The 14th Annual Capital Link Greek Shipping Forum titled “Sailing into the high seas” was held with great success in Athens on Thursday, February, 8, 2024, at the Athenaum Intercontinental Hotel. The event was organized in cooperation with New York Stock Exchange and Nasdaq. Tsakos Energy Navigation – TEN Ltd. was the Lead Sponsor.
With attendance exceeding 1,000, the event featured the institutional and industry leadership of global and Greek shipping, and it has thus been rightly labeled as an unofficial Summit of Global Shipping. The significant topics and pressing issues discussed at the forum included the current trends and outlook of the global economy and the main commodity, energy and shipping markets, the opportunities that lie ahead and strategies to compete in an increasingly complex and demanding world, geopolitical and regulatory developments, compliance with decarbonization targets, trade sanctions geopolitical tensions, the transformational impact of technology, and Maritime Finance and overall access to capital sources.
The Forum was attended by prominent figures including Mr. Arsenio Dominguez, Secretary General - International Maritime Organization (IMO), H.E. Christos Stylianides, Minister of Insular Policy & Shipping - Hellenic Republic, Mrs. Melina Travlos, President of the Union of Greek Shipowners (UGS); Chair of the Board of Neptune Lines, Mrs. Fotini Ioannidou, Head of Unit, Directorate-General for Mobility and Transport – European Commission, Mr. Nikolaus Schües, President & Chairperson of the Board – BIMCO ; CEO - Reederei F. Laeisz, Mr. Dimitris Fafalios, Chairman – INTERCARGO; President/Director - Fafalios Shipping S.A., Mr. Emanuele Grimaldi, Chairman – INTERNATIONAL CHAMBER OF SHIPPING; President & MD - Grimaldi Euromed SpA; Managing Director – Grimaldi Group, Mr. Paolo d’Amico, Chairman – INTERTANKO; Chairman & CEO - d'Amico International Shipping SA, the CEOs of major classification societies, Mr. Knut Orbeck Nilssen - DNV Maritime, Mr. Nick Brown - Lloyds Register and Mr. Ugo Salerno – RINA.
Mr. Nicolas Bornozis, President – Capital Link, Inc., welcomed and thanked all participants for joining, and all of the forum’s sponsors for their contribution to organization of the conference, as well as all the Supporting Organizations and Media Partners for their participation and support. Mr. Bornozis emphasized that the conference provides a unique opportunity for the discussion of the most critical issues concerning both the Greek and international shipping industry. He stressed that the 14th Annual Greek Shipping Forum is taking place during a prosperous period for both shipping and the markets despite significant challenges. The forum has been called an informal summit of the institutional and industry leadership of Greek and Global Shipping, and we are honored to have prominent decision makers with us here today. I would like to welcome the Greek Minister of Maritime Affairs & Insular Policy, Mr. Christos Stylianides, the Secretary General of IMO, Mr. Arsenio Dominguez, the President of Union of Greek Shipowners (UGS) and Chair of the Board of Neptune Lines, Ms. Melina Travlos, and Ms. Fotini Ioannidou, Acting Director - EUROPEAN COMMISSION, DG for Mobility & Transport, as well as the heads of the four industry organizations – BIMCO, ICS, INTERCARGO & INTERTANKO, the heads of major classifications societies – DNV, Lloyds Register, RINA, the global heads of shipping of major international banks, and many more prominent speakers.

THE EFFECT OF REGULATIONS ON SHIP SUPPLY – Presentation
Dr. John Kokarakis, Technical Director, SEEBA Zone - Bureau Veritas stated: “Ships are as old as humanity itself. Over four fifths of the trade of the world is flowing through the high seas. As maritime trade expanded so did maritime regulations. Their historical evolution serves as a testament to the industry’s adaptability in the face of a multitude of challenges. Regulations increase risk, as complexity imposes uncertainty, and any changes may devalue one’s fleet. Consequently, compliance is time-consuming and resource-intensive, progressively increasing the cost of production. Fuel selection will be critical, as we transition to zero-carbon, in an effort to reduce shipping’s environmental impact.
In 2023, the global shipbuilding industry witnessed a dynamic year, with IMO’s regulations, which are well-intended but not perfect, being a major driver. Ship owners need to invest in new technologies and processes to meet the new standards. Thankfully, the EU has committed to updating the requirements if the IMO measures, when introduced, are in line with its objectives.”

EU EMISSIONS TRADING SYSTEM (ETS) – THE CARBON EMISSIONS PRICE TAG FOR SHIPPING
Moderator: Ms. Alexia Hatzimichalis, Partner, Athens Office Head – Watson Farley & Williams
Panelists: Mr. Stamatis Fradelos, Vice President, Regulatory Affairs – ABS, Mr. Vasileios Tsiamis, Associate Partner – EY, Dr. Arlie Sterling, Co-Founder & President – Marsoft, Ms. Friederike Hesse, CoFounder and MD - ZERO44
Ms. Alexia Hatzimichalis, Partner, Athens Office Head – Watson Farley & Williams, stated: “Thank you Capital Link for inviting me. Each of the panelists will tell us how they are helping clients reach their goals in the new landscape of the EU emissions trading system in order to ensure accurate reporting and compliance.”
Mr. Stamatis Fradelos, Vice President, Regulatory Affairs – ABS, stated: “When looking at data it is important for us to make our own calculations to make sure they are indeed correct. A few years ago, we looked at the regulations and studied them, to better inform clients on the preparations that will be need from their side. We used data to create digital tools that come up with calculations in only a few minutes. Our website provides the option for owners to enter the details of their ships and get an estimate of the cost. We engage with additional partners and collaborators to achieve maximum transparency.”
Mr. Vasileios Tsiamis, Associate Partner – EY, stated: “Innovation is the answer. I have experienced, in Brussels, the integration of different sectors at the European level. Regulations and directives are not meant to be kept the same for life, but rather to be improved. ETS for the shipping sector is not just a regulation. It is difficult to follow but also an opportunity to access funds and make fleets greener. 800 million euros are dedicated for that purpose.”
I’ve seen two types of shipping companies: those that still resist reality and others that are well-prepared and ready to initiate innovation. As a whole, the sector isn’t that well prepared mentally. My advice is to try to assess a roadmap for greening the fleets, whether it be alternative fuels, electrification, zero emission engines and so on. I encourage you to dare to change.”
Dr. Arlie Sterling, Co-Founder & President – Marsoft, stated: “Gathering so many shipowners at nine in the morning is an extraordinary achievement, congratulations everyone. How do we prepare reports? How do we ensure accurate data? That’s where the focus should be. Then, once you figure out how to do the reporting, it becomes about how to use the mechanism to become more competitive and differentiate from other fleets. One good way to become a winner right away is to retrofit ships and take advantage of low-hanging fruit solutions.”
I would encourage owners to have a conversation with providers and servicers to ensure that no days are lost due to a lack of compliance from their part. We’ve also seen the reputational impact and the fact that quality control and full transparency is becoming critical to achieve premium pricing.”
Ms. Friederike Hesse, CoFounder and MD - ZERO44, stated: “Our company helps you comply with EU ETS and better understand the cost that comes along with it. We work for owners, charterers, and ship managers. Our software is in essence an accounting system that helps you keep track and follow the money, as well as understand potential benefits.
It is a step-by-step process. The first thing is making sure the data is ready, so we can understand the exposure’s extent. The second step would be to get the contracts straight and agree on who’s doing what: who’s paying, who’s invoicing, who’s trading. EU companies need to be a frontrunner in this transition, betting on a long-term strategic perspective.”

