The world of shipping is undergoing a series of profound changes, with new developments in financing, environmental protection, fuels, navigation and human resources. These changes were explored at the 6th annual Slide2Open Shipping Finance Conference 2023.
During his keynote presentation, the Managing Director of IEEE SA Standards Association, Dr Ing. Konstantinos Karachalios introduced IEEE, a huge ecosystem of knowledge, which can be beneficial to shipping.
In the panel discussion moderated by the Conference organizer and IEEE SA Ambassador for Maritime, Ms Despina Travlou, the President of the Hellenic Chamber of Shipping and Deputy Chairman of Contships Management Inc., Dr George D. Pateras noted that there is a huge hype about the environment, but greenwashing is also at play. If we keep on burning the fuel that we currently burn more effectively, we may achieve lower emissions. He also noted that Greece is ahead of the curve and is investing millions in research to this respect. Mr Leonidas Dimitriadis Eugenides, IMO Ambassador for Greece and President of Eugenides Foundation, stressed the importance of the human factor. Greek shipping accounts for more than half EU deadweight. But in terms of people, we need more, both onboard and ashore (at least another 10,000 officers). Professor Costas Synolakis intervened asking about market forces. Mr Vassilios Terzis, Managing Director of Queensway Navigation Co. Ltd and First VP of the Hellenic Shortsea Shipowners Association explained that in the shortsea shipping, electricity is an environment friendly solution. Battery vessels and port facilities are also discussed, but nothing is really done, apart from 2 battery filling stations in Rotterdam. Everything will have to be different by 2050, but realism is missing. IMO needs a lot of good advisors, because it has a critical role, but does not help the shipping industry. It is the leader, without giving any direction or solution on what to be done.
The second panel discussion, “What will it take to bring shipping finance back to its roots”, was moderated by Mr Angelos Roupas Pantaleon who asked about the regulatory framework for banks, on the occasion of the recent bank run.  Mr Bart Veldhuizen, Founder, Aquarius Maritime Capital Ltd, noted that probably the regulatory bodies in the US eased up their oversight on smaller institutions. Mr Konstantinos Petropoulos, General Manager, Head of Shipping and Structured Finance at Piraeus Bank said that, after previous events, maybe we do not have enough regulation! Mr Vasilis Papagiannopoulos, Director of Common Progress Co. Na Ltd, sees that there is reciprocity and very good service from their bankers. Regulation is a very interesting topic, as one cannot regulate everything, not everything is black or white. Shipping is based on relationship banking, maybe not as it was in the ‘80s, but good support from bankers has helped Greek shipping flourish, and this is still there to a large extent. He believes that there is always room for bank executives who know the business to support new companies that are hard to find financing. The question of “who finances the ships” is not irrelevant for Europe, as it has much to gain from a big industry, very important in terms of supply chains and resilience. Therefore, there is not only a business side, but also a political side of ship financing. Mr Nicholas Petrakakos, Managing Partner at ALANTRA, noted that the regulatory framework has allowed the emergence of credit funds and leasing in shipping. This type of fund is more sophisticated and less regulated. For Greek shipping, transition to private capital approach has been slow, to the benefit of banks. Therefore, relationship banking is helpful, but may not drive innovation in financing, as alternative financing does.
The third panel started immediately afterwards and focused on “Sustainable Development in Shipping – Best Practices”. Mr Vasileios Petousis, Energy & Sustainability Officer, Seanergy Maritime Holdings Corp. answered that sustainability is very complex for shipping, better coordination among stakeholders is necessary to achieve sustainability. Mr Christos Matsikoudis, Area Sales Manager EastMed, Wärtsilä Voyage, explained that complying to regulations depends on time, how fast is the industry going to adapt and trust. Ms Helena Athoussaki, Head of ESG, Sustainability & Climate Change, Motor Oil Group, said that ESG is a challenge. She noted that when ESG is integrated in a company, this helps addressing risk management and finding opportunities. Mr Konstantinos Oikonomou, CEO, Marine Tours Group of Companies, explained that travel has a very serious environmental footprint and agreed that integrated ESG into their operations is a challenge, noting that it is not something that comes cheap. Systems are in place that help the shipping to better manage their travel.
Ms Elisabeth Calbari, Neuropsychologist, Executive Leadership Consultant and Founder of Self-Balance engaged in a most interesting conversation with Mr Makram Daouk, Business Director of Crossworld Marine and Ms Maria Korkontzelou, Crew Manager of Seanergy Maritime Holdings Corp. on “Human Sustainability of Crews and Offshore Managers in the Maritime Industry”. More specifically Ms Calbari stressed the importance of the human element onboard and ashore. In terms of challenges, Ms Korkontzelou noted to achieve human sustainability and this is done through empowerment and training in leadership, soft skills, communication skills of multinational seamen and the company personnel. Mr Daouk stressed that nowadays very specific skills are required, the world fleet is increasing, the demand is huge, responsibility is much higher and less people now go to ships. Discussants agreed that cheap crews have hidden costs, as in the long run the gap will widen. Investment in people is necessary. A healthy worker, happy and proud for his/her work, can only benefit the company and the industry.
The fourth panel of the day came in the form of the AMMITEC Open Forum on “Autonomous Shipping – Balancing the benefits against safety and security concerns”. Moderator Dr Matthew Maheras, CIO, Metrostar Management Corp. Vice President of the BoD, A.M.M.I.T.E.C. introduced the panelists, Mr Michalis Michaloliakos Phd, MSc, Head of ICT & Cyber Security Services, TMS Cardiff Gas Ltd, Mr Frank Palaiokrassas, Head of Data Governance & Analytics, Bernhard Schulte Shipmanagement, Ms Katerina Raptaki, Digital Transformation, Cyber Security and e-Governance specialist, Navios Group of Companies, Member of the BoD of A.M.M.I.T.E.C. discussed on the feasibility and commercial use of autonomous ships, their impact on the environment, the potential costs to the industry and the effects on personnel, both on board and ashore. More specifically, Dr Maheras noted that 2022 was a landmark for autonomous shipping with an autonomous crossing of the Atlantic. Obviously technology is here and regulations are evolving fast. Is large-scale autonomous shipping going to happen soon? “Can AI navigate ships in open sea today?” ChatGPT was asked this question and answered “yes, …. however, this is yet relatively rare”. Mr Frank Palaiokrassas replied that the holy grail of autonomous navigation does not have all the answers yet. Shipping companies nowadays run on data and the IT department has come to the heart of shipping companies. Mr Michalis Michaloliakos noted that autonomous does not mean unmanned, the human element is always important. Ms Katerina Raptaki added that we need to spend a lot of time to discuss with the community about the advantages and disadvantages with autonomous shipping. Financial benefits, better performance, safety considerations are important.
In her greeting speech, Ms Eirini Veniamis Mangos, Vice President of ICC Women Hellas and Director of Golden Union Shipping, noted that members of ICC come from different industries, aiming at the positive reinforcement of women. It is essential that more and more women are integrated into shipping, not only ashore, but also onboard.
Harry N. Vafias, Founder and CEO of Stealthgas Inc. and of Imperial Petroleum Inc., discussed with Mr Angelos Roupas Pantaleon on “Dragon Seeds – Start-ups and successful pitching”. The conversation was moderated by journalist Irene Nikolopoulos. Mr Vafias shared insights on how he approaches life and mentioned that life is a non-stop pitch, a non-stop negotiation, and this applies to everything and every relationship. He emphasized the importance of persistence, timing, luck, good industry knowledge, and negotiation skills in achieving success. Mr Vafias noted that timing is the most crucial factor of all. His discussion shed light on the intricacies of pitching and starting a successful business, offering valuable advice to those looking to enter the industry.
The fifth panel discussion was moderated by Ms Eirini Liadis, ICT Senior Sales Specialist, OTE Group, who discussed “Connected Oceans: Harnessing the Power of Space-based technologies for Operational Excellence”.
