GRM (Global Risk Management) and Baseblue are thrilled to announce the successful conclusion of the “Navigating the Seas of Change” conference held in Piraeus on June 28, 2023.
The event brought together an exceptional gathering of industry experts, analysts, and professionals, resulting in valuable insights and empowering discussions surrounding the global oil market, energy transition, and maritime sector.
Kicking off the conference, Dr Leo Drollas, Independent Energy Consultant and former Chief Economist at CGES (Center for Global Energy Studies) delivered a captivating keynote address, shedding light on the intricacies of the global oil market, with a particular focus on OPEC and Russian supply dynamics.
Drollas highlighted the strong recovery of Brent oil prices in 2021, driven by improved oil demand and measured output response from OPEC. He also discussed the price turbulence experienced in 2022 due to Russia’s invasion of Ukraine and the subsequent restrictions on Russian oil exports. Despite severe sanctions by Europe and the US, Russia managed to increase its oil exports to countries such as China, India, Turkey, and other destinations. Drollas emphasised the significance of continuous investment in the oil and gas industries to combat natural decline and ensure future sustainability.
Continuing the momentum, Arne Lohmann Rasmussen, Chief Analyst and Head of Research at Global Risk Management provided a comprehensive analysis of the demand view of the global oil market. Rasmussen’s presentation addressed the Chinese reopening and the potential global recession risks, imparting vital knowledge and perspectives to the audience. Participants left equipped with a better understanding of market trends and their potential impact on their businesses.
Furthermore, the conference shed light on the maritime sector's crucial role in the EU ETS (Emissions Trading System). Dennis Lysemose Andersen, Head of Sales at Global Risk Management, presented the process of purchasing EUAs (carbon allowances) within the EU ETS.
During the presentation, it was emphasised that the EU ETS aims to reduce overall emissions by 55% compared to 1990 levels, with a specific target of 62% sector emissions reductions by 2030 (from 2005 levels).
The responsibility of surrendering the allowances lies with the shipping companies operating within EU waters.
Each country’s legislation and interpretation may vary, but the responsibility is believed to be on the ship owner, the ship (technical) manager, or the bareboat charterer.
Companies operating in EU waters will be obliged to comply with EU regulations. They must surrender the allowances to their local authorities. The EU is expected to publish the list of responsible companies by February 2024, providing clarity and transparency for the industry. Attendees gained practical guidance on when, how, and where to buy EUAs, empowering them to navigate the evolving landscape of emissions trading effectively.
The “Navigating the Seas of Change” conference provided industry professionals with an unparalleled networking and knowledge-sharing platform. The results were profound, with attendees leaving the event equipped with actionable insights and fresh perspectives. The connections made, and the knowledge gained during the conference will undoubtedly contribute to fostering innovative approaches and driving positive change within the energy sector. GRM and Baseblue would like to extend their heartfelt gratitude to all the speakers, attendees, and partners who contributed to the success of the conference.

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On June 26, 2016, thousands of people observed the beginning of a new era for the country with the inauguration of the Panama Canal expansion. 
The new locks gave way to the transit of the container ship COSCO SHIPPING PANAMA, marking a before and after for the movement of cargo around the world, while the Canal fulfilled its mission to bring greater benefits to the country. 
The Canal Expansion became the largest enhancement project undertaken since the Canal's original opening in 1914, allowing the waterway to provide shipping lines, retailers, manufacturers and consumers with greater shipping options, better maritime service, enhanced supply chain reliability and sustainability. 
The expansion also opened the waterway to 90 percent of the global LNG fleet for the first time in 2016, offering significant time savings for LNG producers in the United States and Latin America when exporting to the South America West Coast and Asia. 
Additionally, it increased the route’s emission savings for customers by allowing them to transport even greater amounts of cargo in less voyages, reducing time, fuel, and emissions significantly. 
As a result, it has caused a ripple effect on the local and global economy, impacting shipping and trade, as ports worldwide expand to accommodate larger ships, and benefitting those across the supply chain in every region the Panama Canal serves.  
Consistent with its commitment to its customers, until the first week of June, over 20,600 vessels have safely transited the Neopanamax locks since their inauguration in 2016. 

