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Vol. 13 / No. 9
DIAMANTOPOULOU'S TURN TO TAKE ON SHIPPING PORTFOLIO Greek shipping has yet another two new ministers, the sixth and seventh change of those directly involved in the administration of the fleet since the stand-alone Marine ministry was dismantled in October 2009, and its tasks spread around six different portfolios. Following a mini-reshuffle by interim Prime minister Lucas Papademos, previous Education minister, Anna Diamantopoulou, 53, took the oath of office at the Development, Competitiveness and Shipping ministry, March 7, replacing Michalis Chrysochoidis, who now leads the Citizens' Protection ministry under which the Harbour Corps / Coast Guard falls. Both appointments are likely to be short term as national elections are tipped for April or May. Diamantopoulou is a past European Commissioner who also served as deputy minister of Development from 1996 to 1999. Chrysochoidis has previously served in the public order ministry on two occasions and now replaces Christos Papoutsis who quit to run in the upcoming contest to replace former Prime minister, George Papandreou, as leader of the Pasok socialist party. In the reshuffle, which sees outspoken academic George Babiniotis brought into the Education portfolio, Papademos did not fill the position of deputy minister in charge of Shipping left vacant when Adonis Georgiadis had to quit after his Popular Orthodox Rally (LAOS) party left the coalition government because it disagreed with new austerity measures needed to qualify for Greece to receive €130bn in new loans and avoid imminent default on its debt repayments. Georgiadis was popular in the shipping community during his brief period in office, and has now joined New Democracy, the mainstream conservative political party currently ahead in the opinion polls. Diamantopoulou finds a full plate as Georgiadis was pushing ahead on a number of issues critical for shipping and, indeed, the country's welfare. Topping the list is the state of the coastal ferry sector which ferry owners say is near collapse. Georgiadis has set up a special committee involving the stakeholders to seek a way to cut costs while maintaining regular services to islands, but the changes at the ministry has delayed the job. She will also find issues involving cabotage in the cruise sector, marine education and the need to simplify registration under the Greek flag on the plate. The changes bring the re-instatement of the standalone marine ministry demanded by the shipping community no closer. Responsibility for the coastguard, security and piracy-related matters remain with the Citizens' Protection ministry also a very busy place as it has to deal with public unrest, as draconian cuts and taxes and climbing unemployment hit home. And there is the resurgence of fear of domestic terrorism after the discovery of a bomb on the metro at the end of February. 'RENA' WAS MAKING 'BEST SPEED' TO BEAT TIDE DEADLINE TO REACH PORT An initial investigation into the grounding of the container ship Rena off New Zealand, on October 5, reveals the captain and his navigating officer were taking a short cut trying to meet a deadline to reach port. The Transport Accident Investigation Commission's (TAIC) interim findings reveal a number of changes were made to the passage of the Costamare container ship's plan before it grounded off Tauranga. The report does not seek to apportion blame or explain why the alterations
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were made. That will come in its full report in 2013. The report says the ship sailed closer to the coast than planned to save time, and the captain failed to change course despite a radar alarm as the vessel headed for the reef on which it would be wrecked. The captain and navigating officer have pleaded guilty to mishandling the vessel and altering ship documents after the crash. The court has not published the names of the men, who are both from the Philippines. Their names will only be revealed when they are sentenced, which is due on May 25. The report by NZ's TAIC says the captain and his navigating officer made several course changes as they tried to get to their port by a deadline of 0300 local time. Around two hours before then, the port authorities at Tauranga warned they needed to make "best speed" to avoid changes in the tides which would delay them by several hours. The captain then agreed to change course to pass within two kilometres (1.25 miles) of the wellmarked Astrolabe reef, rather than the recommended 4.8km. The report says that around nine minutes before the accident, the captain noticed an echo on the radar screen as the ship headed for Astrolabe Reef at 17 knots, but continued on the course while trying to see something in the water. The radar echo was about 2.6 nautical miles dead ahead of Rena, says the report. New Zealand's government has estimated the cost of the cleanup after the accident at NZ$130m ($108m). Most of the costs have been met by insurers. BUDGET FORCES GREECE TO QUIT PIRATE OPERATION 'ATALANTA' The hardship facing the Greek economy was underlined when the Greek frigate Hydra was ordered to return home one month earlier than anticipated as the country withdraws its naval contribution to the Operation Atalanta anti-piracy force to cut costs. Announcing the decision to curtail Hydra's mission, the Defense ministry said Greece will also not participate in further Atalanta missions this year. The frigate had been on duty since January 29, patrolling and escorting merchant ships and providing protection for merchant ships sailing in pirate infested waters off Somalia. It left the mission on March 8. Making things worse for the prestige of the Greek merchant marine, the strongest in the world, is the fact it has been one of the leading supporters of Operation Atlanta being part of the force since its inception and its launch in December 2008. Some 23 European Union and four other countries have participated in Operation Atalanta and around 2,000 military personnel are involved in it. By cutting Hydra's tour short, it is estimated Greece will save €7.5m this year, since the cost of participation in the pirate-risk area is said to be €2.5m a month. Loss of Hydra leaves Operation Atalanta short of a warship for one month. The decision also comes as the Greek parliament debates a bill which paves the way for private armed guards to be used on ships flying the Greek flag. When presenting the 'piracy' bill, February 22, the then Citizens' Protection minister, Christos Papoutsis, said it takes into account the views of the Union of Greek Shipowners and the Panhellenic Seamens Federation as well the need for an effective policy in tackling maritime piracy. While all political parties agree piracy is a constantly growing threat, serious concerns and objections are expressed by MPs of leftist parties. Greece believes the presence of armed guards on board offers a greater degree of security to seafarers, marine insurers and shipping customers and in addition to private armed guards, there are provisions which allow security services to be provided by members of the Coast Guard's special forces. AS CLAIMANTS QUEUE, TROUBLED ALLIED IS ASKING FOR PATIENCE As claimants against troubled bulk carrier operator and charterer Allied Maritime, have reportedly been lining up at the company's door as well as turning to the courts over allegations of unpaid charter hire and supply bills, the Voula, Athens-based company is asking counterparties for time to resolve cash squeeze. In a written statement to the shipping media, March 6, the 30-year-old company said it had run into financial trouble for the first time ever and appealed to business partners to have patience while it concentrates "its efforts productively by securing a viable package with operators and additional third parties".
