Briefing by InvestHK on Hong Kong’s business advantages 

Aiming at the further expansion of Hong Kong as a Transport Logistics and Industrial International Centre the InvestHK’s Benjamin Wong Head of Transport & Logistics and Industrials, welcomed the media correspondents and referred during a press briefing at the advantages of Hong Kong.

It is very important to note that InvestHK helps the companies to grow by providing guidance in strategic implementation and evaluation of business decisions, including opportunity identification, support with business licenses, visa applications, trademark registration, IP and trade regulations, etc, connecting with lawyers, accountants, human resource specialists, consultancies, designers, interior specialists and real estate companies and last but not least tools for continuous expansion.

In shipping we have to mention that Hong Kong has developed into a High-End Maritime Services centre offering the following capabilities:

• Ship finance & leasing
• Maritime Arbitration & dispute resolution
• Marine Insurance
• Ship broker and ship agent
• Ship register
• Ship management & chartering.

Finally Benjamin Wong described Hong Kong’s competitive advantages:

• Hong Kong ranked as an 4^th International Maritime Centre
• Hong Kong Ship Registry ranked 4^th in the world
• A myriad of maritime services – 900 maritime companies in Hong Kong
• International Maritime Legal & Arbitration Centre
• Maritime & Aviation Training Fund (MATF)
• “Smart Port” Initiative.

It must be noted that Hong Kong has remained in the band of the 20 economies with very low level of corruption in the world.

Visit to DHL Asia Hub

Ride through DHL’s Central Asia Hub 

During a visit at DHL’s Asia Hub, Samuel Lee, general manager described the company’s most competitive features through a parcel’s journey which includes:

1. Seamless shipment transfers,
2. Induction System sharpens sorting accuracy
3. Six-sided scanners identify shipments faster
4. CT X-ray scanners enhance security
5. Automation improves the heartbeat of the sorting process
6. Enhanced operational efficiency with direct airside access

DHL Central Asia Hub is currently the only dedicated express cargo facility at the Hong Kong International Airport with direct access to airside and landside. DHL’s first pilot in the Asia Pacific region will deploy battery storage and Hong Kong International Airport’s first business partner will implement battery storage on-site.

DHL HK is located within a four-hour flight time to major cities in Asia Pacific and in the Pan-Pearl River Delta region. DHL’s central Asia Hub is projected to have a Total Project Commitment of HK$4.9 billion (EUR 562 million) and HK$3.2 billion (EUR 377 million) for Phase 3 expansion.

DHL Central Asia’s Hub employs over 670 (as of 30 Sep) employees and has a Total Warehouse Space of 49.500sqm (+50%)

It handles 1.06 million tonnes per annum (+50%) and can deliver up to 125.000 shipments per hour (previously 75.000 pph). 

HONG KONG MARITIME WEEK DAY 4

Visit at Modern Port Terminals of Hong Kong 

The briefing was made by Elin Wong,  head of corporate affairs who welcomed the media correspondents at the terminals at Kwai Tsing. The company began port operations 52 years ago in 1972 and today owns and operates Terminals 1,2,5 & 9 (south) in Hong Kong. The port facilities have contributed to the rapid development of the economy of Hong Kong and became one of the biggest transshipment hubs worldwide. The shareholders are Wharf, China Merchants and Jebsen Group.  It has a capacity of  7 million teus and the Port of Hong Kong had a throughput of 14.4 million teus in 2023. It must be noticed that in the port of Hong Kong there are another four operators. Modern Terminals has 7 container berths, 30 Quay Cranes and 3 barge berths. The company’s culture values include accountability, teamwork, and trust to achieve work life fulfillment while operational excellence is one of its brand promises. In 2022 the port and logistics industry contributed 6,2% of HK’s GDP and 175.200 jobs. The competitive edges of the Port of Hong Kong include its free port status, high operational efficiency and flexibility, and it is facing uncertainties in global economy, deployment of more mega vessels, limited yard space, and competition from nearby ports. Ms Wong mentioned the benefits of Hong Kong Seaport Alliance, and the Company’s QC & berth upgrade plan including cranes heightening, as well as Modern Terminals’ Sustainability Strategy aiming at carbon neutrality by 2050.”

