Stamatis Tsantanis, Chairman & CEO and Stavros Gyftakis CFO of Nasdaq listed Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) participated at a recent webinar session and presented the Company’s excellent prospects for maintaining sustainable growth and fleet expansion.
Seanergy is the only U.S. listed shipping company with a pure-play Capesize fleet. It has been listed on the Nasdaq Capital Market since 2008 under the ticker “SHIP” and is managed by a highly experienced top management.
The Company adheres solid corporate governance principles with fundamental focus on the Environmental, Social, and Governance (ESG) matters. Seanergy has been a pioneer in promoting ESG practices enhancing further its ESG commitment.
Seanergy has strong and long-standing commercial relationships with 1^st class charterers i.e. Cargill, Glencore, NYK, Uniper, Trafigura, Anglo American, Vale and other trading houses and all fleet is employed in period contracts.
Seanergy is an independent company with no sponsored ownership or affiliation with private equity or hedge funds and maintains a very transparent structure.
The fleet has been increased by 65% during the last two years investing $259m in acquiring modern vessels at the low point of the market.
Seanergy has a very homogeneous and quality fleet of 18 vessels built in Japan and S.Korea with carrying cargo capacity 3.2m dwt and an average age 12.4 years.
Seanergy’s total shareholder rewards equaled nearly $55 million in 2022 consisting of stock dividends totaling $28.1 million and buybacks amounting to $26.7 million.
Stavros Gyftakis referred to the Company’s financing and noted that over the last two years Seanergy has completed ambitious refinancing programs including facilities of $270m in total, with the aim to reduce the applicable interest rate across all financings and improve the overall terms in order to support its investment program.
Seanergy managed to reduce the average spread of its loan facilities from 5.1% in 2020 to 2.9% at the end of 2022. It has also expanded its financing relationships with Chinese leasing groups and strengthened its relationships with the prominent shipping lenders in Europe.
The total debt stands at $250m at the end of 2022 including convertible debt and vessels’ secured debt.
The total debt is below 50% based on the September 2022 valuation.
Stamatis Tsantanis believes that this time is a turning point for the capesize sector as China is reopening and supports the ailing Housing Market and the new Asian coal power plant of 270GW to be delivered by 2050.
In addition to this, carbon emission targets for steel makers in China postponed to 2030. Total iron ore and coal ton-mile expected to rise by 0.4% and 4% in 2023 as well as fleet growth is at the lowest point in the last 20 years.
The demand will also stay at very sustainable levels because of the EEXI regulations which came into effect on January 1, 2023, and in combination with the upcoming CII regulation is expected to have a continuous speed reduction effect which will have a progressive impact on the global fleet.
Stamatis Tsantanis also commented on the idea behind the establishment of the spin-off company United Maritime which is to create a highly speculative gain and distributing vehicle with effect for the shareholders buying, selling ships more quickly compared with Seanergy.
In conclusion, Seanergy will maintain a very balanced approach rewarding its shareholders and looking at attractive vessel acquisitions to entertain creative growth and fleet renewal without sacrificing the Company’s loan repayment and dividend distribution schedule.

Image: Stamatis Tsantanis, Chairman & CEO and Stavros Gyftakis CFO of Nasdaq listed Seanergy Maritime Holdings

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On 17th February, the Japan Branch of Headway Technology Group, a newly established subsidiary of Headway Technology Group, hosted a seminar themed “Low Carbon Future” at the Okura Hotel in Kobe, Japan. Several well-known Japanese shipowners, builders, investors, classification societies, and manufacturers were invited to attend. The seminar focused on the shipping industry of East Asia, the outlook of low-carbon shipping, and Headway’s low-carbon product family. The seminar gained a promising result with many partners willing to further the cooperation with Headway in the field of marine decarbonization.
The establishment of Headway’s Japan Branch was a milestone in Headway’s action in further development of the Asian market. The subsidiary will be the pioneer post on the layout of low-carbon shipping and further promote their service in the Asian market and benefit Japanese partners with Headway’s state-of-the-art productions and solutions.
During the first seminar, a delegate from the China Classification Society kicked the start with a presentation on the latest regulation updates. Following that Headway’s Japan Branch and partner shared the opportunity & challenge analytics on the shipbuilding industry in China & Japan. Headway’s R&D team also introduced the recent upgrades of the OceanGuard® Fuel Gas Supply System and Low Flash-point Fuel Supply System. Headway emphasized that the company will keep providing the innovational solution for maritime decarbonization, and provide measures to meet the requirements of authorities such as IMO and EU.
Headway has established a comprehensive decarbonize solution including OceanGuard FGSS, LFSS, Exhaust Gas Cleaning System, Carbon Capture, Storage and Utilization System, etc. The company also laid out a comprehensive upgrade on the global service network to provide a level of design/technical support service that meets the expectation of customers. Headway also applied the latest technology and materials into the products to enhance energy efficiency and eco-friendly with lower risk and OPEX.
“We share a vision with our partners that decarbonization is not only a responsibility but also an opportunity, to open a new era of greener shipping”, said the Headway R&D team leader in the presentation. It is reported that Headway has established cooperation with the majority of Chinese, Japanese, and Korean shipowners and shipyards. With the deep operation of Headway’s Japan Branch, the company will facilitate cooperation between different parties to further the comprehensive, timely, and localized solution and technical service on low carbon shipping for Asian customers.

