Aiming to expand access to the eSAIL technology in Greece bound4blue has established a partnership with Oceanking to meet their decarbonisation goals.

As a trusted provider of marine technology solutions, Oceanking has established a strong reputation in the industry for their team’s expertise, delivering integrated solutions that enhance efficiency, safety, and sustainability.

bound4blue, on the other hand, is a market leader in wind-assisted propulsion technology, with its product, the eSAIL, which offers a unique and efficient system to reduce fuel consumption and emissions.

The eSAIL is a wind-assisted propulsion system known as suction sail. Suction sails combine the positive features of both wing sails (ease of operation, low power consumption, excellent capacity to sail upwind) and flettner rotors (high lift, small size), resulting in the most payback-efficient technology in the market.

“We are excited to work with Oceanking in this important shipping business region. We share a common commitment to sustainability, innovation, and customer satisfaction, and we are confident that our collaboration will enable us to provide even more value to the industry”, says David Ferrer, CTO of bound4blue.
Carola Yannouli, General Manager at OCEANKING, noted, “In the path towards zero emissions, the Greek shipping industry needs proven and cost-efficient technologies. We’re excited to work with bound4blue and provide our clients with innovative, but proven technology to meet their decarbonization goals. We’re looking forward to a strong partnership and to assisting shipping companies to become more profitable and sustainable.”
About bound4blue: bound4blue develops automated wind-assisted propulsion systems as a turnkey solution for all shipowners and shipping companies seeking to reduce fuel costs and polluting emissions.
bound4blue’s eSAIL® system is an efficient and validated solution for saving fuel and emissions, completely autonomous, with low cost, low maintenance and easy installation onboard. The company, founded in 2014 with a vocation clearly focused on the renewable energy sector in the maritime field, has its headquarters in Cantabria (Spain) and offices in Barcelona and Singapore.
During 2021, the company installed its eSAIL® system on two ships and has signed additional agreements with other shipowners like Amasus Shipping, Louis Dreyfus Armateurs and Marubeni Corporation to install the system on their fleets. 
About Oceanking: OCEANKING is a leading marine engineering and commercial group serving the Greek and International maritime community as well as the Greek public and industrial sector. OCEANKING was founded in 1989 and operates in Piraeus—Greece as well as in Cyprus. OCEANKING employs qualified naval architects and marine engineers and is managed by Costas Hassiotis and Panos Yannoulis with a permanent staff presently consisting of 40+ persons. Their experience covers the areas of ship design, ship construction and operation, marine engineering equipment and systems, materials supply and management as well as logistic support. Their customer base consists of 350+ shipping companies, to which they provide the following services: marine equipment representation, integrated after sales support services (spare parts, service and training) and newbuilding contracting and resales.

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The International Association of Dry Cargo Shipowners (INTERCARGO) has reached an historic membership milestone. The Association now represents 32% of the global dry bulk fleet (total) DWT.
INTERCARGO, which meets in Dubai this week for its Semi Annual Meetings, now has within its global fleet more than 3,200 bulkers registered by more than 155 dry bulk owners/managers/operators, with its membership supplemented by 90 associate member companies supporting the sector. INTERCARGO’s members, who span 30 countries, predominantly operate bulk carriers in the international dry bulk trades, such as coal, grain, iron ore and other bulk commodities. 
On behalf of its steadily growing membership, INTERCARGO plays an active role in international maritime regulation including at the International Maritime Organization, where it has Non Governmental Organisation (NGO) status, and as a member of the shipping industry Round Table.
Commenting on the membership rise, Dr Kostas Gkonis, INTERCARGO Secretary General, said: “INTERCARGO is an association with a strong international voice and a great deal of weight within the shipping industry. Our progressive growth path over the past few years, together with our high retention rate, reflects the significance of the dedicated work we carry out on behalf of our global membership.”

