Mr. Nicolas Bornozis, President – Capital Link, Inc. opened the proceedings of the forum noting that on April 4th a special event called invest in Cyprus will take place in New York promoting Mr. George A. Tsavliris, Principal – Tsavliris Salvage Group Conference Chairman presented Marina Hadjimanolis Shipping Deputy Minister to the President Republic of Cyprus.
In her speech Mrs Marina Hadjimanolis thanked the Cypriot Union of Shipowners (CUS) and welcomed the audience at the Limassol the Cyprus’ capital of shipping.
She marked that 2025 will be a challenging year to face the challenges of sustainability and digital transformation adopting innovative solutions and efficient strategies.
We aim at a maritime center of excellence and customer orientated registry. She outlined that a significant increase of gross registered has been achieved during the last years.
Cyprus is a strong advocate of sustainable shipping focusing on 3 main pillars innovation collaboration and compliance with IMO requirements.
KEYNOTE PRESENTATION FOLLOWED BY A 1X1 DISCUSSION
In this session Mr. Nicolas Montanios, Partner – Montanios & Montanios LLC interviewed Mrs Marina Hadjimanolis regarding the strategies and the future plans of the Cyprus ship Registry.
Ms Hadjimanolis expressed her determination to embrace change making the industry more resilient and prosperous. She marked that Cyprus is one of the best flags in the world with quality service and flexibility. A great variety of shipping activities are placed at Limassol from the ship owing & Shipmanagement to logistics and legal insurance and other related entities. Cyprus is a sovereign flag with a history of 60 years which was cultivated by pioneering Cypriot shipowners and other shipping personalities.
Cyprus has solid foundations to continue the legacy and development of the shipping sector.
The government intends to strengthen the Human Resources in the Cyprus department of shipping and the cooperation with the maritime industry offering incentives for the green shipping and taking the necessary initiatives with Cymepa to attract young people to the shipping profession.
Cyprus also gives tremendous emphasis in building strong shipping relations with other countries such as Hong Kong Katar Oman and of course as a European Union member to lobby in EU for promoting the interests of the EU shipping sector to remain competitive and profitable. The education of seafarers is also an important issue that’s why Cyprus has a strategic plan to attract young people in the shipping profession and continue the fruitful cooperation with academies like Tsakos Nautical Academy in Chios and Mediterranean Nautical Academy in Piraeus and LARNACA.
She noted that Maritime Cyprus of 2025 will take place on October 6th.
Concluding Mr Tsavliris mentioned also that what Cyprus has achieved in the last years is a great miracle compared with the size of the country however due to the strong will and determination of the people that are involved in this dynamic industry Cyprus is one of the largest shipping nations in the world with a growing and expanding ship Registry.
Mr. Ezekiel Davis, Vice President, Regional Business Development, Europe – ABS FLEET decoded EU ETS & FUEL EU and referred to the implications, challenges & opportunities. He explained the importance of fleet pooling and focused on the reliable data for managing financial exposure of the company and updating commercial contracts to include terms for the coverage of FUELEU and EUETS.
The positive impact is that working with these regulations you can optimize their operations and comply with environmental standards.
Finally, he referred to ABS solutions and services on these critical areas.
COMPETITIVENESS IN THE ENERGY TRANSITION ERA: FUEL CHOICES, UPGRADES & RENEWAL STRATEGIES
The panel was moderated by Dr. John Kokarakis, Technical Director, SEEBA Zone – Bureau Veritas. The following prominent figures participated as Panelists: Ms. Alkistis Kyriakopoulou, Chief Business Officer – DeepSea Technologies, Mr. Konstantinos Stampedakis, Co-Founder & Managing Director – ERMA FIRST GROUP, Mr. Aristides Pittas, Chairman & CEO – Euroseas Ltd. (NASDAQ: ESEA) & EuroDry Ltd. (NASDAQ: EDRY), Mr. Philippos Philis, Chairman & CEO – Lemissoler Navigation Co. Ltd, Dr. Loukas Barmparis, President – Safe Bulkers, Inc. (NYSE: SB)
Mr. Stampedakis mentioned some decarbonisation technologies like duct fins air lubrication and carbon capture systems.
Mrs. Kyriakopoulou explained how collection of high frequency data can improve the efficiency of ship. Therefore, the investment on quality collection of data using sensors and exploiting the existence of a qualified team can benefit to the fleet overall performance and efficiency.
Barmparis said that dual fuel vessels are more expensive and what fuel will prevail lies in the future therefore ordering a newbuilding is a difficult task.
Safe Bulkers has two kamsarmax with methanol fuel as it is a safer solution for the future and already exists.
Mr. Pittas mentioned that his company has retrofitted all vessels with fuel saving equipment which is an important measure that can improve the ships’ efficiency up to 25% and at the end of the day we have to follow IMO regulations to contribute to the carbon emissions reduction.
