Satellite communications and technologies specialist Tototheo Maritime has passed the 1,000-ship mark in Fleet Xpress terminal installations, in a significant milestone for its collaboration with Inmarsat that reinforces the appeal of high-speed maritime broadband services.
Tototheo has worked closely with Inmarsat Maritime, a Viasat business, for over 30 years and has played a key role supporting commercial shipping’s uptake of the Fleet Xpress service since its launch in 2016. The 1,000 terminal installations have included container and general cargo ships, tankers, bulk carriers and very large crude carriers. 
Despina Panayiotou Theodosiou, Co-Chief Executive Officer, Tototheo Maritime, said: “This is a remarkable achievement for Tototheo and a further expression of the success we have had in working in partnership with Inmarsat for over three decades. Having activated more than 1,000 Fleet Xpress terminals, we look forward to many more years of helping the maritime industry harness the power of data and digitalisation using Fleet Xpress.”
Inmarsat’s Fleet Xpress is the only global network combining Global Xpress Ka-band technology with resilient L-band back-up built in as standard, offering 99.9% uptime SLA on secure high-bandwidth connectivity. Its ability to provide guaranteed global bandwidth has been central to powering the maritime data revolution, allowing shipping companies to operate more intelligently and efficiently while enhancing safety, cyber security and crew welfare and supporting regulatory compliance.
Damien Staples, Vice President Indirect Sales & Global Partnerships, Inmarsat Maritime, said: “As the demand for onboard data continues to surge, the reliability and global coverage of Fleet Xpress provides certainty for ship owners, managers and seafarers everywhere, with unrivalled flexibility, security, and capacity to support commercial shipping’s growing IT and crew welfare needs. Tototheo has been a strategic Inmarsat partner for over 30 years. As we mark this significant milestone, we are excited to extend our contract with Tototheo and once more would like to express our gratitude for their exceptional work championing the digital maritime revolution, powered by Inmarsat Fleet Xpress”.
About Tototheo
Tototheo Maritime specializes in innovative, efficient and functional solutions in the fields of digitalization, satellite and radio communication, automation and navigation systems. Headquartered in Cyprus and we have our own office in Greece, Germany and partner offices in Dubai and Singapore. Our vast experience in the maritime sector provides us with the unique advantage of in depth understanding of our customers’ needs combined with our dynamic approach towards innovative technologies, thus allowing our clients to generate more value out of their daily operations.
Tototheo Maritime operates in a connected dynamic and sustainable maritime sector, supported by reliable and efficient connectivity and innovative technologies – all underpinned by the Tototheo values. We conduct our business with honesty and transparency, offering equal terms of treatment without prejudice. Our team’s foremost goal is to listen and confidently trek into the future while keeping a firm link to the present.

