As the global shipping industry celebrates World Maritime Day with its central theme of “MARPOL at 50”, the International Association of Dry Cargo Shipowners (INTERCARGO) has stressed its commitment to the full implementation of MARPOL regulations onboard dry bulk carriers.
Introduced in 1973, The International Convention for the Prevention of Pollution from Ships (MARPOL) is the main international convention covering prevention of pollution of the marine environment by ships from operational or accidental causes.
INTERCARGO is committed to international efforts to protect our marine environments. The dry bulk sector is arguably the most efficient cargo carriage mode on earth. INTERCARGO members are expected to fully comply with global environmental and anti-pollution regulations and go beyond them by adopting best practices and demonstrating operational excellence in setting the standards for industry-wide environmental protection.
Actively participating at the International Maritime Organization, where it has held NGO status since the early 1990s, INTERCARGO is at the heart of global efforts to create a safe, efficient, high quality and environmentally friendly shipping industry. 
For an overview of INTERCARGO’s work in relation to the UN Sustainable Development Goals (UN SDGs), please watch our Association’s videos on “Dry Bulk Shipping: Sustainably serving the world’s essential needs’  Click here to view.

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The Swedish Club celebrated its move into new, larger premises in Athens, offering the Greek shipping community a warm welcome at its Inauguration and Open House. Owners, brokers and the Club’s business partners toasted the new offices and enjoyed the Club’s hospitality.
Conveniently located in Paleo Faliro, the Club’s new Greek offices are larger than its previous home.  Ludvig Nyhlén, Area Manager for Team Greece explained: “This has been a very positive step for Team Greece and we are delighted to see that the move has been so warmly received. Our team in Greece is expanding and we had grown out of our old offices. The majority of our members are based across Athens, and this new location gives us the best of both worlds, enabling us to be closer to our members in the greater area, and yet at the same time remain near our friends in Piraeus.” 
Around 400 guests attended the celebration, taking advantage of its balconies and communal areas to enjoy the fine weather. “The numbers attending exceeded our expectations, proving just how accessible our new offices are,” remarked Nyhlén.
Earlier in the day, Thomas Nordberg, Managing Director of The Swedish Club, visited the new offices and congratulated the team on a successful and seamless transition. “I have always been clear as to the importance we place on the Club’s regional offices, and the important work that they do” he said. “Establishing an office in Greece in 1980 was one of the Club’s early steps towards true  internationalisation, and the success of that move has helped make the Club what it is today. This new step in that journey looks to be very successful and I am delighted that the feedback I have heard from our members has been so positive.”
In keeping with Greek tradition, the new offices were blessed by a priest. Father Dimitrios Balkanas gave the blessing – or ‘agiasmos’ – which not only covered the premises but also all who work or live there including the Club’s friends and associates.
The Swedish Club’s new offices are located at 3rd Floor, Building 4, Complex II, 4 Moraitini & Eth. Makariou Street, Paleo Faliro 175 61, Athens, Greece, and all contact numbers remain the same.

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Τhe President, Melina Travlos and the Vice President, Andonis Lemos, met today with the Minister of Economy and Finance, Mr. Kostis Hatzidakis. The meeting was also attended by the Deputy Minister of National Economy and Finance, responsible for Tax Policy, Mr. Harry Theoharis, the General Secretariat of Tax Policy, Ms. Maria Psylla and the General Secretariat of Economic Policy & Strategy, Mr. George - Theodoros Christopoulos. The historical contribution of Greek shipping to the Greek economy and society were discussed as well as the active participation of the Greek Shipping community to the Thessaly crisis.