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The Cyprus Shipping Deputy Ministry (SDM) and the Department for Transport of the United Kingdom of Great Britain and Northern Ireland have signed a Memorandum of Understanding (MoU) to further strengthen shipping relations between the two states. 
The agreement includes a range of commitments designed to address current challenges faced by the sector. Drafted to align with the needs and objectives of each country, the MoU aims to stimulate economic development on a mutually advantageous basis, with a specific focus on driving progress in shipping’s response to climate change issues. Joint scientific and technical workshops, conferences, training programmes, seminars, and courses, amongst other initiatives, will be implemented to drive shipping towards its sustainability goals. 
Core focuses of the agreement also include maritime safety and security, and pollution from ships. The two states are also committing to jointly address issues around piracy, fraudulent ship registrations, seafarer welfare and training, and the implementation of transport-related sanctions that impact the sector. Both parties pledge to promote cooperation in shipping within the framework of international and regional councils such as the International Maritime Organization and the Commonwealth. 
“Collaboration has always been a cornerstone of Cyprus’ vision,” said Cyprus Shipping Deputy Minister, Vassilios Demetriades. “This MoU aligns with the extrovert pillar of the SDM’s strategy, which champions a joint approach to driving positive progress in the greater shipping sector while always safeguarding competitiveness.
“Cyprus looks forward to working closely with the UK, exchanging information on best practice when it comes to maritime governance, knowledge, research, and innovation. Furthermore, it is our hope that this partnership will accelerate the digitalization of ship operations, and, importantly, improve the resilience of the sector in terms of cyber security.”
The MoU was signed on Tuesday, 21st February 2023, at the premises of the Shipping Deputy Ministry in Limassol by the Cyprus Shipping Deputy Minister, Mr. Vassilios Demetriades, and the British High Commissioner, Mr. Irfan Siddiq, representing Maritime Minister of the United Kingdom, Baroness Charlotte Vere of Norbiton. 
Prior to the MoU’s signing, Mr Demetriades had a constructive virtual meeting with Baroness Vere.
Following the signing ceremony, High Commissioner Siddiq said: “This agreement marks a new chapter in relations between Cyprus and the UK, both of which have long and rich seafaring histories. We look forward to partnering with Cypriot authorities to support maritime safety and security. We believe that closer cooperation will benefit our local, regional and international shipping communities.”
About the Cyprus Shipping Deputy Ministry (SDM)
The Cyprus Shipping Deputy Ministry is a well-established and quality Registry, committed to safety, security and excellence. Ranking amongst the top international fleets, it boasts a young fleet that averages seven years of age, encompassing over 1,000 oceangoing vessels with a total gross tonnage exceeding 24 million (as of 31/08/21). Cyprus has maritime offices in Piraeus, London, Hamburg, Rotterdam, New York City and Brussels.

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The most prominent shipping personalities were gathered in Athens earlier in February 2023 to discuss significant topics and pressing issues including the current lack of seafarers, decarbonization, and digitalization.
This major shipping achievement was organised by Nicolas and Olga Bornozi who have established Capital Link’s Annual Greek Shipping Forum to discuss the industry’s main trends and challenges, as well as the opportunities that lie ahead and strategies to compete in an increasingly complex and demanding world. This year’s forum’s distinguished speakers discussed and debated the most pressing issues in shipping, such as geopolitics, energy security, increasing regulation, deglobalization, a slowing world economy, higher interest rates, and the easing covid restrictions in China.
The prominent figures include Mr. Kitack Lim, Secretary General - International Maritime Organization (IMO), H.E. Ioannis Plakiotakis, Minister of Insular Policy & Shipping - Hellenic Republic, H.E. Konstantinos Skrekas, Minister of Environment & Energy - Hellenic Republic, Dr. Harry Conway, Chairman - Marine Environment Protection Committee (MEPC) – IMO, Dr. Martin Stopford, Mrs. Sabrina Chao, President & Chairperson of the Board – BIMCO; Wah Kwong Maritime Holdings Limited, Mr. Emanuele Grimaldi, Chairman – INTERNATIONAL CHAMBER OF SHIPPING; President & MD - Grimaldi Euromed SpA; Managing Director – Grimaldi Group, Mr. Paolo d’Amico, Chairman – INTERTANKO; Chairman & CEO - d'Amico International Shipping SA, Mr. Dimitris Fafalios, Chairman – INTERCARGO; President/Director - Fafalios Shipping S.A., Mrs. Melina Travlos, President of the Union of Greek Shipowners (UGS); Chair of the Board of Neptune Lines, and Mr. Philippos Philis, President - European Community Shipowners Association (ECSA); Chairman & CEO – Lemissoler Navigation Co Ltd. 

GREEK SHIPPING LEADERSHIP AWARD

In the context of the forum, Mr. Themistocles Vokos, Founder Member, Honorary Chairman of Posidonia; Founder of Seatrade, received the “Capital Link Greek Shipping Leadership Award”.  We recognize Mr. Themistocles Vokos for his long-standing achievements and contribution to the Greek and Global Shipping Industry.
Mr. Nicolas Bornozis, President – Capital Link, introduced Mr. Themistocles Vokos, Founder Member, Honorary Chairman of Posidonia; Founder of Seatrade.
Professor Costas Th. Grammenos, CBE, DSc, Chairman C. Grammenos Centre of Shipping Trade & Finance - Bayes Business School, City, University of London, and Mr. Gregory Hadjiefelfteriadis, Co-Founder - Eletson Corporation, honored the forum with their presence and delivered Introductory Remarks at the Official Award Luncheon.
Mr. Themistocles Vokos, Founder Member, Honorary Chairman of Posidonia; Founder of Seatrade, stated: “The people I met in the sector have inspired me to look at the world as a place where everything was possible. I have a deep respect and love for the sea, as it joins people of different countries and cultures rather than separating us.
I share this award with my collaborators. This has been a rewarding career and if there was a price to pay, I escaped it, as I have also been blessed with a loving wife and lovely children.”
Professor Costas Th. Grammenos, CBE, DSc, Chairman C. Grammenos Centre of Shipping Trade & Finance - Bayes Business School, City, University of London, stated: “Themis Vokos established the Seatrade magazine, which always featured interesting articles, and other publications destined towards the Chinese market. Themis Vokos, "the bridge maker". Furthermore, being present at the biannual Posidonia conference is of course a must for all stakeholders of the shipping industry.
Mr. Vokos is special man, with clear vision and unlimited creativity. Congratulations to him.”
Mr. Gregory Hadjiefelfteriadis, Co-Founder - Eletson Corporation, stated: “Going through the career of my dear friend Themistocles makes the encyclopedia Britannica fail in comparison. Everybody associates him with Posidonia, dating back to 1969. Poseidon, the god of the seas, is rumored to have many children. If that's the case, then Themistocles is definitely one of his best. He is worthy of this award, and I congratulate the organizers for honoring him.”
Previous honorees were: 2013 - Captain Panagiotis N.Tsakos, Founder & President - Tsakos Group, 2014 - Mr. Pericles Panagopoulos, 2015 - Mr. Lambros Varnavides, Vice Chairman of the Baltic Exchange, Trustee of the Lloyds Register Foundation and Managing Director and Global Head of Shipping RBS 1998, 2016 - Mr. Nicolas, George and Andreas Tsavliris of the Tsavliris Salvage Group, 2017 - Professor Costas Th. Grammenos CBE DSc, Chairman C. Grammenos Centre of Shipping Trade & Finance, Bayes Business School, City, University of London, 2018 - Mr. Panos Laskaridis, President of European Community Shipowners Associations; CEO, Lavinia Corporation/Laskaridis Shipping Company Ltd. and Mr. Athanasios Laskaridis, Chairman and CEO of Lavinia Corporation, Lavinia Enterprises Limited and Laskaridis Shipping Company Ltd., 2019 - Captain Paris Dragnis, Chairman & Founder - Goldenport Group, 2020 - Mr. George Procopiou, Founder, Dynacom Tankers Management, Sea Traders – Dynagas, 2022 - Mr. Simeon Palios, Founder and Chairman, Diana Shipping.

