The smallest of the 4 shipping companies of Vafias Group, Imperial Petroleum reported its financial results for the nine months of 2022.
The company took delivery of its second dry bulk handysize carrier the “Eco Angelbay” and reported the Revenues of $42.6 million - up $ 31.3 million or 277% up from Q2 22’.
The Net income is $15.5 million - up $15.4 million or 15,400% from Q2 22’ and equivalent to approximately 23% of our current market capitalization.
The EBITDA1 of $18.7 million in Q3 22’ is up $15.7 million or 523% from Q2 22’ and the cash and time deposits of $92.4 million as of September 30, 2022  is 1.3 times higher than the current market cap.
CEO Harry Vafias commented: “This quarter’s unprecedented profitability growth is solid proof that our company’s strategy is paying off. With the capital recently raised we have managed to grow our fleet, maximize our profitability, substantially increase our cash flow and create value to our investors. As a result of having acquired six vessels in a course of ten months, we generated net income of $15.5 million in a single quarter which is 15,400% higher than our profit in Q2 22’ and is equivalent to 23% of our current market capitalization; We incurred moderate debt during the quarter, maintaining a healthy capital structure with $42.4 million of debt while preserving a free cash balance available for further fleet expansion of about $92 million. Given the strong market fundamentals and the promising charter rate environment and by taking advantage of our efficient management of our expanded fleet, we believe that we will achieve strong results and generate significant cash flow going forward. However, the valuation of our shares of common stock does not reflect our strong financial performance and capital available to fund our growth prospects”.
Image 1: dry bulk handysize carrier “Eco Angelbay”, 33.000dwt, built 2009

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.

ERMA FIRST and EPE have been voted as a ‘Great Place to Work’ in Greece!
Through employee survey assessments, deep data was provided which offered a unique insight into ERMA FIRST and EPE workplace cultures.
Over 85 per cent of ERMA FIRST and EPE employees responded positively to questions about their personal role, integrity in the organisation and the leadership within the business.
ERMA FIRST and EPE are incredibly proud to have a highly talented, passionate and diverse team that excels in an extremely competitive environment.
We achieve remarkable results through teamwork, innovation and trust. With worldwide operations and mixed nationalities, both ERMA FIRST and EPE are at the forefront of serving the global shipping industry.
“This is a remarkable achievement for ERMA FIRST,” said Konstantinos Stampedakis, ERMA FIRST Managing Director.
“Our employees are the heartbeat of our business and being recognised as a Great Place to Work in Greece is testament to the commitment and diligence of our hard-working team.
“Workplace culture is deeply important as we go from strength to strength as a business and continue or expansion plans.”
ERMA FIRST and EPE invest in long-term co-operation, as well as providing a stable work environment and challenging roles with diversified responsibilities.

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.