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On the occasion of the General Assembly of the Cyprus Shipowners’ Union Mr. Andreas Hadjiyiannis President of the Union announced the financial aid amounting to €50 million for the victims of floods and fires in Greece.
The Shipowners’ union president has recently met the President of Greece, Katerina Sakellaropoulou at a dinner where they discussed among others, the advancements required in the maritime industry as well as the challenges the industry in Cyprus is facing.
President, Nikos Christodoulides also attended the event.
There is an alarming trend of adverse deviations in the genetic makeup of modern shipping, Hadjiyiannis noted at the dinner hosted by the Cyprus Shipowners’ Union on Friday in Kifisia, Athens.
He highlighted the European shipping model, with Greek shipping at its core is facing significant challenges.
“The European fleet is shrinking. Out of the 10 ships sold, only 3 are bought by Europeans. Major Western banks, already sensing the decline in European shipping’s competitiveness, are withdrawing their funding. Start-up shipping companies in Europe are on the brink of extinction. The national shipping industry, with its 1000 companies, has already dwindled to less than 600 and has lost its top position, held since the 1950s,” Hadjiyiannis remarked.
He pointed out unfriendly approaches and EU policies regarding the unfavourable taxation of shipping, primarily based on negligible emissions trading related to greenhouse gases.
According to EU and UN studies, he said, “the environmental impact of shipping could be fully compensated if every individual replaced animal-based protein with plant-based protein just once every three months.”
He added that the EU imposes an elimination method, with an estimated cost to the shipping industry ranging from 2.5 to, as he reiterated, 3.5 trillion dollars over approximately twenty-five years.
During the General Assembly, the challenges facing Cypriot shipping were discussed, with the participation of Greek shipowners and Deputy Minister of Shipping Marina Hadjimanolis.
Andreas Hadjiyiannis and Vice President Polys Hajioannou discussed the practical difficulties arising from European decisions and environmental regulations imposed by the ETS, as well as the tax burden on ship ownership due to the decision to horizontally tax emissions in shipping.
For her part, Marina Hadjimanolis elaborated on the strategic actions planned to strengthen the Cypriot registry, which had been weakened due to the Russia-Ukraine war and sanctions. She assured strong commitment from the Christodoulides government to further sustainable development of Cypriot Shipping.
Finally, Andreas Hadjiyiannis expressed the deep sorrow of the maritime community for the human losses and damage caused by the devastating floods, in a written statement by the Cyprus Shipowners’ Union.
He added that the financial assistance is aimed at alleviating the suffering of the affected individuals.

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On Tuesday, September 12, 2023, the General Assembly and the election of a new Board of Governors of the Propeller Club, Port of Piraeus took place.
The 2023 General Assembly and Elections of the International Propeller Club, Port of Piraeus, were held at the impressive Faros Hall of the Stavros Niarchos Foundation Cultural Centre on 12 September 2023.
This was a resounding success with 586 participating members, representing 65% of the membership body. 311 attended in person with the rest participating remotely.
Members of the Election Committee were Yannis Varvitsiotis and Theodora Leka, with Eleftherios Archontis as Chairman.
43 candidates contested 16 seats on the Board of Governors.
3 candidates stood for the 3 positions on the Audit Committee.
10 members of the previous Board were re-elected.
The election results are as follows:

GOVERNORS

• Costis Frangoulis 431 votes
• Danae Bezantakou 233 votes
• Christos Timagenis 188 votes
• Maria Hajioannou 163 votes
• George Margaronis 155 votes
• Dorothea Ioannou 155 votes
• John Cotzias 146 votes
• Sifis Vardinoyannis 146 votes
• Theofilos Xenakoudis 139 votes
• Katerina Stathopoulou 135 votes
• Valentios Valentis 134 votes
• John Belousis 132 votes
• Michalis Dalacouras 114 votes
• Chrysanthi Stefanou 109 votes
• George Kallianis 104 votes
• Panagiotis Zafet 102 votes

DEPUTY GOVERNORS

• Kosmas Makrygeorgos 97 votes
• Irene Notias 87 votes
• Akis Tsirigakis 83 votes

AUDIT COMMITTEE

• Nadia Inglezi 299 votes
• Anacreon Matarangas 246 votes
• Dimitrios Sousoudis 207 votes

The General Assembly was presided over by the President of the Board of Governors, Costis Frangoulis. Christos Timagenis was appointed Secretary of the Assembly. Dimitri Vassilacos, Treasurer, presented the financial results and some projections moving forward.
The financial report for the past two years, the budget for the following term, and partial amendment of articles of the club's statutes were all unanimously approved during the General Assembly and the President's reading of the activity report.
Costis Frangoulis presented Dimitri Vassilacos with a special award recognizing his long service to the Club, having served for five consecutive terms. Mr. Frangoulis thanked Mr. Vassilacos for his important contribution, noting that he has left high expectations for his successor.|
The proceedings included a full account of the impressive achievements of the past two years.
One of the most significant achievements has been the financial strengthening of the Club, coupled with an unprecedented growth in membership.
During his address, Mr. Frangoulis also spoke about the increased social work of the Club, the acquisition of the Club’s new offices in Piraeus, the establishment of the Student Port and the launch of the Hellenic-American Shipping Gala as a second major annual event, along with the AMVER Awards.
During the elections, and while waiting for the results, members enjoyed a light cocktail.
It was a great opportunity for everyone to come together and exchange thoughts and experiences, setting the tone for a new, creative and challenging year.
The first Board Meeting of the new term was held on Thursday 14 September, at the club's offices in Piraeus, where the new Executive Committee was unanimously elected, with Costis Frangoulis serving as President for a third consecutive term.
The new Executive Committee is as follows:

President: Costis Frangoulis
1^st Vice-President: Danae Bezantakou
2^nd Vice-President: George Margaronis
General Secretary: Christos Timagenis
Treasurer: Maria Hajioannou
The remaining 11 Governors of the new Board of Governors are in alphabetical order: John Belousis, John Cotzias, Michalis Dalacouras, Dorothea Ioannou, George Kallianis, Κaterina Stathopoulou, Chrysanthi Stefanou, Valentios Valentis, Sifis Vardinoyannis, Theofilos Xenakoudis, Panagiotis Zafet.
"It is a great honor to continue for a third term as President of the Propeller Club, Port of Piraeus," Costis Frangoulis stated.
"I’m touched by the members’ vote of confidence in me, expressed in such a high percentage of votes, and I am determined that this new, exceptional Board of Governors will advance the Club even further in order to continue its work with enthusiasm and vision."

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Global ocean hull premiums rose in 2022 by 5.7% to reach USD8.4 billion. This was largely due to a combination of growing activity, increased vessel values and reduced market capacity. Claims for the same period remained moderate although early 2023 has witnessed a modest increase. Taken together, this has had a positive impact on overall loss ratios that have enjoyed a downward trend for the past three years with 2022 ratios starting out at the lowest point since 2015.
Despite this relatively good news, inflation is likely to have a significant affect going forward. Ilias Tsakiris, Chair of IUMI’s Ocean Hull Committee explains: “During the post-Covid period, there was a scarcity of materials such as steel coupled with an increase in their demand following the re-activation of global shipping. This was exacerbated by rising inflationary pressure, which has driven up the costs of materials, shipyards, and labour. From an underwriting perspective, inflation has not only been applicable to vessel repairs and claims but also to general office overheads. In the main, the underwriting community has not applied inflationary increases to the premium base and this may lead to a reduction in overall profitability over the coming year or two.”
Aside from inflation, three other key issues are currently demanding attention from hull insurers:

Alternative fuels
Looming 2050 targets for greenhouse gas (GHG) emissions; newbuilding projects focusing on dual-fuel systems; evolving IMO guidelines; and international sustainability initiatives, are the key drivers for the industry’s search for viable alternative fuel technology solutions. In the interim, hybrid technologies such as hydrogen/fossil fuel or ammonia/fossil fuel are likely to be employed until a fully clean and workable solution is developed.
Ilias Tsakiris explains the implications for hull underwriters:  “Emission reduction technologies are inevitably more sophisticated than the current methods of ship propulsion. This will increase the value of the global fleet and, consequently, the level of risk to be covered. The rapid implementation of these technologies aligned with decarbonization and GHG emissions, particularly where new fuel blends may be used with current engines, will give rise to new risks. Adequate regulations will need to be in place to ensure the safety of those who operate the new ships as well as the vessels themselves. Of course, this also means that we need to train the global seafaring work force accordingly.”
He continued: “We must also remember that shipping doesn’t exist in isolation. Vessels call at ports across the globe and adequate infrastructure must be in place to support these new technologies – and that is much easier said than done. The world is not equal and some regions will struggle.”
“Getting to net-zero will require a joined-up effort, not just from the shipping community but also from the many related land-based sectors, including refineries and oil companies. The world must work together if a workable solution is to be achieved.”

