In a modest yet symbolic ceremony, ONEX Shipyards & Technologies Group celebrated a significant milestone for the Greek shipbuilding industry: the completion of repairs on the 700th vessel at the Group’s shipyards — the ship Neptune Odyssey of Neptune Lines Shipping & Managing Enterprises.

It was a great honor for ONEX Group to welcome Ms. Melina Travlos, President of Neptune Group of Companies and President of the Union of Greek Shipowners, who placed her trust in Greek shipyards.

The commemorative ceremony took place on Wednesday, May 14, within the Elefsina shipyard grounds, with the 700th vessel as the backdrop. In attendance were Minister of Development Mr. Takis Theodorikakos, Minister of Shipping and Island Policy Mr. Vassilis Kikilias, Deputy Minister to the Prime Minister Mr. Georgios Mylonakis, Deputy Minister of Development Mr. Lazaros Tsavdaridis, Deputy Minister of National Economy and Finance Mr. Georgios Kotsiras, Vice President of the Hellenic Parliament Mr. Athanasios Bouras, members of Parliament, the Mayor of Elefsina, as well as representatives from the state, the shipping community, institutional bodies, ONEX and Neptune Group executives, and of course, the shipyard workers who support the operation daily.

ONEX Group President and CEO, and Chairman of the Hellenic Shipyards Association, Mr. Panos Xenokostas, offered a review of the successful revival of the Greek shipbuilding industry. Mr. Xenokostas emphasized the honor of taking over the shipyards under difficult circumstances in 2018–2019 and ONEX’s determination to keep its commitments to Syros and Elefsina.

His speech focused on the critical importance of public-private sector collaboration, as well as the trust demonstrated by the Greek and U.S. governments in the initiative. Mr. Xenokostas highlighted the groundbreaking event of ONEX receiving financing from the U.S. government bank, reflecting the recognition of the Group’s vision and credibility. He also stressed ONEX’s social and corporate responsibility, being the first to repay the debts of previous administrations — a testament to the company’s commitment to a genuine revival of shipbuilding, with workers at the center.

In closing, Mr. Xenokostas presented ONEX’s ambitious strategic plan for Elefsina to evolve into a key hub for maritime support, energy transition, security, and the supply chain. He announced the start of orders for critical equipment for the production of tugboats, the construction of ferry boats and defense vessels, and the implementation of an extensive modernization program. Inspired by the global leadership of Greek shipping, he expressed ONEX’s ambition to make up for lost time and become a national leader, thanking all those who have contributed and continue to support the initiative.

Minister of Development Mr. Takis Theodorikakos, in his address, emphasized the importance of this endeavor as a cornerstone of the country’s new production model. He underlined the government’s commitment to turning “Made in Greece” in ship repair into a national success story, worthy of the global reputation of Greek shipping. He referred to the legislative initiative of the Ministry of Development that laid the foundation for the shipyards’ financing through the DFC, calling the investment in Elefsina and Syros a national wager with a significant developmental footprint and thousands of job creations.

Mr. Theodorikakos highlighted the inclusion of the shipbuilding industry in the new Development Law as a strategic sector of growth and national security, signaling the return of the “blue economy” to the forefront. He praised the presence of the President of the Union of Greek Shipowners, Ms. Melina Travlos, as a sign of trust from Greek shipping in ONEX’s investment, expressing hope for a long and successful journey for Greek shipyards.
Finally, the Minister stressed that Greece, as a global maritime power, must have a strong shipbuilding industry capable of generating know-how and supporting the domestic value chain. He pointed out that ONEX’s work creates jobs, produces expertise, and contributes to the real economy — serving as a model for the reconstruction of Greek industry. The government’s goal is to establish Greece as a shipbuilding hub in the broader Southeastern Mediterranean, leveraging the multiplier benefits of Greek shipping.

Vassilis Kikilias: “Support for Greek Shipping and the Promotion of Domestic Shipbuilding”
Minister of Shipping and Island Policy Mr. Vassilis Kikilias warmly congratulated Ms. Melina Travlos, President of the Neptune Group of Companies and the Union of Greek Shipowners, and Mr. Panos Xenokostas, President and CEO of ONEX Group, on the milestone of the 700th vessel. He wished that this partnership would continue and expand — both in repair projects and eventually in new ship constructions. He stated that modernizing technical methods, such as moving from sandblasting to hydroblasting, and prioritizing environmental care and safety, are key government priorities across the maritime sector.

