Aiming to strengthen its relationships and forge new opportunities for co-operation ClassNK, one of the leading classification societies in the world celebrated its 50^th anniversary of Piraeus office.

In his opening speech Hayato Suga, President & CEO of ClassNK said that: “The Piraeus Office was established in 1975 as one of ClassNK’s earliest overseas offices, dedicated to serving our important clients, Greek shipping companies.

As the Greek fleet grew significantly over the years, ClassNK was fortunate to grow alongside it. Today, Greek-owned vessels account for more than 14% of our registered fleet in gross tonnage, making Greece our largest shipowning nation outside of Japan. 

We, however, should remind most important things behind this achievement. They are trust, confidence, and friendship with Greek shipping industries which are built up in longstanding cooperations.  So, Greece is our second home.

To further enhanced relations with technical activities, in this milestone year, I’m pleased to announce the establishment of the Tech Expertise Center in our Piraeus Office.

This center serves not only as a local support hub but also as a key part of our global operations, reflecting our enduring commitment to the industries including GHG issues / Zero emission transition, digitalization, and cutting-edge R&D so on.  Though our center just started with small team, our experts in the center who have been selected for this special purpose must contribute to your further challenges as well as the fundamental issues.

Looking ahead, the next 50 years will bring more remarkable changes to the maritime industry as you can imagine.

In this evolving environment, ClassNK’s mission remains to provide third-party certification services for coming requests in timely manner but we are sure also to contribute the industry in comprehensive services ensuring healthy and sustainable operation by our partners”.

He concluded by extending his gratitude for the longstanding support and confidence in ClassNK.

ClassNK Piraeus office created a video especially for this celebration, a small reflection of its long and valued journey.

The celebration was concluded by performing the “Kagami Barike”, a the traditional Japanese ceremony that involves breaking of the lid of a sake barrel, a practice to usher in good luck and harmony.

The ceremony was performed by Koichi Ito, Ambassador of Japan to the Hellenic Republic, Michael Scufalos, Chairman of ClassNK Greek Committee, Hayato Suga, President and CEO of ClassNK and Nicholas Hadjiyiannis, Chairman of Classnk Greek Technical Committee.

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HPS 2.0 is presented for the first time to the shipping industry at Nor-Shipping in Norway and represents a significant enhancement to the HPS that was introduced in 2011. Included in HPS 2.0 are two new products for different trades and environments, alongside the established and newly speed-loss verified SeaQuantum X200, best-in-class technical service, hull condition management and performance guarantees to deliver a solution that is Tailored to trade™.

"We are thrilled to present HPS 2.0, a testament to our Clean shipping commitment and our focus on innovation that has been ongoing since 1926. This enhanced solution, consisting of products, services, data and our credible performance guarantees is designed to meet the evolving needs of our customers, ensuring optimal hull performance and supporting their ESG ambitions," said Morten Sten Johansen, Global Category Director for Hull Performance in Jotun.

HPS 2.0 will include four elements, that in combination will optimise vessel efficiency: Jotun’s best antifouling technologies - tailored to trade, technical service from the industry's largest team of coatings advisors, intelligent hull condition management and credible performance guarantees.

Jotun’s best antifouling technologies

Solutions tailored to specific needs are crucial as various trade patterns and operating environments each require specific coatings for optimal efficiency.

For predictable trades - SeaQuantum X200 is Jotun’s flagship SeaQuantum antifouling with 15 years track record of maximizing hull performance with close to 2,000 deep-seagoing vessel applications, delivering high performance for predictable trades. DNV has recently verified the average 1.0% speed loss of SeaQuantum X200 based on analysis done as per ISO 19030, which is also presented at Nor-Shipping for the first time to the industry.

For high fouling intensity trades - SeaQuantum XT is Jotun’s newest SeaQuantum antifouling, more robust for high fouling intensity trades. At the centre of this advancement is Jotun’s ActiCore™ technology, building on the unique and patented in-house binder combination and an optimised high-performance biocide package. This technology is designed to deliver consistent, reliable protection against intensified fouling threats.