Lithium-ion (Li-ion) batteries / electric vehicles (EVs)
Fires on containerships and car carriers are becoming more common and many of these vessels are now carrying li-ion batteries or transporting EVs.
“A notable recent incident in July 2023 was a fire on a Panamanian-registered car carrier the Fremantle Highway off the Dutch coast. Although the cause of the blaze remains unknown, it took days to finally control the fire. Out of the more than 3,700 cars on that ship, nearly 500 of them were electric vehicles”, said Ilias Tsakiris.
A major concern relating to Li-ion batteries is the potential for 'thermal runaway’, a chemical reaction which causes rapid heating, fire and sometimes an explosion. However, fires from EVs are no more common than those from conventional internal combustion engine vehicles. Traditional fuels such as petrol and diesel also carry substantial potential dangers but the maritime industry has acquired sufficient experience to manage those risks effectively and it must do the same for this new technology.
Ilias Tsakiris continued: “Earlier this month, IUMI released a position paper on “Best practice & recommendations for the safe carriage of electric vehicles (EVs)” emphasizing the importance of early fire detection; the installation of drencher and CO2 extinguishing systems; and the establishment of well-defined cargo acceptance protocols. An issue requiring particular consideration is the charging of EVs on ropax vessels, contingent on comprehensive risk assessments and the implementation of appropriate safety measures."

The “dark fleet”
The so-called “dark fleet” is a growing threat for insurers, especially since the invasion of Ukraine and the sanctions regime. The global maritime industry faces significant challenges due to the proliferation of aging vessels, identity-shifting ships owned by dubious entities, and questionable classification societies. These trends also raise concerns about potential criminal activities and money laundering. Issues of accountability and traceability in accidents involving the dark fleet and responsibility for wreck removal, pollution response, ship-to-ship transfers of oil, and compensation for victims all remain unclear. Many report that Russia is managing to bypass insurance regulations, with approximately 20% of the global tanker fleet avoiding sanctions. It is worth mentioning that the sanctions and the invasion of Ukraine have driven certification providers, engine-makers, and insurers away from sanctioned oil carriers, at the cost of further reducing oversight.
“There were eight incidents involving sanctioned oil tankers reported in 2022, including the destructive explosion of the aframax tanker Pablo which caught fire in Malaysian waters in May and left three crew members missing”, said Ilias Tsakiris. “Because this ship was part of the 600-strong “dark fleet”, salvors were not able to board. Fortunately, there was no other vessel involved but had this been a collision, or a ship-to-ship transfer, it would have been a completely different story. As it stands, the burnt-out wreck remains at anchor and the owners are impossible to contact, leaving the authorities with a significant headache.”
At the IMO, the Legal Committee noted that a global fleet of between 300 and 600 tankers, primarily comprised of older ships, including some not inspected recently, operating with AIS transponders turned off, having substandard maintenance, unclear ownership and a severe lack of insurance, is currently operating as a “dark fleet” or “shadow fleet” to circumvent sanctions, increasing the risk of oil spills and collisions.

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LNG dual fuel powered very large crude carrier (VLCC) Antonis I. Angelicoussis is now certified by the Green Award Foundation. The Greek-flagged ship is the first LNG dual fuel VLCC to join the Green Award programme. The certification includes the Green Award greenhouse gas labels CO₂ (level 1) and CH₄. The 330-meter-long and 60-meter-wide tanker, with a DWT of 320,916 tons, sets a course in its sector towards energy transition.
The Antonis I. Angelicoussis is managed by Maran Tankers Management, the oil shipping arm of Greece’s Angelicoussis Group (over 140 ships). The Angelicoussis Group has been participating in the Green Award programme for over 27 years. In recent years three Maran Tankers managed oil tankers were certified by Green Award, as well as four LNG tankers operated by sister company Maran Gas Maritime.
Earlier this year the Antonis I. Angelicoussis was delivered to Maran Tankers Management, followed by sisterships Maria A. Angelicoussis, Maran Danae and Maran Dione in recent months. All four LNG dual fuel ships, built by Samsung Heavy Industries in South Korea, are part of Maran Tanker’s fleet expansion programme, which also includes eight new build LNG dual fuel Suezmax tankers on order. It is worth noting that these four VLCCs are the lowest emission most environmentally friendly in the world today.
The Green Award Foundation recognised the potential of LNG to bring immediate emissions reduction versus conventional fuel oil, with the option to evolve towards net zero emission through the use of bio- or synthetic LNG. For that we’ve introduced in 2022 special greenhouse gas labels to strengthen Green Award’s approach towards decarbonisation and emissions reduction within our mission to recognise ships that take roles as front-runners.
Green Award certified ships can benefit from financial and non-financial incentives awarded by ports, service providers and suppliers. For oil tankers 37 ports give discounts on port dues, ranging from 3 to 15 percent. In total the Green Award seagoing programme is supported by over 180 incentive providers worldwide.

