The Jotun Hellas Golf Tournament, which recently took place with great success at the Glyfada Golf Club, brought together prominent executives and professionals from the shipping industry.

This all-day event combined sport and networking in an exceptional setting. Participants enjoyed a friendly yet competitive tournament. Golfers, both amateurs and professionals, represented leading shipping companies and showcased their skills on the course.

The day concluded with an elegant awards ceremony, where the winners in each category were recognized. This was followed by a formal dinner, which offered a unique opportunity for networking and the exchange of ideas in a relaxed and sophisticated atmosphere.  

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Aiming at the collective action and better cooperation in the shipping sector the International Chamber of Shipping and the Union of Greek Shipowners held a great meeting in Athens to exchange ideas and outline the shipping’s crucial contribution to the prosperity and development of the world.

David Shukman, Visiting Professor in Practice, London School of Economics, UK opened the event marking that tariffs disruptions and geopolitical tensions can be dealt by dialogue and common sense.

The Hon. Kyriakos Mitsotakis, Prime Minister, Hellenic Republic of Greece gave a welcome message by video noting that we must save the open trade, follow the decarbonization plan on the basis of IMO rules and invest on human factor’s skills and capabilities.

He finally expressed his intention to remain committed to a sustainable safe global trade environment.
On behalf of the International Maritime Community - Emanuele Grimaldi, Chairman, International Chamber of Shipping expressed his determination to the contribution of a sustainable development and promoting realistic solutions and achievable targets.

Melina Travlos, President, Union of Greek Shipowners welcomed the guests on behalf of the Greek Maritime Community and elaborated on the irreplaceable role of shipping to all difficult periods of humanity like the Covid pandemic geopolitical tensions and catastrophic climate crises.

She underlined that fundraising must support the decarbonisation of the sector and a global regulatory framework is needed implementing pragmatic solutions to every challenge of shipping.

She also mentioned that policies and regulations must not undermine the strategic importance of shipping.
The Greek Ministry of Maritime Affairs and Insular Policy - The Hon. Vassilis Kikilias, Minister of Maritime Affairs and Insular Policy, Hellenic Republic of Greece in his speech focused on the necessity to work together for facing the challenges ahead like digitalisation and decarbonisation.

Moderator: Bud Darr, President & CEO, CLIA, USA conducted a discussion and dialogue session between
Apostolos Tzitzikostas, European Commissioner for Sustainable Transport and Tourism, European Commission and
Fu Xuyin, Vice-Minister, Minister of Transport, People’s Republic of China.

Mr Tzitzikostas said that we need a proactive action to drive energy transition and secure Europe’s energy security navigating global mega trends. He also touched upon the issue of international tariffs and shipping competitiveness by adopting practical and effective solutions.

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Continuing the implementation of its ambitious fleet renewal program with 21 tankers under construction, TEN (Tsakos Energy Navigation), the Greek shipping company listed on the NYSE, recently took delivery of two Suezmax crude oil carriers DR IRENE TSAKOS and proceeded to the Naming Ceremony SILIA T on June 5th, 2025, in Korea. 

Built at HD Hyundai Heavy Industries Co., Ltd., these vessels incorporate state-of-the-art design and advanced technical specifications. DR IRENE TSAKOS proudly flies the Greek flag and is classed with Lloyd’s Register.
The two ships are Suezmax type. “Dr Irene Tsakos” which immediately began its voyages and “Silia T” which will start next fall. Their value is estimated at around $85 million each and they have a carrying capacity of 156,800 dwt.

The ships are already on long-term time charters from the shipping giant TOTAL, for at least five years with options based on which it can exceed 10-12 years.

The godmothers for “Dr Irene Tsakos” were the doctor’s granddaughters, Irene and Elizabeth, while the sponsor of “Silia T” was Silia Kritharioti.

The presence of Captain P. Tsakos, who traveled to the Far East to attend an event of special significance and symbolism for the entire family, was special.

These two additions mark the newest entries in the expanding TEN fleet and form part of a broader strategic newbuilding program, which currently includes 19 vessels under construction. This program underscores the ongoing commitment to delivering next-generation, technologically advanced tankers that address the evolving needs of global energy transportation and complex logistics, in close partnership with leading energy clients worldwide.