TARGETING NET ZERO - Alternative Fuels & Technology
Moderator: Mr. Nick Brown, CEO - Lloyd’s Register
Panelists: Mr. Stelios Troulis, Director, Green Ship, Energy Transition & Sustainability - Angelicoussis Group, Mr. John Lycouris, CEO – Dorian LPG (USA) LLC (LPG), Mr. Konstantinos Stampedakis, Co-Founder & Managing Director - ERMA FIRST, Mr. Bud Darr, EVP, Maritime Policy and Government Affairs – MSC Group, Mr. Dor Raviv, Co- Founder & CTO – Orca AI.
Mr. Nick Brown, CEO - Lloyd’s Register, stated: “I’m delighted to be joined by a wonderful panel today. We’ve got every sector in shipping represented here, from cruisers to liners. Reaching the net zero targets by 2050 represents a huge challenge. Huge investments are required in the production of new fuels, hundreds of thousands of people must be trained, and market-based measures will have to be introduced.”
Mr. Stelios Troulis, Director, Green Ship, Energy Transition & Sustainability - Angelicoussis Group, stated: “We’re fuel agnostic for both our near- and long-term needs. We act on what’s available and safe to operate today, and that’s LNG. We see a potential to reach net zero through the use of biomethane. Furthermore, we only invest in vessels that use alternative fuels if there’s enough supply. With LNG we’re just now getting to that point. We also applaud initiatives such as green corridors. In the future, optionality will have to be safeguarded and we need to have as much precision as possible, allowing us to avoid situations where regulations would be mandating the use of a specific fuel that may be unavailable or extremely expensive due to competition with other business sectors.”
Mr. John Lycouris, CEO – Dorian LPG (USA) LLC (LPG), stated: “The gas and LPG business is what we know well and we believe that these are the transition fuels which are taking us from the carbon age to the hydrogen/ammonia age. Our ships are easily upgradable, reducing the need to build new ships. In the 2030s we’ll see better and greener fuels start to take over. There’s a lot more to be done and the way to do it will probably include some kind of carbon capture technology.”
Training on how to properly handle new fuels is necessary for achieving the transition. We’ve had a good retention record and quality training programs, as well as conferences which take place at least four times a year. Our seafarers need to be aware of the risks and particularities of the upcoming fuels.”
Mr. Konstantinos Stampedakis, Co-Founder & Managing Director - ERMA FIRST, stated: “We’re definitely in an era during which technology has to play a significant role. Achieving the 2030 goals requires changes which are mainly operational. We are transitioning from the promise stage to the efficiency stage. Energy saving devices are already available in the market and allow shipping companies to make important efficiency gains. At ERMA FIRST we strongly advocate for carbon capture and storage technology.”
Mr. Bud Darr, EVP, Maritime Policy and Government Affairs – MSC Group, stated: “Our company has more exposure than most, across different types of ships. We will not achieve our goals unless we remain open-minded, creative and optimistic. Also, it is important to keep the world open to a multi-fuel solution. It’s not going to be simple, as one size does not fit all. We need multiple fuels and investments from both the shipping and energy sectors.
We’re looking to move away from LNG in the long-term. Our aim is to have as much flexibility upfront as possible, as the available fuels could be different in 2038 and different in 2042. We’re preparing for ammonia in the future, ensuring our compatibility. Lastly, we’re working on carbon capture and methanol projects as well, while simultaneously retrofitting existing ships.”
Mr. Dor Raviv, Co- Founder & CTO – Orca AI, stated: “It seems that most of the industry players are ready to invest billions of dollars in new energies, but we must not forget seafarers and the consequences emission deduction is having on them. In naval academies today, this is not being discussed enough. We have to find economic incentives for crews to understand the impact their actions on board are having. Only with combined efforts between the office and crews will we be able to meet our sustainability goals.”

COMMERCIAL BANKING SUMMIT – Adapting to New Commercial & Industry Realities
Moderator: Mr. Jasel Chauhan, Partner Head of International Finance - Hill Dickinson LLP
Panelists: Ms. Anastassia Tcherneva, Global Head of Shipping - ABN AMRO, Mr. Vasilios Maroulis, Managing Director, Global Industry Head, Shipping, Logistics & Offshore – Citi, Mr. Christos Tsakonas, Head of Global Shipping – DNB, Mr. Evan Cohen, Managing Director & Group Head of Maritime Finance – First-Citizens Bank & Trust Company.
Mr. Jasel Chauhan, Partner Head of International Finance - Hill Dickinson LLP, stated: “Thank you to Nicolas and the entire Capital Link team for a great event as always. According to the panel’s title our industry should be adapting to new commercial realities, and with the number of things that are changing, it seems right. Our panelists will give us an overview and what banks are doing to anticipate decarbonization, the energy crisis, and geopolitics, such as the war that is still affecting shipping routes.”
Ms. Anastassia Tcherneva, Global Head of Shipping - ABN AMRO, stated: “It’s been a good year for shipping, although not free of challenges. From ABN AMRO’s perspective we’re optimistic about shipping’s ability to keep generating good returns. Of course, we’d rather have assets that at least have a decarbonization possibility in the future.
It seems like we’re turning a corner. In more and more meetings with client prospects, decarbonization is the dominating discussion topic. Our shareholders, as well as societies and NGOs, especially in Europe, are pushing for change. This is an industry that’s rich on data, and we’re not yet taking advantage of it to the extent that we could, especially with the advent of artificial intelligence.”
Mr. Vasilios Maroulis, Managing Director, Global Industry Head, Shipping, Logistics & Offshore – Citi, stated: “All segments have been performing strongly this past year. All portfolios have offered significant repayments, but we need to keep in mind that there’s a multitude of things play, including fleet regeneration, ESG criteria, and consolidations. There’s a significant demand for capital banks have to deploy, which all makes for a very interesting mix. An important factor for us is working with people with a strategy and the willingness to go down the path of what needs to be done in terms of regulation compliance and the energy transition. Lots of things are happening as we speak which will necessitate groundbreaking transactions and increased capital.”
Mr. Christos Tsakonas, Head of Global Shipping – DNB, stated: “We prefer to select clients with a spotless track record that have shown they know how to deal with adversity. After all, we’re living in a very uncertain time with very high asset prices. Greek companies have managed to preserve their liquidity, maybe through alternative finance providers. There’s plenty of capital available, probably more capital than there are projects. In the western world, US and Europe banks tend to focus on decarbonization, meanwhile we see less of that in the East. What counterbalances that is higher uncertainty and even bigger geopolitical risks, like in Taiwan and China.”

KEYNOTE SPEECH
Ms. Melina Travlos, President - Union of Greek Shipowners (UGS); Chair of the Board - Neptune Lines stated: “Geopolitical crises, economic volatility, financial risk, and a changing regulatory environment create a puzzle for strong players. Players with foresight, who can see the bigger picture and think strategically. Shipping, however, is interconnected with other sectors: shipyards, refineries, legislators, and ports work hand in hand with us. International trade depends on the adoption of pragmatic solutions. In that context we can provide input based on our hands-on experience managing risks. The time has come to work together for a greener, sustainable future for the shipping industry.
It is crucial to ensure proper, fit for purpose implementation. Our practical know-how is therefore necessary in order to assist regulators. We strongly embrace the IMO’s greenhouse gas strategy. But it is important to note that the IMO cannot regulate other business sectors, whose contribution will be fundamental to achieve our global objectives. Let’s face reality: shipping offers the best way to transport essential goods and is indispensable to preserve our way of life and keep transport costs low. This journey will be a collective endeavor. Let’s work on expanding our legacy and create a bright future for the generations to come.”