He also assured that the Ministry of Shipping and Island Policy is expediting all procurement processes for the Hellenic Coast Guard for vessels, equipment, and technology — and within the legal framework, will aim to have these constructions take place in Greece, under Greek ownership.

Finally, the Minister emphasized that the 5,800 Greek-owned vessels — accounting for 21% of the global fleet — bring added value and a significant competitive advantage to Greek shipping and to the country.

Melina Travlos: “Today, as a person of the sea, I am a very proud Greek woman”

Ms. Melina Travlos, President of Neptune Group of Companies and President of the Union of Greek Shipowners, expressed her emotion and pride in the revival of the domestic shipbuilding and ship repair industry, stressing the importance of this achievement for Greece. She congratulated Mr. Panos Xenokostas for ONEX’s vision and accomplishments, recognizing the strategic importance of the group for the country’s maritime and production chain. The repair of the Neptune Odyssey at ONEX shipyards affirms the excellent collaboration between Neptune Group and ONEX.

Ms. Travlos expressed her satisfaction with the dynamic revival of the ship repair industry, linking Greek shipping to the country’s historical maritime tradition and technical expertise. She underscored the importance of supporting Greek entrepreneurship and stressed the critical need for maintaining quality, reliability, consistency, and above all, competitiveness.
Referring to the Neptune Odyssey, which sails under the Greek flag, the President spoke of the need to support the Greek shipping registry, so that it becomes not only a national but also a business-attractive choice.
The event concluded with Mr. Panos Xenokostas presenting a commemorative gift to Ms. Melina Travlos as a token of appreciation for her trust in the ONEX Group shipyards, followed by a tour of the facilities where the Neptune Odyssey is undergoing repair.

“Neptune Odyssey” Marks a Milestone in the Revival of the Greek Shipbuilding Industry
The Neptune Odyssey is the fourth vessel of the Neptune Group to be repaired at ONEX facilities, reaffirming the trust of Greek shipping in domestic shipbuilding expertise.

The repair of the 700th vessel at ONEX Group’s shipyards represents not only a major achievement but also confirms Greece’s ability to produce, repair, and export value. This milestone validates the consistent trajectory of ONEX shipyards as one of the most reliable pillars of the Greek shipbuilding and repair industry.

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On Friday, May 16, 2025, SKF Hellas commemorated its 100th anniversary, celebrating a century of innovation, engineering excellence, and enduring contribution to the Greek industrial, automotive and marine sectors. The milestone was marked by a distinguished event at Ble Pavillon, gathering key industry leaders, long-standing partners, valued employees, and honored guests.

Since its founding in 1925, SKF Hellas has played a crucial role in supporting Greece’s industrial development through advanced bearing technologies, innovative vehicle aftermarket products, cutting-edge maintenance solutions, and expert engineering services. As part of the global SKF Group, the company has consistently delivered value across vital sectors including energy, heavy manufacturing, agricultural, automotive, and marine.
Opening the celebration, Thomas Frost, President, Independent & Emerging Business, SKF Group, emphasized the company’s long-standing dedication to innovation and sustainability: “One of our core strengths is the continuous development of new technologies that deliver value-added solutions. These not only enhance our customers’ competitiveness but also support the broader goal of a sustainable global society. By combining our platforms, we create tailored partnerships, integrating our products and services with flexible business models to meet specific customer needs.”

Frost also highlighted SKF’s ongoing efforts in environmental responsibility, noting a 41% reduction in CO2 emissions since 2019, and outlined the company’s transformation into two independent, high-performing entities with strong global leadership.

In her closing address, Rania Patsiopoulou reflected on SKF Hellas’ resilience through decades of change: “From economic crises to global disruptions, we’ve not only endured but thrived— doubling our sales over the past decade. Our success goes beyond products or technical solutions. It’s built on trust, collaboration, and transparent communication. SKF is more than a company — it’s a legacy that connects generations. Each of us contributes to a greater whole that continues to grow and endure.”

