Chalkis Shipyards S.A. for one more year will participate in the Expomaritt Exposhipping Istanbul where it will showcase its latest projects and future goals. The 18th International Maritime Exhibition - Expomaritt Exposhipping İstanbul, taking place from 18-21 February 2025 at Istanbul Expo Center is the most important trade and marketing organization in the region that brings together the maritime industry, attracting thousands of professionals from around the world.

Chalkis Shipyards will be located in the stand of Eskomarine (HALL #6- STAND #6A90), where attendees can experience firsthand the services that set Chalkis Shipyards apart. Chalkis Shipyards is one of the top shipyards in the Mediterranean with a history of 50 years unceasing service and a commitment to excellence and customer satisfaction.  

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New analysis by the Maritime Emissions Reduction Centre (MERC) has found that silicone-based hull coatings could deliver significant emissions reductions, but challenges around application and mechanical strength remain.  

Silicone coatings, with their very low surface energies and smooth surfaces, result in self-cleaning properties that release microfouling, preventing the development of macrofouling. The resulting reduction in drag can lead to significant fuel savings and lower greenhouse gas (GHG) emissions. 

While manufacturers claim potential fuel savings of up to 10%, the analysis by MERC of actual vessel performance reported by its members provides a more nuanced picture of the technology's benefits.

Coating performance is highly dependent on factors such as vessel type, age and operating profile. While substantial savings are possible, precise performance measurement remains challenging due to variables such as engine condition and weather.

However, the new publication ‘An Overview of Silicone Based Antifouling Paints’ highlights potential challenges, including the higher costs associated with silicone coating systems and more stringent requirements for surface preparation and application. Mechanical strength remains a key consideration, as silicone antifouling is more susceptible to damage than traditional coatings. Regular monitoring and biofouling management, such as hull grooming, are crucial to maintain performance and efficiency between dockings.  

The publication also suggests that hybrid approaches—combining silicone and traditional antifouling paints on different parts of a vessel—could offer the best balance of efficiency, durability, and cost-effectiveness.

VLCCs achieved substantial efficiency gains when using hybrid coating schemes, which combine traditional antifouling systems with silicone coatings in specific hull areas. Partial application of silicone paints on VLCCs led to "out of dock" improvements of around 5%, with average fuel savings of approximately 3% over the docking cycle compared to traditional antifouling.

Stelios Korkodilos, Director of the MERC, said: “Advanced coatings, including silicone-based antifouling, can be a valuable tool for fleet decarbonisation. While they require considerable investment, these coatings can deliver significant emissions reduction without structural modifications or equipment retrofits.

“Careful assessment, analysis, and hybrid approaches that combine traditional and silicone systems may offer the most effective and cost-efficient solutions for ship operators. Monitoring and grooming are important tools to help maximise the benefits from investment in these advanced coatings.”

This is the latest publication from the Athens-based MERC, a non-profit organisation created by five leading Greek shipowners - Capital Group, Navios Maritime Partners, Neda Maritime Agency, Star Bulk and Thenamaris in collaboration with the Lloyd Register’s Maritime Decarbonisation Hub. 

It was founded to fill a gap in the maritime industry’s approach to decarbonisation. While there are numerous initiatives focused on the future of maritime energy, particularly in the development of alternative fuels, there is a need for a dedicated effort to address the immediate challenges faced by the existing fleet, using conventional fuels, and support it to reduce GHG emissions. MERC will use its applied research and innovation to remove uncertainties and barriers, enabling the uptake of technologies and solutions today.  

The publication, which includes detailed analysis of different vessel types and coating configurations, is now available for download at: https://www.m-erc.org/our-publications 

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The event was Addressed by Mr. George Sp. Alexandratos- General Manager of Apollonia Lines S.A- Chairman of the BoD of the PMC and President of Hellenic Chamber of Shipping, Ms. Maria S. Prevezanou- Director of Evmar Marine Services Ltd.- Treasurer of the BoD of the PMC / Organiser of the Conference and Introduction by the Chairman: Mr. Lou Kollakis honorary chairman of Chartworld Shipping Corp.

The speakers discussed the 1st motion: “This House believes that the practice of some clubs in relentlessly accumulating premium revenue by way of general increases at each renewal, while simultaneously returning funds on earlier years, is a paradoxical and confusing approach both to the issue of club financing and to that of shipowner budgeting.”