Visit to Cathay Cargo Terminal 

The terminal is located at the international airport and includes an import & export area, interface staging area and a live animal handling center.

The Cathay Cargo Terminal is one of the most advanced air cargo terminals in the world. The terminal has offered a full range of air cargo services for airlines operating at Hong Kong International Airport since 2013 and is capable of handling an annual throughput of 2.7 million tonnes.

The terminal incorporates innovative features and advanced technologies to enhance the visibility, efficiency and reliability of each step of operations, setting new standards in operational efficiently, environmental design and service levels. Reinforcing Hong Kong’s position as the world’s premier international airfreight hub, the vision is to be the world’s most customer-centric air cargo terminal.

Press Briefing by Hong Kong Shipowners Association HKSOA 

The foreign media correspondents’ team was welcomed at the Association’s offices by Ms Sandy CHAN, Managing Director and Captain Nittin Handa, Regulatory Affairs Director of HKSOA.

They pointed out that the Hong Kong Chief Executive and the Administration attach great importance to the maritime industry and has accepted many of the recommendations from the Hong Kong Shipowners Association (HKSOA).

In the HKSOA’s consultation, innovation and reform recommendations were made in five areas: (1) Green Shipping, (2) Commodity Trading, (3) Maritime Services, (4) Global Partnership and (5) Institutional Framework.

HKSOA fully supports the national strategic plan to consolidate Hong Kong’s position as an “international finance, shipping and trade centre” and the various new policy initiatives about Commodity Trading, including the creation of a commodity trading ecosystem in the city.

HKSOA great welcome the many new and practical Green Shipping measures, including construction of a green shipping corridor and co-operation with ports in the Greater Bay Area, to develop Hong Kong as a green fuel export center and bunkering hub.

Hong Kong can play a leading role in global efforts and be a big contributor an “Ecological Civilization”.

It must be noticed that Hong Kong follows a multi-pronged approach promoting high value added Maritime Services, such as marine insurance, ship broking and financing and maritime arbitration, while supporting the “commercial principals”.

HKSOA maintains excellent global partnerships with the International Chamber of Shipping (ICS) including the Union of Greek Shipowners and other national shipping organisations.

With the support of the Government the HKSOA and the ICS held the Hong Kong Maritime Global Trade Summit during the maritime week in November.

Replying to a question raised by ELNAVI for the views of HKSOA on decarbonization issue and the attraction of new talent in shipping Mrs Chan and Capt Hand said that the association follows a multilateral approach to decarbonization. The government promotes Green shipping, support the trade and the common approach internationally.

Mrs. Chan and Capt. Hand said that HKSOA has plans to develop a green field bunkering activities at Hong Kong harbor providing green methanol and hydrogen.

The government also encourages young people to join industry.  Maritime Sea Scholl cadets for seafaring collaborate with Nautical Institute of Chartered Shipbrokers courses to expand Maritime Aviation Training Fund (MATF) available.

The association is member of Asian Shipowners Association ASA and represents 2,589 ships of 231,527,274 dwt operated/owned/managed by members as at 1st December 2023.

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On Wednesday, November 20th , 2024, the Ambassador and General Consul of Panama in Greece, H.E. Mrs. Julie Lymberopulos Karnakis, had the honor of presenting the Letters of Credence to H.E. Mrs. Katerina Sakellaropoulou, President of the Hellenic Republic.

The ceremony was attended by Mrs. Aliki Chatzi, Secretary General of the Presidency of the Hellenic Republic, Mr. Ioannis Fragkogiannis, Deputy Minister of Foreign Affairs of the Hellenic Republic and Mrs. Aglaia Balta, Chief of Protocol of the Ministry of Foreign Affairs of the Hellenic Republic.

Held in a warm and respectful atmosphere, the event underscored the mutual appreciation and commitment to further strengthening the diplomatic relations between Panama and Greece.

