OceanScore reaffirmed its commitment to the Greek maritime industry by actively participating in two prominent events in Athens, to share latest insights into FuelEU, as well as conducting on-site workshops with clients to transfer practical knowledge and best practices. As the shipping industry prepares for the upcoming FuelEU Maritime regulations that come into effect 1 Jan 2025, OceanScore is leading the conversation on the regulatory landscape, preparations needed, and the commercial opportunities that lie ahead.

The first event, Marine Money Athens, took place on October 15. Ralf Garrn, OceanScore’s Co- Managing Director delivered an insightful presentation on the commercial and financial opportunities associated with FuelEU. His speech emphasized the need for shipowners and operators to act swiftly to comply with the new regulatory requirements, which aim to significantly reduce greenhouse gas emissions from maritime transport. FuelEU represents not only a challenge, but also a pathway to new revenue streams for proactive companies that are ready to embrace the technology leading to more informed decisions. Discussions about the commercial options and joint benefits must occur between all three main stakeholders (Owner, DOC Holder and Charterer) “No one can make a beneficial decision alone. It will be a joint effort to transform FuelEU penalties into a commercial benefit for all the parties involved.”, says co- Managing Director, Ralf Garrn.

The week concluded with OceanScore’s participation in the ESG Shipping Awards Conference on October 18. Ralf Garrn moderated a high-level panel discussion on climate change, the evolution of environmental regulations, pathways to zero emissions, and sustainable solutions. The panel featured key industry figures, including Sylvain Julien and Michael Blanding from Berge Bulk, Stergios Stergiou from Capital Group, Vasileios Kosmas from Carnival Corporation, Avraam Gelegenis from Diana Shipping Inc., and Dimitris Solomonides from Lemissoler Navigation Co Ltd, among others. The conversation underscored the urgent need for the maritime sector to adopt greener practices and highlighted practical approaches to achieving decarbonization goals.

OceanScore’s participation in these events, and its continued local presence and support provided through Oriani Hellas, reflects its ongoing dedication to the Greek market, a region that plays a pivotal role in global shipping. Frequent visits to Greece to meet with clients and prospects enable OceanScore to stay closely aligned with the local market’s needs and regulatory concerns. The company continues to support Greek shipowners and operators in navigating complex topics such as the European Emissions Trading System (ETS) and FuelEU regulations by offering tailored solutions designed to ensure compliance and operational efficiency.

“With the introduction of FuelEU Maritime next year, the shipping industry is facing one of the most transformative regulatory shifts in decades,” said Ralf Garrn. “We value our longstanding relationships with Greek shipowners and operators, and we are committed to helping them seize the opportunities that these changes bring while ensuring they meet sustainability targets.”

OceanScore’s FuelEU Planner provides a comprehensive tool set for simulating scenarios of different fuel types and offshore power, also factoring in bunker and ETS costs. By leveraging real-time data analytics and automated reporting, OceanScore empowers the maritime industry to enhance efficiency, reduce costs, and not only achieve compliance with ease, but to also find the opportunity in the regulations.

About OceanScore

OceanScore is a leader in sustainable maritime solutions, offering advanced data and software tools to help the shipping industry meet environmental regulations. With a commitment to driving sustainability in maritime transport, OceanScore supports shipowners and operators in navigating regulatory challenges and unlocking new business opportunities.

About Oriani Hellas

Oriani provides guidance and support as a trusted partner for companies going through the process of digital transformation. Their team of maritime professionals identify and represent the most innovative and value-add maritime digital solutions, with a view to improving operational efficiency and effectiveness through technology. Oriani has already guided over 40 businesses through this complex landscape with a variety of powerful tools, such as Oceanscore.

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Kongsberg Maritime will supply an extensive range of equipment for a new fleet of 10 platform supply vessels (PSV) being built by Fujian Mawei Shipbuilding in China for Greek shipowner. 

This significant contract win is valued at approximately 800 million MNOK, and includes all propulsion, automation, and energy systems.