Mr Philip Nielsen Co-founder of Oriani explained that space technology can be disruptive, because it provides one, truly global communication network from everywhere. This increased hyperconnectivity will have tremendous advantages, including autonomous operations. Satellite technology can make shipping more efficient, and bring about more meaningful operations, enabling real time decision making. Technology nowadays is not about software; it is about connectivity, which now comes from space, and people. In the past captains were wondering what happens below; now they will be wondering what happens above.
The sixth panel discussion of the conference, “Paving the Next Steps of Maritime Sustainability: Maturing Electrification and Environmentally Friendly Fuels” was moderated by Professor John Prousalidis, Professor of Marine Electrical Engineering, NTUA. Dr John Kokarakis, Technical Director SEEBA Zone, Bureau Veritas, talked about alternative fuels. It is difficult to make a forecast; it will most probably be a multi-fuel future. Fuel selection criteria depend on green production, storage, availability of bunkering, compulsion, price, etc. Methanol is becoming popular these days, while he predicts that hydrogen will be used more in the future, though it is difficult to store. In any case, huge investment is required. Mr Spyridon Paschalis, President of the Association of Passenger Shipping Companies (SEEN) and Chief Executive Officer of Attica Group, explained that passenger shipping companies have to comply with new regulations, which are very demanding. They are looking for unified protocols of port equipment, interoperability between ports, aligned time plans of installation between ports and vessels, reasonable pricing and taxation of electricity, acceptable investment payback period and electricity to be considered as maritime fuel. Mr Theocharis V. Terzis, Business Development Manager, Queensway Navigation Co. Ltd, talked about short sea shipping, which is quite ready to go electric. As a sector, it is very close to the shore and electrifying the vessels is by far the optimal option for the moment. Also, as a solution it has zero noise and zero smell. Financial incentives and port infrastructure are required. Mr Dimitris Spyrou, Consultant, Piraeus Port Authority S.A. explained that the port of Piraeus has made steps towards tackling the environmental impact of its activities. The decarbonisation plan of the Piraeus Port Authority also includes steps towards alternative fuels. Accompanying measures have also been introduced and work is undergoing in the technical, legal, regulatory and financial area. Bunkering is a great challenge. The support and cooperation with competent authorities is of major importance.
Mr Alexander Hadjipateras, SEVP, Dorian LPG (USA, LLC and MD, Dorian LPG Management Corp discussed with Mr Angelos Roupas Pantaleon about the human element in shipping, from the perspective of the younger generation. Mr Hadjipateras noted that ship is the floating business of the company and it is essential to instill a sense of ownership. This is achieved through crew loyalty, training and managing structure. Technology and the human element are bridged together and help improve efficiency. As for shipping cycles, they use time charters, while hedging portfolios, monitoring the market and reacting accordingly. Managing in-house is rewarding while getting hands-on experience is necessary.
On a friendlier note, Mr George Alexandratos, General Manager of Apollonia Lines SA and Vice President of the Hellenic Chamber of Shipping, discussed with Mr George Laios, Deputy CEO of Intermodal Group and Vice President B of the Association of Banking and Finance Executives of Hellenic Shipping, on how he sees the dry market. He stressed that shipping is the cheapest way to transfer cargos, this is why it accounts for 90% of world transport, and this will not stop any time soon. Over the past 30 years, we have the shortest order book and for the first time this year and up to 2025 there will be more scrap than incoming new vessels. This gives ground for optimism. He believes in the Greek maritime cluster and stressed the need to go together and promote shipping, putting it to the fore.
The final panel discussion of the day, “Capital Markets: Reconnecting the Dots – Reattracting companies and investors”, was moderated by Mr Angelos Roupas Pantaleon. Ms Peggy Papastavrou, Listings Director, presented the Athens Stock Exchange (147 listed stocks, with a market cap of €71 billion). 3 Greek shipping companies, listed on NASDAQ and NYSE, have issued bonds on the Athens Stock Exchange. Ms Papastavrou explained why it is worth listing on the Athens Stock Exchange and stressed their support to ESG principles. Ms Papastavrou noted that she believes that the bond project is a huge victory. She agrees that we cannot compete to the US market. In terms of dual listings, two out of the three companies that made dual listings still have most of their activity in Greece. The third is the one that managed to be included to the major index of that foreign exchange. For US listed companies, if they have a dual listing in Athens, they will get exposure and visibility to a differentiated investor base.
Mr Alexis Stephanou, Chief Financial Officer of Goldenport Group in discussing the attractiveness of a stock exchange, explained that with the hindsight one key feature that was attractive at the time of the ipo is that especially on the London stock exchange, investors are predominantly yield oriented, so, given that shipping is a cyclical business, there was considerable dividend in the first years. Stability is required to grow your business. Mr Christos Timagenis, Partner, Timagenis Law Firm, explained that European capital markets are not that attractive, because of legislation that is more restrictive. US listed companies have the opportunity to do overnight offerings. These are fundamental issues, that cannot be solved individually. Also European capital markets have a different philosophy, where rules are preventative, at the end of the day presenting obstacles. We will see equity listings in Greece. Mr Stavros Gyftakis, Chief Financial Officer, Seanergy Maritime Holdings Corp., said that when comparing the US to the EU capital markets, one finds more depth in the US – and the figures are incomparable. Retail investors have to be brought to the centre of the narrative. Openness, consistency and continuity in the capital market are necessary.
Mr Konstantinos Delaportas, Chief Executive Officer, Meadway Shipping & Trading Inc. discussed with Mr Alexandros Damianidis, Partner, Assets & Structured Finance Group, Watson Farley & William on the story of Meadway and its presence in different parts of the world (including Singapore and Dubai). They combine ship owning with operating, in order to be close to the cargo. For the years ahead he sees that the fundamentals are strong (supply and demand), China has opened up again and foresees growth, elements that will boost trade. As concerns fleet renewals, he is more pro new builds, as new vessels have new engines, lower operating expenses and less emissions. They prefer to build their ships in Japan, where design is more improved, specifications much better. Turning to fuels, he believes that for the dry bulk sector, it will not be easy to find a good alternative to oil. Finally, as regards shipping finance, he believes that it is easier to find finance than find a ship!
The last discussion of the day was that between Mr Theocharis V. Terzis, Business Development Manager, Queensway Navigation Co. Ltd and Mr John N. Cotzias, Project & Finance, Xclusiv Shipbrokers, President, Hellenic Shipbrokers, who discussed challenges in their company. The market is good and obviously the question is what will happen in terms of environmental compliance. Every trading pattern has its own solution. Electrification is a solution for the bunkering segment. For the asphalt market, different solutions are being explored. There is a lot of technology, let’s take one step at the time. The point is what the regulators will do at the end. Many ship owners are ready for the future, but the rest of the stakeholders are not as ready to follow.
As always, the conference came to its close with the most interesting speech of Mr George Tsavliris, Principal of Tsavliris Salvage Group and non-executive Chairman, OneGlobal Broking, Greece and Cyprus. Mr Tsavliris noted that the proceedings of the conference were very interesting. He placed emphasis on the basic idea some of the speakers spoke about, the idea of encouraging the new generation. Let’s not forget the fact that the biggest strength of any country is its next generation, Mr Tsavliris said. Being a romantic Greek he finalized by quoting poet Odysseas Elytis who mentioned the following beautiful saying: «Εάν αποσυνθέσεις την Ελλάδα, στο τέλος θα απομείνουν μία ελιά, ένα αμπέλι και ένα καράβι»; If you decompose Greece what will remain will be an olive tree, a vineyard and a boat. Which means that these are the elements that you can build Greece from the beginning.