For The Motion spoke Mr. Jerry Westmore Head of Underwriting European Syndicate Steamship Insurance Management Services Limited.

He pointed out that general increases have to be at a prudent level, Regulators can also set limitations on sharing funds looking at the combined ratio of the Club.

Against The Motion spoke Mr. Phillip Eccleston Head of Underwriting- Greece NorthStandard Limited and Mr. Francis Church Associate Director Underwriting Britannia Steam Ship Insurance Association Limited.

He marked that this issue is not black and white depending on reinsurance changes and claims. However, sustainable pricing safeguards shipowners’ interests.

The P&I relationships must be long term as claims are unpredictable. Francis Church told that the club’s have the ability to return funds because of their mutuality if the capital position allows.

It is very difficult to project how the year will fluctuate. The capital position of a Club is also affected by investment returns and the cost of claims.  In conclusion, the audience agreed that no general increases must be charged when the funds are available.

The 2nd motion referred to the following topic: “This House believes that the Trump administration’s policy on sanctions may be less severe in relation to Russia but more severe in relation to Iran, Venezuela and China, potentially causing differences between the sanctions regimes in the US, UK, and the EU making it impossible for the Clubs to monitor compliance by their members.”

The discussion moderated by Mr. Dinos Caroussis Director Chios Navigation (Hellas) Ltd.

For The Motion argued Mr. Daniel A. Tadros COO American Steamship Owners Mutual Protection & Indemnity Association, Inc. and Mr. Sean Geraghty Regional Director of Greece Thomas Miller P&I Ltd (UK Club).

He noted that Trump is very unpredictable and he has shown a keen interest in the maritime sector. The cabinet also includes commercial minded people and takes very seriously sanctions and compliance.

Sean Geraghty told that: “US loves sanctions and there is a great imbalance in the volume and complexity between US and EU and UK sanctions.

Therefore, owners and operators are in a very difficult position in regards to the sanctions. Governments must align various policies otherwise it is impossible to monitor compliance”.

Against The Motion: Ms. Agapi Terzi Regional Claims Manager, Greece Shipowners and Mr. Harris Papaspyropoulos Head of Claims– Greece The Swedish Club.

Mrs Terzi underlined that: “Trump will follow a unilateral and muscular approach in regards to the sanctions. All Clubs have tracking systems and compliance screening tools to protect help the interests of their members”.

He marked that: “Russia cannot reach to a peace agreement with Ukraine in a short of time as Trump thought.  Venezuela is also a complicated area for imposing sanctions as US takes cheap petroleum products and US companies are involved in the oil production activity.

China is also a very difficult case for imposing tariffs as US economy is heavily depended on Chinese consuming goods.

Shipowners rely a lot at the Club’s assistance regarding AI screening and tracking of sanctions.

George Gourdomichalis believes that: “Trump will also try to control Greenland and Panama Canal at any cost”.

The next motion was: “This House believes that Clubs place importance on S&P ratings and are pressured to diversify so as to strengthen capital returns and good risk management. Clubs that have diversified their line of business have advanced the mutual model and not threatened it by commercial insurance”.

The debate was Moderated by: Mrs Ismini Panagiotidi CEO and Founder Pavimar SA

For The Motion: Mr. Audun Pettersen Vice President Gard and Mr. Marius Vitas Senior Claims & Marketing Manager (Hellas) West of England Insurance Services SA.

Marius Vitas believes that: “mutual Clubs must diversify to H&M, Loss of Hire and other insurance products as it is not cost effective to stay in one activity.

However, diversification has to be adopted without risking the members’ capital.

It must be a profitable activity. Club’s have the appropriate experience and expertise to offer to the members a variety of insurance and financial services.

He said that: “diversification can give you a scale and the ability to handle different complicated cases. The driving factor behind diversification is the cost of running a Club, accumulation of other lines of business and a contribution between the different activities of the Club”.

And the last motion: “This House believes that, in light of the growing volatility and complexity of the global risk environment, traditional methods of differentiating P&I exposures between vessel types, areas of operation and characteristics of trade are increasingly inadequate and will require considerable modification for the future, including those relating to the IG Pool.”

The debate was moderated by: Mr. George D. Gourdomichalis Director Phoenix Shipping & Trading SA

For The Motion: Mr. James Bean Chief Executive The London P&I Club.