The 10 contracted vessels, marks a major investment by Capital Offshore in the PSV market. The company, which owns and operates significant tonnage with a fleet of more than 100 vessels, has a strategic goal to expand in offshore oil and gas operations. These new vessels are intended for the Brazilian market.

“Capital Offshore has exciting and ambitious plans for expanding its operations in the oil and gas market, and we are proud to be playing a key role in helping them to achieve their goals through the supply of a significant package of integrated technologies across their new fleet of platform supply vessels.

This significant investment in a series of 10 new PSVs signals Capital Offshore’s intent to be a major player in future offshore operations. We look forward to building on our long and successful relationship with Fujian Mawei Shipbuilding in China on this exciting project”, said Mrs. Lisa Edvardsen Haugan, President, Kongsberg Maritime.

To achieve the most energy-efficient vessel operation while maintaining high levels of safety, the ten vessels will each feature a fully integrated electrical system, propulsion, and energy controls. This integration ensures that all components work seamlessly together to optimise performance and safety.

The Kongsberg Maritime electrical system on these vessels enables optimal, clean, and efficient operation through the Energy Storage System (ESS). The ESS provides power for peak shaving, spinning reserve, and power boost. This battery hybrid capability offers operational flexibility, allowing the vessels to run on a single engine or have full flexibility for engine selection, thereby reducing fuel consumption and emissions.

The 95-metre vessels of MMC 897 CD design, will showcase Kongsberg Maritime’s system integration capabilities in full. 

“By selecting our integrated solutions for propulsion, DP, automation and electro equipment, Capital Offshore will see benefits not only in increased fuel efficiency, but also lower OPEX costs,” added Lisa Edvardsen Haugan.

Mr. Gerry Ventouris, General Manager of Capital Ofsshore stated: “We are pleased to collaborate with Kongsberg Maritime, a leading provider of essential equipment for our new vessels. We aim to ensure that these vessels are of the highest quality, and partnering with Kongsberg Maritime is a critical step in achieving that goal. This cooperation reflects our commitment to excellence as we expand our operations in the offshore sector”.

Zheng Jinzhu, General Manager, Fujian Mawei Shipbuilding Ltd added: "The partnership between Fujian Mawei Shipbuilding Ltd and Kongsberg Maritime has a long history. The cooperation between the two sides of this project is rooted in Kongsberg`s cutting-edge technology, know-how and proven track record with customers worldwide.  We look forward to further collaboration with Kongsberg`s team experts for the successful delivery of the new vessels.”

The propulsion system for each vessel will comprise of two US 255 azimuth thrusters, a single ULE PM 155 retractable azimuth thruster and two TT2200 tunnel thrusters, all powered by permanent magnet motors. 

The DC hybrid electrical powerplant will include generators, DC-switchboard, transformers and Energy Storage Systems, and is fully integrated with the propulsion system and the DP to optimise operability, performance and fuel efficiency. 

Image: Photo:©MMC Ship Design & Marine Consulting Ltd

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Wilhelmsen Ship Management  pays tribute to Carl Schou who retires after 19 years of service including 16 years as CEO. Under his leadership, the company navigated industry challenges while instilling safety, innovation, and growth. Haakon Lenz, currently serving as Chief Operating Officer, will assume the role of CEO on 1 January 2025.

Steering rough waters and driving innovation and change

During his time at the helm, Carl Schou played a pivotal role in transforming Wilhelmsen Ship Management into a respected global leader, enhancing its reputation as a forward-thinking, responsible, and reliable ship manager. Schou emphasized the critical role of ship management in adapting to new regulations and the growing focus on decarbonization.

"We have made significant strides in modernising ship operations, prioritising safety for our seafarers, protecting the environment and enhancing overall efficiency. This is a long-term journey for the entire industry, and I am proud that Wilhelmsen Ship Management has been at the forefront together with our customers." Further reflecting on his time at Wilhelmsen, Schou remarked, "It has been an honour to lead such a talented and dedicated team for nearly two decades. Our success is rooted in a strong people-centric culture and our commitment to doing things the right way. I am confident that Ship Management will continue to thrive under Haakon’s leadership."

