On Wednesday, 23rd of November, a Maritime Cybersecurity Event took place at Eleon Loft for selected members of the Greek Shipping IT community.
The event was organized by Oriani Hellas - a leading company in maritime digital technology transformation, and K2 Informatics. The audience was a collection of experienced IT maritime professionals from the Greek Shipping industry. The event was created not only for attendees to hear the viewpoints of the excellent guest speakers, but to enable an open discussion about the latest cyber trends in the shipping industry and what the next steps should be to address them. In addition, there was the presentation of K2-Secure, a complete cybersecurity solution created through the collaboration of Oriani & K2 Informatics.
The guest speakers of this elegant evening provided a diverse range of opinions, covering the views from Class, Ship Owners, AMMITEC and Suppliers. They included: Philip Nielsen, Co-Founder – Oriani Hellas, Michael Vrettos, Sr. Cyber Security Expert – RINA Hellas, Dr. Matthew Maheras, CIO – Metrostar Management Corp, George Gorgolis, CTO, Co-Founder – K2 Informatics, George Karistinos, Sales Development Director – Oriani Hellas, Alexandros Stathopoulos, IT Director – Hellas Confidence.
First Mr. Nielsen, Co-Founder of Oriani Hellas, warmly welcomed everyone and set the scene; highlighting the growing number of incidents, the sophistication of these attacks and the general lack of awareness that is seen in shipping, a well-known ‘late adopter’ oftechnology. Included were some eye-catching statistics, such as the fact that in 2021 there was a 33% increase in cyber-attacks targeting ships or shipping companies, and in total that year there was an attack every 39 seconds. There was an appreciation of the experience of the audience, knowing that these statistics are already well understood and appreciated, so the aim of the evening was set – not to dwell on the current state but to delve deeper into how these threats can be best addressed.
Mr. Vrettos, Sr. Cyber Security Expert of RINA Hellas then presented the latest cybersecurity trends of the Maritime Industry. He started by highlighting the role of regulation in addressing vulnerabilities and the changing landscape from IMO, IACS and ISPS. It was clear to see the regulating bodies are shifting from requiring the basics of having a system and procedure in place, to now focusing on cyber resilience of those systems and the critical controls that have been established. He took the audience through how RINA is approaching these changes; namely by using digitalization to reduce complexity and assist, rather than complicate, companies with their internal procedures. RINA’s focus is to enable the seafarer by helping to translate cybersecurity requirements into meaningful procedures.
Mr. Vrettos also highlighted the importance of Big Data in Shipping and the challenges it brings about, especially due to the volume of it, how it is constantly changing, the multiple sources and finally its level of trustworthiness. This adds another layer of difficulty when it comes to incident detection, but that could be addressed through Cyber Automation – a system that enables real-time monitoring, incident and asset management and remote support.
Mr. Maheras, CIO of Metrostar Management Corporation and vice-president of AMMITEC, took a more internal approach, looking at what companies themselves can do.
He spoke about the most important cybersecurity questions that a company’s board-of-directors must start to consider. Firstly, a presentation of the current state was provided, with more of a focus on the human element – highlighting a lack of cyber professionals in the market, the impact of human error as the root cause of issues and an increase in ransomware. To tackle these human factors, Mr. Maheras explained the importance of changing the mindset from within the company, and as a first step to start with the Board of Directors. Through this approach you ensure that full adoption and understanding makes its way down to all employees, thereby relieving the pressure on the IT department. The board themselves must start looking at cyber security as a fundamental pillar of their business, reviewing their incident response plans, fully understanding the layers of protection in place and most importantly taking the company’s financial investment into cybersecurity as seriously as other security investments, such as guards on-board.
With the framework now set, following the valuable guidance from Class and AMMITEC, it was time to introduce the K2-Secure solution, an Oriani Hellas & K2 Informatics joint development, presented by Mr. Gorgolis - Co-Founder/CTO - K2 Informatics, and Mr. Karistinos - Sales Development Director, Oriani Hellas. The team started by highlighting how the joint development came about; through the understanding that K2 Informatics unique technical ability and experience within maritime technology, combined with Oriani’s established business network and detailed understanding of the customers’ needs would produce a unique holistic cybersecurity solution custom built for the Maritime Industry.
Mr Gorgolis then went into detail around the functionality of the product including its coverage of firewall requirements (both visibility and protection, as well as networking and access), endpoint protection and remote monitoring and management. Oriani’s George Karistinos continued, to highlight how the tool ensures a proactive approach I stead of a reactive response, thus allowing for the people to be the focus and not only the systems. Combining that strategy with 24/7 Greek support and RINA class approval ensures a maritime cyber-security tool that is fit for purpose and can really deliver value.
Last but not least, the IT Director of Hellas Confidence, Mr. Stathopoulos, introduced the success story of K2-Secure, providing the much-needed feedback of how the end customer can benefit from all the aforementioned advice and solutions being implemented. He compared the pre-existing condition of the company’s cybersecurity and internal procedures to how they were following the adoption of K2 Secure. Mr. Stathopoulos highlighted the previous level of manual work needed to ensure updates were in place on the anti-virus, manual management of program patches and OS updates. He described the experience that was found during the installation and adoption of K2 secure, and the resulting benefits, including better alerts, reporting, and monitoring. His honest and open view allowed the audience to see the reality of what can be achieved when making the step change to a more holistic solution that covers cybersecurity, remote asset management and adds 24/7 support.
After the last guest speaker, it was time for Q& A where the attendees asked questions via Slido - an interactive platform that allows everyone to add their questions, upvote most interesting questions, and vote in polls. The Q& A was followed by a delicious dinner – a fusion of Mediterranean & Middle Eastern cuisines combined with socializing and acoustic classical music.
The event received glowing praise from the attendees, with feedback including how the presentations we direct and to the point, with a real focus on the issues of today and realistic solutions that have been actually delivered. The warmth of the venue and friendliness of Oriani’s hosts merely added to the experience, ensuring that everyone went home with knowledge, awareness, and some newly established relationships.
Image: Alexandros Stathopoulos, Michael Vrettos, George Gorgolis, George Karistinos, P. Nielsen, M. Maheras, M. Vrettos