The event also featured remarks by H.E. Håkan Emsgård, Ambassador of Sweden to Greece, who praised SKF’s strong collaboration with the Swedish Business Chamber and Embassy in Greece. EMEA Regional Sales Directors Nadine Korell and Andrej Paternoster extended their congratulations to customers and partners, acknowledging the shared success that made this milestone possible.

SKF Hellas reaffirmed its dedication to continue evolving with clean and intelligent solutions. Focusing on technical innovations, sustainable solutions unveiling new initiatives aimed at enhancing predictive maintenance technologies for the Greek industries.

The guests had the opportunity to view the experience wall that presented important historical moments since 1925. The evening concluded with a gala dinner and live entertainment, celebrating the people and partnerships that have shaped SKF Hellas’ journey over the past century.

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ZeroNorth and Veracity by DNV have partnered to launch a fully integrated emissions reporting and verification service for the maritime industry. Teekay is the first customer that will be implementing the service across its fleet, following successful testing and development.

As regulatory requirements tighten, maritime operators face growing demands for emissions transparency and reporting integrity. At the same time, poor data quality remains an industry-wide challenge. The new offering combines ZeroNorth's Vessel Reporting and Emissions Analytics platform with the Veracity platform and DNV's Emissions Connect verification services to deliver an end-to-end compliance solution. The offering simplifies compliance by integrating automated data reporting with expert validation, reducing administrative burdens and improving data reliability.

A key differentiator is the multi-layered data quality feedback loop, which ensures emissions data undergoes rigorous validation at multiple stages. Verification warnings from Veracity by DNV are automatically flagged to ZeroNorth’s data quality team, which then works directly with vessel crews to resolve discrepancies before final submission to authorities. This reduces compliance risks and enhances regulatory confidence while supporting continuous monitoring of EU MRV, IMO DCS, CII ratings, EU ETS and FuelEU Maritime compliance.

Teekay, a long-standing customer of ZeroNorth, played a central role in shaping the solution by participating in early testing and providing operational feedback. Since its successful implementation with Teekay, the service has been rolled out to two additional customers, and further deployments are underway.

Commenting on the news, Anders Schulze, Chief Operations Officer at ZeroNorth, said: “The maritime industry faces growing pressure to ensure emissions data is not just reported, but verified to the highest standards. Yet fragmented systems and manual processes continue to undermine data quality and increase compliance risk. By combining ZeroNorth’s data and analytics capabilities with Veracity by DNV’s verification expertise, we are directly addressing this challenge. Our goal is to build trust in emissions data and reduce complexity for shipowners and charterers. We’re especially pleased that Teekay, a long-time partner, played a central role in shaping and validating the service.”

Mikkel Skou, Managing Director at Veracity by DNV, said: “At Veracity by DNV, the value of our ecosystem is built on strong partnerships, exemplified by our collaboration with ZeroNorth. By integrating trusted data and solutions like ZeroNorth's Vessel Reporting and Emissions Analytics platform, we create a robust network that supports collaboration and drives sustainable growth in the maritime industry. We look forward to continuing working towards our ambition to deliver trust and connectivity to the industry through this partnership with ZeroNorth.”

Mikkel Seidelin, Chief Commercial Officer at Teekay, said: “Our commitment to excellence extends beyond innovation. With our fully integrated shipping model, we derive more value from unified and deeply connected teams where all of our information, day-to-day operations, and goals, are aligned. To ensure we are maximising each department’s full potential, we closely work together as one, unified Teekay and embrace strategic partnerships that guarantee our success. Partnering with ZeroNorth improves our ability to navigate complexities seamlessly, leveraging on data and technology to optimise our performance and reduce inefficiencies. When we are equipped with verified, end-to-end data, it empowers us as owners towards seamless decision-making, resulting in real sustainable and operational target-achievements. Teekay will always seek out quality services that elevate the way we do things to fulfill our commitment to our customers, our people, and the planet.”

About ZeroNorth

ZeroNorth is a technology leader committed to accelerating the energy transition in global shipping. Founded in 2020, it has grown from being a team of six to 600 employees across 10 global locations. It is at the forefront, leveraging technology and data as enablers to drive immediate reductions in emissions — critical steps towards achieving long-term sustainability goals in the maritime industry.