Expansion figures 
The Neopanamax Locks were initially expected to serve vessels with a maximum of 12,600 twenty-foot equivalent units (TEUs); however, the Panama Canal team quickly managed to exceed this threshold, thanks in part to the experience they gained operating the locks and their close collaboration with customers.   
Their ability to support larger vessels such as the Zephyr, which has a total capacity of 16,285 TEUs, enabled the Neopanamax Locks to accommodate 53 percent of the total Panama Canal tons that transited the waterway in FY2022. 
The Neopanamax Locks continue to account for more than 50 percent of the Canal's total tonnage, with more than 270 million Panama Canal tons (PC/UMS) between June 2022 and last May. 

Connectivity  
Given its privileged and strategic geographic location, Panama and the Panama Canal offer unsurpassed advantages to the world’s maritime commerce.  
Ships from all parts of the world transit the Panama Canal daily, and 13 to 14 thousand vessels transit the Canal every year. The waterway serves more than 180 maritime routes, connecting 170 countries and reaching approximately 1,920 ports in the world. 
Transiting the Panama Canal considerably reduces voyage time for vessels traveling from the U.S. Gulf Coast to markets in Asia.  
Sailing from the US East Coast to Asia through the Expanded Canal takes 20 days, compared to 35.6 days for voyages through Cape Horn, 31.6 days through Cape of Good Hope, or 29.5 days if transiting through the Suez Canal. 

Green Route  
The Canal’s all-water route requires fewer cargo movements compared to freight transportation via air, truck or rail. Given the shorter traveling distance and larger TEU capacity it offers, the Canal reduces fuel consumption and therefore emissions, having a positive impact on the reduction of global greenhouse gases compared to other routes.  
The waterway is more than a shortcut. In addition to offering safe, reliable, and efficient service, the Panama Canal offers unmatched environmental advantages to its customers.   

Water and climate challenges 
This seventh anniversary comes with important challenges on water and climate.   
The Panama Canal is closely monitoring the development of weather events affecting water availability in the Canal Watershed, which according to forecasts, could worsen with the arrival of the El Niño phenomenon. 
Due to the extended drought, in advance, the Panama Canal informed its customers that based on the current and projected levels of our water reservoirs to enforce maximum authorized drafts in the Neopanamax and Panamax Locks. 
In response, the Canal is enforcing water saving measures during the rainy months to aid water recovery throughout the surrounding lakes and, thus, guarantee resources for human consumption without affecting transits. Although, current estimates indicate that the economic impact is unavoidable. 

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The critical issue of Port State Controls was presented by the executives of ABS who organised a seminar under the title “How to avoid Port State Detentions”.
The agenda of the seminar included a welcome note by Dhaval Mehta (Vice President, Europe Operations, ABS) and speeches delivered by Louise O’ Donell (Assistant Chief Surveyor, ABS) and Christos Nomikos (Hemisphere Lead Surveyor, ABS) who discussed PSC detentions.
Konstantinos Theocharis (Engineer II Regulatory Affairs, ABS) and Filippos Nikolatsopoulos (Area Operations Manager, Eastern Europe, ABS) presented ABS’ initiatives on PSC detentions.
ABS also focused on the Port State Control resources-key to success with Port State Inspections such as pre-arrival check lists – quarter PSC early reports – ABS and MOU Annual Report.
In addition to the above shipping companies must be prepared for solid drills, crew competence, logs (up-to-date correct), ISM, vessel condition and maintenance.
It was also mentioned that ABS’ Digital tools on PSC Detentions include: 
- EU ETS Calculator. All infos are easily accessible, streamlined and tailored to ABS clients’ needs.
- Fleet status which indicated the due dates of mandatory class / condition surveys
- Regulatory Tracker that shows the upcoming statutory requirements for ships
- Regulatory world map and
- PSC Tracker which identifies inspection risks and supports keeping a clean PSC record.

