compelling investment thesis, and deeper integration with European financial markets.

Nikos Kalapotharakos (Capital Clean Energy Carriers Corp.) discussed asset-specific capital strategies, pointing out how Norway (Oslo) caters to energy, the US (New York) to gas, and Athens to European infrastructure, noting strong retail investor interest in shipping bond offerings and dual and exclusive listings like Capital Maritime Finance.

Spyros Capralos (Star Bulk Carriers Corp.) explained Star Bulk’s secondary listing in Athens, aiming to mitigate geopolitical risks associated with pure US listings while establishing Athens as a maritime finance center akin to Oslo.

Alexandros Giannakas (Seanergy Maritime Holdings Corp.) praised Athens as one of Europe's top-performing stock markets, highlighting Seanergy's successful €100 million bond issuance and the value of an investor base that understands shipping cyclicality.

Konstantinos Adamopoulos (Safe Bulkers Inc.) noted how Safe Bulkers' pioneering dual listing paved the way for other shipping entities to access flexible capital beyond standard bank finance.

Captain of Industry, A Conversation with Harry N. Vafias

In an exclusive interview conducted by Chris Vartzis (Stephenson Harwood), Harry N. Vafias—Founder and CEO of StealthGas, Imperial Petroleum, and Non-Executive Chairman of C3is Inc.—shared insights from overseeing a combined fleet of 105 vessels across Nasdaq-listed entities and private management companies (Brave Maritime & Stealth Maritime).

Highlighting that the group operates with zero bank leverage, Mr. Vafias explained that eliminating debt accelerates decision-making, improves fleet valuation, and provides structural safety during market downturns.

Reflecting on the 2008 downturn, he cited the importance of fixing long-term contracts during peak markets and thoroughly analyzing new projects rather than making hasty decisions.

Outside of shipping, Vafias discussed his investments in real estate and ventures sourced through Dragons' Den, noting that commercial discipline applies universally across business sectors.

The SHIPS for America Act

Brian Maloney, Partner at Seward & Kissel LLP, delivered an update on the proposed SHIPS for America Act, detailing US efforts to expand its commercial maritime presence:

The act seeks to expand the internationally trading US-flagged fleet from roughly 80 vessels toward a target of 250 vessels.

Proposed Strategic Commercial Fleet payments outline escalating annual funding: $150 million in FY 2026, scaling up to $1.0 billion in FY 2030 and $2.1 billion by FY 2035.

Senate consideration remains pending, with ongoing deliberations regarding funding allocations for the Maritime Security Trust Fund.

Fleet Renewal & Financing

The final panel, of the morning session moderated by Jerzy Majewski (NorthCape AS) and introduced by Theo Kourmpelis (Lloyd's Register), focused on Greek shipowners commanding nearly half of all global vessel orders currently placed at shipyards.

Costas Delaportas (DryDel Shipping Inc.) outlined DryDel’s focus on eco-friendly newbuildings built to high specifications in Japanese yards, noting that newbuilds offer superior engine performance and operational efficiency compared to inflated secondhand prices.

Andreas Giakoumelos (Venergy Maritime Ltd.) described the current bank financing environment as a "honeymoon period" for CFOs, with plentiful liquidity enabling favorable terms despite long-term uncertainty around alternative fuels.

Theo Kourmpelis (Lloyd's Register) confirmed that crude and product tanker orderbooks spiked due to structural fleet aging and geopolitical rerouting around Ukraine and Hormuz, reaffirming that underlying demand fundamentals support Greek renewal programs.

Simos Spyrou (Star Bulk Carriers Corp.) discussed Star Bulk’s balanced approach using M&A, resale deliveries, and targeted divesting of older assets to hedge against long delivery lead times. He emphasized maintaining strong cash reserves to navigate market cycles and competitive lending conditionns.

Diverse Finance Sources & Chinese Leasing Dominance

Navigating Capital Options

A panel moderated by Alexia Hatzimichalis (Watson Farley & Williams LLP) evaluated Q4 2026 financing trends.

Alexis Stephanou (Goldenport Group) highlighted that improved corporate credit profiles allow owners to optimize pricing, stressing that capital sources must be tailored to specific project characteristics.

Sakis Voudris (Neptune Maritime Leasing Ltd.) described the advantages of leasing as a flexible tool for mid-sized shipowners, and marked tha Neptune’s solutions are backed by institutional investors Costamare and Latsco.

Symeon Pariaros (Euroseas / EuroDry / EuroHoldings) noted that while liquidity is abundant, pricing is secondary to structure, flexibility, and alignment with ESG criteria.

Nicholas Petrakakos (Alantra) and Mathias Børresen (NRP Maritime Asset Management) observed that while commercial bank debt remains dominant for newbuildings, corporatization is opening doors to alternative credit funds and structured equity.

