The world of shipping is undergoing a series of profound changes, with new developments in financing, environmental protection, fuels, navigation and human resources. These changes were explored at the 6th annual Slide2Open Shipping Finance Conference 2023.
During his keynote presentation, the Managing Director of IEEE SA Standards Association, Dr Ing. Konstantinos Karachalios introduced IEEE, a huge ecosystem of knowledge, which can be beneficial to shipping.
In the panel discussion moderated by the Conference organizer and IEEE SA Ambassador for Maritime, Ms Despina Travlou, the President of the Hellenic Chamber of Shipping and Deputy Chairman of Contships Management Inc., Dr George D. Pateras noted that there is a huge hype about the environment, but greenwashing is also at play. If we keep on burning the fuel that we currently burn more effectively, we may achieve lower emissions. He also noted that Greece is ahead of the curve and is investing millions in research to this respect. Mr Leonidas Dimitriadis Eugenides, IMO Ambassador for Greece and President of Eugenides Foundation, stressed the importance of the human factor. Greek shipping accounts for more than half EU deadweight. But in terms of people, we need more, both onboard and ashore (at least another 10,000 officers). Professor Costas Synolakis intervened asking about market forces. Mr Vassilios Terzis, Managing Director of Queensway Navigation Co. Ltd and First VP of the Hellenic Shortsea Shipowners Association explained that in the shortsea shipping, electricity is an environment friendly solution. Battery vessels and port facilities are also discussed, but nothing is really done, apart from 2 battery filling stations in Rotterdam. Everything will have to be different by 2050, but realism is missing. IMO needs a lot of good advisors, because it has a critical role, but does not help the shipping industry. It is the leader, without giving any direction or solution on what to be done.
The second panel discussion, “What will it take to bring shipping finance back to its roots”, was moderated by Mr Angelos Roupas Pantaleon who asked about the regulatory framework for banks, on the occasion of the recent bank run. Mr Bart Veldhuizen, Founder, Aquarius Maritime Capital Ltd, noted that probably the regulatory bodies in the US eased up their oversight on smaller institutions. Mr Konstantinos Petropoulos, General Manager, Head of Shipping and Structured Finance at Piraeus Bank said that, after previous events, maybe we do not have enough regulation! Mr Vasilis Papagiannopoulos, Director of Common Progress Co. Na Ltd, sees that there is reciprocity and very good service from their bankers. Regulation is a very interesting topic, as one cannot regulate everything, not everything is black or white. Shipping is based on relationship banking, maybe not as it was in the ‘80s, but good support from bankers has helped Greek shipping flourish, and this is still there to a large extent. He believes that there is always room for bank executives who know the business to support new companies that are hard to find financing. The question of “who finances the ships” is not irrelevant for Europe, as it has much to gain from a big industry, very important in terms of supply chains and resilience. Therefore, there is not only a business side, but also a political side of ship financing. Mr Nicholas Petrakakos, Managing Partner at ALANTRA, noted that the regulatory framework has allowed the emergence of credit funds and leasing in shipping. This type of fund is more sophisticated and less regulated. For Greek shipping, transition to private capital approach has been slow, to the benefit of banks. Therefore, relationship banking is helpful, but may not drive innovation in financing, as alternative financing does.
The third panel started immediately afterwards and focused on “Sustainable Development in Shipping – Best Practices”. Mr Vasileios Petousis, Energy & Sustainability Officer, Seanergy Maritime Holdings Corp. answered that sustainability is very complex for shipping, better coordination among stakeholders is necessary to achieve sustainability. Mr Christos Matsikoudis, Area Sales Manager EastMed, Wärtsilä Voyage, explained that complying to regulations depends on time, how fast is the industry going to adapt and trust. Ms Helena Athoussaki, Head of ESG, Sustainability & Climate Change, Motor Oil Group, said that ESG is a challenge. She noted that when ESG is integrated in a company, this helps addressing risk management and finding opportunities. Mr Konstantinos Oikonomou, CEO, Marine Tours Group of Companies, explained that travel has a very serious environmental footprint and agreed that integrated ESG into their operations is a challenge, noting that it is not something that comes cheap. Systems are in place that help the shipping to better manage their travel.