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Al Masaood Energy, one of the first established oil and gas suppliers and contractors based in the UAE, has signed a Memorandum of Understanding and Cooperation (MoUC) with the Columbia Group and Fameline Holding Group to explore opportunities in the industrial and maritime sector.
Al Masaood Energy provides advanced energy services throughout the UAE the Middle East, North Africa, the Eastern Mediterranean and South Asia. Additionally, the company is known as one of the key local sponsors, agents and strategic partners of multinational contractors and manufacturers operating within the energy industry in the UAE.
One of the most prestigious and ambitious projects of Al Masaood Energy is the development of an integrated industrial ‘mega-base’ in the Industrial City of Abu Dhabi (ICAD). This 300,000 square metre complex will house future business and operational functions including headquarters, workshops, warehouses, knowledge centre, manufacturing facilities, showrooms, catering areas, and accommodations, as well as a jetty berthing facility to serve the offshore logistics requirements of its customers.
As part of the newly announced cooperation, Columbia and Fameline will support Al Masaood Energy in the ‘mega-base’ project by providing engineering, procurement and logistics expertise, particularly in the construction, maintenance, and operation of the jetty berthing facility.

Columbia is a world-class experienced integrated maritime and logistics services platform offering a variety of ship management and maritime related services including the development of new logistics and ship performance solutions. Columbia’s maritime service catalogue, engineering experience and worldwide network of clients and partners will add value to the ‘mega-base’ project. The Fameline Holding Group operates in the various sectors of supply of products and services related to the shipping industry worldwide. Being an existing trusted partner of Al Masaood in several joint venture companies, Fameline will be able to expand their service network in the Middle East by operating from the ‘mega-base’ as a result of this strategic partnership.
Further collaboration areas among the three partners include the exploration of recruitment and management of the required workforce where aspects of employee welfare will be considered, including proper nutrition, medical supplies, mental health, e-learning and training concepts.
Dr. Ahmad El Tannir, General Manager of Al Masaood Energy, said: “Al Masaood Energy is delighted to partner along with two leading players of the maritime logistics and deploy full capabilities to the benefit of our ongoing mega-base project. By partnering with Fameline Holding Group and Columbia Ship Management, we aim not only to diversify on a strategic level but also enable strong synergies by joining logistics expertise to build on our core activities and further serve our customer requirements within the evolving energy segment in Abu Dhabi for the years to come”.
Adamos Seraphides, CEO of Fameline Holding Group, said: “We are pleased to further expand our partnership with both industry leaders and trusted partners in the Middle East. We are thrilled to become part of the exciting ‘mega-base’ project and are fully committed to add value to this ambitious infrastructure development.”
Mark O’Neil, CEO of Columbia, said: “We look forward to working with Fameline and Al Masaood on the exciting journey of building the state-of-the-art integrated industrial complex in the very heart of the UAE ambitions. Our advanced engineering expertise, digitalisation and software engineering, as well as maritime knowledge and network will certainly help to achieve Al Masaood’s goals for the benefit of the region and globally.
"Undoubtedly, this partnership showcases Columbia’s further commitment to the Middle East, where we have started our expansion last year with the creation of a standalone ship management entity in Saudi Arabia and the engagement with the ship yard International Maritime Industries to provide maritime services to the King Salman International Complex in Ras Al Khair.”