is also a problem with developing countries holding up progress. headed by Dimitrios Marinis. such as a levy on CO2 emissions and a cap-and-trade scheme. as it has with aviation. This consultation runs through early next month. has called for an impact assessment study on nine different market-based proposals and to finalise it by 2013. we don't see the Imo on track to deliver reductions consistent with the globally accepted maximum two degrees Celsius objective. and this share could go to 18% by 2050 if regulation is not in place. will resume in October when the body's Marine Environment Protection Committee next meets. a European association of non-governmental environmental organizations. Imo has adopted guidelines to support implementation of mandatory energy efficiency measures for shipping. The organisation's Marine Environment Protection Committee (MEPC)'s 63rd session was held February 27 to March 2." an EC spokesman said. A debate about technical cooperation and technology transfer in relation to an agreement on an energy efficiency design index reached last year is causing a major problem. and adopted guidelines related to the implementation of the revised Marpol Annex V (Garbage) and the Hong Kong Convention for the recycling of ships." said Sekimizu when opening the Imo meeting. according to Imo. told Reuters the consultation will be followed by an impact assessment and drafting of a Commission proposal between April and June. admitted "an unfortunate mixture" – including world trade issues. February 27. STX Pan Ocean (UK) and STX Gulf Shipping DMCCO. including a compensation fund. the banking crisis. Along with intensive discussion on market-based measures for GHG emissions. has threatened to enforce its own shipping regulations if the Imo fails to act. The executive of the 27-nation EU block. and weather issues in the Far East and South America – created "an extreme squeeze on 2011 results".The company." said John Maggs." Make-up of the steering group to oversee the commissioning of the impact study. The MEPC also granted basic and final approval to a number of ballast water management systems that make use of active substances. Meanwhile. with a final proposal to be presented in the fourth quarter. According to a report by Reuters. STX Pan Ocean. opposition is strong. "circumstances surrounding discharge of cement in Nigeria". Irrespective of what the EC may think. "Those who didn't support adoption of the EEDI last year are now causing difficulties for further progress on greenhouse gas measures. A committee of the 170-member UN shipping body was unable to make "tangible progress" after a week of talks which ended late March 2. referring to a threshold many scientists say is needed to avert runaway climate change. Greece's Remi // continued page 4 LITTLE HEADWAY PUTS I M O ON COLLISION COURSE WITH E C The Imo and the European Union are on collision course as the UN body struggles to make headway on market-based measures to curb carbon dioxide emissions from international shipping. an Imo spokeswoman said discussions on market-based measures. MEPC adopted amendments to Marpol relating to regional arrangements for port reception facilities. "Let us work together and set ourselves the challenge of completing all of the work on the establishment of a market-based measure by a target year of 2015. EC spokesman. Koji Sekimizu. Shipping accounts for around 3% of the world's emissions of the greenhouse gas that is widely blamed for global warming. Isaac Valero-Ladron. a fuel or carbon tax and a mandatory emission reduction per ship. Allied emphasised "measures are being forced through to rectify the immediate situation and risk to Allied and its counterparties". Cetragpa. policy advisor at Seas At Risk. "While we have a clear preference for global action on measures to reduce emissions from shipping. The EC has started a public consultation on four policy options. the European Commission. Imo secretary-general. "There is bad feeling as a result of that. 3 . the operating arm of Louis Dreyfus Armateurs of France. an emissions trading system. Though last summer 48 countries voted in favour of adopting a mandatory energy efficiency design index (EEDI) for new ships and a voluntary energy efficiency management plant for all ships. Trans Pacific Carriers of South Korea.
Cetragpa SNC has made a claim of $954.600dwt Krateros. The reverse split is the second in less than two years and should help the company regain compliance with Nasdaq's $1 minimum bid and $5m minimum market value requirements. The master's body was recovered after he was unable to abandon ship though 10 crew members were rescued safely.867-tonner.continued from page 3 // Maritime affiliate. Allegations of unpaid charter hire were made in documents filed in the Central District of Illinois by Krateros Maritime. Blue Laoura is claiming default on the 2008-built. and Swiss Marine are reported to be among the latest to join the list of claimants related to at least seven handysize and handymax bulkers. which will transform five shares into one on March 19. Blue Laoura Maritime. the first Rule B attachment case involves a claim of more than $1m while a second is linked to a claim with damages of more than $954.700 with all the allegedly defaulted charterparties signed during 2011 and all include legal costs. NewLead said that as a result of the split the number of common shares outstanding will be 4 . The ship was re-fueling when it issued a distress signal.8m claim to arbitration in London. interest and legal costs.800 tonnes of fuel oil and about 240 tonnes of diesel on board. March 6. Nuntius Investment. The Greek flag vessel. Krateros is seeking more than $370. Nuntius is asking to be compensated for alleged lost charterhire caused. According to court documents. The Piraeus-based product tanker and bulk carrier owner says its board of directors has signed off on the reverse split. These join Greek-controlled Globus Maritime. though recently shares have been trading just on the $1 limit. to freeze Allied's assets following a dispute involving the 56. STX Pan Ocean is said to also have asked Illinois judges to freeze Allied's financial assets as a security measure while they attempt to secure arbitration awards in London. it says. Nasdaq-listed Eagle Bulk Shipping joined a campaign to recover cash asking a federal judge.000 including legal costs. has 1. owned by Viamare. the Cosmoship Management affiliate. The 1972-built tanker engaged on bunkering duties. NEWLEAD OPTS FOR NEW STOCK SPLIT TO FEND-OFF WALL STREET PRESSURE Nasdaq-listed NewLead Holdings plans a reverse stock split as it seeks to revive its share price in response to delisting pressure from stock market regulators. Its lawsuit in the Central District of Illinois details damages of $678. CAPTAIN FOUND DEAD AFTER TANKER SINKS IN ELEFSINA BAY Investigations are being carried out into the death of a 48-year-old captain and what caused his 2. Krateros Maritime and Eagle Bulk Shipping as registered claims are said to be now approaching $15m.519dwt products tanker Alfa I to sink off Elefsina mid-morning March 5. Eagle's affiliate.000 in a claim to cover unpaid hire. lifted.000 to cover a bunker bill which it was forced to pay to get an arrest order on the Star Globe.000. in Illinois. Allied's trouble became public when a fuel dispute surfaced with Athens-based US-listed Globus Maritime. is settled. Globus is seeking $594. part of the Piraeus-based Blue Iris Naftiki Eteria fleet. Officials on scene report the vessel may have hit a wreck in Elefsina's shallow bay. 57. the Coast Guard reported there were no signs of oil leaks and that a plastic barrier has been set in place around the ship to contain any possible oil spills.000dwt Golden Eagle. by Allied returning a ship later than it was contracted for in the autumn of 2009. and is seeking a garnishment against Allied assets found in the legal district as underlying security on London arbitration Nuntius says it is in the process of commencing. In contrast with other recent litigation against Allied that alleges charterhire default. The Nicos Fistes / Michael Zolotas-led NewLead slipped below these requirements late summer 2011 and was subsequently put on the exchange's watch list. 56. Golden Eagle Shipping is looking to secure an attachment order as a security measure while it prepares to take a $1. There are reports South Korea's STX Pan Ocean has had a senior executive visiting Greece seeking unsuccessfully to find a solution with Allied. built 1992. while Trans Pacific Carriers is seeking $1m and Blue Laoura Maritime wants $709.000dwt Blue Marlin I. which secured a US court order to freeze Allied's financial assets until a London arbitration involving the 43.000. not far from the capital city of Athens. a 2010-built. an affiliate of Nikator Navigation.