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INTERCARGO, reports encouraging progress in bulk carrier safety, with vessel losses and fatalities continuing to decline over the last decade. However, serious security threats in 2024 demand urgent international action to protect seafarers and uphold freedom of navigation.

The Bulk Carrier Casualty Report 2025 identifies the loss of 20 bulk carriers (≥10,000 dwt) between 2015 and 2024, resulting in 89 seafarer fatalities. Groundings remain the leading cause of vessel losses, responsible for 45% of cases, while cargo liquefaction continues to pose the greatest threat to life, accounting for 55 deaths, which is more than 60% of the total. Cargo shifting (distinct from liquefaction) caused the loss of two ships and 12 lives, highlighting an additional area of concern.

Although only one operational casualty was recorded in 2024, the year was marked by three separate attacks on bulk carriers in the Red Sea – Rubymar, True Confidence and Tutor – involving missiles, drones and uncrewed surface vessels. These incidents, which resulted in four seafarer deaths, are documented separately from the statistical analysis but underscore a dangerous deterioration in maritime security.

John Xylas, Chairman of INTERCARGO, commented: “The dry bulk sector should take pride in the improved safety performance reflected in this year’s report. But the unacceptable attacks on merchant ships in 2024 have reminded us that safety today extends beyond seamanship and regulatory compliance; it is fundamentally about protecting human life. Seafarers must never be placed in harm’s way for simply doing their jobs.”
The report also shows that bulk carrier losses now average just two per year, with a notable decline in average fatalities per casualty over successive 10-year periods. These gains are attributed to improved ship design, better crew training, and stronger regulatory frameworks. Nevertheless, INTERCARGO emphasises that significant risks persist, particularly those related to improperly declared cargoes, navigational failures and delays in the submission of accident investigation reports by flag States. The average reporting time to the IMO GISIS platform remains over two years, severely hindering the industry’s ability to learn and implement timely corrective actions.
With more than 12,500 bulk carriers in service globally and demand for dry cargo trade continuing to grow, INTERCARGO reiterates its call for a collective industry commitment to achieving zero loss of life and zero loss of ships. The Association will continue to work with its members, international bodies and wider stakeholders to advance this goal, while also advocating for immediate measures to ensure the security of seafarers in high-risk regions.
The full Bulk Carrier Casualty Report 2025 is available at

https://www.intercargo.org/bulk-carrier-casualty-report-2015-2024/
Caption 1 - John Xylas, Chairman of INTERCARGO

Credit: INTERCARGO

Caption 2 - Bulk Carrier Casualty Report 2025

Credit: INTERCARGO

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Franman was awarded by Yanmar Power Technology Co at its stand during the Nor-Shipping exhibition in Oslo, Norway.
This distinction recognizes the long-standing and successful cooperation between the two companies, as well as Franman’s great performance, with over 3,500 Yanmar diesel engines installed on Greek-owned vessels since 2000.
"During Nor-Shipping, I had the pleasure of receiving this significant award from Akihiro Tomita, General Manager of the Large Power Products Business at Yanmar – the leading Japanese Group we have been proudly representing in the Greek market since 1996. This achievement is the result of a long-standing partnership and the combined efforts of both companies”, states our CEO, Costis Frangoulis.

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RINA has approved in Principle (AiP) a new Ultramax bulker design developed by SDARI (Shanghai Merchant Ship Design & Research Institute) in collaboration with Almi Marine Management S.A. during Nor Shipping. This milestone was achieved through a Joint Development Project (JDP) between RINA, Almi Marine, and SDARI.
The vessel, based on SDARI’s latest-generation Green Dolphin 64 platform, is a dual-fuel LNG/hydrogen-powered Ultramax bulker, featuring hybrid propulsion and advanced energy efficiency technologies. The AiP recognizes the design’s pioneering integration of battery-assisted electric propulsion, wind-assisted systems, and a novel hydrogen-reforming solution that eliminates the challenges of liquid hydrogen storage and supply. To award the AiP RINA verified that the innovative design meets the applicable safety and environmental protection standards.
The new concept redefines propulsion in merchant shipping. Its ultra-modern hull design increases cargo capacity while reducing fuel consumption. Hybrid-electric propulsion enhances adaptability to future innovations, and wind-assisted propulsion contributes further to energy efficiency.

