The existing joint venture between Arcelor Mittal, the world’s leading vertically integrated steel and mining company, and Peter Livanos-led Drylog, a major global dry bulk shipping company and SEKAVIN a global trader and physical supplier of marine fuels and lubricants, have entered into a strategic partnership to enhance fuel procurement, logistics efficiency, and sustainability in maritime operations.

Combining GCL's deep expertise across the entire shipping value chain, with SEKAVIN’s presence across 400 ports and supplier network of more than 200 suppliers, the partnership is designed to improve fuel security, cost efficiency, and transparency. The collaboration will also explore new approaches to alternative fuels and emissions reduction, aligning with the industry’s broader sustainability goals.

“This partnership reflects the natural synergies between our businesses and the increasing need for integrated solutions in global shipping,” said Yannis Haramis, CEO of GCL.

Sifis Vardinoyannis, CEO of SEKAVIN added: “By working together, we are reinforcing our commitment to ensuring a stable and future-ready fuel supply for the fleet and the wider industry.”

The partnership will initially focus on key strategic bunkering locations, with plans to expand as market demands and sustainability initiatives evolve.

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DNV Maritime welcomed the members of the press to an event held in Piraeus, to celebrate the 25^th anniversary of their Maritime Service Centre, new organization and strategic plans, alongside a raft of new reports dedicated to tackling the latest developments in the industry.

The event, hosted by George Teriakidis, Regional Manager, Southeast Europe, DNV Maritime, offered an inside look at DNV’s new regional structure and vision for the future. A highlight of the gathering was the announcement of the 25th anniversary of the Maritime Service Centre in Greece, presented by Dr. Isaias Loizos, Head of the Maritime Service Centre, who celebrated a quarter-century of delivering high-quality services to the industry.

Speaking at the event, George Teriakidis emphasized the significance of the gathering: “Our industry is navigating an increasingly complex regulatory and operational environment. To support this transition, it is essential to foster open dialogue that can equip stakeholders with the knowledge that enables informed decision-making. At DNV, we are committed to empowering our partners, including the media, with reliable insights and practical solutions to help them find their bearings and stay ahead as our industry rapidly evolves.”

In addition, DNV experts presented insights from the latest DNV white papers and industry reports:

• Lefteris Koukoulopoulos, Regional Decarbonization Expert, presented DNV’s latest white paper on Energy Efficiency Measures & Technologies, which aims to help identify the best technologies for reducing fuel consumption through a comprehensive overview of energy-efficiency measures and technologies.
• Leonidas Karystios, Global Fleet Technology Director, Gas Carriers & Regional Business Development Manager – looked at the new Biofuels in Shipping white paper, which provides guidance on biofuel use, trends in the market, and compliance in today’s regulatory environment.
• Dr. Chara Georgopoulou, Head of Maritime R&D & Advisory Greece, discussed the insights from the new Wind-Assisted Propulsion Systems (WAPS) report, which examines WAPS technologies, the regulations covering their use, their fuel saving potential, and a cost benefit analysis.

The event concluded with a networking session, providing attendees with the opportunity to exchange views and engage with DNV’s experts and management.

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By Irene Notias, Director of Adopt a Ship – Hellas – Project Connect 

Greek school teachers using their professional methods have made the Adopt a Ship maritime educational program come alive and kicking, in Greece and parts of USA.  Developed and managed by PROJECT CONNECT, its educational team attributes this success story to the teachers efforts and the seafaring captains who share their maritime knowledge and experiences.

More than expected. Phenomenal results.

“Adopt a Ship” is reaping fruit for the Greek shipping industry.  Its members and supporters’ investment in the project’s program is truly educating early ages and it shows from the teachers and students’ work in school. It is a wonderful way to instruct kids, interactively within an interdisciplinary method and Adopt a Ship is a great learning tool are the consensus of the 450 teachers involved and surveyed, in the last 8 years.

The Adopt a Ship pupils, throughout their school year, regularly communicate with their adopted vessels and learn geography, English, commerce and trade, the importance of shipping to economies, math, physics, history, their national maritime heritage and much more. 