In 2024, ZeroNorth optimised 72,000 voyage legs by generating 1.5 million voyages, reducing CO2 emissions by over one million metric tonnes for our customers. By combining advanced technology, expertise, and trusted data at scale, our platform analyses billions of data points to enable seamless information flow from ship to shore and throughout the entire value chain. Its platform turns insights into actions, empowering vessel owners, commercial operators, charterers, cargo owners and bunker suppliers to achieve operational, sustainable, and digital excellence while steering the maritime industry towards zero emissions.

www.zeronorth.com
About Veracity by DNV

Veracity is DNV’s independent cloud, set out to deliver trust and connectivity to industry digitalization and decarbonization. It brings together key players in the maritime and energy industries, to drive business innovation and digital transformation over a common data truth. On the Veracity Marketplace, users can browse, purchase and access relevant industry data, applications, and digital services. Today, more than 60 000 vessels are easily connected to the platform through the partner program and 300 000 users engage over Veracity, enjoying frictionless connectivity through the exchange of datasets, APIs, applications, and insights. Visit www.veracity.com to discover more. 
About Teekay

Teekay is a leading provider of international crude oil marine transportation and other marine services. Teekay provides these services directly and through its controlling ownership interest in Teekay Tankers Ltd. (NYSE: TNK), one of the world’s leading owners and operators of mid-sized crude tankers. Teekay Tankers manages and operates approximately 60 conventional tankers and other marine assets, including vessels operated for the Australian Government. With offices in 8 countries and approximately 2,200 seagoing and shore-based employees, Teekay Tankers provides a comprehensive set of marine services to the world’s leading energy companies.
Teekay’s common stock is listed on the New York Stock Exchange where it trades under the symbol “TK”.

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The YES to SEApping Forum 2025 was held on Wednesday, May 7, 2025, in Heraklion, Crete, as part of the Posidonia SEA Tourism exhibition. The event brought together 200 young participants from various academic institutions across Crete, including the University of Crete, the Hellenic Mediterranean University, SAEK Rethymno, MBS College, the Metropolitan College, and the Merchant Marine Academy (AEN) of Chania.

Key Themes of the Forum:

- Presentation of a joint research study conducted with professionals and youth, aiming to map expectations and enhance mutual understanding.

- Discussions on career prospects in Shipping and Sea Tourism, emerging trends in ports, modern skills required by the industry, and practical advice for succeeding in a competitive professional landscape.

- Strong presence of professionals from diverse sectors and positions across the maritime industry.

Once again, the YES Forum created a platform for intergenerational dialogue, offering a unique networking environment that inspires, informs, and integrates young people into the maritime world.

Danae Bezantakou, Founder of YES Forum, stated: “It is moving and encouraging to witness the energy, thirst for knowledge, and genuine interest of young people in the regions to join the shipping family—especially considering that no one had ever introduced them to our industry before. YES Forum continues to serve as a career compass and a space for meaningful dialogue and interaction”.

YES to SEApping Events Across Crete:

- Agios Nikolaos (Saturday, May 3, 2025): Book presentation of “Towards the Sea…” onboard the vessel “Nostos”.

- Chania (Monday, May 5, 2025): YES TOUR TO SCHOOLS presentation to middle and high school students at the Chania

Chamber of Commerce, and a presentation at the Technical University of Crete (School of Production Engineering &

Management), where students learned for the first time that they could pursue careers in shipping.

- Rethymno (Tuesday, May 6, 2025): YES TOUR TO SCHOOLS presentation to students at the House of Culture, with greetings from the Deputy Mayor of Education, Lifelong Learning & Youth, Mr. Nektarios Papadogiannis. This was followed by an informative session at the University of Crete, Department of Economics.
- Heraklion (Wednesday, May 7, 2025): YES TOUR TO SCHOOLS presentation to students at the Heraklion Chamber of Commerce.
YES Forum Research Findings

“Young People & Shipping Companies: Bridging the Gap”

This study aimed to capture the views and needs of young people aged 20–33, alongside insights from shipping companies across all sectors. The results highlighted key challenges but also hopeful prospects for the future.
Youth: Willing, Worried & On Social Media

Young people want to work in shipping and see opportunities—mostly within Greece—but often hesitate, believing access depends on “connections.” The result? Low confidence and the pursuit of opportunities abroad out of necessity, even though staying in Greece is their top choice. Social media is their main source of information, yet practical knowledge of the profession is lacking. The message is clear: more mentoring, networking, and guidance is needed!
- 80% have already participated in career activities, with YES Forum’s Career Days standing out as the most effective job-seeking tool.