REGULATORY LEADERSHIP ROUNDTABLE – Setting the Framework for the Industry to Move Forward
Moderator: Mr. Knut Ørbeck-Nilssen, CEO - DNV Maritime
Panelists: Mr. Arsenio Dominguez, Secretary-General –IMO, Mrs. Fotini Ioannidou, Acting Director - EUROPEAN COMMISSION, DG for Mobility & Transport, Mr. Knut Ørbeck-Nilssen, CEO - DNV Maritime, stated: “We’re very pleased to have Mr. Dominguez and Ms. Ioannidou on this stage. I would like to thank Nicolas for hosting and express our gratitude to all seafarers, who face many challenges today, including in the Red and Black Sea.”
Mr. Arsenio Dominguez, Secretary-General -IMO, stated: “You were right to highlight the human element of defending freedom of navigation, so everyone thinks to put safety first in these challenging times. We need global regulations, given the fact that we are a global industry. We have a role to play in highlighting the importance of our sector in all member states, in environmental institutions, even in foreign affairs ministries. At the IMO we focus in bridging gaps, embracing the knowledge and experience that all stakeholders have to offer. We need to move as one, as a big family.
Cooperation with the European Commission has been great, as both parties are becoming more aware of the situation. The decision we made last July as a major steppingstone for the future. There will be compromises, but our teams are working together to end up with a global, harmonized mechanism that’s applied everywhere.”
Mrs. Fotini Ioannidou, Acting Director - EUROPEAN COMMISSION, DG for Mobility & Transport, stated: “The EU is putting into place the most ambitious regulatory framework in the world. Making its implementation a success is our first priority. We’re working closely with all stakeholders to be able to adjust properly. We’re ready to work with all partners to reach an agreement on economic measures and a carbon levy that’s applied worldwide. We need to analyze whether the financial tools at our disposal are fit for purpose and ready to support this transition.
Upskilling and reskilling of seafarers, as well as increasing the attractiveness of the profession are very important to us. Furthermore, climate change is also impacting shipping directly. The targets that have been set to mitigate the environmental crisis are not negotiable.
The maritime industry will benefit a lot from the money collected through EU ETS. Member states have the obligation to use these funds in climate-related projects, including R&D and innovation projects within the maritime industry.”

KEYNOTE ADDRESS
H.E. Christos Stylianides, Minister of Maritime Affairs & Insular Policy - Hellenic Republic stated: “This forum has become an emblematic event in the shipping industry, so I ‘d like to thank the organizers for including me. Maritime security is becoming a major challenge. One of the most vital shipping lanes is being threatened, putting in danger the lives of innocent seafarers. The Greek government has strongly condemned the attacks and took immediate action. Greece has a fundamental interest in protecting freedom of navigation and it is our responsibility and duty to do so.
Greece lives by the sea, for the sea, because of the sea. Shipping is one the most robust sectors in the country and the Greek fleet is essential for the world economy to keep moving. However, times are challenging, in a competitive international environment. Shipping’s transition to the carbon-free era represents a radical change, but we believe this can become an opportunity that ensures the sustainable growth of the sector. We need to create a predictable environment which will clear the path for the future in collaboration with scientists and research institutions.
Last but not least, no sailing in the high seas can be possible without seafarers. The ministry of maritime affairs has decided that 2024 will be the year of maritime education, taking initiatives in order to attract more young people and increase the available manpower.”

INSTITUTIONAL LEADERSHIP SUMMIT – Leading the Industry Through Transformation, Innovation & Geopolitical Challenges
Moderator: Mr. Ugo Salerno, Executive Chairman - RINA
Panelists: Mr. Nikolaus Schües, President & Chairperson of the Board - BIMCO; CEO - Reederei F. Laeisz, Mr. Dimitrios Fafalios, Chairman - INTERCARGO; President/Director - Fafalios Shipping S.A., Mr. Paolo d’Amico, Chairman - INTERTANKO; Chairman & CEO - d'Amico International Shipping SA, Mr. Emanuele Grimaldi, Chairman – ICS ; President & MD, Managing Director - Grimaldi Euromed SpA - Grimaldi Group.
Mr. Ugo Salerno, Executive Chairman – RINA, stated: “No introduction of mine could be more interesting for you than to listen to our panelists speak their mind on regulations, the energy transition, which by the way is more difficult to achieve on ships than it is on shore, and fuel availability.”
Mr. Nikolaus Schües, President & Chairperson of the Board - BIMCO; CEO - Reederei F. Laeisz, stated: “In my view there are three reasons to be optimistic: First, the industry is already extremely efficient. Secondly, we’ve come a long way already. In 2008, the maritime industry produced 1,1 billion tons C02. Today much it is less, thanks to slow steaming and the measures already in place. The third reason is that the attitude within our industry has changed. It’s much better to start a process with optimism, instead of complaining about the obstacles and hurdles along the way. 2030 will be done, I truly believe so.
Mr. Dimitrios Fafalios, Chairman - INTERCARGO; President/Director - Fafalios Shipping S.A., stated: “There is no lack of willingness from shipowners to decarbonize, but collaboration is necessary. Right now, shipping is the only sector that is being heavily regulated, which may cause disruptions. Thankfully, the IMO as a regulatory body is doing a good job in defending the industry’s interests. We need to use the available technology to the maximum. If shipping is poorly regulated, this will be a disaster; the inherent efficiency of our current models must be safeguarded. For the future, sustainable biofuels and carbon capture technologies do provide hope as long as they’re supported by good regulations.
Mr. Paolo d’Amico, Chairman - INTERTANKO; Chairman & CEO - d'Amico International Shipping SA, stated: “We do not have an alternative fuel that is green and available everywhere in the world. Therefore, it is impossible to invest capital at the moment, due to lack of information. C02 and ammonia are the commodities of the future. I also think that there will be more gas and less transportation of liquids. Lastly, I’m quite optimistic about tankers, there will always be more to do in the sector.
Mr. Emanuele Grimaldi, Chairman – ICS ; President & MD, Managing Director - Grimaldi Euromed SpA - Grimaldi Group, stated: “It will not be an easy ride, decarbonization is complicated, but as Ms. Travlos explained, it is something that needs to be done. We need a big revolution, and the climate for that is becoming more and more positive. Starting from the short-term, existing vessels can and must become more efficient. That alone will save an important amount of fuel and reduce emissions. No solutions should be discarded or discouraged because different solutions may apply to different ships. People are worried about using ammonia, which can be poisonous, aboard passenger ships. I’m sure that carbon capture will have a major role to play. The skepticism that was prevalent a few years ago doesn’t exist anymore, even though regulators have been much harder on our industry in comparison to others.