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The maritime world of Piraeus mourns the loss of a pioneer and modest shipowner, Nikos Leventakis, who passed away very early at the age of 64.
He leaves behind his notable wife Evita Makryonitis and their two children Dimitris and Maria who are successfully active in shipping.
Nikos Leventakis had been leading the company Gregomar Shipping Agency for 40 years offering his valuable knowledge and expertise in shipping which was one of his many passions.
However, he was much more than just a great professional. He was a great man and those who were lucky enough to know him can certainly speak of his integrity, honesty, compassion and sense of humor.
It must be noted that Grecomar operates a state of the art fleet of bulk carriers with an energy efficiency capabilities consisting of handymax and supramax vessels.
In a recent interview to ELNAVI Nikos Leventakis, had commented that the shipping market fundamentals and his company’s initiatives to meet the environmental challenges.
He had predicted that the dry cargo market will remain strong due to the demanding framework of the decarbonization targets towards 2030.
As he had said: “Our fleet has been built according to the highest standards of safety and efficiency and are equipped with eco type engines”.
Nikos Leventakis had an excellent knowledge of the financial and technological requirements of shipping and he was very concerned and dedicated to his company's human workforce, on board an ashore.
He had also outlined: “At Grecomar we are committed to the principle “People first” investing enough time and resources to the continuous training of our crew.
We believe that seafarers must also be trained in new technology in order to achieve higher safety standards along with skills required to adapt to market trends”.
For Grecomar the sea environmental protection is crucial.
As he had pointed out: “Our company is committed to traditional shipping values powered by new ideas. This means that we care for the welfare and safety of our seafarers providing quality and efficient seaborne transportation services in the dry bulk sector.
We aim to maintain our 60-year reputation in shipping as one of the most reliable and consistent pure dry bulk shipping companies.
Therefore, our future efforts and initiatives will always be led by our passion and vision towards low and eventually zero carbon footprint and a more sustainable shipping environment”.
With these ideas, Nikos Leventakis was established as one of the most insightful and visionary shipowners who laid the foundations of the new era for Greek shipping.
Farewell Nikos Leventakis!!