Mr. Phillis told that the majority of dual fuel vessels are methanol powered because of its a maturing technology. His company has covered 75% of its needs for alternative fuels signing future contracts to offset the potential deficit that will be presented from 2029 and onwards.
All speakers noted that what we need is uniformity and clarity in the decarbonisation process although Trump is not in favor of the environmental protection measures.
Mr. Pittas pointed out that we are more European and we care about the climate change and we should follow IMO rules trying to balance between the various aspects and implement realistic and viable solutions.
In any case IMO rules must be carbon and technology neutral.
CHARTING A NEW COURSE: SHIP FINANCE OPTIONS & STRATEGIES AMID CHANGING MARKET DYNAMICS
The panel was moderated by Ms. Ester Toumpouris, Deputy Head of Office (Limassol) – Hill Dickinson LLP and the following speakers were appointed as Panelists: Mr. Nicholas Pavlidis, Head of Shipping – Bank of Cyprus, Mr. Hugues Calmet, Senior Vice President Head of DNB Athens Representative Office – DNV, Mr. Aris Patounas, Head of Shipping – Hellenic Bank, Mr. Ronis Kyperesis, Head of Accounting and Finance – Pelagic Partners; CFO – Hartmann Holdings.
All the speakers stated that over regulation and unilateral measures hurt the industry therefore the financial institutions must be able to meet the needs and requirements of their clients to ensure that they have adequate financial resources to implement the new environmental standards towards the energy transition in shipping.
AI IN MARITIME OPERATIONS: SUCCESSFUL ADOPTION AND RISK MANAGEMENT STRATEGIES
The topic was presented by Ms. Christina Orfanidou, Director, AI & Data – Deloitte Cyprus.
Mrs. Orfanidou pointed out that AI is not a matter of technology but rather an issue of human culture, appropriate architecture and engagement of stakeholders.
OPTIMIZING SHIP MANAGEMENT: BALANCING SAFETY, INNOVATION, SUSTAINABILITY, REGULATION, & NEW TRADE DYNAMICS
The panel was moderated by Ms. Anthi Miliou, Global Maritime Commercial Director – Lloyd’s Register and the following prominent Panelists: Mr. Mark O’Neil, President & CEO – Columbia Group; Former President – InterManager, Mr. Dieter Rohdenburg, CEO – InterMaritime Shipmanagement Ltd., Mr. Spyros Vlassopoulos, Managing Director – Ionic Group.
Mr. Vlassopoulos underscored that the biggest challenge of today is to achieve the decarbonisation goals combining technological advancements and regulatory conformity.
Another one great challenge is the digital transformation. The future of Shipmanagement lies with the regulatory agility and technological innovation.
Mark O’ Neil told that technology will be the forcing power for adopting renewable sources and green energy improving the efficiency of our industry.
On the same time shimpmanagemnt companies must focus on human resource management which is also very important, one stop shop and value-added service for optimizing operations.
Mr. Vlassopoulos referred to the role of new technology in eliminating management burden and operational risks.
Mr. Rohdenburg said that you have to develop a safety culture training people according to the highest standards.
Speakers discussed the importance to train and up skilling the people onboard and in the office on the proper familiarization of the alternative fuels and also commented on the strategies adopted to attract young people in the shipping sector.
NAVIGATING NEW CURRENTS IN CYPRIOT & GREEK WATERS: TRENDS & DEVELOPMENTS IN MARITIME FINANCE
The above topic was by presented by: Mr. Andreas Papachristodoulou, Partner – Stephenson Harwood
NAVIGATING THROUGH TURBULENCE & TRANSFORMATION - SHIPPING MARKETS IN MOTION - DEVELOPMENT & OUTLOOK
Presented by: Ms. Angelica Kemene, Head of Market Analysis & Decarbonisation Strategies – Optima Shipping Services
TRENDS & OUTLOOK FOR GLOBAL COMMERCE, ECONOMY & SHIPPING CHARTERERS’ INSIGHTS
The panel was Moderated by Mr. Polys Hajioannou, CEO – Safe Bulkers, Inc. (NYSE: SB); Vice President – Cyprus Union of Shipowners and the following Panelists discussed the issue: Mr. Mohammed Bin Battal, President – Bahri Dry Bulk, Mr. Robert Schreve, Senior Freight Trader – Olam Agri.
According to a speaker the most important challenges in the Middle East region is the port infrastructure and the appropriate partnerships to address the environmental requirements.
The speakers don’t expect that tariffs will have a major impact on the dry bulk market however the rates will follow a volatile and unpredictable pattern. Regarding the compliance of the environmental they take them into consideration and they prefer to charter energy efficient and eco-friendly ships.