ALTERNATIVE FINANCE – WHAT IS THE VALUE PROPOSITION
Moderator: Ms. Dora Mace-Kokota, Partner - Stephenson Harwood
Panelists: Mr. Elias Sakellis, Chief Investment Officer - Borealis Maritime Ltd.; Chief Executive Officer - Australis Maritime Ltd., Mr. Omer Donnerstein, Managing Director - Entrust Global, Mr. Martin Hugger, Managing Director - Meerbaum Capital Solutions Inc, Mr. Harris Antoniou, Founder & Managing Director - Neptune Maritime Leasing Ltd.
Ms. Dora Mace-Kokota, Partner - Stephenson Harwood, stated: “We’ve got a fantastic panel on alternative finance. I think what we’ll try to show is that the focus now is on the value proposition. This is a different animal than mainstream banking, but it’s all about the value and the deal on the table.”
Mr. Elias Sakellis, Chief Investment Officer - Borealis Maritime Ltd.; Chief Executive Officer - Australis Maritime Ltd., stated: “Flexibility and speed of execution is what we offer. We go where typical banks won’t go: smaller owners, financing older vessels, going to regions where banks are not active, segments where traditional players don’t operate. Scale is important for us on the credit side. A perfect deal for us is the second, or third deal that we manage to make with the same client.
Everyone already knows what the other party brings to the table, and if everyone does their job, the process becomes smoother and smoother. Repeat business is what we’re after.”
Mr. Omer Donnerstein, Managing Director - Entrust Global, stated: “We’re all here because of banking dislocation and its absence from shipping, but we’re all very different in terms of the approach we have adopted. We set up our fund in 2015, to create a maritime investment platform. Our wide investment in different sectors and products allowed us to grow the business, and in the last three years we’ve made a billion dollars every year, being active mostly in Greece. Our portfolio has grown organically, following the most sufficient way to do business, which is to acquire assets and talents that have a strong position in their respective region. There are no good and bad sectors, there are good and bad deals.”
Mr. Martin Hugger, Managing Director - Meerbaum Capital Solutions Inc, stated: “What has happened recently is banks is that they’ve become more heavily regulated and have to carry a heavy bureaucratic burden. We bring people in contact with agents that understand the industry and its needs well. We can act in the timeframe that is required, provided we know who’re dealing with. Regarding the age of the vessels, we operate in the bracket of ships that are 12-15 years old. A deal that’s good for our client, is ultimately good for us too.”
Mr. Harris Antoniou, Founder & Managing Director - Neptune Maritime Leasing Ltd., stated: “Financing is not just banking, it’s more than that. Three and a half years ago, we decided to venture in the world of leasing. We don’t do lending, nor do we own vessels. We opted for that because the product is developing in the same path that the aircraft industry has done in the past decades. We have had a great run, last year we quintupled our exposure in terms of the number of vessels, covering different sectors such as dry bulk and containerships. We want to stay on that course during 2024.”

SHIPPING AT CAPITAL & STRATEGY CROSSROADS – Optimizing Corporate Strategy, Capital Sourcing & Allocation – Maximizing Returns
Moderator: Mr. Holt Goddard, Counsel - Seward & Kissel
Panelists: Mr. Mark O’Neil, President & CEO - Columbia Group; President – InterManager, Ms. Christa Volpicelli, Managing Director & Head of Maritime Investment Banking – Citi, Mr. Felix Nölke, Managing Director – Maritime Investments - MPC Capital, Mr. Michael Kirk, Managing Director - RMK Maritime
Mr. Holt Goddard, Counsel - Seward & Kissel, stated: “It’s good to see everyone. Today’s discussion will be on the topic of shipping being at a capital and strategy crossroads. There are many strategic decisions that shipping is called to make.”
Mr. Mark O’Neil, President & CEO - Columbia Group; President - InterManager, stated: “A crossroads suggests an easy choice: we’re more at a junction with no markings and no traffic lights. There’s geopolitical uncertainty, with a number of wars that could escalate at any moment. Alliances and allegiances are changing, and the upcoming elections in many countries, including the US, could change the course of things.
Shipping has never been weaponized and targeted and this level. Many shipping companies are expanding, buying terminals and logistics centers and this influences capital allocation. We lack a single, strong, strategic voice in the sector. We have the capital, because uncertainty works in favor of shipping, but are still looking for a strategy.”
Ms. Christa Volpicelli, Managing Director & Head of Maritime Investment Banking - Citi, stated: “In the midst of everything taking place geopolitically and the current economic megatrends, such as inflation and high interest rates, it comes down to investing in the right assets and cost of capital. Shipping finance has gone from being bank and relationship-driven, to turning to alternative sources. We feel good about 2024, as most experts agree that interest rates will start to come down this year.”
Mr. Felix Nölke, Managing Director – Maritime Investments - MPC Capital, stated: “Capital and strategy are two concepts that are intertwined. If you are a maritime investor, flexibility is going to be key. When you facilitate deals that can happen in two or three weeks, flexibility and versatility are definitely becoming major growth drivers. Differentiation is difficult to achieve in this market, it depends on creating a strategy and sticking to it from day one. This creates credibility with all the different stakeholders, including lenders and clients.”
Mr. Michael Kirk, Managing Director - RMK Maritime, stated: “I’m curious to see what happens as things normalize. Is this more like 2005 or 2008? For me there’s many opportunities still. 2024 in particular will be a year of decisions and we’ll be paying attention to respond accordingly to the choices shipping companies are going to make.
In terms of size, in my opinion it is very idiosyncratic, since although raising capital is easier for larger companies, there is no straight line; some smaller owners are in a better position than some of their larger competitors.”

IMPACT OF MIDDLE EAST DISRUPTIONS ON SHIPPING – Presentation
Ms. Alexandra Alatari, Senior Shipping Analyst – Braemar stated: “This is an industry that’s well-known for its innate volatility. Recently, increased security risks have led to expensive ship diversions. It takes ships two more weeks to reach their destination after the first attacks took place on commercial ships. This leads to supply chain disruptions and inflated freight rates. 30% of containers pass through the Suez Canal. Disruption is causing severe delays, driving up costs, all while the world still recovering from high inflation. The key will be the duration of this turmoil, which is impossible to estimate. A potential ceasefire could ease things up, but a fully-fledged resolution is required for ships to return safely to the Red Sea.”

INVESTING IN SHIPPING – WHERE ARE THE OPPORTUNTIES TODAY?
Do investors and shipowners look at shipping the same way?
Moderator: Mr. Panos Katsambas, Global Co-Lead Financial Industry Group, Partner - Reed Smith LLP
Panelists: Mr. Christian Synetos, Investment Professional, Global Energy & Power Infrastructure – FundBlackRock, Mr. Vagelis Chatzigiannis, Senior Trader – GMS, Mr. Darren Maupin, Founder & Director - Pilgrim Global, Mr. Peter Weernink, Founder – SwissMarine, Mr. Nicolas Tirogalas, Chief Investment Officer (CIO) - Tufton Investment Management., Mr. Panos Katsambas, Global Co-Lead Financial Industry Group, Partner - Reed Smith LLP, stated: “I’m pleased to be closing this well-attended conference. I remember the days we were talking about distress and NPLs. Now, in the last few years we’re in a different market with far greater returns and opportunities for shipping investors. Of course, the current environment presents many challenges due to geopolitical and regulatory changes.”
Mr. Christian Synetos, Investment Professional, Global Energy & Power Infrastructure – FundBlackRock, stated: “Our investment strategy has a very long-term horizon. When making decisions we look at the long-term trends, more than being income driven. We believe that the energy transition should be on top of everyone’s agenda. In terms of opportunities, those would be centered around hydrogen, it could mean ships that transport it, including in forms like ammonia. The emergence of carbon capture will also create opportunities in maritime space. We’re interested in the whole value chain, as energy security becomes a major issue.”
Mr. Vagelis Chatzigiannis, Senior Trader – GMS, stated: “We are looking to improve older assets in terms of their efficiency. The policy we’ve followed has been counter-cyclical and we’ve been successful at that. The recycling business is something that interests us, even though sometimes it requires asking ship owners to look 25 to 30 years ahead. Today, lenders’ confidence in shipping is good thanks to the recent results and turnovers.
From a sanctions perspective, we try very hard to be in line with regulations. Recycling will remain our main business, and I think there will be busy times up ahead.”
Mr. Darren Maupin, Founder & Director - Pilgrim Global, stated: “In a super cyclical business, the only path to success is being counter cyclical. We’ve really pivoted to offshore; that’s where we still see limited risk and very interesting dynamics. We’ve moved on from traditional shipping, because it is the opportunity that drives us: we deal with the market gives us. Our model historically has been to look for opportunities and partnering with good people; across the various segments there’s always something promising to invest in.”
Mr. Peter Weernink, Founder – SwissMarine, stated: “At the beginning our approach looked 12 months into the future, whereas now we’re into more long-term exposure. Raising capital and finding someone willing to finance shipping is not difficult at the moment, it is just about finding the right opportunity.”
Mr. Nicolas Tirogalas, Chief Investment Officer (CIO) - Tufton Investment Management, stated: “Few people spend the time to go through the compliance requirements, but for publicly listed companies it is our fiduciary duty to do so and even more so when regulatory bodies are pushing for it.
If you want to make sure your business is operating efficiently, you need to spend the time. Especially as an investment manager it is crucial not to be caught off guard, to educate ourselves. We’re specifically trained to learn what we can and cannot do.”