000 in 2010. the owner has paid a total dividend of six pence. a conservative figure for shipping.18m. Further. the Vouliagmerni. three bulk carriers and a container ship. was based on research conducted in 2012.34m for the year. "is excellent". assuming earliest charter expiration." said NewLead on March 2. Athens based operator says "overall these conditions may provide real opportunities to companies with strong cash flow and reserves to upgrade their fleet during the course of the year and take full advantage of a recovery in demand in the foreseeable future." "We remain cautious given the current market conditions. up 21.500 people onboard have never been accounted for. Marine life in the area was also 5 .673m was 20. "It is anticipated the transaction will establish a higher market price for the company's common shares and reduce per share transaction fees as well as certain administrative costs.479. The report found there were no problems caused by the leak of some 450 tonnes of fuel from the sunken ship and that the quality of sea water.399. shedding nine units in all. The remaining of the 2012 available days will be covered by employing the vessels in short-term contracts until the market improves. The numbers are still small. Ebitda of $50. The fifth annual report to be released by the government organisation since the Louis Hellenic Cruises cruise ship foundered April 4. including two demolition sales. with its initial newbuilding programme now completed there are no further capital commitments and the company. Earnings per share in 2011 was $0." said Dragnis. two double-hull product tankers and nine dry bulk vessels including four newbuildings and one vessel currently under construction scheduled to be delivered in the third quarter of 2012. NewLead has been selling ships since last autumn. especially in South Korea." Revenue in 2011 was $107. The company currently controls 11 vessels. subject to rounding up of all fractional shares to the nearest whole share.03. Thus. to lower their pricing sights. lowering the average age profile of our fleet while expanding its carrying and revenue generation capacity. Transfer agent. The company says it suffered no impairment losses incurred on any vessel of the fleet and is in full compliance with debt covenants. at December 31. GOLDENPORT'S NEWBUILDINGS ARE ALREADY EARNING THEIR WAY The arrival of four newbuildings are being credited with lifting London-listed Goldenport Holdings back into profit in 2011. out of which "nine are built after 2009. raising some $212m. but the Paris Dragnis-led Goldenport's profit of $2. had a net debt to book capitalisation of 47%. Goldenport says dry-cargo rates will feel further strain in 2012. 2007 in which two of the over 1.852. at which point.257 to around 3. Despite expectations for a challenging container ship market this year and lower returns from its bulker fleet. but we also remain alert to investment opportunities that traditionally arise during weak markets." The company's fleet has 58% of available days in 2012 already fixed under period employment.33m.reduced from 17. He noted the fleet now consists 12 container ships and 14 dry-bulk carriers. Oia. Goldenport said the improvement came on the back of a 22% spike in revenue following the arrival of four newbuildings. while asset prices will also come down further as cash rich investors wait in the wings for even greater bargains. And the company expects more international activity on the newbuilding front saying a lack of fresh activity will pile further heat on yards. Dragnis said "we shall consider a mixture of medium to longer-term time charter contracts. which is used by the desalination unit of the island's second largest town. overturns a loss of $152. up just over 11% on 2010. Dragnis. founder and ceo. 'SEA DIAMOND' WRECK CAUSING "NEGLIGIBLE ECO-DAMAGE" Impact of the Sea Diamond wreck on the marine ecosystem in the waters of Santorini is negligible according to a report from the Hellenic Centre for Marine Research (HCMR) released March 1. to produce drinking water. Computershare has been retained to act as exchange agent for the reverse stock split. said that in addition to the arrival of the four ships a profitable sale of one container vessel and the replacement of its operating days through the acquisition of another younger geared container vessel was also accomplished.1% better than in 2010.7% on 2010's $88.
healthy and fish caught near the wreck site are safe for consumption as they show no higher traces of heavy metals than fish from other parts of Greece. while they sail to unique destinations. consists of ministerial officials. March 7. to the rumoured elections for April 29 or May 6. representatives of the seafarers and shipowners as well of the political parties backing the interim government of Lucas Papademos. In addition. To further the East Med experience. Kerry Anastassiadis. and the shipping industry is now wondering if she will be able to fix anything in the less than two months. was caused by erroneous mapping of the shallows on official Greek charts which were being used onboard at the time of the accident. as of May 11. Competitiveness and Shipping minister. Louis Olympia accommodates 1. ceo of Louis Cruises. but seems to have lost its way since Georgiadis quit.664 passengers in 725 staterooms. culture. music and 'filoxenia'.and 14-day cruises. nine with balconies. the Association of Greek Passenger Shipping Companies (SEEN) wrote to the then-minister to "take over the batton" from the resigned deputy minister of Shipping. Apostolos Ventouris.000gt ship. of New Democracy and representatives from accross the industry. Louis maintains the sinking of the 22. Spyros Paschalis. The intended recipient was Michalis Chrysochoidis. As part of the move. In the letter. Though the Louis Olympia and Thomson Majesty are essentially of similar size. which operates seven-day cruises out of Piraeus and Istanbul. and featuring nine passenger decks and seven elevators. The fuel leak was cleaned up by private contractors at a cost of $6m. in accordance with Presidential Decree 11 / 2002. so passengers can enjoy Greek and Mediterranean cuisine. also at the expense of the ship's owner. the Greek word our warm hearted hospitality is based on. 6 . 419 with window views. Georgiadis' committee comprised himself and Katerina Batzeli. the now defunct Merchant Marine ministry. signed by the president. leading to the state being saddled with a bill in the order of €1bn to €1. while the refurbished Louis Olympia will sail in Louis' three. LOUIS RE-SHUFFLES FLEET IN MOVE TO CONSOLIDATE EAST MED IDENTITY Louis Cruises has revealed its trump card as it consolidates its identity as a Greek island and Turkey specialist niche operator offering a genuine Hellenic and East Med experience on board. Subsequent investigations supported claims the official maps were indeed inaccurate and the Disciplinary Board of Supervision of Merchant Ships subsequently acquitted the ship's captain." MINISTER MUST HIT THE GROUND RUNNING WARN FERRYMEN The day before Anna Diamantopoulou became Development. and "run" as fast as possible to get the special political committee created by Georgiadis to save the country's ferry network. which is lying on a ledge some 125mtrs down. ruling the cause of the accident was the incorrect mapping of the area.and four-day programme out of Piraeus and Kusadasi. replacing the Louis Majesty which has been chartered to Thomson Cruises and renamed Thomson Majesty." He said "the Louis Olympia coupled with our Louis Cristal. offer passengers a complete experience of the region's history. The special committee created by Georgiadis. In the area of the wreck a floating boom remains in position. because of the urgency of the well-known issues. of Pasok and Giannis Plakiotakis. which is monitored daily by a special anti-pollution vessel and qualified personnel. SEEN called on the minister to take "immediate action." SEEN highlighted the possibility of bankruptcy for all ferry companies. and the need to promote and agree proposals and solutions to challenges facing maritime transportation in Greece. the cost covered by Louis. Adonis Georgiadis.2bn a year to keep ships sailing between islands and the Greek mainland. the cruise ship Thomson Destiny will sail in its own brand operations this season as the Louis Olympia. tastes. Several civil cases arising from the casualty are still to be dealt with. and 21 suites. the reshuffle comes as the latter is considered better suited for Thomson's seven. but he was replaced by Diamantopoulou. Just having been refurbished. gave HCMR the right to collect environmental data in the region. an upgraded option for passengers sailing on the shorter programme. said deployment of Louis Olympia in the Piraeus and Kusadasi itineraries "further enhances our profile as the Aegean and East Med specialists. and general secretary. the ship has three eating outlets to choose from.
