By Mr Anastasios Maraslis – Founder / President of *Marasco Marine Ltd
 
Protection and Indemnity (P&I) insurance is a cornerstone of maritime commerce, safeguarding shipowners and operators against third-party liabilities. As we approach the 20th February 2024 renewals, it’s crucial to understand the latest industry shifts and how they impact your cover.

The Impact of Recent Maritime Incidents
The past year has seen significant maritime incidents, including the ongoing impact of the COVID-19 pandemic, influencing the P&I market. These events have led to heightened risk assessments and stricter underwriting policies.

Global Economic Influences on P&I Rates
Economic fluctuations play a vital role in insurance premium. The current global economic landscape, marked by inflation and shifting trade patterns, is reshaping P&I premiums. The announced and intendent P&I premium general increase, fluctuates from 5% to 7.5%, depending the Club, followed by some, with an increase on the deductibles, which increase further shipowners/ship managers and operators costs. However last year’s renewals hike in rates helped Clubs improve technical performance in 2023 which is self evident in 2024, Clubs’ lower appetite for rate increases.    

Regulatory Changes Affecting P&I Insurance
New maritime regulations, aimed at enhancing safety and environmental protection, are affecting P&I policies. Compliance with these regulations is now a critical aspect of obtaining favorable insurance terms.

The Role of Technology in P&I Insurance
Technological advancements, like AI and data analytics, are revolutionizing the P&I sector. Insurers are now better equipped to assess risks and tailor policies.

Assessing Your P&I Coverage Needs
As we move towards the renewal date, it’s essential to reassess your cover needs. Consider changes in your fleet, operational areas, and the nature of your maritime activities.

Choosing the Right P&I Club for Your Needs
Different P&I clubs offer varying benefits and specializations. Research and select a club that aligns with your specific requirements, vessels’ type, size, trade, cargoes carried, etc, each fleet and ship manager is unique. There is no one size fits all and besides a Club’s financial strength, a key factor is its reputation for handling claims, the speed of response, the expertise of the claims handlers, and the Club’s record in dispute resolution. Some Clubs offer also risk management services to help members reduce their exposure to claims. Such services may include loss prevention advice, safety audits, and training.

Negotiating Terms with P&I underwriters
Effective and early negotiation is key to securing favorable terms. Be prepared to discuss your risk management strategies and your fleet loss history.

The Importance of Loss Prevention in P&I Insurance
Loss prevention measures not only safeguard your operations but also reduce insurance premiums. Implementing robust safety protocols is crucial.

Preparing for P&I Renewal: Key Steps
As the renewal date approaches, gather your documentation, claims paid, claims incurred reported and still open, your fleet’s loss history, premium paid, review your current policy, terms/conditions and consult with your broker to ensure a seamless process.

Conclusion: Staying Ahead in the P&I Insurance Market
Navigating the P&I insurance landscape requires staying informed and proactive. By understanding these key factors, you can secure the best possible cover for your maritime operations, choosing the right partner for you, to protect your exposure to marine liabilities swiftly and efficiently, when is mostly needed.

*Marasco Marine Ltd Is an independent Marine Risks Management Company which has over 30 years of marine insurance expertise in P&I and H&M insurance with an unwavering commitment to client’s success, by introducing specialized strategies in Risk Prevention and Risk Management in its daily modus operandi, with additional services such as: safety audits, and the introduction of safety protocols, which is very crucial for its clientele’s P&I and H&M insurance covers and premium cost control. More about Marasco Marine Ltd, its full list of services, unique structure and its Board of Advisors, can be found at www.marasco-marine.com