LIFETIME ACHIEVEMENT AWARD PRESENTATION

Mr. D. John Stavropoulos, Chairman Emeritus - Tsakos Energy Navigation Ltd. (TNP), received the Lifetime Achievement Award in honor of his life-long dedication and incredible contribution to shipping in Greece and on a global scale. Mr. Nicolas Bornozis, President - Capital Link, and Dr. Nikolas P. Tsakos, Founder, Chairman & CEO - TEN Ltd.; Chairman - INTERTANKO (2014-2018) offered introductory remarks for the award presentation.
Mr. D. John Stavropoulos, Chairman Emeritus - Tsakos Energy Navigation Ltd. (TNP), stated: “I first came to Greece in the 1970s, when I was working for the national bank of Chicago. Then came London, and Latin America after that. Once back in Chicago I was appointed head of the real estate department. I went on to manage the commercial banking department. It goes without saying that I’ve thoroughly enjoyed working with the Tsakos group and I am happy to be a former associate of the company. Thank you all very much for this honour.”
Mr. Nicolas Bornozis, President - Capital Link, stated: “Mr. Stavropoulos was born in the deep south, in Mississippi. He spent thirty years working for the Chicago national bank. He was appointed by President George H.W. Bush to serve for life on the financial advisory committee. An excellent financial analyst, he served as chairman of Tsakos Energy Navigation. He brought high standard ethics, immaculate corporate governance, and unique expertise to the banking sector.”
Dr. Nikolas P. Tsakos, Founder, Chairman & CEO - TEN Ltd.; Chairman - INTERTANKO (2014-2018), stated: “John Stavropoulos has been a business mentor for me and my family. Other than my immediate family, he has had a biggest influence on me than any other person. He truly has been an inspiration. We started the company when I was a lot younger, and he was able to set us off on the right track to become who we are today. Mr. Stavropoulos, on behalf of my father as well, who is here in spirit, we’d like to thank you for your guidance and friendship throughout the years.” 

SHIPPING MARKETS UPDATE & OUTLOOK

Mr. Martin Kjendlie, Managing Director - ViaMar (VesselsValue) in his speech presented the trends of the global market.
“The shipping community should be proud to be leading the way; other industries are looking to imitate us, which maybe wasn’t the case a decade ago. ViaMar launched in 2011 and now has 9 offices worldwide. Today, global markets are under pressure, as we’re going through a soft recession in Europe and the US, with GDP growth of basically zero per cent.
The under-investment in fossil fuel production in recent year has not been sufficiently covered with green energy investments yet. Therefore, shipowners are using energy saving devices trying to make engines more efficient. Environmental regulations are creating both negative implications and new opportunities.” 

ADDRESSING THE COMPLEXITIES AROUND CII & SEEMP III
Dr. John Kokarakis, Technology and Business Development Director, Southeast Europe, Black Sea & Adriatic (SEEBA) Zone- Bureau Veritas, moderated the panel of speakers.
Mr. Panos Zachariadis, Technical Director - Atlantic Bulk Carriers Management, Ltd.; Vice Chairman, BIMCO Marine Environment Committee; Member, BIMCO Carbon Clauses Drafting Subcommittee, stated: “In my eyes, EEOI is nothing more than a random number generator, making it impossible to predict the ranking of the ships. Charterers need to assume their own responsibilities. If that were to happen, then it would be fair for them to demand better-rated ships. As of now, does a good CII score necessarily mean an efficient ship? As a matter of fact, no, it just shows if the way the ship was operated during a specific period was compliant to what is currently being asked.”
Mr. Andreas Hadjipetrou, Managing Director - Columbia Shipmanagement, stated: “The industry is trying to meet the IMO’s 2030 and 2050 targets. Shipowners have changed their mindset and are focusing on renewing their fleets. In this environment, depending on the profile company, people select different methods. On the container side, we discuss jointly and try to choose and approach to tackle fleet optimization. It is a case of charterers and owners working together towards the same goal.”
Mr. Philippos Philis, President - European Community Shipowners Association (ECSA); Chairman & CEO – Lemissoler Navigation Co Ltd, stated: “We’ve been internally monitoring a fleet of very efficient ships, using AI and the latest available technology. Indeed, ships equipped with all energy saving devices are very highly efficient, also thanks to the fact that the hull has been maintained in great condition. The only additional thing more we could do is change fuels and move towards biofuels, to achieve even lower emissions.”
Mr. Kenneth Aasland, Environmental Services Lead and Managing Director of Maritime Carbon Solutions - IFCHOR GALBRAITHS (IG), stated: “It is never easy for any legislator to bring forth new regulations. From my point of view, the critical thing is I don’t see how CII caters for the commodity market. Geopolitical events and market fundamentals are affecting things significantly, and the commodity that is being transported affects the chosen route too. Moreover, in the crude market the owners don’t usually know exactly where they’re going from the beginning, as they’ve been given a large geographical region as the destination. This makes achieving voyage optimization more difficult, the exact destination being defined late in the game, and of course it affects the CII score.”
Dr. Harry Conway, Chairman - Marine Environment Protection Committee (MEPC) - IMO, stated: “Thank you for inviting me to discuss this interesting issue. I believe our industry needs data to rely upon for shaping regulations. At the IMO we are currently receiving proposals with ways to face the concerns that have been raised. You, the members of the industry, should provide us with the necessary data. That way, regulations will not be based on conjectures or speculations. Debating different topics is the way to reach better solutions, and we remain flexible for modifications if the data so indicates.”
Mr. Andrea Olivi, Head of Wet Freight Shipping – Trafigura, stated: “For me, the main issue with the current format of CII, is that is has the potential to promote bad behavior instead of contributing to its elimination. Regarding ballast, the current system definitely needs to change. EEOI as an index works much better, although it is not perfect either. If we tweak CII accordingly, maybe we’d achieve results. Lastly, CII should not be seen as the holy grail that will help us decarbonize shipping, but rather as one of the tools offered to both shipowners and charterers.” 