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Large scale changes identified in report include key ports becoming unusable due to climate change, a surge in the percentage of women in the workforce, and African nations becoming the world’s main suppliers of seafarers.

The maritime industry must improve its forecasting to prepare for a range of possible futures, according to its leading classification society.
Lloyd’s Register and Lloyd’s Register Foundation have called on shipowners and other supply chain stakeholders to increase their ability to deal with significant changes and possible future scenarios - developed in a new report presented at London International Shipping Week today.
The report, “Global Maritime Trends 2050”, authored by Economist Impact, is part of a new joint multi-year Global Maritime Trends programme between Lloyd’s Register and Lloyd’s Register Foundation.
Significant changes the report identified include:

Some of the world’s largest ports becoming unusable due to sea level rises.

• The IPCC estimates that sea levels are expected to rise by 0.29m to 0.51m by 2100 in a business-as- usual scenario. 
• The report shows that a 40cm rise by 2050 could possibly render the ports of Houston (US) Shanghai (China) and Lázaro Cárdenas (Mexico) unusable.

African nations becoming dominant sources of labour supply to the industry.

• The IMF has forecasted that Africa will have the world’s youngest median age by 2050, at just 25. 
• As other regions face increasingly ageing populations, Africa will buck the trend. For industries like shipping, this means that new recruits may increasingly come from African countries, potentially supplanting traditional strongholds in Asia. 

Women making up 25% of seafaring workforce by 2050 due to technological advancements

• In 2021, women accounted for less than 2% of the global seafaring workforce, according to the latest BIMCO/ICS Seafarer Workforce Report.
• But a technology-driven energy transition could see this rapidly increase by mid-century.
• By 2050, the need for more tech-savvy ship managers could enable more women to take on managing positions on land and at sea, as increasingly autonomous ships and systems call for oversight and monitoring rather than intensive manual labour. 

The report analysed likely future scenarios for shipping in 2050, based on the speed of technology adoption and the level of global collaboration, to help the industry forecast risks, opportunities, and required investment. 
It was presented at an event at The Gherkin during London International Shipping Week.
Nick Brown, CEO of Lloyd’s Register, said that the report and the wider programme which will help benchmark some of the findings, represented an excellent opportunity to prepare for change and take action. He commented:
“Other industries are much better at forecasting. The financial sector, for example, has a deep understanding of potential future scenarios and how to prepare for them, but shipping lags behind.
“From tackling the energy transition to sourcing the next generation of seafarers, we’ve allowed uncertainty to delay action for too long. Now we’ve created a way for the industry to get a much better idea of the future. It’s time for them to get on board.”
Ruth Boumphrey, CEO, Lloyd's Register Foundation, added: “Shipping is deeply intertwined with geopolitical and macroeconomic challenges. Ships deliver 80% of the world’s trade and disruptions are felt acutely across the globe. 
“Amid global supply chain uncertainties, the urgent need to decarbonise, the integration of new technologies, concerns about human rights and safety at sea, and the future of labour supplies, it’s crucial that those in the shipping industry do everything in their power to anticipate, mitigate, and overcome these challenges without causing harm elsewhere.”
The Global Maritime Trends 2050 research programme will include a series of ‘deep dive’ reports in which Lloyd’s Register and Lloyd’s Register Foundation will commission expert organisations to examine what is needed to create a safe and sustainable maritime sector, in the face of geopolitical, macroeconomic, technological, and other societal shifts. 