Despite the geopolitical events the speakers expect that the dry bulk sector will recover in the next 1-2 years due to the increase of world’s population and the improvement of prosperity. Additionally, if a peace agreement is achieved between Russia and Ukraine then the market will continue to grow.
They commented on the importance of digitalization process in shipping which affects the ships’ performance and efficiency.
In all cases market volatility, it’s an opportunity to improve the overall performance and quality of ships.
The speakers referred to the FFA market which is a useful and essential tool managing and hedging the charterers’ risks.
DIGITALIZATION & CYBERSECURITY – CHALLENGES & STRATEGIES FOR THE MARITIME INDUSTRY
The panel was moderated by Mr. George A. Tsavliris, Principal – Tsavliris Salvage Group; Conference Chairman. The following l Panelists discussed the above topics: Mr. Alexander Oswald, Group Director IT – Columbia Group, Mr. Russell Kempley, Chief Propositions and Security Officer – CyberOwl, Mr. Panos Theodossopoulos, CEO – Metis.
The digitalization vendors have a critical mission to assist the shipping industry to minimize the carbon emissions until an alternative fuel is adopted and assess the vessels’ efficiency.
1X1 DISCUSSION - SHIPPING – SAILING THROUGH TRANSFORMATION & DISRUPTION
Mr. Nicolas Bornozis, President – Capital Link, Inc. interviewed Dr. Anil Sharma, Founder and CEO – GMS & Lila Global.
NAVIGATING THE GLOBAL SHIPPING LANDSCAPE & SHIPOWNERS’ INSIGHTS
The shipowners’ panel was moderated by Mr. George Teriakidis, Regional Manager for Southeast Europe – DNV Maritime and the following distinguished panelists were appointed the discussion: Capt. Stephanos E. Angelakos, CEO – Angelakos (Hellas) S.A., Mr. Andreas Hadjiyiannis, CEO – Cyprus Sea Lines / Hellenic Tankers; President – Cyprus Union of Shipowners, Ms. Semiramis Paliou, CEO – Diana Shipping Inc. (DSX); Chairperson – HELMEPA & INTERMEPA, Mr. George Mouskas, CEO – Olympic Ocean Carriers / Zela Shipping, Mr. Polys Hajioannou, CEO – Safe Bulkers (NYSE:SB); Vice President – Cyprus Union of Shipowners, Ms. Nicole Mylona, CEO – Transmed Shipping Co.
The panel asked what are the main challengers of shipping.
Mr. Angelakos told that the financial sector has changed dramatically with China entering very dynamically. Another one challenge is the increased protectionism and the de globalization of the trade.
Paliou supported that keeping the company and finding talented people with new competencies and skills in order to remain competitive and reliable.
New regulations the coming constantly is the major challenge and this has a tremendous impact to the renewal of the fleet according to Mr Mouskas.
Continuity adaptability and flexibility for a shipping company are the major challenges facing Ms Mylona.
Mr. Hajioannou is concerned about the decarbonisation process however he marked that market is not predictable and therefore you must be creative.
Tackling the unpredictability of the market was the 2nd question of the moderator. Angelakos follows a diversification policy to face the volatility of the market.
Maintaining low leverage and strong liquidity is the main motto for Ms Paliou until the market recovers. Other strategies are collaboration with other stakeholders and banks. The speakers agreed to meet the decarbonisation challenges of 2050 is so tremendous and the expense so vast that collaboration is essential between all stakeholders in shipping to find the right solutions focused on realistic solutions. Mr Mouskas said that it is not shipowners’ responsibility to provide the sustainable fuels but suppliers’ task to cooperate with engine manufacturers and provide the carbon neutral fuel.
In Hadjioannou’s experience the beauty of shipping is the market volatility and the capability to predict the market in order to optimize your company’s operations and commercial profitability.
Mr. Mouskas commented on IT and cybersecurity saying that everyone must be aware and vigilant about these challenges following training programs onboard and in the office. All speakers agreed that the Greek shipping industry is well aware what is happening with cyberattacks in the communication systems to protect the ships and the companies in the best possible extend.
The last question was the problem of the crew shortage. Angelakos told that as a captain he tries to be close to the ships’ crew and adopting regular training programs.
Seafaring scarcity will be the problem of the future according to Paliou and moreover seafarers have be reskilled and up skilled to adapt to the technology requirements.
Other measures include connectivity with their families, private medical insurance and monitoring of the medical care etc.
Ms Mylona focuses on improving the qualifications and retain the competent and skilled seafarers and providing performance incentives. Mr Hadjioannou also told that the crew count very much if you care of the safety and health of your employees asking if we trade in Black Sea and Suez Canal.
The CLOSING REMARKS made by Mr. George A. Tsavliris, Principal – Tsavliris Salvage Group Conference Chairman.
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