Against The Motion: Mr. Leandros Kotsakis Vice President, Claims Skuld Hellas

The speakers and the audience agreed that: “In a complex and volatile shipping world that we are now experiencing with more types of ships like VLACs, OSVs etc and various fuels Clubs have to be well informed and ready for the future.

We live challenging times and Clubs have to differentiate and adapt to the future requirements”.

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Capital Ship Management Corp. took delivery of the newbuilding vessels M/T ‘Aisopos’ (‘ΑΙΣΩΠΟΣ’) and M/t ‘Aiolos’ (‘ΑΙΟΛΟΣ’), two 115,621 dwt, eco-type crude oil/product carriers, built by New Times Shipbuilding (NTS), China.

Lloyd's Register has assigned the two sister vessels the top classification, holding the 100A1 notation. They adhere to strict construction and maintenance standards for enhanced safety and reliability in operation.

Both vessels incorporate advanced technology to meet modern environmental and operational standards. They are the first newbuild tankers ever to be installed with certified AMP (cold ironing) and are equipped with a shaft generator to improve EEDI, CII, and DFOC. The vessels are IMO EEDI Phase III compliant and LNG ready, showcasing their readiness for future energy transitions. Additionally, they feature an energy-efficient device, including a VFD for large pumps and fans, and a high-efficiency rudder. Additionally, they are cybersecurity certified by Loyd’s Register to ensure safe and secure operations.

M/T ‘Aisopos’ and ‘Aiolos’ proudly sail under the Greek flag, marking a significant milestone, as they are the first Greek-flagged vessels delivered by NTS.

Delivery festivities were well attended by high-ranking officials from Capital, NTS, and other organizations and companies.

About Capital Ship Management Corp.

Capital Ship Management Corp. is a distinguished oceangoing vessel operator, offering comprehensive services in every aspect of ship management, currently operating a fleet of 32 tankers (13 VLCCs, 6 Aframaxes, and 7 MR/Handy product tankers) with a total dwt of 6 million tons approx.

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A generous initiative has been undertaken by Konstantinos Samaritis, Head of Piraeus office and Divisional Director Claims of Britannia P&I to mark the importance Sailors’ welfare.

He stated that he is quite thrilled to be running the London Marathon in April for the team Sailors’ Society.

It is the 45th year of the London Marathon, the largest one-day fundraising event in the world. A legendary 26.2 mile course which takes you from Blackheath, passes the iconic Cutty Sark, goes over the world-famous Tower Bridge and through Canary Wharf before finishing on The Mall in front of Buckingham Palace.
Sailors' Society is a global maritime welfare charity supporting seafarers and their families in need, day and night, 365 days a year. Seafarers will always be at the heart of all we do.

Just over three months left to attain my GBP 2,000 fundraising target!

Konstantinos calls everyone who would like to support his efforts to donate through his fundraising page: https://lnkd.in/d-Tj2v3z

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Laskaridis Shipping Company Ltd., has signed a Memorandum of Understanding (MoU) with Liverpool John Moores University (LJMU) in order to establish a collaborative partnership aimed at advancing technological innovation and sustainability in the maritime sector.

This strategic partnership combines LJMU's academic excellence with Laskaridis Shipping's industry expertise to address pressing challenges in shipping. The collaboration will explore cutting-edge projects, including data-driven innovation, experimental research, and proposals for external funding to enhance operational efficiency and sustainability within the industry.

Georgios Christopoulos, chief operating officer of Laskaridis Shipping, said: “Partnering with LJMU opens new pathways for innovation. Together, we can leverage data, research and experimental methods to address industry challenges and shape a sustainable future.”

The partners will explore experimental methods and data analytics to produce working insights and develop simulation tools benefiting academic and practical applications.

They also aim to integrate technology that enhances the environmental performance of maritime operations. The university will gain access to a wealth of industry data, while the shipowner hopes to improve the bottom line.

Dr Eddie Blanco-Davis, Reader in Marine Engineering in the School of Engineering, leading the initiative on behalf of LJMU, said: “This partnership embodies our shared commitment to driving progress and sustainability in maritime operations. By uniting academic rigour with industry know-how, we aim to produce solutions that not only advance technology but also contribute to achieving global environmental goals.”