ALTERNATIVE PATHWAYS TO DECARBONIZATION

Mr. Michalis Pantazopoulos, General Manager Greece - Liberian Registry (LISCR Hellas) moderated the panel of speakers and remarked: “It’s good to be back at this highly regarded conference. We are still in the recovery process from Covid-19 and the Russia-Ukraine war. Shipping has shown adaptability to the challenges. Our industry is well on her way in terms of implementing new technologies and moving towards new fuels. What shipowners need in order to be able to do so, are practical and attainable solutions.”
Mr. Georgios Plevrakis, Vice President, Global Sustainability – ABS, stated: “When talking alternative fuels, each path has unique challenges and opportunities. However, the discussion quickly reaches the need for standardization, which is not there yet. Of course, there are solutions that are more mature; LNG has been here for a while, while methanol has seen an uprise recently. We are a segregated industry – one size does not fit all. For us to flourish in the future, we need production to scale up, using renewable power, which then leads to the need to build the equivalent infrastructure.”
Mr. Konstantinos Stampedakis, Co-Founder & CEO - Erma First, stated: “Human activity has visibly affected the climate, as we’re seeing more and more extreme weather phenomena. Shipping is not contributing that much to C02 emissions, only 2-3%, but we do have our share of responsibility. As a company, we believe that patterns are unique and there is no single path for everyone. In the long-term, we strongly believe that green fuels and hybrid solutions, including electric propulsion, is the way to go. However, fossil fuels will still be a main source of energy at least until 2035 to 2040.”
Mr. Gregory Nakos, EY Greece Partner, Consulting Services – EY, stated: “We need to be able to make quick and educated decisions. New IMO rules require indexes to be measured and reported upon. Hence, owners and operators need to be in a position to make informed calls for the short and long term. What are the available options? Apart from using fuels with lower emissions, technical adjustments can optimize flow water around the hull, although they can be relatively expensive. An alternative approach would be to change the way vessels operate and match specific ships with routes and ports. Data can be a significant ally in the need for improved performance, especially if considering the weather conditions or the depth of water. These things lead to a better global understanding.”
Mrs. Claire Wright, General Manager Commercial Shipping & Strategy – Shell International Trading and Shipping Company, stated: “The endgame is to come up with the zero carbon fuels that we need in shipping. One pathway to that goal, the synthetic one, is to keep investing in R&D for carbon capture. The other pathway passes through the utilization of hydrogen or ammonia; the challenge there is the safety of crew on board the vessel. Understanding the end goal, and what exactly it entails is important.” 

SHIP FINANCE

Mr. Jasel Chauhan, Partner, Head of International Finance - Hill Dickinson, moderated the panel of speakers.
Mrs. Anastassia Tcherneva, Global Head of Shipping - ABN AMRO, stated: “As a bank that is active in the industry, we’re seeing ESG getting more interesting given the geopolitical tension and increased awareness. ESG will function as a lens for capital allocations, stakeholders and our societies at large demand it.
There are various options for alternative financing, available also in Asia, with advantages and disadvantages. Europe has historically supported the sector; as a result, institutions have a shipping ecosystem, are familiar with trends, and have an already built in-house know-how. The climate transition is a disruption, but it also represents new opportunities.”
Mr. Vasilios Maroulis, Managing Director, Global Industry Head, Shipping, Logistics & Offshore – Citi, stated: “Shipping portfolios performed strongly across all sectors last year. Banks have to deal with some black swan events though, so one needs to be prepared for everything. I remain cautiously optimistic for this year. We do have a war in Europe - that remains the big question mark. Will it be contained, will it continue as is, or, in the worst-case scenario, will it escalate.”
Mr. Evan Cohen, Managing Director & Group Head of Maritime Finance – CIT, stated: “I’ve always been impressed with the adaptability shipowners have shown, especially in Greece. Hopefully bankers and financiers manage to do the same. Bulk carriers had their moment in the sun, now it’s the tanker owners’ turn.
Some traditional banks are pulling out but there’s no lack of capital, as it’s been flowing from different spaces. There are platforms that are making access easier for smaller owners. All the incremental changes of the past years are making a big difference: becoming more efficient is also the smart thing to do economically, as it ends up taking you much further on the same tank of gas.”
Mr. Christos Tsakonas, Head of Global Shipping – DNB, stated: “If we wanted a quiet life we would not be in shipping. We are used to cycles and extreme events, and in these adverse circumstances we manage to thrive. The order book has been kept low due to the energy transition. The two axes we should focus on is keeping the supply and demand balance in check, and observing how lower emission requirements will affect the business model in the coming years. Right now, western banks provide an abundance of cheap capital for shipping companies, but cost will likely go up soon.” 

Mrs. Melina Travlos, President - Union of Greek Shipowners (UGS), Chair of the Board - Neptune Lines, stated: “Historically, no matter what the challenges shipping faces are, its people manage to deal with them successfully in each era and protect the functioning of our global ecosystem. Greek shipping is synonymous with accountability and expertise, including during the current energy transition. Our commitment to decarbonization, for example, is a fact. However, two prerequisites need to be taken into account: firstly, energy producers, suppliers, and shipyards have to create sustainable fit for purpose solutions, which will be globally available. And secondly, safety must be a top priority, so that our seafarers and the environment are never put at risk or jeopardized under any circumstances.
Climate change requires global solutions, and the IMO is the only body with the authority to set the standards. Shipping must indeed stay calm and sail on, for the very prosperity of our planet.” 