The two tankers are the first vessels delivered in Greece built with the DNV notations Fuel Ready for Ammonia and LNG fuel (Fuel ready (Ammonia[D], LNG[D; MEc]) notation). In addition, both vessels are equipped with arrangements for controlling and limiting operational emissions and discharges (Clean notation), installations for the removal of SOx and reduction of NOx emissions, and certified in compliance with the MARPOL Tier III NOx emission requirements (ER(EGCS Open, SCR, TIER III notation).
“Environmental protection is a priority of Pantheon Tankers' management as well as the decarbonization process of our fleets”, said Mr. Frangiskos Kanellakis, one of the Principals of Pantheon Tankers Management Ltd. “The suezmax tankers constructed at New Times Shipbuilding are classed with eco-friendly notations which exceed IMO requirements. Throughout the construction of these vessels, DNV's input and extensive experience on such notations were of critical importance, especially in terms of the alternative fuel solutions.”
“Pantheon’s recent deliveries again show how Greek shipowners are front-runners in the global decarbonization marathon,” said Mr. Ioannis Chiotopoulos, Senior Vice President – Regional Manager SE Europe, Middle East & Africa, DNV Maritime. “We are very grateful for Pantheon’s continued trust in DNV and extremely pleased to welcome Sea Onyx and Sea Sapphire to the DNV class family.  We wish them smooth sailing. With their investment in these modern tankers and embrace of DNV’s innovative notations, Pantheon is clearly demonstrating their intention to get out in front of environmental regulations. At DNV, we are always ready to put our expertise and experience to work, as our customers drive the sustainability of the maritime industry forward.”
About Pantheon Tankers Management Ltd.
Founded in 2012, Pantheon Tankers Management (PTM) is a leading tanker manager with a modern and eco-friendly fleet of 40 ships. The company is continuously expanding through high-spec new building vessels but also selected, young second-hand ships. The fleet consists of tankers ranging in size from MR to VLCC. PTM is fully committed to achieving zero accidents, no harm to the environment, zero losses and zero lapses in security. This company is the tanker arm of the Group which is further engaged in dry bulk shipping through Alpha Bulkers Shipmanagement having a fleet of 34 vessels and in the LNG space through Alpha Gas, managing a fleet of 5 vessels with a further 3 under construction.
About DNV
We are the independent expert in risk management and quality assurance. Driven by our purpose, to safeguard life, property and the environment, we empower our customers and their stakeholders with facts and reliable insights so that critical decisions can be made with confidence. As a trusted voice for many of the world’s most successful organizations, we use our knowledge to advance safety and performance, set industry benchmarks, and inspire and invent solutions to tackle global transformations. 
DNV in the maritime industry
DNV is the world’s leading classification society and a recognized advisor for the maritime industry. We enhance safety, quality, energy efficiency and environmental performance of the global shipping industry – across all vessel types and offshore structures. We invest heavily in research and development to find solutions, together with the industry, that address strategic, operational or regulatory challenges. For more information visit: www.dnv.com/maritime
Images:   Sea Onyx and Sea Sapphire

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.

Survitec’s revolutionary Seahaven, the world’s largest inflatable lifeboat, has won the technology category of this year’s Safety4Sea awards.
The self-propelled inflatable lifeboat surpassed Safety4Sea’s judging criteria of providing a “significant technological achievement or significant contribution to maritime safety”.
Seahaven, officially introduced to the market in April, is already redefining how passengers and crew evacuate ships in an emergency, with Norwegian Cruise Line Holdings Ltd. (NCLH), Independent Maritime Advisors Ltd, and a major shipbuilder looking at incorporating the system into new designs.
Typically, a 4,000-passenger capacity cruise ship would require at least 12 to 16 lifeboats and up to four MES with liferafts. Just four Seahavens would be required to evacuate the same number of passengers in the same amount of time, freeing up 85% of cruiseship space for new passenger experiences.
Claude Sada, Managing Director, Survival Craft at Survitec, said: “We are delighted Seahaven won this important award so soon after its official market launch earlier this year.
At Survitec, we continue to push boundaries and look for new, innovative ways to protect lives at sea. This award indicates the important contribution Seahaven will make to cruiseship safety.”
Commenting on the accolade during yesterday’s virtual awards ceremony, Stew Gregory, who led the Survitec design team, said: “On behalf of our Seahaven team, I am thrilled to receive the 2022 Safety4Sea Technology Award. I would like to pay particular tribute to my colleagues at Survitec for their vision, insight, innovation and dedication in bringing this idea to life and to market.
“With Seahaven, we have provided a safe alternative to conventional lifeboats. We have optimised our revolutionary helical slide technology to achieve a rapid four-minute deployment time and minimise crew actions and the margin for operator error. We have also solved the significant challenge of being able to evacuate a growing number of cruise passengers quickly, safely and comfortably.”

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.

