After the Easter break, the Propeller Club Port of Piraeus organized an event for the 150 new members who joined the Club last year.
Mr. Costis Frangoulis, President of the Propeller Club Port of Piraeus, in his speech recalled that the Piraeus’ Propeller Club was founded in 1935 with the aim of developing and strengthening Greek-American relations and supporting social actions in shipping. He also emphasized on the American Embassy’s cooperation with the Propeller Club through Amber Awards, Qualship scheme and he announced that the club plans to host a NYSE/Nasdaq Hellenic American Shipping Gala for listed companies.
The US Ambassador to Greece H.E. Mr. George Tsunis in his speech pointed out that the Propeller Club of Piraeus is the largest in the world and is a pole of attraction for Greek shipping people promoting innovation and Greek-American cooperation in many fields of shipping such as shipbuilding and repairs with the activity of ONEX and the shipyards of Elefsina, technology and safety at sea.
More generally, as Mr. Tsunis said: it is in the interest of the US to strengthen strategic cooperation with Greece because establishing a reliable and solid partnership.
Greeks share the similar values with American citizens, a fact that was also reflected by the speech of Mr. Prime Minister Kyriakos Mitsotakis to Congress in 2022.
In this context, the USA will constantly look for ways to help Greece in all areas, education, new technologies and of course shipping.
Exclusively for Members' Day, the CEO of Nasdaq-listed Safe Bulkers Inc. Mr. Polys Hajioannou gave a speech on the topic: "The resilience of listed shipping companies in the constantly changing and challenging global environment".
Mr. Polys V. Hajioannou joined Alassia in 1993 and moved from London with his family to Piraeus when OPA 90 and the ISM Code were the most important topics in shipping.
At that time his company was one of the first to order new ships from Samsung Japan after the crisis of 1980-86.
In 1999, the Alassia had 14 ships but was weathered the difficulties of the shipping market with persistence and hard work. With China's entry into the OAS in 2002, the market began to recover.
The company grew and renewed its fleet at a good timing. In 2008 he managed to carry out an IPO on the American Stock Exchange under a new company’s title Safe Bulkers around 3 months before the collapse of Lehman Brothers by liquidating 20% of the listed company.
In 2008 the IPO fortunately forced Safe Bulkers to charter most vessels on long term period employment. In 2009 when China invested in infrastructure there were no cancellations and most of the charterers' contracts were executed.
Mr. Hajioannou said that the benefits to the company's operation from its entry into the stock market were many, such as the fact that alternative financings are opened with particularly favorable interest rates for listed companies from governments and private equity.
In 2016, the market worsened to a 30-year low, but Safe Bulkers, having a liquidity of 120 million dollars, managed to agree with its creditors on the refinancing of its debt. Thus the stock improved and was included in the best and most durable companies of that year.
Mr. Hajioannou said that: "Our entry into the stock exchange gave us enormous possibilities for financing, even a bond with the Piraeus bank was issued on the Greek stock exchange in 2022".
Safe Bulkers also agreed with Erma First to install the ballast water treatment systems and with Alfa Laval the scrubbers on all ships.
"Today our goal in Cyprus and Greece is to attract young children in shipbuilding and mechanical engineering and other maritime professions to ensure continuation of the shipping companies in the future" underlined Mr. Hajioannou.
He also mentioned the possibility of a Turkish being elected secretary general of the IMO, which will be an embarrassing development for Cyprus as the Cypriot flag is blocked from Turkish ports.
In conclusion, Greece has great expertise not only in ship management including legal, technical and other services therefore we should maintain and preserve this entire infrastructure, pointed out Mr. Hajioannou.
Regarding the transfer of almost half of the company to Cyprus, Mr. Hajioannou said that due to capital controls in 2011 we opened our office in Limassol.
As Cypriots we have to help the island’s infrastructure in shipping and attract the young children of Cyprus to shipping.
Mr. Hajioannou invited Greek shipowners to register part of their fleet in the Cypriot flag as well and he expressed his optimism for the course of the shipping market due to environmental regulations in the long term despite the increase in the interest rates which will remain high in the coming years 1-2 years.
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