The Prime Minister of the Hellenic Republic and President of New Democracy Party, Mr. Kyriakos Mitsotakis appointed Dr. Dionysia-Theodora Avgerinopoulou, MP, as Special Envoy for the Ocean. Dr. Avgerinopoulou will be serving as coordinator of the 9th Our Ocean Conference, scheduled to take place in Athens, Greece, from April 15th to 17th, 2024.
“Our Ocean Conference”, which was first organized in 2014, is an initiative by the U.S. Department of State and the Secretary John Kerry. The 9th Our Ocean Conference (OOC-9) is expected to consider ways of addressing the impacts of climate change, over-fishing and pollution of the seas. Within the Conference six (6) Areas of Action will be addressed: Marine Protected Areas; Sustainable blue economy; Climate-ocean nexus; Maritime security; Sustainable fisheries; Marine pollution, while Greece will underscore four horizontal elements cutting across the six areas of action of the Conference: (i) sustainable tourism in coastal areas and islands, (ii) green shipping, (iii) reduction of marine plastic and microplastic pollution, (iv) the green transition in the Mediterranean.
Dr. Dionysia-Theodora Avgerinopoulou, Member of the Parliament, Chair of the Special Permanent Committee on Environmental Protection and the Subcommittee on the Water Resources, has also served as Chair of Water of the Energy and Environment Committee of the International Chamber of Commerce; Chair of the Circle of the Mediterranean Parliamentarians on Sustainable Development; Vice-Chair of the Steering Committee of the Global Water Partnership Organization; and Vice-Chair of the Mediterranean Commission of Sustainable Development of UNEP/MAP. She has also been presented with the “Green Star” Award by UNEP/OCHA. Dr. Avgerinopoulou holds a Doctorate Degree in International Environmental Law, focusing on the protection of the marine environment and climate change.

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US-based Energos Infrastructure, a joint venture majority-controlled by asset manager Apollo and minority shareholder New Fortress Energy, has purchased two 2021-built floating storage and regasification units from affiliates of Greece’s Dynagas.
The 174,000-cbm closed-loop FSRUs, “Transgas Force” and “Transgas Power”, will be renamed “Energos Force” and “Energos Power”, according to a statement by Energos.
Earlier in 2023, both of the FSRUs started long-term charter contracts with the German Federal Ministry of Economic Affairs and Climate Change.
“Energos Force” is planned to operate in the port of Stade under direction of state-owned LNG terminal operator Deutsche Energy Terminals (DET), while Energos Power is planned to operate in the port of Mukran and has been subchartered to private player Deutsche ReGas.
DET is planning to commission its FSRU-based facility in Stade in the first quarter of 2024.
In December, “Transgas Force” left Germany’s Bremerhaven and now works as an LNG carrier until mid-February when it is expected to be deployed in Stade, while “Transgas Power” started its charter with Deutsche ReGas in October.
US LNG firm NFE and compatriot asset manager Apollo completed the formation of their joint venture Energos Infrastructure in August 2022.
Prior to this move, the JV, 80 percent owned by Apollo, had 11 vessels in its fleet, seven FSRUs, two floating storage units, and two LNG carriers.
The addition of these two FSRUs in Europe makes Energos “the largest owner and operator of LNG marine infrastructure vessels by wholly-owned FSRU capacity operating within the continent,” the JV said.
First Chinese-built FSRUs
China’s Hudong-Zhonghua delivered “Transgas Power” in July 2021, while “Transgas Force” joined the Dynagas fleet in November 2021.
These vessels are the first Chinese-built FSRUs, according to Hudong-Zhonghua.
The units feature three Wartsila regasification modules, and each regas unit has a capacity of 250 million standard cubic feet per day.
Also, the FSRUs have MAN dual-fuel diesel-electric propulsion and GTT’s NO96 containment system.
The latest order for a newbuild FSRU was booked by Excelerate Energy at South Korea’s Hyundai Heavy Industries in October 2022. This deal is worth about $332 million.
On the other hand, Italian energy firm Snam recently completed the previously announced purchase of BW LNG’s 2015-built FSRU BW Singapore for about $400 million.
Back in 2022, Snam also purchased Golar LNG’s 2015-built FSRU Golar Tundra for $350 million.