For unpredictable trades - SeaQuest Endura II is a new high performing, tin-free biocidal FRC giving vessels flexibility in unpredictable trades. At the centre of this advancement is Jotun’s Flexcure™ technology, which delivers exceptional levelling properties, optimized curing speed, and extended repairability.

A recent study, presented by Jotun during Nor-Shipping 2025, showcase the need for various antifouling technologies and that there is still an untapped opportunity for many ship owners and operators when it comes to optimising the hull performance.

“Although various antifouling technologies are available, their effectiveness is dependent on the marine environment, trade patterns and the predictability of the trades. A tailored approach to antifouling, can help ship owners and operators achieve optimised effectiveness,” said Morten Sten Johansen in Jotun.

“However, 1 in 5 ship owners and operators are aware that they are not using the most effective antifouling coating for each vessel in their fleet today. The impact of having optimised hull performance for the entire fleet is massive. DNV recently verified that Jotun coated vessels avoided 11.1 million tonnes CO₂ in 2024, or worth approximately 2 billion USD in fuels, so there are definitely big gains to be made, both on an environmental and economical level, for each operator and for the industry as a whole.”

Unmatchable technical service

With more than 1200 coating advisors worldwide, Jotun provides unmatchable technical service to ensure optimal hull performance. Jotun’s experts will as a part of HPS 2.0 provide on-site support and tailored recommendations to maximise efficiency and longevity and ensure application of coatings is to the highest standard.

Intelligent hull condition management

Through data-driven tools, Jotun help optimise vessel efficiency by analysing key performance data according to ISO 19030. This helps identify improvement areas and minimise fouling, which in turn will reduce fuel consumption. Included for users of HPS 2.0 is the performance analysis service in Jotun’s well-known HullKeeper platform, to synergize intelligence on hull condition with hull performance analysis, enabling operators to make better and faster decision through actionable insights.

Credible performance guarantees

Jotun’s dock-to-dock guarantee ensures continuous performance from one dry docking to the next, maintaining consistent hull efficiency throughout. The guarantees will ensure peace of mind for operators and is a testament to the proven and promised performance that HPS 2.0 is delivering.

With nearly 100 years of experience navigating unknown waters, Jotun remains committed to innovating and developing advanced products and solutions that cut carbon emissions, preserve fuel and protect biodiversity.

"In 2011, we revolutionised the industry with our groundbreaking HPS, moving from promised to proven performance. As the true home of hull performance, we are proud that the industry has jumped on board with this solution and consider hull performance as a core element of vessel efficiency. By introducing HPS 2.0, we will continue our legacy and build on our proven performance and move forward with an even more comprehensive solution tailored to our customers' specific trade requirements,” said Morten Sten Johansen.

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The Cyprus Shipping Chamber held its 36th Annual General Meeting on Tuesday, 27 May 2025, at the “Four Seasons” Hotel in Limassol. The General Meeting was addressed by the President of the Republic of Cyprus, Mr. Nikos Christodoulides, the President of the House of Representatives, Mrs. Annita Demetriou and the President of the Cyprus Shipping Chamber, Mr. Themis Papadopoulos. The event was also honoured by the presence of government and state officials, Ministers, party representatives, Members of Parliament, diplomats, representatives of professional organisations, as well as the resident Shipping Industry.

During his speech, the President of the Republic highlighted the important work carried out by the Shipping Chamber for the continuous progress of Cyprus Shipping, as well as the consistent recognition of Shipping by the Government as a stable pillar of the Cyprus Economy. He also emphasised the Government’s ongoing political support towards the Shipping Industry through targeted mechanisms and necessary measures to further strengthen it.

The President of the House of Representatives, stressed that the fact that the Shipping sector has remained a strong pillar of the Cyprus Economy despite international economic and geopolitical challenges is commendable. On behalf of all Members of the House of Representatives, she reaffirmed the commitment to continue the close cooperation with the Chamber for the advancement of the Cyprus Shipping Sector.