Image: Dr Kostas Gkonis, INTERCARGO Secretary General

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The 1^st International Conference on Luxury Tourism in Greece took place in Santorini during weekend 29-30 April 2023.
It was really a great event placed in a conference center on top of Caldera of Santorini, the best viewing place, including the Mega Yachting and cruisers being in service. Additionally, a great number of special guests and very important speakers and panelists attended this Conference.
The Honorary special guest, Mrs. Maye Musk, was invited and spent some time to express her pleasure at being in Greece after many years ago and particularly in Santorini, an exceptional well-known destination.
The Conference included reports on the progress of full luxury tourism with participants from the political scene. The Tourist Ministry representatives were there, Santorini local authorities, and of course professional teams from Hotel business, catering, tour operators, sea tourism operators, special luxury events makers, theme tourism organizations, medical special services providers combined with tourism and many other participants.
The sea tourism being the top priority on luxury yachting and luxury cruising, was also on the top of the list for Santorini during this international conference.
Mr. Theodore Kontes, Honorary President of the Union of Cruise Ship Owners in Greece and Director of MAJESTIC INTERNATIONAL CRUISES INC, referred to the New Luxury cruising brands with small and medium sizes’ luxury cruisers and expedition vessels.
Following is the worldwide luxury cruise market in general with most of such luxury units to include in their programs Mediterranean area having Greece as a priority during the season.
The total luxury cruising trading at this stage is about 78 units up to medium size of about 900 guests.
At the same time, the new luxury brand cruising order book was reported with a total of 29 units under construction in special yards with delivery from now till year 2028.  Total ordered budget up to US$12.5 billion but it includes special services on board, as well as improvements in safety, environmental technical specifications, including alternative use of fuels to fulfill the requirements of ZERO carbon emissions controls and many more.
On completion of existing and under construction luxury cruisers, there was also present the luxury future brand unit, which is designed and will be available in year 2100.
On completion of sea tourism and particularly of luxury yachting, the new designed yachts were presented with several technical improved methods mainly on propulsion and the use of fuel cells with methanol and hydrogen focusing on ZERO carbon emissions and other improvements in services and comfort.
In conclusion, Mr. Kontes referred to the cruising performance in Greek destinations for 2022 and expectations for years to follow.
It seems that the luxury cruising with small and medium size cruisers, as well as the luxury Mega Yachts, has a great future to the Greek destinations and has access to call at any size of ports or marinas in the island and main land destinations.

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Marlink, the smart network and digital solutions company, will install the Starlink LEO service for Athens-based ship manager Polembros Shipping. A Marlink partner for many years, Polembros will extend its digital toolset to include the new LEO service on a trial basis to support crew welfare and remote technology.
Polembros is already a user of Marlink’s hybrid network, including guaranteed throughput VSAT services across its fleet. The deployment of the SeaLink NextGen service will bring much faster throughput and lower latency to the company’s business and crew communications, enabling the deployment of digital solutions and crew welfare services.
Sealink NextGen combines GEO VSAT and MSS back-up with customers’ required mix of LEO or MEO connectivity, 5G and digital solutions, all controlled and managed via Marlink’s smart platform XChange. This hybrid solution integrates and protects critical maritime connectivity, powering new applications for business and crew.
Polembros Shipping has been in existence since 1974, though the shareholders’ family traces its shipping connections back to the 19th century. The company currently manages a fleet of Aframax and Suezmax tankers and sister operation Polembros Bulkers manages vessels ranging in size from Handysize to Newcastlemax.
Both Polembros companies are devoted to continuously improving their service and particularly committed to ensuring their ships are operated safely and efficiently, with capable and reliable marine personnel. Relying on invaluable knowledge and experience, ashore and at sea, innovative technologies and a clear vision for the future, Polembros Shipping and Polembros Bulkers are determined to continue their diligent pursuit of excellence.
Greek shipping companies are increasingly following a trend towards higher throughput communications, enjoying access to a new family of applications enabled by Starlink’s very low latency global service. This includes video streaming services, instant data transfer tools and remote access technology for maintenance and compliance.
“Polembros Shipping and Polembros Bulkers are companies with a reputation built up over many years for dedication to safety and quality; we value innovations like Starlink as a contributor to our performance,” said Vasilis Kottas, IT Manager, Polembros Shipping. “Our partnership with Marlink is a factor in our success as a company which delivers the high standard of communications required by our fleet managers and our shipboard teams.”
“Marlink is proud to help Polembros Shipping take this next step in its journey with new digital services that enable a new generation of applications and tools to support fleet performance and safety,” said Tore Morten Olsen, President, Maritime, Marlink. “Adding the Starlink LEO service to the Marlink hybrid network is a further strengthening of our valued and longstanding relationship that positions Polembros as a future-focussed company.”