Mr. Ioannis Chiotopoulos SVP, Regional Manager SE Europe, Middle East and Africa - DNV, moderated the key-shipping personalities’ panel.
Mr. Kitack Lim, Secretary General - International Maritime Organization (IMO), stated: “We suffered through the pandemic for three years now, which has affected the shipping industry as a whole. We’ve worked in close cooperation to face this challenge, as well as the military situation that began in February of last year in Ukraine.
Our green initiatives have been supported by the United Nations, and the IMO has been providing technical advice and support. These are policies that propel us to the future, whose benefits concern our children’s generation. Keep sailing on is essential, but not enough: One should sail with the proper speed and in the proper direction, which is part of why events such as this are very important. I believe the industry’s strategy must be adapted to achieve decarbonization.
I would like to express my deepest thanks to the member states and the industry for working actively to support the IMOs efforts when it comes to decarbonization and participating in discussions focused on the implementation of ensuing measures. The shipping community truly does deserve the highest praise.”
H.E. Ioannis Plakiotakis, Minister of Maritime Affairs & Insular Policy - Hellenic Republic, stated: “We live in challenging times, there is no doubt about that. The pandemic and more recently the Russian invasion have rescheduled our priorities due to intense uncertainties. The first thing we need to preserve in this path towards recovery is sustainable development. The main challenges for that include decarbonization, digitalization, cyber security issues, and, lastly, the greatest challenge of all in my opinion: the shortage of qualified personnel. We politicians need to cooperate at the level of the IMO and at the multilateral level. International activities need international rules and regulations, while ensuring the protection of the sector’s competitiveness.
Greece is an advocate for adaptation. We fully support the implementation of the IMO’s strategy to reduce greenhouse emissions. I’ve stated many times that to fulfill our goals, we must ensure global availability of alternative fuels, and there’s a lot more work to be done on that front. It will be crucial to make things more predictable, to facilitate investing in the future.
The progress we’ve witnessed on shipping safety is considerable. The number of vessel casualties has declined while the global fleet has grown. Now, the challenge lies in incorporating new technologies without overlooking the primordial importance of safety.” 

LEADING THE INDUSTRY THROUGH TRANSFORMATION & INNOVATION

Mrs. Alexia Hatzimichalis, Partner, Athens Office Head - WFW, stated: “This panel shares the same title as the entire conference. That, as well as the fact that all panelists represent global institutions, should make for a great discussion. I believe the leadership of the people next to me will be crucial in successfully transforming the shipping industry.”
Mrs. Sabrina Chao, President & Chairperson of the Board – BIMCO; Wah Kwong Maritime Holdings Limited, stated: “Our priority is to use our knowledge of the regulations to deliver practical tools for our members, thus enabling them to do business in this ever-changing context. Also, it’s about raising awareness for key issues on the outside of our industry, to people who have direct or indirect impact. Currently, we do lot of work in relation to decarbonization regulations, while also working on projects about ship recycling and port efficiency. Our focus is also to deliver training courses and webinars to inform people of the different complexities at play.”
Mr. Dimitrios Fafalios, Chairman – INTERCARGO; President/Director - Fafalios Shipping S.A. , stated: “Our organization aims to achieve our members’ wishes and represent them appropriately in various international fora. Through collaborative action we try to make everyday business better for everyone involved. The safety of vessel and crew rank high amongst out greatest priorities. Seafarer health, safety and availability is brought to us often as the major issues companies face. Concerns are being raised about piracy and crew members being trapped due to unilateral actions from regional authorities.”
Mr. Paolo d’Amico, Chairman – INTERTANKO; Chairman & CEO - d'Amico International Shipping SA, stated: “On top of the general problems the industry faces, we have additional operational issues, due to our highly sophisticated operations. Regulations is one of them, and visas also are a problem. Seafarers should be considered key workers worldwide, to have their movements facilitated and their vaccination prioritized for example. The pandemic was something totally unexpected that forced us to change our outlook and increase our preparedness should any new crises emerge.”
Mr. Emanuele Grimaldi, Chairman – INTERNATIONAL CHAMBER OF SHIPPING; President & MD - Grimaldi Euromed SpA; Managing Director – Grimaldi Group, stated: “Seafarers suffered the most during the pandemic; they were neglected and not treated well. Today, there is a big shortage in personnel, calculated to 100k even before the Russia-Ukraine war, a war between two countries which represent a big percentage of the workforce. We’ve seen shortages in most countries, including Greece and Italy.
Decarbonization on the other hand, should be viewed as a long journey in uncharted territories. Different types of fuel are emerging, and we should keep all options open and available, while understanding that whilst shipowners have been responsible and pragmatic on this issue, we need to work more with regulators, ship builders, and refineries. Lastly, I’m concerned about an emerging new protectionism. Politicians should go back and read Adam Smith on the basic rules of a liberal economy.”
Mr. Hendrick Ketchemen, Director, Structured Solutions - Leonteq Securities, referred to the energy crisis and the inflation of the global economy.
“Leonteq has a key connection to the shipping community and Greece specifically. We are a leading fintech bank from Switzerland, with a global distribution network, and the recipient of more than 70 industry awards since our inception. We can offer tailor-made solutions and easy trading access, thanks to our market expertise.
2023 will be a year of high uncertainty, due to the commodities and energy crisis and its harmful effects on European and developing countries, worsened by the outbreak of the war in Ukraine. When supply chains will be going back to normal remains to be seen. The focus of policy makers has shifted towards restoring balance in the labor market and doing what’s necessary to bring inflation down.
Like in shipping itself, learning to navigate will be key this year for financial markets.” 

SHIPPING IN THE ERA OF CHANGE

Dr. Martin Stopford, gave an outlook of the shipping markets. “There are several dimensions of the transition to zero carbon. We have to be very thoughtful of the timeline, assessing the potential for green maritime fuels, finding other ways to phase out carbon emissions, investing in alternatives. Zero carbon is a distant goal that cannot be planned. Technology, like ocean currents, will develop in many different directions at different speeds.
Nuclear propulsion is promising but probably won’t be commercially available until the early 2030s. On the other hand, carbon capture is feasible but quite costly.”