Grabbing the helm at pivotal moment for ship managers

Amid increasing regulatory pressures, ship managers with well-established systems are becoming crucial in assisting ship owners to operate their fleets in a compliant and cost-efficient manner. Haakon Lenz, a seasoned maritime leader with extensive experience across various operational and technical functions, is poised to lead Wilhelmsen Ship Management into this next chapter. Lenz started his career in DNV before moving into ship management for V.ships Norway. He joined Wilhelmsen Ship Management in 2008 and has since held several leadership positions, including Vice President for Region Europe and the US. Most recently, as Chief Operating Officer, Lenz oversaw the operations of Wilhelmsen Ship Management globally.

“I am eager to build on the strong foundation Carl has laid,” Lenz commented. “I look forward to working closely with our talented team. Together, we’ll continue our focus on operational excellence, sustainability, and growth— always putting people at the core of what we do as we support our customers in the challenges ahead."

Lenz’s technical expertise as a naval architect, combined with his hands-on experience in ship management and global operations, makes him well-positioned to continue Wilhelmsen’s tradition of delivering world-class ship management services.

Seamless relay and turning 50!

As Haakon Lenz takes on his new role as CEO of Ship Management 1 January, Carl Schou will continue to support Haakon in the capacity of senior advisor for a period of six months. This ensures a smooth transition for all customers, employees and stakeholders as the company moves forward under Lenz’s leadership. In 2025, the company will also celebrate 50 years of delivering services under Wilhelmsen group ownership. Building on the group’s maritime legacy and reputation, Lenz and his team will remain focused on delivering high-quality ship management services.

About Wilhelmsen Ship Management

Wilhelmsen Ship Management is the ship management arm of the Wilhelmsen Group. We are one of the world’s largest third-party ship managers with a portfolio of more than 450 vessels and 12,000 active seafarers. Wilhelmsen provides technical and crew management services for various vessel segments: LNG/LPG; Ro-Ro and PCC/PCTC vessels; FPSO/FSO; Container; Cruise; Bulk; Seismic; and Offshore. Wilhelmsen manages vessels from eight offices worldwide alongside a crewing network of 11 manning offices. Other key services include dry-docking services, layup services and newbuilding supervision.

About Wilhelmsen

Founded in Norway in 1861, Wilhelmsen is now a comprehensive global maritime group. Committed to shaping the maritime industry, through our market-leading products, services and support, we also seek to develop new opportunities in renewables, zero-emission shipping, and marine digitalisation. We take innovation, sustainability, and unparalleled customer experiences one step further.

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In the framework of Intercargo’s general assembly in London and elections that took place, Mr. Yiannis Xylas was elected as the New President of Intercargo (International Association of Dry Cargo Ship Operators).

Mr. John Xylas succeeds Mr. Dimitris Fafalios, who served the association for six consecutive years and who was declared Honorary President of Intercargo.

Uttam Kumar Jaiswal of Pacific Basin Shipping Limited was elected vice president of the board of Intercargo and Metaxia Psalti, of Neda Maritime Agency, will take over her duties from Spyros Tarasis.

Mr. Xylas for a number of years has served Greek shipping from different institutional positions and roles.

Today he is the Treasurer of the Union of Greek Shipowners and a member of the board of directors of HELMEPA, and managing director of the shipping company Ariston Navigation Corp.  

image: Mr. John Xylas, new president of Intercargo

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Mia Jensen, Director Greece & Events Organiser, Marine Money International opened the seminar and introduced the first speakers Chara Georgousi and Matthew Harrington, Research Analysts, Allied Shipbroking Ltd.who asked Must what goes up come down? They said that dry bulk carrier fleet remains much younger than the tanker, n/b prices are unlikely to decrease even if yards utilization rates drop. Fleet renewal will be driven by aging vessels and decarbonization rules.

BEST SHIPPING STRATEGY IN THE CURRENT MARKET

A panel followed with speakers Jerry Kalogiratos, Chief Executive Officer, Capital Clean Energy Carriers Corp.