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The year 2023 witnessed significant shifts in commodity patterns, exacerbated by a difficult economic environment in China and geopolitical tensions, especially between Russia and Ukraine, which led to significant shifts in commodity development.
The Chinese economic environment in 2023 posed a challenge, which had a particular impact on iron ore prices and demand for raw materials. The slowdown in Chinese economic growth and strict regulatory requirements impacted infrastructure and construction activity and dampened demand for iron ore. This downturn was exacerbated by environmental policy measures to reduce steel production capacity, which in turn impacted global iron ore prices and trade flows.
In December, it was reported that China channelled nearly USD 50 billion of low-cost funds into policy-oriented banks last month, suggesting that the central bank may be increasing funding for housing and infrastructure projects to support the economy.
The coal industry encountered challenges as major Asian economies, including China, Japan, and South Korea, initiated stricter environmental regulations. These nations are diversifying their energy portfolios, aiming to decrease their dependency on coal. Specifically, China committed to diminishing coal consumption between 2026 and 2030 as part of its national strategy to peak carbon emissions—a pledge solidified in the 2021 U.S.-China climate joint declaration.
Despite these trends, there was a surprising uptick in coal demand in mid-December, rising by 1.4% in 2023 and exceeding 8.5 billion metric tons for the first time, as per IEA estimates. The agency attributed this increase to an anticipated 8% growth in coal usage in India and a 5% rise in China.
Thus, global coal demand is not expected to fall earlier by 2026, while Chinese coal demand is expected to fall in 2024 and plateau through 2026. That said, the outlook for coal in China will be significantly affected in the coming years by the pace of clean energy deployment, weather conditions, and structural shifts in the Chinese economy.
In the grain segment, 2023 witnessed a significant shift in the dynamics of global exports, with Brazilian exports emerging as a dominant force poised to challenge the longstanding leadership of the United States. Historically, the United States has held a prominent position as the world's leading grain exporter, benefiting from its vast agricultural resources, advanced farming techniques, and robust transportation infrastructure. However, recent weather disruptions in Brazil have created opportunities for Argentina's corn industry in 2024.
These weather-related challenges, combined with reported delays in Brazilian planting, have paved the way for the United States to potentially enhance its export volumes, particularly in the first quarter of 2024.
Geopolitical tensions, particularly between Russia and Ukraine, coupled with China's growing influence on the global economy have had a profound impact on commodity production, price dynamics and the development of the freight market. In early December, China took measures to stimulate the economy, spreading optimism and setting the stage for a possible improvement in macroeconomic conditions in the first quarter of 2024. Based on Signal Ocean's data, this analysis provides an in-depth examination of trends in freight market prices, bulk flows and demand for key commodities, providing valuable insights into their evolving dynamics.