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Karin Orsel has been appointed the first female President ever in the history of ECSA, starting on 1 January 2024 for a two-year term, with Mikki Koskinen joining as the new Vice-President.  She succeeds Philippos Philis, who has held the position since January 2022.
Commenting on her appointment, new ECSA President Karin Orsel said: “The strategic role of European shipping for the security of the Europe has come to the forefront. Our commitment is clear: to promote the energy transition of shipping, meet our climate targets, and foster the sector’s competitiveness amidst rapidly evolving geopolitical and security challenges. One of the main priorities of our industry is a people-centred transition. The upskilling and reskilling of our seafarers for the green and digital transition, at the same time keeping the sector attractive and future-proof, is a topic close to my heart. I am honoured to take over the ECSA Presidency at such a pivotal moment and I look forward to working together with the membership and the Secretariat to further strengthen ECSA’s role as the voice of European shipping”.
“European shipping operates globally. It is now more important than ever to ensure European shipping remains competitive in an international environment while meeting its climate targets and continuing to deliver goods, energy and mobility for the EU citizens. To achieve this, it is essential to continue the constructive dialogue and cooperation with EU policymakers and stakeholders. In my new position as ECSA Vice-President, I look forward to working with Karin Orsel, ECSA members and the team as we strive to leverage the potential of European shipping for Europe” said Mikki Koskinen, newly appointed Vice-President of ECSA.
Karin Orsel became a shipowner and maritime entrepreneur at the age of 23 and she has been CEO of her ship management company MF Shipping Group since 2001. In 2017, she was appointed President of the Royal Association of Netherlands Shipowners (KVNR). Karin Orsel has received the “Industry Leader Award 2019” at the Tanker Shipping & Trade Conference in London, the “Personality of the Year 2019” at the WISTA International General Meeting and she is an Honorary Doctor of Public Administration Degree of the Massachusetts Maritime Academy in recognition of her significant contributions to the maritime industry.
Mikki Koskinen (Master of Economics) has been Managing Director of ESL Shipping Oy, part of Aspo Group, since 2013, and is a member of Aspo’s Executive Board. Prior to that, he was Managing Director of Meriaura Oy. He has served as a member of the Board of the International Chamber of Shipping (ICS), a member on the board of Arctia Oy and was the Chairman of the Finnish Shipowners’ Association 2021-2023.

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On 5th December 2023, the General Assembly of the Hellenic Committee of Lloyd's Brokers Associates took place at the premises of the Hellenic Association of Insurance Companies in Athens during which General Elections were held to appoint the new Board of Directors and new Auditing Committee for the three (3) year period 2023 - 2026. The elected members have formed the new Board of Directors on 12th December as follows:

BOARD OF DIRECTORS

1. Chairman - Manos Lorentzos, Seascope Hellas S.A.
2. Vice Chairman - Manos Siatounis, Aon Benfield Greece S.A.
3. General Secretary - Sophia Taikidou, Orion International Brokers and Consultants Ltd.
4. Treasurer- Petros Mandarakas, National Insurance Brokers S.A.
5. Member- Phoevos Bartsiokas, Apostolou & Co Ltd.
6. Member- John Myrianthopoulos, European Link S.A.
7. Member- Tassos Trechas, Nereus Marine Services S.A.
8. Member- Nikos Ghiouzelakis, Triton Marine S.A.
9. Member – Dorina Oikonomopoulou, Marsh LLC Insurance Brokers

Deputy Member – Spilios Fasois, Faros Marine S.A.
Deputy Member – Victoria Liouta, Vilmar Insurance Brokers S.A.

AUDITING COMMITTEE

1. Maria Kouliga, Trinity Marine Services Ltd
2. George Karavias, Karavias G. and Associates Ltd.

The Hellenic Committee of Lloyd’s Brokers Associates has it’s origins in 1938 and is one of the oldest insurance-related representative bodies in the Greek market. Historically, the Committee consisted of marine insurance brokers who were associated with and in some cases acted as an exclusive local liaison of Lloyds brokers, as the latter placed the majority of the marine risks. In the years that followed the formation of the Committee, our members have opened up to the international insurance markets of the shipping industry that have gradually evolved, always maintaining very strong ties with Lloyd’s of London, as the name of the Committee suggests.
In the recent years our Committee has strengthened its membership through the inclusion of equally standing professional intermediaries of non-marine disciplines, and widened its activities in order to keep up with the challenges and demands faced by the insurance market. All of our members have well established channels of cooperation with all marine and non-marine insurance markets. This exercise ensures objective and competitive insurance solutions for our clients and is particularly important when it comes to shipping industry in the absence of a local insurance market.
At present the Committee consists of 28 members and we are proud for the high standards of service they are offering to the Greek insurance market.