International law firm and maritime specialist Hill Dickinson has appointed partner Jasel Chauhan to its board.
In addition to heading the Piraeus office since 2020, Jasel also heads the international finance team at the firm. He has more than 16 years' experience in banking and finance legal services, 14 years of which have been focused in the marine sector. 
Jasel’s appointment represents the first international partner to join the board and he brings a fresh perspective as the firm looks to deepen ties with its current international platform and global client base.
Jonathan Brown, Hill Dickinson chair, commented: “Jasel’s appointment recognises the immense contribution he brings to Hill Dickinson. He took over the helm in Piraeus in very difficult circumstances and despite those challenges has steadily grown our presence in Greece to double in size over the past three years.” 
He added: “Jasel’s appointment reflects the wealth of talent developing at the firm and the importance of our younger partners taking on roles within senior management as the legal sector modernises for a new generation of clients and colleagues.”
Jasel said: “I’m delighted to join the board at this exciting time, when all law firms are looking to adapt to new challenges and demands, and I’m very much looking forward to contributing to Hill Dickinson’s future growth and development.”
Hill Dickinson employs more than 950 people, including over 200 partners and legal directors, across offices in Liverpool, Manchester, London, Leeds, Newcastle, Monaco, Piraeus, Singapore and Hong Kong. 
Image: New Hill Dickinson board member Jasel Chauhan.

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.

Liquefied hydrogen and liquefied carbon dioxide – and the ships designed for their transportation – can make a significant contribution to realizing a carbon-neutral society, says ClassNK.
As climate concerns continue to grow and the need to develop new energy sources becomes more urgent, the maritime sector’s environmental challenges include not only ship emissions but the safe carriage of alternative fuels.
As a clean fuel which does not emit carbon dioxide (CO 2 ) when burned, hydrogen (H 2 ) offers significant ‘green’ potential and, in Japan, work is already under way to establish a supply chain to facilitate a ‘Hydrogen Society’. Land-based CO 2 capture, utilization and storage (CCUS), meanwhile, has been attracting global attention for its ability to capture carbon generated by thermal power plants and factories and either use it as a resource or store it in a stable underground geological formation.
In their gaseous forms, both hydrogen and carbon dioxide can be transported over short distances via pipeline. However, in the liquid states which offer greater energy density per cubic meter and facilitates storage, both H 2 and CO 2 must be transported in tanks, either in trucks or aboard ships.
Over long distances, the most efficient means of transporting liquefied H 2 (LH 2 ) and liquefied CO 2 (LCO 2 ) is by sea. The development of LH 2 and LCO 2 carrier vessels has therefore emerged as one of the most promising areas for innovation in the maritime sector.
As an active contributor to advanced initiatives targeting decarbonization both within and beyond the shipping industry, ClassNK is supporting the development and safe operation of LH 2 and LCO 2 carriers.
Since H 2 is liquefied at the extremely low temperature of -253 degrees Celsius and presents hazards including flammability and permeability, handling the substance requires the observance of intensive safety procedures. In 2017, to contribute to the safe seaborne transportation of LH 2, ClassNK published its “Guidelines for Liquefied Hydrogen Carriers”, which are based on the International Maritime Organization’s (IMO) Interim Recommendations for Carriage of Liquefied Hydrogen in Bulk.
The leading classification society has since applied its guidelines in surveying, at the construction phase, the hull structure, machinery, onboard equipment and other components of the world’s first LH 2 carrier ship. Built by Kawasaki Heavy Industries, Ltd. (KHI), a member of the CO 2 -free Hydrogen Energy Supply-chain Technology Research Association (HySTRA), Suiso Frontier was added to ClassNK’s register on 3 December 2021. The Society continues to support the vessel’s safe operation through in-service surveys, utilizing the knowledge gained through these surveys to keep its guidelines up to date.
Earlier this year, ClassNK issued an approval in principle (AiP) for a large LH 2 carrier from KHI. The Society had previously granted the company an AiP for the design of the cargo containment system, at 40,000 m 3 class per tank. Four such tanks will feature on board KHI’s forthcoming large LH 2 carrier, giving the vessel a total LH 2 -carrying capacity of 160,000 m 3 . For the same ship, ClassNK granted AiPs for cargo-handling systems, which are key design elements of the vessel, and dual-fuel main boilers that use H 2 boil-off gas as fuel.
As well as helping to establish the Hydrogen Society, ClassNK has been active in its support of the CO 2 economy, recently issuing an AiP for LCO 2 carriers developed by Mitsubishi Shipbuilding and Nippon Yusen Kabushiki Kaisha (NYK Line). The Society executed the design review based on Part N of its Rules for the Survey and Construction of Steel Ships, which incorporate the IMO’s International Code for the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk (IGC Code). The AiP confirms adherence to the rules regarding the design of each cargo tank system, hull form and other components, accounting for different tank-pressure settings for medium- and large-scale vessels.
Applying the same set of rules incorporating the IGC Code, ClassNK in August granted an AiP for the design of a large-scale LCO 2 carrier by Mitsui O.S.K. Lines, Ltd. (MOL). MOL had launched research and development (R&D) on the adoption of a large-scale LCO 2 carrier in response to a call for proposals by Japan’s New Energy and Industrial Technology Development Organization (NEDO) to complete the conceptual design, under a project entrusted by NEDO to Japan CCS Co., Ltd (JCCS).
The vessel design is one element of NEDO’s initiative “CCUS R&D and Demonstration Related Project/Large-scale CCUS Demonstration Project in Tomakomai/Demonstration Project on CO2 Transportation”. The MOL ship is intended as a practical solution to the need for the long-distance transportation of 1 million tons of CO 2 a year, based on NEDO’s vision to implement CCUS technology by 2030.
ClassNK has been directly supporting advancements in CCUS since 2020, when the Society joined the “Carbon Capture on the Ocean” (CC-Ocean) project to test a small-scale ship-based CO 2 –capture demonstration plant. Conducted in collaboration with Kawasaki Kisen Kaisha, Ltd. (“K” Line) and Mitsubishi Shipbuilding Co., Ltd. – part of the Mitsubishi Heavy Industries (MHI) group – the world- first demonstration resulted in the successful separation and capture of CO 2 from the test ship’s engines. Earlier this year, the project received the “Marine Engineering of the Year” award from the Japan Institute of Marine Engineering.
Through its active role in the verification of LH 2 and LCO 2 carriers and related technologies, ClassNK is facilitating the development of two fast-growing markets that promise to make a significant contribution to realizing a carbon-neutral society.