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The latest stats from DNV’s Alternative Fuels Insight (AFI) platform found that a total of 298 ships with alternative fuel propulsion were ordered in 2023 – an 8% increase year on year. The year also saw methanol go mainstream, with a sharp increase in orders (138), putting it neck and neck with LNG (130). Additionally, 2023 marked a breakout year for ammonia, with 11 orders for vessels run on this fuel, and more in the pipeline.
Faced with increasing pressure to reduce greenhouse gas emissions, including stricter targets set by the International Maritime Organization (IMO) in July 2023, the maritime sector is considering a range of decarbonization options. Through its AFI platform DNV registers the industry’s efforts related to newbuild vessels and retrofitting with 298 orders for vessels able to run on alternative fuels logged in 2023, and a total of 1281 ships overall.
Knut Ørbeck-Nilssen, CEO Maritime at DNV, said: “As we navigate towards a greener maritime future, the growing demand for alternative-fueled vessels speaks volumes. These orders send pivotal signals to fuel providers and other important partners on shipping’s decarbonization journey. While it is clear that the maritime fuel technology transition is already underway, we now need to ensure the fuels powering these engines become available.
“It is however crucial to emphasise that focusing solely on fuels may divert our focus from achieving a significant impact in this decade. What is required are concrete measures that actively lower emissions. Energy efficiency initiatives can yield decarbonization outcomes both now and leading up to 2030.”
By a small margin, methanol proved the most popular alternative fuel choice in 2023 with 138 ships ordered (excluding methanol carriers), a steep increase compared to the 35 ordered to run on this fuel the year before. The dominating segment for this fuel was container ships (106), followed by bulk carriers (13) and car carriers (10).
The second alternative fuel of choice in 2023 was LNG with 130 vessels ordered, down from 222 in 2022. However, when looking at newbuilds alone LNG would be in the lead as a considerable proportion of methanol orders were for retrofits. Last year also saw LNG finally break the 1000 vessel barrier (excluding LNG carriers), showing the fuel's continued importance in the maritime energy transition. In 2023, the containers segment was the most active (48) for LNG, followed by car carriers (40), and tankers (30). The year also saw the first orders for vessels due to run on ammonia (11) come through, whereas with just five orders, hydrogen was a less popular choice compared to the previous year (18).
Martin Wold, Principal Consultant in DNV’s Maritime Advisory business, commented: “Investments in alternative-fueled vessels have been heavily driven by the container and car carrier newbuild boom over the last three years. It remains to be seen if this trend continues into 2024.”

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Panama Ship Registry has maintained its leading position globally with 8,540 vessels and 251.1 million gross tonnage (GT), according to the international platform IHS Markit. While in the latest World Fleet Monitor of the year by Clarksons Research Platform, the panamanian flag is on 16% of the ships that make up the world fleet.
During the last year, the Registry had a net increase of 83 ships representing 7.2 million GT and maintained a retention rate of 29%, as reported by the Panama Maritime Authority database. Overall, this Administration has maintained an average retention rate 28 % which is an improvement on the 10-year rolling average of 14 %.
With respect to the ships that entered the panamanian fleet in 2023, 56.7% of the ships are less than 15 years old and had an average 4 years age. From these, 339 are newbuildings, which add up to more than 8.3 million GRT, with which the General Directorate of Merchant Marine achieves 93.75% compliance with its objective of attracting vessels of this segment.
It is significant to mention that last year the Panama Ship Registry by responsible means cancelled officiously 161 vessels representing 1,287,604 GT and with an average age of around 17 years. Within this group are 78 vessels associated with unreported and unregulated fishing.
During this administration from July 2019 to date, the Panama Ship Registry has added 33 million GRT, according to Clarksons Research’s World Fleet Monitor report. Also, this report mentioned the flag´s growth at the end of 2023 is around the 2.9%.
The Panama Maritime Authority continues to be committed to the Panamanian Registry´s modernization and the industry decarbonization, which is why we are working to optimize the services we provide to shipowners worldwide through by our 53 Consular Offices and 22 international technical offices.

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Euploia Drydocks & Services exclusive principal CRUG-VERSITEC has collaborated with Service Fleet Agreement one of the most well-established shipping companies in Greece, Navarone S.A.. This agreement is applicable to seals & liners products and to aforesaid service (bonding/supervision etc.), offered by CRUG-VERSITEC.
CRUG-VERSITEC offers to Navarone S.A. a fixed rate for service and a fixed pricing of the sealing rings until 2025 for 17 vessels with an option to extend the coverage to an additional 3 vessels, including all compatible spare parts for stern tube seals as far as these spare parts form part of Crug's product range. The product range of CRUG-VERSITEC includes but no limits to the spare parts for oillubricated lip seals for stern tubes for normal overhaul, maintance and/or repair.

COMPATIBLE TO FOLLOWING MAKERS & TYPES:

• • SIMPLEX(Compact Seal, various types),
• • KOBELCO/ KEMEL(C-type, and CX, DX, AX type),
• • LAGERSMIT/ IHC Sealing Solutions,
• • WARTSILA most brands and types including but no limited to: Dover Japan, Japan Marine Technologies, Waukesha, Chuetsu, John Crane Lips, Deep Sea Seals, Neptune.