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Accelleron Greece recently hosted a successful corporate event in Athens to celebrate the one-year launch of the Accelleron brand as an independent company and its global leading position in turbocharging technologies.
The event was attended by 420 shipping industry executives from over 100 companies, including representatives from technical, purchasing, operational and fleet departments, along with Technical General Managers.
“This celebration was a testament to the strong partnership between our esteemed customers and partners. We took this opportunity to express our gratitude for the trust and support that has enabled us to create joint value and long-term success. We look forward to continuing working together to create more innovative and successful solutions that will help accelerate the energy transition of marine transportation,” said John Smyrneos, Managing Director of Accelleron Greece & Cyprus who opened the event and welcomed customers to Accelleron’s first event in Greece. He concluded by expressing his confidence in the company’s ability to providing customers with the best possible service and support and maintaining its strong relationship with them.
John Smyrneos was followed by Daniel Bischofberger, CEO Accelleron, highlighting company’s commitment to sustainability and its focus on developing innovative products and services that reduce emissions and improve fuel efficiency. He highlighted the importance of Accelleron‘s research and development efforts to create new technologies that will enable the industry to transition to a more sustainable future and more especially the support it provides to its people on all levels.
“In our company, we believe that our people are the driving force behind our success and play a pivotal role in shaping a sustainable future. We are one family, and we are proud of the work we do together,“ he said.
Mr Bischofberger also referred to Accelleron‘s recent acquisition of Officine Meccaniche Torino S.p.A. (OMT), one of the world’s leading manufacturers of fuel injection systems for marine engines to reinforce its leading market position in technologies to decarbonize the marine industry.
Overall, the event provided the opportunity for attendees to connect with other professionals in the industry in a relaxed atmosphere with local cuisine and entertainment.
Accelleron is a global leader in turbocharging technologies and optimization solutions for 0.5 to 80+ MW engines, helping to provide sustainable, efficient and reliable power to the marine, energy, rail, and off-highway sectors.
Through its innovative product offerings and research leadership, the company accelerates the decarbonization of the industries in which it operates. Accelleron has an installed base of approximately 180,000 turbochargers and a network of more than 100 service stations across 50 countries worldwide (www.accelleron-industries.com).

Image: Daniel Bischofberger, CEO Accelleron / Caterina Pagoni, Corporate Communications Manager of Accelleron Greece & Cyprus / John Smyrneos, Managing Director of Accelleron Greece & Cyprus

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Imperial Petroleum Inc. (Nasdaq: IMPP) has completed the spin-off of its previously wholly-owned subsidiary, C3is Inc., the holding company for two drybulk carriers, effective June 21, 2023.
Imperial Petroleum stockholders and warrantholders received one C3is common share for every eight shares of Imperial Petroleum’s common stock (“Imperial Petroleum common stock”) owned, or in the case of holders of Imperial Petroleum’s outstanding Warrants that they have the right to purchase pursuant to Warrants owned, at the close of business on June 13, 2023 (the “Record Date”). To the extent the distribution would have resulted in any shareholder owning a fractional C3is common share, such fractional shares will be aggregated by the distribution agent into whole shares, sold in the open market at prevailing rates and the net cash proceeds from the sales distributed pro rata to each holder who would otherwise have been entitled to receive fractional C3is common shares in the distribution.
Imperial Petroleum will retain an interest in C3is Inc. through its ownership of Series A Convertible Preferred Stock of C3is Inc., which was not distributed by Imperial Petroleum in the spin-off.
About Imperial Petroleum Inc.
Imperial Petroleum Inc. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of ten vessels; five M.R. product tankers, one Aframax oil tanker, two Suezmax tankers and two Handysize dry bulk carriers with a total capacity of 744,000 deadweight tons (dwt). Imperial Petroleum Inc.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP”, respectively.

Image:  Harry N. Vafias President, Chief Executive Officer and Chairman OF Imperial Petroleum Inc.