The Power of Chinese Lease Finance

Moderated by Christoforos Bisbikos (Watson Farley & Williams), panelists Niovi Iasemidi (Capital Tankers Corp.), Dimitris Glynos (TMS), and Geoffroy Gunet (G Shipbrokers S.A.) analyzed why Chinese leasing maintains a strong foothold.

They mentioned as Key Advantages the High Loan-to-Value (LTV) ratios, predelivery financing, long tenors, and rapid market adaptability make Chinese leasing highly attractive for large-ticket newbuilding projects.

Panelists noted trade-offs including lack of direct asset ownership, exposure to global geopolitical shifts, and untested performance during severe market downcycles. In contrast to European banks operating with selective client criteria, Chinese leasing continues expanding aggressively across asset classes.

The New Generation, Future Leadership in Shipping

Moderated by Nick Daskalakis (Alpha Shipping Advisors Ltd), a panel of next-generation maritime executives discussed family legacies, technology, and strategic direction.

Diamantis N. Pateras (Contships Management Inc.), representing the seventh generation in shipping, stressed that the new generation must build upon core family values while adapting to stricter international regulatory frameworks and prioritizing corporate resilience.

Eirini Pitta (Euroseas / EuroDry / EuroHoldings) emphasized earning industry trust through technical competence. On decarbonization, she noted LNG currently offers a viable transition pathway while technology matures, advising against passive waiting.

Philippos Tsangrides Panagopoulos (Magna Marine) highlighted the value of operating a debt-free fleet, viewing shipping as a marathon. He advocated acquiring high-specification, Japanese-built secondhand vessels to navigate market cyclicality.

George Vranopoulos (Marine Plus SA) highlighted the transformative role of AI and holistic technical design in maximizing hull and engine efficiency, emphasizing long-term partnerships and business ethics.

Smart Investing for the Next Five Years

In the final closing panel moderated by Prof. Christos Sigalas (The American College of Greece), executive CFOs Harrys Kosmatos (TEN Ltd.), Nikos Gkezepis (Neptune Lines), Yiannis Kourkoulis (Armi Shipmanagement / SPM Energy Shipping), and Christos Zenios (Atlas Maritime Ltd.) outlined core strategies for the next five years such as Balancing conventional high-efficiency designs with optionality for alternative fuels.

Channeling targeted capital into AI and digital performance tools optimize fleet operations and fuel consumption.

Maintaining robust liquidity reserves and conservative leverage to withstand market volatility seize counter-cyclical growth opportunities.

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Named after the Group’s founder, the new vessel launches the celebrations marking more than 50+ years of Neptune’s history

Neptune Group of Companies has taken delivery of the newly built “NIKOS TRAVLOS” at Fujian Mawei Shipyard in China, marking the delivery of the second vessel under its expanded Genesis Project.

Genesis is Neptune’s fleet renewal and modernization program, introducing a new generation of Pure Car and Truck Carriers (PCTCs) designed for the evolving needs of the global automotive industry. The programme also supports the development of the Group’s integrated automotive logistics services across maritime transport, land-based logistics and port operations.

“NIKOS TRAVLOS” is equipped with LNG dual-fuel propulsion and can operate on both liquefied natural gas and conventional fuels. This provides greater operational flexibility and, depending on the fuel used and operating conditions, can help reduce certain emissions. The investment reflects Neptune’s commitment to improving the environmental and operational performance of its fleet while strengthening its transport capacity.

Neptune’s vessels are recognized by the signature “Eyes” painted on their bows. On “NIKOS TRAVLOS”, a moustache takes their place in a deeply personal tribute to the Group’s founder.

Melina Travlos, Chair of the Board of Neptune Group of Companies, attended the delivery ceremony alongside partners and stakeholders from Greece and China. Ms. Travlos said:

“Today is a deeply emotional day for me. It feels as though I am meeting my father again. With the delivery of this vessel, his name, NIKOS TRAVLOS, will sail across the seas of the world, the seas he loved so deeply and served with integrity and honour.”

“It was a conscious and deeply personal decision to begin celebrating Neptune’s 50-year journey with a vessel bearing the name of my father and our founder. NIKOS TRAVLOS is part of the Genesis Project, the new generation of our fleet. A vessel of the future, reflecting how we envision our journey ahead: with safety, responsibility and continuous progress.”

Referring to the bow, she added: “But today, the Eyes have also grown… a moustache. Your moustache, Father. And I am certain you are watching us. That you are looking over us, and that today, from up above, even your moustache is smiling with pride.”

Ms. Travlos also thanked Neptune’s partners in China, the management and staff of Fujian Mawei Shipyard, and all the teams whose dedication made the vessel’s construction and delivery possible.

The delivery marks an important milestone for Neptune Group, honoring its founder’s legacy as it looks ahead, guided by the values on which it was built: integrity, responsibility and continuous progress.