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The 22nd Navigator 2023 – The Shipping Decision Makers forum which took place on November 9, 2023, at the Stavros Niarchos Foundation Cultural Centre in Athens, Greece brought together a total of 500 esteemed shipping professionals, enthusiasts, and international participants to discuss and navigate the ever-evolving maritime industry under the theme #NavigateTheChange.
Danae Bezantakou, CEO of NAVIGATOR SHIPPING CONSULTANTS, welcomed the participants and stressed that, amid global economic, environmental, and political shifts, there is a collective commitment at NAVIGATOR SHIPPING CONSULTANTS to unite as decision-makers and industry experts, striving not only to adapt to change but to actively shape it. She also highlighted the belief in the power of synergy fuels collaborative efforts to overcome obstacles and contribute to the industry’s resilience, and the importance of empowering and educating the youth.
The forum commenced with welcoming remarks by Captain Dimitris Bezantakos, President of NAVIGATOR SHIPPING CONSULTANTS, setting the tone for a day of insightful discussions.
Captain Dimitris underscored the vital role of synergies in the maritime world, highlighting the essential contribution of seafarers as the backbone of the industry; even amid the challenges of COVID, he acknowledged their resilience, emphasizing how shipping persevered, thanks to their unwavering support. The president of Navigator underscored thefortune in having an Ambassador like H.E. George J. Tsunis, acknowledging Greek shipowners for consistently keeping the Greek shipping industry at the forefront. He praised their respectful assistance to our country, portraying it as a beacon of democracy, peace, and progress in the unpredictable conditions of our neighborhood.
The Director for Shipping at the Ministry of Maritime Affairs and Insular Policy, Captain Andreas Spanos, delivered his Opening Address, outlining government initiatives and priorities for the maritime sector; underlining sustainability and industry prosperity, the address set the stage for focused discussions aligned with the Ministry’s strategic vision.
In his Opening Address, H.E. George J. Tsunis, United States Ambassador to the Hellenic Republic, emphasized the enduring partnership between the U.S. and Greece. He highlighted the imperative for collaboration, and greater female representation in various fields, envisioning a world of synergies, inclusion, and diversity, asserting that true growth arises from unity, and the convergence of diverse perspectives.
Captain Panagiotis Tsakos, Founder of Tsakos Group, in an impromptu address, emphasized the pivotal role of women in the maritime industry, celebrated the collaboration of valuable human resources between the two genders, and acknowledged the achievements of women captains, seeing their presence as the realization of a lifelong dream at sea. Furthermore, he underscored the imperative of involving more young people in the shipping industry.
Underlining the importance of collaboration in navigating industry challenges, the CEO of NAVIGATOR SHIPPING CONSULTANTS LTD, Danae Bezantakou, emphasized the role of shared experiences and relationships in enhancing the global standing of the shipping community. The event also marked the inclusion of the inaugural Embassies panel back in 2012, with 18 Embassies participating.
Throughout the day, the Navigator Forum addressed crucial topics impacting the maritime industry, including decarbonization, maritime logistics, smart shipping, human performance, technology, training, ESG, and more. The forum showcased the commitment to shaping the future of the shipping industry, with a focus on fostering dialogue, exchanging ideas, and sharing best practices.
A highlight of the event was the participation of international organizations, including the International Maritime Organization (IMO), World Economic Forum (WEF), European Community Shipowners’ Associations (ECSA), French-Hellenic Chamber of Commerce & Industry (CCIFG), and others, for actively participating in discussions with an objective to recognize that the future will be marked by experimentation and dilemmas as they navigate the evolving landscape of the shipping industry.
The forum included panel discussions on “Current Trends and SEAsing Opportunities”, “Navigating Sustainable Seas: The Global Perspective”, and “Mastering the Tides of Change: Navigating Through Experiments and Dilemmas”. Experts from various sectors provided valuable insights into the economic outlook, digital acceleration, carbon reduction technologies, and global perspectives on sustainability.
“Current trends and SEAsing opportunities” panel focused on key issues in the maritime industry. Moderated by Dorothea Ioannou, CEO – The American P&I Club, the panel featured prominent experts who provided insights into various aspects of the shipping sector.
Robert W. Walker, CEO & Founder – SURVEYS & FORECASTS, stressed the importance of understanding consumer attitudes and market forces for future shipping strategies. Carleen Lyden Walker, Chief Evolution Officer - IMO Goodwill Maritime Ambassador – SHIPPINGInsight, explored the role of the shipping industry as a digital accelerator in addressing disruptive factors affecting maritime security. Richard Poe, Chairman – SHIPGLIDE, advocated for investment in green technology, providing practical insights into achieving immediate energy savings and reducing CO2 emissions. Finally, Erik Holmgren, Economic Officer of the U.S. Embassy to Greece, discussed U.S. government efforts to revitalize the maritime industry for international trade, considering historical context and national importance.
The second panel, “Navigating Sustainable Seas: the Global Perspective”, moderated by Natalia Bury, Chief Operations Officer – Tototheo Maritime Ltd, contributed to pivotal discussions about steering the shipping industry towards a sustainable future. From a global perspective, experts Mette Asmussen, Lead, Maritime Sector Initiatives at the World Economic Forum, Fanny Lossy, Director – Environment, Maritime Safety & Offshore at the European Community Shipowners’ Associations (ECSA), and Vassilis Triantafyllos, Lawyer – Energy Policy Expert, highlighted the industry’s positive trajectory towards sustainability, emphasizing the need for accelerated action from all stakeholders to achieve ambitious objectives.
It was stated that the journey to sustainability in shipping is deeply connected with advancements in energy efficiency, and the future looks promisingly multi-fueled. Consequently, it’s crucial that energy sector policies and strategies incorporate the unique needs and perspectives of the shipping industry. Collaboration and transparency are key in this transformative process. It was also specified that it’s essential for the industry to recognize and leverage the numerous opportunities presented by this shift towards sustainability, and how acting swiftly and decisively, as increasing pressures across regulatory, operational, and socioeconomic fronts leave no room for complacency, is needed. The complex nature of value chain in the maritime world, involving numerous stakeholders, necessitates a unified approach. Aligning objectives and actions across the entire value chain is imperative to ensure a cohesive and effective transition at a uniform pace. This collective movement, as was stated, is vital for any operator aspiring to maintain relevance in a rapidly evolving industry landscape.
The final panel discussion titled “Mastering the Tides of Change: Navigating Through Experiments and Dilemmas” was moderated by Riviera Maritime Media’s Executive Editor Edwin Lampert, and featured insights from Philippe Louis Dreyfus, Chairman of Louis Dreyfus Armateurs and President of the Maritime Committee of the French-Hellenic Chamber of Commerce & Industry, Alex Hadjipateras, Managing Director, Dorian LPG and Kostas Rokkos, Chairman & CEO - TST International SA.
Together they addressed strategic risks keeping them up at night, developments they find most exciting about the industry’s future, and challenges around new technologies, decarbonization and ESG demands. Geopolitical conflicts and their potential impact on shipping routes emerged as a major ongoing concern. The shipping leaders also expressed enthusiasm for innovations like automation, AI, and data analytics.
Mr. Hadjipateras noted these technologies can strengthen risk management and generate value across supply chains. However, upskilling workforces to leverage them remains an obstacle. Dr. Rokkos emphasized the need for continuous training to transition crews into new roles. On environmental sustainability, the panelists saw biofuels and carbon capture as promising but costly options for meeting emissions goals. They said spreading the costs equitably and balancing sustainability with financial viability remain key challenges.
Looking 5-10 years ahead, Mr. Louis Dreyfus highlighted exciting potential in “smart shipping” and new activities enabled by technology, though cautioned the industry’s public image could make it a target for regulators if it does not adapt. Overall, the leaders agreed that embracing innovation and transparency will be vital to overcoming threats like climate change, cybersecurity, and global health crises. The moderator echoed the shared view “that challenges remain but dialogue gives us insight into navigating change.”
In between the panels of discussion, presentation of outcomes from NAVIGATOR ASSEMBLY 2023, were discussed. More specifically, INTERSECTION OF SMART SHIPPING & HUMAN ELEMENT, explored the integration of technology and the human factor, highlighting the need for ongoing training to navigate technological advancements successfully. The discussion on DECARBONISATION & ESG emphasized environmental considerations. Finally, the presentation of the outcome of SUPPLY CHAIN addressed logistics optimization. These sessions, moderated by industry experts, provided insights into smart shipping, sustainability, and supply chain dynamics. These sessions were presented by representatives of NAVIGATOR’S sponsors, as listed below.
The Navigator Forum 2023 was a testament to the industry’s resilience, adaptability, and commitment to navigating through challenges collectively, through continued dialogue and progress. It was also announced that Navigator Forum 2024 will return to its roots in Chios and Oinousses Islands from September 20 to 22, 2024.