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On 8 June 2022, the European Union (EU) decided to impose a ban on seaborne imports of Russian crude oil and oil products. The ban on crude oil will take effect on 5 December and by then the EU must have found new suppliers and Russia must find new buyers. 
At the start of this year, Russia exported 11 million tonnes crude oil by ship to the EU each month. It equalled 60% of all Russian seaborne crude oil exports and 30% of the EU’s seaborne crude oil imports. 
In the first half of November, Russian seaborne crude oil exports to the EU amount to 3.7 million tonnes, equal to 38% of all Russian seaborne exports and 20% of EU seaborne crude oil imports. The figures are slightly higher compared to September and October when Russia to EU seaborne crude oil volumes made up 31% of total Russian seaborne exports and 14% of EU’s seaborne crude oil imports. 
“With less than two weeks to go before the EU’s ban on Russian crude oil import takes effect, imports from Russia still make up 15-20% of the EU’s seaborne crude oil imports. So far, buyers in the EU have found new suppliers for about half of its previous Russian crude oil imports but still need to find new suppliers for about 5.5 million tonnes of crude oil per month,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO. 
So far, the shift in buyers of Russian crude oil has benefitted Suezmax ships. In the beginning of the year, they exported approximately 25% of all Russian seaborne crude oil exports but now handle approximately 40% of all exports. Aframax ships have lost share, due to the reduction in crude oil export to the EU. 
VLCC and Suezmax ships have increased their share of EU crude oil imports. After peaking at 20% in August, VLCCs now carry about 10% of all crude oil into the EU, double of what they did in the beginning of the year. Suezmaxes have increased their share from 30% to 45% whereas Aframaxes have lost share due to the lower imports from Russia. 
 “Russia has found new buyers in India and China and each now imports about 25% of Russian seaborne crude oil exports, up from respectively 0% and 15% in the beginning of the year. The EU has found new supply in many locations with the Persian Gulf, West Africa, and East Coast South America standing out. All in all, average haul for crude tankers is increasing and will increase further once the ban takes effect,” says Rasmussen.
Despite the coming ban, Russia has exported 10% more via sea in 2022 than in 2021. However, the volumes have remained 7% lower than in 2019. Looking forward, both the US Energy Information Administration (EIA) and the International Energy Agency (IEA) forecast that Russian oil production will reduce by nearly 2 mbpd in 2023 compared to pre-war production, nearly a 20% reduction. The assumption is that Russia will not be able to find new buyers for all the remaining crude oil and oil products previously destined for the EU. In addition, the final structure of the oil price cap currently being discussed amongst EU, USA, and their allies could end up restricting exports as well as availability of shipping capacity.
The exports lost could instead move out of North and South America where oil production is expected to increase and make up for the lost Russian production.