Companies: Ethics Yes, Experience Not Yet From the employers’ side, opinions are mixed. Half of the companies are satisfied with young professionals, while the rest express concerns. Only 3 in 10 hires involve
candidates without prior experience—immediate readiness is a must.  What companies value: ethics, professionalism,

digital skills, and language proficiency.

What’s missing: practical experience, understanding of daily life in shipping, and a “mindset gap” with Gen Z.

YES Forum: A Platform that Connects Generations

For 11 consecutive years, the YES Forum has been building bridges. It provides mentoring, knowledge, professional networking, and real engagement opportunities.

- 60% of maritime companies participate actively through panels, presentations, and internship opportunities.

- Young people see it as a confidence-building and industry-understanding tool.

- Companies view it as a platform for talent discovery and genuine connection with the next generation.

YES Forum: Not Just a Bridge. A Lever for Transformation

The YES Forum is more than a networking platform. It’s a catalyst for change, shaping the future of the maritime professional landscape with boldness, inspiration, and strategic vision.

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Article written by Gregory Spourdalakis, CSM Greece Managing Director

Demand for ship repairs in Greece is on the up as shipowners return to using their own shipyards over neighbouring countries – bringing the decline of the sector to an end says CSM Greece.

Gregory Spourdalakis, Managing Director of Columbia Shipmanagement Greece charts the rise and fall of the sector and how a resurgence in the market could be on the horizon.                                    
For many years, Greek shipowners have sent ships for repair to neighbouring countries such as Romania, Bulgaria, and Turkey, rather than using local shipyards. This was due to higher labour costs, local requirements and rigid union practices affecting projects completion time that resulted in repairs taking place in Greek Shipyards to be abandoned if not ruined. 

Business has slowly returned to Greek shipyards following the exit from the world recession and subsequently Greece from the economical crisis of 2009. More recently there has been a significant increase in business for local shipyards following years of decline with a notable shift towards improving competitiveness of the Greek ship repair market.
The revival of Greek Shipyards began during 2019 when Neorion Shipyards and Elefsis Shipyard were taken over by Onex Shipyards and Technologies. Covid-19 and travelling restrictions as well as EU increasing import demands in cargoes due to the Russian/Ukraine war resulted in higher demand of vessels in the EU. The restructuring and reopening of Skaramangas shipyard and increased activity in Chalkis have set the groundwork for the ship repair sector in Greece to grow significantly.

Additionally, inflation in Turkey, the exchange rate between USD and Turkish Lira, as well as the high prices of the EU Shipyards gave Greece a competitive advantage for ship repairs even for vessels not trading in the MED area. 
Under the administration of Prime Minister Kyriakos Mitsotakis, the Greek Government sold its stakes in Elefsis and Syros Shipyards. Restructuring of Elefsis has been officially approved and US Congress at the same time approved the financing through borrowing of USD125M enabling Onex to carry out the consolidation plan of Elefsis.
Geopolitical requirements and Greece’s geographical location, the restructuring of Greek Shipyards, competitiveness in terms of infrastructure and human resources in Pireaus, as well as increased prices in EU Shipyards and Turkey have resulted in Greece being an important contributor to the EU ship repair sector, The market has seen Neorion and Elefsis alone repairing more than 500 vessels the past five years.

With the ship repair industry in Greece boasting significant technical expertise and facilities that are fully capable of handling complex repairs, Greek shipyards are successfully adapting to an increase in demand. If competitiveness continues to improve, there is real potential for Greek shipyards to reclaim their position as a preferred choice for repairs, particularly considering the nation’s maritime heritage and the commitment of the Greek ship owning community.
This shift has broader economic implications as well. A more competitive ship repair industry in Greece means more jobs for Greek maritime workers and seafarers, boosting the country’s economy and reinforcing its status as a global shipping hub. The Greek maritime sector has always been a powerhouse, but for it to maintain its strength, adaptability is key.