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A memorable day at the Panhellenic Exporters Association Annual Conference 2026 – “The New Era of Greek Extroversion”, held under the auspices of the Presidency of the Hellenic Republic.

Ms Eleni Koronaki, Managing Director of the KORONAKIS Group and Honorary Vice President of the Piraeus Chamber of Commerce and Industry, took part in the panel “Building Greek Businesses with a Global Footprint”, sharing insights on the importance of strengthening Greece’s presence in international markets and creating a stronger global footprint for Greek companies.

The occasion was particularly meaningful as Ms Koronaki also received an honorary distinction in recognition of her contribution to Greek extroversion, a tribute to years of vision and dedication to building an internationally respected Greek business.

This commitment is reflected in the KORONAKIS Group’s focus on strengthening its international presence through innovation, responsiveness to our clients’ evolving needs, and a clear understanding of international markets.

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Five decades supporting the Greek and global shipping community, 35% of ATPI’s marine business now managed from Greece and more than 130 professionals supporting clients across every major maritime time zone

Recognising half a century of supporting the Greek and global shipping community and the growth of its Athens operation into a key hub for ATPI Marine Travel globally ATPI Greece marked recently its 50th anniversary.

The Greek office now manages 35% of ATPI’s marine business, with more than 130 dedicated professionals supporting shipping clients across every major maritime time zone. Over its history, ATPI has managed approximately 2.4 million crew changes, supporting the movement of seafarers to and from vessels around the world.

ATPI Greece’s story has developed alongside Greece’s position as one of the world’s leading shipping centres. The heritage behind today’s operation can be traced to a specialist travel business established in the 1970s under the Griffin Travel brand, which expanded over the next 15 years to become a global marine network.

A further significant chapter began in 2015, when ATPI acquired Griffin Travel as part of the group’s expansion in specialist marine travel. The Greece team has since grown to more than 130 professionals and become an important hub within ATPI Marine Travel’s global network.

Nikos Gazelidis, Chief Commercial Officer, ATPI Marine division & Managing Director Greece & Cyprus, said: “Our 50th anniversary reflects a long-standing relationship with the Greek and global shipping community and the expertise built by generations of colleagues. Over that time, the business has grown from its specialist roots in Greece into an operation supporting clients and seafarers around the world.

“Crew change logistics have changed enormously too, from the way journeys are planned and managed to the technology and data now available to support them. What has remained constant is the importance of experienced people who understand shipping and can respond when circumstances change. That combination of heritage, people and continued evolution has shaped the business we have today.”

The team remains firmly embedded in Athens’ maritime community. In 2023, ATPI Marine Travel established the ATPI Crew Logistics Lab at Business College Athens, strengthening links between industry and maritime education with a focus on crew rotation optimisation and seafarer well-being. Its commitment to people is also reflected within the business, with ATPI Greece recognised among Greece’s Best Workplaces in recent years.

The most recent milestone came in 2025, when Direct Travel acquired ATPI, bringing all ATPI offices worldwide, including ATPI Greece, into the Direct Travel group. The acquisition opened a new chapter in the Greece operation’s 50- year story, combining its long-standing marine expertise with the wider global capabilities of Direct Travel.

Christal Bemont, CEO, Direct Travel, said: “50 years serving the shipping community is a significant milestone and reflects the depth of expertise and relationships within ATPI Greece. Athens is an important hub for our global marine business, and we see considerable opportunity to build on that heritage by continuing to bring together exceptional people, specialist knowledge and technology for maritime clients worldwide.”

As ATPI Greece enters its next chapter, its role continues to connect the expertise built within Greece’s shipping community with the needs of an increasingly global maritime sector.

About ATPI Marine Travel: ATPI Marine Travel is the international leader in specialist travel solutions to the shipping, cruise and yachting sectors. With deep-rooted expertise in crew rotation supported by 24/7 service and innovative technology, the company positions cost, operational efficiency, safety, and wellbeing at the forefront of its clients’ travel strategies. ATPI Marine Travel was responsible for more than 800,000 seafarer transactions in 2025 and with a network of offices in all global maritime centres, there is always an expert ready to help clients and crew.

As a specialist division of Direct Travel, ATPI Marine Travel delivers global travel management solutions tailored to the marine sector.For more information, visit https://www.atpi.com/marine-travel/

About Direct Travel, Inc.: Direct Travel is one of the world’s largest travel management companies, focused on delivering exceptional, innovative solutions to every client and traveler. With a long history of proven market expertise, we blend advanced technology, superior service and expert insight to drive tangible value and meaningful savings across Corporate Travel, Leisure Travel, Meetings & Events and specialty travel businesses.

Through Avenir, our next-generation platform developed with leading technology partners, we provide the industry’s broadest inventory and a modern, real-time shopping experience that empowers travelers and simplifies program management. What truly sets us apart is the human care behind the technology, delivered by an experienced, passionate team dedicated to anticipating needs and delivering exceptional service at every step.

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