The Key aspects of the partnership include:

• Innovative research - joint exploration of experimental methods and data analytics to produce actionable insights and develop simulation tools benefiting both academic and practical applications
• Sustainability goals - collaborative efforts to integrate technology that enhances the environmental performance of maritime operations
• Mutual growth - access to a wealth of industry data for LJMU while Laskaridis Shipping benefits from academic advancements, improving financial and operational performance.

This MoU marks a significant step toward strengthening the global academic-industry network in maritime innovation, with a shared vision to ensure long-term benefits for both parties. The initial agreement spans three years, with the possibility of renewal based on the success of the partnership.

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A new report from HEMEXPO, the leading Greek marine equipment manufacturers and exporters association for the international shipping industry, has highlighted the association’s significant contribution to the Greek economy during 2021-2022.

The third study of its kind, conducted by the Foundation for Economic and Industrial Research (IOBE) and presented by its General Director, Professor Nikos Vettas, provides an updated assessment of the importance of Greek marine manufacturing companies to the country’s economy. The report explores HEMEXPO’s substantial economic contribution, illustrating an impressive growth trajectory over the last decade for HEMEXPO member companies. It also highlights the challenges faced during this time and offers several policy recommendations that could support the sector’s continued development.

Ms. Eleni Polychronopoulou, President of HEMEXPO said, “The sector’s remarkable contribution to the Greek economy results from the outstanding achievements of HEMEXPO’s member companies. Success has not been without its challenges though, and we have had to adapt to factors out with our control which has required a tremendous amount of resilience. However, between 2014 and 2022, the companies more than tripled their total turnover, reaching €677 million, showcasing significant growth over this period.

“Going forward, HEMEXPO will continue to support its member companies in reaching their full potential by addressing challenges head-on as we aim to secure a more sustainable and competitive future.”

In 2022, HEMEXPO's total contribution to the Greek economy reached €2 billion, nearing 1% of the country's GDP. Additionally, the activities of HEMEXPO's companies and their suppliers generated fiscal revenues of €312 million, underlining the Hellenic marine equipment sector's undeniable importance to the country.

The study also shows HEMEXPO member companies currently employ over 2,900 people, with the total employment impact reaching 13,400 positions as each job supports a total of 4.4 jobs in the Greek economy.
Challenges referenced included access to foreign markets – particularly in Asia - obtaining necessary certifications and adapting to increasingly strict international environmental regulations. 

Marine equipment manufacturing: Trends, prospects, and contribution to the Greek economy is available to read in full, and can be accessed here.

HEMEXPO – Hellenic Marine Equipment Manufacturers and Exports – is a leading suppliers and exporters association for the shipping sector, representing Greek maritime technology specialists worldwide since 2014. 
HEMEXPO brings together Greek companies that manufacture and export a comprehensive range of world class marine equipment and technical services used in the construction, conversion, maintenance and upgrading of ships and other marine structures.

Image: Ms. Eleni Polychronopoulou, President of HEMEXPO

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The 15^th Annual Capital Link Greek Shipping Forum will be held in Athens on Friday February 7, 2025. The event is organized in cooperation with New York Stock Exchange and Nasdaq, and DNV.

The institutional leadership of global shipping, specifically IMO Representative, the heads of four global industry associations: BIMCO, INTERCARGO, INTERTANKO & The International Chamber of Shipping, high level representatives from the European Union, the Greek Minister of Shipping and Insular Policy, the Heads of Classification Societies, Global Heads of Shipping, Major Global Investors, will all attend the forum.

The agenda will focus on three main areas:

• the industry’s main trends and challenges
• the opportunities that lie ahead and strategies to complete in an increasingly complex and demanding world. This event will focus on three main areas: The current trends and outlook of the global economy and the main commodity, energy and shipping markets
• The critical challenges the industry faces today related to geopolitical and regulatory developments, such as compliance with decarbonization, trade sanctions & tensions, and the transformational impact of technology
• As usual, Maritime Finance will be the core subject with focus on bank finance, capital markets, alternative funding mechanisms and private equity.

With 1000+ participants every year, attendees can expect an informative networking forum connecting them to the shipping industry’s key players, including influential members in the financial community, such as commercial and investment banks. This one-day conference, known for its large attendance by shipowners, its rich informational content and the extensive marketing, networking and business development opportunities.

