ABS Chairman and Chief Executive Officer Christopher J. Wiernicki expressed the thanks of a grateful industry to IMO Secretary General Kitack Lim at the official gala dinner to mark the transition to his successor Arsenio Dominguez. 
Speaking to more than 250 assembled leaders of the shipping industry at COP28, Wiernicki detailed Secretary General Lim’s “glittering legacy of achievement” and honored their shared commitment to safety. 
“Consider the water under the bridge since January 1, 2016, when he took office. Think of the scale of change triggered by the sulphur cap, which was delivered on Kitack’s watch, altering the chemical and physical composition of ship exhaust all over the globe. It was recently hailed by NASA for its beneficial effect on the atmosphere. I worked with Kitack closely on the introduction of goal-based standards in shipbuilding, witnessing firsthand his fierce personal commitment to safety,” said Wiernicki.
“And he is finishing on an exceptional high note with the 2023 revision of the global greenhouse gas strategy adopted at MEPC 80, a historic decision to evaluate shipping emissions from the well-to-wake, and one whose impact will reverberate through the industry right up to 2050 and beyond,” he added.
Wiernicki mapped out the path ahead on shipping’s sustainability journey and the calculus for the industry to get to net zero, highlighting the challenge and opportunity ahead for Mr. Dominguez when he takes over in January 2024.
“Clearly, you will be eager to deliver further progress on our net-zero journey. If we are to make the necessary investments, industry will need you to ensure we retain a cohesive global approach to regulation to deliver clarity and consistency. You can rely on our continued support for one international regulatory framework that is driven by the IMO.
“You also have a golden opportunity to continue the good work on advancing the cause of safety – a cause very close to my heart and yours, too, I know. Together, we need to guard against the unintended consequences of the new technologies and fuels adopted in the rush to decarbonize and the time to update SOLAS is surely upon us, so it is fit for an industry transformed by the demands of the energy transition.
“On behalf of the entire industry, Arsenio, I wish you fair winds and following seas. We are all relying on you. Success in our industry’s decarbonization is a team sport and now we have a new captain!”

Image: ABS Chairman and CEO Christopher J. Wiernicki with incoming IMO Secretary General Arsenio Dominguez at COP28

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Star Bulk Carriers Corp. listed in the Nasdaq stock exchange and Eagle Bulk Shipping Inc listed in NYSE have entered into a definitive agreement to combine in an all-stock merger on a Net Asset Value to Net Asset Value (“NAV”) basis with a pro forma market capitalization of approximately $2.1 billion.
Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, Eagle shareholders will receive 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. This represents a total consideration of approximately $52.60 per share, a 17% premium based on Eagle’s closing share price of $44.85 on December 8, 2023. Upon the close of the transaction, Star Bulk and Eagle shareholders will own approximately 71% and 29% of the combined company on a fully diluted basis, respectively.
Petros Pappas, Chief Executive Officer of Star Bulk, commented, “Bringing together Star Bulk and Eagle will create a global leader in dry bulk shipping with a large, diversified, scrubber fitted fleet. Together we will benefit from greater scale with 169 owned vessels, generating meaningful synergies and building an even stronger financial profile. We will leverage both companies’ technical and commercial fleet management capabilities to optimize performance, deliver on our health, safety, and environmental objectives and maximize earnings potential. With a well-capitalized balance sheet, we aim to continue delivering strong cash return to shareholders while investing in emission reduction technologies as we continue to pursue growth over the long term. We look forward to working with the talented Eagle team to successfully integrate the two companies.”
Gary Vogel, Eagle Chief Executive Officer, said, “We are very excited to be joining forces with Star Bulk, uniting two best-in-class companies, both commercially and operationally. We are bringing together two highly complementary organizations and are confident that this accretive merger with Star Bulk will unlock significant value for Eagle shareholders, including the opportunity to participate in the long-term upside of the combined company.”

Strategic and Financial Benefits

• • A Leading, Diversified Fleet of Scrubber-Fitted Vessels with Greater Scale. The combined company will be the largest U.S. listed dry bulk shipping company with a combined fleet of 169 owned-vessels on a fully delivered basis, 97% of which are fitted with Exhaust Gas Cleaning Systems (“scrubbers”), ranging from Newcastlemax/Capesize to Supramax/Ultramax vessels and a global market presence. • Best-in-Class Technology-Driven Operations and Management. Both companies employ fully integrated ship management operations across commercial and technical management, and Star Bulk will leverage Eagle’s expertise in the Supramax/Ultramax sector to improve upon utilization and performance.
• • Strong Financial Profile and Capital Return Framework: The combined company is expected to have combined liquidity2 of nearly $420 million, as of September 30, 2023, and net leverage of approximately 37%

Both companies expect to maintain their respective dividend policies until the transaction is completed. Following close, the combined company expects to maintain Star Bulk’s current dividend policy.

