Stefanos Papandreou & Theano Kalapotharakou co-publishers of ELNAVI exclusively report from Limassol, Cyprus
The challenge of navigating global turbulences in shipping involves strategies and concepts related to supply chain robustness, operational flexibility, and risk management.
All above issues will be discussed from Monday 6 until Wednesday 8 of October in Maritime Cyprus 2025 conference in Limassol Cyprus.
In his welcome address by the Conference Chairman, Dr. Stelios D. Himonas, Conference Chairman, Permanent Secretary SHIPPING DEPUTY MINISTRY told that he is confident the outcome of the forum will be a testament to the importance of Cyprus Shipping Registry for the world maritime industry. As he said this year’s conference aims to unlock the future of shipping dealing with the challenges of digital transformation, geopolitical developments and energy transition.
H.E. Mr. Nikos Christodoulides, President of the Republic of Cyprus in his speech pointed out that shipping is one of the greatest drivers of Cyprus’ economy. He expressed his commitment to the continuous enhancement of the Cyprus’ Shipping Deputy Ministry services and a more autonomous E.U. where shipping can play an important role to ensure Europe’s economy competitiveness. The establishment of Cyprus as an attractive and competitive cruise destination is another major target that can attract investors and tourists from all around the globe.
In her address, Ms. Marina Hadjimanolis, Shipping Deputy Minister to the President of the Republic of Cyprus shipping focused on Cyprus’ 60 - year experience as a sovereign flag state, competitiveness and innovation of Cyprus maritime industry.
She also put emphasis to the talented and dedicated workforce and the professionalism of all the members of the Cyprus’ maritime sector.
H.E. Mr. Arsenio Dominguez, Secretary-General, International Maritime Organization in his speech prided Cyprus for the compliance of IMO instruments and as an active member in negotiations on the future of maritime safety and environmental agenda. He also said that we need to the way that we treat people and increase awareness of the mental health. We also have to continue to regulate the technological development and regarding decarbonisation of the maritime industry we need to maintain a strong sense of responsibility for a sustainable and effective future.
In his address, H.E. Mr. Apostolos Tzitzikostas, EU Commissioner for Sustainable Transport and Tourism remarked that Cyprus is a symbol of quality and trust and that the future of Europe is connected with Cyprus’ prosperity in shipping.
He added that we have to make European economy more competitive, resilient and sustainable closing the innovation gap with U.S. and China and aligning decarbonisation with IMO guidelines. The current legislation provides predictability boosting the development of alternative fuels and operational measures for the sustainability of the sector. In any case EU supports the net zero framework of the IMO ensuring that all solutions must be pragmatic efficient based on the common sense.
He finally referred to the need of strengthening European shipbuilding sector with the construction of clean ships and the upgrading of port facilities.
The president of the election committee announced the winner of the Cyprus Maritime Award 2025 and after careful consideration the committee decided to give two award to Dr. John Coustas chairman of Danaos Shipping who is one of the most loyal supporter of the Cyprus registry as Danaos has established offices in Cyprus and registered a great number of vessels in the registry and the second award went to MSC Shipmanagement a company that considerably increased its activities in Limassol with substantial contribution in the country’s economy. As Dr. Coustas said the company’s history in Cyprus goes to 1972 when Danaos registered its first ship in Famagustas’ ship Registry and recognised that today Cyprus is an example of a continuous excellence and a flexible partner that reduces the bureaucracy and adopting digital transformation.
A Ministerial Shipping Dialogue took place at the Cyprus Maritime conference that referred to the challenges of shipping regarding digital transformation, decarbonisation, collaboration, adoption of realistic strategies, re-skilling of seafarers, the need of collaboration and go forward with realistic strategies.
The next panel examined the ways of navigating disruption and to steer the Shipping Industry through Global Turbulences.
Moderator was Mr. Thomas A. Kazakos, Secretary General International Chamber of Shipping.
Panellists were Mr. Themis Papadopoulos Ex-Vice Chairman International Chamber of Shipping, Ms. Karin Orsel President ECSA, Ms. Ioanna Procopiou President Designate BIMCO, Mr. Joe Kramek President & CEO World Shipping Council.
The speakers referred to the adoption of a holistic approach in the net zero strategy taking into account operational measures and not only the development of green fuels. They added that while the International Maritime Organization (IMO) has provided a directional "Net-Zero Framework" (NZF), the clarity needed to unlock the trillion-plus investment gap remains highly fragmented. Regarding digitalisation is helpful to decarbonise our industry however we have to train and up-skill a great number of seafarers to ensure the smooth transition to a new sustainable future.
The Shipowners’ Insights on Industry Evolution were presented by prominent panellists: Mr. George Procopiou Chairman Dynacom Tankers Management Ltd, Mr. Thanasis Martinos Managing Director Eastern Mediterranean Maritime Limited, Mr. Andreas Hadjiyiannis CEO, Cyprus Sea Lines/Hellenic Tankers President, Cyprus Union of Shipowners, Dr. John Coustas President & CEO Danaos Corporation, Ms. Semiramis Paliou CEO Diana Shipping Inc. The discussion was moderated by Mr. George Mouskas President, Olympia Ocean Carriers Ltd, Vice President, Cyprus Union of Shipowners.