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Leading international catering management provider MCTC has revealed a brand-new look for the company as it embarks on its second decade in business with the vision to continue raising the standards of the catering maritime industry.
MCTC is revealing its new-look logo and website, alongside its plans for continuity and strategic growth following a period of significant growth and expansion, as the industry continues to prioritise the health and wellbeing of seafarers.
International company MCTC provides the full spectrum of catering management services to vessels, from recipe planning, ordering provisions, and budgeting, along with a range of catering and nutrition training courses for galley staff. It also promotes a healthy lifestyle with fitness and mental health initiatives.
Although the company is embarking on the next stage of its journey with a brand-new look, its values of innovation, health and nutrition and excellence, remain unchanged. MCTC is continuing with its vision to improve catering standards onboard and offering a holistic approach to its customers through catering management, training, and wellbeing initiatives.
The new logo incorporates colours that represent strength and elegance, with the bold lettering representing stability and unwavering commitment to its customers. Having already been in business for more than 10 years, MCTC has demonstrated its strength in overcoming challenges with determination. The logo also includes a nod to its Greek heritage with use of Greek font for the small M and C lettering.
Building upon its rich experience and expertise, MCTC will continue to expand its service offerings, cater to emerging market needs, and embrace technological advancements. It will ensure it remains a valuable resource for clients, providing them with the latest insights and innovative solutions for their onboard catering needs.
Looking ahead to the future, MCTC Group CEO Christian Ioannou said: “MCTC is delighted to be revealing our new look and exciting plans for the future. Investing in our crews has never been more important in attracting our new generation of seafarers to the industry.
“Over the next five years, industry attitudes towards health and nutrition are expected to undergo significant shifts. With increased awareness about the importance of overall wellbeing, there will be a greater emphasis on preventive healthcare, personalised nutrition plans, and holistic approaches to health. The industry will witness a growing demand for more natural products and sustainable practices. MCTC is well-positioned to capitalise on these trends and cater to the evolving needs of its clients, driving positive change in the maritime industry.”
Sustainability has long been part of MCTC’s vision. With current campaigns including reducing the use of single-use plastics and encouraging crews to introduce invasive species onto their menus, MCTC plans to continue with its green agenda and encourage companies and crews alike to adopt sustainable practices.
As the health sector in the maritime industry continues to flourish and evolve, MCTC anticipates further growth for the company from various sources, including plans to continue strengthening client relationships and deliver exceptional results. It is also looking to tap into new markets by leveraging its expertise and expanding its service portfolio. Additionally, strategic partnerships and collaborations will further contribute to MCTC's future growth, enabling it to reach new heights.
Click here to see MCTC’s new look website.

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Capital Gas Ship Management Corp. orders the world's first two 88,000 CBM (㎥) very-large ammonia carriers (VLAC) with KSOE. The innovative vessels will be constructed at HD Hyundai Heavy Industries in Ulsan and are scheduled to be delivered by the second half of 2027.
These state-of the-art vessels distinguish themselves from conventional very-large gas carriers as they are designed with significantly increased ammonia loading capacity in the cargo tanks, allowing them to carry ammonia up to 98% of cargo tank capacity.
At the same time, this new investment marks another landmark for the Capital Group and its strategic commitment to build a trailblazing fleet that will play a leading role in the global decarbonization effort.
Laying the foundations for the "energy transition", Capital is currently implementing one of the largest and most diversified shipbuilding programs of 59 newbuildings with delivery dates extending from 2020 to 2027 including the order of the world's first two innovative liquefied CO2 (LCO2) 22,000cbm carriers expected to be delivered in 2025-2026.
The signing ceremony took place during the 'Gastech 2023' event held in Singapore, whereby KSOE signed contracts for the world's first four 88,000 CBM (㎥) VLACs with Capital Gas and Singapore's Eastern Pacific Pte Ltd (EPS). Furthermore, Capital Gas and EPS have agreed with Hyundai to explore the possibility for this series of vessels to be equipped with an ammonia dual-fuel propulsion system, which could reduce the vessels’ carbon footprint to zero.

Capital Gas Ship Management Corp
Capital Gas Ship Management Corp. ("Capital Gas") is a ship management service provider, currently operating a fleet of 21 modern LNG Carriers, 2 pioneering LCO2 carriers and 2 dual fuel VLACs (Very Large Ammonia Carriers) with a total carrying capacity of approximately 3.18 million cbm. The fleet under management includes vessels of Nasdaq-listed Capital Product Partners L.P.

Image: From left to right: Mr. Jerry Kalogiratos, CEO, Capital Product Partners L.P., Mr. S.Y. Park, Senior Executive Vice President/Chief Operating Officer of Group Ship/Offshore Marketing Division, HD Hyundai Heavy Industries and Mr. Cyril Ducau, CEO, Eastern Pacific Shipping Pte Ltd.

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