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The uncertainty surrounding the use of alternative fuels and the multitude of solutions available to shipowners to cut their vessel emissions, dominated discussions at the first Elaborate Communications Decarbonisation Summit in Athens.
The three hour conference, held in front of 120 Greek shipowners, managers, manufacturers and classification societies, outlined the current policy landscape and regulation before discussing the emerging technologies and alternative fuels currently available.
A hard-hitting panel, moderated by Professor Dimitris Lyridis, an Associate Professor in the area of Maritime Transport in the School of Naval Architecture and Marine Engineering (NA&ME) at the National Technical University of Athens (NTUA), also discussed the funding mechanisms and financial incentives for the various decarbonisation projects.
Delegates heard Stamatis Fradelos, Vice President of Regulatory Affairs at ABS, talk about the regulations moving forward for environmental protection and maritime safety and he suggested that emissions were still increasing despite slow steaming. The target of 70% reduction in emissions by 2040 would be a tough ask, he hinted.
Lefteris Koukoulopoulos, Regional Decarbonisation Specialist at DNV, said that while conventional ships would continue to be built relying on speed reduction, vessel routing and hull coatings as well as machinery improvements to reduce energy consumption, onboard carbon capture and storage can reduce the demand for carbon-neutral fuels.
Peter Borgnaes from Alfa Laval’s Environmental Solutions Marine Division, outlined his company’s OceanGlide technology – which pumps air bubbles around the hull. “OceanGlide doesn’t just pump air under the vessel. Using fluidics, it creates an actual air layer – with much higher efficiency. That air layer covers the vessel’s entire flat bottom. And because of how it’s produced, it can be fully controlled and optimised,” he said.
Hydrus was also in attendance with its Senior Engineer Nikolaos Christopoulos outlining the Decarbonisation Strategy Roadmap, while George Ntroulias, Business Development Director, joined the debate on the financing round table.
Wärtsilä’s Truls-Magnus Lindseth, talked about the importance of carbon capture while his colleague Giorgos Samoilis introduced the audience to its EnergoFlow system, which is an innovative, robust and cost-effective pre-swirl stator that increases fuel efficiency without increasing maintenance needs.
Captain Pankaj Sharma, Group Director of Digital Performance at The Columbia Group, told delegates that its EngineLink engine digitisation tool was an innovative cost-effective game-changer for ship owners and ship managers. “With its smart data capabilities, EngineLink can transform Fleet Monitoring, Engine Condition Assessment, and Emission Tracking, catering to the customised needs of clients regardless of the type of machinery on-board or engine room layout. It has successfully been installed on over 300 vessels, making it a holistic solution that adapts to meet customer expectations,” he said.

Image: Elaborate Communications Decarbonisation Summit

Left to right: Stamatis Fradelos, VP Regulatory Affairs, ABS; Lefteris Koukoulopoulos, Regional Decarbonisation Specialist, DNV; Peter Borgnaes, Global Sales Manager and Environmental Solutions Marine Division, ALFA LAVAL; Truls-Magnus Lindseth, Sales Manager Exhaust Treatment, Wärtsilä ; Giorgos Samoilis, Sales and Sales Support Manager, Wärtsilä  

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Laskaridis Shipping Co. Ltd, a prominent player in the maritime industry has taken a significant step towards digitalization by adopting the NEREUS platform, developed by the innovative Greek company Nereus Digital Bunkers.
Laskaridis Shipping Co. Ltd. has enhanced its marine fuel management from negotiation to post-fixture by incorporating Nereus Digital Bunkers' NEREUS platform, an end-to-end solution streamlining the entire marine fuel procurement process.
In this collaboration, the advanced industry experience of Laskaridis Shipping meets the technological innovation of Nereus Digital Bunkers. The NEREUS platform is set to simplify and expand the company's bunkering operations significantly, by cutting down the workload by 68%. This considerable efficiency boost is expected to make everyday tasks quicker and more straightforward, helping Laskaridis Shipping streamline its data driven operations.
Laskaridis’s Shipping decision to integrate the NEREUS platform is in line with the industry's shift toward digital solutions. It showcases Laskaridis's endeavors to digitalized its operations and its readiness to adopt new processes that offer tangible benefits.
Mr. Nikolas Gkikas, CEO of Nereus Digital Bunkers, has commented on the collaboration: "Working with Laskaridis Shipping Co. Ltd., we're bringing together the best of technology and industry know-how to enhance shipping operations."
As the shipping industry evolves, Laskaridis Shipping Co. Ltd. is taking a practical step forward by incorporating the NEREUS technology. This move not only supports their operational goals but also shows their dedication to staying at the forefront of industry advancements.

Image: Mr. Nikolas Gkikas and Mrs. Kelly Dritsa, Co-Founders of Nereus Digital Bunkers

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ShipMoney is celebrating 10 years providing digital payment solutions to the maritime industry.
Founded in 2013 by Stuart Ostrow, a Florida-based CPA and entrepreneur, ShipMoney set out to challenge the archaic way seafarers were paid and to update the cash-based infrastructure that most cruise and commercial ships relied on for decades.
“On behalf of our entire team, we would like to personally thank all of our clients, vendors, partners and most importantly the crew members who we have worked very hard to serve every single day over the past 10 years and whom we will continue to support in the future,” said Mr. Ostrow.
“This has been such a remarkable journey from developing and implementing the first successful crew payroll card program for the cruise industry many years ago to developing our own proprietary digital maritime payments platform with annualized payroll funding exceeding $1 billion annually.”
“Strong financial partnerships are the foundation on which ShipMoney built the world’s most trusted maritime payments platform in the industry.  Clients entrust us with billions of dollars of funds for their crew and the single most important factor to consider is the safety and security of these funds.  ShipMoney’s funding structure offers the highest-level of protection and continuity in the industry by offering fully insured FDIC client accounts within the United States,” added Mr. Ostrow.
To view the video use this link: https://youtu.be/GEotjaVZMvA

Image: Ship Money President and Founder, Stuart Ostrow

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Meadway Shipping shares a significant change that mirrors its growth and renewed vision. Starting 19th of February 2024, will be known as DRYDEL SHIPPING.
Mr. Costas Delaportas, President & CEO stated: At DRYDEL SHIPPING, we are thrilled to begin this new chapter, demonstrating our strong commitment to excellent service and a bold, innovative approach in our work. To ensure a smooth transition, here is an overview of our upcoming name changes:

• • Meadway Shipping and Trading Inc will be renamed DRYDEL SHIPPING INC.
• • Meadway Shipping Singapore Pte. Ltd. will be renamed DRYDEL SHIPPING SINGAPORE PTE. LTD.
• • Meadway Shipping DMCC will be renamed DRYDEL SHIPPING DMCC
• • Meadway Maritime Chartering S.A. will be renamed DRYDEL MARITIME CHARTERING S.A.