Noteworthy, the Bi-annual surveys show that because of the program,

• One hundred percent of the Piraeus Vocational Nautical School (EPAL) students were admitted to Marine Academies due to the Adopt a Ship program last year, says the school’s teacher, Andreas Georgiadis stated at the recent 3^rd AaS Teachers meeting.  That’s 32 fresh cadets out of 32 EPAL students.
• Vocational nautical students want to be captains and engineers more than ever because they have contact with captains, as role models, on a weekly basis through the program.
• More children have the opportunity to learn about the value of the shipping industry in their lives, and it opens horizons for their future vocational possibilities,
• A little over 50% pupils stated they aspire to join the maritime industry when they grow up, sea and shore jobs! 
• Primary classes say they did not know anything about shipping before Adopt a Ship.
• Adopt a Ship classes attract other classmates, even their teachers and families!
• Seafarer’s happiness rises as captain and crew fulfill their human need to “give back” to society.

What a great solution to the lack of seafarer’s issue. 

Can we embrace Adopt a Ship pupils and help them make their dream come true?

The Adopt a Ship planted the seed of maritime knowledge first during the 2018-2019 school year, into 268 school children and has grown to 4510 pupils this year, who eagerly go to school to read the response e-mail letter from their captain and learn more about the world of shipping and life at sea.  So far 18,000 pupils have had this amazing program regularly in their studies.

You can ask for your child’s school to participate next school season by contacting Elisavet at This email address is being protected from spambots. You need JavaScript enabled to view it.  or you may become a member to give back to society, together with us, at same email. 

Participating primary, secondary, & vocational nautical (EPAL) Schools in areas such as:

Agia Paraskevi, Agia Varvara, Agios Germanos Prespon, Agios Nikolaos, Aifidnes, Alexandroupoli,Alimos, Amaliada, Ampelokipi, Andros, Anixi, Artemida, Aspropyrgos, Astypalea, Athens, Chalandri, Chalkida, Chania, Chios, Davlia Viotias, Didimoticho, Elafonisos, Elefsina, Elliniko, Evoia, Farsala, Florina, Foinikas Salaminas, Galaxidi, Glyfada, Halandri, Hersonisos, Hydra, Ierapetra, Ilion, Ilioupoli, Ioannina,Iraklio, Ithaki, Kesariani, Kalabaka, Kalamata, Kallithea, Kalymnos, Kantza, Kardamyla, Karla Kanalia Magnesias, Kasos, Kastoria, Kea, Kefalonia, Keratsini, Kiato, Kifisia, Korinthos, Koropi, Korydallos, Kos, Kozani, Kymi, Lamia, Larisa, Larymna, Lasithi, Loutraki, Magoula, Marousi, Messinia, Milos, Mykonos, Nafpaktos, Naousa Parou, Nea Erythraia, Nea Ionia Magnesias, Nea Moudania, Neapoli Lasithiou, Nikea, Oinousses, Oraiokastro, Pagrati, Pallini, Paloukia Salaminas, Papagou, Paralia Tyrou Arcadias, Paros, Patisia, Patmos, Patra, Pefki, Perama, Peristeri, Petroupoli, Pilea, Piraeus, Preveza, Psara, Psychiko, Ptolemaida, Rodos, Samos, Selinia Salaminas, Serres, Sparti, Spetses, Stamata, Stavroupoli, Syros, Thermi, Thessaloniki, Tinos, Trikala, Tyrnavos, Vari, Variko Amyntaiou, Voion Lakonias, Volos, Voula, Vouliagmeni, Vrontadou Chios & Vyronas

Images: Pupil teaching classmates about the parts & equipment of a ship, learned from their adopted ship’s captain. Elementary School Synchrona Ekpetheftiria Kotroni - Class B’, Nafpaktos Greece

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Prominent Greek shipowner Harry Vafias expects the proposed US port fees on Chinese-built vessels to have a huge impact on the shipping industry, potentially leading to a two-tier market

Speaking to Riviera, Mr Vafias emphasised the proposed fees are substantial, affecting numerous Greek and international shipping companies that operate fleets with a high proportion of Chinese-built vessels. In many cases, these fees could amount to approximately 10% of a vessel’s value, meaning after just 10 US port calls, operators of these vessels would face severe financial consequences.

Conversely, fleets composed of non-Chinese-built vessels, such as those operated by the five companies within the Vafias Group, stand to gain a competitive advantage. The Vafias Group, comprising US-listed StealthGas, Imperial Petroleum, C3is Inc, and private firms Stealth Maritime and Brave Maritime, controls 94 vessels, all built outside China. "We may be the only company in Greece and Europe with a fleet of this size and no exposure to China," Mr Vafias said.