Achilleas Tasioulas, Chief Financial Officer, GasLog Ltd. & GasLog Partners LP

George Souravlas, Founder & CEO, Load Line Marine SA, Aristides Pittas, Chairman and Chief Executive Officer, Euroseas Ltd. / EuroDry Ltd. The discussion was Moderatored Resianna Zachou, Director, Shipping Industry Centre of Excellence, PwC

The speakers pointed out that there seems to be few clouds on the horizon for shipping. The mix of supply, demand, regulation and geopolitics looks set to keep shipping in a good place for the next years. The companies took advantage of the favorable conditions in the freight market to modernize their fleets with newbuilding ships selling older tonnage.

Euroseas modernized it’s fleet with 9 newbuilding feeder container vessels chartering them in long time periods.

The speakers also referred to the parameters that will influence the shipping market like geopolitical tensions, climate crisis, de globalization and decarrbonization regulations. By keeping your operating costs at the lowest and take strategic decisions regarding energy transition and digital transformation you can feel safe in a constantly changing world. The speakers also focused on the investments that may have been made in the transportation of new modes of energy like ammonia CO2 etc. The shipowners should not take too much risks in adopting new fuels since we don’t know which fuels will prevail in the future. In addition to this EUETS FuelEU must give incentives to all stakeholders to reduce carbon emissions. Finally the speakers are optimistic for the market as the fundamentals are robust although shipping is a volatile business. The only concerning issue is the supply of vessels because of the extensive newbuilding orderbook.

CURRENT INVESTMENT OPPORTUNITIES

The topic of Identifying current investment opportunities in LPG shipping was discussed by Peter Hadjipateras, Chief Information, Security and Sustainability Officer, Dorian LPG, John Theodorakis, COO, SwissChemGas Ltd., Constantine Hadjipateras, LPG Chartering, Arrow Hellas

Ahmed Bassuny, Chartering Director, Alpha Gas SA. The panel Moderatored by Nick Filippou, Managing Partner, Anfil Gas. Greek shipowners have diversified to new sectors in recent years, one being LPG. The market is strong and growing. Vessels, new and second hand, have increased in value substantially. The speakers marked that the anticipated demand growth for ammonia, with multiple tankers slated to incorporate ammonia in their cargo list. These pumps are used in specifically LPG tankers, to handle and transport ammonia (NH3) as cargo.

CAPTAIN OF INDUSTRY

In the session Captain of Industry Spyros Capralos was interviewed by Kevin Oates.

Spyros Kapralos has spent his life as a leader in sports, finance and shipping. Apart from other highlights he represented Greece at the 1980 and 1984 Olympic Games, he was Chairman and CEO of the Athens Exchange. During the last 15 years he has served the position of CEO of Star Bulk Carriers Corp., CEO of Oceanbulk Containers and now Chairman of the Board of Directors at Star Bulk Carriers Corp. He is also President of the Hellenic Olympic Committee, President of the European Olympic Committee and a Member of the International Olympic Committee.

Spyros Kapralos highlighted on his decision to be involved in shipping under the guidance of Petros Pappas managing to expand the fleet of StarBulk to the largest Stock Exchange listed bulk carrier company worldwide. Through mergers and acquisitions the company aims at significant at significant cost savings and returns for the investors.

He referred to the company’s investment to install scrubbers in all vessels and the company’s strategy to address sustainability and digital transformation.

Talking for his involvement in the Olympic Committee he said that he is always inspired by the vision of the Olympic spirit and dream for peace and stability achieving the team spirit and commitment to the shipping business.

QUALITY DATA DRIVE SUSTAINABLE TRANSITION

The next panel was involved in the topic of quality data and how can these optimise vessel performance. The following speakers were discussed this important issue:

Dimitris Theodossiou, Managing Director, Danaos Management Consultants S.A.

George Rovis, Co-Founder & CSO, Seafair

Vassiliki Georgopoulos, Partner, Watson Farley & Williams

Philip Nielsen, Co-Founder, Oriani

The discussion was moderated by Semiramis Assimakopolou, Senior Vice President of Sales, Signal Group.

Quality data must be linked to the commercial performance of a company and benchmark several indexes meeting the IMO emissions targets and technical standards.