The President of the Cyprus Shipping Chamber, Mr. Themis Papadopoulos, in his speech, gave an extensive overview of the current state of Cyprus Shipping. He pointed out the main challenges facing the Shipping Industry, such as the ambitious decarbonisation agenda by the International Maritime Organisation and European Union, geopolitical developments and complex operational issues. He stressed the need for coordinated actions and closer cooperation to ensure the developmental course of Cyprus Shipping in an ever-changing international environment.

Concluding, he warmly thanked the Chamber’s Associates and all its Member-Companies for their cooperation and steady support over the years.

Following this, the Chamber honoured the former Director General of the Chamber, Mr. Thomas A. Kazakos, in recognition of his long and valuable contribution during his 33 years of service and in assuming the position of Secretary General of the International Chamber of Shipping.

At the conclusion of the General Meeting, and as the term of Mr. Themis Papadopoulos as President of the Chamber came to an end, the Chamber honoured Mr. Papadopoulos with an honorary plaque in recognition of his contribution and leadership during his tenure. The plaque was presented to Mr. Papadopoulos, by the President of the Republic.

Earlier, elections were also held, to elect the new twelve-member Board of Directors of the Chamber for the period 2025–2027.

The composition of the new Board is as follows: Mr. Andreas Neophytou – Marlow Navigation, President, Mr. Themis Papadopoulos – Interorient Navigation, Immediate Past President, Mr. Philippos Philis – Lemissoler Navigation, Vice President, Mrs. Julia Anastasiou – OSM Thome, Vice President, Mrs. Despina Panayiotou Theodosiou – Tototheo Global, Vice President, Mrs. Anna Vourgos – Aphentrica Marine Insurance Brokers, Member, Mr. Andreas Solomonides – Bernhard Schulte Shipmanagement, Member, Mr. Andreas Hadjipetrou – Columbia Shipmanagement, Member, Mr. John Pittalis – Intergaz, Member, Mr. Dieter Rohdenburg – InterMaritime Shipmanagement, Member, Mr. Chrysostomos Papavasiliou – Petronav Shipmanagement, Member, Mr. John Hadjiparaskevas – Uniteam Marine, Member.

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The shareholders’ meeting of RINA, one of the leading global engineering, inspection and certification company, approved the 2024 financial statements, reporting revenues of €915 million and EBITDA of €138 million, up 15% and 22% respectively on the previous year. EBITDA margin improved from 14% to 15%. Net profit rose to €30.4 million, more than doubling from €12.5 million in 2023, while financial leverage decreased further to around 1x.

RINA’s positive growth trend continued into the first quarter of 2025, with revenues of €235 million, up 12% on the same period in 2024, and, notably, a new order intake of approximately €366 million, an increase of 16% year-on-year.

In parallel, RINA is actively implementing its strategic plan to 2030, with increasing investments in innovation and digitalisation initiatives. Key among these are the Open Innovation Hubs - the first of which was announced in late 2024 in Singapore - designed to transform research projects into tangible business applications for clients and local communities. The AI Factory complements this effort, bringing together agile physical and digital spaces dedicated to evolving internal processes and developing a high-tech service portfolio for clients.

In response to a continually evolving external environment, RINA has identified new areas for further investment, including space and defence, mining, the subsea economy, and data centres, as part of its strategy to drive future growth.

Carlo Luzzatto, Chief Executive Officer and General Manager of RINA, commented: “We are very pleased with the results achieved in 2024, which represent a further acceleration of our growth across all core markets. RINA is a knowledge-based company, continuously evolving its value proposition by combining human expertise with digital capabilities to deliver increasingly advanced, high-value-added services. We will continue to invest in talent and innovation, as we believe these are essential to succeeding in a rapidly changing world that demands both execution speed and the ability to adapt - particularly in the current context of global economic and geopolitical uncertainty.”