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.

As a part of European Union sanctions against Russia, the block banned coal imports from Russia starting 10 August.
About two months have passed and Russia has struggled to redirect its coal exports, with export volumes down 7.0% y/y in this period and down 5.0% year to date. 
Despite the drop in volumes, tonne mile demand has seen an increase by almost 30% in the last two and a half months. Since the coal sanctions were announced by the EU in April, average haul for Russian coal exports have risen by nearly 50%, or around 1,250 miles. 
“So far, capesizes have seen the biggest increase in tonne miles following the ban, largely due to India’s increased interest in discounted Russian coal. India’s government mandated an increase in coal imports over the summer, due to a surge in energy demand and low coal inventories. This resulted in a boost to tonne miles as capesizes laden with Russian coal from European ports sailed around Africa,” says Filipe Gouveia, Shipping Analyst at BIMCO.  
 “As import demand from India normalises, it is unclear whether the country will continue to buy Russian coal shipped from primarily Black Sea, Baltic and Arctic ports,” Gouveia says. 
So far in 2022, China remains the largest buyer of Russian coal which has accounted for 22.6% of total Chinese coal imports. Even though Chinese coal import volumes dropped 25.7% so far this year, imports from Russia grew 3.5%, likely due to discounted prices. 
“In the coming months, panamax and supramax ships should continue to see demand from China for Russian coal. However, the country’s ambitious coal mining target and increasing investments in renewable energy could cool the appetite for coal imports. In the first eight months, coal mining increased 13.8%, while electricity production from renewables rose 16.7%,” adds Gouveia.  