Ms Elisabeth Calbari, Neuropsychologist, Executive Leadership Consultant and Founder of Self-Balance engaged in a most interesting conversation with Mr Makram Daouk, Business Director of Crossworld Marine and Ms Maria Korkontzelou, Crew Manager of Seanergy Maritime Holdings Corp. on “Human Sustainability of Crews and Offshore Managers in the Maritime Industry”. More specifically Ms Calbari stressed the importance of the human element onboard and ashore. In terms of challenges, Ms Korkontzelou noted to achieve human sustainability and this is done through empowerment and training in leadership, soft skills, communication skills of multinational seamen and the company personnel. Mr Daouk stressed that nowadays very specific skills are required, the world fleet is increasing, the demand is huge, responsibility is much higher and less people now go to ships. Discussants agreed that cheap crews have hidden costs, as in the long run the gap will widen. Investment in people is necessary. A healthy worker, happy and proud for his/her work, can only benefit the company and the industry.
The fourth panel of the day came in the form of the AMMITEC Open Forum on “Autonomous Shipping – Balancing the benefits against safety and security concerns”. Moderator Dr Matthew Maheras, CIO, Metrostar Management Corp. Vice President of the BoD, A.M.M.I.T.E.C. introduced the panelists, Mr Michalis Michaloliakos Phd, MSc, Head of ICT & Cyber Security Services, TMS Cardiff Gas Ltd, Mr Frank Palaiokrassas, Head of Data Governance & Analytics, Bernhard Schulte Shipmanagement, Ms Katerina Raptaki, Digital Transformation, Cyber Security and e-Governance specialist, Navios Group of Companies, Member of the BoD of A.M.M.I.T.E.C. discussed on the feasibility and commercial use of autonomous ships, their impact on the environment, the potential costs to the industry and the effects on personnel, both on board and ashore. More specifically, Dr Maheras noted that 2022 was a landmark for autonomous shipping with an autonomous crossing of the Atlantic. Obviously technology is here and regulations are evolving fast. Is large-scale autonomous shipping going to happen soon? “Can AI navigate ships in open sea today?” ChatGPT was asked this question and answered “yes, …. however, this is yet relatively rare”. Mr Frank Palaiokrassas replied that the holy grail of autonomous navigation does not have all the answers yet. Shipping companies nowadays run on data and the IT department has come to the heart of shipping companies. Mr Michalis Michaloliakos noted that autonomous does not mean unmanned, the human element is always important. Ms Katerina Raptaki added that we need to spend a lot of time to discuss with the community about the advantages and disadvantages with autonomous shipping. Financial benefits, better performance, safety considerations are important.
In her greeting speech, Ms Eirini Veniamis Mangos, Vice President of ICC Women Hellas and Director of Golden Union Shipping, noted that members of ICC come from different industries, aiming at the positive reinforcement of women. It is essential that more and more women are integrated into shipping, not only ashore, but also onboard.
Harry N. Vafias, Founder and CEO of Stealthgas Inc. and of Imperial Petroleum Inc., discussed with Mr Angelos Roupas Pantaleon on “Dragon Seeds – Start-ups and successful pitching”. The conversation was moderated by journalist Irene Nikolopoulos. Mr Vafias shared insights on how he approaches life and mentioned that life is a non-stop pitch, a non-stop negotiation, and this applies to everything and every relationship. He emphasized the importance of persistence, timing, luck, good industry knowledge, and negotiation skills in achieving success. Mr Vafias noted that timing is the most crucial factor of all. His discussion shed light on the intricacies of pitching and starting a successful business, offering valuable advice to those looking to enter the industry.