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Maran Dry Management Inc., the prominent dry bulk shipping unit of the Angelicoussis Group, has signed a Joint Development Project (JDP) agreement with Class Society RINA and Chinese designer SDARI for a new bulk carrier which will meet IMO 2050 using an innovative fuel solution of LNG and hydrogen produced on demand on board.
RINA announces the signing of a JDP with Maran Dry Management Inc. and SDARI for an LNG and hydrogen powered 210,000DWT bulk carrier. The project will be based on a propulsion arrangement which reduces the running machinery at sea and combines the ship’s fuel (LNG) with steam to produce hydrogen and CO2. The project sees the design, which was launched earlier this year for an MR tanker, in its first application for a bulk carrier.
“Maran Dry Management is committed to embracing the energy transition and working towards net zero shipping solutions”, comments Captain Babis Kouvakas, Managing Director at Maran Dry Management (MDM) Inc. “Working with RINA and SDARI, this JDP agreement will give us a highly competitive bulk carrier design that will exceed IMO’s current 2050 targets and ultimately get to near-zero emissions. The project demonstrates our strong commitment and active role in the decarbonisation goals set by IMO, providing a pioneering concept, unique to the bulk carriers segment (newcastlemax) and the shipping industry as a whole, setting a leading example to exceed the current and projected emissions reduction targets, while demonstrating an innovative sustainable path for the future of shipping. The design will allow us to run the vessel on increasing percentages of hydrogen, lowering emissions over time, to meet the increasingly stringent rating thresholds towards 2050.”
Paolo Moretti, CEO at RINA Services, says, “The concept was conceived to be used on a wide range of vessel sizes. We have already approved its feasibility on a MR tanker, this joint development project will show how a Newcastlemax bulk carrier design can benefit from the LNG and hydrogen solution. We are privileged and very happy to be working with Maran Dry Management and SDARI, supporting their pioneering point of view on decarbonisation.”
Mr. Wang GangYi, Chief Engineer at SDARI, adds, “This is an exciting design that enables shipowners to work towards IMO 2050 with confidence, as it does not rely on the availability of new fuels or additional technological developments to maintain the ship’s A rating going forward. We too are delighted to be working with a company such as Maran Dry Management and RINA and hope this will be the start of a long and mutually beneficial relationship.”
The design is based on a pre-combustion carbon capture principle: the CO2 is captured from splitting the LNG molecules before the combustion in the engine takes place, rather than from exhaust gas emissions. This involves lower mass flows, therefore a reduced space required, and scalable installation to progressively keep up with the pace of the emissions reduction requirements up to 2050. The vessel can be built as an ordinary dual fuel ship, and the extra equipment installed once regulations incentivize the investment.
The solution addresses existing LNG bunkering facilities and requires no onshore hydrogen infrastructure and no need for supply and storage of hydrogen on board. It will also aim to reduce the resistance of the ship to increase overall operational efficiency.
As the Class Society, RINA will review calculation and design drawings submitted by SDARI to ensure they meet the latest statutory and RINA Classification Rules and Regulations, using the experience already gained on this innovative fuel solution.
“This is a practical solution and a practical application. It is great that a pioneering company such as Maran Dry Management is taking on this project, which we hope will be the first of many vessels that adopt this technology to meet decarbonisation targets,” concludes Moretti. “We are very proud to be working with Maran Dry Management on this ground-breaking design.”

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In recent years, Greek shipowner Safe Bulkers has retrofitted Alfa Laval PureSOx exhaust gas cleaning systems on 20 of its bulk carriers. The company has just installed its 21st PureSOx scrubber, and four more retrofits are scheduled through the first half of 2023. Once again, the systems will be protected with a comprehensive Alfa Laval Service Agreement.
Leveraging the fuel price difference
Safe Bulkers is expanding the retrofit programme for exhaust gas cleaning within its fleet. Having now retrofitted an open-loop PureSOx system on the MV Pelopidas, the company will retrofit equivalent systems on four Capesize bulk carriers: MV Aghia Sofia, MV Lake Despina, MV Maria and MV Michalis H. Alfa Laval’s deliveries for the vessels, which are each roughly 180,000 DWT in capacity, will extend from November 2022 to April 2023.
“When we first made the choice to retrofit Alfa Laval PureSOx systems in 2018, we were convinced that it was a good investment,” says Dr Loukas Barmparis, President of Safe Bulkers. “Today’s increased price difference between low-sulphur and high-sulphur fuel shows that we were correct. We are protecting our margins in a time of uncertainty while simultaneously protecting the environment. Through comprehensive sampling of effluent wash water from open-loop scrubber systems, independent laboratories using EPA or ISO methods have shown that there is little or no impact from the wash water concentrations.”

Partnership a key reason for returning
For Safe Bulkers, turning to Alfa Laval for additional scrubber systems was the natural choice. The previous PureSOx retrofit projects have all gone smoothly, and the systems themselves have lived up to the promised high performance.
“Retrofitting large equipment like a scrubber will always involve challenges,” says Barmparis. “What makes the difference is the supplier’s commitment to finding a solution. Having already done 21 retrofits with Alfa Laval, we can say with confidence that the cooperation works – just like the PureSOx technology. Both the support and the results are consistently excellent.”
To take full advantage of the partnership, Safe Bulkers has an Alfa Laval Service Agreement in place for its PureSOx systems. Comprising spare parts packages, sensor exchanges, connectivity and more, the agreement will now be expanded to cover the additional vessels.
“We take no chances with our compliance at Safe Bulkers,” Barmparis concludes. “Service is an important safeguard, and we know that we can rely on Alfa Laval’s expertise. The support we receive means that we can always be certain of fulfilling our obligations.”