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Celestyal the award-winning, number one choice for cruise travelers to the Greek islands and beyond, confirmed the acquisition of a second new vessel this year. The Celestyal Discovery, follows the recent arrival of the Celestyal Journey, signaling a fleet refresh and further commitment to significant investment into the customer proposition.
The “Celestyal Discovery” will now join her fleet mate in Piraeus, where they will both undergo multimillion-euro winter refurbishment programmes ahead of the new season, which commences in March 2024. The ship’s name symbolizes the company ethos of creating unmissable moments of discovery through connecting people, places, and self. She embodies the Celestyal confident spirit, sense of exploration and wonder. Built in 2003 for the Carnival Corporation, she has been sailing under the AIDA Cruise brand throughout her career to date. The “Celestyal Discovery” is a mid-sized vessel, allowing Celestyal to continue offering its signature unique blend of marquee destinations and more secluded gems that characterize the company’s itineraries. She offers 633 staterooms, 62 of which feature balconies, in total accommodating circa 1,266 guests.
Celestyal’s newest ship will be on sale from December 11, 2023, taking over the Celestyal Olympia’s 2024 program. Special launch offers will be included in the Black Friday promotions published later this week, as well as throughout Celestyal’s biggest Wave campaign to date, which will be launching at the end of the year.  Guests currently holding reservations on the Celestyal Olympia will be contacted by Celestyal after this date and reaccommodated on sailings on the newly refurbished “Celestyal Discovery”.
“Given strong market and business conditions, we are thrilled to have expedited the renewal of our fleet to welcome the Celestyal Discovery into the Celestyal family,” said Chris Theophilides, CEO. “Celestyal Discovery joins the Celestyal Journey to undergo an extensive refurbishment programme over the winter period, signifying further our intent to keep delighting our customers. As a confident challenger brand, our team is excited to continue to make waves across the industry next season, with a refreshed fleet, brand, network, and a renewed sense of direction.”
The “Celestyal Discovery” will showcase many of the favourite features of the Celestyal fleet- an inviting Amphitheatre with ample conference and event space, vibrant lounges, the Grillseekers speciality restaurant, a Sozo wellness retreat, an expansive pool deck with an exclusive Rays deck, the Greek Deli, and a Fig and Honey gelato and juice bar. There will also be a few surprise additions to the customer offering which will be added during her imminent refurbishment programme in Greece. Further details regarding the onboard experience and itineraries will be announced in due course.