To attend the event please register at this link : https://forums.capitallink.com/shipping/2025greece/

KEYNOTE SPEAKERS

• H.E. Christos Stylianides, Minister of Maritime Affairs & Insular Policy - Hellenic Republic
  • Mr. Apostolos Tzitzikostas, Commissioner- European Commission for Sustainable Transport & Tourism (via webcast)
  • Dr. Dorota Lost-Sieminska, Director - Legal Affairs and External Relations Division – International Maritime Organization (IMO)
  • Ms. Fotini Ioannidou, Director - EUROPEAN COMMISSION, DG for Mobility & Transport
  • Ms. Elissavet Vozemberg – Vrionidi, Chair, Committee on Transport and Tourism - European Parliament

FEATURED SPEAKERS

Heads of Industry Associations

• Mr. Nikolaus Schües, President & Chairperson of the Board – BIMCO ; CEO - Reederei F. Laeisz
• Mr. John Xylas, Chairman - INTERCARGO ; President & CEO - Ariston Navigation Corp.
• Mr. Emanuele Grimaldi, Chairman - INTERNATIONAL CHAMBER OF SHIPPING ; President & MD; Managing Director - Grimaldi Euromed SpA; Grimaldi Group
• Dr. Nikolas P. Tsakos, Founder & CEO - TEN Ltd. (NYSE: TEN) ; Chairman - INTERTANKO (2014-2018)

Global Heads of Shipping

• Mr. Philipp Wünschmann, Head of Shipping – Berenberg
• Mr. Chris Conway, Managing Director, Global Head of Transportation – Export Agency Finance - Citi
• Mr. Christos Tsakonas, Global Head of Shipping - DNB
• Mr. Evan Cohen, Managing Director & Group Head of Maritime Finance - First Citizens Bank

AGENDA

Mr. George Teriakidis, Regional Manager for Southeast Europe – DNV Maritime

Mr. Nicolas Bornozis, President – Capital Link, Inc.

SHIPPING & TRADE IN A SHIFTING WORLD- CHALLENGES & OPPORTUNITIES

Moderator: Mr. Michalis Pantazopoulos, Senior Vice-President – Liberian Registry (LISCR Hellas)

Panelists:

• • Mr. Elias Triantafyllidis, Regional Bulk Carrier Segment Director, South East Europe Region – DNV Maritime
• • Dr. Gaby Bornheim, President – German Shipowners' Association (VDR)
• • Mr. Tim Wilkins, Managing Director – INTERTANKO
• • Mr. Gordon Robertson, Head of Greece – NorthStandard
• • Mr. Joe Kramek, President & CEO – World Shipping Council

FUEL & FLEET STRATEGIES: DRIVING THE SHIPPING ENERGY TRANSITION

Moderator: Mr. Ezekiel Davis, Vice President, Regional Business Development, Europe – ABS

Panelists:

• • Mr. Mark O'Neil, President & CEO – Columbia Group; President – InterManager
• • Mr. Mikki Koskinen, Managing Director – ESL Shipping Ltd.; Vice President – European Community Shipowners’ Associations (ECSA)
• • Mr. Polys Hajioannou, CEO – Safe Bulkers (NYSE: SB); Vice President – Cyprus Union of Shipowners
• • Mr. Hing Chao, Executive Chairman – Wah Kwong Maritime Transport Holdings; Co-Founder & Chairman – Hong Kong Chamber of Shipping

BANK FINANCE PANEL

Moderator:  Mr. Jasel Chauhan, Partner, Head of International Finance – Hill Dickinson LLP

Panelists:

• • Mr. Philipp Wünschmann, Head of Shipping – Berenberg
• • Mr. Chris Conway, Managing Director, Global Head of Transportation – Export Agency Finance – Citi
• • Mr. Christos Tsakonas, Global Head of Shipping – DNB
• • Mr. Evan Cohen, Managing Director & Group Head of Maritime Finance – First Citizens Bank

MARKET UPDATE: FUELEU

Moderator: Mr. Alexander Prokopakis, Executive Director – International Bunker Industry Association (IBIA)

Panelists:

• • Mr. Theo Kourmpelis, Strategic Business Partner – Lloyd’s Register
• • Mr. Ralf Garrn, Managing Director – OceanScore

ALTERNATIVE FINANCE PANEL

Moderator: Mr. Chris Vartzis, Partner, Head of Maritime Finance, Greece – Stephenson Harwood

Panelists:

• • Mr. Nicholas M. Petrakakos, Partner & Managing Director, Maritime & Offshore Investment Banking – Alantra
• • Mr. George Fikaris, Managing Director – EnTrust Global
• • Mr. Kevin Kou, Director of Europe and America Department (Shipping) – ICBC Financial Leasing Co., Ltd.
• • Mr. Iraklis Tsirigotis, Director of Origination – Neptune Maritime Leasing Ltd.