This rebranding is designed to set us apart in the marketplace and eliminate any confusion due to similar company names. Please rest assured this change will not impact our ownership, team, or operations. All existing contracts, services, agreements, and commitments remain in place.
Contact details, including addresses and phone numbers, stay the same, except for our email domain which will change from meadwayshipping.com to drydelshipping.com
Please note that while our new emails will adopt the domain @drydelshipping.com, our current email addresses will remain valid to ensure a smooth transition.
Your trust and partnership have always been essential to our success. We assure you that our commitment to high-quality service remains as strong as ever. We are eager to continue building on the strong relationship we have developed over the years.
Thank you for being a crucial part of our journey. As we build on Meadway's rich history of more than 35 years, we look forward to achieving continued success together with the new name of DRYDEL SHIPPING.

Image: Costas Delaportas, President & CEO of DryDel Shipping

Inauguration ceremony for the project "Completion of the Expansion of RoRo (Car Terminal) - Heracleous Port"

The inauguration ceremony for the project “Completion of the Expansion of RoRo - Heracleous Port” took place at the Car Terminal of PPA S.A.
It is a project with a total investment of €20 million which is included in the Mandatory Investments of PPA S.A., within the framework of the agreement with the Greek State. This project will further improve the competitiveness and attractiveness of the port as a vehicle transshipment hub in the Mediterranean.
The expansion of the Car Terminal by approximately 40,000 m2 towards the northern side of the port, increases the total area of the New Terminal to 110,000 m2, which overall creates car storage space with a capacity of 5,100 cars, thus contributing to the further development of the Piraeus Port Authority.
The Chairman of PPA S.A. Mr. Yu Zenggang stated: "Today another one step was taken towards the realization of COSCO SHIPPING's holistic vision for the Port of Piraeus. The Expansion of the Car Terminal will act as a driver of development for the wider area. We would like to thank the Greek Government for the excellent cooperation and we will continue to cooperate for the promotion of the Port of Piraeus as one of the top ports in the world and to further increase our positive footprint in Greek society and economy".
The implementation of this great project was welcomed at the event by the Minister of Maritime Affairs & Insular Policy, Mr. Christos Stylianides, who represented the Prime Minister and the Greek Government and stated: "The completion of this investment, totaling 20,000,000 euros and the expansion of 40,000 sq.m., is an important achievement, as it creates new perspectives for the port of Piraeus. At the same time, it will significantly strengthen the competitiveness and attractiveness of the country's biggest port". Mr. Stylianides also pointed out that "with the implementation of this pivotal project, the government's strategic commitment to development and innovation is confirmed. At the same time, the leadership of our country in the world of shipping, is being enhanced."
Also, the inauguration ceremony honored with their presence the Minister of Economy & Finance Mr. Kostis Hatzidakis, who mentioned: "The positive developments in the port of Piraeus are a substantial contribution to economic development for the benefit of all Greeks! Today's expansion of the car terminal at Herakleous Port will be followed by many more projects to upgrade the country's port infrastructure in the coming months and years. The policy we are implementing - as Government and as HRADF - for the utilization of Public Property in the biggest Greek ports, will create benefits for Greece. And we are only at the beginning!", as well as the Minister of Infrastructure & Mr. Christos Staikouras who pointed out: “Piraeus is, today, one of the fastest growing ports in the world. With the PPA adding economic value to the country equal to 1.56% of its GDP. Having this value as a given, but also taking advantage of the experience of the development of the contractual relationship of the parties (Hellenic State, COSCO, TAIPED) in the previous years, we proceeded in 2021, to amend the Concession agreement, in order to ensure its smooth execution. The result of this new, functional and balanced contract is the implementation of investments, such as the one we are inaugurating today, which concerns the expansion of the Car Terminal.
The event was also attended H.E. the Ambassador of the People's Republic of China to Greece Mr. Xiao Junzheng, who highlighted: “Piraeus Port has become one of the most important transportation hubs for Chinese vehicles exported to Europe. It is worth mentioning that in 2023, the Chinese vehicle brand "MG Motor" and the Chinese high-end smart electric vehicle brand "Seres" entered the Greek market for the first time. The entry of Chinese electric vehicles into Europe and Greece not only promotes the green transformation of transportation in Europe and Greece but also effectively promotes the rapid development of the roll-on/roll-off business in Piraeus Port”.
The ceremony of blessing was performed by the Metropolitan of Nicaea, Mr. Alexios, in the presence of important government and institutional representatives.

About PPA S.A.: Piraeus Port Authority SA is an Athens Stock Exchange listed company engaged in the management and operation of Piraeus port, Greece’s largest port and one of the largest integrated harbours in Europe, providing a complete range of services. Some of the company’s activities involve cruise, coastal (ferry/passenger), container and car terminal services, as well as general cargo, ship repair, logistic and free zone services. The main shareholder of Piraeus Port Authority S.A., with a stake of 67 percent, is COSCO SHIPPING, one of the largest maritime companies in the world. Over the last decade the company has experienced a remarkable growth in all port activities, which is still underway, largely contributing to the country’s economy, while driven by green development and increased digitalization, alongside a people-first approach and a spirit of giving back to the society. PPA is a member of “ECO PORTS”, holds ISO 9001:2015, ISO 14001:2015, ISO 50001:2018 Certifications, is included in the Athens Stock Exchange ESG index and is one of the “Most Sustainable Companies in Greece 2023”.

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Mr. George Alexandratos - General Manager of Apollonia Lines S.A - Chairman of the BoD of the PMC opened the conference which represents the quality of events that the Piraeus Marine Club would like to host with remarkable personalities discussing the hot topics of Shipping. This year’s event was a sold out organization and fully interactive with the audience voted against or for the motion.
Ms. Maria Prevezanou - Director of Evmar Marine Services Ltd. - Treasurer of the BoD of the PMC / Organiser of the Conference focused on the p&i’s seminar 23rd anniversary and presented the distinguished speakers and Mr. Lou Kollakis - Honorary Chairman of Chartworld Shipping Corp. described the broader trend and scene of the marine insurance market which highly influenced by the war conflicts around the world and the economic uncertainties.
The following motion was discussed by the panel: “This House believes the current retention level of $10 million remains an appropriate attachment point for the International Group.”
Mr. Jerry Westmore Head of Underwriting Steamship Insurance Management Services Limited supported the motion which as he said the $10m limit protects the interests of the members and pricing stability.
Mr. Dimitris Batalis General Manager – Greece The Shipowners Club (SOP) also spoke for the motion marking that there is no obvious reason to increase the level of $10m as this would mean more expenses for the insureds.
Ms. Victoria Papageorgiou Associate Director The London P&I Club claimed that because of the different types and the volatility of casualties that come into the IG it is appropriate a retention limit of $10m to be maintained.
Mr. Ludvig Nyhlen Area Manager Team Greece The Swedish Club told that due to the retention level the Clubs handle more efficiently the different casualties protecting the interests of Clubs and its members.
Mr. Sean Geraghty Regional Director of Greece Thomas Miller P&I Ltd ( UK Club) spoke Against The Motion. He supported that it is very important the IG to cope with the ordinary claims that will come into the IG after a review of the retention level which will also have a positive effect on the underwriting discipline of the clubs and he suggested an increase to $14-15m.
Next motion was “This House believes that the International Group of P&I Clubs, given the unsurpassed size of its constituency, should do more to intercede with regulators across the globe on policies which inhibit the free conduct of maritime commerce.”
Mr. George D. Gourdomichalis Managing Director Phoenix Shipping & Trading S.A moderated the discussion.
For The Motion spoke Mr. Daniel A. Tadros Chief Operating OfficerAmerican Steamship Owners Mutual Protection & Indemnity Association, Inc. who insisted that the more involvement of the IG in the international forum the most will be for the benefit of the P&I Club and its members.
Mr. Mike Salthouse Head of External affairs NorthStandard Ltd also agreed that further collaboration with the governmental and regulatory and especially in UN will protect our industry from substandard practices that harms the image of shipping and promote the remarkable engagement of shipping in the development of world trade and economy. IG has a collective experience that might help the governmental bodies to cope with several challenges like sanctions imposed against various countries that have an illegal and terrorist activity.
The 3rd motion of the conference was about UN’s 17 Sustainable Development Goals.
Mr. Andrew Cutler Chairman of the International Group of P&I Clubs supported that ‘The IG should be more proactive in supporting the UN’s SDGs’.
Mr. Dinos Caroussis Director Chios Navigation ( Hellas ) Ltd. moderated the panel of speakers that discussed the following motion: “This House believes that, bearing in mind that certain ship-types would appear to attract more significantly large Pool claims than others, and recalling that in the past clubs within the International Group were required to apply minimum rates to tanker tonnage, to say nothing of surcharges to tankers trading to the United States post-OPA 90, there may be virtue in entertaining a similar regime going forward, for example in relation to pure car carriers, given the hazards of Li-ion batteries.”
For The Motion : Mr. Kjell-Ake Augustsson Senior Vice President, Head of Skuld Hellas Skuld Against The Motion spoke Mr. Bjørnar Andresen Group Chief Underwriting Officer Gard As who supported that there is no any extra danger in the pure car carriers from Li-ion batteries as this material is used extensively in the construction of all vessels that incorporate new technology.
Final motion: “This House believes that the increasing danger of transiting the Red Sea Bab el Mandeb Straits allows Owners to refuse Charterers’ orders to do so.”
Moderator : Mr. Dinos Caroussis Director Chios Navigation ( Hellas ) Ltd.
For The Motion : Mr. Ian Clarke Head of Claims & Regional Director (Hellas) West of England Insurance Services SA. who told that the master and the shipping company have the duty to examine the objective conditions and decide how to approach the risks posed by the voyage.
Against The Motion spoke Mr. Dale Hammond Director Britannia Steam Ship Insurance Association Limited. argued that wouldn’t be applicable for owners to cancel the terms of the charter party and deviate around the Cape. It depends on the charter party clauses to reject or not the charterers orders.
The event was concluded with the Closing Remarks by the Chairman Mr. Lou Kollakis.