• • Significant Cost and Revenue Synergies. The transaction is expected to generate at least $50 million in annual cost and revenue synergies within 12-18 months following close through commercial operations integration and economies of scale, including reductions in general and administrative expenses.
• • More Attractive Investment Proposition: The combined company will have significantly increased pro forma market capitalization and expected trading liquidity in the dry bulk sector.

With increased size and liquidity, the combined company expects to reduce its cost of capital.

Leadership, Governance and Headquarters
The combined company will be led by the current management team of Star Bulk and will be joined by certain senior executives of Eagle. Upon close, Mr. Pappas will serve as CEO of the combined company and Spyros Capralos, current Chairman of Star Bulk, will serve as Chairman of the combined company’s Board. One member of the Eagle Board will join the Star Bulk Board at closing.
The combined company will operate as Star Bulk Carriers Corp. and will be headquartered in Athens, Greece, while maintaining offices in Stamford, Connecticut; Singapore; Copenhagen; and Limassol.
2Combined liquidity, which is a non-GAAP financial measure, is calculated by adding the amount of Star Bulk's and Eagle's cash and cash equivalents and undrawn revolver availability, in each case, as of September 30, 2023, as adjusted for cash expenditures by Star Bulk in connection with its repurchase of shares held by Oaktree, debt repayments, dividends, draw downs under bridge facilities and proceeds from vessel sales and equity raises, in each case, during the period between September 30, 2023 and December 8, 2023, as applicable.
3 Combined net leverage is calculated by dividing (a) the sum of Star Bulk's and Eagle's net debt by (b) the sum of Star Bulk's and Eagle's gross asset value. Net debt, which is a non-GAAP financial measure, is calculated as debt less cash and cash equivalents, in each case, as of September 30, 2023. Gross asset value, which is a non-GAAP financial measure, is fleet valuation as per VesselValues on October 29, 2023.
Timing and Approvals
The transaction is expected to close in the first half of 2024, subject to approval by Eagle shareholders, receipt of applicable regulatory approvals and satisfaction of other customary closing conditions.
Advisors
Cravath, Swaine & Moore LLP is serving as its legal counsel to Star Bulk. Houlihan Lokey is serving as financial advisor to Eagle and Akin Gump Strauss Hauer & Feld LLP is serving as legal counsel to Eagle and Hogan Lovells US LLP is serving as legal counsel to the Board of Directors of Eagle.
About Star Bulk: Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, New York, Limassol, Singapore and Germany. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. As of December 8, 2023 and as adjusted for the delivery of a) one agreed to be sold vessels to their new owner and b) the two firm Kamsarmax vessels currently under construction, Star Bulk operates a fleet of 117 vessels, with an aggregate capacity of 13.2 million dwt, consisting of 17 Newcastlemax, 20 Capesize, 2 Mini Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 19 Ultramax and 9 Supramax vessels with carrying capacities between 53,489 dwt and 209,529 dwt.
In addition, as of the date of this release, Star Bulk has entered into long-term charter-in arrangements with respect to four Kamsarmax newbuildings and two Ultramax newbuildings which are expected to be delivered during 2024 with an approximate duration of seven years per vessel plus optional years. In addition, in November 2021 Star Bulk took delivery of the Capesize vessel Star Shibumi, under a longterm charter-in contract for a period up to November 2028.
About Eagle Bulk Shipping Inc.: Eagle is a U.S.-based, fully integrated shipowner-operator, providing global transportation solutions to a diverse group of customers including miners, producers, traders and end users. Headquartered in Stamford, Connecticut, with offices in Singapore and Copenhagen, Eagle focuses exclusively on the versatile midsize dry bulk vessel segment and owns one of the largest fleets of Supramax/Ultramax vessels in the world. Eagle performs all management services in-house (strategic, commercial, operational, technical, and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis.For further information, please visit Eagle’s website: www.eagleships.com.