Image: A Marlink partner for many years, Polembros will extend its digital toolset to include the new LEO service on a trial basis to support crew welfare and remote technology

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The World Maritime Academy celebrated on the 18th of May the International Day for Women in Maritime.
Under WE CARE: WMA Social Responsibility umbrella offers free-of-charge, the online Advance Certificate in Maritime Business, in short MAR-EVA, with the aim  to empower disadvantaged women and to contribute to shipping sustainability.
There is still today a significant gender imbalance in maritime. Education is the only tool that people gain from greater knowledge, skills, values, self-confidence and capabilities, and thereof education allows for opportunities. This comes in combination with the fact that to achieve maritime sustainability, core maritime knowledge and skills are required.
The 2023 theme ‘Mobilizing networks to gender equality’, places an emphasis in the dynamics of collaboration and networking in achieving gender equality in maritime. We celebrate the 18^th of May mobilizing our global network, together with our 20 Instructors, 10 members of the Advisory Committee, and our supporters.
MAR-EVA starts every year, on the 31 of October.  The 2022-2023 cohort’s participants come from Ghana, Cameroon, India, Greece, Benin, Algeria, Nigeria, Ukraine, Azerbaijan and UK.
The course is designed for women at any age and stage of life, to start their career in to shipping or to advance their career. To match the diverse needs of the participants, the course is self-paced.
There is no limit on how many participants can be accepted as long as they are women, financially or socially disadvantaged and they fulfil the entry requirements.
The Advance Certificate in Maritime Business, MAR-EVA is open for applications for the year 2023-2024, starting on the 31st October 2023.
Feel free to contact us at This email address is being protected from spambots. You need JavaScript enabled to view it.

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The Greek Maritime Golf Event, the best golf event in Greece and Cyprus as distinguished at the 2023 Sports Marketing Awards, will be held for the 9^th year, on 7-10 September 2023, at Costa Navarino, Messinia.
The top golf tournament, which is exclusively addressed to distinguished executives of the Greek maritime industry, will unite top executives who will form teams of four people. Golfers will have the opportunity to compete on the two signature 18-hole courses The Dunes Course and The Bay Course, in a unique landscape full of centuries-old olive trees with stunning views of the Ionian Sea, the historic Bay of Navarino and the picturesque port of Pylos.

The competition
Participants will compete at the team level on Friday, September 8 in a shotgun scramble at The Bay Course. 
Accordingly, on Saturday September 9, they will take part in a shotgun scramble at the Dunes Course. 
Watch the event’s teaser video here: https://youtu.be/gyRVqnUATXM

Awards
Participating teams will claim the significant prizes for the top three positions in the overall standings; while special awards will be given to individual players who will achieve the best scores in the “Longest Drive” and “Closest to the Pin” categories.

IRI/The Marshall Islands Registry is the event’s Platinum Sponsor.
Mainline Shipping Company and Onego Shipping Company are the Gold Sponsors.
DNV, Arrow Hellas and Marine Tours are the Silver Sponsors.
Miele is the Official Sponsor.
Jotun Hellas, Standard Club, Poseidonia Restaurant and Grey Goose are the Official Supporters.
Messinian Spa is the event’s Official Beauty Partner.
Minoa Water is the event’s Official Water.
Karalis Beach Hotel is the event’s Partner.
The Margi, Tsikeli Boutique Hotel Meteora, Iliada Sunset Suites, 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.
More information about the event’s schedule and the tournament’s additional activities, will be announced in the coming weeks.
Hashtags: #greekmaritimegolfevent #costavarino

Photo Credit: Greek Maritime Golf Event by Angelos Zymaras

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Taking advantage of the strong tanker market Nasdaq listed Imperial Petroleum Inc. reported its 1^st quarter 2023 results which marked by record revenues and profitability.
In particular the company reported:

- Fleet operational utilization of 85% in Q1 23’ with 6 days of technical off hire and 495 (54%) of our fleet days dedicated to spot activity.

- Delivery of 2 Handysize dry bulk carriers, the Glorieuse and the Eco Wildfire, towards the end of March 2023 - expanding our fleet to 12 vessels.

- Revenues of $65.4 million in Q1 23’ - up $60.3 million or 1,182% from Q1 22’.

- Record net income of $35.7 million in Q1 23’ up by $35.5 million compared to Q1 22’ or 17,750%.

- EBITDA 1 of $39.9 million in Q1 23’ up $37.3 million or 1,435% from Q1 22’.

CEO Harry Vafias Commented: “Our performance in the first quarter of 2023 resulted in record revenues and profitability. Our strategies are paying off. Commercially, we capitalized on the strong tanker market and efficiently utilized an average fleet of 10 vessels to produce in a single quarter net income of $36 million marking a 17,750% increase compared to the net income generated in the first quarter of 2022, and an EBITDA of nearly $40 million that is 1,435% higher than the same period of last year. Strategically, we proposed the spin-off of 2 of our dry vessels to a separate company called C3is Inc. In terms of financial strategy, we paid down all our debt and have stopped issuing new shares. Without a doubt we are well positioned to benefit from good market conditions that seem will last”.