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Greek Shipping Takes Centre Stage at Posidonia 2024 Amidst Industry Transformation

Posidonia 2024 is already on track to be the biggest ever in the long history of the world’s most prestigious shipping exhibition, as the safety and resilience of the international maritime community take centre stage during a crucial year underpinned by a complex volatile backdrop of widespread ongoing geopolitical conflicts and the enforcement of environmental regulations.
For an industry that is responsible for over 80% of the volume of global trade, the issues are hot, the stakes are high, but the mood is optimistic, as decision-makers ponder about the impact of prolonged international conflicts on the freedom of navigation, and their companies race to comply with sustainability directives that are causing concerns amongst stakeholders within the shipping community.
Over 2,000 exhibitors and 40,000 visitors are expected to converge in Athens’ Metropolitan Expo Centre from 3 to 7 June for Posidonia 2024 which is set to emerge as the epicenter of global shipping for navigating these challenges and fostering crucial dialogue to shape the future of maritime trade. And the industry’s constant diversification is reflected by some 45 newcomers to Posidonia, who represent both software and hardware products as well as government agencies from around the globe.
Theodore Vokos, Managing Director, Posidonia Exhibitions S.A. said: “This year’s Posidonia timing is perfect, as it will be held at a time when many parameters affecting shipping will have to be discussed and new initiatives will be launched. The last couple of years have been geopolitically challenging, with new crises erupting around the globe and shipping having to adapt to new challenges every six months. The wars in the Ukraine and Gaza, the temporary closure of the Red Sea passage, limitations to the Panama Canal, and other challenges have affected planning and operations of the entire shipping industry.
“In addition to the above, new regulations and the industry’s drive to meet sustainability demands have been the catalyst for the latest industry developments. New technologies will be showcased and fuel options will be once again discussed at Posidonia 2024, as the industry rushes to meet the 2030 and 2050 environmental goals. This interaction between policy makers and industry on the exhibition floor and the conference halls creates fruitful dialogue and creates the conditions which will allow shipping to become a sustainable industry.”
Decarbonisation of shipping will be on the radar more intensely than ever before, as the industry will debate ways of achieving sustainability targets set by new environmental regulations. Route optimisation and weather prediction software services, sail rotors harnessing the power of wind, advanced hull coating systems and air lubrication reducing resistance and therefore fuel consumption, solar panels on ships, engines running on alternative fuels or optimised to slow steam, and many more developments will all gain in prominence in 2024 at the Posidonia exhibition floor.
As the Union of Greek Shipowners (UGS) took a leading role in the "Shaping the Future of Shipping: Delivering a Net Zero World" Summit, organised in the sidelines of COP 28 by the International Chamber of Shipping (ICS), it becomes evident that this summer Greek shipping will lead the way in tackling the issues and challenges global shipping and the global economy face towards a net zero world.
UGS President Melina Travlos stressed shipping’s core message about the sector's decarbonisation: the imperative need for cooperation and coordination of all parties involved in the transport chain, for the achievement of the goals of the International Maritime Organization (IMO).
She underlined the importance of a unified approach among governments, regulators, and stakeholders, inviting all states to support the IMO in its ambitious work.
“Time flies and yet large challenges remain, and new ones are emerging. However, if we can work together to achieve our shared goals, the prize will be greater than the greening of our industry, it will be the greening of all industries. We cannot even discuss, let alone succeed, with a global energy transition without shipping and its role as a catalyst in every aspect of socioeconomic change and progress. Shipping has always guided global change through motivation, determination, and vision, and now it has to inspire and lead, once more. Shipping has always built bridges for growth and prosperity. This is our purpose, our duty, and our commitment to the world.”
As technology becomes mission critical, shipping companies are becoming early adopters and direct investors in new technologies. In the recent years the shipping industry has taken huge steps towards the digitalisation of its operations and adoption of new technologies in all segments of the business. At Posidonia all new technologies will be presented, enabling the shipping industry to familiarise itself with products and services that will revolutionise its modus operandi in the years to come.
The extended Posidonia Conference and Seminars programme, including forums like the Tradewinds Shipowners Forum and the HELMEPA Conference, which attract the most senior shipowners from around the globe, will address the most critical issues in the industry.
The addition of the Greener Shipping Summit, organised by Naftiliaki/Newsfront under the auspices of MARTECMA, the Marine Technical Managers Association, which comprises the technical directors of the biggest shipping companies of Greece, brings a focus on evaluating new technologies and their potential use by shipping companies. But as Posidonia grows, one week to debate all issues is not enough. For this reason, the conference programme starts the week before, with the Marine Insurance Greece Conference. This one-day event will be focused on bringing brokers, insurers and third parties together with the Greek shipowner community to discuss all aspects of marine insurance, which has to adapt to a constantly changing geopolitical environment.
Posidonia remains steadily committed to attracting the younger generation to the shipping industry, evident in the launch of the Posidonia Masterclass in Shipping online course. Collaboration with the YES Forum (Young Executives in Shipping) platform and Isalos.net aims to introduce the next generation to the industry, showcase career opportunities, and nurture their interest in this dynamic sector.
Posidonia's growth in scope and duration is further propelled by the Posidonia Games, featuring events like the Posidonia Cup Sailing Race, Posidonia Running Event, Posidonia Shipsoccer Tournament, Posidonia Golf Tournament, and Posidonia 3x3 Basketball Tournament. With over 4,000 shipping professionals expected to participate, the games contribute to the unique Posidonia atmosphere, providing abundant networking opportunities.
Posidonia 2024 is organised under the auspices of the Ministry of Maritime Affairs & Insular Policy, the Hellenic Chamber of Shipping and the Union of Greek Shipowners and with the support of the Municipality of Piraeus and the Greek Shipping Co-operation Committee.