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The heart of seamanship takes center stage at this year’s AMVER Awards Gala Dinner, a major tradition of our industry. Set to unfold on December 15, 2023, at Athens’ Athenaeum Intercontinental Hotel, the event is organized by the International Propeller Club of the United States, Port of Piraeus, in collaboration with the United States Embassy in Greece and the United States Coast Guard, marking another milestone in honoring Greek seafarers’ exceptional commitment to seamanship.
Over 800 distinguished guests are expected to attend the 31st edition of the event, including the US Ambassador to Greece George J. Tsunis, Greek shipowners and shipping executives, influential decision-makers, government officials, and other US Embassy personnel among others. They will be welcomed by Admiral Nathan Moore who will be the master of ceremony.
The AMVER Awards celebrate and honor the shipping companies, vessels and crew who have played a role in safeguarding the lives of seafarers leveraging the AMVER System, a joint initiative of the United States Coast Guard and merchant shipping leaders launched on April 15, 1958.
Standing as a beacon of safety in the maritime world during the last seven decades, this system actively monitors vessels, promptly identifies potential issues, and signals nearby ships to lend assistance—a lifeline in times of crisis.
With over 11,000 international ships actively engaged in the AMVER program and an average of 6,300 vessels joining the AMVER plot daily, its impact is substantial. The AMVER Center processes a staggering 40,000 AMVER messages daily, an indication to its vital role in ensuring maritime safety worldwide.
This year’s ceremony will celebrate 192 Greek-owned shipping entities and their fleet of 2,057 vessels for their committed participation in the AMVER initiative. Costis Frangoulis, President of the International Propeller Club, Port of Piraeus, and Vice President of the International Propeller Club of the United States, remarked: “Seafarers are not just navigators; they are unsung heroes safeguarding lives amidst the unpredictable expanses of the sea. Their care and compassion for others and their courage in executing daring rescues is a testament to their valor and preparedness, epitomizing seamanship’s noblest facets. “Each rescue reflects their unwavering commitment to humanity, showcasing not just technical expertise but also incredible courage, camaraderie, and profound respect for the sea’s capricious nature.”
About the International Propeller Club of the United States, Port of Piraeus: The idea for the Propeller Club was conceived in New York in 1922 by a group of professionals engaged in the shipping industry. They would meet regularly to discuss issues of mutual interest and concern. These meetings led to the foundation of the Propeller Club of the United States, with the aim of promoting the US merchant marine industry and international shipping to create a better world through sea commerce. The name “Propeller” is symbolic of propulsion, the driving force required to achieve the Club’s objectives. The Propeller Club’s world headquarters is located in Fairfax, Virginia,
and today there are Clubs in 80 ports worldwide.
The International Propeller Club of the United States, Port of Piraeus is a non-profit association and is one of the oldest maritime institutions in Greece. Founded in 1935, it is the largest and oldest non US Propeller Club among a network of 80 chapters worldwide. Its main purposes are the promotion, advancement and support of global merchant shipping and Greek-US relations at a social, cultural and business level, while it also carries out a significant social service towards the Greek society with donations and the provision of scholarships to distinguished students in Greek and American universities.

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Driven by its membership and brokers relationships and the transparency in all aspects American P&I Club has managed to maintain its evolving course in the sector of marine insurance focusing on a dynamic approach to risk assessment.
In a recent presentation at the Marine Club of Piraeus Dorothea Ioannou chief executive officer of the American P&I Club presented the achievements of and the prospects of the Club.
She announced a general increase target of 7,5%, and while supplementary calls were recently levied for the two years of severe disruption, she pointed out that during the downturn of depressed markets post 2010 and softening rates supporting members, that no additional calls had been levied for an 8 year period and deficiencies were absorbed by the Club.
During 2019 to 2021 the shipping market marked by greatest disruption and American Club adapted to the evolving risk landscape.
As she said the American Club represents a significant voice within the industry and reflects the experience and growth of its members continuing to grow together. At the American Club loyalty experienced is valued and   performance highly respected with reward remarked Mrs Ioannou.
For 2023 and onward Mrs Ioannou pointed out that the tonnage and premium growth have balanced to risk following a dynamic approach to risk assessment policy.
Difficult years will never disrupt the pro member approach and the highest priority of the American Club is to actively pursue as a solutions provider and partner with its members.