“If these measures are implemented, it will give us a significant advantage over our competitors,” he stated. The Greek shipowner further explained the policy could create a two-tier market, where vessels built in South Korea and Japan would see increased demand and higher valuations, while Chinese-built ships would decline in value.

When asked whether Japanese and South Korean shipyards could compensate for the potential shortfall in Chinese-built tonnage, Mr Vafias noted the answer depends largely on cost. While South Korean shipyards do have available berths, their pricing is considerably higher, influencing investment decisions.

“In any case, we believe there is a significant quality difference between tonnage built in China versus South Korea and Japan. That’s why we’ve chosen to build our ships there, and now this decision may work to our advantage,” he added.

Tariff impact

The US administration has recently escalated trade tensions, with President Donald Trump confirming new 25% tariffs on imports from Mexico and Canada while doubling duties on Chinese goods to 20%. In response, China has announced retaliatory tariffs of 10%-15% on select US imports, effective 10 March.

Mr Vafias believes the US tariffs will have a positive effect on the tanker market, as longer trade routes will likely emerge as a result of shifting supply chains. “If it becomes less beneficial for the US to import oil from Mexico, it will seek alternative suppliers from more distant locations, increasing tonne-mile demand,” he explained.

However, these tariffs could negatively impact the container freight market, given the high trade volumes exchanged between the US and China.

Growth trajectory

Meanwhile, the Vafias Group continues to expand its fleet through selective acquisitions. Brave Maritime, the group’s dry bulk arm, recently purchased its 20th bulk carrier in two years. According to shipbroking sources, the Greece-based company was the successful bidder for Dream Star, a 2014-built (in Japan), 81,782-dwt Kamsarmax bulk carrier fitted with scrubbers. Reports indicate at least five buyers had competed for the vessel. With this latest acquisition, Brave Maritime now owns a fleet of 32 bulk carriers.

A key advantage of the five shipping companies within the Vafias Group is their strong financial position, particularly their lack of debt. In StealthGas’ recent Q4 report, Mr Vafias highlighted the company is now net-debt free, having significantly reduced its debt in the current quarter.

Among the Group’s three US-listed entities, StealthGas currently owns 31 LPG carriers with a total capacity of 349,170 m³. Imperial Petroleum operates a fleet of 12 vessels, including seven MR product tankers, two Suezmax tankers, and three Handysize bulk carriers, with a total capacity of 751,000 dwt. Additionally, the company has contracted to acquire seven more bulk carriers, adding a further 443,000 dwt of capacity. Finally, C3is Inc owns four vessels – three Handysize bulk carriers with a combined capacity of 97,664 dwt and one Aframax oil tanker with a cargo capacity of approximately 115,800 dwt – bringing its total fleet capacity to 213,464 dwt.

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Highlighting on the major developments and economic results of 2024 the Nasdaq listed company Seanergy Maritime Holding Corp. reported a record full year profitability of $43.5 million.

The company’s fleet TCE outperformed the Baltic Capesize Index (“BCI”) by 27% in Q4 2024 and by 11% in FY 2024.

During 2024 the company acquired two Japanese vessels, the M/V Meiship, a 2013-built Newcastlemax and the M/V Blueship, a 2011-built Capesize, through a 6-month bareboat with purchase obligation.