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Ahead of the plenary vote on CO2 standards for heavy-duty vehicles, the Cyprus Shipping Chamber expresses full support to the European Community Shipowners’ Associations (ECSA) call for the urgent need to make clean affordable fuels available for shipping. Sufficient quantities of sustainable and scalable renewable fuels are key for the energy transition of the shipping industry. However, the current lack of availability risks blocking the energy transition of the shipping sector, which is already one of the most difficult to decarbonise.
Although all sectors of the European economy need access to clean fuels and energy sources, the Chamber is concerned about calls to provide further incentives for the use of additional quantities of biofuels and RFNBOs in heavy-duty road transport by introducing the so-called Carbon Correction Factor (CCF). It is noteworthy that the direct use of hydrogen in fuel cells falls outside the scope of CCF and is defined as zero-emission vehicle technology under the CO2 standards for heavy-duty vehicles.
The ‘Fit for 55’ package and the 2023 IMO Strategy on Reduction of GHG Emissions from Ships have set clear targets making the energy transition of shipping not a question of ‘if’ but a question of ‘how’. The energy transition will require immense quantities of clean and affordable fuels for shipping, which is one of the most difficult sectors to decarbonise. We urge the EU policymakers to oppose diverting crucial quantities of clean fuels away from shipping by creating artificial demand for them in other sectors where alternatives exist.

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Harbor Lab, the disbursements account maritime software company, has held its first exclusive Port Agent Summit in Athens last month. The two-day event brought together Port Agents from 22 different countries to gain deep insights into Harbor Lab’s future plans to develop solutions that will enhance their capabilities to deliver quality services, expand their clientele, and explore new market opportunities. 
Port Agents are Harbor Lab’s closest partner, and have been integral to the company’s journey so far in its aim of revolutionizing the port cost management process. 
As the maritime industry evolves, two key priorities have emerged: automation/ digitalization and environmental responsibility. Being a technology-driven company, Harbor Lab plans to support Port Agents and Principals alike in optimizing their processes in these priority areas through digital tools. 
The summit marked the launch of Harbor Lab’s online marketplace, a key part of its strategy to help democratize local port markets through digitalization. The marketplace, a platform that brings together Principals that seek a wide range of in-port services with Agents and Vendors that are ready and available to offer them, empowers agents through exposure to new business opportunities with access to a high quality audience, and seamless communication with Principals. Agents were also provided with strategies on how to excel on the Harbor Lab platform, including actively maintaining their profiles, responding promptly to communication, and delivering exceptional in-port services.
One of the major announcements at the summit was the introduction of the evaluation tool. Recognizing the need to support local Agents in expanding their market share, Harbor Lab is equipping them with the means to stand out. This tool will enable Agents to differentiate themselves based on quality rather than price. Principals will also have a reliable mechanism to trust and engage with new Agents based on evaluations from their peers.
To support the industry through its decarbonization and environmental targets, Harbor Lab introduced the concept of ‘Green Agents’ at the summit. To help Agents differentiate themselves in competitive environments, Harbor Lab is promoting environmentally friendly practices, such as adopting electric vehicles or modern/green launches.  The company will support 'Green Agents' by connecting them with Principals interested in reducing in-port emissions and providing reports to measure their environmental impact.
A panel discussion brought Principal stakeholders into the spotlight. Moderated by the Chief Operational Officer of Harbor Lab, Alexandros Trachanas, the distinguished speakers, Capt. Nikos Svoronos (Agents Manager of Starbulk S.A.), Capt. Costas Constantinidis (Operations Manager of GoldenPort Ship Mangement Ltd.), Mr. Michalis Michaloliakos (Head of ICT/Cyber Security Strategy & Business Development of TMS Group) and Mr. Simon Hinsen (Senior Commercial Manager of Zeaborn Ship Management), shared their perspective on the above matters. They emphasized the importance of the Agent evaluation tool, which combines performance metrics and real-time reviews to foster transparency. Increased efficiency from the digitalization and standardization of the Statement of Fact (SoF) and the potential competitive advantage that the adoption of greener practices can bring to Agents in the future, were also praised.
The summit's interactive format allowed Agents to voice their opinions, share the challenges they face, and collaborate on solutions to tackle daily issues. Harbor Lab remains dedicated to transforming the maritime industry, hand in hand with Port Agents and Principals.