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Okeanis Eco Tankers Corp.  announced that the 2025 Annual Meeting of the Shareholders of the Company was duly held on May 30, 2025 and that all proposals on the agenda were approved.
At the Annual Meeting, the shareholders of the Company:

• Elected the following eight directors to serve until the next annual meeting of shareholders or until their successors are elected and qualified: Ioannis Alafouzos (Chair), Robert Knapp, Daniel Gold, Joshua Nemser, Charlotte Stratos, Francis “Frank” Dunne, Petros Siakotos Konstantinidis and Dimitrios Papalexopoulos; and
• Ratified the appointment of Deloitte Certified Public Accountants S.A. as independent auditors for the year ending December 31, 2025.

Following the Annual Meeting, the Board of Directors of the Company approved the expansion of the size of each of its standing committees, effective June 1, 2025, and designated Frank Dunne to each such committee. The committees therefore are now comprised of the following directors:

• Audit Committee:Charlotte Stratos (Chair), Petros Siakotos and Frank Dunne.
• Remuneration Committee:Charlotte Stratos (Chair), Robert Knapp and Frank Dunne.
• Nominating/Corporate Governance Committee:Petros Siakotos (Chair), Charlotte Stratos and Frank Dunne.

Each of the directors serving on the committees has been determined to be independent in accordance  

About OET
OET is a leading international tanker company providing seaborne transportation of crude oil and refined products. The Company was incorporated on April 30, 2018 under the laws of the Republic of the Marshall Islands and is listed on Oslo Stock Exchange under the symbol OET and the New York Stock Exchange under the symbol ECO. The sailing fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.

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The American P&I Club celebrated its 20^th anniversary in Piraeus with an open house, where Managers and Greece based Directors welcomed Members, colleagues, and friends, and recognized the people who have helped make SCB (Hellas) so successful.

Since 2005, the Piraeus office has become a cornerstone of the Club’s international operations. Led by Managing Director Joanna Koukouli, the SCB (Hellas) team spans claims, business development, compliance, finance, HR, and administration. Their expertise continues to strengthen the Club’s global network and deepen ties with the Greek shipping community and surrounding region.

This milestone reflects on the Club’s original vision to greatly amplify the services available to the Club’s membership in Europe, the Middle East, Africa, and beyond. From New York, Houston, Hong Kong, and Shanghai to London, Limassol and Piraeus, the message remains clear: the Club remains single-mindedly committed to delivering the highest levels of service to its Members.

Special congratulations were also granted to three of the founding team Members— Dorothea Ioannou, Chief Executive Officer, Marivi Banou, Senior Claims Executive, and Annie Papadimitriou, Operations, Communications & Human Resources Manager, who also celebrate 20 years with the Club this year. Their leadership and long-standing dedication have helped shape the Club’s regional presence and global service into what it is today.

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The ESG Shipping Awards INTERNATIONAL 2025 Ceremony & Gala Dinner illuminated the maritime world’s unwavering commitment to Environmental, Social, and Governance (ESG) excellence, as over 400 global maritime guests gathered in Athens to honor outstanding achievements shaping the sustainable future of global shipping.

Held under the auspices of the Ministry of Maritime Affairs and Insular Policy and the Hellenic Chamber of Shipping, the prestigious event welcomed a lineup of international stakeholders, institutional figures, and industry champions. Distinguished guests included Mr. Stefanos Gkikas, Deputy Minister of Maritime Affairs and Insular Policy, Mr. Dimitris Tsiodras representing the European Parliament Committee on the Environment, Mr. Tryfon Kontizas, Commandant of the Hellenic Coast Guard -Vice Admiral Hellenic Coast Guard, Mr. Charalampos Simantonis, President of the Hellenic Shortsea Shipowners Association – European Shortsea Network, Mr. George Alexandratos president of Hellenic Chamber of Shipping and many others.

Opening the evening, the organizers, Mrs. Helena Athoussaki and Mrs. Katerina Stathopoulou, highlighted the transformational power of ESG in the maritime sector, highlighting the industry's shift from compliance to leadership, and the importance of recognizing not only corporate strategy but also the people and actions driving real change.