The company granted a new $53.6 million sustainability-linked loan facility.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “We are pleased to announce another strong quarter for Seanergy, underscoring the benefits of our strategic focus on the Capesize segment. Our robust hedging strategy resulted in the Company significantly outperforming the broader Capesize market, even amid seasonal year-end softness. Our fleet-wide daily TCE of $23,179, exceeded the BCI average of $18,300 by 27%, resulting in net income of $6.6 million for the fourth quarter of 2024. This strong finish capped off a record-breaking year, during which we achieved net income of $43.5 million, with a full-year daily TCE of $25,063, which is 11% above the BCI average of $22,593. “Our disciplined commercial strategy and efficient operations allowed us to generate substantially superior results compared to industry peers, validating our exclusive focus on Capesize vessels. Unlike smaller dry bulk segments—where orderbooks have increased substantially—the Capesize orderbook remains at historically low levels, positioning this segment for potential outperformance over the long term. “Our estimate for Q1 2025 TCE is approximately $13,400 per day, which reflects seasonal Capesize market softness but remains 44% above the year-to-date BCI average of approximately $9,300 per day. Meanwhile, our fixed-rate charters at $22,100 per day continue to significantly outperform spot levels, and with rising forward freight agreements (“FFAs”), we anticipate a stronger market in the second half of 2025. “In line with our stated growth strategy, we executed targeted fleet expansion while maintaining a healthy balance sheet and rewarding shareholders with strong capital returns. We declared total dividends of $0.76 per share for 2024, representing a robust annualized dividend yield of approximately 11%3 . In addition, during the fourth quarter, we repurchased 226,826 shares at an average price of $9.44 per share, further enhancing shareholder value. “Since the second quarter of 2024, we have committed to invest $138.0 million in four high-quality Capesize vessels, bringing our proforma fleet to 21 units, or 3.8 million dwt. This strategic expansion further strengthens our profitability and cash flow generation potential, allowing us to continue capitalizing on the strength of the Capesize market. Importantly, we closed the year with a loan-to-value ratio of approximately 45%, underscoring our financial sustainability and prudent capital management in a volatile macro environment. “The Capesize market continued to outperform smaller dry bulk segments in 2024, driven by a favorable supplydemand balance. Fleet growth was limited to just 1.7%, while seaborne iron ore, bauxite, and coal shipments increased substantially. Brazilian iron ore exports surged annually by approximately 6%, and Guinea’s bauxite exports grew by over 15%, reinforcing the trend of increasing ton-miles, which directly benefits Capesize companies like ours. “Looking ahead to 2025, Capesize fleet growth is projected to slow further to 1.4%, setting the stage for an even tighter supply-demand balance. While the start of the year saw seasonal weakness, spot rates and FFAs have 3 Based on the closing price of March 3, 2025. 3 risen sharply in recent weeks, pointing to a strengthening market in the months ahead. Vessel values have remained firm, which is a sign of industry confidence in the Capesize sector’s long-term fundamentals. “We believe that the long-term outlook for Capesize demand is robust, driven by rising Atlantic Basin iron ore and bauxite exports, a historically low orderbook, and tightening environmental regulations that are expected to restrict Capesize supply further. A key catalyst is the long-anticipated Simandou iron ore project in Guinea, which is set to commence exports in 2025 and is expected to significantly boost ton-mile demand further. At the same time, global energy needs continue to surge, particularly in emerging economies, as technology-driven industries such as AI, data centers, and semiconductor manufacturing require significant base-load power. Despite the energy transition, coal remains essential to the global power mix, supporting sustained Capesize demand as Asia ramps up imports. “As a pure-play Capesize company, Seanergy remains uniquely positioned to capitalize on these long-term market tailwinds and to deliver consistent, superior returns to shareholders.”

Seanergy Maritime Holdings Corp. is listed on Nasdaq Capital Market and operates a fleet consists of 21 vessels (2 Newcastlemax and 19 Capesize) with an average age of approximately 13.7 years and an aggregate cargo carrying capacity of approximately 3,803,918 dwt.

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For the first time in history, the Women’s International Shipping and Trading Association (WISTA) International Board will hold its mid-term meeting in India. This landmark event underscores WISTA's dedication to fostering diversity, inclusion, and leadership in the global maritime, trading, and logistics sectors.
To commemorate this historic occasion, WISTA India is hosting its first WISTA International EXCO Conference, titled "Navigating Change: The Future of Sustainable Shipping," on 9th April 2024. This conference will explore the maritime industry's critical challenges and opportunities, particularly in driving environmental sustainability. Leaders, innovators, and professionals from around the globe will come together to discuss cutting-edge strategies, share insights, and collaborate on transforming maritime operations into greener, more resilient systems.

Summiit Cheema Sharma, WISTA India President expressed her thoughts on the event, stating: "It is an honour and a privilege for WISTA India to be hosting its first WISTA International ExCo mid-term conference in India. India is the ideal venue for such an event, as the economy is swiftly transitioning to sustainable shipping by using renewable energy, alternative fuels, and other technologies to reduce emissions. India has plans to set up a Maritime Development Fund to help manufacture green vessels and ports. It has already undertaken green shipping under government policies such as the National Biofuel Policy and Methanol Policy, so it is set to create a future that is sustainable and facilitates global seaborne trade.

“I am excited and look forward to welcoming our WISTA International ExCo Board Members, our overseas guests, speakers, and participants from all over India. We anticipate a memorable event, with rich insights, takeaways, and action plans for a sustainable future in global shipping."