About Harbor Lab
Harbor Lab is an Athens, Greece-based maritime software company offering the first e-disbursements accounts analysis software that automatically calculates and evaluates port expenses against real-time port tariffs, optimizing the Port Cost Management process. Founded in March 2020 by Antonis Malaxianakis, its purpose is to build trust in the maritime ecosystem. It currently has 1300 vessels, whose disbursement accounting is run through the platform and more than 5000 agents and vendors registered. Since the company’s inception, it has rolled out a number of cloud-based products that bring together ship operators, managers and charterers with Agents and provide greater transparency and in-house control and monitoring of their vessels’ costs. Harbor Lab has 70 employees.
harborlab.com/home

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Unified platform approach for ZeroNorth Bunker with interconnected data will fuel digitalisation and sustainability

Technology company ZeroNorth is consolidating its existing bunkering business under the ZeroNorth brand, unlocking faster value delivery for customers, and driving enhanced data-driven insights, additional fuel savings, improved profit margins and emissions reduction.
ZeroNorth recognises the importance of digitisation across the entire bunker value chain to accelerate the decarbonisation of the shipping industry. To this end, the past 18 months have seen ZeroNorth invest heavily in the bunkering space, acquiring Clearlynx, Prosmar Bunkering and BTS to serve all parts of the market. The integration into ZeroNorth Bunker will see one unified team come together under a single brand, creating synergies across the different solutions to enable faster release of new features that respond to market needs.
ZeroNorth Bunker will consolidate the company’s 13 existing product offerings into six core products spanning Bunker Planning, Bunker Procurement, Bunker Supply and Trading, Bunker Pricing and e-BDN solutions. These solutions will facilitate data-driven decisions for customers, with this integrated approach bringing transparency and continuity to customers’ bunkering processes and delivering an enhanced user experience.
Speaking on the announcement, Kenneth Juhls, Managing Director for ZeroNorth Bunker at ZeroNorth, said: “Leveraging real-time market insights and with 50 million tonnes of bunkers already traded annually on the platform, we take pride at ZeroNorth in our ability to drive positive change in the bunkering industry. This includes accelerating digitalisation and transparency in the sector, which ultimately contributes towards our customers’ decarbonisation and commercial goals.”
By optimising the bunkering process, ZeroNorth Bunker turns millions of live data points into actionable recommendations. More robust insights will be generated for customers through this integrated approach, as more data is being interpreted which will in time enable the data flywheel effect, delivering a positive feedback loop.
The platform will be able to deliver deeper, more granular insights into bunker optimisation, reducing fuel consumption and associated costs and emissions for customers, driving benefit for both profit and planet.

About ZeroNorth
Recognising the challenges posed by climate change, technology company ZeroNorth was founded to accelerate the transition to greener global trade. By blending cutting-edge data-driven technology with human expertise, the ZeroNorth platform provides a range of software solutions that are helping the global shipping industry cut emissions and reduce its impact on the climate, whilst maintaining commercial performance.
ZeroNorth offers one platform with multiple services and is an industry leading software developer, which interconnects data into insights and actions, optimising global trade for cargo owners, vessel owners, commercial operators, charterers, and bunker suppliers. The company’s software offers a full range of services which support the value chain to increase earnings and reduce CO2 emissions.
For more information, please visit: https://zeronorth.com

image:  Kenneth Juhls, Managing Director for ZeroNorth Bunker at ZeroNorth

11 latest generation two stroke LNG Carriers enters CPLP’s fleet from 2023 to 2027, which would make the

Partnership Capital Product Partners LP the largest US publicly listed owner of two stroke LNG carriers.

The partnership will also change its name to Capital New Energy Carriers L.P. to reflect focus on LNG carriers and energy transition shipping with the intention to convert into corporation with customary governance structure.

The partnership will maintain the right of First Refusal on two ammonia carriers and two liquid CO2 carriers on order by Capital Maritime, as well as on future two stroke LNG vessels and charters from Capital Maritime and has the intention to divest from non-core container vessels.

The partnership will also have a significant funding support from Capital Maritime, including a no-fee, fully backstopped Rights Offering of $500.0 million and an unsecured non-amortizing Seller’s Credit of $220.0 million