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United Maritime Corporation declared a quarterly dividend of $0.075 per common share for the third quarter of 2024. The Company has generated Net Revenues of $11.6 million compared to $11.7 million in the third quarter of 2023. Net Loss and Adjusted Net Loss for the quarter were $0.9 million and $0.3 million, respectively, compared to Net Income of $8.9 million and Adjusted Net Income of $9.2 million in the third quarter of 2023. Adjusted EBITDA for the quarter was $5.1 million, compared to $13.8 million for the same period of 2023. The Time Charter Equivalent rate (“TCE rate”)2 of the fleet for the third quarter of 2024 was $16,365 per day. For the nine-month period ended September 30, 2024, the Company generated Net Revenues of $34.6 million, compared to $24.5 million in the same period of 2023. Net Loss and Adjusted Net Loss for the period were $1.6 million and $0.5 million, respectively, compared to Net Income of $0.9 million and Adjusted Net Income of $3.4 million in the respective period of 2023. Adjusted EBITDA for the first nine months of 2024 was $15.1 million, compared to $14.4 million for the same period of 2023. The TCE rate of the fleet for the first nine months of 2024 was $16,246 per day. Cash and cash-equivalents and restricted cash as of September 30, 2024, stood at $11.4 million. Shareholders’ equity at the end of the third quarter was $62.5 million, while long-term debt, finance lease liabilities and other financial liabilities, net of deferred finance costs stood at $101.1 million as of September 30, 2024. The book value of our fleet as of September 30, 2024, stood at $155.3 million, including one chartered-in Kamsarmax vessel.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: "In the third quarter of 2024, United continued to deliver value to shareholders, announcing our eighth consecutive quarterly dividend, set at $0.075 per share. This distribution represents an annualized yield of 15% per share. 3 Over the past two years, we have returned $1.60 per share in dividends, prioritizing shareholder returns even amidst market challenges. Our strategy to modernize and optimize our fleet continues to yield significant benefits. The delivery of the 2016- built M/V Nisea, coupled with the profitable sale of the M/V Oasea, which we sold for $1.4 million book profit in July, underscores our disciplined approach to fleet renewal. These transactions not only reduce the average age of our vessels but also secure high-quality charters at rates above market averages, demonstrating the strength of our commercial strategy. While our third quarter financial results reflect a period of transition, they also highlight the robustness of our operational platform.

Our adjusted EBITDA of $5.1 million and near-perfect fleet utilization of 99.9% are testaments to our operational efficiency and market adaptability. Moreover, our prudent capital management ensures that we are well-positioned to capture growth opportunities in a dry bulk market that continues to benefit from favorable supply-demand dynamics. In the fourth quarter, based on current FFA levels, we expect to deliver a daily TCE of $15,140, also taking into account that three Panamax and two Capesize vessels are operating under fixed daily rates, leaving one Capesize and two Panamax exposed to the spot market developments. Lastly, as regards our commercial developments, the M/V Cretansea was fixed on a one-year time charter at an index-linked rate with a major commodity trading company. Concerning the dry bulk market, we note that conditions remain favorable, with positive developments being led mainly by the Capesize sector where projected ton-mile demand exceeds projected fleet supply growth according to all forecasts.

Over the next years the positive outlook for the dry bulk market is a function of low expected fleet growth owing to limited newbuilding ordering in the face of strict environmental regulations that are increasing the need for fleet renewal. As we look ahead, our focus remains on driving sustainable growth through strategic fleet investments and diversification initiatives like our recently announced participation in an offshore project concerning the construction of an Energy Construction Vessel. This forward-looking approach ensures United is not only wellequipped to capitalize on emerging market trends but also positioned to deliver long-term value to our shareholders under changing market conditions."

United Maritime Corporation operates a fleet of eight dry bulk vessels, comprising three Capesize, two Kamsarmax and three Panamax vessels, with an aggregate cargo carrying capacity of 922,072 dwt.

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The restructuring of the shipping company Eletson Holdings, owned by the families Hatzieleftheriadis, Karastamatis, and Kertzikov, has been completed, after facing numerous financial challenges in recent years.

Specifically, in a statement, it was noted that “it has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy protection, marking a new beginning with new leadership, new financial resources, and no debt.”

The current Reorganization Plan of Eletson, which was proposed and supported by Pach Shemen, a subsidiary of the Canadian hedge fund Murchison, is backed by the majority of its creditors and was approved by the U.S. Bankruptcy Court for the Southern District of New York on October 25, 2024.

Adam Spears, the new CEO of the company, stated: “Today marks a significant milestone for Eletson and its subsidiaries. Following the successful completion of the Chapter 11 process, the company is now in a strengthened financial position and debt-free. We look forward to focusing on the next phase of Eletson’s evolution, enhancing operations and driving growth.”