Elpi Petraki, President of WISTA International, emphasized the significance of this event, stating: "India is a vibrant hub for the maritime industry, and it is an honour for the WISTA International Board to meet here for the first time. This visit highlights the vital contributions of women in maritime and reaffirms our dedication to advancing diversity and inclusion worldwide."

The conference serves as a platform to celebrate and amplify the pivotal role women play in shaping the future of maritime sustainability, while also charting a course for a more inclusive and greener industry.

WISTA International: Formed in 1974, the Women’s International Shipping & Trading Association (WISTA International) is a global organisation connecting executives and decision-makers around the world. WISTA International serves as a connector for its network of more than 5,200 professionals from all sectors of the maritime industry.

Today, National WISTA Associations (NWAs) are active in 62 countries, providing in-country and regional networking, business and skill-building opportunities, corporate visibility, and facilitating relationships within the industry. Each NWA is a member of WISTA International, which guides and cooperates with national associations on upholding the values and aims, and achieving the objectives agreed at the international association’s AGM.

Image: WISTA International Executive Committee

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The 8th Posidonia Sea Tourism Forum (PSTF 2025) is set to bring together an elite assembly of global cruise industry leaders in Heraklion, Crete, on 6-7 May. With the strong support of the Region of Crete and the Heraklion Port Authority, this premier event will convene executives from the world’s major cruise lines, industry associations, destinations and maritime tourism authorities from Greece and the Eastern Mediterranean to engage in high-level discussions on the evolving landscape of cruise tourism. The forum will address a broad spectrum of industry challenges and opportunities, shaping the future of sea tourism in the region.

Theodore Vokos, Managing Director of Posidonia Exhibitions S.A., the Forum’s organiser, said: “Over the next three years, 40 new cruise ships will be delivered, adding another 90,000 berths to global capacity. With the East Med becoming more important to the industry due to plans for increased ship deployment in the region, it is natural that all major and niche cruise lines will want to be in Crete for PSTF 2025.”

Over the course of two days at the state-of-the-art Mikis Theodorakis Convention Centre, key decision-makers will explore strategies for ensuring the long-term sustainability of the region’s most sought-after destinations. Already confirmed speakers include: Chris Theophilides, CEO, Celestyal, Theodora Riga, President, MedCruise

Gianluca Suprani, Sr. Vice President, MSC Cruises, Elisabetta De Nardo, Sr. Vice President, Global Port Relations & Commercial Services, MSC Cruises, Manolis Alevropoulos, Vice President, Marine Operations, Celebrity Cruises | Royal Caribbean Group, Alessandro Carollo, Associate Vice President, Government Relations, Royal Caribbean Group, Ana Karina Santini, Associate Vice President, Int. Destination Development, Royal Caribbean Group, Sandi Weir, Sr. Director, Global Government Relations & Public Affairs, Norwegian Cruise Line Holdings, Spyros Almpertis, Vice President, Port and Destination Operations, Guest Port Services, The Ritz-Carlton Yacht Collection, Alexander Bieniek, Vice President, Marine Operations, Star Clippers, Filippos Venetopoulos, CEO, Variety Cruises, Kyriakos Kotsoglou, Vice Governor, Tourism, Region of Crete, Ioannis Anastasakis, Vice Governor, Climate Change and Urban Mobility, Region of Crete, Samuel Maubanc, Director General, CLIA Europe, Marcus Puttich, Director, Destinations, TUI Cruises, Ligia Balea, Product Manager, Shore Excursions, Carnival Cruise Line, Adria Bono, Director, Destination Experiences, Crystal Cruises, Michele Bosco, Manager, Shore Excursions and Operations, Princess Cruises, Isabelle Côté, International Terminal Operations-Management Consultant, Virgin Voyages, Lars Clasen, CEO, Cruise Saudi

Minas Papadakis, CEO, Heraklion Port Authority S.A., Loukas Sigalas, CEO, Minoan Lines, Aziz Gungor, Regional Director, East Med Ports, Global Port Holdings, Ioannis Pappas, Director, Med Region & EU Sustainable Destinations, GSTC.

On Day One, discussions will focus on striking a balance between growing passenger demand and responsible tourism management, as well as fostering collaboration to introduce cruise travellers to emerging ports with marquee potential. With sustainable sea tourism at the forefront, the forum aims to shape a resilient and forward-thinking cruise landscape for the region.