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Three new-built containerships that were constructed in Hyundai Mipo Dockyard in S. Korea added to the fleet of Capital-Executive Ship Management Corp.
The company took delivery of the newbuildings C/V ‘Asterios’, C/V ‘Adamastos’ and C/V ‘Aias’, the first three of nine 1,827 TEU sister container vessels, each equipped with 355 refrigerated containers.
Through optimized hull lines and the application of cutting-edge technologies aimed at improving energy efficiency and reducing the environmental footprint, the 1,827 TEU container vessels C/V ‘Asterios’, C/V ‘Adamastos’ and C/V ‘Aias’, can achieve up to 65% lower energy consumption compared to older designs, 80% lower NOx emissions from the Tier III NOx catalyst, while they are also prepared to run on LNG in the future.
Capital-Executive Ship Management Corp. currently operates a fleet of 41 vessels including 35 container carriers and 6 modern bulk carriers with a total dwt of 2.95 million tons approx. and total TEU of 167,187. The fleet under management includes vessels of Nasdaq-listed Capital Product Partners L.P.

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The role of methanol as shipping fuel was examined by ABS and leading members from the Greek shipping industry.  An in-depth discussion of the potential of methanol as a marine fuel to support shipping’s decarbonization objectives, hosted by ABS under the title “Athens Methanol Forum: Unlocking the Value of Methanol”. The event brought together shipowners, operators, shipyards and equipment manufacturers for an afternoon of presentations and a panel discussion followed by an evening reception.
“ABS is committed to supporting the safe adoption of methanol by the industry and today’s event is an aspect of that. In this forum, we brought together a unique blend of the people, the companies and the regulators that can help us understand where we are, where we need to go and what must happen in order for long-term change to occur,” said Vassilios Kroustallis, ABS Senior Vice President, Global Business Development.
“Methanol is increasingly being recognized as a compelling alternative pathway for owners and operators. With practical benefits related to ease of storage and handling, tank-to-wake carbon intensity reduction, as well as a pathway to carbon neutrality through green methanol, methanol presents an immediate and promising solution,” said Panos Koutsourakis, ABS Vice President, Global Sustainability.
The Methanol Institute’s (MI) Rafik Ammar, Manager of Government and Public Affairs in Europe, joined the event, providing the latest information from the 34-year-old global trade association on methanol as fuel.
ABS specialists shared material on market trends for alternative fuels, existing and emerging technologies supporting methanol’s scale-up and the current regulatory framework around methanol. The agenda also included presentations from George Drossos, Head of Marine New Sales and Promotion from MAN; Dimitris Koliaroudakis, Director of Project Department from Technava; and Stamatis Achillas, Head of Business Development and Sales from Wartsila. 
A panel discussion focused on the viability, advantages and roadblocks in the methanol pathway was led by ABS Business Development Manager Maria Kyratsoudi and featured Rafik Ammar; Loukas Barbaris, President, Safe Bulkers; and Panos Kourkountis, Technical Director, Sea Traders.