This Service Fleet Agreement is a significant step in ensuring the reliability and cost-effectiveness of maintenance and repair services for Navarone S.A.'s fleet of vessels. It demonstrates the commitment of CRUG-VERSITEC to providing high-quality products and services in the maritime industry.
The provided statements highlight the collaboration between two companies, CRUG-VERSITEC and Navarone S.A., facilitated by their exclusive agent, Euploia Drydocks & Services Ltd, in the Greek shipping industry. Here is a summary of the key points made by each party: 
The Management Team of CRUG-VERSITEC commented: “It is our pleasure to collaborate with Navarone S.A., a traditional Greek shipping company. We see this partnership as a significant opportunity to establish a sustainable and enduring relationship with a well-known player in the shipping industry. We sincerely thank our exclusive agent, Euploia Drydocks & Services Ltd, for making this collaboration possible. We look forward to building a mutually beneficial relationship with Navarone S.A. and hope that this fleet agreement will lay the foundation for a strong and enduring partnership. Through this collaboration, accompanied by our exclusive agent, Euploia Drydocks & Services Ltd, we aspire to broaden our horizons in the Greek market.”
Aristodimos Kanakis, Spares Dept. Manager at Navarone S.A. stated, "We take great pleasure in establishing a enduring collaboration with CRUG-VERSITEC, signifying a new chapter in our partnership. While we have previously worked together on a case-by-case basis, the extended cooperation with CRUG-VERSITEC has allowed us to secure attractive, sustainable, and cost-effective solutions for a significant portion of our fleet (17 vessels + 3 optional) for over two years. The assurance of stable and sustainable pricing is of utmost significance, particularly in the face of the continuous escalation in material prices."
Charis Valentakis, Managing Director of Euploia Drydocks & Services Ltd commented: "We are delighted to facilitate the collaboration between the two companies/parties to address the prevailing price challenges. We consider this collaboration a success and anticipate a positive impact. The Fleet Agreement signifies our commitment to expanding our presence in the Greek Market's Marine Sealing Solutions sector. We are eager to establish a mutually beneficial, trust-based, and reliable relationship with our esteemed and enduring client, Navarone S.A.”.

image: Mr. Charis Valentakis, Managing Director of Euploia Drydocks & Services 

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International Transport Intermediaries Club (ITIC) – a mutual insurer that provides professional indemnity (PI) cover for transport intermediaries operating in the marine, offshore, renewable and aviation industries – has warned of the need for extra vigilance when it comes to the dangers of ordering equipment and the resulting financial implications for the offshore sector when getting it wrong.
ITIC highlighted the issue as part of its latest Claims Review, which detailed a case involving an offshore surveying company specialising in geophysical surveys that was contracted to conduct comprehensive geophysical and geotechnical surveys across offshore gas fields for a major oil player.
In this incident, many issues led to delays of approximately 300 days, including alleged faulty work, faulty equipment and vessels and other unfulfilled obligations. One specific issue the oil company raised was the surveyor’s negligent failure to ensure there was correct equipment onboard the surveying vessels which significantly contributed to the total delay. The oil company sought liquidated damages as a result.
During the claims process, the oil company sought damages of US$ 3 million under three contracts, with a limitation of liability of US$ 1 million per contract. However, ITIC ultimately reached a settlement of US$ 1.5 million for all three claims.
“Cases like these highlight the importance of thorough risk assessment, and it is important to have a nuanced understanding of contractual terms, particularly when it comes to ensuring that the equipment used during an offshore survey is correct for the job at hand. The legal and contractual intricacies can play a significant role in shaping the outcomes of such situations. Having a limitation of liability in a contract is always recommended. Insurance with ITIC also plays a major part in helping to mitigate these risks and offer a safety net for stakeholders that are actively involved in the offshore sector,” said Mark Brattman, Claims Director at ITIC.
Modern offshore oil and gas and renewable projects rely heavily on detailed and planned survey work to ensure the project runs smoothly and is ultimately successful. Equipment errors during this aspect of an offshore project can lead to cost overruns, schedule delays and poor quality of collected data that can impact the effectiveness of the offshore project.
Click on the link for the latest Claims Review: https://www.itic-insure.com/our-publications/claims-review/welcome-to-the-october-edition-of-itics-claims-review-15873