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Aiming at the safe and reliable salvage & towage operations to meet the ever-increasing needs of its customers Vernicos Scafi Tugs and Salvage Maritime Co., which is involved in Greece/East Med/Black Sea/Red Sea regions, purchased its first newbuilding tug MED-A2575 ‘’VERNICOS SCAFI III’’, one of the most modern and powerful tugs in Eastern Mediterranean. “Vernicos Scafi III” is expected to be delivered in Turkey between 4-10 September 2023, under Greek flag.
ASD ‘’Vernicos Scafi III’’, was built by Med Marine in Eregli Shipyard in Turkey, one of the most reputable shipyards in Europe. MED-2575 model belongs to RAmparts 2500W design series by Robert Allan Ltd. and it is one of the most versatile ASD tug design for ship-handling, coastal towing, general purpose or escort duties. It can deliver more than 70 tons of bollard pull.  Its high power and maneuverability making it capable to provide both high quality harbor and deep-sea towage services. The tug is fitted with two MTU-16V4000M63 main engines, each developing 2,000 kW at 1,800 rpm and with two thrusters (Kongsberg/Rolls Royce). It is also equipped with FiFi 1 class fire-fighting system, capable also to provide oil recovery and escort services.
Mr. Dimitris Vernicos, Director of Vernicos Scafi, commented: Four years after we joined our forces with Scafi Società di Navigazione S.p.A (Scafi), Vernicos Scafi continues its expansion with the acquisition of its first newbuilding tug in its modern history, in order to meet the ever-increasing needs of its customers with safety and reliability. Hopefully, the Company will order more tugs in the future for projects out of Greece as well. This investment marks the transition into a new era for our company, which will further strengthen our position and will certainly add value to the fleet of our joint venture in Med Tugs.
Vernicos Scafi Tugs and Salvage Maritime Co. operates mainly in Piraeus area, but is also active in Thessaloniki, as well as in other ports (East Med/Black Sea/Red Sea, Patras, Lavrion, Mykonos and Katakolon).

Image: Mr. Dimitris Vernicos, Director of Vernicos Scafi

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DNV hosted a highly anticipated research and development (R&D) Forum, inviting stakeholders from the Greek shipping community to share and learn about the latest innovation projects. The speakers focused on zero-carbon fuels, digital twins, vessel automation and autonomy, electrification, and onboard carbon capture and storage (CCS).
The DNV R&D Forum took place on Thursday, June 22nd at the Eugenides Foundation and provided the participants to learn more about the cutting edge of maritime innovation, as DNV experts and partners presented the latest on a large range of ongoing joint R&D initiatives. These projects covered a wide range of the most important topics in the industry today, including ammonia as a marine fuel, liquid organic hydrogen carriers (LOHC), vessel automation, autonomy and electrification, onboard CCS, digital twins, and hydrogen as a ship fuel.
«With a commitment dating back to 2008, DNV’s Maritime R&D and Advisory unit in Piraeus has been actively engaged in collaborative R&D projects with industrial and academic partners,” said Chara Georgopoulou, Head of DNV Maritime R&D and Advisory Greece and Onboard CCS Manager. “These endeavours aim to develop new knowledge and expertise while generating value for DNV and our customers”. Ms. Georgopoulou also presented the DNV Guidelines for onboard CCS applications during the event.
Speakers explored the latest technological advancements and innovations Mr. Giannis Moraitakis, General Manager, Marine Project Sales South Europe at Wartsila, delivered a presentation on ammonia 2-4 and methanol fuel developments. This was followed by Mr. Konstantinos Louzis from the School of Naval Architecture and Marine Engineering at the National Technical University of Athens, who shared insights from the EU project MOSES on vessel automation and electrification.
“Fuel cells can produce clean power from hydrogen on board ships,” said Mr. Markus Rautanen, Research Team Leader for Hydrogen Applications at VTT Technical Research Centre of Finland, as part of his discussion of the SHIP-AH2OY project and LOHC. “LOHC enable the utilization of hydrogen with existing transportation and bunkering infrastructure. The SHIP-AH2OY project demonstrates the use of LOHC and fuel cells at a 1 MW scale on board”, he explained.
“The challenges posed by decarbonization in shipping have accelerated the timeline for research to materialize into practical applications,” said Prof. George Dimopoulos, an external advisor to DNV and faculty member of the School of Naval Architecture and Marine Engineering at the National Technical University of Athens, in his presentation on the applications of digital twins in the shipping industry.
“Computer modelling serves as a catalyst for delivering innovative solutions faster to the maritime sector. Through digital twins of ships and systems, ideas can be linked with mission requirements and the actual operating conditions vessels encounter throughout their lifecycle”, he emphasized. Mr. Brendan Sullivan, Associate Professor from the School of Management at Politechnico di Milano presented the e-SHyIPS project, highlighting the utilization of hydrogen as a fuel in passenger ships.
The Forum concluded with a workshop, jointly moderated by Chara Georgopoulou, addressing the gaps in the IGF code in terms of using hydrogen as a ship fuel. 