NAVIGATING OPPORTUNITIES – INVESTMENT PERSPECTIVES IN THE MARITIME SECTOR

Moderator: Ms. Alexia Hatzimichalis, Partner – Watson Farley & Williams

Panelists:

• • Mr. Christian Rychly, Head of Shipping – MPC Capital; COO – MPC Container Ships
• • Mr. Tobias Backer, Executive Director – Pelagic Capital
• • Mr. Nicolas Tirogalas, Chief Investment Officer – Tufton Investment Management

KEYNOTE REMARKS:

H.E. Christos Stylianides, Minister of Maritime Affairs & Insular Policy - Hellenic Republic

FORUM LUNCHEON & OFFICIAL AWARD CEREMONY

KEYNOTE SPEAKER:

Mr. Apostolos Tzitzikostas, Commissioner - European Commission for Sustainable Transport & Tourism (via webcast)

INTRODUCTORY REMARKS:

Ms. Elissavet Vozemberg – Vrionidi, Chair, Committee on Transport and Tourism - European Parliament

OFFICIAL AWARD CEREMONY

2025 CAPITAL LINK GREEK SHIPPING LEADERSHIP AWARD

During the luncheon in the context of the forum, an official award ceremony will take place, and the "2025 Capital Link Greek Shipping Leadership Award" will be presented to Mr. Thanasis Martinos, Managing Director - Eastern Mediterranean Maritime Limited, for his outstanding contribution to Greek & global shipping.

Introductory Remarks: Mr. George Prokopiou, Founder - Dynacom Tankers Management; Dynagas Ltd. (DLNG) / Sea Traders, and Mr. George M. Foustanos, Maritime Historian & Founder - Greek Shipping Miracle.

The “Capital Link Greek Shipping Leadership Award” is presented annually to a leading maritime figure of the Greek Shipping Community who has gained the respect and the appreciation of the international shipping industry and who is also recognized for their outstanding contribution to elevating Greek Shipping to its leadership position globally.

Previous honorees were: 2013 - Captain Panagiotis N.Tsakos, Founder & President - Tsakos Group, 2014 - Mr. Pericles Panagopoulos, 2015 - Mr. Lambros Varnavides, Vice Chairman of the Baltic Exchange, Trustee of the Lloyds Register Foundation and Managing Director and Global Head of Shipping RBS 1998, 2016 - Mr. Nicolas, George and Andreas Tsavliris of the Tsavliris Salvage Group, 2017 - Professor Costas Th. Grammenos CBE DSc, Chairman C. Grammenos Centre of Shipping Trade & Finance, Bayes Business School, City, University of London, 2018 - Mr. Panos Laskaridis, President of European Community Shipowners Associations; CEO, Lavinia Corporation/Laskaridis Shipping Company Ltd. and Mr. Athanasios Laskaridis, Chairman and CEO of Lavinia Corporation, Lavinia Enterprises Limited and Laskaridis Shipping Company Ltd., 2019 - Captain Paris Dragnis, Chairman & Founder - Goldenport Group, 2020 - Mr. George Procopiou, Founder, Dynacom Tankers Management, Sea Traders – Dynagas, 2022 - Mr. Simeon Palios, Founder and Chairman, Diana Shipping, 2023 - Mr. Themistocles Vokos, Founder Member, Honorary Chairman of Posidonia; Founder of Seatrade, and 2024 - TEN LTD. -TSAKOS ENERGY NAVIGATION LTD., & Dr. Nikolas P. Tsakos, Founder & CEO - TEN Ltd. (NYSE: TNP); Chairman - INTERTANKO (2014-2018).

Official Luncheon Sponsor: The Marshall Islands Registry.