Additionally, Mark Lichtenstein, Director of Pach Shemen, added: “On behalf of Eletson’s creditors, we are pleased to have participated in achieving this outcome and look forward to continuing our support and guidance for the company during the next chapter.”

It is also clarified that Eletson has a new Board of Directors, consisting of CEO Adam Spears and two new independent members, Leonard Hoskinson and Timothy B. Matthews.

In its announcement, Eletson, founded in 1996, states that it is the parent company of various subsidiaries that own and operate a fleet of medium-sized product tankers, which transport a wide range of refined petroleum products.

Lastly, it is noted that the Navig8 group included three tankers in its management pool in 2022, which had been seized by Chinese CSIC Leasing in 2021 from the Greek shipping company.

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The forum took place at the excellent auditorium of the National Gallery in Athens and Elias Kariambas, ABS Vice President, Regional Business Development, Greece opened the event and presented the well esteemed speakers.

Marco Paviotti, Policy Officer, European Commission gave a regulatory online update and focused on the demand uptake of renewable and low carbon fuels for maritime transport- complement to energy efficiency.

Konstantinos Theocharis, ABS Engineer II, Regulatory Affairs presented ABS’ tools for such as FUELEU maritime simulator and exposure estimator.

The topic of the panel was “Are you ready for FuelEU Maritime” and discussed by Stamatis Fradelos, ABS Vice President, Regulatory Affairs (moderator), Panos Kourkountis, Technical Director, Sea Traders SA, Konstatinos Polydakis, Chief Executive Officer, MM Marine Inc. and Constantinos Capetanakis, Chairman, International Bunker Industry Association (IBIA).

In the Session II of the forum Konstantinos Theocharis, ABS Engineer II and Dimitrios Bardakos, ABS Manager, Global Sustainability referred to the potential of Carbon Capture in Shipping Carbon Capture Challenges.

Stian Aakre, General Manager, Technical & R&D, Wärtsilä Exhaust Treatment focused on Onboard Carbon Capture - Challenges and Possible Solutions.

A panel discussion Moderated by Maria Kyratsoudi, ABS Director, Business Development took place with the panelists replying on the question: Onboard Carbon Capture: Can it a viable solution in shipping's decarbonization journey.

The topic discussed Konstantinos Karathanos, Chief Operation Officer, Gaslog, Stavros Niotis, Chief Sustainability Officer, Prime Marine Stian Aakre, General Manager, Technical & R&D, Wärtsilä Exhaust Treatment, Zongfei Liu, Principal Engineer of Platform Technology, Equinor.

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Lloyd’s Register Group (LR), a global provider of maritime professional services and digital solutions acquired Ocean Technologies Group (OTG), a leading trusted provider of human capital management and operational software dedicated to the global maritime industry, from European private equity firm Oakley Capital. 

This follows the acquisition of OneOcean (OO) in 2022, and the purchase of a 50 per cent stake alongside the International Chamber of Shipping (ICS) in ISF Watchkeeper in 2023. 

By combining with LR OneOcean and OTG, LR is now poised to deliver unparallelled value, enhanced safety and drive sustainable growth for clients and the sector as a whole. 

OTG provides critical training, compliance, operational and HR software to more than 1,000 shipowners and operators and more than one million seafarers around the world. This acquisition means that LR will now be able to offer these solutions across a combined fleet of over 30,000 vessels across the globe.

Nick Brown, CEO of Lloyd’s Register, said: “We are delighted to have completed the acquisition of Ocean Technologies Group. With OTG now part of LR and combined with LR OneOcean, we are uniquely positioned to lead the way in maritime digitalisation and decarbonisation as a trusted partner. 

“Our combined expertise enhances our ability to meet the evolving needs of an industry in energy transition and to drive innovation. 

“The merger allows us to offer an unmatched suite of digital solutions that integrate human capital management (HCM) and operational software. 

“Clients will benefit from a one-stop solution, streamlining their operations and improving efficiency.” 

Thomas Zanzinger, CEO of OTG, said: “Becoming a part of Lloyd’s Register rapidly expands our capabilities within an organisation that aligns perfectly with our mission, vision and values as we support our industry towards a digital and sustainable future.  

