EcoNavis Solutions has signed an agency agreement with Greece-based company Franman to distribute its Eco Boss Cap technology in Greece, Cyprus and to Greek-interests worldwide. The agreement opens one of the world’s largest commercial shipping fleets to the energy saving device.

The deal was inked after discussions at the Hellenic Institute of Marine Technology, where EcoNavis presented research on the Eco Boss Cap’s performance gains and emissions reductions.

Retrofitted to a vessel’s propeller hub, the Eco Boss Cap improves propulsion efficiency by reducing hub vortex cavitation and optimising water flow. By delivering measurable reductions in fuel consumption and CO2 emissions of between 3% and 5%, the technology supports the global shipping industry’s transition towards more sustainable operations.

Dr. Batuhan Aktas, Managing Director of EcoNavis Solutions, said: “From our first discussions, it was clear that Franman shares our commitment to environmental sustainability. With its network and deep understanding of the Greek maritime sector, the company is the ideal partner to introduce the Eco Boss Cap to the region’s shipowners. Together, we can help shipowners take meaningful steps toward meeting global environmental standards."

Founded in 1991, Franman has established itself as one of Greece’s leading Agents of shipbuilding equipment, parts and services, representing more than 200 international manufacturers. As a one-stop-shop partner, the company has equipped over 5,500 ships and today connects more than 700 shipping companies with trusted suppliers and solutions worldwide.

Franman CEO Costis Frangoulis said: “Since our formation, we have supplied our clients with equipment that is proven to deliver results. The Eco Boss Cap offers a straightforward and effective way for shipowners to improve fuel efficiency, cut emissions and save on operational costs. Our partnership with EcoNavis is an opportunity to contribute to a more efficient and sustainable shipping industry while reinforcing Franman’s role as a trusted bridge between innovation and the Greek fleet.”

The agreement also allows for potential expansion into other European markets through Franman’s wider client base.

With a shared commitment to maritime performance and sustainability, the partnership is expected to accelerate the Eco Boss Cap’s deployment across the region, supporting shipowners in meeting decarbonisation goals without compromising operational efficiency.

Image 1: Costis Frangoulis, Franman CEO

Image 2: Dr. Batuhan Aktas, Managing Director of EcoNavis Solutions

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“Greek Shipping plays a vital role for the European economy”

Focusing on the main features of the Greek fleet and its vital role for the global, European and national economy and society the Union of Greek Shipowners published its 2024-2025 Annual Report providing statistics and insights for the future of the shipping sector.

Greek shipping remains the global leader, with 5,700 vessels. The Greek-owned fleet represents 20% of the global and 61% of the European Union’s fleet. As a dominant maritime nation, Greece contributes decisively to the energy, food and supply chain security of the EU Member States, as well as of the international community. Greek shipowners are also at the forefront of the sector’s green transition, with continuous and significant investments in new vessels, fitted with even more efficient and climate-friendly technologies.

The Report further sets out the UGS’s proposals vis-à-vis major policy developments and challenges for the shipping sector, including:

• • the sector’s energy transition to decarbonisation
  • maritime security
  • EU shipping policy
  • ship financing
  • trade policy
  • human resources

In her address in the Report, the President of the UGS, Melina Travlos, states: “Over the past year, the shipping industry once again navigated waters fraught with economic, environmental, and geopolitical uncertainty, with rising tensions along maritime routes and ongoing threats to freedom of navigation. Yet, in this landscape, Greek shipping honored its responsibility as a leader.

The UGS fostered cooperation across the maritime sector and beyond, as well as the global dialogue for the adoption of realistic and fit-for-purpose policies, with a composed, clear, and strong voice”.

Also, on the international stage of energy transition, we have consistently supported feasible global solutions, rather than unilateral and regional measures that undermine the sustainability of the sector. In this context, the recent agreement at the IMO regarding mid-term measures to reduce Green House Gas emissions from ships has raised serious concerns to the sector. Although the shipping industry constructively participated in the lengthy discussions and negotiations, its pragmatic proposals were taken into account only to a small and certainly not to a satisfactory degree. As the final agreement was the outcome of a balancing act among conflicting interests and a compromise among the different priorities of the Organization’s Member States, it poses significant implementation challenges.

On the European front, it is a fact that the European Union and European shipping are interdependent, as shipping is the bedrock of food and energy security, economic sovereignty, and geopolitical stability for Europe. It is imperative that EU institutions and citizens alike consistently recognize shipping’s irreplaceable role. Competitiveness and decarbonization must be addressed as complementary forces that act in parallel and interact, with the goal of the long-term sustainability of the industry. On the national front, the foremost challenge is safeguarding and advancing our leadership in an ever-evolving global environment. At the same time, maintaining and enhancing our maritime expertise requires respect for the human-centered nature of Greek shipping, strengthening the competitiveness of the Greek flag, and transforming maritime education in line with current demands, as well as emerging digital and technological developments.