“What makes this initiative particularly special is that it was born here in Greece — a nation with a profound maritime heritage and an unwavering commitment to the future of global seaborne trade. The long-standing global leadership of Greek shipping is no coincidence. It reflects a deep-rooted dedication to quality, responsibility, and progress. Today, the sustainable development of maritime transport and the protection of the environment remain top priorities for the Greek government.” said Mr. Stefanos Gkikas, Deputy Minister of Maritime Affairs and Insular Policy, during his opening speech.

“Shipping has always been a sector of responsibility, resilience, and respect long before ESG became a global framework. But today, ESG is no longer optional; it is a necessity, a standard, and most importantly, an opportunity to modernize. Let’s ensure it remains practical, balanced and a

true catalyst for change.” emphasized Mr. George Alexandratos, President of the Hellenic Chamber of Shipping.

The evening’s keynote was delivered by Mr. Björn van Roye, Head of Global Economic Modelling at Bloomberg Economics, who spoke on the shifting global power landscape, redefining geo-economic relations, and the transformation of traditional trade routes— underlining the urgent need for adaptability, resilience and responsible leadership in maritime operations.

Among the most anticipated moments of the event was the presentation of the ESG Motivational Leadership Award to Mrs. Marily Frangista, Managing Director of Franco Compania Naviera S.A., and Mrs. Semiramis Paliou, CEO of Diana Shipping Inc. and Chairperson of HELMEPA & INTERMEPA. Both were honored for their longstanding contribution and inspirational leadership in the maritime sector.

“Leadership is about shaping human behavior and that means listening. As the older generation in business and shipping, we have a responsibility to learn from the younger voices rising within our industry. Their ideas deserve not only our attention but also recognition” said Mrs. Frangista during her acceptance.

“I’m deeply honored by this award. I find my inspiration and my motivation in my people, my colleagues and the seafarers who sail across the seas with passion and dedication. So, this award is as much theirs as it is mine.” added Mrs. Paliou.

One of the most emotional moments of the evening was the heartfelt testimonial by Captain Panagiotis Tsakos, reflecting on the true meaning of ESG in shipping: "As a captain of an older generation, I must admit that terms like ESG were not part of our vocabulary. In Greek shipping, for decades, if not centuries, we have lived by three simple principles: do your work to the best of your ability, always honor your word and take care of your people and your community. We believe that this is what these awards are truly about!”

The evening concluded on a high note with a captivating live performance by Dionisis Schinas adding a touch of celebration and elegance to an unforgettable night of recognition and purpose.

The organizers extend their sincere appreciation to event planner Stelina Markoulaki and the team at Digital Shadows as well as the entire production team, whose professionalism and creative vision brought the ESG Shipping Awards 2025 INTERNATIONAL to life ensuring a seamless, elegant, and impactful experience for all guests.

The organizers extend their sincere gratitude to the event’s partners — ABS, Bloomberg, BPCO Ship Brokers, Bureau Veritas, Coral, CSE, Dynamic Group of Companies, Emicert, Enablon, Eurobank, Eurochem International, EY, Franman, GMCG, GTP Works, Jotun Performance Coatings, Learning Seaman, Lloyd's Register, Margetis Maritime, Marine Tours, Marichem Marigases Worwide Services, Moore, Oceanscore GmbH, Osapiens, PCT, PPG Greece, RINA, Skuld, Tallon Commodities, The Liberian Registry, The Marshal Islands Registry, Timagenis Law Firm, VDI Law Firm, Yodiwo whose support and collaboration were instrumental in making the ESG Shipping Awards 2025 INTERNATIONAL a global platform for impact, innovation, and industry-wide recognition.

Award Winners – ESG Shipping Awards 2025 INTERNATIONAL

ESG Leader Award presented by Dynamic Group of Companies

• • GOLD: Pacific Basin Shipping Limited
• • SILVER: Norwegian Cruise Line Holdings Ltd.
• • BRONZE: Seaven Tanker & Dry Management Inc.