About ITIC
International Transport Intermediaries Club (ITIC) is the world’s leading provider of professional indemnity insurance to transport professionals across the globe.
As a mutual insurer, it has over 90 years’ experience providing cover to companies in the marine, naval architecture, aviation, offshore and hydrographic industries. With 3,490 members in over 110 countries and with a worldwide network of correspondents, ITIC is the acknowledged leader in its field.
ITIC’s insurance has been developed primarily to cover claims of negligence – errors or omissions. Cover can also extend to specialist areas such as debt collection, loss of commission income, cash in transit and directors’ and officers’ insurance. ITIC’s wide cover also includes a unique discretionary insurance which could support claims not normally be paid by other professional indemnity insurers.
ITIC is managed by Thomas Miller. More details about ITIC and the services it offers can be found at www.itic-insure.com.

Image: Mark Brattman, Claims Director at ITIC 
Photo Credit: ITIC

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Chevron appointed Ayten Yavuz as the new General Manager of its Global Marine Products business. With an extensive background spanning numerous years in the industry and the company, Ayten brings a wealth of experience and expertise that will significantly contribute to the advancement and expansion of the company's initiatives.
In her new role, Ayten will be responsible for charting the course towards profitable growth, innovation, and development within the marine business sector. Leveraging her vast industry knowledge, she will lead efforts aimed at bolstering Chevron's commitment to participate in the marine industry's lower carbon future.
Ayten joined the company in 1991 and brings a track record of success with notable positions held over three decades at Chevron. Most recently, Ayten was the Regional Manager of Chevron Marine Products for North West Europe and the Americas.
“I am very proud and honoured to lead Chevron’s Global Marine business at such an important and exciting time in the industry,” said Ayten. “A key focus will be to explore pathways to support the marine sector’s decarbonization ambitions. As an integrated energy company, we have a responsibility to support customers into this new era and beyond. Together with Chevron’s Renewable Energy Group, we are growing our presence in marine renewable fuels. Our energy transition strategy is to leverage our strengths to safely deliver lower carbon energy to a growing world. Chevron will continue to work with industry partners around R&D, demonstration, and deployment of emerging technologies to meet the evolving needs of the marine sector.”

Image: Ayten Yavuz, Chevron’s new General Manager of its Global Marine Products business