Quality data drive the sustainable transition while securing return on investment. Lacking data quality serves as a major challenge in driving, documenting, and financing the maritime sector’s route to net zero.

M&A ACTIVITIES

M&A activity was the next topic of the conference.

Douglas Mavrinac, Global Head, Maritime Investment Banking, Jefferies LLC and Harrys Kosmatos, co-CFO, Tsakos Energy Navigation Ltd were nterviewed by Edward Horton, Partner, Capital Markets Group, Seward & Kissel.

We are seeing more M&A activity in shipping, both private and public, than for some time.

CAPITAL MARKETS AND EQUITY INVESTMENTS

The topic of Capital markets and equity investments were discussed by Stavros Gyftakis, Chief Financial Officer, Seanergy Maritime Holdings Corp.

Evangelos Chatzis, Chief Financial Officer, Danaos Corporation

Simos M. Pariaros, Chief Administrative Officer, Euroseas Ltd. / EuroDry Ltd.

Hugh B. Eden II, Managing Director, Jefferies LLC

Moderator: Sally-Ann Underhill, Co-Office Managing Partner, Athens, Reed Smith

The current environment encourages joint ventures and not raising capital from the stock exchange because existing investors have to sacrifice value. Capital markets must the engine for growth but for different other market conditions.Both public and public equity have a important role to play and will go hand in hand in the future.

Shipping is making great earnings and cash flows look as if they have a two year runway. Vessel values are high to reflect the solid market fundamentals.

Today listed shipping companies have a huge pool of capital and have access especially to international bond equity.

In such an environment the earnings are very strong so to reinvest the profits you have to examine very carefully each case to take advantage of real opportunities.

In any case public equity is a choice for companies that would like to grow and to follow a corporate model.

FINANCE TO GREEK SHIPPING

Alexis Stephanou, Chief Financial Officer, Goldenport Group of Companies

Christopher Thomas, CFO, TC Holdings

Robert Perri, Chief Executive Officer, OceanPal Inc.

Thomas Lister, Chief Executive Officer, Global Ship Lease, Inc.

Yiannis Kourkoulis, Vice President of Purchase, SPM Shipping and Peter Theochari, Partner, Maritime, Trade and Offshore Group, Stephenson Harwood LLP (London) discussed best finance options and finance to Greek shipping in 2024.

Greek banks are back with a flurry and actively financing Greek owners. Global banks have appetite for larger deals from Greeks home and abroad.

Leasing solutions from Asia and Europe abound for deals big and small. Finance is plentiful and financiers have trouble free portfolios. The financing options is so diverse from lending banks leasing houses and other ways. The speakers also commented that the low margins in the interest of lawns helps the shipping companies to have a low leverage profile.

In addition to the above the last years there is a shift from European banks to the East financial institutions providing capital in very competitive terms. A general observation is you have money when you don’t need and when the times are difficult you hardly get financing.

TRENDS AND CREDIT REQUIREMENTS

In the following session financiers discussed trends and credit requirements.

Iraklis Tsirigotis, Director of Origination, Neptune Maritime Leasing, Nicholas Petrakakos, Partner & Managing Director - Maritime & Offshore, Investment Banking, Alantra, James Stove-Lorentzen Jr, Managing Partner, NorthCape, Mathias Haugen, Sales Manager, BOCOM Leasing, Wilhelm Magelssen, Partner/Fund Manager, NRP Maritime Asset Management AS and Alexia Hatzimichalis, Partner and Head of Athens Office, Watson Farley & Williams said that not all shipowners have access to any kind of financing. It depends on the company’s credibility track record and the structure of the project.However for big and medium shipowners have more access to financing because of the favorable market conditions. The offshore segment presents excellent opportunities for investors as well as new energy transportation such as ammonia and CO2 and other green projects. There is always a difference between the pricing and the security the potential lender may require.

Hundreds of billion will be needed to renew the global fleet in the next 10-20 years so the financing options will diverse more and more to meet the capital demand of the shipping market. Western banks because of Poseidon principles are more secured than the rest financing institutions however cyclically and geopolitical events may cause scarcity of funds in the foreseeable or long/medium term future.