Elisabetta de Nardo, Senior Vice President, Global Port Relations & Commercial Services, MSC Cruises, highlighted the forum’s significance: “The Posidonia Sea Tourism Forum is a fantastic opportunity to exchange the knowledge that can help inform and shape our continued growth path. It is in the interests of all cruise lines, ports, destinations, and other tourism industry stakeholders to ensure we work together to address the issues facing us in the Mediterranean, such as ensuring frameworks are in place for the introduction of OPS, and the work underway to mitigate overcrowding, an issue of particular focus in the host nation, Greece. As Europe’s leading cruise line, MSC Cruises is committed to a co-operative approach towards responsible tourism, ensuring we meet the needs of our guests while protecting the destinations we visit and the marine environment on which we rely.”

One of the must-attend panel discussions on the opening day of PSTF 2025 is the "Small Ships" Panel, introducing a dynamic and rapidly growing market segment to the region. With increasing interest from major hotel conglomerates in ultra-luxury small cruise ships, this panel will explore how these vessels - perfectly suited for the Aegean Sea and Eastern Mediterranean - are reshaping the cruising experience.

Attendees will gain insights into how small cruise ships offer a more intimate and personalised onboard atmosphere, along with greater flexibility in itinerary design, allowing access to smaller, off-the-beaten-path ports. Industry experts will discuss the demand and future construction of these ships, operational challenges in serving remote destinations, and key factors that set this niche apart from mainstream cruising.

Spyros Almpertis, Vice President Port and Destination Operations at Ritz-Carlton Yacht Collection, commented: “We believe that the East Med will play a crucial role in our future plans, as we aim to provide our guests with unique opportunities to explore lesser-known ports while enjoying the highest standards of luxury. The PSTF 2025 is an invaluable forum for connecting with industry leaders and stakeholders. It provides opportunities for dialogue around sustainability, innovation and the future of the maritime industry - values that resonate deeply with the Ritz-Carlton brand. We are excited to introduce our new yacht collection to this dynamic region and are committed to delivering exceptional service while promoting responsible tourism practices that support local communities and preserve the delicate marine environment.”

The event’s dynamic exhibition floor will provide a prime networking space for regional destination stakeholders to connect with itinerary and excursion planners, as well as leading cruise industry executives keen to engage with both established and up-and-coming destinations looking to leverage the sector’s rapid expansion.

Chris Theophilides, CEO of Celestyal, a regular PSTF participant, shared his vision: "The Central and Eastern Mediterranean remains a core region for Celestyal, with our beloved Iconic Greek Islands, Idyllic Greece, and Heavenly Greece, Italy & Croatia itineraries. Coupled with our fleetwide year-round operations now in place, we are excited to present our upgraded brand, enhanced services, and expanded itineraries. Our investment in both our fleet and guest experience underscores our commitment to delivering exceptional, destination-rich cruises. With our recent expansion into the Arabian Gulf, offering new year-round itineraries, we are thrilled to bring Celestyal’s signature experience to even more travellers. The Posidonia Sea Tourism Forum is a great opportunity to connect with industry partners, explore new collaborations, and showcase our vision for the future. I am looking forward to meeting industry peers, partners, and local authorities to discuss the exciting opportunities ahead.”

Sponsors for the 2025 PSTF include: Diamond sponsor Heraklion Port Authority, Gold sponsors Region of Crete and Hellenic Organisation of Cultural Resources Development (ODAP), Silver Sponsor Piraeus Port Authority, Bronze sponsors Celestyal, Heraklion International Airport and Kyvernitis Travel Group, Sponsor Thessaloniki Port Authority, Official Airline SKY express, and is organized under the auspices of the Ministry of Maritime Affairs & Insular Policy and the Ministry of Tourism, and is supported by the Hellenic Chamber of Shipping, the Cruise Lines International Association (CLIA), the Association of Mediterranean Cruise Ports (MedCruise) and the Union of Cruise Ship Owners & Associated Members of Greece. 

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Costamare Inc. intends to spin-off the Company’s dry bulk business into a standalone company, Costamare Bulkers Holdings Limited. The planned spin-off will result in two separate, publicly traded companies:

• • Costamare Inc. will remain a global container shipping provider, retaining the owned container vessels and Neptune Maritime Leasing Limited businesses
• • Costamare Bulkers Holdings Limited will be an international owner and operator of dry bulk vessels and will hold the owned dry bulk vessels and the CBI operating platform.