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Attica Group, the parent company of SUPERFAST FERRIES, BLUE STAR FERRIES and HELLENIC SEAWAYS, received its distinction as ‘One of the top companies shaping the Business Map of Sustainable Development in Greece’ at the QualityNet Foundation’s ‘The most Sustainable Companies in Greece 2023’ event.

This distinction is awarded to companies that implement a holistic approach to Sustainable Development, which is systematically incorporated into their business operations, making them model companies in the Greek market.
Attica Group was evaluated based on the SUSTAINABILITY PERFORMANCE DIRECTORY – a technical business indicator for evaluating an organisation’s performance on Sustainable Development issues – and received distinctions in three categories:

• Sustainability Leaders
• Top Sustainable Companies
• Sustainable Companies

Companies are ranked based on three criteria:

• The Initiatives, Actions and Programmes they develop with regard to the Thematic Pillars of Sustainable Development.
• The Policies, Systems and Procedures they develop to support their Responsible Entrepreneurship.
• Their Disclosure of non-financial data.

This distinction acknowledges and rewards the Group’s commitment to ensuring that its business operations are based on transparency, accountability, sustainability and incorporation of environmental, social and governance (ESG) criteria into day-to-day operation, as well as its commitment for transition to a sustainable future in line with ESG standards.
Attica Group is engaged in passenger shipping through SUPERFAST FERRIES, BLUE STAR FERRIES, HELLENIC SEAWAYS and AFRICA MOROCCO LINK, operating 35 vessels providing modern, high-quality transportation services in Greece and abroad. Attica’s vessels serve 61 unique destinations in 4 countries, connecting 79 ports and transporting more than 6 million passengers, 1 million passenger vehicles and 500,000 trucks every year.