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Within the context of the 25th Annual Capital Link Invest in Greece Forum the New York Stock Exchange in cooperation with Capital Link organized for yet another year, a special ceremony, in honor of Greece, titled “GREEK AMERICAN ISSUER DAY” at the New York Stock Exchange.
This special ceremony has been taking place for 19 years in a row.
On this special occasion, the New York Stock Exchange (NYSE) flew the Greek flag on Wall Street and issued special commemorative medals to honor the occasion.
The ceremony was held with the participation of Greek Government Officials, the President of ATHEX Group and high level executives representing shipping and other companies listed on the New York Stock Exchange, as well as representatives of companies that participated the previous day, Monday, December 11^th, at the 25th Annual Capital Link Invest in Greece Forum “Accelerating Investments for Sustainable Growth”. The Annual Capital Link Invest In Greece Forum, an international summit about Greece taking place in New York annually, was organized this year in cooperation with the New York Stock Exchange, the Athens Exchange and major investment banks.
Mr. John Tuttle – Vice Chairman NYSE & President NYSE Institute Intercontinental Exchange Inc. (NYSE: ICE) welcomed the Greek Delegation and the NYSE listed companies.  He highlighted the long-standing relationship between the New York Stock Exchange and the Greek and Greek American business communities, and also pointed out that NYSE’s commitment to the Greek American diaspora, the Greek shipping and business community and the listed companies, remains strong.
Following Mr. Tuttle’s remarks, Dr. Nikolas P. Tsakos, Founder, President & CEO, TEN Ltd. (NYSE: TNP), and Mr. Yianos Kontopoulos, CEO, ATHEX Group, each delivered brief remarks in honor of the day. They referred to the increasing attractiveness of Greece as a business and investment destination, the internationalization of Greek businesses, the close relations between the United States and Greece across the board and also thanked the New York Stock Exchange for the long-standing cooperation and support and for hosting today’s event.
Prior to the closing bell ceremony, an exchange of commemorative gifts took place between Mr. John Tuttle – Vice Chairman NYSE & President NYSE Institute, Intercontinental Exchange Inc. (NYSE: ICE), Dr. Nikolas P. Tsakos, Founder, President & CEO, TEN Ltd. (NYSE: TNP) and  Mr. Yianos Kontopoulos, CEO of ATHEX Group.
Dr. Nikolas P. Tsakos, Founder & CEO of TEN Ltd. (NYSE:TNP) and Mr. Yianos Kontopoulos, CEO of the Athens Exchange, rang the “Closing Bell”, closing the trading session on Tuesday, December 12th, 2023, of the NYSE-New York Stock Exchange, accompanied by: the Vice Chairman of NYSE & President of NYSE Institute, Intercontinental Exchange Inc. (NYSE: ICE), Mr. John Tuttle, Dr. Vassiliki Lazarakou- Chair of the Hellenic Capital Market Commission, (HCMC), Mr. Nikos Stathopoulos,  Chairman of Europe & Member of the Management Committee-BC Partners, and representatives of the following NYSE listed companies : Mr. Panayiotis Peter Contis, Vice President Ameresco Inc. (NYSE: AMRC),  Mr. Ted Xenohristos, Co- Founder & Chief Concept Officer of CAVA Group, Inc. (NYSE: CAVA) – Mrs. Semiramis Paliou, CEO of DIANA SHIPPING INC. (NYSE:DSX), - Mr. Paul   Ferneyhough, Executive Vice President & Chief Strategy and Commercial Officer of  ELDORADO GOLD CORP. (NYSE:EGO). Mr. Ted Petrone,  Vice Chairman of NAVIOS MARITIME PARTNERS L.P. (NYSE:NMM),  as well as Ms. Olga Bornozi, Managing Director – Capital Link, and Mr. Nicolas Bornozis, President  - Capital Link.
The event was broadcasted live on major news stations in the United States and abroad to an estimated audience of 150 million viewers worldwide.
The active support and participation of NYSE, the world's largest stock exchange, enhances the prestige and the visibility of Greece to a wider international investment audience. It also shows the stable support of NYSE to Greece, the Greek companies, the Greek shipping industry and the Greek American Diaspora. The US Capital Markets are a major source of capital for a growing number of companies of Greek interest and the New York Stock Exchange is playing a leading role in this.
THE CAPITAL LINK HELLENIC APPRECIATION AWARD TO NYSE
The previous day, in the context of the official luncheon held during the 25th Annual Capital Link Invest in Greece Forum “Accelerating Investments for Sustainable Growth”, Nicolas Bornozis, President of Capital Link gratefully presented “THE CAPITAL LINK HELLENIC APPRECIATION AWARD” to Mr. John Tuttle, Vice Chairman - NYSE ; President - NYSE Institute, for NYSE’s and his own longstanding support & contribution to Greece, Greek Entrepreneurs, the Greek Maritime Community & the Greek-American Diaspora.
This special ceremony, “GREEK AMERICAN ISSUER DAY”, has been taking place for 19 years in a row.

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More than 45 maritime industry technical leaders attended the 36th Hellenic Marine Technical Committee Meeting of Bureau Veritas Piraeus that was held on Wednesday 22nd November 2023 at Grand Hyatt Hotel, Athens. The meeting was hosted by Mr. George Andreadis, Marine Chief Executive Greece and was chaired by the Committee Chairman, Mr. George Sarris, President of Enterprises Shipping & Trading S.A.
The Committee included two sessions. The first session was opened with Mr. Vassilis Dimoulas, Technology and Innovation Director for SEEBA Zone whose presentation focused on retrofitting for alternative fuels and the  Τechnical challenges that emerge, as these have been experienced by BV through ongoing projects. Dr. John κokarakis, Technical Director for SEEBA Zone presented the challenges and loopholes of Fuel EU Maritime, followed by Mrs Maria Lambardaki, Project Developer, who elaborated on some frequently asked questions concerning EU ETS. Vassilios Dimoulas finished the first session with a presentation about nuclear power and marine propulsion, including recent BV activities, followed by a Q&A session and open discussion.
The second session of the Committee commenced with Mr Bill Stamatopoulos, Global Business Development Director Verifuel, who made an insightful presentation of the new ISO 8217:2024 standard. He was followed by Dr John Kokarakis, whose second presentation was about bridge poster modifications after ShaPoLi/EPL. The last presentation was delivered by Mr Kostis Antonopoulos, Eastern Mediterranean Representative of RightShip, whose subject was RightShip’s GHG 2.0, followed by a lively discussion.
Mr. Andreadis stated: “The 2023 committee subjects were a mix of the current, the upcoming and the future regulations and technology. At Bureau Veritas we are “at your side”, ready to assist our clients through their decarbonization journey, both in the short and in the long term. Listening to our clients' concerns and opinions is instrumental in shaping the services of Bureau Veritas and the technical committee meeting is one of the most important instruments of this continuous communication and discussion with the maritime industry».