“Our leadership team, drawn from LR OO and OTG is dedicated to ensuring a seamless integration process that prioritises client satisfaction and agile innovation.” 

About Lloyd’s Register

Trusted maritime advisers, partnering with clients to drive performance across the ocean economy.

Lloyd’s Register (LR) is a global professional services group specialising in marine engineering and technology. With a heritage going back more than 260 years to the establishment of the world’s first marine classification society, LR is dedicated to setting and improving standards for the safety of ships.

Today we are a leading provider of classification and compliance services to the marine and offshore industries, helping our clients design, construct and operate their assets to accepted levels of safety and environmental compliance.

We also provide advice, support and solutions on fleet performance, fleet optimisation and voyage optimisation, enhancing our clients’ digital capabilities. Our digital solutions are relied upon by more than 20,000 vessels.

In the race to zero emissions, our research, technical expertise and industry-firsts are supporting a safe, sustainable maritime energy transition.

Lloyd’s Register Group is wholly owned by the Lloyd’s Register Foundation, a politically and financially independent global charity that promotes safety and education. 

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The Ulysses Web-based Maritime Applications Development Platform reduces the time to release new software improvements by multiples and allows for the easy incremental extension of an enterprise system's data model.

Ulysses Systems Software Development Technology

Unique among software development platforms, Ulysses' patented application development platform allows for the incremental extension of an enterprise system's data model through attributes, without incurring the extensive labor, time, and design complexity typically associated with changes in traditional relational databases.

The Ulysses application development platform treats attributes as independent entities that can be added as needed and which store information relevant to their specific context. In contrast to conventional platforms, which require modifying the existing data model structure to add new attributes, typically as new fields.

Extending the data model is as simple as adding an attribute to the platform and defining its relevant context. Moreover, analyzing and understanding complex systems becomes easier, as each unit of the system’s business logic is directly tied to the attributes it utilizes and the information they carry.

With Ulysses platform development technology, an enterprise system is assembled using business logic units and their associated attributes, where each unit triggers the next based on attribute values, operational context, and specific trigger conditions.

This modular approach not only simplifies system understanding but also allows for incremental code updates by minimizing changes to other units, reducing regression testing time, and ultimately shortening the release cycle when new business logic is introduced to the enterprise system.

A new paradigm for software development

Adding attributes easily is a new paradigm to software development and eliminates the need for delays to these improvements, eliminates the need for customizations and prolongs the useful life of enterprise software.  This capability is uniquely suited to maritime software where highly paid senior staff use the software and software familiarity and maturity are of the highest importance.

About Ulysses Systems

Ulysses Systems is a Maritime Software specialist dedicated to replacing information technology complexity and elevating usability. Its award-winning Task Assistant® Software enables office and seagoing personnel to work intuitively and efficiently with minimal training and just-in-time information. Managers should expect a fast return on total software lifecycle cost thanks to mature process optimization, bridging of information gaps and refined integration technologies. Currently Ulysses Systems is pioneering fast development of new annexes to existing software, including monitoring underlying systems for cybersecurity compliance.

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The French-Hellenic Chamber of Commerce & Industry CCI France Grèce is organizing the 3rd Forum of its Maritime Committee, chaired by Mr. Philippe Louis-Dreyfus, on December 4th, 2024, at the Intercontinental Athenaeum Hotel in Athens, from 14:00 to 19:00, entitled:

" Towards greener shipping: a reality check "

The conference aims to bring together key stakeholders in the maritime industry, including shipbuilders and shipowners, to engage in constructive dialogue on the transition towards more sustainable shipping practices.

The conference will focus on two key areas in the form of round tables:

◾ Towards greener shipping, the voice of shipbuilders and shipowners.
◾ New fuels, from sweet dreams to hard reality.

The forum will host prominent speakers and key representatives from the Greek and French maritime sectors.

Kindly refer to the agenda below for event details.