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United Maritime Corporation (NASDAQ: USEA), entered into a twelve-month bareboat charter agreement for a Japanese-built modern Panamax dry bulk vessel with an unaffiliated third party in Japan. The bareboat charter agreement will commence in the third quarter of 2023 and includes a purchase option for United. The Company has also taken delivery of two previously announced Kamsarmax vessel acquisitions and has secured time charter (“T/C”) contracts for both ships that commenced upon the respective deliveries. The recent Kamsarmax acquisitions and the down payment paid on signing of the Panamax bareboat charter agreement were funded through a combination of United’s cash reserves and proceeds from a sale and leaseback facility, as detailed below, with no equity offering or dilution of its shareholders to fund these transactions.

Bareboat Charter Agreement with a Purchase Option

The Company entered into a twelve-month bareboat charter agreement with an unaffiliated third party in Japan for a 2015-built eco Japanese Panamax dry-bulk vessel of 78,020 dwt. Pursuant to the terms of the bareboat charter, United has advanced a down payment of $3.5 million on signing and will further pay $3.5 million on delivery of the vessel to the Company, which is estimated to take place between July and October 2023, and a daily bareboat rate of $8,000 over the period of the bareboat charter. At the end of the 12-month bareboat period, United has an option to purchase the Vessel for $17.1 million.

Vessel Deliveries & Time Charters

The first vessel was built in 2009 at Universal Shipbuilding in Japan, has a cargo-carrying capacity of 81,508 dwt and was renamed M/V Cretansea.
M/V Cretansea has been fixed on a T/C for a period of about twelve (12) to about fourteen (14) months with a multinational commodity trading company. The daily hire is index-linked, at a premium over the Baltic Panamax Index (“BPI”). United has the option to convert the daily hire to fixed for a period of minimum one (1) to maximum six (6) months based on the prevailing Panamax Freight Futures Agreements (“FFA”) curve. The second vessel was built in 2010 at Tsuneishi Zhoushan Shipbuilding, has a cargo-carrying capacity of 82,217 dwt and was renamed M/V Oasea. M/V Oasea has been fixed on a time charter (“T/C”) for a period of minimum eleven (11) to about fourteen (14) months with a major European operator. The daily rate is index-linked, based on the BPI and includes a one-time ballast bonus. United has the option to convert the daily hire from index-linked to fixed for a period of minimum two (2) to maximum eleven (11) months based on the prevailing Panamax FFA curve.

Vessel Financing

The combined acquisition price of the two Kamsarmaxes of $39.2 million has been funded through a combination of cash on hand and proceeds from a new $24.5 million sale and leaseback facility provided by a European lessor. The vessels were sold and chartered back on a bareboat basis for a five-year period. The monthly bareboat payments for both vessels amount to $195,000, while the Company has the obligation to repurchase the vessels at the end of the bareboat period for a combined price of $12.8 million.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “Following the recent, highly profitable sale of three of our tankers, we have re-grown our fleet by acquiring high-quality dry bulk carriers at attractive values. This re-growth of our fleet has been achieved without diluting our shareholders in funding these acquisitions. “The new bareboat-in agreement for another modern Panamax vessel strengthens our presence in the sector further, without substantial capital outlay on its delivery, and provides a purchase option at the end of the bareboat period. Moreover, the delivery of two Kamsarmaxes and the prompt commencement of their charters is expected to generate approximately $8 million in gross revenues by the end of the year1. “Based on our successful investment strategy and our balanced commercial approach, encompassing advantageous time charters at a combination of fixed and index-linked rates, we believe that United is optimally positioned to generate strong returns for its shareholders.”
Upon the delivery of the aforementioned Panamax vessel, United Maritime Corporation will operate a fleet of 1 tanker vessel, 3 Capesize, 2 Kamsarmax and 2 Panamax dry bulk vessels, with an aggregate cargo carrying capacity of 955,340 dwt.