Image caption: Dr. Loukas Barmparis, President of Safe Bulkers
Image caption: Alfa Laval PureSOx being assembled in Alfa Laval’s factory

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Almost the entire Greek shipping community will be represented at this year’s AMVER Awards Gala Dinner, one of the most important annual events of the industry, which will take place on 16 December 2022 at the Athenaeum Intercontinental Hotel to honor all the ships that participate in the US Coast Guard’s AMVER Program and the ships that voluntarily run to the rescue of vessels and crews in distress across the seven seas.
This year marks the 30 th anniversary of the Greek edition of the annual awards event which is organized by the International Propeller Club of the United States, Port of Piraeus, in collaboration with the U.S. Embassy in Greece and the United States Coast Guard.
The AMVER System (Automated Mutual Assistance Vessel Rescue) monitors ships, identifies possible problems and informs ships in the vicinity to approach and provide assistance. It officially came to life on 15 April 1958 through the efforts of the United States Coast Guard and a number of commercial shipping representatives.
Costis Frangoulis, President of the International Propeller Club, of the United States, Port of Piraeus and Vice President of the International Propeller Club of the United States, said: “Almost 7,000 lives have been saved by AMVER-participating ships since 2000 and many of them owe their lives to the selfless and altruistic efforts of Greek seamen and vessels.
“This year the AMVER awards marks its 30th anniversary in Greece, a significant milestone which deserves to be honored accordingly. The extremely favorable response from the merchant shipping industry around the world to the idea of the awards has ensured the continuance of the program which during its inaugural edition in 1992 presented the AMVER award to 45 Greek companies.
“Today, we are truly humbled to be in the privileged position to honor 247 Greek shipping companies and their ships who volunteer to the program year in year out. The fact that Greek companies received more than 2,000 AMVER Awards last year alone, is a demonstration of Greece’s leading position in the global maritime community,” he added.
Over 11,000 international ships participate in AMVER and an average of 6,300 ships are added on the AMVER plot each day. The AMVER Center computer receives over 40,000 AMVER messages a day.

About the International Propeller Club of the United States, Port of Piraeus
The idea for the Propeller Club was conceived in New York in 1922 by a group of professionals engaged in the merchant marine industry. They would meet regularly to discuss issues of mutual interest and concern. These meetings led to the foundation of the Propeller Club of the United States, with the aim of promoting the US merchant marine industry and international shipping to create a better world through sea commerce. The name “Propeller” is symbolic of propulsion, the driving force required to achieve the Club’s objectives. The Propeller Club’s world headquarters is located in Fairfax, Virginia, and today there are Clubs in 72 ports worldwide.
The International Propeller Club of the United States, Port of Piraeus is a non-profit association and is one of the oldest maritime institutions in Greece. Founded in 1935, it is the largest and most powerful Propeller Club among a network of 72 counterparts worldwide. Its main purposes are the promotion, advancement and support of global merchant shipping and Greek-American relations at a social, cultural and business level, while it also carries out a significant social service towards the Greek society with donations and the provision of scholarships to distinguished students in Greek and American universities.

About the AMVER Program
The need for the AMVER System became apparent during the Titanic disaster in 1912. As the distress flares from the Titanic brightened the sky, passing ships considered them part of the onboard celebrations. Little did they know that the ship had just hit an iceberg. This highlighted the need to monitor ships, identify possible problems and to call on ships in the vicinity to assist. But this was an idea which only became a reality with the help of computer technology. The AMVER System (Automated Mutual Assistance Vessel Rescue) monitors ships, identifies possible problems and informs ships in the vicinity to approach and provide assistance. It officially came to life on 15 April 1958 through the efforts of the United States Coast Guard and a number of commercial shipping representatives.
Originally known as the (AMVER) System, it became operational on 18 July 1958.