200gt 6. energy saving devices and optimised hull forms. requires an extensive ferry network. with two more VLs also said to be under discussion.SEEN notes the committee acknowledges ferry companies have entered the period of financial crisis incurring losses for three years in a row. "Growing deficits and government debt are suffocating the possibility of financing public service or unprofitable lines. It said the price of fuel IFO180 has doubled in five years. Slated for delivery in June the ves7 . Indeed. with this latest unit due for delivery in second quarter of 2014. hull nr 1. Tanker owner Almi Tankers is said to be close to ordering LNG ships at its favoured builder.300dwt bulker at STX Dalian.5m. In its letter. but brokers believe it is in excess of $25. an era in shipbuilding ended when the Kobe shipyard of Mitsubishi HI launched its last commercial newbuilding. there is certainly an argument for buyers to take advantage of new technology and competitive pricing. there is no doubt that this will continue to be a key factor taken into consideration for those contemplating newbuilding. passengers need a lower transportation cost. Clarkson Hellas says the burning issue in the market continues to centre around efficiency – and with shipyards and owners continually placing an increased emphasis on improvements in efficiency of ship design. it said "the modernisation of the operational framework of coastal shipping is the main way to correct the financial results of the ferry companies. at one time Almi was said to be toying with the idea of switching at least one of the VLs to an LNG. but a long-term charter deal for the VLs is now said to be ready. The Costas Fostiropoulos-led company now appears to have switched its attention to contracting at least one LNG carrier from scratch." says Clarkson. the losses will compromise the proper functioning of coastal ferrying.296. and thus lower revenues for ferry companies at a time when higher bunker prices increase operating costs. Financing is said to be under discussion with Norway's RS Platou Markets being lined up to handle the possible placement of Norwegian bonds. as incomes decline. No price has been mentioned. Daewoo S & ME. but lower personal income leads to lower levels of passenger and general traffic volume. The reports gain credence as the owner is reliably reported to have discussed financing future orders through Norwegian bonds. The Korean builder has reportedly let Almi know two slots are open offering delivery by end 2014. Unemployment is rising and.400teu container ship the Kobe yard is building for domestic shipowner Mitsui OSK Lines (MOL). Daewoo is already building a series of 10 suezmaxes and a pair of VLCCs for the Costas Fostiropoulos-led Almi. In terms of reported business done clients of Helikon Shipping are understood to have placed an order for one further 57. a 60. in addition to the big tankers. the Emerald Ace. against the backdrop of a bullish outlook for bunker pricing." SEEN said the geographical area of Greece.000cumtr and a quote of between $200 / $210m is on the table for such a ship. "With substantial efficiency improvements now being offered across the entire spectrum of asset classes – facilitated by improvements in engine designs. so that they meet the transport needs of our islands in the future. At the same time banks have significantly limited liquidity to ferry companies. The project is said to involve tri-fuel vessels of 160." It warned: "Otherwise. March 8. with its many islands." warned SEEN. GREEK MARKET REPORT NEWBUILDINGS The newbuilding market is currently a little more subdued but there are reports of new business being in the pipeline. To be named Parnassos this takes the company's total orderbook at the Chinese yard to five units.