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The Greek Shipping Hall of Fame has announced that this year’s annual Induction Ceremony will take place as an outdoor dinner event on the evening of Wednesday 5 July 2023 at Megaron, The Athens Concert Hall.    
Caroline Lowry, Director of Phoebe Media & Events Ltd, the exclusive event organiser comments: “We look forward to welcoming event sponsors and their guests as well as other senior figures in Greek and international shipping to this year’s Induction Ceremony & Dinner to honour the Hall of Fame’s Inductees.”
The Greek Shipping Hall of Fame Induction Ceremony & Dinner 2023 will celebrate the industry’s leadership, history, and culture during a unique evening which is recognised as Greek shipping’s most prestigious annual dinner event. 
The Induction Ceremony 2023 will feature an exciting and unique programme of content celebrating the 36 shipping ‘greats’ already inducted as well as unveiling the latest Inductees - the 2022 Inductees. 
Greek children’s charity Hellenic Hope will again receive a donation from the event proceeds to support its work with Greek NGOs across a range of children’s projects.
The Greek Shipping Hall of Fame is pleased to acknowledge the support of our event sponsors:
ABS, IRI/The Marshall Islands Registry and Shanghai Waigaoqiao Shipbuilding Co. have agreed to be Co-Lead Sponsors of the Induction Ceremony & Dinner 2023. 
Christopher J. Wiernicki, ABS Chairman, President, and CEO comments: "ABS is a proud, long-standing partner to Greek shipping. We have worked with many of the legends of the Greek Shipping Hall of Fame and seen at first hand their incredible energy, entrepreneurial spirit, and inspirational achievements. We stand ready to support the next generation who will continue their legacy."
Theo Xenakoudis, Director – Worldwide Business Operations & Managing Director Greece, International Registries Inc. comments: “The Greek shipping community continues to be a pioneer in sustainability, efficiency, and moving global trade. International Registries, Inc. (IRI) and the Marshall Islands Registry are privileged to celebrate the latest honourees to the Greek Shipping Hall of Fame for their spirit of innovation and advancement.”
Wang Qi, Chairman of Shanghai Waigaoqiao Shipbuilding, comments: “SWS looks forward to being in Athens this summer to attend the 2023 Greek Shipping Hall of Fame Induction Ceremony & Dinner.  It will be a great pleasure to meet with all of our Hellenic and international industry friends to celebrate the lifetime achievements of the Hall of Fame’s Inductees.  The ambition, dedication, and leadership of great figures from the past inspires all of us at SWS to continue to tackle the challenges of today and tomorrow.  We cherish more than 20 years of close friendship with the Greek shipping community, and we remain dedicated to provide low carbon, high efficiency, smart and safe shipping solutions.”
Premium Sponsors confirmed to date are Cayman Islands Shipping Registry, Citi Private Bank, Moore Greece, and Optima Shipping Services.
Bank Julius Baer will again enhance the Greek Shipping Hall of Fame’s support for Hellenic Hope.
Standard sponsors so far include Anglo Eastern Ship Management, Cass Technava, China Classification Society, ClassNK, Isle of Man Ship Registry, Lloyd’s Register, Marichem Marigases Worldwide, Marine Tours and Seascape Marine & Trading.
Air France KLM Group as our exclusive Airline Partner. 
The Greek Shipping Hall of Fame thanks all sponsors for their kind support.
Sponsorship & General enquiries: This email address is being protected from spambots. You need JavaScript enabled to view it.
The Greek Shipping Hall of Fame resides at www.greekshippinghalloffame.org