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Following a policy of continuous fleet renewal N.Y. listed company TEN ordered two eco VLCCs at Hanwha Ocean in South Korea with an option for an additional unit, to be delivered in 2027 and 2028. Concurrently with these orders, TEN proceeded with the sale of three 2007-built vessels, two handysize product tankers to related party interests as well as an aframax crude carrier to independent third parties. From the divestment of the above-mentioned vessels, TEN generated approximately $60.0 million in free cash and about $9.0 million in capital gains to be reflected in the Company's third quarter financial statements. "TEN continues its goal to address the needs of its clients by building high specification, environmentally friendly vessels while gradually divesting from its first-generation assets,” Mr. George Saroglou, TEN’s President & COO, said. "With responsible fleet growth remaining a core pillar of our tested model, TEN keeps being a one-stop shipping operation for its blue-chip clients,” Mr. Saroglou concluded.

Founded in 1993 and celebrating 32 years as a public company, TEN is one of the first and most established public shipping companies in the world. TEN's diversified energy fleet currently consists of 82 vessels, including eleven DP2 shuttle tankers, two VLCCs plus one option, one scrubber fitted suezmax vessel, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers totaling approx. 11million dwt.

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According to INTERMEPA’s results of its Steering Committee elections held on 29 July 2025 Ms. Semiramis Paliou, Chairperson of HELMEPA (Greece), was unanimously re-elected Chairperson for a further two-year term, and Ms. Sadan Kaptanoglu, President of TURMEPA (Turkey), was elected Vice Chairperson. Mr. George Tsavliris, long-time Chairperson of CYMEPA (Cyprus), will now serve as Former Chairman, providing continuity and counsel.

INTERMEPA, which will celebrate its 20th anniversary in June 2026, unites the national Marine Environment Protection Associations (MEPAs) of Cyprus, Greece, North America, Nigeria, the Philippines, Turkey, Ukraine, and Uruguay. The network collaborates closely to address maritime environmental challenges through shared knowledge, joint initiatives, and global solutions.

Ms. Paliou stated: “Our strength lies in unity. Each national MEPA brings its own initiatives and volunteers, and together we have built a global force for protecting the seas, representing over a million volunteers worldwide, with hundreds of actions, educational programs and awareness initiatives, all delivering measurable results and meaningful impact. We continue this work together, stronger than ever.”

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Nasdaq listed Capital Clean Energy Carriers Corp. continues to expand its activities and perform remarkable operations in the sector of LNG/Cs and container vessels.

According to the Key Quarterly Highlights the company announced:

• Dividend of $0.15 for the second quarter of 2025
• Secured financing for two of our vessels under construction

The Company announced in November 2023 its decision 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 carriers (“LNG/Cs”) (the “Newbuild LNG/C Vessels”) and in June 2024, the Company further expanded its gas-focused portfolio with the acquisition of 10 gas carriers, including four LCO₂/multi gas and six LPG-ammonia carriers (the “Gas Fleet”). Since December 2023, the Company has also completed the sale of 12 container vessels.

The fleet consists of 15 vessels currently in-the-water, including 12 latest generation LNG/Cs and three 13,000 TEU Neo-Panamax container vessels.

In view of the announcement of its financial results for the 2^nd quarter of 2025 Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented: “The second quarter of 2025 marked a period of consolidation, as we continued to build upon the significant progress achieved in the prior quarter toward our strategic objectives. While we have no exposure to the spot LNG market, it is encouraging to see short-term and spot charter rates trending upward. This positive pricing environment, combined with the continued retirement of older LNG carriers, underscores the growing economic cost and regulatory pressures on legacy tonnage. We anticipate this rationalization trend to persist, further reinforcing the long-term value of our latest generation fleet.”

“Looking ahead, our growth trajectory is underpinned by the scheduled delivery of 16 gas carriers—including six latest-generation LNG carriers and ten LPG, ammonia, and LCO₂-capable vessels—over the next three years. We are pleased to have secured financing for two of our newbuilds on attractive terms, significantly de-risking our capital plan. Concurrently, we remain in active discussions with potential charterers for our open vessels and continue to position the Company as a leading U.S.-listed platform dedicated to LNG and broader gas shipping solutions.”

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RINA’s Hellenic Advisory Committee held its much-anticipated annual meeting, bringing together industry leaders, innovators, and policy makers to advance the dialogue on maritime innovation and sustainability. The event showcased the Committee’s continued commitment to addressing the challenges and opportunities facing the shipping industry in Greece and globally.