AGENDA

ELNAVI’s co-publisher Stefanos Papandreou exclusively reports from Hong Kong
 
The annual highlight of the Hong Kong maritime and port industry, Hong Kong Maritime Week 2024 (HKMW 2024), held its grand opening ceremony on November 18th. Riding on the theme "Navigating to a Greener Future" and featuring the tagline "Propel Hong Kong", HKMW 2024 is showcasing the strong commitment of Hong Kong's maritime industry in sailing towards sustainable shipping and consolidating Hong Kong's status as an international maritime centre.

Speaking at the opening ceremony, the Acting Chief Executive, Mr. Chan Kwok-ki, said, "Sustainability - transforming Hong Kong into a green maritime centre - is at the heart of our policy priorities." He also mentioned that the Government had just promulgated the Action Plan on Green Maritime Fuel Bunkering, which includes the development of essential infrastructure, encourages ports to reduce carbon emissions as well as provides incentives for using green maritime fuels. In order to underpin the aspiration of transforming Hong Kong into a green maritime fuel bunkering centre, the Action Plan also underscores collaboration with ports in the Greater Bay Area, as well as collaboration with other ports in the development of a green shipping corridor.

The Chairman of the Hong Kong Maritime and Port Board (HKMPB) and the Secretary for Transport and Logistics Mr. Lam Sai-hung, followed with a speech. He said, "The global maritime sector is undergoing profound transformation in recent years, driven by digitalisation, decarbonisation, geopolitical and trade dynamics. The global maritime community is responding flexibly and effectively to the forces of change." He added that enhancing Hong Kong's role as a maritime "super-connector" has always been the Government's priority, and this is one of the purposes of HKMW.

The programme of HKMW this year has seen even stronger connections with the international community, with the International Chamber of Shipping staging a two-day Global Maritime Trade Summit for the first time in Hong Kong. Government officials from around the world are expected to gather in Hong Kong to conduct dialogues on issues affecting the international maritime community.

The Secretary-General of the International Maritime Organization (IMO), Mr Arsenio Antonio Domínguez Velasco, emphasised in his recorded speech that the maritime sector is navigating to a greener future. He highlighted that maritime decarbonisation requires a collective effort, and must be inclusive and support developing countries. The transition to decarbonisation should facilitate technology trials to advance maritime decarbonisation, while the use of digital tools should also be supported to optimise operations, reduce fuel consumption, and monitor emissions in real time.

The opening ceremony was followed by the World Maritime Merchants Forum (WMMF) 2024 Main Forum which is one of the anchor events under HKMW 2024. With the theme "Navigating the Cycles", this forum aims to focus on the new opportunities and challenges faced by the maritime industry amid the changes in the global economy and trade and transportation.

The Asian Logistics, Maritime and Aviation Conference (ALMAC) 2024, another anchor event under HKMW 2024, also commenced on the same day. With a thematic focus on "Shaping the Future of Supply Chains: Resilience and Sustainability", this two-day conference brings together stakeholders along the supply chain, including aviation, maritime and logistics service providers and shippers from around the world, to exchange market intelligence and explore global business opportunities.

Apart from the WMMF and ALMAC, the Hong Kong Global Maritime Trade Summit for industry leaders and policymakers worldwide concluded. Participants engaged in discussions on global trade and shipping issues, and exploring innovative solutions to address the most pressing challenges facing the maritime industry. The IMO will also host a forum on November 22 titled From Waste to Wealth: Unlocking Investment Opportunities in Ship Recycling, focusing on the sustainable recycling of ships and related prospects.
In addition, the world’s first intelligent research and training dual-purpose ship, Xin Hong Zhuan, will also make a debut visit to Hong Kong. Due to an overwhelming response to the Xin Hong Zhuan vessel tour, the registration quota is full. A video clip will later be published on the Facebook pages of the Transport and Logistics Bureau (TLB) and the HKMPB so that members of the public will have a better understanding of the developments of intelligent shipping and the nurturing of maritime talent.
HKMW 2024 runs for seven days. Over 50 industry and public events will be hosted by more than 80 local, Mainland and international marine organisations, attracting the participation of about 14,500 industry professionals from around the world. Entering its eighth edition this year, HKMW is organised by the HKMPB and co-organised by the Hong Kong Shipowners Association and the Hong Kong Maritime Museum, and continues to receive support from partners such as the Hong Kong Trade Development Council and Invest Hong Kong.
 
An exclusive Special report will be featured in ELNAVI December 2024 edition.