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George Procopiou, Nicholas Moundreas, Kriton Lentoudis, Diana Shipping and Tsakos Energy Navigation among the winners at 20th Greek Shipping Awards
Lloyd’s List presents special awards to the Greek LNG shipping sector for two decades of growth and to Evangelos Marinakis for ‘Deal of the Decade’
Many of the biggest names in the Greek shipping industry, but also dynamic and important service providers, were recognised with prestigious awards on Friday, December 1 as the 2023 Lloyd’s List Greek Shipping Awards were presented in front of an industry audience of about 1,100 guests.
The event marked the 20th Anniversary of the Greek Shipping Awards and was full of reminders of the history of the shipping world’s biggest awards event, Physical signage as well as impressive digital graphics throughout the event paid tribute to more than 300 individuals, companies and organisations that have been honoured with the iconic white and blue marble trophy over the past two decades.
A special 20 Years Achievement Award recognised the extraordinary energy and growth of the Greek LNG shipping sector as a world leader over the same time span as the Greek Shipping Awards. Seven major LNG leaders and first-movers in the sector, representing 185 LNG carriers – more than 90% of the Greek-controlled fleet, were awarded on the night.
The other special Award of the night saw Evangelos M. Marinakis and Capital Product Partners (CPLP) named as the winners of the Deal of the Decade Award for their 2008 deal to spin off CPLP’s tanker fleet in a $1.65 billion merger with Diamond S Shipping.
Shipowner George Procopiou was named Greek Shipping Personality of the Year for a historic second time, while International Chamber of Shipping president Emanuele Grimaldi was unveiled as the International Personality of the Year for an unprecedented second time.
Other major individual awards included the Lloyd’s List / Propeller Club Lifetime Achievement Award that went to shipowner Nicholas G. Moundreas, chairman of NGM Energy. Newsmaker of the Year was Kriton Lentoudis, of Evalend Shipping, for another extraordinarily active year in contracting of newbuildings.
The Next Generation Shipping Award, for industry personalities of no more than 40 years of age, went to Petros Panagiotidis, of Castor Maritime and Toro Corp.
Captain Kyriakos Mouzakis, master of Zante Ferries’ ro-ro passenger ferry Adamantios Korais, was honoured as Seafarer of the Year for his outstanding conduct in August 2023 when the Alexandroupolis Hospital was evacuated and his vessel took patients to Kavalla, acting as an operational hospital ship.
In a welcome address, Deputy Minister of Shipping & Island Policy Ioannis Pappas, representing Prime Minister Kyriakos Mitsotakis, offered his congratulations to the nominees as well as the winners of the 2023 Awards.
Neptune Maritime Leasing was the overall lead sponsor of the Greek Shipping Awards for the first time.
Guests enjoyed a pre-dinner drinks reception hosted by Erma First while CMB Financial Leasing offered the traditional champagne toast to the health of Greek shipping.
A donation from proceeds of the event went to ‘Argo’, the charity supporting children with disabilities in the families of Greek seafarers. The legendary windsurfer Nikos Kaklamanakis, an Olympic gold and silver medalist who was the recipient of a special ‘Man of the Sea’ Award at the inaugural 2004 Greek Shipping Awards, formally presented the donation to Argo on behalf of the event organisers.
Mr Kaklamanakis also autographed copies of the ‘20 Years Lloyd’s List Greek Shipping Awards’ commemorative book published to coincide with the anniversary. Ten of the special copies, also signed by Greek singing star Fotini Darra, and by the event co-hosts ERT broadcaster Andriana Paraskevopoulou and Lloyd’s List’s Nigel Lowry, were auctioned during the event and raised an additional amount for Argo. All guests at the event received their own copy of the book.
The annual awards recognise achievement and meritorious activity in the Greek shipping industry and promote Greece as a maritime centre. Winners are chosen by an independent panel of judges representing a broad cross-section of the Greek shipping industry.
Diana Shipping was named Dry Cargo Company of the Year while Tsakos Energy Navigation won the Tanker Company of the Year Award. In a rare victory for the cruise sector over Greek ferry lines, Celestyal Cruises won the Passenger Line of the Year Award.
Erma First won its second Technical Achievement Award, for its new high-rated compact Carbon Capture and Storage system (CCS). Star Bulk Carriers won the coveted Sustainability Award and Black Rope took the Safety Award.
Cass Technava Maritime won the Shipbroker of the Year Award – for an unprecedented third time. The Greek Shipping Financier of the Year Award went to Alpha Bank.
V.Ships Greece was recipient this year’s Piraeus International Centre Award. Helmepa Academy was named winner of the 2023 Award for Achievement in Education or Training.
The highly competitive Ship of the Year Award went to “Antonis I. Angelicoussis”, the newly-built LNG dual-fuel VLCC of Maran Tankers.
The Lloyd’s List Intelligence Big Data Award was presented to Procureship.
The Greek Shipping Awards thanked all the Greek and international sponsors of the prestigious event, many of which have loyally supported the Awards for many years. This was recognised in the form of honorary statuettes being presented to a trio of sponsors supporting the event for 10 years: Bureau Veritas, Marichem Marigases and the Tsakos Group. Lloyd’s Register received an unprecedented 20 Years of Sponsorship Award for sponsoring the environmental protection / sustainability award since its inception in 2004.