Onboard hydrogen production provides a path to decarbonization without the technical challenges of supply and storage, thereby improving the ship’s Carbon Intensity Indicator (CII) and optimizing its pathway to GHG Fuel Intensity (GFI) compliance. It also provides a fuel pathway toward net-zero GHG emissions by 2050 through the progressive transformation of LNG into hydrogen onboard.

This design delivers the energy savings and reduced emissions needed to meet current regulatory requirements, while also offering flexibility to easily integrate future solutions.

RINA, leading certification and engineering company, provides a wide range of services across the Energy, Marine, Infrastructure & Mobility, Certification, Industry and Real Estate sectors. In December 2023, alongside the majority shareholder Registro Italiano Navale, Fondo Italiano d’ Investimento SGR entered the shareholding structure guiding a pool of co-investors. With revenues in 2024 of 915 million euros, 6,200 employees and 200 offices in 70 countries worldwide, RINA is a member of key international organizations and an important contributor to the development of new legislative standards.

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The former MAN Energy Solutions is now operating under a new name and has become ‘Everllence’. The new brand identity applies worldwide and marks a significant milestone in the company’s strategic development.

A new chapter for a company rich in tradition

CEO Uwe Lauber symbolically unveiled the new company nameplate at headquarters in Augsburg, Germany earlier today. Simultaneously, similar ceremonies were also held at the company's other main European locations in Oberhausen, Berlin, Zurich and Copenhagen. 

Lauber said: “Our name change is the logical next-step in the execution of our ‘Moving big things to zero’ strategy, which focuses on decarbonization and efficiency solutions, especially for those sectors of the global economy that have to deal with ‘hard-to-abate’, climate-damaging emissions. Today, we are no longer known in the market for just engines and turbomachinery, but also as a supplier of large heat pumps, carbon capture and storage, as a driver of climate-neutral shipping, and as part of the hydrogen ramp-up. This is what we want to express with our new name, Everllence.” 
Gunnar Kilian, Chairman of the Supervisory Board of Everllence and member of the Board of Volkswagen Group, added: “The name Everllence underlines the company's current development into one of the world's leading providers of sustainable decarbonization solutions. At the same time, it underlines the industrial pioneering work that it has repeatedly executed during its 250-year success story. With a clear focus on climate protection and as a driver of industrial value-creation, Everllence will continue to drive forward sustainability and the future viability of mechanical engineering in Germany, as well as the global energy transition.” 

Everllence remains part of the Volkswagen Group, and the company’s product and service portfolio also remains unchanged.
The new name

‘Everllence’ is a combination that merges the two English-language terms ‘ever’ and ‘excellence’, two central attributes of the company's self-image.

‘Ever’ expresses over 250 years of company history where the company has written industrial history for as long as industry has existed, but has always looked to the future – to the new and innovative, to the ‘first-ever’. From the first diesel engine to the first diesel-powered, ocean-going vessel; from the first wind turbine to the first gas engine and the world's largest fluvial heat pump – the company has always been driven by innovative strength, engineering and a pioneering spirit throughout its long history.

The term ‘excellence’ refers – on the one hand – to the company's high technological standards as cutting-edge technology is at the heart of the company's DNA. But beyond the technical aspects, Everllence also stands for ‘excellent’ corporate management at all levels: whether in internal company processes; cooperation with colleagues, partners and customers; leadership culture; or corporate citizenship.

Moving big things to zero

The renaming is not the first in the company's recent history: the former ‘MAN Diesel & Turbo’ became ‘MAN Energy Solutions’ back in 2018. At that time, the company had begun to concentrate its business on technological solutions for reducing climate-damaging emissions in shipping, energy generation and industry as a new business area and strategic focus. 

This new strategy proved successful. True to the motto ‘Moving big things to zero’, Everllence now supports key industries in reducing emissions that are difficult to avoid. The company develops marine and power-plant engines, as well as retrofit solutions that reduce CO2 emissions with climate-neutral fuels. The company's large-scale heat pumps decarbonize the heat supply of cities and industrial plants worldwide, while technologies for carbon capture and storage ensure the safe removal of unavoidable CO2 emissions from industrial processes. As a manufacturer of electrolyzers for the production of green hydrogen, the company is also part of the global hydrogen ramp-up through its subsidiary, ‘Quest One’.