Environmental Leader Award presented by Mrs. Semiramis Paliou, HELMEPA & INTERMEPA Chairperson

• • GOLD: Latsco Shipping Limited
• • SILVER: Star Bulk Carriers Corp.
• • BRONZE: Columbia Group

Climate Change Leader Award presented by Bloomberg L.P.

• • GOLD: Lemissoler Navigation Co. Ltd
• • SILVER: Contships Management Inc.
• • BRONZE: Performance Shipping Inc.

Social Leader Award presented by Vise- Admiral Tryfon Kontizas, Commandant of the Hellenic Coast Guard (HCG)

• • GOLD: Tsakos Group of Companies
• • SILVER: Capital Group
• • BRONZE: Fleet Management Limited

Community Contribution Leader Award presented by Tallon Commodities Ltd

• • GOLD: Contships Management Inc.
• • SILVER: AIDA Cruises
• • BRONZE: OSM Thome

Diversity, Equity & Inclusion (DEI) Leader Award presented by Osapiens Holding GmbH

• • GOLD: Oldendorff Carriers GmbH & Co. KG
• • SILVER: Wallem Group
• • BRONZE: OSM Thome

People Leader Award presented by Liberian Registry

• • GOLD: Star Bulk Carriers Corp.
• • SILVER: Chandris (Hellas) Inc.
• • BRONZE (tie):

o Berge Bulk

o Alma Shipmanagement & Trading SA

Governance Leader Award presented by Eurobank

• • GOLD: Century Bulk Carriers Management Co.
• • SILVER: Silver Lake Shipping Company S.A.
• • BRONZE: Wallem Group

Technology Leader Award presented by Jotun Performance Coatings

• • GOLD: Seanergy Maritime Holdings Corp.
• • SILVER (tie):

o Oceandiva

o AIDA Cruises

• • BRONZE: Berge Bulk

Industry Partnership Leader Award presented by the Organizers

• • GOLD: Navios Maritime Partners L.P.
• • SILVER: Capital Group
• • BRONZE: Century Bulk Carriers Management Co.

ESG Motivational Leadership Award presented by ABS

Mrs. Marily Frangista, Managing Director of Franco Compania Naviera S.A. and Mrs. Semiramis Paliou, Director & CEO of Diana Shipping Inc. and HELMEPA & INTERMEPA Chairperson.

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The average TCE of the fleet of Nasdaq-listed company Seanergy Maritime Holdings Corp. was at $13,403 per day, exceeding the BCI for Q1 2025.

The average dividend for Q1 2025 was also $0.05 per share, marking the 14th consecutive quarterly dividend with total dividends of $2.26 per share or $43.1 million.

New financing and refinancing with more favorable terms reached $88.1 million. and the debt-to-market ratio of the fleet is below 50%, with no loan maturities before Q2 2026

In addition, the company took delivery of two Japanese vessels with immediate commencement of their charters.

In the first quarter of 2025, the Company achieved a net turnover of $24.2 million, compared to $38.3 million for the same period in 2024.

Cash and cash-equivalents and restricted cash, as of March 31, 2025, stood at $30.9 million. Shareholders’ equity at the end of the first quarter was $254.8 million. Long-term debt (senior loans and other financial liabilities) net of deferred charges stood at $318.8 million, while the book value of the fleet, including a chartered-in vessel, was $546.9 million.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “Following a year of record financial performance in 2024, Seanergy entered the first quarter of 2025 with a clear strategic focus: to remain well positioned to capitalize on the strong long-term fundamentals of the Capesize sector. We pursued this through selective fleet expansion—acquiring high-quality Japanese-built vessels—and through strategic refinancing transactions that enhanced our financial flexibility. “During the quarter, we successfully concluded the deliveries of one Capesize and one Newcastlemax vessel, both of which have commenced employment under index linked time charters.
These additions bring our fleet to a total of 21 vessels, reinforcing our position as a leading pure-play Capesize company. In parallel, we concluded $88.1 million in new financing and refinancing transactions, addressing all our near-term debt maturities and strengthening our liquidity, while keeping our loan to value ratio below 50%. “Our first-quarter results were impacted by the typical seasonal slowdown in dry bulk trade.