Mr. Prokopiou reminded that eight years ago had suggested that the most efficient measure to reduce air emissions was to adopt the minimum speed. He also remarked that the best way to go forward is to pause the ambitious plans for alternative fuels and concentrate on carbon capture systems.
Mr Hadjiyiannis admitted that through ETS there was a considerable improvement in the reduction of air emissions however the people must realise that the taxation on carbon fuels will not hurt shipping but the final consumer.
Mrs Paliou focused on the lack of clarity on how the money will be spent that will be collected by the taxation of carbon fuels.
Dr. John Coustas pointed out that the shipping policies are implemented without taking account the views and needs of the shipping industry. We are extremely concerned that the money will be invested in the development of clean fuels.
Mr. Martinos commented on the excessive cost of trading in the European waters and that remarkable increase will be charged to the final consumer.
All speakers agreed that it’s a difficult decision to order a ship and the promising alternative fuel is methanol as China has the ability to scale up the production of this particular fuel.
After all the energy transition will take much more time than it is expected and for sure 2050 is an unrealistic date for net zero framework.
2ND DAY
A deep dive into the P&I Market Latest Developments and Update about the Renewal Season 2026 was delivered by a very experienced and well-respected panel which was moderated by Mr. Filippo Fabbri, CEO Lockton P.L. Ferrari with panellists: Mr. Jonathan Andrews, CEO Steamship Mutual, Mr. Rolf Thore Roppestad CEO Gard AS, Mr. Paul Jennings Managing Director NorthStandard, Mr. Andrew Taylor CEO UK P&I Club
The next discussion panel elaborated on the topic: New Era of Shipowners…Unlocking the Future which moderated by Mr. Nicolas Bornozis Founder & CEO Capital Link, Inc. The following Panellists discussed the above topic: Mr. Filippos Efstathiou CEO Efnav Company referred to his company’s 60-year legacy in the dry bulk sector and he explained his company’s growth strategy. He explained that his company follows a conservative approach waiting for the final opportunities become clearer proving the commercial strength of our existing fleet. Mr. Efstathiou also commented that for smaller fleets specialisation maximises strength in the contrary for very large fleet diversification is a necessary strategy to ensure the efficiency of the fleet., Mr. John A. Xylas President & CEO Ariston Navigation Corp. stated that forthcoming IMO MEPC will set a net zero framework which is better than a failure to agree which will mean that regional bodies like the EU may implement their own rules risking IMO’s authority and climate goals. Regarding his company’s renewal strategy, he said that with so much uncertainty in the dual fuel ships his company has adopted a strategy of upgrading the existing fleet., Capt. Stephanos E. Angelakos CEO Angelakos (Hellas) S.A referred to the profile of his company’s fleet which is consisted by a mixed fleet of bulk carriers and tankers and pointed out that 90% of the company’s fleet is registered in the Cyprus Registry. Today the company aims to create a high standard fleet upgrading the efficiency of the managed ships and reducing further the air emissions and the age profile. Mr. Hajioannou CEO, Chairman & Director, Safe Bulkers Vice President told that we are supporting what is IMO doing but we don’t support unilateral regulation and regional rules. Finally, all speakers congratulated the Cyprus’ maritime administration for its efficient operations, 24/7 registration and support services, strong reputation and high standards.
The last panel of the day presented the Charterers’ Outlook examining the challenges of Navigating Markets, Risks, and Opportunities.
The panel was moderated by Mr. Polys V. Hajioannou CEO, Chairman & Director, Safe Bulkers Vice President, Cyprus Union of Shipowners with panellists: Mr. Joe Windscheffel Director, Global Panamax Trading Manager Cargill Ocean Transportation, Mr. Benjamin Patchell Global Head of Panamax Trading Mercuria Energy Trading SA, Mr. Mark Thompson Senior Freight Trader Olam Agri. The speakers’ concerns were centred on the financial and operational burdens from shifting regulations and geopolitical conflicts.
For the EU ETS, the primary worry is the significant increase in operational costs due to purchasing emission allowances, which are largely passed on from owners to charterers. This requires complex contractual adjustments and data exchange.
Regarding the IMO Net Zero Framework, concerns include the regulatory uncertainty from a lack of global alignment (especially with US opposition), which could create a patchwork of regional rules and disrupt investment in green fuels. They also worry about the practicality and cost of new, unproven technologies.
Finally, proposed US Tariffs on Chinese-built ships present a major concern over immediate and potentially millions-of-dollars per port call cost absorption, as new clauses are making charterers responsible. This also threatens to create a two-tiered charter market and disrupt US trade routes.
John Xylas referred to DryBMS an optional rating system which is used to calculate a total score to measure their progress towards operational efficiency and HSQE excellence.