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As the year comes to close PPA S.A. proudly accepts two prestigious awards, in recognition of the company’s business excellence, marking another twelve months of modernization and progress, and the best performance in the company’s history.
The "Diamonds of the Greek Economy 2023" award was presented to PPA S.A. during a special event organized by Naftemporiki at the Grande Bretagne Hotel on Thursday, December 14, 2023. Mr. Panagiotis Tsonis, the Deputy CEO of the company received the award from the Minister of Transport and Infrastructure, Mr. Christos Staikouras.
Additionally, on Tuesday, December 19, 2023, PPA S.A. was honored with the title of "True Leader" by ICAP CRIF, as it was among the top companies that have excelled in the Greek market and met all the objective and measurable criteria set by this renowned institution. The award was received by the Deputy CEO of the company, Mr. Panagiotis Tsonis, during the Award Ceremony from Mr. Vassilis Rabbat, Chairman of Association of Chief Executive Officers.
The Chairman of PPA S.A., Yu Zenggang, expressed his utmost satisfaction with this double recognition of the company, stating: "In a world that is constantly evolving and presenting us with new challenges, PPA S.A. embraces change and adapts accordingly. Our holistic strategy coupled with an unwavering commitment to stability, growth, and sustainability, has elevated the Port of Piraeus to become a vital hub for transportation, commercial, logistics, tourism, and communication. We will continue to seize opportunities and lay solid foundations for prosperity, development, and progress. Above all, we remain dedicated to supporting the society and working towards a better world. These new awards serve as a testament to the systematic work and efforts of PPA S.A. people. Together, we will continue to shape the future of the port industry and the sectors we influence, fostering innovation, and constantly enhancing the positive impact of our company and the Port of Piraeus within Greece and the world."

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In December 2023, leading ship management provider Columbia Shipmanagement (CSM) signed a scholarship agreement and Memorandum of Understanding (MOU) with the Cyprus Maritime Academy (CyMA), the first maritime academy in Cyprus to offer a four-year degree in nautical science. The initiative to participate in CyMA’s Cadet Scholarship Programme reflects CSM’s continuous efforts to promote academic excellence, professional training, and research in the maritime industry.
With the MOU, CSM commits to providing three full scholarships for CyMA’s newly enrolled cadets on an annual basis, on the condition of meeting specific socio-economic and academic criteria. 
This agreement enables CSM to collaborate with CyMA in selecting scholarship recipients and offering them on-board sea service practicums, mentorships, internships, and various training opportunities.
“We are pleased to announce our collaboration with the Cyprus Maritime Academy,” said Columbia Group CEO Mark O’Neil. “Investing in the next generation of seafarers and providing them with opportunities for personal and professional development is a strategic priority for us. Through this collaboration we are investing in our people, nurturing their potential, and preparing them for a future on board in the ever-evolving maritime industry.”
A private maritime academy, CyMA  is part of the educational organization of Intercollege and the University of Nicosia. The Academy offers a four-year Bachelor Degree programme in Nautical Science which also incorporates the IMO-STCW Certificate of Competence for an Officer in Charge of a Navigational Watch. The 12-month sea-service practicum is included in the four-year duration of the programme, which is delivered in English, enabling not only Cypriot but also EU and International Cadets to take advantage of this unique opportunity. 
Finally, the agreement between CyMA and CSM enables cadets who successfully complete their on-board sea service practicum to also have the possibility to be employed by CSM upon their graduation.

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Safe Bulkers, Inc. has entered into an agreement for the acquisition of a Japanese, 82,000 dwt, dry-bulk, Kamsarmax class vessel with a scheduled delivery date within the first half of 2026.
The newbuild vessel is designed to meet the Phase 3 requirements of Energy Efficiency Design Index related to the reduction of greenhouse gas emissions (“GHG-EEDI Phase 3”) as adopted by the International Maritime Organization, (“IMO”) and also comply with the latest NOx emissions regulation, NOx-Tier III (“NOx-Tier III”). This newbuild vessel is a sister vessel to a number of newbuilds in our orderbook with advanced energy efficiency characteristics resulting to lower fuel consumption.
The Company has already taken delivery of seven IMO GHG-EEDI Phase 3 – NOx-Tier III vessels. Including this agreement, the Company has an outstanding orderbook of eight newbuild vessels, two of which are methanol dual fuel, with scheduled deliveries three in 2024, two in 2025, two in 2026, and one in 2027, targeting one of the most environmentally efficient dry bulk fleets in the market.
Dr. Loukas Barmparis, President of the Company commented: “As part of our renewal strategy we have recently agreed to sell two of our vessels. This newbuild with a relatively prompt delivery is consistent with our ESG strategy and reflects our ambition to be in the forefront of environmental developments.”
Safe Bulkers, Inc. has a fleet of 46 vessels, consisting of 11 Panamax, 9 Kamsarmax, 18 Post-Panamax and 8 Capesize vessels, with an aggregate carrying capacity of 4.6 million dwt and an average age of 10.5 years. Twelve vessels in the Company’s fleet are eco-ships built after 2014, and seven are IMO GHG-EEDI Phase 3 – Nox-Tier III vessels built 2022 onwards. The Company has an outstanding orderbook of eight Phase 3 newbuild vessels, two of which are methanol dual fuel, with scheduled deliveries three in 2024, two in 2025, two in 2026, and one in 2027. The Company’s common stock, series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols “SB”, “SB.PR.C”, and “SB.PR.D”, respectively.