SIRE 2.0 Initial Experience & Commercial Implications was presented by Efthymios Louridas, General Manager, Seacon Ships Management (Europe) S.A.

GREEK SHIPPING AT THE CROSSROADS OF DECARBONIZATION

There is a huge effort being made to meet decarbonisation targets and to make the Greek fleet cleaner. In this framework experts discussed the current situation and how to reach the coming targets.

They responded to questions like What technologies are now available? Is there a premium for being first mover? Are financiers doing anything to incentivize their clients to decarbonise through sustainability-linked loans?

What is the operating reality of decarbonization and its cost, and the progress being made by the Greek fleet. The topic was delivered by Vincent Willems, Finance Manager Marine LNG, Shell, Stergios Stergiou, Sustainability Director, Capital Clean Energy Carriers Corp., Spyridon Zolotas, Senior Director, South EMEA Region – Marine, RINA, Alexandros Damianidis, Partner, Watson Farley & Williams and Alexander Prokopakis, Executive Director, International Bunker Industry Association (IBIA).

Alignment with climate change objectives and environmental scope of the program/project are accessed according to the Poseidon principles and if the targets are achieved there is a reduction in the pricing of the facility in an effort to incentivize shipping companies to proceed with decarbonization process more quickly.

Speakers are confident that will be a premium embedded to the freight for eco friendly vessels and first sustainability movers.

In addition to these availability of new fuels and cost will be major factors that will determine the future of decarbonization.

FuelEU Maritime: From Challenge to Opportunity

FuelEU's upcoming implementation is spurring negotiations on FuelEU clauses in charter parties and ship management agreements.

Ralf Garrn, Managing Director, OceanScore highlighted opportunities to cut costs and secure profits by creating compliance surpluses through alternative fuels, optimizing shore power, and strategic compliance pooling.

GREEK SHIPPING FLYING HIGH

The Greek owned fleet is growing, the average age is falling, there is more diversification into gas and offshore. Liquidity levels are high and Greek banks and others are there to finance. Greek shipping really is flying high.

George Giannakis, Managing Partner - Maritime & Offshore Investment Banking, Alantra

Charis Plakantonaki, Chief Strategy Officer, Star Bulk Carriers Corp.

Nikos Gkezepis, Chief Financial Officer, Neptune Lines Shipping and Managing Enterprises S.A.

Christina Anagnostara, Managing Director, Investment Banking Division, AΧΙΑ Ventures Group Ltd explained how to future proof their businesses at this time of high liquidity, high rates and a good outlook for the next two years.

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With origins from Kefalonia and Elefsina and born in Glyfada, Athena I. Martinou was the shipping personality who changed the way of thinking and organization of shipping companies.

She founded Thenamaris which has been a school for top executives and ship owners.

Known in maritime and high society circles as Nunou, Athena had roots in shipping as she came from the traditional shipping family Methenitis, originally from Kefalonia and Eleusis.

Her husband, Ioannis Martinos (1907-1977), had one of the most well-known antiques and works of art shops in Athens. Together they raised 4 children.

The family's first investment was made around the mid-60s under the guidance of Athena Martinou. It was the bulk carrier vessel named "Thanasis", with a capacity of 10,000 tons.

In 1971, Athena Martinou decided to take over the management of the family's ships. Together with her sons, Thanasis, Dinos and Andreas, founded the company Thenamaris Ships Management. The company's growth was rapid. In just four years, in 1975, Thenamaris controlled a fleet consisting of 36 ships, with a carrying capacity of 850,000 tons.

In 1991, Athena decided to hand over the reins to her children.

Thanasis Martinos left the company to establish Eastern Mediterranean Maritime.

In 1997, Andreas followed, proceeding to the establishment of the shipping company Minerva Marine, leaving Dinos at the helm of the parent company Thenamaris.

Minerva is now taken over by Andreas' son, Andreas Junior, and Thenamaris by Nikolas Martinos, son of Dinos. 