Image caption: The DNV R&D forum took place at the Eugenides Foundation, June 22, 2023

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The best golf event in Greece and Cyprus, the Greek Maritime Golf Event, returns for its 9^th year on September 7-10, 2023, at Costa Navarino, Messinia, with a full schedule for golf and maritime enthusiasts.

The Competition

On Friday, September 8, participants will register at 08:30 am at The Bay Course Club House to participate in the shotgun scramble, which will take place at 10:00 am at The Bay Course. The teams will enjoy their game with the imposing view of the Ionian Sea, the historic Bay of Navarino, and the picturesque port of Pylos.
On Saturday, September 9, the golf takes action at The Dunes Course in a unique landscape full of centuries-old olive trees. The shotgun scramble starts at 10:00 am with teams vying for the top three positions in the overall standings. At the same time, there will also be special awards for the individual players who will achieve the best scores in the Longest Drive and Closest to the Pin categories.

Side Actions

As every year, the Greek Maritime Golf Event has considered those who do not participate in the tournament. More specifically, non-golfers will have the opportunity to get closer to their favorite sport and learn the basic principles of the Olympic Sport alongside professionals at the Golf Clinic that will take place on Saturday, September 9, at 12:00 pm at The Dunes Course.
The surprises do not stop here for the participants, as on Friday, September 8, the tournament will welcome the participants at the Welcome Cocktail by Marine Tours, while the Prize Giving Cocktail will be held on Saturday, September 9. The Greek Maritime Golf Event will be concluded with every formality at the Prize Giving Ceremony, which will take place on Saturday at 08:00 pm. for the announcement and crowning of this year’s champions.
In the context of this year’s event, the recognized Greek PGA golfer and organizer of the Greek Maritime Golf Event, Mr. Thanos Karantzias, stated: “The best golf tournament in Greece and Cyprus, as recently awarded, returns on September 7-10. We are gearing up for another year of the great celebration of golf and maritime. We are delighted to see such a great response and participation from the maritime companies that have embraced and supported the tournament for nine years. We have prepared several surprises for this year’s event for them, and the participants should expect rich gifts. We expect everyone at the two signature courses of Costa Navarino”.

Watch here the highlights video of last year’s event: https://youtu.be/0Ky68VJI7rQ

IRI/The Marshall Islands Registry is the event’s Platinum Sponsor.
Mainline Shipping Company is the event’s Gold Sponsor.
Aegean Baltic Bank, Arrow Hellas, DNV, Marine Tours and Swift Marine are the event’s Silver Sponsors.
Miele is the Official Sponsor.
Standard Club, Poseidonia Restaurant and Grey Goose are the Official Supporters.
Under Armour is the Official Clothing Partner.
Messinian Spa is the event’s Official Beauty Partner.
Minoa Water is the event’s Official Water.
Karalis Beach Hotel, Miran, Athi Rodi and Daily Deli are the event’s Partners.
Costa Navarino, The Margi, Tsikeli Boutique Hotel Meteora, Arifakis Menswear, Iliada Sunset Suites, Namaste Boutique Apartments and Marmari Bay Hotel are the Auction Partners.
Boo Productions is the Audio Visual Partner.
Greek Maritime Golf Event is organized by Birdie Events, through an initiative of the recognized Greek PGA golfer, Mr. Thanos Karantzias. The Sports Marketing Agency of the Year of ActiveMedia Group has undertaken the event’s Golf Production.
The golf tournament is exclusively addressed to distinguished executives of the maritime industry.
Hashtags: #greekmaritimegolfevent #costavarino