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While we all welcome ‘climate change’ the maritime industry is to blame for it becoming the focus of world regulators rather than other much heavy polluters. Shipping is a peripheral business entity so it was an easy target as it does not have strong political clout and the regulators had a more or less free go at it although their understanding of how ocean going shipping functions is very shallow.
With this comment the Greener Shipping Summit 2022 was launched by keynote speaker, John Platsidakis. The honorary chairman of Intercargo told the 500 strong audience from 230 companies and 16 countries gathered at the Eugenides Foundation, November 15, that a communication mistake was made by the shipping community from the off.
We do care about the environment, said Platsidakis, saying “do not forget generations of ship owners grew up and spent most part of their lives on board ships with only the sea and the sky in their sight for endless time, we were willing to support the initiative of reducing air pollution by ocean going ships. So, a strong and clear statement was made: “We will comply”. I believe that statement was catastrophic!”
Platsidakis said: “That statement was explained by third parties as an admission of guilt! So, a well-intended statement, made with the best of desire to assist, was misunderstood!”
He explained. Had we said “yes, we will do our best to comply as far as we can and subject to the participation of all other active players like the shipyards, engine manufacturers, charterers, bunker producers etc., we would have sent a very clear message and given the opportunity to unaware regulators and the public to understand how ocean going shipping functions and invite the other participants to come along.”
Another opportunity was missed some 10 years ago he said when we should have placed on the debate the imposition of the straightforward levy on shipping bunkers as the classic economic theory says that price dictates demand and vice versa. In other words, more expensive bunkers would oblige the users of the ships (mostly the charterers) to use the ships in a more efficient way without though stopping shipping to perform.
Nevertheless, although it is late, Platsadakis strongly believes the industry must “tell the public shipping companies do not produce technology”.
“Shipping companies use what is available in the market and they do so because they do not have another option as they operate in a highly competitive environment.
“The focus should be on the ones who have to deliver solutions. Otherwise, the effort is deemed to fail. Governments impose on the car manufacturers emission limits in order to be allowed to sell their cars and not on the individuals who buy a car. Why, in shipping, is it the other way round?” he concluded.
Organised for the 13th time by Newsfront / Naftiliaki in conjunction with, and under the auspices of, Greek shipping’s powerful Marine Technical Managers Association, Martecma, it became clear during the 2022 Greener Shipping Summit that battling climate change is a massive challenge as some 33 speakers, panelists and delegates discussed navigating the winds of change.
Indeed, during the final session, while addressing the issue of future investments – newbuilding and existing ships – it was declared that “2030 targets will not be met and a multi-tier market is developing”.
Stavros Hatzigrigoris, a former longtime president of Martecma, followed up his comment about the multi-tier market by warning the challenges posed by regulators and fuel levies etc will see the end of some Greek ship owning companies as the principals invest in other sectors.
John Cotzias, president of the Hellenic Shipbrokers Association and moderator of the final session said the industry “needs people who think outside the box”.
Chemical tanker operator, Stratos Tsalamanios, co-ceo of Seaven Tanker & Dry Management, said the regulations make it necessary to renew fleets but with the regulations as they are a company is unsure whether to go for a newbuilding or a secondhand ship, with the secondhand ship in favour because of the lack of supply of vessels while oil majors are now willing to look at vessels over 15 years old.
Further, Tsalamanios noted financial institutions and banks are keen to invest in green vessels and give a very big leverage and this has to go into the charter parties. He said some charterers are willing to pay but the whole system is very complex and in order to meet the 2030 deadline there may have to be a phase-out systems as was the case with single hull tankers.
George Papagiannopoulos, principal of shipping company Common Progress Compania Naviera said new ships have to be built but “we have to be clear about the available fuels and their cost”. “New technologies do not work on paper,” he said.
It was clear that investing in ships today is a challenge. George Souravlas, ceo of Load Line Marine, an operator of handy size bulk carriers told the summit of the challenges faced when investing in new vessels as there is still no clear answer regarding future fuels and a ship’s power.
Hatzigrigoris said it is up to IMO, the shipbuilders and the engine builders to come up with one solution regarding fuels. “Today we are talking about seven or eight solutions. I have asked MAN if they can build a multi-fuel engine and the reply was ‘no’.” He said if you start with ammonia you have to live with it though you may convert your vessels at a later stage, “but then you double your investment in new technology”.
During the daylong summit a great deal was said and presented about new technology.
Nuclear powered ships is “no longer in the hard to do box” Matthew Palmer, of Lloyd’s Register, said. He said existing or previous classification rules for nuclear power have been developed.
Conventional biofuels are compatible with modern marine engines and can be used safely onboard ships, Bureau Veritas VeriFuel’s Bill Stamatopoulos told delegates. However questions remain about the full supply chain sustainability of biofuels and the wide-scale availability of advanced biofuels (second- and third generation) for the shipping industry. Stamatopoulos said, “biofuels are one of the stepping stones to decarbonisation”.
Discussing environmental regulations, Nikolaos Daremas of RINA Hellas noted that from next year, commercial ships must report their actual annual CII [carbon intensity indicator], which will have to be verified against the required annual CII; the latter will become progressively stricter with time – a significant challenge for the entire maritime sector.
By the end of the day, most present at the Summit were in agreement with ABS’ senior engineer, regulatory affairs, Stela Spiraj one of the summit’s early speakers, who said: “While the shipping industry has already made considerable progress toward tackling climate change, breaking the deadlock to meet the IMO 2050 ambition requires informed decisions, driving action, building on existing industry initiatives, and acknowledging the positive impact of sustainable shipping.”