The fifth panel discussion was moderated by Ms Eirini Liadis, ICT Senior Sales Specialist, OTE Group, who discussed “Connected Oceans: Harnessing the Power of Space-based technologies for Operational Excellence”.
Mr Philip Nielsen Co-founder of Oriani explained that space technology can be disruptive, because it provides one, truly global communication network from everywhere. This increased hyperconnectivity will have tremendous advantages, including autonomous operations. Satellite technology can make shipping more efficient, and bring about more meaningful operations, enabling real time decision making. Technology nowadays is not about software; it is about connectivity, which now comes from space, and people. In the past captains were wondering what happens below; now they will be wondering what happens above.
The sixth panel discussion of the conference, “Paving the Next Steps of Maritime Sustainability: Maturing Electrification and Environmentally Friendly Fuels” was moderated by Professor John Prousalidis, Professor of Marine Electrical Engineering, NTUA. Dr John Kokarakis, Technical Director SEEBA Zone, Bureau Veritas, talked about alternative fuels. It is difficult to make a forecast; it will most probably be a multi-fuel future. Fuel selection criteria depend on green production, storage, availability of bunkering, compulsion, price, etc. Methanol is becoming popular these days, while he predicts that hydrogen will be used more in the future, though it is difficult to store. In any case, huge investment is required. Mr Spyridon Paschalis, President of the Association of Passenger Shipping Companies (SEEN) and Chief Executive Officer of Attica Group, explained that passenger shipping companies have to comply with new regulations, which are very demanding. They are looking for unified protocols of port equipment, interoperability between ports, aligned time plans of installation between ports and vessels, reasonable pricing and taxation of electricity, acceptable investment payback period and electricity to be considered as maritime fuel. Mr Theocharis V. Terzis, Business Development Manager, Queensway Navigation Co. Ltd, talked about short sea shipping, which is quite ready to go electric. As a sector, it is very close to the shore and electrifying the vessels is by far the optimal option for the moment. Also, as a solution it has zero noise and zero smell. Financial incentives and port infrastructure are required. Mr Dimitris Spyrou, Consultant, Piraeus Port Authority S.A. explained that the port of Piraeus has made steps towards tackling the environmental impact of its activities. The decarbonisation plan of the Piraeus Port Authority also includes steps towards alternative fuels. Accompanying measures have also been introduced and work is undergoing in the technical, legal, regulatory and financial area. Bunkering is a great challenge. The support and cooperation with competent authorities is of major importance.
Mr Alexander Hadjipateras, SEVP, Dorian LPG (USA, LLC and MD, Dorian LPG Management Corp discussed with Mr Angelos Roupas Pantaleon about the human element in shipping, from the perspective of the younger generation. Mr Hadjipateras noted that ship is the floating business of the company and it is essential to instill a sense of ownership. This is achieved through crew loyalty, training and managing structure. Technology and the human element are bridged together and help improve efficiency. As for shipping cycles, they use time charters, while hedging portfolios, monitoring the market and reacting accordingly. Managing in-house is rewarding while getting hands-on experience is necessary.
On a friendlier note, Mr George Alexandratos, General Manager of Apollonia Lines SA and Vice President of the Hellenic Chamber of Shipping, discussed with Mr George Laios, Deputy CEO of Intermodal Group and Vice President B of the Association of Banking and Finance Executives of Hellenic Shipping, on how he sees the dry market. He stressed that shipping is the cheapest way to transfer cargos, this is why it accounts for 90% of world transport, and this will not stop any time soon. Over the past 30 years, we have the shortest order book and for the first time this year and up to 2025 there will be more scrap than incoming new vessels. This gives ground for optimism. He believes in the Greek maritime cluster and stressed the need to go together and promote shipping, putting it to the fore.