KEYNOTE REGULATORY ROUNDTABLE

Moderator: Mr. George Teriakidis, Regional Manager for Southeast Europe – DNV Maritime

Participants:

• Dr. Dorota Lost-Sieminska, Director, Legal Affairs & External Relations Division - International Maritime Organization (IMO)
• Ms. Fotini Ioannidou, Director, DG for Mobility & Transport - European Commission

KEYNOTE INDUSTRY LEADERSHIP ROUNDTABLE

STEERING THE COURSE - DRIVING THE INDUSTRY FORWARD

Moderator: Mr. Nicholas Brown, Corporate Affairs Director, Marine & Offshore – Bureau Veritas

Panelists:

• • Mr. Nikolaus Schües, President & Chairperson of the Board – BIMCO; CEO – Reederei F. Laeisz
• • Mr. John Xylas, Chairman – INTERCARGO; President & CEO – Ariston Navigation Corp.
• • Mr. Emanuele Grimaldi, Chairman – INTERNATIONAL CHAMBER OF SHIPPING; President & MD; Managing Director – Grimaldi Euromed SpA; Grimaldi Group
• • Dr. Nikolas P. Tsakos, Chairman – INTERTANKO (2014-2018); Founder & CEO – TEN Ltd.

EU FUNDING OPPORTUNITIES FOR THE MARITIME SECTOR

Presentation:

Mr. Vasileios Tsiamis, Partner – EY

DARK FLEET – SANCTIONS & TARIFFS

Presentation:

• Ms. Leigh Hansson, Partner – Reed Smith
• Mr. Alexander Brandt, Partner – Reed Smith

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Stellar V Capital Corp. a newly organized special purpose acquisition company formed as a Cayman Islands exempted company and led by its co-CEOs Prokopios (Akis) Tsirigakis and George Syllantavos, announced the pricing of its initial public offering of 15,000,000 units at an offering price of $10.00 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant will entitle the holder thereof to purchase one Class A ordinary share at $11.50 per share. The units are expected to trade on the Nasdaq Global Market (“NASDAQ”) under the ticker symbol “SVCCU” beginning January 30, 2025. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The Company expects the Class A ordinary shares and warrants comprising the units to begin separate trading on the 52^nd day from this date. Once the securities comprising the units begin separate trading, the Class A ordinary shares and the warrants are expected to be traded on NASDAQ under the symbols “SVCC” and “SVCCW,” respectively.

BTIG, LLC is acting as sole book-running manager for the offering.

The Company has granted the underwriter a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any. The offering is expected to close on January 31, 2025, subject to customary closing conditions.

A registration statement relating to the securities sold in the initial public offering was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on January 29, 2025. The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from: BTIG, LLC, 65 East 55th Street, New York, New York 10022, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by accessing the SEC’s website, www.sec.gov.

About Stellar

Stellar V Capital Corp. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

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On the occasion of GSCC New Year’s vasilopita reception Mr. Haralambos J. Fafalios, president of the Greek Shipping Co-operation Committee referred to the latest shipping and geopolitical developments and underlined that 2025 marks the 90 years of the GSCC founding.

Mr. Fafalios said: “Fortunately, the two major conflicts that greatly concerned us since 2022 and 2023, i.e. Gaza and Ukraine, may be finally scaling down and thereby be of lesser danger to both seafarers and ships. However, it is too early to call them over.

We are very happy to hear that the crew of “Galaxy Leader” was released yesterday, after more than a year in captivity.

But there will still be risks in trading in the Red Sea and the Black Sea. The accompanying inefficiency has gone a long way in aiding the containership and tanker utilization rates.

The most important issue of the day was the recent inauguration of a new American President and how his administration’s strategy will affect world trade, and thus world shipping. It is too early to see if and when the threatened tariffs will be imposed and on whom. However, it seems most likely that any effects of such policies will primarily affect container and energy shipping and to a lesser extent the dry bulk trades.

We also have a significant number of elections in Europe and elsewhere, which in turn will determine trade and industrial policy. And of course, China itself is still the main receiver of global bulk commodities. Whilst many worry about China's actual growth rates, the fact remains that the imports that China needs are still colossal. Added to the above is the large fleet of underinsured, undermaintained vessels performing their job in the various sanctioned trades. Their presence is both unwelcome and dangerous to their crews and the environment.

Regardless of all these factors, the various shipping sectors have performed in different ways. The containership market has been very buoyant over the last 12 months, considering the huge orderbook that exists. The car carrier and RoRo sector has also provided very attractive returns. The tanker market was very positive but at the end of the year seemed to fall off significantly. Unfortunately, the dry bulk market had a lacklustre second half of year, apart from the capesize sector, and has ended the year at record low levels.