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Aspida Travel has become the first travel agency in Greece to join the Corporate Program of Air France–KLM for Sustainable Aviation Fuel (SAF), increasing the number of the airline group’s contracts worldwide.
The Corporate Program of Air France-KLM for SAF aims for the creation of a sustainable aviation fuel industry that guarantees the future of increasingly eco-responsible air transport.
Under the agreement, signed in Athens on Thursday, Aspida Travel will play an active role in reducing CO₂ emissions by supporting the efforts and actions of the Air France-KLM Group and contributing to the ecological transition of air transport globally.
Following the signing of the agreement, Air France-KLM Regional Manager Yiannis Pantazopoulos highlighted that both Air France and KLM have been working for many years to reduce their environmental impact. Their first actions were to work together with all stakeholders and policymakers to achieve the climate objective to reach zero CO2 emissions by 2050.
“One of our most important initiatives, however, is the effort to raise awareness within our industry, by stimulating airlines, travel agencies and corporate companies alike, that control a large percentage of air travel worldwide,” Pantazopoulos said.
Launched in 2021, Air France-KLM’s innovative SAF corporate program enables corporate clients to play an active role after an estimate of the CO₂ emissions associated with their travel, and determine an annual contribution they wish to devote to the program. All contributions are then invested in the sourcing and consuming of SAF.
“We are very excited to have the support of Aspida Travel, an important partner and pioneer in this effort, coming from the travel agencies industry and based in Greece. I hope that this collaboration will inspire even more travel agencies in our country to participate, tracing a more sustainable journey for the sector,” he added.
On his part, Aspida Travel Managing Director Dimitris Matthaios underlined the importance of sustainable fuel production in the airline industry.
“The efforts of Air France–KLM Group prove that if the airline and travel industries work together, we will manage to make our activities more sustainable for the environment and much sooner,” Matthaios said.
He went on to add that Aspida Travel is constantly in a development phase and have developed its activities in ESG (Environmental, Social, and Governance) the recent years.
“We try to contribute to the protection of the environment and we believe that this important agreement we signed with such a strategic partner as the Air France-KLM group will significantly enhance this effort,” Mattheos added.
Image: Chara Papalambrou, Key Account Manager Air France-KLM; Dimitris Matthaios, Managing Director Aspida Travel; Milli Zafeiratou, Marketing Manager Aspida Travel; Yiannis Pantazopoulos, Regional Manager Air France-KLM; and Maria Mavrikaki, Marketing Manager Greece & Cyprus.