In view of all the above conditions, Nasdaq listed Capital Product Partners L.P. has entered into an umbrella agreement with Capital Maritime & Trading Corp. and Capital GP L.L.C. providing for the acquisition of the following 11 newbuild LNG carriers (“LNG/C”) from Capital Maritime for a total acquisition price of $3,130.0 million.
In addition to commercial debt, and in order to finance a portion of the purchase price for the vessels and pursuant to the Umbrella Agreement, (i) Capital Maritime has agreed to issue an unsecured seller’s credit to us in an amount of up to $220.0 million at a fixed rate of 7.5%, repayable on June 30, 2027 and (ii) we will conduct a rights offering to finance $500.0 million of the purchase price.
The rights offering is expected to commence on November 27, 2023 (the “Launch Date”). We will distribute to holders of our common units of record on November 24, 2023 (“the “Record Date”) rights to purchase newly issued common units at a price per common unit equal to the greater of (x) $14.25 and (y) 95% of the volume-weighted average price of the common units trading on the Nasdaq Global Select Market for the period from November 15, 2023 through and including the last trading day immediately prior to the Record Date. The subscription price per common unit in the offering will not be greater than $14.50. The rights will not be transferable. The rights offering will be made only by means of a prospectus supplement and accompanying prospectus.
Following the closing of the Umbrella Agreement, we intend to explore the disposal of our container vessels and abstain from acquiring additional container vessels. Pursuant to the Umbrella Agreement, we also agreed to change our name to “Capital New Energy Carriers L.P.” This name change is expected to become effective by December 31, 2023. Further, we, Capital Maritime and the General Partner have agreed to, in good faith negotiate and jointly work with tax and other advisors to agree terms for the conversion from a Marshall Islands limited partnership to a corporation with customary corporate governance provisions within six months of the closing of the Umbrella Agreement.
In connection with the change of our business focus to concentrate on the LNG/C market, Capital Maritime agreed to grant to us, beginning on the Closing Date rights of first refusal over (i) transfers of LNG/C vessels owned by Capital Maritime to third parties, opportunities to order newbuild LNG/C vessels of which Capital Maritime becomes aware, and employment opportunities for LNG/C vessels of which Capital Maritime becomes aware, in each case, for a period ending on the tenth anniversary of the Closing Date, (ii) transfers to third parties of two certain liquid CO2 carriers and two certain ammonia carriers recently ordered by Capital Maritime (the “New Energy Vessels”) for a period ending when Capital Maritime and its affiliates no longer beneficially own at least 25% of the issued and outstanding common units and (iii) if we acquire a New Energy Vessel from Capital Maritime, employment opportunities for such New Energy Vessel of which Capital Maritime becomes aware, for a period ending when Capital Maritime and its affiliates no longer beneficially own at least 25% of the issued and outstanding common units.
Mr. Jerry Kalogiratos, Chief Executive Officer of our General Partner, commented: “We are very pleased to announce this transformative transaction for the Partnership, which we expect to usher Capital Product Partners L.P. to a new chapter in its life as a public listed entity. Upon completion of the 11 LNG/C fleet acquisition, we expect CPLP to transform, into one of the largest US listed shipping companies in terms of enterprise value and the largest owner of two stroke, latest generation LNG carriers compared to the current fleet of its US listed peers. The commitment to change the name of the Partnership to ‘Capital New Energy Carriers L.P.’ and to gradually divest our container vessels, reflects our renewed business focus on LNG and energy transition shipping. We are well positioned to take advantage of the strong fundamentals of the LNG industry with six open LNG/Cs delivering between 2026-2027 and rights of first refusal on a unique fleet of LCO2 and ammonia carriers. We believe that this transaction, together with our stated intention to convert the Partnership into a corporation and to review over time our capital allocation policy, should attract additional investor interest and allow our equity valuation to move closer to our peers.”
“Importantly, the acquisition of the 11 LNG carriers is expected to be transformative across all financial and qualitative metrics for the Partnership, as we expect our contracted revenues to increase by 87% to $3.1 billion, our revenue weighted charter duration to 7.2 years as of the Closing Date and the average age of our LNG fleet to decrease to 3.2 years by the time all LNGCs have been delivered in 2027.”
“Finally, I am pleased to see our largest unitholder and sponsor, Capital Maritime, fully backstop at no additional cost and at a 9.6% premium to the last closing price a $500.0 million rights offering and offer an attractively priced $220.0 million seller’s credit to partly finance this transaction, while giving a right of first refusal on all LNG business and its New Energy newbuilding vessels to CPLP. We believe that the rights offering with the Capital Maritime backstop will allow for all our unitholders to participate without execution risk in the transition of CPLP to an LNG and energy transition focused corporation, which we hope to become a bell weather for the industry.”
Capital Product Partners L.P. currently owns 22 vessels, including seven latest generation LNG carrier vessels, 12 Neo-Panamax container vessels and three Panamax container vessels.