INVESTING IN SHIPPING

Mr. Robert E. Lustrin, Counsel, Transportation Industry Group- Reed Smith, was the co-ordinator of the panel.
Mrs. Christa Volpicelli, Managing Director & Head of Maritime Investment Banking – Citi, stated: “Equities markets saw losses in value across most sectors. However, the dynamics and underlying fundamentals are quite positive in certain sectors. It helps that many companies are making profits and rewarding shareholders. The private capital market and the infrastructure market are growing, while hedge funds and a lot of different credit funds have emerged. That being said, many companies don’t need to raise capital at the moment, since they already make enough money.”
Mr. James Cirenza, Managing Director - DNB Markets, stated: “The institutional funds raised more cash in September and October than in the last twenty years. We are coming off a year where everything touching energy has worked great. What’s more, it feels like the beginning of a really long cycle.
The ESG crowd in the US has been hit pretty hard. Wind-related projects have been struggling. Europe is a different story, as assets here have held much better. We did a lot in LNG last year, once again the sentiment for everything related to energy is very good.”
Mr. Ghigo Ravano, Executive Chairman - IFCHOR GALBRAITHS (IG), stated: “We find ourselves in an extremely interesting crossroads despite the frantic volatility of the last two years. The outlook for investors for the next 2 to 5 years is looking great. We see a lot of buying interest and not that much concern. Not often do you come across such a framework where all the different segments of shipping offer various investment opportunities.
I believe the investors will come, meaning exciting times are ahead, including the offshore wind sector.”
Mr. Christian Rychly, Managing Director, Maritime - MPC Capital, stated: “We are a large investor in container ships, which makes our situation easier in the sense that we are closer to the consumer. We have the ability of mitigating the risk of investing in new technologies.
As far as the energy transition is concerned, we need to think long term. Let’s not forget the staggering amount of energy that will be needed. We can start by the most out of the ships already at sea today.”
Mr. Paulo Almeida, Chief Investment Officer – Tufton Investment Management, stated: “All our funds pursue a diversified strategy. We had a portfolio with 50% container ships a couple of years ago, but we’ve rotated out of them since. Reallocating funds quickly is important and depends on a matter of factors. In terms of decarbonization, we are currently contemplating building a position in alternatively fueled vessels or start a new large fund with other investors that will focus exclusively in that sector. All in all, it’s a great time to be an investor in shipping.”

ASSET BASED & PROJECT FINANCE OPTIONS

Mrs. Dora Mace-Kokota, Partner - Stephenson Harwood, co-ordinated this panel.
Mr. Timothy Soe, Managing Director - Ascension Finance, stated: “We structure our loans to resemble banking loans but with more flexibility. Typically, our clients are small and medium size shipowners. We’ve invested 225 million dollars during the last 18 months. People are willing to pay a little more if they’ve no longer have access to banks, or their assets are considered old, maybe due to ESG policies. If you’re looking to emphasize on speed, then the chances of us working together are higher.”
Mr. George Fikaris, Managing Director – Entrust Global, stated: “We started 7 years ago, taking advantage of banks pulling back their capital. We employ fifteen maritime-focused investors and have invested 4 billion dollars across seventy transactions. Our bread and butter is finding opportunities, whether those concern credit or equities, and move aggressively from there. We are not restricted in terms of preconditions, just looking for good business.
When you work with bad managers, you’re going to lose money. We expect the same investment from our business counterparts as we’ve placed in our own company. Support and trust need to be a two-way street.”
Mr. Harris Antoniou, Founder & Managing Director – Neptune Maritime Leasing Ltd, stated: “We provide leasing services for shipping companies, financing assets and owners. We are flexible as far as the leverage is concerned, which depends on many factors. Very seasoned teams are always ready to assist you in Greece, Switzerland, and the Netherlands.
The conditions of setting up a new company has become more difficult due to regulations. The majority of the capital is chasing the established players, which represent a smaller percentage of owners. This is where we come in, aiming for the younger and more aspirational generation.”
Mr. Paulo Almeida, Chief Investment Officer – Tufton Investment Management, stated: “We often work with smaller owners. Although our activity in project finance is limited, the strength we do have is that we understand the sector very well. One of our advantages is that most of our capital comes from large funds, giving us the ability, from time to time, to write big checks very quickly when the right deal comes along.” 

THE NEW ENERGY LANDSCAPE & SHIPPING

H.E. Konstantinos Skrekas, Minister of Environment & Energy - Hellenic Republic, in his speech referred to the country’s energy plans.
“In the last three and a half years, the Kyriakos Mitsotakis administration has navigated safely through troubled waters. Shipping is key in enabling the country’s energy security. To that end, LNG carriers have been arriving at the Revythousa terminal allowing us to reduce dependance on Russian gas. Shipping is in fact expected to transport 50% of the necessary fuels for the green transition. This transition is our only available option to mitigate destabilizing geopolitics and the climate crisis. Enhancing our diversification guarantees our autonomy. We are looking to redefine our energy mix and gradually phase out coal plants by 2o28, while simultaneously tripling our renewable capacity by 2030.
Natural gas has an important transitional role to play. We are initiating ambitious projects for green hydrogen, multiplying our electricity interconnections with neighboring countries, and finally investing almost 1 billion euros for the energy upgrading of our buildings.
I am proud to say that Greece has ranked 2^nd in attractiveness for renewables in the world and is recognized as one of the more resilient countries in the way it has handled the energy crisis overall.”
Mr. Panagiotis Mitrou, Global Gas Segment Director - Lloyds Register, was the moderator of the panel.
Mr. Sveinung Stoehle, Deputy CEO - Angelicoussis Shipping Group, stated: “The effect of the ban imposed on Russian refined oil products is predictable: they will go to Asia, making rates go up.
As a group we have a wide range of ships in terms of age and technologies, so our perspective needs to be wide. At the moment, we are seeing a huge container boom and large LNG orders, which mean prices will be getting higher for new buildings. The war in Ukraine has also had a significant effect for the existing vessels. Of course, since our business works in cycles, so we need to have capital available and spend it wisely when the time is right.”
Mr. Christian M. Ingerslev, CEO - Maersk Tankers, stated: “This is an interesting period for containers who are making a comeback from Covid. Geopolitical challenges are added to the mix, and we’ve already witnessed disruptions in the supply chain. The new sanctions will lead to distances getting longer and supply getting even tighter.
For tankers, it might be different in other segments, but we just don’t know what propulsion to use. Some banks in the room tell us that investing in a fossil fuel carrier is already considered a hard investment case.”
Dr. Nikolas P. Tsakos, Founder, CEO & President, TEN Ltd.; Chairman – INTERTANKO 2014-2018, stated: “This decade has been full of surprises, showing how volatile our industry can be. We’re all still trying to come down from the changes that have occurred. We are providing a service that happens to be appreciated more than usual. Of course, I’d rather have a slower market in a peaceful environment.
We should avoid ordering ships in times of speculation. Ships are meant to be built for 20 or 25 years, we are therefore still taking advantage of the quality of that previous generation of vessels.”
Mr. Bruce Paulsen, Partner - Seward & Kissel LLP, stated: “Economics have always been a foreign policy tool, from the time of ancient Athens and Pericles. Our clients are concerned about the sanctions against Russia, following the invasion of Ukraine. These sanctions follow a long tradition in other countries, like North Korea, Cuba, or Iran. Sanctions against banks, oil import bans, and many more prohibitions including SDN designations against oligarchs for example. Other parties have gone out of the market voluntarily. Therefore, compliance of shipping actors is of paramount importance.”
Mr. Erik Grossman, Senior Compliance Officer, Office of Foreign Assets Control (OFAC) - U.S. Department of the Treasury, stated: “We have a very detailed guidance list of the products that are impacted from the price cap that has been imposed on petroleum products. I would encourage everyone here to read it, and not hesitate to reach out to us if there’s any questions. Additionally, anybody who’s providing a service related to maritime transport is also affected in as much as the underlying product is capped.”