Photo Credit: Greek Maritime Golf Event 

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RINA and AFRY have undertaken an initial study of how the Gulf region and Europe could be linked directly with a pipeline to transport low-carbon hydrogen, a key component in climate-friendly energy and industry systems of the future. The results indicate a transformative opportunity to fully unlock the Gulf's immense potential as a cost-effective source of low-carbon hydrogen for Europe.
With abundant Renewable Energy Sources (RES) and Natural Gas reserves, the Gulf region is set to become a leading global producer of green and blue hydrogen, ammonia and other synthesis products.
The concept of a hydrogen pipeline connecting Qatar, Saudi Arabia, Egypt, and traversing the Mediterranean Sea to Europe may seem ambitious, but initial assessment indicates its feasibility. The analysis shows that a suitable pipeline configuration could transport 100 TWh or approximately 2.5 million tonnes of hydrogen annually. Moreover, by constructing additional pipelines of the same nature, the transport capacity could be significantly scaled up.
The cost of transporting hydrogen through this pipeline is initially seen at approximately 1.2 EUR/kg H2. The Gulf countries, in turn, could supply green and blue hydrogen to the economic hub of Europe at Levelised Costs Of Delivered Hydrogen (LCODH) of around 2.7 EUR/kg starting from the 2030s, decreasing to around 2.3 EUR/kg in the longer term. Recent geopolitical challenges have forced Europe to explore alternative avenues for energy security, including linking the Eastern Mediterranean and Europe by pipeline, which was investigated for the EastMed Natural Gas project. At the same time, the discussion around exporting hydrogen and its synthesis products from the Gulf to Europe is currently revolving around molecule transport by ship. These options receive EU subsidies and drive activity within the gas/hydrogen industry, but they may not be most efficient for bulk transport. A competitive and actionable pipeline project from the Gulf region in the near future could provide a viable and powerful complement.
Antonio Nodari, member of the Executive Management Team at AFRY Management Consulting said: “The collaboration between RINA and AFRY provides a unique and highly interesting view of a significant opportunity to take a step forward in the green energy transition for Europe and the MENA region. As well as understanding the opportunities, the expert team who have worked on this report have a realistic view of the obstacles that need to be overcome and have the solutions to address those challenges.”
Andrea Bombardi, Executive Vice President at RINA said: “Through the combined expertise of AFRY and RINA, this first-of-its-kind study considers routing alternatives, technical parameters and feasibility, especially for the deep-sea pipeline section, geo- strategic framework conditions and top-level economic estimates of a direct hydrogen pipeline link between the Gulf and Europe as an element of an integrated green energy and industry system across Europe and MENA. The findings of the study represent a decisive contribution to boost the hydrogen economy. Together with AFRY, we have identified a potential stable corridor to bring supply and demand together. The scale-up of hydrogen adoption goes through projects like this.”
With more than 600 consultants across 5 continents, AFRY Management Consulting works globally to address challenges and opportunities in the energy, bioindustry, infrastructure, industrial and future mobility sectors through strategic advice, forward looking market analysis, operational and digital transformation as well as M&A and transaction services. AFRY Management Consulting is ranked by Forbes and the Financial Times as a leading management consultancy, is part of AFRY, a leading global engineering and consulting group with 19,000 employees in 50 countries. www.afry.com.  
RINA, leading certification company and engineering company in Italy, provides a wide range of services across the Energy & Mobility, Marine, Certification, Infrastructure & Real Estate and Industry sectors. With net revenues in 2022 of 664 million euros, 5.300 employees and 200 offices in 70 countries worldwide, RINA is a member of key international organizations and an important contributor to the development of new legislative standards.  

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In view of the ratification of the Hong Kong Convention by Bangladesh, which is a principal ship recycling country The Cyprus Shipping Chamber calls the European Union to recognize approved recycling facilities.
The ratification will help satisfy the Convention requirements for entry into force and will thus lead the way for global safe and sustainable ship recycling practices with positive effects on human health, safety and the environment.
With the Hong Kong Convention officially coming into force and recognising the progress that has been made over the past 14 years since its adoption by the IMO, the Chamber considers it imperative that the European Commission adds to the European list of approved recycling facilities, any recycling facility that meets the requirements of the Convention, thus providing a level playing field for end-of-life EU flagged ships, that are now required to be recycled in a small number of recycling facilities included in the EU List, which is not sufficient to satisfy demand and geographic spread for a global industry like shipping.

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