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Neptune Land Services (NLS) acquired a majority stake in FERST Logistics. NLS was established in January 2023, in the framework of Neptune Group’s expansion into the field of land logistics services. 
This acquisition aligns with Neptune Group's broader vision to provide high-quality reliable and adaptable services in the finished vehicle supply chain. Upholding principles of sustainable development, and its corporate mission to serve customers at all stages of the supply chain, Neptune Group takes another significant step in its expansion and growth strategy.
FERST Logistics, with a history of 30 years in the automotive logistics sector, is a pioneering company. With facilities covering 400,000 square meters, a fleet of 30 trucks, and a workforce of 180 people, FERST logistics has established itself as the leading provider of automotive logistics services in Greece.
The acquisition strengthens NLS's position in the finished vehicle supply chain. FERST will retain its highly experienced management team and the company's valuable know-how in the fields of distribution, storage, and technical centers (PDI).  At the same time, combined with the high expertise and market-leading shipping network of Neptune Lines, a robust integrated system for providing maritime and land automotive logistics services is created.
The agreement marks a milestone in the implementation of Neptune Land Services' strategy, focused on providing high-value-added logistics services to the automotive industry. The company’s main pillars of development and activity in the near future, include the development of car terminals offering a full range of modern technical services, as well as the provision of optimal distribution solutions for vehicles to end customers.
Craig Jasienski, CEO of NLS, commented: "We are excited to have completed the acquisition of FERST Logistics. It is a strategic collaboration that enables us to leverage Ferst's expertise in onshore logistics and combine it with our strong/robust maritime distribution network. Together, we will provide comprehensive and competitively attractive logistics services to our customers."
The CEO of FERST Logistics, Dimitris Kybizis, mentioned: "We are entering a new and exciting chapter in our company's long journey. Both Neptune and FERST share the same social and corporate values. This provides our management team with the incentive to work closely with NLS's experienced professionals to consolidate and further enhance the services we provide to our clients."
Melina Travlos, President of Neptune Group stated: "The acquisition agreement of a majority stake in FERST by Neptune Land Services represents a significant stride in the realm of our business transformation, focusing to our investments on land. Guided by the substantial and mutual relationship of trust we have built over these years, both with our team members and collaborators, we expedite the sustainable growth of the Neptune Group, always keeping our clients at the forefront.
Our Group actively reinforces its vision for continuous and consistent development, puts into practice our corporate philosophy "Wake Forward" and invests in our home country."

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The 15th “Greener Shipping Summit” was held at the Eugenides Foundation in Athens on November 7, 2023, by organiser Newsfront / Naftiliaki in a resounding success.
Titled “Where is Shipping Heading in the Next Decade”, it was held under the auspices of Greek shipping's powerful Marine Technical Managers Association, Martecma.
Every year the conference features prominently on the shipping community’s annual calendar, drawing strong interest. More than 500 people from 15 countries attended the conference, along with the participation of 354 companies.
Under the chairmanship of Stavros Hatzigrigoris, Advanced Engineering Services, Zodiac Maritime, five panels of discussion were held bringing together some 30 panelists who analysed and presented key topics focusing on the environment, regulations, business trends and the global economy. CEOs, senior officials, analysts and leading market participants, among others, provided valuable insight on fast changing topics faced by the shipping industry.
John Platsidakis, Honorary Chairman, INTERCARGO, as keynote speaker highlighted that over the years Greek ship owners have followed the evolution of technology and will continue to do so.
 “Adaptability is the key word. We all observe a fast enhancing technology affecting business and the day to day life of all citizens. In parallel, the protection of the environment is at the top of the agenda of society. Every sector of the economy needs to take this into account and certainly shipping needs to do so,” he said.
“In terms of the protection of the environment, I would say that shipping is guilty until proven innocent. Shipping has received heavy criticism as a major pollutant. This is unfair. It transports 90% of world trade, and emits 2.3% of the world’s emissions,” Mr Platsidakis pointed out.
In two sessions moderated by Haris Giantzikis, Technical Manager, Arcadia Shipmanagement discussing “Solutions heading for zero carbon”, Michael Jeppesen, Promotion Manager, MAN Energy Solutions, said that his company is moving ahead with research work and expects to install its first ammonia powered engine in a vessel next year. “By the end of 2024, we will be able to deliver our first ammonia powered engine, a commercial engine, that will be delivered to a Japanese shipyard. We have positive results from our tests. A handful of engines will be in use in 2025-26,” said Jeppesen.
In turn, Christoph Rofka, Division President for Medium and Low Speed Products, Accelleron, spoke about the need for flexibility in product development as he looked at challenges in adopting new fuels. “Ammonia, methanol and LNG will be the future fuels. By 2030 all newbuilds will be dual fuel capable. The technology will ramp up faster than the availability of these new fuels,” he said.
Converting raw data to actionable intelligence was addressed by George Manditsios.  Product Owner, Data Analysis Department, METIS Cyberspace Technology, Dimitris Koutsaftis, Senior Scientific Consultant, R&D, ERMA First presented carbon capture storage (CCS) while Hempel’s  Yigit Kemal Demireal addressed navigating energy efficiency dilemmas in the CII era.
Powering the world with wind was discussed by David Ferrer, Chief Technical Officer and Co-founder of bound4blue; energy saving devices (ESD) were presented by ERMA First’s Vassilis Tsarsitalidis; Hakon Juel Hansen, Promotion Manager & Business Development, HOLEBY Gensets, MAN Energy Solutions presented developments as MAN heads for zero carbon methanol gensets and Antonis Trakakis, Technical director, Marine, RINA gave an overview of solutions for decarbonising the shipping industry.
A main point of discussion in the conference is how shipping can tackle the uncertainty and prepare for challenging conditions.
Moderated by Evangelos Adam, Sustainability, Environment, Energy Performance Manager, Dynacom Tankers Management, the issue of if new technologies guarantee the sustainability of shipping was discussed. OVERSEA –  a Fleet Support Center as a Service was presented by Marcel Vrijsen, Global Sales Manager, Digital Service, ABB; Navigating the maintenance challenges of two-stroke engines was covered by Marcus Schaerer, General Manager Technical and Services, Shell Marine.
Lefteris Koukoulopoulos, Regional Decarbonisation Specialist, DNV, said that “we need to collaborate between industries to secure the best solution for each industry.” A view mirrored by Fotis Dalmyras, Chief Executive Officer, Andriaki Shipping Co Ltd. “What needs to be done is to get the right collaboration either within the company or with external partners,” said Dalmyras.
In regards to useful tools in the decarbonisation process, Nikos Liapis, President, Hellenic Institute of Marine Technology (HIMT), stressed that AI has emerged as a powerful weapon in the push to make the industry sustainable.
“The best way to achieve decarbonisation in the short term is by optimising ship operations,” he said. AI can help reduce consumption, collect all data on carbon emissions and prevent engine deficiencies, added Liapis. “On training and getting the right skills, the biggest problem here is finding the right personnel to do this. There must be a lot of training to be sure that crews have the right skills,” said Liapis.
Other discussions took place focused on “How can a ship operator navigate the complex regulations sea?” moderated by Stamatis Fradelos, VP, Regulatory Affairs, ABS. Panellists including Maria Lambardaki, Project Development Leader SEEBA Zone, Bureau Veritas, who presented CII, EU ETS, FUEL-EU Maritime – Regulatory framework and challenges from verifiers aspect; Theo Kourmpelis, Strategic Business Partner, who led on IMO revised strategy and expected impact to industry including the midterm measures (MBMs).
Commercial / financial impact to operators from regional measures (EU ETS – Fuel EU) was addressed  by Stylianos Psillakis, General Manager Technical, Columbia Shipmanagement Greece Ltd; The changing regulatory landscape as a catalyst for technological advancement in shipping was presented by  George Skevis, General Manager, CLEOS and designing for the future while learning from the past was discussed by Christos Hadjigeorgiou, MD, Almi Marine Management SA
Furthermore, Greece’s global position was examined in a discussion “How Greece will maintain its leading position in global shipping”.
Moderated by Panos Kourkountis, Technical Director, Sea Traders SA and Chairman of  MARTECMA the final session of the day was led by John Cotzias, Projects & Finance, Xclusiv Shipbrokers; President, Hellenic Shipbrokers Association; Angelica Kemene, Head of Market Analysis & Intelligence, Optima Shipping Services; George Souravlas, CEO, Load Line Marine SA, and Panagiotis Zafet, MD Balthellas Group