Whilst it remains to be seen whether Greek shipyards can fully reverse the trend of outsourcing to neighbouring countries, there are strong indications that the industry is moving in the right direction. If costs can be kept competitive and reducing bureaucracy continues to be addressed, Greece may yet see a resurgence in its ship repair sector, which will be a win not just for shipowners, but for the entire Greek maritime industry.

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Despite the challenges in the short-term market Capital Clean Energy Carriers signed new long term time charter arrangements and has increased its contracted revenue for the first quarter of 2025.

In November 2023 the company decided to shift its strategic focus towards the transportation of various forms of gas to industrial customers, including liquefied natural gas (“LNG”) and emerging new commodities in connection with the energy transition. As a result, the Company agreed to acquire 11 newbuild LNG/Cs and in June 2024, the Company further expanded its gas focused portfolio with the acquisition of 10 additional gas carriers, including four LCO2/multi gas and six LPG-ammonia carriers.

Since December 2023, the Company has also completed the sale of 12 container vessels.

Financial results from continuing operations include revenues, expenses and cash flows arising from its 15 vessels currently in-the-water, including 12 latest generation LNG/Cs and three 13,000 twenty equivalent unit (“TEU”) Neo-Panamax container vessels. Financial results from discontinued operations include revenues, expenses and cash flows arising from the 12 container vessels that were sold following the strategic shift in November 2023.

It must be recognized that the company has carried out new long-term charter agreements for two LNG carriers under construction and exercise of certain options for 3 existing LNG carriers.

The company also reported that the contracted revenue backing increased to $3.1bn or $4.5bn including optional periods and concluded the sale of the last two debt-free container vessels.

A dividend of $0.15 for the 1^st quarter 2025 was announced.

Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented: “We are very pleased that two of our LNG carriers under construction have secured long term employment well in advance of their scheduled delivery. In our view, these fixtures signal that the long-term fundamentals of LNG shipping remain robust for high quality owners like CCEC, operating latest generation LNG/Cs, despite the challenges in the short-term market. Moreover, together with certain options exercised by one of our existing charterers for three of our in-the-water LNG/Cs, our contract backlog duration increased to 7.3 years with $3.1 billion in contracted revenues. Additionally, the two new charters are expected to further improve the diversity and composition of our charter book, further de-risk our balance sheet and provide our investors with increasing cash flow visibility.

CCEC now has only four latest generation LNG carriers under construction from its eventual fleet of 18 that are available for charter. The Company remains engaged with multiple counterparties regarding their future employment. Critically, CCEC remains largely insulated from current spot LNG market conditions, with our first two open newbuildings being delivered not before the third quarter of 2026.

Following the delivery of the last two container vessels we agreed to sell during the first quarter of 2025, our container exposure has been reduced to just three legacy, modern container carriers with remaining charters until at least 2032. This transition aligns with our strategic objective of positioning the Company as the premier carrier of gas transportation solutions, including emerging trades tied to the energy transition. Importantly, the Company has built-in growth for the next three years driven by the scheduled delivery of 16 new LNG/Cs and other gas carriers, which is well supported by our internally generated cash flows and our cash at hand, which amounted to $420.3 million at quarter end. We remain firmly on our path to reposition CCEC to become the largest U.S. listed company focused on LNG and gas transportation space.”

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During the AGM of the Piraeus Marine Club Members on May 8^th, 2025   of the Board Elections that took place – with remarkable turnout the new Board convened as a body and elected the Board officers by secret ballot. The new Board’s composition is as follows:

President: Xanalatos K. Paris

Vice President: Tsakiris P. Elias

Gen. Secretary: Marinakis S. Vangelis

Treasurer: Prevezanou S. Maria

Members: Gourdomichalis D. Stathis, Floutakos A. John, Tsalamanios P. Nikolaos, Xiradakis K. George, Xylas A. John.

Deputy member: Dr. Panos Fasoulis.

Paris K. Xanalatos is a 4^th generation shipowner and director of Tide Line Inc.

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FARAD S.A signed a new direct contract with Naval Group Hellas, Naval Group’s subsidiary in Greece, during the DEFEA 2025 (Defence Exhibition Athens).