The Athena I. Martinou Foundation

The starting point for the creation of the Foundation was Athena I. Martinou’s passion for the sea and the destination was her contribution to society, the one that was active around the sea and feels its daily presence in her veins.

The love of life defined and she always was saying: “like the sea, of the female gender”. Her whole attitude towards life was like her attitude towards the sea. Love and passion, respect and devotion. That’s why she accepted life in all its aspects, whether calm and serene, or turbulent and stormy. Athena I. Martinou, like the sea, was never static. Bold and ambitious, hard-working and persistent, discreet and low-key, she was the “Nounou” of the Greek shipping sector.

For every act, every movement in Athena I. Martinou’s life, the sea was a source of inspiration. She was generous with it, as she was with those who love and respect it. She pursued her dream with hard work, drive and passion, and managed to win the respect and recognition of the shipping world with her merit.

Athena I. Martinou was always returning to the sea to draw strength, and it was to her that she wants to repay the generosity shown to her. Just as the waves of the sea carry us far away, so too she, with the substantial but silent charitable activity of her Foundation, wanted to make a decisive contribution to the implementation of projects for the benefit of Greek society, to help it transcend its horizons, to travel, to go far.

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Capt. Panagiota Chrysanthi was appointed as the new CEO of Andriaki Shipping.

Capt. Panagiota Chrysanthi commenced her career with Andriaki in 1996 as a cadet and thereafter held positions leading up to DPA/QSE Manager ashore. The company is confident that her work ethic, decision-making skills and inspiring personality will preserve and promote the values and mission of the company, having the full support of Andriaki family.
Capt. Panagiota takes over from Mr Fotis Dalmyras, to whom the company declared its gratitude for his dedication, leadership and services during his time and wish him the very best in his new plans and endeavors.

Andriaki Shipping Co. Ltd. was established in Greece in 1953. Since that time it has provided marine transportation services, on behalf of its clients, by managing over 100 vessels of various types and sizes. The company is able to offer a range of ship management and marine transportation services to their clients, including day to day operational functions. Andriaki currently operates a modern fleet of eight tankers, all flying the Greek Flag and classed with major IACS Classification Societies following the motto "Quality through Tradition".

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Moore Maritime Index (MMI), a database that contains operating costs and revenues from more than 1,500 vessels, has been updated and is available with the 2023 data.

The data comes from audited financial statements of ship owning companies and therefore, the results produced by the Index show the “real world” of financial performance of the shipping industry.

The main takeaways are:

In dry bulk carriers, the level of the total operating expenses remained at similar levels compared to 2022, with the only exception being Capesize vessels which showed an increase of 7%. Specifically, there was an increase in insurance costs, in repairs and maintenance as well as in crew victualling expenses, while on the contrary it was observed that crew other costs, such as travelling and training expenses, decreased in all categories of bulk carriers. Crew salaries, administrative expenses, stores, lubricants and spares were at about the same levels as in 2022. In terms of revenues, the rates appeared reduced in 2023. The categories of Handysize, Handymax and Panamax vessels presented a decrease from 44% to 50%, while Capesize vessels recorded the smallest decrease of 11%.

Tankers reported an increase in their total operating costs, with the exception of very small tankers under 20,000 dwt which recorded a slight decrease in operating costs of 5%. All categories of tankers presented high costs for spare parts, while an increase was also observed in insurances. In contrast, crew costs did not change significantly compared to the previous year. In terms of revenue, the rates demonstrated improvement especially in the larger vessels, with the highest increase being reported in the VLCC category even up to 110%.

To access the Moore Maritime Index, please visit moore-index.com.

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Tototheo Global has expanded its presence in the region by opening a new office in Istanbul, establishing a regional hub for delivering its solutions and services to maritime companies operating in the shipping corridors throughout the Black Sea and Middle East. 

This expansion marks a significant milestone in Tototheo Global’s continued international growth. Through its investment, the company is better positioned to meet growing demand throughout the region for advanced technology services. Leveraging its extensive technical expertise, Tototheo Global offers a comprehensive range of solutions, from advanced connectivity and navigation systems to cybersecurity and regulatory compliance services. These offerings are designed to help maritime companies optimize operations, enhance vessel safety, and ensure compliance with international standards.