The final panel discussion of the day, “Capital Markets: Reconnecting the Dots – Reattracting companies and investors”, was moderated by Mr Angelos Roupas Pantaleon. Ms Peggy Papastavrou, Listings Director, presented the Athens Stock Exchange (147 listed stocks, with a market cap of €71 billion). 3 Greek shipping companies, listed on NASDAQ and NYSE, have issued bonds on the Athens Stock Exchange. Ms Papastavrou explained why it is worth listing on the Athens Stock Exchange and stressed their support to ESG principles. Ms Papastavrou noted that she believes that the bond project is a huge victory. She agrees that we cannot compete to the US market. In terms of dual listings, two out of the three companies that made dual listings still have most of their activity in Greece. The third is the one that managed to be included to the major index of that foreign exchange. For US listed companies, if they have a dual listing in Athens, they will get exposure and visibility to a differentiated investor base.
Mr Alexis Stephanou, Chief Financial Officer of Goldenport Group in discussing the attractiveness of a stock exchange, explained that with the hindsight one key feature that was attractive at the time of the ipo is that especially on the London stock exchange, investors are predominantly yield oriented, so, given that shipping is a cyclical business, there was considerable dividend in the first years. Stability is required to grow your business. Mr Christos Timagenis, Partner, Timagenis Law Firm, explained that European capital markets are not that attractive, because of legislation that is more restrictive. US listed companies have the opportunity to do overnight offerings. These are fundamental issues, that cannot be solved individually. Also European capital markets have a different philosophy, where rules are preventative, at the end of the day presenting obstacles. We will see equity listings in Greece. Mr Stavros Gyftakis, Chief Financial Officer, Seanergy Maritime Holdings Corp., said that when comparing the US to the EU capital markets, one finds more depth in the US – and the figures are incomparable. Retail investors have to be brought to the centre of the narrative. Openness, consistency and continuity in the capital market are necessary.
Mr Konstantinos Delaportas, Chief Executive Officer, Meadway Shipping & Trading Inc. discussed with Mr Alexandros Damianidis, Partner, Assets & Structured Finance Group, Watson Farley & William on the story of Meadway and its presence in different parts of the world (including Singapore and Dubai). They combine ship owning with operating, in order to be close to the cargo. For the years ahead he sees that the fundamentals are strong (supply and demand), China has opened up again and foresees growth, elements that will boost trade. As concerns fleet renewals, he is more pro new builds, as new vessels have new engines, lower operating expenses and less emissions. They prefer to build their ships in Japan, where design is more improved, specifications much better. Turning to fuels, he believes that for the dry bulk sector, it will not be easy to find a good alternative to oil. Finally, as regards shipping finance, he believes that it is easier to find finance than find a ship!
The last discussion of the day was that between Mr Theocharis V. Terzis, Business Development Manager, Queensway Navigation Co. Ltd and Mr John N. Cotzias, Project & Finance, Xclusiv Shipbrokers, President, Hellenic Shipbrokers, who discussed challenges in their company. The market is good and obviously the question is what will happen in terms of environmental compliance. Every trading pattern has its own solution. Electrification is a solution for the bunkering segment. For the asphalt market, different solutions are being explored. There is a lot of technology, let’s take one step at the time. The point is what the regulators will do at the end. Many ship owners are ready for the future, but the rest of the stakeholders are not as ready to follow.
As always, the conference came to its close with the most interesting speech of Mr George Tsavliris, Principal of Tsavliris Salvage Group and non-executive Chairman, OneGlobal Broking, Greece and Cyprus. Mr Tsavliris noted that the proceedings of the conference were very interesting. He placed emphasis on the basic idea some of the speakers spoke about, the idea of encouraging the new generation. Let’s not forget the fact that the biggest strength of any country is its next generation, Mr Tsavliris said. Being a romantic Greek he finalized by quoting poet Odysseas Elytis who mentioned the following beautiful saying: «Εάν αποσυνθέσεις την Ελλάδα, στο τέλος θα απομείνουν μία ελιά, ένα αμπέλι και ένα καράβι»; If you decompose Greece what will remain will be an olive tree, a vineyard and a boat. Which means that these are the elements that you can build Greece from the beginning.
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