This agreement marks an important milestone in the long-standing collaboration between FARAD S.A. and Naval Group, one of Europe’s foremost naval defence companies.

The five-year agreement establishes FARAD S.A. as an official maintenance provider for the three new FDI (Frégate de Défense et d’Intervention) frigates of the Hellenic Navy. Under this contract, FARAD S.A. will deliver a broad range of technical maintenance services, covering multiple ship systems and equipment, to ensure the vessels’ continuous operational readiness and long-term performance.

During the signing, Mr Benoit Chapalain, CEO of Naval Group Hellas, stated:  “We just signed our new direct contract with FARAD S.A. For us at Naval Group, it is absolutely logical to maintain and develop our ongoing cooperation with FARAD S.A., which is already involved in the construction of the FDI, and to further expand it in future projects of newbuildings and services. The involvement of FARAD S.A., through this new contract, in the forthcoming In-Service Support activities of the FDI is another significant illustration of Naval Group’s ambitious Hellenic Industrial Participation plan.”

Mr Panagiotis Fanouriadis, Commercial Manager at FARAD S.A., added: “This agreement is the result of a solid, long-standing relationship between FARAD S.A. and Naval Group and demonstrates our continued dedication to delivering top-tier engineering and maintenance solutions. It also underlines the important role Greek industry can play in supporting complex naval programmes. We take great pride in deepening our cooperation with Naval Group and contributing to the operational strength of the Hellenic Navy.”

FARAD S.A. will contribute its extensive expertise not only in the design and production of high-performance heat exchangers but also in delivering integrated maintenance and engineering services across multiple naval systems.

The company remains committed to supporting the maritime and defence sectors through dependable service, innovation, and strategic industrial cooperation.

About FARAD

FARAD S.A., headquartered in Greece, is a leading manufacturer of high-performance heat exchangers and provider of advanced maintenance solutions for the maritime and industrial sectors. With over 45 years of experience, FARAD combines engineering expertise with innovative surface treatment technologies. The company is committed to delivering efficient and long-lasting solutions that support clients worldwide in maintaining operational excellence across diverse industries, from maritime to energy and beyond.

About Naval Group

As an international naval defence player, Naval Group is a partner for countries seeking to maintain control over their maritime sovereignty. Naval Group develops innovative solutions to meet its customers’ requirements and is present throughout vessels’ entire life cycle. The Group designs, produces, equips, integrates, supports and upgrades submarines and surface ships, along with their systems and equipment, through to the final phases of deconstruction and dismantling. Naval Group’s unique know-how in autonomous systems, underwater weapons, and drones positions it as a leading contender to become the European leader in the sector. As a high-tech company, it draws on its outstanding expertise, cutting-edge design and production resources, and its ability to establish strategic partnerships, in particular within the framework of technology transfers. It also provides shipyard and naval base services. Operating across five continents, the Group generates revenue of €4.355 billion and employs 16,722 people (average annual full-time equivalent workforce – figures as on 31 December 2024).

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Revenue and profits climbed to new highs for the company– An increase in the proposed dividend by 43.7% (€1.92 per share)

PPA S.A. presented the financial results for the fiscal year 2024 to the Union of Institutional Investors at the Athens Stock Exchange. The presentation was conducted by representatives of the company, led by Deputy CEO Mr. Angelos Karakostas, and a discussion followed with institutional investors and analysts answering questions regarding the progress of the port’s business activities.

For the fourth consecutive year, PPA S.A. has achieved its highest performance in its history in terms of revenue and profitability. Specifically, total revenue for the fiscal year amounted to €230.9 million, representing an increase of €11.1 million or 5.0%, compared to €219.8 million in the previous fiscal year. Pre-tax profits reached €112.9 million, up from €96.2 million in 2023, marking a 17.4% increase.

Profits after taxes amounted to €87.5 million, a 30.8% increase from €66.8 million in 2023. Finally, the proposed dividend per share reached €1.92, up 43.7% from €1.34 in 2023. It is noteworthy that this marks the largest dividend distribution, and the highest level of profitability ever recorded since the company began its operations. It is further highlighted that the company’s outstanding performance is not only reflected in overall figures, but is consistently observed across individual operational segments of the port, including cruise operations, coastal shipping, container and car terminal, and ship repair zone.