The Costamare Inc. board believes the proposed separation will unlock the inherent value within the two companies, which have unique growth prospects and investment opportunities. The separation is expected to provide compelling benefits for all stakeholders, including:

• • Improved financial flexibility to pursue distinct operating priorities and strategic initiatives focused on the container and dry bulk shipping markets, respectively
• • Enabling management teams of both companies to enhance focus on individualized opportunities for long-term growth and profitability
• • Two separate, pure-play investment opportunities for different investor bases
• • A simplified structure with separate, focused balance sheets and capital allocation strategies tailored to each business driving operating efficiency and value creation

Shares of Costamare Bulkers Holdings Limited are expected to be listed on the New York Stock Exchange. Costamare Inc. is targeting to complete the spin-off as soon as practicable this calendar year, subject to various conditions, including regulatory approvals and obtaining the final approval of the Costamare Inc. board of directors. However, there can be no assurance that a separation transaction will occur, or if one does occur, of its terms or timing. While no definitive decision has been made, the spin-off is expected to be completed via a pro rata distribution by Costamare Inc. of all of the shares it owns of Costamare Bulkers Holdings Limited to Costamare Inc. shareholders based on a distribution ratio that is set at the time the distribution is formally declared.

Advisors Morgan Stanley & Co. LLC is serving as financial advisor to Costamare Inc. and Cravath, Swaine & Moore LLP is serving as legal counsel.

Costamare Inc. is one of the world’s leading owners and providers of containerships and dry bulk vessels for charter. The Company has 51 years of history in the international shipping industry and a fleet of 68 2 owned containerships, with a total capacity of approximately 513,000 TEU and 38 owned dry bulk vessels with a total capacity of approximately 3,016,000 DWT (including one vessel we have agreed to sell). The Company also has a dry bulk operating platform (CBI) which charters in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions. The Company participates in a leasing business. The Company’s common stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock trade on the New York Stock Exchange under the symbols “CMRE”, “CMRE PR B”, “CMRE PR C” and “CMRE PR D”, respectively.

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Hellenic Environmental Center S.A. and Oil One S.A. won the first “best practice” award in the category Corporate Social Responsibility for the environment, in the context of their participation in the International Exhibition for Environmental Technologies – Verde.tec.

“At the Hellenic Environmental Center, with one of the most modern environmental and innovative facilities in the world and committed to environmental protection and sustainable development, we have moved to minimize our environmental footprint, promote the circular economy, and strengthen social responsibility. By adopting circular economy practices such as reducing waste produced, reusing materials and promoting recycling,” said Ms. Georgia Reppa, Oil Engineer Research & Development Manager of HEC, on receiving the award.

In order to communicate and share this commitment, HEC invites young people to visit the facilities and discover the company’s innovative green practices.

“These tours provide a unique opportunity to see the transition to a circular economy and through these interactive experiences, we aim to inspire and raise awareness among the younger generations about the importance of environmental sustainability and to discover with us how we can invest in the future of our planet”, Ms Reppa said.

Organisation of visits and guided tours

The two companies believe that informing and educating the younger generations is a key factor in promoting environmental awareness and sustainability. With this in mind, they regularly organise visits and guided tours of their facilities for schoolchildren and students.

These visits offer a unique opportunity for young people to get in touch with the practices and initiatives taken by companies to protect the environment. “Through this practical experience, they can better understand the challenges and solutions applied in the real world”, it is noted and stressed:

“The interest and response of students and pupils has exceeded all expectations. Last year alone, more than 600 young people visited us, having the opportunity to learn more about our environmental practices. This gives us hope that the next generation will continue to champion the principles of sustainability and environmental responsibility.”

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Tel.: +30 210 45.22.100, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

On Wednesday, February 26th, The Propeller Club Port of Piraeus hosted a special event dedicated to the long-standing partnership between Greece and South Korea in shipping, at the Yacht Club of Greece.

The keynote speaker, His Excellency, Ambassador of the Republic of Korea to the Hellenic Republic, Mr. Ju-seong Lim, delivered an inspiring speech on the strong friendship and close cooperation between the two nations in the shipbuilding sector. The Ambassador was introduced by Mr. Andreas Spertos, Executive Vice President of Maran Gas, who also shared his valuable insights from his extensive experience working with South Korean shipyards.

A highlight of the evening was the recognition of MARTECMA for its 25 years of outstanding contributions to the industry.

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.