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EPE YACHTING, a leading supplier of sustainable services and solutions for superyachts, has received certification from DNV to confirm that its TRITON FIT sewage treatment plant (STP) fully complies with IMO Resolution MEPC 227(64).
Part of MARPOL Annex IV for the Prevention of Pollution by Sewage from Ships, IMO/MEPC 227(64) sets out the guidelines for implementation of effluent standards and performance tests for sewage treatment plants onboard yachts.
During the certification process, DNV undertook the relevant procedures for the product type to confirm compliance with IMO/MEPC 227(64). In addition to issuing a Type Approval Certificate, DNV also issued an EC Type Examination Certificate confirming the successful completion of the design assessment and testing.
Designed specifically for use on superyachts, TRITON FIT is the smallest fully compliant sewage treatment plant on the market, making it the ideal solution for both newbuild and retrofit projects. TRITON FIT is a physicochemical system that utilises a coagulant chemical and buffer tank to ensure the highest effluent standards are routinely achieved. The process can be fully automated and features an integrated washing system to prevent fouling of sensors, valves and outlets.
Dimitris Avdelopoulos, EPE YACHTING Director, said: ”I am delighted to announce that TRITON FIT has successfully completed this certification process with DNV. With pressure growing on yacht owners and managers to invest in sustainable solutions, TRITON FIT provides peace of mind that the sewage system is operating to the highest standards and in line with environmental regulations.
“The EPE YACHTING team has designed an excellent system that supports our mission to align with meaningful environmental operations, and this certification provides assurance that TRITON FIT not only complies with IMO standards for sewage treatment and discharge, but that it was tested under the strictest processes and procedures”.
About EPE: For over 45 years, EPE YACHTING has been developing innovative and sustainable maritime solutions for the superyacht sector. Motivated by the needs of the maritime industry and dedicated to ensuring compliance with environmental regulations, EPE YACHTING provides a wide range of premium quality services and solutions for yachts and super yachts.
The company’s goal is to guarantee excellent results and ensure the optimal performance of superyacht equipment.

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.