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Tototheo Maritime has been certified as a Great Place to Work® in both Cyprus and Greece, for the period from October 2023 to October 2024.
This recognition holds significant value, positioning the company as an employer of choice within two highly competitive markets, as it comes directly from its employees.
In the official announcement issued by Great Place to Work®, it is stated that Tototheo Maritime has successfully built a culture of innovation and collaboration.  The announcement highlights that, the Trust Index™ survey that was conducted among the employees, reflects a positive work environment in both Cyprus and Greece.
This underscores the effective implementation of a well-structured people-centric strategy by the company’s leadership.
Tototheo Maritime Co-CEO, Despina Panayiotou Theodosiou, said: “Our certification as a ‘Great Place to Work®’ is a significant distinction for our company, recognizing the ethos that defines us – as an organization that prioritizes its people. This certification showcases the collaborative, respectful, and innovative spirit within our teams in Cyprus and in Greece.
Encouraging daily expression of opinions and ideas allows our people to grow. However, this certification should not make us complacent. As a dynamic and progressive organization, we must remain vigilant for ongoing assessment, improvement, and reinforcement of the high standards and transparency that guide us.”

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The co-Founder Maria Yiassa, of Seaorama, has won the Startup Manager of the year 2023 award in a beautiful ceremony organized at Megaron, The Athens Concert Hall on Wednesday 13th December 2023!
Maria Yiassa has been part of the Maritime industry for over 25 years. Her passion and vision are to enhance the image of the maritime industry in the eyes of the world by making each person to realize the unmeasurable contribution of shipping in the everyday life. Thus, in 2021 Seaorama IKE was established, together with our other co-Founder Vera Alexandropoulou and has since expanded to various initiatives aimed to shake the way shipping industry is experienced but also to assist in changing the maritime industry in a way that embraces the environment and its contribution to society. 
The Shipping Industry impacts every aspect of our lives; however, many people struggle to grasp the significance of shipping and its vital role in our society. This is particularly true for younger generations who will be called to pave the way to several fundamental changes happening on the industry in the following years.
As the world was shaken by COVID epidemic, it became obvious that the best way to approach our vision was to utilise the expanding and impactful world of videogames, hence Seaorama: World of Shipping emerged.
SeaOrama: World of Shipping is a maritime themed video game designed to capture and present the shipping industry in an engaging and educational manner while standing out globally for its unique management and strategy simulation approach inspired by real shipping data.
This captivating game immerses players in the world of shipping companies, enabling them to develop their own managerial style through risk, logistics, finance and operations management while adjusting in macro-economic world challenges. Choose between container ships, bulk carriers, and tankers to create your own fleet, but be aware that various factors in the game may influence the expansion or investment in different types of vessels. By incorporating real shipping data, the game creates its own economy, generating diverse scenarios for players to navigate. From port congestion and piracy to extreme weather events, mechanical failures, and crew accidents, the game encompasses the challenges faced in the shipping industry.
The timing of Maria Yiassa’s award was just perfect as the following day, on the 14th of December 2023 SeaOrama: World of Shipping made a worldwide premiere, in 8 languages, and its appeal has exceeded our expectations!
The Game is available on Steam, Epic and Gog platforms and is also available in Amazon Prime, featured as one of the Prime Gaming bonus games to its members. For a Startup, gaining access to Amazon's Prime can be translated as to having access to more than 162 million Prime members. 
You can access the game through:
https://store.steampowered.com/app/2002570/SeaOrama_World_of_Shipping/ 
https://store.epicgames.com/en-US/p/seaorama-world-of-shipping-ff5abb
https://www.gog.com/game/seaorama_world_of_shipping
You can also find information in our website: https://www.seaorama.com/.
Companies from both the shipping industry and others in the maritime cluster are invited to explore the promotional opportunities offered through the video game (email: This email address is being protected from spambots. You need JavaScript enabled to view it.) Why don’t you join us in this thrilling journey!