Despite this, we recorded a daily TCE of $13,403 for the quarter, lower than the record levels of the first quarter of 2024, but in line with the seasonal trend of the market. Importantly, market conditions began to recover by late February, and we expect a meaningful improvement in our second-quarter earnings. As of today, approximately 39% of our fleet days for Q2 are fixed at an average daily rate of approximately $22,700, with projected blended fleet TCE exceeding $19,000. “Looking further into 2025, we have already secured roughly one-third of our operating days until the end of the year at an average daily rate exceeding $22,000. This forward coverage enhances visibility and provides a strong base for continued cash flow generation. Reflecting this and the improving market backdrop, our board has declared a discretionary dividend of $0.05 per share for the quarter—our 14th consecutive quarterly distribution—bringing total shareholder returns under our policy to approximately $43.1 million. “Turning to market dynamics, we remain optimistic about the Capesize segment. Global seaborne trade volumes and ton-mile demand continue to expand, while supply growth is constrained by a historically low orderbook, elevated newbuilding costs, and tightening environmental regulations.
“Iron ore and bauxite trades have shown resilience despite macroeconomic uncertainty and weather-related disruptions.

We expect iron ore volumes to strengthen further from Q2 onward, supported by increased Brazilian exports and the anticipated start of West African exports from Simandou by year-end. Bauxite remains a fastgrowing trade, although recent instability in Guinea may cause short-term volatility. Coal volumes moderated in Q1 after a strong 2024 but remain supported by strong energy demand, particularly from Southeast Asia’s expanding coal-fired power generation. “On the supply side, the Capesize fleet is aging, with a growing portion over 15 years old. Fleet growth has resumed its downward trend, and a high number of dry-dockings scheduled for the remainder of 2025 is expected to further tighten vessel availability. As an example, only six Capesize vessels have been added to the orderbook so far in 2025, compared to 31 during the same period last year, according to Clarksons Research. “To conclude, we are pleased with our fleet positioning, earnings visibility, and financial strength entering the rest of 2025. The Capesize market has demonstrated resilience through a challenging first quarter, and we remain confident in our ability to deliver strong results as market conditions continue to improve.”

The Company’s operating fleet consists of 21 vessels (2 Newcastlemax and 19 Capesize) with an average age of approximately 13.9 years and an aggregate cargo carrying capacity of approximately 3,803,918 dwt.

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Continuing a long-standing Greek tradition, Ioanna Prokopiou of Prominence Maritime, who has already served as Vice President of BIMCO, will be the next President of the world’s largest shipping association.

As announced after the end of this year’s Baltic Council meeting in the recent elections, Paul Pathy has been elected as the 47th President in BIMCO’s history and the first from the Americas to assume this role.

The new President takes the reins at a critical time for the shipping industry, succeeding Nicholaus H. Schues who completed his two-year term.

Ioanna Prokopiou holds a degree in Electrical and Electronic Engineering from the University of Bath, and a Master in Maritime, Finance and Commerce from City University, London, and has completed the Leadership Development program at Harvard University.

She is CEO of Sea Traders SA and founder of Prominence Maritime SA. Between 2003 and 2007 she worked in various departments of Dynacom Tankers Management and Dynagas Ltd and between 2007 and 2009 she was head of the S&P and Projects departments of Dynacom Tankers Management and Dynagas Ltd. She is a member of the board of directors of the Greek and Cypriot Shipowners' Association, a member of the board of directors of the North of England P&I Club and is also involved in real estate, building, design and renovation and human resourcing.

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LALIZAS continues its global expansion across the Americas. After entering North America with the acquisition of LALIZAS/ALEXANDER in 2018, REVERE SURVIVAL in 2024 and the launch of LALIZAS Canada in 2025, the company now sets sail for South America, proudly announcing the acquisition of ATIVA NÁUTICA, Brazil’s leading lifejacket manufacturer.