 WINNERS AT-A-GLANCE
Dry Cargo Company of the Year – Sponsored by Marichem Marigases
Diana Shipping
Tanker Company of the Year – Sponsored by Bureau Veritas
Tsakos Energy Navigation
Passenger Line of the Year – Sponsored by SWS
Celestyal Cruises
Shipbroker of the Year – Sponsored by The Tsakos Group
Cass Technava Maritime
Shipping Financier of the Year – Sponsored by Tototheo Maritime
Alpha Bank
Technical Achievement Award – Sponsored by DNV
Erma First
The Safety Award – Sponsored by Seajets
Black Rope
Achievement in Education or Training – Sponsored by Shipping Deputy Ministry, Cyprus
Helmepa Academy
Piraeus International Centre Award – Sponsored by ClassNK
V.Ships Greece
The Lloyd’s List Intelligence Big Data Award – Sponsored by Panama Maritime Authority
Procureship
International Personality of the Year – Sponsored by Capital Ship Management
Emanuele Grimaldi
Seafarer of the Year – Sponsored by Safe Bulkers, Inc.
Capt. Kyriakos Mouzakis
Ship of the Year – Sponsored by ABS
“Antonis I. Angelicoussis”
The Sustainability Award – Sponsored by Lloyd’s Register
Star Bulk Carriers
Deal of the Decade (2014-2023) – Sponsored by Timagenis Law Firm
Evangelos M. Marinakis and Capital Product Partners
Next Generation Shipping Award – Sponsored by IRI / The Marshall Islands Registry
Petros Panagiotidis
Lloyd’s List/Propeller Club Lifetime Achievement Award – Sponsored by Franman
Nicholas G. Moundreas
Greek Shipping Newsmaker of the Year – Sponsored by ExxonMobil Marine
Kriton Lentoudis
Greek Shipping Personality of the Year – Sponsored by Eurobank
George Procopiou
20 Year Achievement Award (2004-2023) – Sponsored by LPC SA
The Greek LNG shipping sector