ELNAVI Newsletter  
Μore Information: ELNAVI,
19, Aristidou str., Piraeus 185 31,
Tel.: +30 210 45.22.100, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The co-Founder Maria Yiassa, of Seaorama, has won the Startup Manager of the year 2023 award in a beautiful ceremony organized at Megaron, The Athens Concert Hall on Wednesday 13th December 2023!
Maria Yiassa has been part of the Maritime industry for over 25 years. Her passion and vision are to enhance the image of the maritime industry in the eyes of the world by making each person to realize the unmeasurable contribution of shipping in the everyday life. Thus, in 2021 Seaorama IKE was established, together with our other co-Founder Vera Alexandropoulou and has since expanded to various initiatives aimed to shake the way shipping industry is experienced but also to assist in changing the maritime industry in a way that embraces the environment and its contribution to society. 
The Shipping Industry impacts every aspect of our lives; however, many people struggle to grasp the significance of shipping and its vital role in our society. This is particularly true for younger generations who will be called to pave the way to several fundamental changes happening on the industry in the following years.
As the world was shaken by COVID epidemic, it became obvious that the best way to approach our vision was to utilise the expanding and impactful world of videogames, hence Seaorama: World of Shipping emerged.
SeaOrama: World of Shipping is a maritime themed video game designed to capture and present the shipping industry in an engaging and educational manner while standing out globally for its unique management and strategy simulation approach inspired by real shipping data.
This captivating game immerses players in the world of shipping companies, enabling them to develop their own managerial style through risk, logistics, finance and operations management while adjusting in macro-economic world challenges. Choose between container ships, bulk carriers, and tankers to create your own fleet, but be aware that various factors in the game may influence the expansion or investment in different types of vessels. By incorporating real shipping data, the game creates its own economy, generating diverse scenarios for players to navigate. From port congestion and piracy to extreme weather events, mechanical failures, and crew accidents, the game encompasses the challenges faced in the shipping industry.
The timing of Maria Yiassa’s award was just perfect as the following day, on the 14th of December 2023 SeaOrama: World of Shipping made a worldwide premiere, in 8 languages, and its appeal has exceeded our expectations!
The Game is available on Steam, Epic and Gog platforms and is also available in Amazon Prime, featured as one of the Prime Gaming bonus games to its members. For a Startup, gaining access to Amazon's Prime can be translated as to having access to more than 162 million Prime members. 
You can access the game through:
https://store.steampowered.com/app/2002570/SeaOrama_World_of_Shipping/ 
https://store.epicgames.com/en-US/p/seaorama-world-of-shipping-ff5abb
https://www.gog.com/game/seaorama_world_of_shipping
You can also find information in our website: https://www.seaorama.com/.
Companies from both the shipping industry and others in the maritime cluster are invited to explore the promotional opportunities offered through the video game (email: This email address is being protected from spambots. You need JavaScript enabled to view it.) Why don’t you join us in this thrilling journey!

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INTERCARGO condemns the attacks on merchant vessels transiting the Red Sea and is calling for an immediate stop to these actions and the release of ships and their crew being held.
The Red Sea is a vital waterway, linking Europe and Asia, with 12% of global trade passing through it and these missile, drone or pirate attacks, which have been escalating over the past month, are completely unjustified with innocent seafarers becoming pawns in land-based aggression.
The safety of our seafarers remains INTERCARGO’s paramount concern and we urge our members to remain vigilant and take note of the guidance being issued by the industry.
Not only are these attacks putting crew members and vessels at risk but East African nations and regions relying on the transit of dry bulk cargoes such as food and vital raw materials through the Red Sea will face severe consequences due to trade disruptions.
Whilst INTERCARGO welcomes the international coalition which has been set up to help combat the attacks, concerned states and the international community need to work together to ensure unhindered safe navigation and the well-being of innocent seafarers world-wide.
INTERCARGO will continue to monitor the situation closely and offer guidance and support to members, as the industry collaborates with all stakeholders to address the threat posed and safeguard international shipping.

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