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By Anastasios Andreas Maraslis – Founder/President of Marasco Marine Ltd*

Charting the Future: Marasco Marine Ltd's Proactive Approach in Marine Insurance

In the ever-changing seas of the marine insurance industry, foresight and preparedness are the beacons that guide a ship through uncharted waters. Marine insurance, particularly Protection and Indemnity (P&I) clubs, is at a crossroads, facing challenges and opportunities alike. As risk managers and client-centric service providers, working to ensure competitive fairness, Marasco Marine Ltd offers a comprehensive analysis of the current landscape, helping shipowners and managers navigate these turbulent waters. At Marasco Marine Ltd, we understand that while no one can predict the future, being well-prepared and alert to emerging risks is essential. Our role is not just to react to industry changes but to anticipate them, ensuring that our clients are always a step ahead.

The Evolving Role of P&I Clubs: Stability vs. Competition

P&I clubs have traditionally provided a collective risk-sharing model, offering stability and predictability in premiums and coverage. However, this model is now being questioned for its lack of competition. Critics argue that the mutual agreements among P&I clubs, standardizing terms for members switching clubs, limit market dynamics and innovation.

Pros:

• •Collective risk management leads to shared large claims.
• •Predictability in premium rates and coverage terms.
• •Efficient regulatory compliance and claims handling.

Cons:

• •Limited competition could lead to complacency and higher costs.
• •Restricts shipowners’ ability to negotiate better terms.

P&I MERGERS: Fewer Choices, Higher Costs?

The Impact of Market Consolidation: The Case of NorthStandard

The recent merger of NorthStandard has sparked concerns about reduced competition and the rise of larger, potentially monopolistic P&I entities.

Pros:

• •Potential for reduced claims volatility and cost efficiencies.
• •Enhanced resource pooling and expertise sharing.

Cons:

• •Less market competition, potentially leading to inflexible terms.
• •Higher premiums and reduced bargaining power for shipowners.

There's also a valid concern about reduced competition and a potential decline in service quality. Large P&I clubs, post-merger, might focus on serving bigger fleets, potentially overlooking the specific needs of smaller shipowners. This shift could leave a significant portion of the market underserved and facing higher premiums with less personalized service, that is smaller fleet shipowners might face their needs sidelined.

The Ripple Effect on the Supply Chain

A market with limited players could lead to a situation where shipowners and managers have fewer choices, potentially leading to less favorable terms. The inherent risk in such a scenario is the possibility of these clubs wielding significant market power, setting premiums and terms that might be financially burdensome for shipowners. This situation could inadvertently affect the entire supply chain, as higher insurance costs might be passed down through increased sea transportation cost - freight, ultimately impacting end consumers.

The Cautionary Tale:

Historical parallels in other industries show that consolidation can lead to higher prices and reduced choices for consumers. The shipping industry must take seriously into consideration these lessons to avoid similar pitfalls.

Proactive Strategies for Shipowners and Managers

In response to these changes, shipowners and managers should consider alternative risk management strategies and advocate for competitive fairness in the market.

Strategies Include:

• • Exploring alternative insurance options outside traditional P&I clubs or, combination between commercial underwriters and P&I Clubs.
• • Lobbying for regulatory oversight to ensure market competitiveness.

Marasco Marine Ltd's Client-Centric Approach

As a service-oriented company, Marasco Marine Ltd emphasizes the importance of staying informed and adaptable. The industry must strike a balance between benefiting from the efficiencies of larger P&I clubs and maintaining a competitive environment where shipowners have the freedom to choose the best options for their needs. The company advocates for a market that balances collective benefits with competitive dynamics, ensuring that our clients, regardless of their size, remain well-informed and prepared for any shifts in the industry landscape.

Diversifying Options for Comprehensive Coverage

Marasco Marine Ltd diversify its offerings to include a range of marine insurance products that cater to the unique needs of each client, ensuring that smaller shipowners are not left at a disadvantage. This approach allows Marasco Marine to provide tailored solutions stemming from commercial insurers, fixed cost P&I facilities and of course the traditional Pool P&I market, that aligns with the specific risks and requirements of our diverse clientele.

Marasco Marine Ltd Recommends:

• • Regularly reassessing insurance needs in light of market changes.
• • Staying informed about industry developments and potential regulatory changes.

In conclusion, the maritime insurance industry is at a pivotal point. While historical models have provided stability, the need for competition and innovation is increasingly evident. For shipowners and managers, the path forward involves staying informed, adaptable, and proactive in advocating for a balanced and fair market. With Marasco Marine Ltd's guidance, stakeholders can navigate these changes effectively, safeguarding at the same time the interests of all shipowners, especially the smaller ones who might be overshadowed in a market dominated by large conglomerates, ensuring thus their sustainability and profitability.

*Marasco Marine Ltd Is an independent Marine Risks Management Company which has over 30 years of marine insurance expertise in P&I and H&M insurance with an unwavering commitment to client’s success, by introducing specialized strategies in Risk Prevention and Risk Management in its daily modus operandi, with additional services such as: safety audits, and the introduction of safety protocols, which is very crucial for its clientele’s P&I and H&M insurance covers and premium cost control. More about Marasco Marine Ltd, its full list of services, unique structure and its Board of Advisors, can be found at www.marasco-marine.com

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ERMA FIRST, a leading sustainable maritime solutions provider, has become a signatory of the EU Mission Charter targeting the protection and restoration of regional waters by 2030.
The Mission – one of five EU Missions within the Horizon Europe research and innovation programme – aims to “protect and restore the health of our ocean and waters through research and innovation, citizen engagement and blue investments”. As a signatory to the Mission Charter, ERMA FIRST will attend the Mission’s meetings and events while pledging actions that contribute to its objectives.
Commitment to the Charter consolidates sustainability initiatives already overseen by ERMA FIRST at the local level.
In 2023, the group collaborated with HELMEPA (Hellenic Marine Environment Protection Association) on events in May and November, organising volunteers to remove waste and debris from beaches in Piraeus. Both projects aligned with EU ‘Mission Ocean and Waters Actions’ definitions, with the second event also notable for the assistance given by the ‘jellyfishbot’ IADYS in cleanup operations. In an earlier initiative, ERMA FIRST brought the community together to clean up Votsalakia beach in 2021.
In organising and leading these events, ERMA FIRST directly contributed to objectives 1 and 2 of the Mission Charter: to “protect and restore marine and freshwater ecosystems and biodiversity” and to “prevent and eliminate pollution of our ocean, seas and waters”. Furthermore, by involving the local community, the company used one of two Mission ‘enablers’ – “public mobilisation and engagement”.
Mr Kimon Mademlis, Marketing & Communications Director, ERMA FIRST Group, said: “As a company, we are well-known for providing sustainable maritime solutions, but our commitment to the planet and its waters extends beyond our product portfolio. Being welcomed as a signatory of the EU Mission Charter to ‘Restore our Ocean and Waters by 2030’ is a major endorsement of our efforts to protect the environment by engaging local communities. We look forward to connecting with fellow signatories at forthcoming Mission meetings as we collaborate towards cleaner, healthier waters.”
Annual Mission events see signatories from around the European Union gathering to discuss matters and propose actions related to the Mission’s objectives. ERMA FIRST is due to attend the Mission Ocean and Waters Forum in Brussels, Belgium, on 5 March, as well as related matchmaking events on the 4^th and 6^th.

Image: Mr Kimon Mademlis, Marketing & Communications Director, ERMA FIRST Group

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