Despina Panayiotou Theodosiou, co-CEO of Tototheo Global commented: “Opening our office in Turkey is another landmark in Tototheo’s global expansion. We have already been working in the region for many years but having a localized presence strengthens our ability to work more closely with customers and partners throughout the Black Sea and Middle East.”

Tototheo already provides a breadth of world-class services to its customers in Turkey and the neighboring regions. These include industry-leading satellite communication systems through partners including Inmarsat, Iridium, SES and Starlink. Its advanced navigation solutions, integrated bridge systems, cybersecurity, and environmental compliance offerings are designed to ensure that maritime companies in and around Turkey can optimize their operations, enhance vessel safety and improve responsible fleet management. The company also provides technical services ensuring seamless installation, maintenance, and ongoing support. With local teams in place, Tototheo Global can guarantee rapid response times and customized solutions that help maritime operators improve operational efficiency and system performance.

Despina Panayiotou Theodosiou concluded: “Ship owners and operators are facing a myriad of challenges which is driving demand for greater connectivity and digital support. Through our internal expertise and relationships with technology innovators, we are committed to delivering customized solutions that enable them to drive operational efficiency, resilience and compliance.”

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Committed to preserving and protecting the marine ecosystem, ERMA FIRST offers an extensive portfolio of future-proof maritime sustainability solutions encompassing alternative maritime power (AMP), carbon capture and storage (CCS), and energy-saving devices (ESDs).

With these solutions now part of the Zero Harm Innovation Partners Program, ship owners and managers can showcase these integrated technologies to charterers, demonstrating their proactive steps toward achieving zero harm. “ERMA FIRST began life as a manufacturer and supplier of ballast water treatment systems but has since evolved to become a leading provider of future-proof solutions that directly contribute to maritime decarbonisation,” said Nikos Drimalas, Sales Director, ERMA FIRST. “As testament to the impact of these solutions, our newly established collaboration with RightShip will help us to reach an even wider global audience. We are proud to be involved in a programme that promises to accelerate shipping’s transition to a zero-harm industry.”

By allowing vessels to shut down their auxiliary engines and draw from the shoreside electrical grid at berth, ERMA FIRST’s AMP system, BLUE CONNECT, enables emissions-free port stays, while its CARBON FIT CCS system will significantly reduce emissions at sea by capturing CO₂ from exhaust gases.

Meanwhile, the company’s FLEX series of ESDs boost propulsive efficiency to cut fuel consumption and emissions during voyages. The first in the series, FLEXCAP, builds on the proven capabilities of propeller boss-cap fins, drawing energy from the hub vortex and converting it into torque to reduce power demand on the propeller, enhancing fuel efficiency by two to five per cent as a result.

Using a ring design to guide water flow towards the propeller, FLEXRING increases speed in areas where flow is otherwise obstructed. It also creates some thrust on the duct and, with proper alignment of the fins, a pre-swirl effect. This leads to efficiency gains of between three and seven per cent.

Comprising a set of fins placed and aligned with precision, FLEXFIN guides the flow around the hull in such a way that ensures more even distribution, reducing water resistance, optimising flow to the propeller, and consequently boosting efficiency by up to three per cent. When used in conjunction, the three ESDs can yield energy savings of up to 16%.

ERMA FIRST - From saving the oceans, to safeguarding the planet

Founded in 2009 and headquartered in Greece, ERMA FIRST is a leading manufacturer and provider of future-proof sustainable maritime solutions. The company’s robust systems and solutions ensure worldwide compliance, provide operational simplicity and reduce operational expenditure, while at the same time minimising the impact of ship operations on the environment.

ERMA FIRST's customer-centric approach offers flexible and convenient servicing through a trusted network of certified engineers worldwide. ERMA FIRST provides sales, maintenance and training to clients via offices in 46 countries.
ERMA FIRST offers a complete range of solutions, including ballast water treatment (BWTS), Alternative Maritime Power (AMP), Energy Saving Devices (ESDs) and Carbon Capture and Storage (CCS).

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