1999-built sisters Hartzi and Skledros which went under Market information published in Newsfront is confidential and for our subscribers’ use only. built 1999 in Tuzla. there is confusion over the price which is now being given in the range of the two reported extremes of $15. ice capable. The 1995built double hull 101.9m. Allied Shipbroking suggests owners with reserves now believe it's time to buy. The Santa Cruz I reportedly cost in the region of $9. filed to get the reserve for the Stavrodromi after no bidder emerged at the minimum bid price of $6. Shiptrade Services says interest is highest in the handymax sector. In the energy sector." commented broker Intermodal. Meanwhile. The Kalia. This may change and lower prices will see choice sales candidates being withdrawn. has seen the 10th and 11th of its vessels sold at auction. At the sametime. a flurrry of activity in the s&p ring could be on the way. After attracting considerable interest from European and Far Eastern buyers the panamax bulker.2m. Turkey. The double hull Stavrodromi 15.sel will be MOL's first ship to feature a "hybrid electric power supply system" onboard. However. as has the year-older Petar Zrinski which is now the Impros. Under a restructuring announced last summer. and is without guarantee. Some players are predicting prices will go down by a quarter before the end of the summer. The former Tankerska Plovidva-owned pair have joined the Greek group's Avin International. No action should be taken on the basis of this information without prior independent confirmation. will in future specialise in building submarines and deep submergence research vehicles.5m. 5. Troubled Nicosia-listed owner Ocean Tankers. tanker managed by Admibros Shipmanagement has been gone in a judicial sale 'as is Limassol' to Euronav of Greece for $3.2m and $16. double hull. with many buyers refraining from getting committed in fear of further drops in asset prices. built 1999 in Aker MTW Werft of Wismar. the Vardinoyiannis Group has been shopping for aframax tankers. perhaps indicating a deal is yet to be finally cemented. This is reflected in the sale of the Sanko Frontier. 8 . controlled by Michael Ioannides. built 2011 in Japan's Sasebo HI. but are in negotiations. Errors brought to the Editor’s attention will be corrected in a subsequent issue of this newsletter.000dwt Frankopan has been purchased and is now trading as the Santa Cruz I. "There is still a lot of uncertainty in the market. These two auctions follow the 15.400dwt. commercial shipbuilding will cease at Kobe and now be concentrated at Mitsubishi's Nagasaki and Shimonoseki yards. with greatest interest being shown in bulk carriers. However.3m for the tanker in Rhode Island. SALE & PURCHASE With Piraeus-based brokers saying an increasing number of Greek owners are now not just talking about buying.200dwt / 6. is said to have been sold by Sanko Steamship to unidentified Greek interests for between $28. The Kobe yard. Avin has been adding newbuildings to the fleet in the 3. built 2005 in Japan's Saiki HI. has also been sold at auction. USA. but to undisclosed buyers for an undisclosed price. the saga of the deal involving the Japanese controlled panamax bulker Lupinus.441dwt.2m while the price of the Impros is undisclosed. reported in Newsfront Vol 13 Nr 7 and updated Vol 13 Nr 8 appears to have again raised doubts. This happened after an international consortium of banks led by RBS.962dwt.2m / $29. Kitaura Kaiun of Japan is now said to have sold the unit to unidentified Greek interests after the first deal to Turks failed. 74. which was founded in 1905.771dwt. Germany. followed by handies and panamaxes. that now is the time for the choice is greater and sellers are willing.400dwt range. Allied notes "asset prices are low at present" and says owners are getting itchy trigger fingers believing even if they get lower.4m / $3. with some saying the sale is on subjects.
665bhp). IGS. Sale on subjects. DEMOLITION Though Clarkson Hellas reports plenty of activity remains in the demo market place and price levels have stabilised or improved slightly. 5 holds / 5 hatches. previously part of the Admibros Shipmanagement / Ocean Tankers fleet of Cyprus has been sold in a judicial sale 'as is Limassol' to Euronav of Greece for $3. Imo II / III.2m.786 / 26. Croatian flag. Japan). (B&W 6. 15. 3. thwart thruster pr (f). coiled. 40. 7 tanks. but Clarkson reports.2m / $29.4-tonne cranes. March 1-2. Japan). cargo heating coils.194bhp) has been sold by Tankerska Plovidba of Croatia to Avin International of Greece for between $9m and $9. Cyprus flag. Split. Liberian flag. exSanko Diligence). particularly when they are placing deposits into owners accounts and have the added pressure of some unethical efforts imposed on them by the breakers. Spain. TANKERS Y Frankopan. COW. Tuzla. ex-Bitten Theresa).457 / 5. 3 cargo pumps. Greeks have not been seen as part of this latest activity. ice capable. has been sold by Sanko Steamship of Japan to unidentified Greek interests for between $28. Clarkson says: "These problems are now rarely highlighted in the market unlike previous years.037bhp).900bhp). (Alpha 2. many. Skledros went to Piraeus-based Halkidon Shipping. epoxy coated. built 1995 (Brodosplit. 12 tanks.536dwt. 3 cargo pumps. SBT. with the objective to bring the concepts of intermodality and sustainable rail freight transport to the students of transport. (MAN . which really is a credit to the cash intermediaries who really have brought some exemplary work ethics into the business over recent years. Croatia). Cyprus flag.2m. 4 x 25. double hull.771dwt. built 2011 (Sasebo HI.962dwt." Clarkson goes on: "Despite a settled local currency and stable domestic steel market in India.8m and has been re-flagged to Liberia and re-named Santa Cruz I. ex-Diligence Trader. it was the first LIFE course by Greek students. 55. (B&W 14.3m each in Denmark after being held in Skagen since last summer.4m / $3.the hammer for $7. however "remain unsold to the breakers or are suffering attempted renegotiations".605dwt.5m. From the Marketplace page 15 People & Places page 17 Bulletin Board page 19 9 Twenty-two students studying logistics at the University of Piraeus attended the LIFE RAIL Avtoritas course. Reports out of India say some 52 vessels had arrived to the anchorage for resale into Alang in February. Toyohashi. and the Hartzi to Singapore's Wilma Ship Management. no reasonable price increases are evident due to the large supply of tonnage to the area and some are pleasantly surprised we have not seen any negative correction in rates. has been sold by Abalone Shipping / S Frangoulis (Ship Management) of Greece to unidentified buyers for $4. Turkey). built 1985 (Kanasashi Zosen.325 / 74. built 1999 (Tuzla Gemi Endustrisi. ex-East Trader. However. Y Sanko Frontier. Sasebo. Y Kalia (ex-Montauk. double hull. ex-Millenium Trader. the next couple of weeks may see inquiry and activity from India wane whilst the date for the budget [March 16] draws closer as buyers may prefer to hold back from risking numbers pre-budget for later deliveries. . Held in Barcelona.743 / 101." BULKERS Y Explorius (ex-Clipper Mustang. 7 holds / 7 hatches.B&W 15.