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The recent meeting of the RINA Hellenic Technical Committee (HTC) bought stakeholders from all parts of the shipping industry together to discuss the impact of new regulations (CII), the way forward for decarbonisation, and the latest developments in digital tools to enhance operational efficiency and safety.
The shipping industry has some critical targets for decarbonisation with IMO 2030 and 2050. The challenge for operators, however, is not just which technology offers a solution for the new builds of the future but what they can do with existing fleets. This was a core theme at the recent HTC meeting, held at Vouliagmenis marina, 25km south of Athens, on 9^th March.
RINA has a new structure to its business in Greece with a new South EMEA Region and an initiative for a new Surveyor’s Academy in the country. Giosuè Vezzuto, Executive Vice President of RINA Marine, explains further, “Greece is an important area for shipping and for RINA, and we will continue to invest in this region. The new Surveyor’s Academy will train all RINA surveyors, and we aim to expand this to include places for university students and young graduates in the near future.”
Spyros Zolotas, Senior Director, Marine South EMEA Region at RINA, says, “Getting together at events such as the HTC is essential to reaching the goals of our Industry. It allows us to discuss real issues, understand concerns, and share vital knowledge and experience.”
The HTC meeting, jointly chaired by Theo Baltatzis, General Manager, Technomar Shipping, and Akis Tsirigakis, CEO, Nautilus Energy Management Corp., covered many topics, including an update on regulations, improving CII of existing ships, aspects and impacts of alternative fuels, and the new challenges for new builds. It also incorporated a presentation from Tom Sand, Vice President of Marine and Ports at ABB, on the latest electric propulsion technology, which offers a strong solution to reducing emissions.
“There are many possible solutions that will help to decarbonise the shipping industry, but, at the HTC, it was clear that many are confused about new ideas and need practical solutions that will move us forward today and allow companies to operate in the way they need. There will not be a single answer, and we must continue to explore all the options available to us,” continues Zolotas.
Digital tools are a vital part of reducing carbon emissions. The HTC also discussed the solutions available today that help make daily operations more efficient and address the industry's challenges.
Zolotas comments, “Digital tools have an important part to play. They offer ways to reduce human error and simplify operations onboard. By analysing fleet data, we can find ways to increase operational efficiency and ship performance and optimise routes, leading to lower emissions. Of course, hand in hand with digitalisation comes cyber security, which is an area also covered by the committee and one in which RINA is placing significant investment to support the shipping industry.”

The full agenda covered a variety of speakers to inform and support attendees and promote discussion around key topics:

• “Rules Update”, Dimitris Karikoglou, Senior Engineer, RINA Marine South EMEA
• “Electric propulsion in low carbon shipping”, Tom Sand, Vice President, Marine and Ports, ABB
• “Solutions to improve the CII of existing ships: a test case of a bulk carrier”, Elias Boletis, Propulsion & Energy Efficiency Senior Advisor, RINA Marine
• “Aspects and Impacts of alternative fuels”, Antonis Trakakis, RINA Marine Technical Director
• "New Buildings-New Challenges” Marinos Anastassiou, Key Account Manager New Buildings, RINA Marine
• “Digital tools to facilitate daily operations/challenges", Michela Schenone, Marine Digital Solutions Manager RINA
• “RINA Marine Cyber Security”, Michail Vrettos, Cyber Security Expert, RINA Marine

RINA holds regular workshops to support further the sharing of information and knowledge, the most recent of which covered Electronic Logbooks and Fleet Management and IACS Cyber Security Requirements.
Zolotas concludes, “We know we have an important part to play in keeping the conversation on decarbonisation moving forward. The HTC meeting contained much practical information to help shine a light on the challenges and solutions that are here today and ahead of us for the future. It is by working together that we will meet our goals.”
RINA provides a wide range of services across the Energy, Marine, Certification, Infrastructure & Mobility, Real Estate and Industry sectors. With net revenues in 2021 of 533 million Euros, over 5,300 employees and 200 offices in 70 countries worldwide, RINA is a member of key international organisations and an important contributor to the development of new legislative standards. www.rina.org     

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"European Shipping should guarantee the supply of energy and raw materials within the framework of the Green Deal Industrial Plan (GDIP) initiative and the relevant legislative proposals discussed at the recent European Union Summit (EU0)" points out the Union of Greek Shipowners in a statement welcoming the GDIP.
The statement points out that: “Shipping’s key role in this deployment is self-evident. Shipping guarantees the security of supply of energy, raw materials and essential goods for the EU economy at both calm and turbulent times. It constitutes a strategic industry for the EU and not a mere mode of transport.
At the same time, the decarbonization of the shipping sector urgently requires dedicated alternative and safe marine fuels. The GDIP must cater for their speedy and sufficient development and supply by out of sector stakeholders. Equally, implementation of the GDIP should not lead to distortion of competition and major inequities among EU Member States.
For the achievement of the Plan’s multiple objectives and for a viable EU shipping, better coordination among the competent services of the EU and closer consultation with the shipping industry is required.
“Without shipping there can be neither green transition nor strategic autonomy for the EU”, the President of the UGS, Ms. Melina Travlos, stated. The path to the decarbonisation of our sector must be ambitious but also realistic. This is the absolute minimum to safeguard the international competitiveness and sustainability of EU shipping, a vital industry the EU cannot do without”, Ms. Travlos concluded.