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.

Following a proactive environmental policy and a crisis resistant growth model, TEN, the 1^st Greek shipping company to be listed in the New York Stock Exchange in 2003 has been the forerunner of innovation in the sector of shipping.
In the recent TEN Strategy Meeting that took place in Grand Resort Lagonissi in Athens, the founder and CEO of TEN Dr. Nikolas P. Tsakos remarked that the company has managed nearly 30 years ago to record a remarkable CAGR (Calculated Growth Rate) of 15% despite having to successively navigate the rough seas of the 1996-98 Far East Crisis, 9/11, the 2009-2011 credit crisis, most recently the COVID-19 pandemic and the Ukrainian conflict.
The meeting included speeches by prominent personalities of the diplomatic, economic and shipping fields such as Daniel Speckhard, President and CEO of Corus International who presented global political and security outlook and Maria Vassalos, analyst from Goldman Sachs who presented the world’s economic outlook including structural cyclical panic and geopolitical drivers”.
Foteini Kanellopoulou analyst from Clarksons presented the tanker market outlook and Bjarne Schieldrop Commodities Analyst from SEB Group presented an oil market update.
Dr. Tsakos outlined that TEN has the most diversified fleet and consists of 72 double-hull vessels with four dual-fuel LNG powered oil tankers with a deadweight tonnage (dwt) of 120.000 metric tons each under construction, the first in a series of hybrid environmentally friendly vessels, to replace its conventional tankers.
He also noticed that the company has registered more than $1 billion in profits, and distributed $500 million in uninterrupted dividends at a yield of 5.25% annually to its shareholders.
TEN was also included in the recent edition of TIME magazine as one of the world’s rising stars in the sector of shipping.
As the magazine says: TEN has not only set a benchmark for financial and operating performance within the sector but has also perfected the art of what it describes as its ‘crisis-resistant growth model’.
It must be also noticed that TEN was awarded by the major oil Equinor as the best shipowning company servicing the group.
As Dr. Tsakos mentioned “Thanks to an extensive acquisition strategy, tallying $5 billion, TEN has built up an expanding base of tailor-made vessels for its customer base.
Following the success of the Double-Double design in the period of 1998-2006 the new stage of technological evolution calls for the drastic reduction of CO2 emissions. With the order of 4 new vessels to be delivered in 2023, TEN is at the forefront of these changes”.

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.

Euronav NV has sold the ULCC (Ultra Large Crude Carrier) Europe (2002 – 441,561 dwt). The vessel is debt free and the sale will generate a capital gain of USD 34.7 million. The vessel will be delivered to her new owners during the current quarter and will be used for storage.
The VLCC "Europe" has a capacity of 3 million barrels of crude oil. She was one of only four ships of such scale constructed in 2002 and 2003. Euronav has an ongoing interest in all of the three other ULCCs. The company retains ownership of the Oceania (2003 – 441,585 dwt) and 100% ownership since July 2022 of the FSO Asia (2002 – 432,023 dwt) and FSO Africa (2002 – 432,023 dwt), with both ULCC vessels converted into purposed-built FSO vessels under long term contract in Qatar.
The company has also sold the Suezmax Cap Philippe (2006 - 158,920dwt), generating a capital gain of USD 12.9 million. The vessel is debt free and has been delivered to her new owners on Thursday 13 October. Euronav continues to actively manage its fleet ahead of incoming regulations such as EEXI (Energy Efficiency Existing Ship Index) starting in January 2023.
Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The Company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav’s owned and operated fleet consists of 1 V-Plus vessel, 39 VLCCs (and three to be delivered), 22 Suezmaxes (of which two vessels are time chartered in and three vessels to be delivered) and 2 FSO vessels.

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.

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.