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A forum of insight and collaboration, gathering industry leaders to shape the future of shipping Bureau Veritas Marine & Offshore (BV M&O) convened the 26th meeting of its Hellenic and Black Sea Committee in Athens, bringing together influential figures from the Greek shipping community and international maritime experts. The annual forum fosters dialogue on the future of maritime transport, the energy transition, and evolving regulatory frameworks.

Chaired by George Procopiou and hosted by Paillette Palaiologou, Senior Vice President for East Europe, the Mediterranean, Middle East, Africa, and India (EMA) at BV M&O, the event opened with remarks emphasizing the importance of transparent engagement between classification societies and the shipping sector.

Hinda Gharbi, CEO of Bureau Veritas, outlined the Group’s global vision, reaffirming its mission to build trust and support clients in their sustainability transitions. Matthieu de Tugny, President of BV M&O, followed with an update on the organization’s strategic focus—highlighting advancements in innovation, regulatory leadership, and decarbonization efforts.

Dr. John Kokarakis, Technical Director for the SEEBA Zone at BV M&O, delivered a comprehensive technical update on post-MEPC 83 compliance strategies and the implementation of FuelEU Maritime. He emphasized a systems-thinking approach to regulatory adaptation and long-term fleet management.

This year’s Committee featured distinguished guest speakers offering diverse perspectives on global shipping’s transformation. Michal Kurtyka, former COP24 President and Minister of Climate for Poland, explored the geopolitical and technological forces shaping the industry. Araceli Fernandez Pales, Head of the Technology Innovation Unit at the International Energy Agency, discussed energy technology supply chains and their impact on maritime decarbonization.
Vassilios Dimoulas, Director of Technology & Innovation at BV M&O, examined the potential of renewable methane as a successor to LNG, reinforcing the growing significance of gas fuels in the sector’s decarbonization roadmap.
Adding a cultural dimension, Eleni Letoni offered a reflective presentation on the historical and symbolic resonance of St. Constantine and St. Eleni, drawing thoughtful parallels to today’s transformative challenges in maritime affairs.
The meeting concluded with an open forum and closing remarks by George Procopiou, reaffirming the Committee’s commitment to innovation, sustainability, and collaborative progress in shipping.

Matthieu de Tugny, President of Bureau Veritas Marine & Offshore, said: “This Committee remains a vital platform for constructive dialogue with our partners in the Greek and Black Sea maritime communities. I’m grateful to our members and guest speakers for their invaluable insights as we collectively navigate the evolving future of our industry.”

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The Cadet Scholarship Program 2024 - 2025 of SAFE BULKERS Inc., with the Cyprus Maritime Academy (CYMA) – Intercollege was implemented this year for the 2nd consecutive year and the award ceremony was organized on May 16, 2025 at our company's offices in Limassol.

Within the framework of the Program, Safe Bulkers evaluated the newly admitted and existing cadets/students at the Cyprus Maritime Academy (CYMA) and chose to award eight (8) selected students with a scholarship worth 5,000 euros each awarded for each year of study at the Academy (four years of total duration)

Prior to the award, the cadets had the opportunity to meet both the Managers and the experienced executives of our company's Crew Department and discuss the details of their internship on our company's state-of-the-art ships under the Cypriot flag. Also, the specialized mechanical engineers and shipbuilders of the Technical Department of our company presented to the cadets the electronic systems for monitoring the ships and the digital tools for measuring the operation indicators of the company's fleet.

The event was greeted and honored with the presence of the CEO of Safe Bulkers Inc., Mr. Polys V. Hadjioannou, who stressed that "The scholarship program is an important initiative for the creation of new talents and tomorrow's executives in the shipping sector of Cyprus, while strengthening the shipping industry of the country to become more competitive in view of the international challenges it is called upon to face."

As Mr. Hatzioannou stressed, "Safe Bulkers' priority and constant desire is to further strengthen the position of the Cypriot flag in the global arena. A reflection of our will is the Cadet Scholarship Program with the Cyprus Maritime Academy (CYMA) which will help students achieve their academic and professional goals. Cypriot shipping needs competent and qualified executives in order for them to be the future executive of shipping companies based in our city of Limassol.

We warmly thank CYMA and Intercollege for supporting this event and we warmly congratulate the awarded students – cadets!”