The event was opened with a welcome speech by George Youroukos, Executive Chairman of Technomar Shipping and Chairman of the Hellenic Advisory Committee, followed by a welcome and opening speech by Carlo Luzzatto, CEO and General Manager of RINA.

Paolo Moretti, CEO of RINA Services, then presented RINA’s growth as a classification society.

The company has continued to grow, becoming the third fastest-growing classification society worldwide in terms of year-on-year fleet growth. RINA’s Greek fleet has experienced significant growth over the past decade, nearly quadrupling its gross tonnage from around 6.2 million in 2015 to over 24.3 million in April 2025, while the number of vessels increased from 291 to 780.

Spyros Zolotas, Marine Vice President South Europe at RINA, commented “RINA’s continued growth and strong presence in the Greek shipping sector reflect the long-standing trust we’ve built through innovation, technical excellence, and a commitment to decarbonization. With nearly 800 Greek vessels now classed under RINA and a growing team of experts in Piraeus, we are proud to support the industry with cutting-edge digital tools, advanced newbuilding projects, and 360° consulting services. Events like the Hellenic Advisory Committee play a vital role by fostering collaboration and knowledge-sharing, ensuring the industry remains aligned with a future that prioritizes sustainability, viability, and safety in shipping”. Then he welcomed Mr. Roberto Cazzulo, who has been serving as Chairman of IACS since 2024, commenting “We are proud to see him in this important role, representing both RINA and the wider industry with distinction.”

Apostolos Zampelas from McKinsey delivered a presentation titled “Trade evolution and what shipping companies can do to win in the era”. Antonis Trakakis, Technical Director at RINA, provided an update on MEPC83 expected impact, which sparked highly constructive debate. RINA’s innovation strategy is built on the belief that collective expertise drives success. As part of this, RINA is establishing Open Innovation Hubs in key global locations actively collaborating with industry, academia, and government to accelerate technology adoption and co-develop impactful solutions.

The Hellenic Advisory Committee meeting concluded with actionable insights and strategic plans aimed at driving transformative change within the industry.

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On 15^th of August the Panama Canal marked 111 years of operations, renewing its commitment to a sustainable future through a water strategy focused on public well-being and an operational vision that enhances the country’s logistical competitiveness.

Since the waterway’s inauguration in 1914, with the historic transit of the steamship Ancón, which, for the first time, connected the Pacific and Atlantic Oceans, the canal has been a driver of Panama’s economic and social development while also a transformer of global maritime trade.

This impact has grown over the past 25 years under Panamanian administration, during which the interoceanic waterway has contributed B/. 28.266 billion in direct payments to the National Treasury, in addition to B/. 15 billion investments in capital projects, operational maintenance, and watershed management.

“In 25 years under Panamanian administration, the canal has doubled its capacity, expanded its locks, and strengthened its security. It has grown from being a strategic passage to a model of efficiency, transparency, and technical commitment. Every dollar generated is reinvested to ensure this artery continues to beat in service to the world while any surplus is contributed towards Panama’s social development,” stated Canal Administrator Ricaurte Vásquez Morales.

Environmental Commitment and Sustainability

The Panama Canal maintains a robust sustainability strategy with a strong focus on decarbonization and climate change adaptation. In line with the International Maritime Organization’s target, it has pledged to achieve carbon neutrality by 2050.

Key actions include specific emission reduction goals and the acquisition of 10 tugboats with hybrid propulsion systems. Today the first two vessels, the Isla Barro Colorado and the Isla Bastimentos, were christened. These vessels significantly reduce emissions, improve energy efficiency, and lower underwater noise, all of which benefits marine life.

In addition to their environmental benefits, the electric motors represent substantial fuel savings and extend maintenance intervals, further boosting operational efficiency.

Social Impact in the Watershed and Progress on the Río Indio Lake Project

The Panama Canal’s sustainable watershed management has benefited thousands of people through socio-environmental programs such as land titling, reforestation, agribusiness, and environmental education.

Within this framework, the project to create a lake in the Río Indio watershed, currently under development, seeks to deliver benefits to local communities by improving their quality of life while helping conserve their environment. The goal is to ensure water security for more than two million Panamanians who rely on the Panama Canal’s lakes. This resource is vital for more than half of the country’s population and its productive sectors including agriculture, industry, education, health, and commerce.

The project is advancing with an integrated approach, incorporating sustainable development plans for watershed communities and environmental safeguards aligned with international best practices, balancing infrastructure development with ecological preservation and respect for the rights of families affected by the project.

Strategic Projects for the Future

With a vision focused on national and regional development, the Panama Canal is promoting four strategic initiatives: An energy corridor, new port terminals, a logistics corridor, and the reinforcement of the water system. These projects are designed to generate long-term value, foster innovation, and solidify Panama’s position as a key hub for global trade and connectivity.