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Numerous Greek shipping companies were commended for their active involvement in the AMVER program at the Greek AMVER Awards, held at the Athenaeum Intercontinental Hotel on December 15. This gathering of the Greek maritime community was graced by the presence of Greek government officials, prominent US diplomats, and key representatives from Greek shipping companies, and it was organized by the International Propeller Club of the United States, Port of Piraeus in collaboration with the U.S. Embassy in Greece and the United States Coast Guard.
The ceremony held particular significance this year as it centered on celebrating seamanship, an integral aspect of maritime heritage. This focus underscored the exceptional commitment and expertise of Greek seafarers, acknowledging their crucial role in advancing the principles and standards of seamanship.
The 31st edition of the awards event drew over 900 distinguished guests to celebrate companies engaged in the AMVER System, an initiative facilitating mutual assistance among vessels at sea. Originating on April 15, 1958, through joint efforts of the United States Coast Guard and commercial shipping representatives, AMVER has played a vital role in saving over 7,000 lives since 2000. Many owe their survival to the altruistic endeavors of Greek seafarers and vessels associated with Greek interests. With approximately 11,000 international ships participating in AMVER and an average of 6,300 ships joining the AMVER plot daily, this system remains a crucial network. The AMVER Center processes an impressive 40,000 messages each day, emphasizing its significance in maritime safety. The evening commenced with renditions of the national anthems of the United States and Greece by the students’ choir of the American College of Greece. Following this, attendees were treated to a highly emotional seven-minute-long video celebrating the essence of seamanship.
Costis Frangoulis, President of the International Propeller Club of the United States, Port of Piraeus and Vice President of the International Propeller Club of the United States, said: “We have gathered to pay tribute to the exceptional contributions of the 192 Greek shipping companies, the 2,057 ships, and their brave crews, who participate in the AMVER program. Their commitment to saving lives at sea demonstrates the true spirit of seamanship embraced by the Greek word Ναυτοσύνη; the sense of responsibility and duty that we carry as an inheritance. This is what we set this year as the central theme of the awards. It is the characteristic of our people that makes us proud, but also the distinctive difference that makes Greek shipping stand out. And this year, Greek shipping stars in the AMVER program, with an impressive fleet of 2,057 ships. “Our commitment is not only due to the fact that we are the leading shipping power in the world, but mainly to the psyche of our people. It is the feeling of responsibility, contribution and solidarity that possesses the Greeks. It is these personality and character traits that bring us to the first place.”
The event continued with the Greek Minister of Maritime Affairs and Insular Policy, Christos Stylianides who said: “The AMVER Awards night has established itself as the most important recognition institution for members of the Greek maritime community in the field of Automated Mutual Aid for Ship Rescue. The dedication of Greek shipping to safety at sea is also confirmed by tonight’s ceremony, during which we honor Greek shipping companies for their unwavering participation in the AMVER initiative.
“Everyone recognizes the leadership position of both American and Greek shipping worldwide. Greece and the USA have traditionally maintained excellent relations in the shipping sector as well. Today, Greek shipowners own 21% of the world’s tonnage and 59% of the European Union’s tonnage. In this context, Greece is a strategic partner of the USA, both on a political and economic level, since a large part of the activity of the Greek-owned fleet serves the trade of the USA.”
He added: “At the same time, the Greek flag enjoys worldwide recognition for its quality characteristics.”
US Ambassador to Greece George James Tsunis said: “To me Naftosyni is the pride of this country. This is what the world appreciates about the Greeks; they act with purpose, they act with values, they are dependable, and here you are where people going out in the most inclement weather conditions and dangerous situations to save people’s lives. This is Greek philotimo; it is the national ethos of Greece.”
The evening continued with the Fidelity Awards, which were presented to the top three leading shipping companies with the highest number of ship participation in the AMVER System during the decade 2014-2023. They were: ANGELICOUSSIS GROUP OF COMPANIES with 968 participating ships, TSAKOS GROUP OF COMPANIES with 611 ships and THENAMARIS (SHIPS MANAGEMENT) INC. with 604 ships.
Awards were presented on stage to the top ten shipping companies with more than 50 ships participating in the program during the preceding year.
They were:
1 Angelicoussis Group of Companies – 108 ships
1 TMS Group of Companies – 108 ships
2 Technomar Shipping Inc. – 81 ships
3 Tsakos Group of Companies – 72 ships
4 Laskaridis Shipping Company Limited – 69 ships
5 Thenamaris (Ships Management) Inc. – 66 ships
6 Capital Ship Management Corporation – 64 ships
7 V. Ships Greece Limited – 63 ships
8 Star Bulk – 62 ships
9 Danaos Shipping Company Limited – 61 ships
10 Minerva Marine Inc. – 53 ships