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The ship, M/V Neptune Okeanis, offered for free by the company Neptune Lines Shipping & Managing Enterprises, owned by Melina Travlou will transport four trucks filled with basic necessities such as blankets, bedding, heaters, personal hygiene items and medicines which were requested, as a priority, by the Turkish authorities.
“Neptune Okeanis” which sailed for Turkey from the car terminal of the port of Piraeus.
In particular, a new shipment of humanitarian aid from Greece for the regions that are being tested after the earthquake in Turkey left the port of Piraeus at noon on Wednesday (15/2), bound for the port of Iskenderun (Alexandretta).
The cargo comprises four truckloads of humanitarian aid collected by the municpalities union KEDE for the earthquake victims of Turkey and sent to Turkey under the coordination of Deputy Foreign Minister Andreas Katsaniotis. The support of the Greek government and the Greek navy for the plight the neighboring country is experiencing is important.
The Deputy Minister of Shipping Kostas Katsafados, the president of KEDE Dimitris Papastergiou, the Turkish ambassador in Athens and Mrs. Travlos were present during the ship’s departure,.
The ship is transporting humanitarian aid from the Region of Attica in collaboration with the Ministry of Foreign Affairs, the Ministry of Civil Protection and the Ministry of Shipping and Island Policy.
It is noted that the transport is carried out gratis by a ship of the Neptune lines shipping company of Mrs. Melina Travlos.

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The NYSE listed Dorian LPG Ltd., one of the world's largest owners and operators of modern and ECO very large gas carriers ("VLGCs") has added to its fleet the 2023-built Dual-Fuel LPG Carrier HLS Citrine.
The ship has been chartered under a long term time agreement.
This is the first Dual-Fuel LPG VLGC to join the company’s fleet. She will trade in the Helios LPG Pool which we operate jointly with MOL subsidiary, Phoenix Tankers. HLS Citrine is able to transit the old Panama Canal locks, reducing delays and costs compared to NeoPanama transits. She is the first of four Dual-Fuel VLGCs that are scheduled for delivery to the Company during calendar 2023 each with improved economics and carbon footprints, consistent with our mission to provide safe, reliable, clean, and trouble-free transportation.
Dorian LPG is a liquefied petroleum gas shipping company and a leading owner and operator of modern very large gas carriers (“VLGCs”). Our founding executives have managed vessels in the LPG shipping market since 2002.
The company currently owns and operates a fleet of 22 modern VLGCs. The twenty-two VLGCs in its fleet have an aggregate carrying capacity of approximately 1.8 million cbm and an average age, excluding 2 chartered-in VLGCs, of 7.5 years.
Dorian LPG provides in-house commercial and technical management services for all of the vessels in its fleet, including the vessels deployed in the Helios Pool. Dorian LPG has offices in Connecticut, USA, Copenhagen, Denmark, and Athens, Greece. Dorian LPG is incorporated in the Republic of The Marshall Islands and headquartered in the United States.

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Aiming at a larger and financially more reliable company BMS United Bunkers, Bunkernet, and SBI bunkering BV, three leading marine fuel supply companies, have entered into a definitive merger agreement to create Baseblue, an industry leader in marine energy solutions.
Baseblue offers a complete and dependable marine energy solutions to a broader clientele as well as it will provide a wider range of services, including alternative fuels, emissions trading, and digital optimization.
An experienced management team consisting of the three well-tracked brands servicing top-notch clientele for over 30 years will manage Baseblue. Lars H. Nielsen of BMS will assume the position of CEO. At the same time, Gregoris Gregoriou, Managing Director of Bunkernet, will be appointed Chief Commercial Officer, and Dave Gregory, General Manager of SBI, will be appointed Managing Director of Baseblue North Europe. Antonis Xiros will be appointed Chief Operating Officer and Nicholas Argyrou will be appointed Key Account Director.
“Baseblue brings together the best of the three leading brands to deliver more comprehensive bunkering management proposal in the market. We are committed to delivering real unrivalled value through tailor-made services,” mentions Lars Nielsen, Baseblue CEO.
The new company will have offices in Greece, Argentina, Cyprus, Hong Kong, and the Netherlands. Baseblue will employ over 80 specialists with global expertise under one brand to offer extensive services. The combined team has a diverse span of maritime knowledge. Baseblue will deliver holistic and integrated bunkering and lubricant solutions, alternative fuel options, risk management consulting, quality testing, surveying and unique post-fixture service for a vessel’s end-to-end coverage. Thanks to our post-fixture team and digital tools, customers will receive constant input and the ability to track the vessel’s progress in real-time. These proactive procedures will reduce potential issues and waiting time significantly.
This merger comes at a disruptive time for the marine energy industry. Baseblue will be helping its customers to navigate the transition to alternative fuels as the shipping industry aims to decarbonize. With the addition of SBI experts with experience from in-house future fuel trading, Baseblue will be a trusted partner in their decarbonization journey.
“Baseblue can provide up-to-date knowledge and guidance on upcoming legislation, the availability and supply of alternative fuels to help businesses meet their emissions reduction targets. This comprehensive approach is helping customers switch to cleaner, more sustainable operations,” says Dave Gregory, Managing Director of Baseblue North Europe.
“We are committed to staying ahead of the curve,” says Gregoris Gregoriou. “Stronger than the sum of our parts, Baseblue will bring marine energy solutions that deliver real value and drive sustainable growth to its clients. Understanding the need for digitalization, we will safely guide them towards their business goals by offering seamless services through digital decision-making platforms.”
The merge is effective immediately; however, a transition period will exist until the end of April. Beyond the name and logo change, customers will not experience any changes in daily operations.
Baseblue is a global provider of trusted marine energy solutions created through the merger of three leading bunkering companies, Bunkernet, BMS United and SBI in 2023.  Baseblue’s unified global network delivers holistic and integrated bunkering and lubricant solutions, alternative bunkering fuel options, risk management consulting and seamless, trusted & responsible fuelling experience.
Learn more at www.base-blue.com