On its 111th anniversary, the Panama Canal reaffirms its role as a driver of sustainable development, committed to Panama, its people, and world commerce.

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Top Ships Inc. spun off two of its tanker vessels into a new publicly-traded company called Rubico Inc. According to the company, Rubico Inc. begun trading on the Nasdaq Capital Market on August 4, 2025, the first trading day after the date of the distribution, under the ticker “RUBI.”

TOP Ships had previously noted that the company intended to distribute 100% of Rubico’s common shares to its security holders of record as of June 16, 2025. A registration statement on Form 20-F has been filed and declared effective. Rubico’s initial assets will include the M/T Eco Malibu and M/T Eco West Coast, each a modern, high-specification, scrubber-fitted, fuel-efficient 157,000 dwt Suezmax tanker.

TOP Ships operates a fleet of technologically advanced, eco-efficient tanker vessels. With a young fleet, the company ensures operational efficiency, reduced environmental impact, and compliance with evolving regulatory standards. Its vessels are employed on time charters with high-quality counterparties, providing strong revenue visibility and stability.

The experienced TOP Ships management team, led by CEO Evangelos Pistiolis and CFO Alexandros Tsirikos, ACA, boasts decades of experience in all aspects of shipping and tanker operations.

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The tanker “IONIC ARIADNE”, managed by the Greek shipping company IONIC and owned by Dimitris Frank Sarakakis, arrived at Skaramagas Shipyards. The ship’s approach to the shipyard was part of her scheduled drydock and 1st Special Survey, in accordance with international maritime rules and safety standards.

According to the company's statements: " It's a great opportunity to work alongside a shipyard with a long-standing tradition and solid track record in quality workmanship. We look forward to further collaborations in the future”.

Skaramagas Shipyards have performed work on at least 55 ships to date, showing a steady upward trend in the shipbuilding services sector. IONIC, which manages a fleet of 7 tankers and 11 bulk carriers (dry cargo ships), with an average age of 6 years, confirmed that its ships are of high quality and that it aims for further collaborations with Skaramagas, practically supporting the revival of the Greek shipbuilding industry.

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ABS Wavesight™, the ABS-affiliated software-as-a-service (SaaS) company, has been chosen by Navios Maritime Partners L.P. to provide a single integrated platform to support compliance with the FuelEU Maritime Regulation and EU Emissions Trading Scheme (ETS) requirements. 

As of January 1, 2025, companies with ships calling on EU ports must collect and report key fuel-related data in preparation for EU submission deadlines. The ABS Wavesight platform offers a seamless experience that automates data reporting and simplifies the process of submitting data for statutory verification to ABS through a convenient API connection.

“Meeting environmental requirements is key for our clients and we are continuing to make strategic investments in digital solutions that help simplify their operations and processes,” said Staci Satterwhite, CEO of ABS Wavesight. “By combining state-of-the-art capabilities from ABS Wavesight such as operational insights, emissions tracking and environmental monitoring, with a simplified connection to ABS for statutory compliance, clients now have a seamless experience.”

"In Navios we continue our ongoing commitment to operational efficiency, environmental responsibility, and the long-term decarbonization of our fleet,” said Mrs. Chara Papaefthymiou, Technical Director - Projects of Navios Maritime Partners L.P. "With ABS Wavesight’s integrated platform, we now benefit from a unified fully digitalized solution that automates our reporting processes, provides on-demand emissions validation and voyage emissions statements, and enables seamless data transmission to ABS for statutory verification.” 

The FuelEU Maritime Regulation and EU ETS are regulatory measures that aim to decarbonize maritime transport in the EU. EU ETS is a market-based measure which sets tank-to-wake emissions limits along with new CO₂ emissions allowances which are continually reduced on a yearly basis. The Fuel EU Maritime Regulation targets the well-to-wake greenhouse gas intensity of a ship’s energy use, introducing three key requirements which include reducing the GHG intensity of the energy used on board, usage of onshore power supply in the main European ports and incentivizing the uptake of renewable and sustainable fuels.

ABS Wavesight is committed to equipping maritime organizations with the tools and integrations needed to navigate an evolving landscape of environmental regulations, rising operational demands, and the drive toward a greener future.

About ABS Wavesight

ABS Wavesight is the ABS Affiliate maritime software as a service (SaaS) company dedicated to helping shipowners and operators streamline compliance while maintaining competitive, more efficient, and sustainable operations. Our mission is to develop world-class software products that improve vessel performance for the health of our seas and environment. Backed by ABS’s 162-year legacy of maritime innovation and experience, our products are collectively installed on more than 3,500 vessels across the global fleet. Learn more about ABS Wavesight by visiting: www.abswavesight.com

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