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The influence of Greek shipping in the global maritime community through initiatives in decarbonisation, overcoming challenges and the development of its shipbuilding and ship repairing industry was reiterated during the Greener Shipping Summit, organised by Newsfront / Naftiliaki under the auspices of the Marine Technical Managers Association (Martecma), at the Eugenides Foundation, in Athens, November 12.
In all some 32 panelists addressed the more than 500 delegates from 11 countries and 342 companies who spent the day discussing the challenges and opportunities facing the shipping industry today and in the years ahead.

Shipping has an irreplaceable role in global prosperity and geopolitical stability, the incoming president of Intercargo and treasurer of the Union of Greek Shipowners (UGS) John Xylas, said in his keynote address.
Emphasising Greece’s strategic role and ongoing innovations in maritime sustainability, Xylas highlighted the country’s efforts to reduce carbon emissions and support the global transition to greener shipping practices, stating: “We must acknowledge decarbonisation is not just an environmental goal but a fundamental shift in how we operate, collaborate, and innovate as an industry.”  

He noted that approximately 90% of the world’s goods are transported by sea, supporting billions of people and securing essential supply chains. Regarding the influence of the Greek shipping industry, Xylas, who is also CEO of Ariston Navigation, said: "Greek shipowners hold the leading position in the global order book, with over 500 new ships on order. A significant portion of these vessels are equipped to use alternative fuels, and 35% of the existing fleet is already outfitted with energy-saving technologies." 
He added: “Greek shipping controls over 20% of the world’s commercial fleet by deadweight and more than 60% of the EU-controlled fleet. The Greek fleet, which is heavily focused on bulk cargo and tramp shipping, has proven crucial in responding to urgent needs, as demonstrated during the COVID-19 pandemic and the crisis in Ukraine”.

In closing Xylas said: “These statistics showcase Greece’s leadership in sustainable shipping and our commitment to decarbonisation. As we look to the future, we must recognise that decarbonisation represents a fundamental transformation toward a sustainable maritime future.” 

The revitalisation of the Greek shipbuilding and ship repairing industry was a main theme of the Summit with Miltiadis Varvitsiotis, CEO of the Skaramangas Shipyards presenting the vision of shipowner / investor George Procopiou the new owner of the historic shipyard.

"Skaramangas Shipyards was, is and will be one of Greece's largest industrial infrastructures and a vital asset for national defense," said, Varvitsiotis an ex-Shipping minister. 

"The goal and challenge for Skaramangas Shipyards is to be able to repair LNG carriers, being the only shipyard in Greece and one of the few in Europe that will serve these ships. Also, another of our goals is the creation of a new floating dock, which will be able to serve ships of smaller size than suezmaxes and aframaxes. All this will be achieved through improving their industrial capabilities," said Varvitsiotis. 
Reporting on other business of the revived shipyard, he said "Mega yachts are another pillar of focus of Skaramangas Shipyards, as well as ship construction and repair for vessels of the Hellenic Navy and the Hellenic Coast Guard. An equally important goal is to disseminate new knowledge and provide continuous training to shipyard employees." 

Varvitsiotis declared the Greek shipbuilding industry is in a phase of revival after the investments of fellow panelist Panos Xenokostas, President and CEO of Onex Shipyards & Technologies Group and Procopiou saying "this know-how and this workforce should be capitalised in order for modern ships to be built in Greece. This is our vision at Skaramangas Shipyards". 

Making an assessment of the current situation he said "the reaction we receive from the market is that we are competitive, especially in relation to the shipyards of neighboring Turkey, which increased their capacities in the last 15 years, when the Elefsina and Skaramangas shipyards were closed." 
Bringing the shipbuilding and ship repairing industry back to Greece and Europe was the main message delivered by Xenokostas who reported on how the revival of the Syros and Elefsina Shipyards was achieved. He underlined the impact of the reopening of the Neorion shipyard on the local economy of Syros as it currently employs 650 workers. In Elefsis, he said full ownership of the shipyard is still pending, but it has already served 120 ships in 18 months. 

According to Xenokostas, the two shipyards have the capacity to serve over 200 vessels up to aframax size per year. Onex's five- year plan includes investment of Euro 250m to increase the capacity of the shipyards' tanks in order to serve up to 300 ships per year up to suezmax size. 