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The Institute of Chartered Shipbrokers Greek Branch held its 18 th Annual Forum, on Tuesday, 28th of November 2023. The title was: “SHIPPING 2024: SAILING WITH WISDOM”.
This year’s event took place with physical attendance at the Eugenides Foundation, while it was broadcasted live around the world and attended online by hundreds of friends and Members of the Institute.
A welcome address was made by Ms Natalia Margioli - Komninou FICS, Managing Director of the ICS Greek Branch and Hellenic Management Centre. Ms Margioli-Komninou emphasized the international presence of ICS and welcomed the Members of the Controlling Council representing the 27 Branches worldwide at the Forum. She also highlighted the Institute’s commitment to fostering professionalism and uniting industry with young professionals. Special emphasis was given to the 25-year legacy of training over 10,000 shipping practitioners and to the introduction of the ICS Company Membership Scheme.
Mr Nicolas A. Tsavliris, FICS, Chairman of the ICS Greek Branch and Tsavliris Salvage Group addressed a very warm welcome to the attendees of the Forum. Emphasizing the importance of wisdom in the shipping industry, the Chairman reflected on the ICS role in navigating both industry challenges and global crises. He highlighted wisdom as a blend of knowledge, experience, and insightful judgment, drawing parallels with the ancient Greeks’ philosophy and ethical decision making.
A special address was made by Mr Kevin Shakesheff, FICS, International President ICS. Mr Shakesheff emphasized the rich history of ICS, exceeding a century which stands as a testament to the vast accumulation of maritime information and expertise. This repository has been pivotal in shaping the careers of many aspiring professionals. He specially recognized the Greek Branch for its remarkable success rate, an accomplishment which underlines the exceptional contribution to maritime education.
The panel included the following distinguished speakers: Ms Annika Bartels Head of Tanker Research, IFCHOR GALBRAITHS, Ms Alexia Hatzimichalis Partner & Head of Athens Office, Watson Farley & Williams, Mr George G. Mangos Co-Principal, Interunity Group, Mr Aristides J. Pittas CEO, Euroseas Ltd & Eurodry Ltd., Mr Filippos Prokopakis CCO, Danaos Corporation, Mr Valentios (Eddie) Valentis CEO, PYXIS Maritime Corp., Mr George Youroukos Managing Director, Technomar Shipping Inc. The panel was moderated by Mr Simon Ward, FICS, Director, Ursa Shipbrokers. His expert facilitation of discussions, posing critical questions, and encouraging diverse viewpoints, played a crucial role in the success of the event.
The forum itself was very informative and comprehensive, covering a spectrum of issues facing the shipping industry at a global level. In her analysis of the current market dynamics, Ms Annika Bartels described the last 18 months as a wild ride, following the low points of 2020-2021. Despite the geopolitical tensions, she noted that a deeper look into the data reveals more positives than initially apparent acknowledging the difficulty in making speculations in such a volatile environment. Ms Alexia Hatzimichalis brought attention to the active role of Greek banks as well as the emergence of new players and leasing companies. She also pointed out the increasing focus on sustainability in financing new shipbuilding projects. Mr George Mangos highlighted the significant impact of war economics on the tanker market while noting the de-escalation between the US and China in the broader economic context, a development which could stabilize market conditions. Mr Aristidis Pittas advocated for diversification beyond reliance on a single market while highlighting the role of adaptation, flexibility and open-mindedness in decision-making. Mr Filippos Prokopakis shifted focus to the specificities of the container fleet, suggesting that price stabilization is still a developing scenario. Mr Eddie Valentis acknowledged that the tanker segment has shown robust performance in the last six months and expressed confidence – despite geopolitical uncertainties - in the growth of ton-miles as a market driver. Mr George Youroukos brought attention to the impeding volatility in the container market and pointed out the capital markets’ growing interest in shipping companies, with hedge funds emerging as key investors.
During the panel discussion, there was a vibrant interaction between the audience and the panelists. Participants were asking questions to the speakers, commenting on the topics addressed and expressing their opinions and views. This fact proved once again that the ICS Annual Forum is not only a meeting point for shipping professionals but a platform of exchanging ideas and learning from each other.
The excellent performance of the Greek Branch is translated into 6 International Prize Winners and 5 distinction students, who have excelled in the ICS Professional Qualifying Examinations in 2022- 2023. All of them were honored during the Awards Giving Ceremony, which was included in the Annual Forum’s proceeding.
The International Prize Winners are: Konstantinos Deligiannis, Delta Tankers Ltd: Award to the to the candidate with the highest marks in Shipping Law Exams worldwide, Sotirios Sotiriou, Neda Maritime Agency Co. Ltd.: Award to the candidate with the highest marks in Shipping Business Exams worldwide, Eirini Gavala, Vita Shipmanagement: Award to the candidate gaining the highest marks in Foundation or Advanced Diploma in Dry Cargo Chartering, Nikolaos Tolias, Intrum Hellas: Award to the candidate gaining the highest marks in Ship Sales and Purchase, Anastasia Stratigaki, Kyklades Maritime: Award to the candidate with the highest marks in Tanker Chartering, Emiliano Chysa (2 prizes), Delos Navigation Ltd: Award to the most successful candidate overall in Examinations and to the candidate gaining the highest marks in Legal Principles in Shipping Business
The distinction students are: Dimitris Filimon, Silver Maritime: Award to the candidate gaining a distinction in Shipping Finance Examinations, Panagiotis Georgilis, Watson Farley & Williams: Award to the candidate gaining a distinction in Ship Sale and Purchase Examinations, Olga Kakkava, Lawyer: Award to the candidate gaining a distinction in Shipping Business Examinations, Elena Pavlou, Epsilon Marine Enterprises S.A.: Award to the candidate gaining a distinction in Ship Sale and Purchase Examinations Jeet Rathod: Award to the candidate gaining a distinction in Economics of Sea Transport & International Trade.
The 18th Annual Forum of the ICS Greek Branch was held with the kind contribution and support of the following sponsors: AB Maritime Inc., Acropolis Chartering & Shipping Inc, Arrow Shipbroking Group, Capital Ship Management Corp., Clarksons Hellas Ltd, Costamare Inc., Danaos Shipping Co. Ltd, Danaos  Management Consultant S.A., Dorian LPG Management Corp, Dynacom Tankers Management Ltd, Eastern Mediterranean Maritime Ltd, Edit Automation, Euronav Ship Management (Hellas) Ltd., GAC Shipping S.A., Hellaschart Ltd, Holman Fenwick Willan International LLP, Insight Shipping Partners SA, The Marshall Islands Registry International Registries Inc., Navios Maritime Partners L.P., Nereus Shipping S.A., Safe Bulkers Inc., Seaborne Shipbrokers S.A., Seanergy Maritime Holdings
Corp., Target Marine S.A., Tsakos Energy Navigation Ltd., Tsavliris Salvage Group, Ursa Shipbrokers S.A, V.Ships Greece Ltd. The 18 th Annual Forum is available for replay on demand at the following link:

https://www.youtube.com/watch?v=R-nB6HSAIfs

ELNAVI Newsletter
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ERMA FIRST, the leading sustainable maritime solutions provider, has received Approval in Principle (AiP) from DNV for its amine absorption-based Onboard Carbon Capture (OCC) system.
DNV issued the AiP to ERMA FIRST following the successful completion of a technical review, risk assessment and review of the company’s feasibility study for Onboard Carbon Capture (OCC) on RoRo vessels. In doing so, the world’s leading classification society confirms that the proposed design is approved for installation onboard seagoing vessels.
The ERMA FIRST CCS system uses amine absorption technology and a proprietary amine solvent to absorb CO₂ from flue gases. When heated, the chemical reaction that occurs reverses the absorption and separates the CO₂ from the solvent. The CO₂ that is released is subsequently liquified and stored under cryogenic conditions onboard and the regenerated solvent can be re-used, creating a highly efficient regenerative OCC process.
“As the maritime industry explores a range of decarbonization technologies, DNV is committed to supporting innovation and ensuring this is done safely. OCC can be a major contributor to emissions reductions and our guidelines for OCC provide a framework for developing exciting new solutions like this. With our extensive portfolio of advisory services we will continue to work closely with our customers in paving the way towards a more sustainable future in shipping,” said Mrs Chara Georgopoulou, Head of R&D and Advisory Unit Greece & Onboard CCS Manager, DNV Maritime.
Mr Konstantinos Stampedakis, Co-Founder & Managing Director, ERMA FIRST, said: “We are absolutely delighted to have received an Approval in Principle from DNV for ERMA FIRST’s OCC system. OCC systems promise to provide shipowners and operators with the ability to significantly reduce the volume of CO₂ emitted in exhaust fumes and offer a viable solution to achieving the IMO’s emissions reduction targets.
“Our OCC system is set to be one of the first available to the market and this AiP represents a significant achievement for ERMA FIRST’s research and development team. We look forward to continuing to work with DNV as the project progresses and installing and operating a pilot system onboard a DNV-class vessel.”
ERMA FIRST was founded in 2009 and headquartered in Greece, ERMA FIRST is a leading manufacturer and provider of future-proof sustainable maritime solutions. The company’s robust systems and solutions ensure worldwide compliance, provide operational simplicity and reduce operational expenditure, while at the same time minimising the impact of ship operations on the environment.
ERMA FIRST's customer-centric approach offers flexible and convenient servicing through a trusted network of certified engineers worldwide. ERMA FIRST provides sales, maintenance and training to clients via offices in 46 countries.
ERMA FIRST offers a complete range of solutions, including ballast water treatment (BWTS), Alternative Maritime Power (AMP), Energy Saving Devices (ESDs) and Carbon Capture and Storage (CCS).
ERMA FIRST won the Lloyd’s List Technical Achievement Award (2013 and 2023), the GREEN4SEA Technology Award (2016) and the GREEN4SEA Sustainability Award (2023).

ELNAVI Newsletter
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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.

Three new ARI simulators were recently delivered to the Nautical Academy AEN Oinousses, coinciding with the induction ceremony for first-year students. Notably, Oceanking served as the subcontractor for this turnkey project, making a significant contribution to the advancement of maritime education at the academy.
These simulators embody the latest technological advancements, standing out for their exceptional simulation and realism capabilities. They are certified according to international standards for Maritime Simulation Systems and STCW. This cutting-edge technology provides students with the unique opportunity to integrate theory with practice, experiencing the dynamics of a real ship and real conditions through advanced "virtual" exercises.
With these state-of-the-art laboratories, AEN Oinousses emerges as one of the most modern Maritime Academies in Europe. This not only reaffirms Oceanking’s dedication to supporting maritime education but also aligns with the company’s vision of leading advancements in maritime training and technology.

ELNAVI Newsletter
More 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.