The remaining 182 shipping companies of Greek interests participating in the program were given awards and certificates before the event.
Rear Admiral Nathan A. Moore, Deputy Commander, Atlantic Area US Coast Guard, was invited on stage, immediately after the first awards, to receive an Honorary Membership plaque and to address the audience: “In 2022, more than 6,000 vessels participated in the AMVER Program worldwide. These vessels responded to 212 distress cases, saving or assisting 450 mariners. What is truly staggering is that 160 – or 35% - of these lives were saved by Greek ships. Greeks are leading the way.”
The event continued with the award-giving ceremony of the Special Rescue Awards 2023 to the following companies and their respective vessels: Almi Tankers (MV ALMI HORIZON), Century (MV SERENE AMELIA and MV MARIPERLA), Chartworld (MV ARIANA), Diana Shipping Services S.A. (MV AMPHITRITE), Dorian LPG (MV CHEYENNE and MV COMET), Dynagas (MV CLEAN COPANO) Enterprises (MV FURIOUS and MAGIC STRIKER), Euronav (MV CAP VICTOR), Falcon (MV FALCON IRIS), Laskaridis Shipping Co. Ltd (MV LEONIDAS), M/Maritime (MV ELECTRA.GR), Minerva Marine (MV Minerva), Karteria Polembros Shipping Limited (MV GREEN WARRIOR), Technomar Shipping (MV GSL NICOLETTA) TMS Cardiff Gas Limited (MV LA SEINE), Star Bulk (MV HONEY BADGER, MV IDEE FIXE, MV STAR), Challenger (MV STAR CLAUDINE) and World Management Inc. (MV STAR THENIA).
The event was honored by the presence of Deputy Minister of Maritime Affairs and Insular Policy, Mr. Ioannis Pappas, Deputy Minister of Labour and Social Security, Mr. Vasileios- Petros Spanakis, Ambassador of the Republic of Cyprus in Athens, Mr. Stavros Avgoustides, Chief of Coastal Guard, Vice Admiral Georgios Alexandrakis, Fleet Commander of Hellenic Navy, Vice Admiral Dimitrios-Eleftherios Kataras, First Chief of Coastal Guard, Vice Admiral Alexandros Tselikis, Second Vice-Chief of Coastal Guard, Vice Admiral Aristeidis Pantazoglou, President of the Union of Greek Shipowners, Melina Travlos and President of the Hellenic Chamber of Shipping, Dr. George Pateras. Throughout the evening guests had the opportunity to sample performances of new age clarinet master Thanasis Vassilopoulos and his band, who put together a captivating performance blending traditional sounds with modern musical notes to the delight of the audience.
Earlier in the day, Rear Admiral Moore was the keynote speaker during a luncheon hosted by the International Propeller Club of the United States, Port of Piraeus at the Piraeus Marine Club, representing the US Coast Guard in an engaging discussion of networking, sharing ideas and experiences with Greek shipping executives.
The AMVER Awards 2023 event was held with the support of the Ministry of Maritime Affairs and Insular Policy, the Union of Greek Shipowners and the Hellenic Chamber of Shipping.

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Pursuant to the agreement to acquire 11 LNG/Cs provided under the Umbrella Agreement entered into on November 13, 2023, the Partnership took delivery on January 2, 2024 of LNG/C Axios II (174,000 cbm, latest generation, two stroke MEGA LNG/C, built at Hyundai Heavy Industries Co., Ltd). The vessel commenced a one-year time charter at a market-linked rate, which will be followed by a seven-year bareboat charter with Bonny Gas Transport Limited, who maintain an option to extend by an additional three years.
The vessel acquisition was financed with cash from the balance sheet, a new senior secured loan facility led by ING Bank N.V. for an amount of $190.0 million payable in 28 equal quarterly installments of $2.5 million, in addition to a balloon payment of $120.0 million payable together with the final quarterly installment in December 2030, and the deferral of $92.6 million of the purchase price, in accordance with the seller’s credit agreement included in the Umbrella Agreement, maturing on June 30, 2027.
Axios II is the ninth latest generation LNG/C of the Partnership and the second vessel delivery of the fleet acquired under the Umbrella Agreement. The remaining nine vessels are expected to be delivered between the second quarter of 2024 and the first quarter of 2027.
Capital Product Partners L.P. (NASDAQ: CPLP), a Marshall Islands master limited partnership, is an international owner of ocean-going vessels. CPLP currently owns 24 high specification vessels, including nine latest generation LNG/Cs, 12 Neo-Panamax container vessels and three Panamax container vessels. In addition, CPLP has agreed to acquire an additional nine latest generation LNG/Cs to be delivered between the second quarter of 2024 and the first quarter of 2027.

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