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Celebrating 50 years of intense activity and dynamic evolution in shipping, Nikos Vafias, who was awarded by Lloyd's List for his long career in shipping, is one breath away from entering the exclusive 100-year club where the very few who have a fleet of more than 100 ships with ship acquisitions close to $1 billion.
According to shipping sources, it has reportedly gone ahead with five more purchases of their vessels in the past two months bringing the total acquisitions through Brave Maritime Corp to a total of 28.
More specifically, the Greek shipowner bought, after very intense competition, four more capes which were never openly on the market and were bought silently 'under the radar', raising the group's fleet of capes to 10 in total. Two of them have been built by BRAVE while the other 8 have been bought as secondhand mostly from C.T.M in Monaco!
In addition, it also bought a supramax cargo ship, built in 2011 in Mitsui, Japan from a series that the group had left since 2009. This is the 29th ship in total acquired in the last 12 months by Nikos Vafias in a crescendo of investments amounting to 900 million dollars that impresses the international shipping community for its speed of responsiveness and momentum.
With these purchases Brave Maritime Corp has acquired within just 12 months fifteen vessels (almost all cape size), five newly built MGCs from HYUNDAI in Korea and nine tankers of which three are Medium Range clean Tankers, one Aframax and four Suezmaxes .
Loan obligations and twelve-month results
Based on the announcements of the listed companies of the group, Imperial Petroleum has no loans, the same is now true for the private companies Brave Maritime and Stealth Maritime, while StealthGas has borrowings below 25%!
The two listed based on their 2022 results had a total revenue close to 300 million dollars and profits close to 70 million for 2022!
All 29 vessels belong to the private arm of the Vafias Group, which includes the two shipping companies listed on the US stock market, StealthGas Inc. GASS (since 2005), which announced its best results in ten years.
Imperial Petroleum Inc IMPP (since 2021) announced a 15,400% increase in earnings!!! and two private companies Brave Maritime corp inc (since 1972) and Stealth Maritime corp SA (since 1999).
After the new purchases, the Group's fleet consists of 95 vessels (40 gas carriers, 30 tankers and 25 cargo vessels), worth, based on the Vessels Value, more than 2.8 billion dollars.

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Investing in the next generation leaders Classification society DNV recently honoured the top graduates of the School of Naval Architecture and Marine Engineering at the National Technical University of Athens (NTUA) for the 2021-2022 academic year. The ceremony was held at DNV’s offices in Piraeus.
The event was graced by the presence of the Rector of the NTUA, Prof. Andreas Boudouvis, and the Dean of the School of Naval Architecture and Marine Engineering, Prof. G. Zarafonitis. The Rector expressed his gratitude to DNV for the initiative and emphasized the importance of this award not only as a reward for the graduates’ efforts, but also as an endorsement of the quality of NTUA’s graduates from a world-leading organization like DNV. As a result of two graduates tying for third place, the ceremony recognized four recipients instead of the usual three.
“The maritime industry is experiencing significant transformations, but this is not only affecting world trade but the economy and society as a whole,” said Ioannis Chiotopoulos, Senior Vice President and Regional Manager South-East Europe, Middle East and Africa at DNV Maritime. “This makes investing in tomorrow's leaders today crucial. By establishing the Excellence Award, we want to show our commitment to supporting the next generation, the young people who will take on the challenge of driving shipping towards greater sustainability, efficiency, and safety.”
The Excellence Award reflects the strong ties between DNV and NTUA, with many of the company's employees in Greece being NTUA’s graduates. DNV is also contributing to the development of future naval engineers by providing hands-on experience through internships during the summer months and offering free seminars to all students of the School of Naval Architecture and Marine Engineering throughout the year.
In 2021 DNV Hellas proposed to the Senate of the National Technical University of Athens (NTUA) the establishment of an Excellence Award for the top three graduates of the School of Naval Architecture and Marine Engineering, which was accepted. The first award ceremony, for the outstanding graduates of the academic year 2020-2021, was held on December 20, 2022.
DNV is an independent expert in risk management and quality assurance. Driven by the purpose, to safeguard life, property and the environment, DNV empowers its customers and their stakeholders with facts and reliable insights so that critical decisions can be made with confidence. As a trusted voice for many of the world’s most successful organizations, DNV use its knowledge to advance safety and performance, set industry benchmarks, and inspire and invent solutions to tackle global transformations.
DNV is the world’s leading classification society and a recognized advisor for the maritime industry. The society enhances safety, quality, energy efficiency and environmental performance of the global shipping industry – across all vessel types and offshore structures. DNV invests heavily in research and development to find solutions, together with the industry, that address strategic, operational or regulatory challenges.  
Image: Ioannis Chiotopoulos (left) with the Rector of the NTUA, Prof. Andreas Boudouvis

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