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The Liberian Registry has awarded an Approval in Principle (AIP) to Anemoi Marine Technologies for their Rotor Sail systems. Anemoi’s Rotor Sails are available with three deployment options - fixed to the deck, a folding type, and on rails that can be moved along or across the deck.
The folding and rail systems were validated on a Newcastlemax bulk carrier design from SDARI and issued an AIP by Lloyd’s Register. The Liberian Registry conducted a technical review of the documentation including Energy Efficiency Design Index (EEDI) calculations and, as a result, issued an AIP with estimated energy efficient improvements of about 20% in terms of EEDI performance.
Anemoi Rotor Sails were created to accelerate the industry’s transition to zero emission shipping by providing auxiliary propulsion to a vessel – this maintains vessel speed but allows the main engine to be powered down, resulting in fewer emissions. Rotor Sails address new IMO environmental requirements for Carbon Intensity Indicator (CII) rating and Energy Efficiency Existing Ship Index (EEXI), which went into effect 1 January 2023 and are driving the need for the global fleet to continuously decarbonize. The ultimate goal being to reach zero-emission in line with the UN Paris Agreement.
Although wind propulsion has been around for approximately 5,000 years, its application to modern commercial vessels is innovative and can significantly contribute to the decarbonization pursuit within the shipping industry. Anemoi’s Rotor Sail systems will not only improve EEDI performance, but also significantly reduce fuel consumption and cost. Rotor Sails are one of the most viable options to decarbonize international shipping and can be used in combination with other energy efficiency devices, new technologies, and alternative fuels.
Thomas Klenum, Executive Vice President, Innovation & Regulatory Affairs at LISCR said: “With the continuously increasing pressure on the global shipping fleet to accelerate decarbonization to align with the temperature goals in the United Nations’ Paris agreement, it is imperative that viable solutions are brought to the market for both newbuidings and for existing ships to retrofit. Therefore, the Liberian Registry is extremely pleased with the collaboration with Anemoi, LR and SDARI to review and validate Anemoi’s Rotor Sail technology that have demonstrated an up to 20% energy reduction. Wind propulsion’s comeback to the merchant fleet is much welcome and true win-win situation.”
Kim Diederichsen, Chief Executive Officer, of Anemoi said:“This collaboration is a great example of organizations working together to create a brighter future for the maritime industry. The Liberian Registry have demonstrated their commitment to zero emission shipping by supporting Rotor Sail technology as a recognized solution. We are very pleased to receive this acknowledgement from a leading flag state and look forward to a long-standing relationship.”
Image: (left to right): Kostas Ladas, General Manager of LISCR (UK), Thomas Klenum, Executive Vice President, Innovation & Regulatory Affairs of LISCR, and Kim Diederichsen, CEO of Anemoi Marine Technologies

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The Institute of Chartered Shipbrokers Greek Branch held its traditional Vasilopita cutting at Piraeus Marine Club on Thursday, 9^th of February. The Institute’s Members and friends celebrated the beginning of the New Year and exchanged wishes for a Happy and Prosperous New Year!
Prior to the Vasilopita cutting proceedings, a Seminar on "Vessel's Underperformance" was presented by ICS’s guest speaker, Mr Constantinos Bitounis, FICS, Senior Associate, Holman Fenwick Willan International LLP.
Following the Seminar, more than 90 Members and Friends from the shipping industry, had the opportunity to interact in a warm and cordial atmosphere during the cocktail reception. Five lucky Members have been the winners of the “Flouri” Gifts: Kostas Kanellopoulos won a 2-night stay in NÓS Hotel and Villas in Sifnos, in a Sea View Suite with Private Plunge Pool. Tasos Prosios won 2 Business Class ferry tickets with Blue Star, offered by Every Way Travel. Dimosthenis Gizas won 1 Seminar with HMC/ICS Greek Branch. Nancy Gaki and  Iakovos Foskolos each received a free dinner for two at the Piraeus Marine Club. ICS sincerely thanks all the businesses who provided this year’s gifts, the personnel and the president of the Piraeus Marine Club, Mr George Alexandratos for the excellent hospitality and services.

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Piraeus Port Authority was recognized with an award, conferred during a special Greece: 365 - Day Destination-themed event held by the Ministry of Tourism, in recognition of the Piraeus Port’s major contribution to the country’s tourism through its high performance in the cruise industry.
After the end of the pandemic, which significantly affected the industry, the Piraeus Port makes a strong comeback across the board as preferred cruise destination.
More specifically, in 2022 there were 677 arrivals compared to 379 in 2021 and 622 in 2019, an increase of 79% and 9%, respectively. In 2023 bookings show a promising year ahead, with cruise bookings reaching 829 already and a 22% increase compared to 2022 levels. The number of cruise ships that started and/or ended their journey at the Piraeus Port (homeport) was 441 in 2022, compared to 220 in 2021, and 331 in 2019, a 100% and 33% increase, respectively. Finally, 2023 bookings for homeport cruise ships reached 629, showing a 43% increase compared to 2022.
The award received the Piraeus Port Authority Chairman Mr. Yu Zenggang. In his brief greeting, during the event, Mr. Yu Zenggang thanked for the award and highlighted that the award is testament to Piraeus Port’s continuous growth, activities, and achievements, which boost the Greek economy and strengthen the local communities and neighboring municipalities. Piraeus Port Authority Chairman expressed his commitment to continue efforts seeking to further increase Greece’s competitiveness in the global shipping, tourism and trade industry.
About PPA S.A.
Piraeus Port Authority SA is an Athens Stock Exchange listed company engaged in the management and operation of Piraeus port, Greece’s largest port and one of the largest integrated harbours in Europe, providing a complete range of services. Some of the company’s activities involve cruise, coastal (ferry/passenger), container and car terminal services, as well as ship repair, logistic and free zone services. The main shareholder of Piraeus Port Authority S.A., with a stake of 67 percent, is COSCO SHIPPING, one of the largest maritime companies in the world.
Over the last decade the company has experienced a remarkable growth in all port activities, which is still underway, largely contributing to the country’s economy, while driven by green development and increased digitalization, alongside a people-first approach and a spirit of giving back to the society.

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