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Ilias Tsakiris, the Chief Executive Officer of Hellenic Hull Management (HMA) and Chair of the Ocean Hull Committee of the International Union of Marine Insurance (IUMI) was among keynote speakers at the 1st Cyprus Shipping News conference, held on Thursday, May 11^th in Cyprus and on Tuesday, May 16th in Greece.
In a panel discussion on “Navigating through pandemic, war, sanctions and regulation, Mr Tsakiris called for greater collaboration, transparency and accountability in order to mitigate a new series of risks arising from new regulations being imposed on shipping.
As Chair of IUMI’s Ocean Hull Committee, he updated the audience on the organization’s mission and policy agenda. Mr Tsakiris focused on major challenges facing marine underwriters, including arctic sailings, alternative fuels, ESG issues, as well as specific risks to container and RoRo vessels. During his presentation, he underlined that the shipping and marine insurance communities should attach great importance to crewing issues, taking into account that 80% of accidents can be linked to human responsibility.
Against a backdrop of increased inflation, today’s marine underwriters are facing a similar number of claims but claims have become more expensive compared with those prior to the pandemic. As far as the war in Ukraine is concerned, he mentioned that the market was preparing itself long before the commencement of the war. Worth mentioning is that on the 21st of April 2021, the Lloyd’s market was raising awareness on Ukraine, highlighting that the situation might escalate and the industry should be prepared for such an escalation.
“Although the key priority of marine underwriters was the ships being blocked in the area, stranded vessels are not a new risk for us. As an industry we experienced similar cases during the Suez crisis in 1956, and during the Iran-Iraq war in 1984 that cost more than $1 billion in claims”, Mr Tsakiris told the audience.
However, sanctions were an additional element in the equation of new risks and were extremely burdensome for underwriters. Mr Tsakiris questioned the ultimate effect of sanctions, saying that rogue states and the so-called ‘dark fleet’ appeared to be among the beneficiaries.
“Insurers are becoming risk management partners for clients, partly due to the proliferation of new regulations and risks. To address these risks we should co-operate better, be transparent and accountable,” concluded Mr Tsakiris.

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The 4th Smart Maritime Network Athens Conference (SMN Athens 2023) was held on May 10th at the BLE Pavilion in Alimos, with the participation of top executives from shipping companies and major technology firms in the industry. 
AMMITEC (the Association of IT Managers in Shipping) organized a panel discussion on the new role of IT in the era of digital transformation in shipping. The discussion was moderated by Stelios Sampanis, IT Director at Gaslog and a member of the Board of Directors of Ammitec. The panelists were IT leaders from major shipping companies: Dimitris Pavlidis (Euronav), Ioannis Rizos (Millenia), Theophano Somaripa (Newport), and Themistocles Sardis (Costamare), President of Ammitec. 
The keynote speakers and panel discussions, featuring prominent experts in the field, focused on exploring the challenges and opportunities that arise in the context of the maritime industry's digital transformation. The discussions covered sustainability, innovation, investment opportunities, compliance with regulations, new developments in satellite communications and data standardization. 
The discussion highlighted the new strategic role of the IT Manager, which has evolved from purely technical and supportive to becoming a pilot in the enterprise's digital transformation. 
The shipping industry is facing the impact of a rapidly changing landscape, with the digital transformation as its main reference point. The need for increased efficiency, reduced pollution, and com
liance with international regulations, is driving shipping companies to adopt innovative solutions with Data technologies (BI, Analytics) and Artificial intelligence (AI) at their core. 
Senior IT executives have the advantage and opportunity to lead this transformation, as they possess the multifaceted knowledge of available technological solutions to design and define the strategy for the digital transformation of their business. The IT Manager is working closely with management, providing valuable information through data analysis and business intelligence, selecting cutting-edge solutions that align with the company culture, leveraging the latest advancements in technologies such as AI and cloud computing and helping ensure their successful implementation. At the same time, it is crucial to take necessary precautions to prevent the business from being vulnerable to cyber-attacks as the reliance on technology continues to grow.
The difficulty in finding specialized IT professionals with expertise in areas such as Data Analytics, Cyber Security, Development, Artificial Intelligence & Machine Learning was also noted during the discussion. Despite IT being the champion in the job market and there is now fertile ground for both work and professional development, demand is high but unfortunately, supply is still low. 
Participants discussed the need for acquiring new skills that are not so much related to technical issues, but to so-called "soft skills", such as administrative skills, project management, budgeting, and data analysis. There was extensive discussion about the Covid period and how digital readiness, and available teleworking and cloud infrastructure solutions helped the shipping industry to continue providing services safely so that the transport of goods was not interrupted. 
Finally, the participants highlighted the need for equal participation of women in administrative positions in technological roles and pointed out the gap that still exists, both in lower-level positions and in leadership roles. 

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