The company remains steadfast in its commitment to the development plan for the Port of Piraeus, executing crucial and strategic investments aimed at its modernization. This solidifies its position as one of the most significant ports in the Mediterranean and Europe, offering top-tier services across all port activities.

About PPA S.A.

Piraeus Port Authority SA is an Athens Stock Exchange listed company engaged in the management and operation of Piraeus port, Greece’s largest port and one of the largest integrated harbours in Europe, providing a complete range of services. Some of the company’s activities involve cruise, coastal (ferry/passenger), container and car terminal services, as well as general cargo, ship repair, logistic and free zone services. The main shareholder of Piraeus Port Authority S.A., with a stake of 67 percent, is COSCO SHIPPING, one of the largest maritime companies in the world.

Over the last decade the company has experienced a remarkable growth in all port activities, which is still underway, largely contributing to the country’s economy, while driven by green development and increased digitalization, alongside a people-first approach and a spirit of giving back to the society.

PPA is a member of “ECO PORTS”, holds ISO 9001:2015, ISO 14001:2015, ISO 50001:2018 Certifications, is included in the Athens Stock Exchange ESG index and is one of the “Most Sustainable Companies in Greece 2024”.

ELNAVI Newsletter  
More Information: ELNAVI,
19, Aristidou str., Piraeus 185 31,
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An opportunity for connection, relaxation, teamwork, and social awareness for maritime executives, organized by Drydockers

Set against the blue backdrop of the Saronic Gulf and fueled by the enthusiasm of both seasoned and novice sailors, the 2nd Drydockers Regatta, held over the weekend of May 10–11, once again proved to be a true celebration of sailing and networking for maritime executives.

180 participants from 35 shipping companies aboard 20 sailing boats had the opportunity to connect, unwind, and share the joy of sailing during a unique two-day event, organized for the second consecutive year by Drydockers. This year’s Regatta surpassed the success of the inaugural event, raising the bar and paving the way for the establishment of a popular new tradition in the shipping community.

On Saturday, the participants boarded the boats provided by Drydockers and set sail from Alimos Marina, covering 30 nautical miles to reach Poros. Guided by experienced skippers, all crews gave their best, embracing a spirit of teamwork and fair play.

At the end of the race, the official results were announced with team 12 and the boat KYVELI taking the 1 st place, team 11 with the boat EROS following in the 2 nd place, while the 3 rd place was shared equally by team 17 with the boat ATARAXIA and team 16 with the boat FAMIGLIA.

The award ceremony took place on Saturday evening in Poros, followed by a festive dinner with all participants in a warm atmosphere filled with live music, traditional Greek dancing, and high spirits.

On Sunday, the sailors set course for Aegina, where they took part in a meaningful corporate social responsibility activity, supported by HELMEPA and the Municipality of Aegina, and coordinated by we4all. Cleanup kits, including large trash bags and gloves, were provided by Artemis and the Municipality of Aegina, with the latter also managing the collection and sorting of the waste. Taking on the cleanup of Perdika beach, participants had the opportunity to contribute to the protection of the Saronic coastline and raise awareness around sustainability. The yachts returned to Alimos Marina on Sunday afternoon.

The event was held under the auspices of the Greek National Tourism Organization (GNTO), highlighting its significance as an initiative that promotes the Argosaronic region, Poros, and Aegina to a broader audience, reinforcing Greece’s image as a premier destination for sports tourism.

Can Ozturk, Managing Director of Drydockers, said: «We are particularly proud that the Drydockers Regatta has now established itself as a special experience for the shipping industry, combining the joy of sailing with teamwork, sustainability, and authentic hospitality. The passion and participation of everyone drives us to move forward with even greater momentum»

ABOUT DRYDOCKERS:

Drydockers is a company that provides personalized ship repair services. It was founded in 2021 by Can Ozturk, and with its dynamic team, connects ship owners and technical managers with the most reliable shipyards worldwide. Headquartered in Athens and with branches in Hamburg and Istanbul, Drydockers leverages a selected global network of highly skilled professionals. The company’s high level of expertise and commitment to being present at each shipyard for every project it undertakes ensure uncompromising quality and top- tier ship repair and maintenance solutions worldwide. 

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.