This milestone marks a significant step in the manufacturer’s global growth, while also celebrating a remarkable company that has shaped the safety nautical sector in Brazil for over two decades.

Founded in 1998 by Marta Lara and Roberto Sampaio in Campinas, São Paulo, Ativa began as a small venture in a 250 m2 space with just three employees. Through their commitment and dedication, alongside with their niece and partner Julia Ramalho, Ativa became Brazil’s leading name in lifesaving equipment. Today, the team has grown to 200 members, and Julia will continue her journey with LALIZAS to uphold Ativa’s culture and values.

LALIZAS holds even greater respect for small businesses that have grown into successful organisations, as it also began with manufacturing in a small house in Piraeus, Greece, with just three employees.

Marta and Roberto seized the opportunity to become part of something greater. Partnering with LALIZAS meant not only aligning with shared values and principles but also joining forces with a group known for elevating businesses while honouring their legacy. Ativa chose LALIZAS, confident in its reputation for transforming companies into stronger, more profitable organisations without compromising their unique identity.

“Ativa is like my third child,” said Marta Lara. “Seeing Ativa as part of a global group with such a prestigious history makes us very proud and honoured. Knowing that LALIZAS will care for it, grow it, and respect its legacy gives me peace of mind.”

The safety equipment manufacturer has a strong record of accomplishment in this area, beginning with the acquisition of Italian companies in 2012 (Lofrans’, MAX POWER, Nuova Rade, and OCEAN Fenders), as well as ARIMAR in 2019, all of which are leaders in the nautical market, each with its own distinct character.

“This acquisition is a testament to LALIZAS’ global strength—not just as a manufacturer of safety equipment, but as a trusted industry leader known for empowering companies, transforming them into even more successful and profitable businesses, while always respecting their roots and people,” Stavros Lalizas, Founder & CEO of LALIZAS commented.

LALIZAS is thrilled to welcome Ativa to #thelalizasforce and is dedicated to advancing the nautical industry in Brazil through its extensive expertise and high-quality nautical equipment. “This move strengthens our position in the Americas and unlocks new opportunities in a thriving market. Together, we are setting new standards in safety — across continents,” he concluded.

About LALIZAS

LALIZAS is a family-owned company, whose vision is to produce high quality products that ensure safety at sea, and distribute them in international markets through its well‐ established distribution network. It was founded in Piraeus, Greece, in 1982. Its product range includes lifejackets (foam-filled and inflatable) ISO and SOLAS meeting all regulations under any flag, life rafts, MOB devices and navigation lights, immersion suits, safety harnesses, IMO signs and many other marine products. All items are being manufactured and distributed at competitive prices to maritime companies, ship suppliers, chandleries, marine stores, shipyards and boat builders around the world, always taking into consideration the market’s feedback. Τhe genuine care for their customers and the indispensable input of their employees, who are considered as #thelalizasforce, has resulted in the company's growth and will continue to contribute positively to the continuous development of LALIZAS. For LALIZAS ‘Safety is not just a product, it is an ongoing process!’

About ATIVA NÁUTICA

Ativa Náutica is Brazil’s largest manufacturer of lifejackets and buoyancy aids, offering safe and reliable rescue equipment for work, leisure, and sports since 1998. Their products are tested and certified by the Brazilian Navy, and the company has maintained ISO 9001 certification since 2007. As the only company in Brazil to produce SOLAS-approved life jackets, Ativa is dedicated to developing high-quality aquatic safety equipment that ensures protection in any situation. The company's vision is to save lives by crafting durable, comfortable products accessible to all. Ativa emphasizes exceptional customer service and values its employees as integral to its success. Additionally, business partners and small retailers nationwide are crucial to Ativa’s mission, expanding its reach and impact. Values: Respect, Quality, and Courage. Ativa Náutica: "Saving lives since 1998".

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More Information: ELNAVI,
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