Gas carriers, especially the LNG carriers, have had a difficult year leading to some scrapping of turbine powered vessels. The LPG sector, whilst not at record highs, is still providing attractive returns.

It is against all this uncertainty that the world shipping fleet is growing significantly with very large numbers of container ships, car carriers, tankers, bulk carriers and gas carriers on order. Chinese, Korean and Japanese shipyards are all enjoying full orderbooks out to 2028 and beyond.

And a very significant number of these new ships are dual fuel, designed even though no one yet knows which is going to be the low carbon, high safety fuel of the future. I say high safety because all those who are ordering ammonia powered vessels have not yet quantified the huge safety risk to the crews and to third parties! The methanol solution may be safe but there is nowhere near enough supply to handle the world fleet needs. And finally, no one has decided whether LNG is or isn’t a green fuel, most people consider it to be a fossil fuel. So it is against this background that world shipping must take decisions which will affect them for the next 20-30 years.

It should be understood that simply selecting dual fuel bunkering arrangements will not in itself bring about a carbon free world because most of these alternative fuels still have many safety and availability risks and, most of all, are not that carbon free. This is especially the case for bulk/tramp vessels which make up the majority of the world fleet. The breakthroughs we really need are still not here and may not be so for many years.

Also, EU ETS, Fuel EU Maritime, CII and various taxes and levies, will not in themselves bring about a carbon free world. Any and all extra taxes will only hurt the consumers of commodities more than they will decarbonize shipping and not incentivize shipbuilders and engine builders to help shipping reach a carbon free world that we all wish for.

Another area which has become a bit overdone to say the least, is the area of vessel vetting.

Between adhering to class requirements, IMO regulations and Port State Controls, vessels themselves and their management have enough to deal with, and the result is generally a very safe fleet by all measures.

One must always remind oneself that the global shipping industry transports over 90 per cent of the world’s cargoes and with the lowest carbon footprint.

I am proud to say that for all these problems, Greek shipping organizations have ordered the largest number of newbuildings in all sectors, embracing efficient technologies and not just using the latest green fuel.

The Greek fleet, which represents the world’s largest fleet is also the biggest participant in the tramp trades. And thus, has to meet the requirements of all the world’s ports and cargoes.

On another level, I would like to remind everyone that this year London will host LISW 2025.

Whilst London has many of the world’s most prominent organizations, such as the IMO, ICS, INTERCARGO, INTERTANKO, IG of P&I Clubs, Baltic Exchange, with law firms and shipbroking companies having offices here, no shipping centre will prosper in the long term if shipping's actual decision makers live and work elsewhere.

Successive administrations have done very little to encourage London to retain its place as the home of entrepreneurs and shipping leaders. This omission will ultimately have long-term consequences for London.

The G.S.C.C. itself, has been based in London since 1935, starting off as the G.S.S.C. (Greek Shipping Stabilization Committee) but over the decades, has been the conduit between the Greek shipping community and London and the U.K.

Our closeness to all the London based shipping and maritime organizations has proved invaluable for both them and ourselves as we have been able to express the views and experiences of the world's most prominent shipping nation.

We still urge the Greek government to do more for maritime education and provide more spaces for students, better facilities and more lecturers.

Although we recognise the progress achieved, the Greek flag itself has to become less bureaucratic in order to tempt back owners into using it. We have been saying this for many years.

And as Europe's leading maritime force, we need more permanent representation at the I.M.O and the E.U.

The Hellenic Coast Guard, as always, should remain a very important element of the Greek maritime safety and marine pollution preventing system and should also be strengthened.

Most importantly, of all our gratitude goes to all our seafarers, who endure so many challenges every day and are rarely appreciated for their hard work. World trade would not function without their selfless efforts every day of the year keeping ships trading from one port to the other whilst encountering rough seas and challenging port environments.

Those working in shipping offices ashore must also not be forgotten for all their hard work in keeping this vital industry functioning smoothly.

Finally, I would like to thank my G.S.C.C. colleagues for their dedication and hard work, and in particular Kostas Amarantidis and his team for running this organization so smoothly. Thank you”.

ELNAVI Newsletter  
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