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Study finds that spills of ammonia as a shipping fuel could negatively impact certain habitats and species more than others, and that the likelihood and gravity of such spills are highly dependent on ship type, hole size, temperature or even time of the day. 
A joint study released by Environmental Defense Fund (EDF), Lloyd’s Register (LR) and Ricardo PLC, examines the potential marine environmental impacts of ammonia spills during its use as a shipping fuel.
Ammonia generated from renewable energy is considered a sustainable alternative to fossil fuels as the shipping industry decarbonises. The study, which used extensive modelling due to the scarcity of real-world data, focuses specifically on the impacts of large ammonia fuel spill scenarios on marine habitats.
Potential effects on aquatic environments and associated ecological receptors were assessed in scenarios if a spill were to occur during bunkering, or in the case of a ship’s collision and sinking. In addition, possible mitigation measures and specific spill management practices for these scenarios were modelled and studied.
“The shipping industry must make a rapid energy transition to address the climate emergency. But it is also clear that we must proceed with caution. We owe it to future generations to ensure we are championing true climate solutions that will not negatively impact our rivers, our oceans or our health,” said Marie Hubatova, Director of Global Shipping for EDF's Global Transport team.
The study examined potential ammonia fuel spills during bunkering and collision scenarios, under a variety of conditions, including time of day, temperature, humidity and solar radiation. The outputs were tested across eight habitats (rivers, estuaries, wetlands, coastal waters, coral reefs, mangroves, polar regions and the deep sea) using multiple ecological receptors (bacteria, plankton, macrophytes, invertebrates, fish, birds, reptiles, and marine mammals).
The study found that estuaries, mangroves and wetlands are particularly sensitive to potential ammonia fuel spills compared to the polar regions and the deep sea. Within these habitats, it is typically fish which are most sensitive to an ammonia spill, with birds and mammals to a lesser degree.
Lauren Dawson, Senior Consultant, Water and Environment Practice, Ricardo, said: “Examining the impact of ammonia is a challenge because of the vast conditions a ship might face while at sea or even when bunkered. Critical factors to consider include the various ship and storage types, the underlying principles which determine the fate of ammonia in the environment, and the diversity of aquatic habitats and species that could be affected. Ultimately, what we found is that ammonia is more threatening to fish species, and particularly to ecosystems with less saline water and higher temperatures. It is therefore important to study the impact of ammonia carefully for particular regions where these habitats intersect with major shipping channels and ports, such as the Strait of Malacca. The findings of the report provide an excellent step forward to delivering a baseline upon which future assessments can be refined.”
The results were then compared to previously studied habitat and species sensitivity to conventional oil-based fuels. Overall, an ammonia spill has a relatively smaller dispersion distance and lower persistence within the environment when compared to heavy fuel oil (HFO) and marine gas oil (MGO).
Existing reports show that oil-based fuels have higher impacts on invertebrates and birds, compared with ammonia. Ammonia has a medium impact on all other ecological receptors, except bacteria, whereas oil-based fuels have medium impacts on plankton, fish, macrophytes, reptiles and marine mammals (see the Table summarizing the environmental impact level in page 5 of our summary report).
While the maritime industry has prior experience with ammonia transported in gas carriers and used as refrigerant, the introduction of ammonia as a shipping fuel creates new challenges related to safe bunkering, storage, supply and consumption for different ship types. The potential toxicity of ammonia cannot be ignored; without mitigation measures and solid spill management practices, an ammonia fuel spill could have negative impacts on aquatic environments. Therefore, a robust regulatory framework must be developed for ammonia to be a viable, low carbon alternative for shipping.
“There are many questions around the use of ammonia as a shipping fuel. Studies like this support the industry’s understanding of the environmental impacts as well as the operational and safety challenges. Greater clarity about the risks posed to marine ecosystems will allow industry stakeholders to make better informed decisions on the multiple transition pathways under consideration,” said Andy Franks, Senior Risk Specialist, LR Maritime Decarbonisation Hub.
This study presents a first look at ammonia's potential ecological impacts as a fuel. Further research is needed to evaluate the full range of ecological and health implications (especially to a ship’s crew) of ammonia, including the increased nitrogen deposition from chronic ammonia leakage and combustion by-products to determine its safety.
“All future fuels come with specific challenges. We have been using oil to power ships for almost a century now and we had to learn how to do so in a safe way. We can't go through the same process with ammonia,” said Ricardo’s Hubatova. “We have to make sure we get it right from the very beginning. A robust regulatory framework and good management practices are essential for the safe use of ammonia.”
Depending upon its safety, ammonia produced with renewable energy is already projected as one of the possible main future fuels of shipping. It is estimated that maritime shipping emits approximately 1,056 million tons of carbon dioxide (CO₂) per annum and is responsible for nearly 3% of global greenhouse gas emissions.

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According to BIMCO estimates from the upcoming Dry Bulk Shipping Market Overview and Outlook report, deliveries of bulk carriers should drop to 23.8 million DWT in 2024. The sector’s orderbook currently adds up to 66.7 million DWT, a mere 6.9% of the bulker fleet, the lowest ratio since at least 1996. 
Contracting of bulk carriers spiked in 2021 and reached 48.4 million DWT, driven by a positive congestion driven cycle which brought an opportunity for investment. However, in the first ten months of 2022 only 11.7 million DWT were contracted as concerns about economic growth and alternative fuels dominated the sector. 
“In terms of size, upcoming bulk carrier deliveries are increasingly skewed towards panamax and supramax ships. Capesizes will account for around 27.8% of deliveries in 2024, significantly lower than their 40.9% ten-year average. Weaker and volatile rates and a 0.6 ratio between prices for newbuildings and 5-year-old ships are hindering contracting in the segment,” says Filipe Gouveia, Shipping Analyst at BIMCO. 
The sector’s response to fuel transition and emissions reduction has thus far been slow, as demonstrated by the orderbook. Measured in deadweight, only 13.3% and 6.0% of deliveries until the end of 2024 are LNG and ammonia ready, respectively, while only two panamax ships are LNG ready.  
 “The continued economic downturn will likely affect investment decisions and keep the orderbook small. However, the average bulk carrier age has risen by six months each year since 2018 and the average bulker is now eleven years and six months old. Amid stricter environmental regulations and an aging fleet, renewal of the fleet will be required, and we can expect contracting to pick up across all segments towards the end of 2023,” says Gouveia. 
Alternative fuel adoption among bulk carriers will likely continue to lag behind other sectors. However, by the next contracting cycle, a clearer roadmap for the adoption of alternative fuels will hopefully have emerged. 

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