by Stealth Maritime/StealthGas reported in Newsfront Vol 13 Nr 7 to unidentified buyers for an undisclosed price. continues The price is now said to range between the two reported extremes of $15. double hull. ex-Canstar. Y Regarding the demolition sale of the bulker St.349dwt.441dwt. part of the Ocean Tankers / Admibros Shipmanagement operation has been sold at auction to undisclosed buyers for an undisclosed price. This loan is also secured by other collateral in this fleet. (B&W 17. ex-Belhaven).4m. ex-Honor River. Incheon.670dwt. Ukraine / ex-USSR).743 / 101. built 1987 in Okean Shipyard. reported in Newsfront Vol 13 Nr 7 and update Vol 13 Nr 8 as being sold by Kitaura Kaiun of Japan to unidentified Greek interests for $17m. Korea and recently delivered by Samsung HI. double hull. Y Diana Containerships says it has completed the drawdown of an additional $8.8m under the previously announced revolving credit facility of up to $100m with The Royal Bank of Scotland (RBS) which may be increased to $150m subject to further syndication. 7 tanks.Y Petar Zrinski (ex-Zrinski). cargo heating coils. (Cummins). Renamed Impros and now Liberian flagged.712 / 33. Maltese flag. 314 passengers. Y Stavrodromi (ex-Shakhdag.2m and $16. Croatia). 10 . 3 cargo pumps.932teu. 832gt. 31. 5 hatches.497. ex-Saint Petersburg).200 against a $32. Panamanian flag. 3 cargo pumps. SHIP FINANCE Y Credit Suisse is secured for a total $50. Croatian flag. Nikolayev. Panamanian flag. PASSENGER SHIPS Y Thassos V (ex-Avra). 5 holds.3bn for shipping alone. 52. 5.370. The rate of $480/lwt is correct but the lwt has been adjusted upwards to 13. thwart thruster cp pr (f). Split.688dwt newbuilding tanker Nissos Anafi. Maltese flag. Germany). cargo heating coils. Y Saga of the price of the bulk carrier Lupinus. built 1990 (Halla E & HI.8m basis s/s and d/d this month (March). 22.7m. Brokers report the price is $16. built 1993 (Greece). Y German investment bank DVB has posted a record net profit of €110. for $54. Korea.928.84m to $6. built 2011. Greek flag.4m ($146m) for 2011. ex-Jonathan P. has been sold by Tankerska Plovidba of Croatia to Avin International of Greece for an unreported price. built 2005 in Japan's Saiki HI. 10. 14 tanks. Japan. Wismar. UPDATES Y Regarding the sale of the LPG Gas Kalogeros.2m reflecting a 13. by Interunity Management of Greece to breakers based in India reported in Newsfront Vol 13 Nr 8.194bhp). South Korea). With the latest drawdown the NYSE-listed Simeon Palios-controlled company has now drawn down $92.668dwt. Liberian flag. built 1994 (Brodosplit.700dwt. 55. has been sold by ANETH Thassos Shipping of Greece to unidentified buyers for $2m.000 loan facility out for some 10 years to end-February 2022 on the 115. George.2m to €59.9m indicating a deal is yet to be finally cemented. (B&W 14.817lwt container ship. 90 cars.222bhp). DEMOLITION Y Jonathan P (ex-Oel Integrity. has been sold by US-listed Euroseas / Eurobulk Ltd of Greece to breakers in India on a rate of $490/lwt raising $4.8% increase in provision for bad loans and other impairments which is modest as the loan portfolio is €11.32m on this 8. up from €104min 2010. 1. ice capable. (B&W 7.321 / 15.605dwt.330-tonnes lifting the sale price from $5.206bhp). The result comes as credit losses rose €7. built 1999 (Aker MTW Werft. built 2007 in Shitanoe Zosen.270 in the Kyklades Maritimemanaged fleet.
while loans and other advances rose 13% to €21. taking tonnage out of the market overall. but also led to increased congestion. as week 10 drew to a close. Though the South American market also held up well this week.67 claim in an action against the registered owners. for the same reason. 2012 in pursuit of a €13. all routes performed better last week. which saw it climb to $11. has been listed for auction on March 14. Y Kapetan Napoleon.720 daily in February. Broker Fearnleys is not pleased with the capesize market. SEIZURES Y No seizures to report this week. all other ship segments were higher. sluggish demand in some aviation sectors. this 1971-built reefer is carrying start-up price of €100. the 3. Lying in Salamina.000. levels are healthier after a week of improvement.292dwt Agios Dionysios.7bn. Brokers predicted the rate could shoot up by several thousand dollars more in the coming weeks as tonnage was predicted to become tighter in the near future. AUCTIONS Y After being seized by a private creditor February 1. give presently no short-term hope for this segment".000 a day a marked improvement on the $5. The supramax market led the way while the smaller handysize segment was also bringing more cheer to owners. Apart from the capesize market. PIRAEUS FIXTURES With dry bulk market's benchmark. there are reports owners are holding out rather than fix at present. The registered owner is Goliath N. Ampelos Samou NE. and particularly from persistently high fuel costs. this 99gt tugboat is carrying start-up price of €20.000 a day earned a months ago. primarily in Far East.000. "We held our steady course during a year that was shaped by manifold turbulence and uncertainty. up from a low point of $8. which mark an all-time high" said bank chairman and ceo Wolfgang Driese. He said however. Supramax freight rates continued to move up as the Atlantic joined the Pacific market in a longawaited recovery as growing cargo demand pushed up prices to hire vessels in the US Gulf. brokers are saying trades out of the Black Sea and the European continent still have much to do before reaching decent levels.E. Indeed. A growing number of scrap and pet coke cargoes coming out of southern US ports supported a rates rise on the Baltic Exchange's benchmark US Gulf to Europe route. as increased coal cargoes out of Indonesia not only pushed up demand. the Baltic Dry Index (BDI) now looking at 850 points over the horizon. (ex-Milos) has been listed for hammering down in March 21. which was relatively stable. Total assets of the bank rose to €22bn from €19. since the cash flows of international transport operators are under pressure from continued excess supply in some maritime shipping segments. contending the "endless numbers of units appearing. Despite increasing bunker 11 . the current year "will not be any easier to navigate. Ships were being fixed out of India to China at $12. (exXenofon).Just over half of DVB's lending is to shipping compared to 32% to aviation and 7.4% for land transport projects.921.085 a day March 7. An increased number of nickel ore cargoes were also being fixed in the Pacific basin as better weather made charterers keener to load the dangerous ore. In the Pacific. This is why we are extremely satisfied with our results." DVB has a Frankfurt listing but is 95% owned by DZ Bank part of Volksbanken Raiffeisenbanken. Lying in Salamina. The broker continued: "Not even significant volatility can be expected.3bn.