DryBMS was developed by INTERCARGO and RightShip, with input from experts and stakeholders across the sector, as an industry tool to raise standards and best practices across safety, security, environmental performance, and social welfare in the dry shipping sector. INTERCARGO and RightShip have worked closely to establish the DBCE to further evolve and disseminate the DryBMS framework.
Aristides Pittas Eurobulk’s Chairman in his own intervention remarked that environmental regulations pose considerable operational costs to shipowners and charterers and called charterers to get involved more actively in environmental projects aiming to improve the ships’ efficiency.
3RD Day
The 3rd day of the conference opened by H.E. Mr. Costas Kadis, European Commissioner for Fisheries and Oceans who addressed the audience.
Following the commissioner’s message, a panel of speakers answered the question: Is the Shipping Industry Ready for Climate Resilience?
The debate was Moderated by Dr. Phillip Belcher Marine Director INTERTANKO
Panellists: Mr. Gavin Allwright Secretary General IWSA, Ms Manuela Tomassini Head of Sustainability and Technical Assistance EMSA, Mr. Jan Othman Vice President, Project Services, Marine Wärtsilä.
The speakers told that the shipping industry is in a critical transitional phase, demonstrating mixed readiness for comprehensive climate resilience. While there is strong, internationally mandated movement toward emissions mitigation (decarbonization), the development and implementation of climate change adaptation measures are generally less mature, though recognized as crucial.
The next topic: Safeguarding Shipowners in a Rapidly Changing Environment was discussed by the following panellists: Mr. Mark O’ Neil President & CEO Columbia Group, Mr. Sebastian von Hardenberg CEO Bernhard Schulte Shipmanagement (BSM), Mr. Dieter Rohdenburg CEO InterMaritime Shipmanagement Ltd, Mr. Jan Meyering Joint Managing Director Marlow Navigation Co. Ltd. The debate was moderated by Mr. Sean Moloney CEO Elaborate Communications. Safeguarding shipowners requires immediate action on dual fronts. Financial risks from stringent emission regulations (IMO 2050 targets, EU ETS) demand investment in green fuels and technology. Concurrently, climate adaptation strategies—protecting the ships and optimizing routes against extreme weather—are crucial for maintaining operational resilience and insuring against physical climate risks.
Moderated by Ms. Despina Panayiotou Theodosiou Co-CEO Tototheo Global a panel of prominent speakers presented the Technology’s Impact on Shipping and Seafarers.
Panellists were Mr. Stephen Cotton General Secretary International Transport Workers' Federation (ITF), Ms. Fotini Ioannidou Director, Waterborne Transport European Commission, Ms. Elpi Petraki President WISTA International, Mr. Prabhat Jha Group Managing Director & CEO MSC Shipmanagement Ltd. The speakers elaborated on the issues of connectivity, automation, digitalisation and agreed that the new technology shouldn’t be faced as a threat but as an opportunity to increase efficiency, well-being, performance and safety at sea. They also discussed how the technology could be beneficial for seafarers in their daily life improving the quality of their work and communication with their families. Director of EC remarked that the human approach should be paramount and in view of this matter EU will introduce the single window that aims at less fatigue, time saving and attracting young generation.
The EU Single Window (officially the European Maritime Single Window environment - EMSWe) is an EU regulation that establishes a common, interoperable digital system for shipping information reporting to Member State authorities.
Mr. Konstantinos Petropoulos General Manager, Head of Shipping and Structured Finance Piraeus Bank described the latest developments, Trends, Risks, and Opportunities Ahead in ship finance which can be summarised in the following points:
-Access to finance remains strong for well positioned shipowners,
-Diversified financing sources alongside to the traditional bans,
-Regulatory tightening has driven many European banks out of shipping, -Greek banks have filled the gap with competitive terms and pricing,
-Appetite for further credit expansion remains robust,
-Challenging market conditions necessitate a cautious lending approach.
Aiming at the understanding of market dynamics in the shipfinancing landscape the last panel of speakers discussed the importance of funding Strategies for the Next Era of Shipping.
Moderator was Mr. Alexandros Damianidis Partner, Assets & Structured Finance Group Watson Farley & Williams.
The following distinguished panellists shared their own experiences and views: Mr. Aristides Pittas Chairman & CEO Euroseas Ltd and Eurodry Ltd, Mr. Atef Abou Merhi Managing Director Pelagic Partners, Ms. Christina Margelou General Manager, Head of Shipping Eurobank S.A., Dr. Loukas N. Barmparis President Safe Bulkers, Inc.
The speakers agreed that financing is available for well established companies however banks are over regulated allocating their capital more wisely. The speakers elaborated on ESG criteria for financing new investments and KPIs towards the environmental targets of IMO and E.U. At the moment these requirements are flexible and examined by case.
All speakers agreed that shipping should follow other industries in applying solutions of decarbonisation because of its nature of business as performs in a harsh sea condition and a volatile environment.
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