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Vafias Group’s three listed companies reported the 1^st quarter 2025 economic results which can be summarized as follows:

C3is

4 ships / $8m net profits q1/ $104m total assets/debt free

Imperial

20 ships / $12m net profits q1/$500m total assets/debt free

Stealthgas

31 ships /$15m net profit q1/ $800m total assets/net debt free

Group figures excluding the two private shipping co’s (Brave Maritime Corp / Stealth Maritime Corp).

In total the three listed companies have a fleet of 55 ships / 35m net profit q1 / $1,404 billion in assets/ zero lending.

More specifically:

C3is’ CEO Dr. Diamantis Andriotis commented: For the first quarter of 2025, we reported a Net Income of $7.9 million, an increase of 109% from Q1 2024, but our Revenues decreased by 32%, due to the drop in TCE rates.

By April 2025, we had successfully fulfilled all of our capital expenditure commitments without resorting to any bank loans.

We have therefore more than trebled the deadweight tonnage of our fleet, which is exclusively non-Chinese built, without incurring any bank debts.

The global economic environment is poised for a year of mixed signals in 2025, with risks and opportunities influencing the shipping sector.

Economic shocks, financial market responses, and evolving policy measures are expected to shape the outlook, contributing to a cautious, yet dynamic landscape.

Whilst global growth may be moderate, and inflationary pressures persist, these challenges also create room for market adjustments and new trade patterns.

C3is will adapt to these evolving dynamics by focusing on diversification and aligning with the growing emphasis on sustainable practices, which are poised to reshape trade in the coming years.

With careful navigation and adaptability, the Company is well-positioned to leverage regional growth drivers and evolving economic dynamics to maintain resilience in the year ahead.

We would like to thank you for joining us today and look forward to having you with us again at our next call for the results of the 2^nd quarter of 2025.

C3is Inc. owns four vessels, three Handysize drybulk carriers with a total capacity of 97,664 deadweight tons (dwt) and an Aframax oil tanker with a cargo carrying capacity of approximately 115,800 dwt, resulting in a fleet total capacity of 213,464 dwt. C3is Inc.’s shares of common stock are listed on the Nasdaq Capital Market and trade under the symbol “CISS”.

Imperial Petroleum’s CEO Harry Vafias Commented: Another year commenced with a positive momentum for Imperial Petroleum. We are happy as we consider the $11.3 million of net income generated in Q1 25’ a very good result given the eventful but softish market. This is a busy period for our Company but at the same time exciting as we are taking on delivery of another six drybulk vessels. Within the short life of Imperial Petroleum, we are expanding our fleet from four vessels to nineteen by the second quarter of 2025; our goal of growing fast and transforming a small company to medium sized was achieved. We feel confident that the diversified quality non- Chinese fleet we have created will pay off. Imperial Petroleum enjoys fast growth, recurring profits, zero bank debt and liquidity as of March 31, 2025 in excess of $220 million and as per our view ticks all the boxes that define a successful operation.

IMPERIAL PETROLEUM INC. owns a total of thirteen vessels on the water - seven M.R. product tankers, two suezmax tankers and four handysize drybulk carriers - with a total capacity of 807,000 deadweight tons (dwt), and has contracted to acquire an additional six drybulk carriers of 387,000 dwt aggregate capacity. Following these deliveries, the Company’s fleet will count a total of 19 vessels with an aggregate capacity of 1.2 million dwt. IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.

StealthGas’ Board Chairman Michael Jolliffe Commented: The results that were announced today point to a strong start to the year and underpin our confidence in sustaining the momentum we have built over the last years, throughout 2025. It is no doubt a period of uncertainty and in such periods, among other things, there is reluctance by charterers to commit longer term. With the latest developments, we expect trade flows to normalize and sentiment to improve as the fundamentals of LPG shipping continue to be positive. In this volatile environment.

Stealthgas remains steadfast in its strategy and has all but eliminated its financial risk, being net debt free after having made over $50 million in debt repayments during this year and having 27 out of 28 vessels unencumbered. At the same time in order to return value to our shareholders, we have begun buying back shares, spending $1.8 million in share repurchases since March. Overall under the current program the Company has spent over $21.2 million in share repurchases since June 2023.

StealthGas Inc. has a fleet of 31 LPG carriers, including three Joint Venture vessels in the water. These LPG vessels have a total capacity of 349,170 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”

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