The charterer has the option for a further 12 months. del North China. which is going to be delivered in the course of 2012. an average of 8m dwt of dry tonnage was delivered into the market every single month. Australia's resources and energy exports reached a record A$190bn (US$202bn) in 2011.giving daily returns much closer to zero than what is required to cover OPEX. We are calling this a crisis for 2012.prices and fixing activity. (But) funding is very. t/c 4 to 6 months trading. the NYSE-listed Diana Containerships' fleet consists of nine panamax container vessels.000dwt.2m dwt of demolished tonnage. the most relevant alternatives are now idling tonnage to save cost / limits risks or secure period employment – the latter still offering returns the double of spot earnings.000 a day starting 36 months after delivery of the vessel to the charterer.750 a day starting 24 months after delivery to the charterer. F Maroudio (built 2003). according to the China Iron Ore & Steel Association (CISA). Bimco expects dry bulk rates to remain suppressed for the time being. For many owners. professor Quentin Grafton. The organisation's chief shipping analyst. CISA vice chairman. so for many companies it's going to be a very tough year. The export unit returns for energy commodities increased by 20%. The government expects the country's top 10 steel manufacturers to account for 60% of the country's steel output by 2015. Diana Containerships / Simeon Palios has revealed charter details of its new acquisition. oil and base metals. including iron-ore. (Bunge). at $28. t/c trip. conference trades like WAust/China still stand at below $8 pmt . built 1996. Spot. 31. compared with 2010. while export prices for metals and other minerals increased by 9%. That's going to represent a huge amount of supply increase." he said. The charterer has a further option for 12 months plus or minus 45 days." said Bree executive director and chief economist. 12 . But during 2011.750.650dwt. cfo of Hong Kong's largest operator of dry-bulk vessels. the lack of funding. del APS Recalada. very dry. China is aiming to improve its self efficiency in iron ore and continue to consolidate the steel industry in a bid to raise the output of its major steel makers by 10% within the next four years. Australian exports for mineral resources increased by 14% in 2011. Wang Xiaoqi. (Oldendorff). said at a recent trade conference held in Beijing. coal." Broomhead said.750teu container vessel.500 daily. "The record value of resources and energy exports in 2011 reflects increased earnings for the vast majority of resources and energy commodities.7m revenue for the minimum period of the charter. The employment is anticipated to generate around $16. Some are doing business. (Norden). t/c trip. which is chartered to APL (Bermuda) or to a guaranteed nominee or to another entity of the NOL Group for a minimum 24 months plus or minus 45 days at a daily rate of $24. says Andrew Broomhead. "In dry bulk. APL Spinel. Including the APL Spinel.918dwt.500 daily. 67 were capesize vessels. Indeed. redel Black Sea. approx $10. TIME CHARTER F Aeolos (built 2001). The NYSE-listed company has taken delivery of the recently purchased 4. Peter Sand. liquefied natural gas (LNG). 56. plus or minus 45 days. oversupply and poor freight rates are going to make 2012 a "crisis" year for the shipping industry. reports Australia's Bureau of Resources and Energy Economics (Bree). del APS Conakry. we've got probably about 20% of the world's fleet. Of this. Pacific Basin. Spot. Daily rates include a total commission of 2% paid to third parties and Diana Shipping Services. F Mardinik (built 2011). $10. 33. March 2. redel WW. Options must be declared by the charterer not later than 20 months for the first option and 32 months for the second option after the delivery date to the charterer.500 daily. up 15% on 2010. at $24. redel UK / Continent range. $7. Prompt. "We've got yet again a lot of ships being delivered into the market. says "the biggest positive surprise of 2011 was the 22." Further.
redel Singapore / Japan range.500 daily. Spot. F Lopi Z (built 1998). (built 2007).100 daily.111dwt.F Pythagoras (built 2012).On). Spot. Mar 16 . Spot. t/c abt 4 to abt 6 months trading. $10.500 daily. t/c 4 to 6 months trading. $4. F Assimina (built 1997).730dwt. redel WW. 80. redel Skaw / Cape Passero range. redel WW. (breaching IWL and Aden transit). 81. 13 . 72. redel US Gulf. Mar 21 . del Dalian. 177. del US Gulf. t/c trip via NoPac. Mar 14 . $10.000 daily plus $210.20. (JH Shipping). 72. Spot.15. $4. t/c trip. $14. (Louis Dreyfus).15.835dwt. del China / Japan / South Korea range. 72. 71.750 daily. F Delmar (built 2011).000 daily plus $400. 80.176dwt. del east coast South America.311dwt. l/d 25.860dwt.890dwt.000 BB. redel passing Muscat outbound. F Iron Man (built 1997). t/c trip via north coast South America.000 daily. t/c 2 laden legs via US Gulf. (Glencore). del Fangcheng. F Marichristina (built 2001). redel WW.500 daily. 75. (Cobelfert). (Cargill).000 BB.000 daily.12. F Samjohn Spirit (built 1994).540dwt. del Japan. Mar 10 . Spot. del APS Ponta Da Madeira. F Dione (built 2001). (China Shipping Wylex).500shinc. Mar 20 . (Sinoriches). del Phu My. (Copenship). Mar 25 . 69. F Ecostar G.000 BB. (Norden). 75. t/c 3 to 5 months trading.82 per met ton. Mar 22 . t/c trip via South Australia and Persian Gulf. (Blomerin). (Pacific Bulk). del East Mediterranean. del China / Japan / South Korea range.012dwt. (E. $12. redel WW.281dwt. Mar 15 .500 daily.338dwt. del Jintang. t/c trip via the Black Sea. redel WW.25. 57.160dwt. 130. 74. approx $12. del Gibraltar. 71. t/c trip via St Lawrence and Iraq.000 daily plus $450. del Gibraltar. F Anangel Argonaut (Cosco re-let) (built 2009). Mar 8 .O.250 daily. $18.155dwt. t/c trip via NoPac and Iraq. $8. t/c 3 to 5 months trading. t/c 12 months trading.25. F Intuition (built 2011). Spot. (EShips). F Panamax Trader (built 1990).000 daily. VOYAGE F Reunion (Polaris re-let) (built 1991). F First Endeavour (built 1994). t/c trip via Vancouver. 56. redel Jorf Lasfar. F Flag Mersinidi (built 2012). del Persian Gulf.30. $13. 11 to 13 months trading. $9. del Lianyungang. F Inspiration (Bunge re-let) (built 2010). redel Singapore / Japan range. Mar 9 . 57.21. (Thoresen). $6. F Deep Seas (built 1999). $14.000 daily.500dwt. t/c trip via NoPac. (KEPCO). $10. t/c trip. redel passing Muscat outbound. 10% moloo coal. (Swiss Marine). del China / Japan / South Korea range.000shinc / 23. $9.18.000 dwt. $12.Apr 10. F Alpha Happiness (built 1999). intention petcoke. t/c trip via Indonesia. redel WW. redel Rotterdam.000 daily. $10. (Alfred C.12. (Egyptian Bulk Carriers). redel Singapore / Japan range. $8. redel China.000 met tons. Spot.500 daily. 75.890dwt. Spot. t/c trip via US Gulf. $7. F Nirefs (built 2001). Mar 13 . redel Singapore / Japan range. del South West Passage. Fio. del Liverpool. redel Singapore / Japan range. Toepfer).000dwt. del Rotterdam. Mar 10 . 71.000 BB. F Peter S (built 1995). (GMI). redel passing Muscat outbound.20. del Singapore. (Canpotex).982dwt. 69. $8.31. Mar 12 . $10.700dwt.250 daily. redel east coast India. F Sea Moon (built 2009). intention pig iron. Taboneo / Samcheonpo.000 daily plus $190.550dwt. (Swiss Marine). 72.000 daily.500 daily.