Xenokostas said the vision is to turn the shipyards into hubs providing a wider range of services, such as construction of tugs and other special ships, building and maintaining Hellenic Navy vessels and the construction and operation of floating generators for offshore wind farms.” He reiterated the need to revive the industry in Greece and Europe but also the need to develop legislation and regulatory frameworks in order to limit unfair competition from Asian shipyards.

Donald Trump’s re-election as President of the United States and the incoming impact his second term will have on the shipping sector is causing debate among shipowners.

This was clear during the session devoted to the owners voice which was moderated by Panos Kourkountis, Technical Director, Sea Traders SA and Chairman of Martecma.

The Principal of Tsavliris Salvage Group, George Tsavliris said: “The second term of Trump has a tremendous impact on the market” when referring to the tariffs the US president-elect has promised to impose. Moreover, Tsavliris commented about Trump’s ‘drill, baby, drill’ policy on fossil fuels by saying “the fossil fuel is still the best alternative we have” as a sector.

Leonidas Polemis, CEO of Empire Chemical Tankers, highlighted the impact Trump’s re-election will have on the tanker market. “Trump will produce more oil and gas than Biden, which is good news for tanker shipping”. However, Polemis emphasised that should president Trump impose tariffs, this will affect negatively global trade and especially the dry bulk and container ship segments. “Trump will probably help the tanker market, the situation with the wars is helping the tanker market” said Polemis, by but added the Houthis attacks in the Red Sea benefited rates by adding tonne-miles. Referring to recent developments in the tanker market, Polemis concluded by saying: “The newbuildings will be the only thing that will affect the tanker market for the next 2-3 years.”

In addition, the Principal of Common Progress Compania Naviera SA, George Papagiannopoulos, highlighted the uncertainty, which he described as a ‘key-word’ for shipping,  that governs international shipping by commenting: “Tariffs affect demand mostly and geopolitical tensions are mostly affecting the supply side.”

George Souravlas, CEO of Load Lines Marine SA, commented about developments that mostly affect handysize to ultramax dry bulk ships. Souravlas believes the war between Russia and Ukraine is going to end in 2025, something that will benefit bulk shipping due to the need of Ukraine’s reconstruction. “The ports have been destroyed to a great extent and have to be rebuilt”, he said, adding “the reconstruction will take several years”. Souravlas continued expressing his thoughts about the dry bulk sector and potential upcoming geopolitical tensions, such as the crisis between China and Taiwan: “The elephant in the room, in my opinion, is the escalating tensions between China and Taiwan. In a case of a conflict, a lot of things will change”, including the change in geopolitical balance.

Panel moderator, Kourkountis, referred to the Northern Sea Route as an alternative passage for shipping, stressing the fact that ships choose to pass through it even though they are not ice-class vessels.
Despite the enormous uncertainty faced by shipping more information is coming available on crucial issues as was highlighted  by the 23 panelists who took part in the Summit’s three 90-minute  technical sessions.
Whether continuous design improvements are realistic options and utopias were presented charting a course from traditional fuels to carbon neutral alternatives. Energy saving devices; optimising ship propulsion; Design dreams vs reality looked at practical tweaks and wild ideas and mid-terms measures that actually makes waves as was a dual fuel electric solution for LNG carriers.

Under the title ’Improve efficiency and navigating the geopolitical turmoil’ Session II discussed efficiency improvements for 2-stroke engines by upgrading the turbocharger; Off-hire risk reduction; Measuring digital maturity; The full hull management picture and revolutionising vessel efficiency by combining low-friction hard coatings with grooming robots, while the Tsakos Group representative looked at energy efficiency measures generally.

Session III focused on decarbonisation and the transition to cleaner energy. The session was opened by a look at what to expect when using biofuels based on an in-depth analysis of biofuel quality. The role of energy in the pathway to sustainable shipping and an update on ammonia engine development were presented while how green are the alternative forms of energy that could replace fossil fuels in shipping was examined with the proposal the key to the fuel solution is ‘flexibility’. Regulatory developments and their impact was also presented.

Indeed, the over 5oo delegates had plenty to talk about during the two coffee breaks and there was a real buzz during the luncheon.

ELNAVI Newsletter  
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