80 -2.45/7.11 0.33/3.15/11.90 11.67 UK 77.01/4.46 -1.86 6.21 +0.77 +0.92 -4.73 -0.78/8.86 -23.49/0.41 -2.06 7.82 0.31 6. the Court found that no labour accident had taken place.80 -36.40 Omega Navigation 4.50 -0.36 -1.01 0.98 0.06 -0.20 -0.52 16.14 3.35 7.70 Navios Marit Acquis 11.77/0.84/1.87 +0.01 0.33 -1.50/0. it was held the conditions of his employment were the usual for the nature of the work he was contracted to perform. President: P.02 +0.19 1.05 +0.00 9. UK=United Kingdom Prices: In currency of country where stock is traded: US $ .09 7.21 -0.09 2.65 -0.30/3.28 -1.05 -2.10/0.03 -0.87/2.58 +0.33/4. Tsandekidou.66/6.69 3.13/2.99/2.00 -0.29/8.39 2.03 -0.89 10.15 -5.72/2.65 Paragon Shipping 4.08 US 1. he himself was complaining of merely having a cold. 14 .16/0.50 -2.58 21.00 Top Ships 70.37 -0.58/6.37 Diana Containerships US 3.98 35.92 Kiriacoulis Med 3.48/11.STO C K WATC H P R I C E S Company Where Date traded day 7-day change Year’s high/low 1 year change Company Where Date traded day 7-day change Year’s high/low 1 year change Aegean Marine Anek Lines SA US GA GA US US US US US US US US 6.UK pence NA: Not yet traded for full year NR: No record available of the year-back price NT: Not being traded at the moment.96 6.19 9.00/40.12 -0. referred to a heart attack due to the condition of his heart as the cause of death.38 Attica Holdings SA Baltic Trading Box Ships Inc Capital Product Costamare Inc Danaos Corp Diana Shipping DryShips Eagle Bulk Shipping Euroseas Excel Maritime FreeSeas Genco Ship & Trading Genmar Globus Maritime Goldenport Hellenic Carriers 0.77 Minoan Lines 0.44 NA Navios Marit Partners Nel Lines 11.98 Ocean Rig 13.40 0. His heirs sued for remuneration due to labour accident.35 -0.00 0.57 Where traded: US=United States of America.27 4.03 3.99 -0.40 15. Medical reports in both Novorossiysk. It was further found no indications existed to alert the master and remaining crew of the seriousness of the situation.91 4.25 3.17 0.32 -0. He complained of a cold and was given relevant medicine and appeared to recover. In view of the evidence.50 11.35 0.97 Neorion Syros 18.95 TEN 123.82 NA 18.53 -1.74 0.21 -1.27 -0.88 Seanergy Maritime 12.58 -6.85 -1.48 OSG Ship Mngt (GR) 4.55 -2.00/0.00/0.81 UK 42.09 -0.26 US 1.80 -0.83 -4.34/0.40 8.38 OLP 12.30/1.00 16.49/0.00 -0.97/3.04 3.47 6. Piraeus Court of Appeal Judgment no 283/2011.33 -0.05/0.88 -2.52 +2.15 NR Navios Holdings 9.15/4.06 -2.10/1.85 NewLead Holdings 7.59/5.34 -0.58 1.16 -0.50 Torm GA GA US US US GA GA US US GA GA US US US US US US US US US US 0. and in Greece.30 -0. GA=Greece. where the vessel was.66 +0.16 -0.11 -0.50 -0. It was proved the seafarer was not aware of the heart condition.00 US 6.65 US 14.62 2.00 8.07 -4. after he was brought home.67/0.89 +0.59 -0.24 -0.30/0.78/0.51 0.07 -0.69 +1.84/2.07 -0.57 5.38/11.55 US – – US 5.24 0.GA € .77 Star Bulk Carriers NT Stealthgas 2.38 0.54 8.16 3.75 17.32 -0.61 -1.34 4.20 2.08 0.00 OLTh 5.068 0. Prices as of 08/03/2012 LEGAL OPINION Death due to pre-existing sickness/ Not a labour accident A cook was contracted to serve onboard a tanker vessel. but was found dead in his cabin the following morning.00/59.75 -1.33 2.52 -5.00 -21.03 3.88 -1.75 Safe Bulkers 3.51 -0.18/0.37/4. thus rejecting the claim of the heirs.99 -0.00 +5. Further.22/1.47 -0.04 10. Rapporteur Judge: Ath.78 4.85 -0.00 0.
52. the International Maritime Union. Michailidis."pending settlement of the claims of the seamen" with a decision on the timing of the strikes to be made at a forthcoming meeting. The Copenhagen-listed tanker owner has spiralling debt and has had to seek repeated deferrals on its debt repayment and loan covenants as it negotiates with its main banks over restructuring. The legal column was written by Manolis Eglezos. p. Star told 15 . From this case. Akti Miaouli hq. PNO general secretary. the struggling Danish shipowner.. it seems pre-existing sickness. Other issues were related to taxis and public transportation within the port area. George Anomeritis. Maritime Law Review vol.Tsoulos. March 6. March 2. 39. the Port police and Traffic police of Piraeus. John Halas said the government is attempting to instigate the dissolution of the Greek merchant marine and he called for a political figure to assume leadership of an autonomous Marine ministry.. Manolis Eglezos & Associates Law Office. The executive committee of the Panhellenic Seamens Federation (PNO) took the decision. Danish newspaper Jylands Posten reported Goldman Sachs could be looking to strike an equity deal. possibly March 15. Coordination issues in relation to the port control and traffic control in the port area and the traffic arrangements on three roads leading to the port were thoroughly discussed. Papatheodoropoulos. n US investment bank Goldman Sachs has declined to comment on reports in the Danish press that it is looking to put forward a proposal to Torm. does not amount to labour accident when appearing under no adverse and in sudden circumstances. which will bring some changes in the functioning of the port in that vicinity. The cash is being lined up by Fredriksen to grab distressed assets and low newbuilding prices. Piraeus FROM THE MARKETPLACE Greek seafarers are threatening to stage a series of rolling 48-hour strikes.000dwt ship has been declared off-hire by its charterers Louis Dreyfus Commodities Suisse as it will be out of commission for around 30 days. Attorney at law. During autumn. the Piraeus Customs Office. as could John Fredriksen who has funds after his Hemen Holdings recently withdrew $1bn worth of shares from its offshore business Seadrill. projects involving the Piraeus metro station are expected to begin. chaired by president and ceo. NOTE: Despite the wide interpretation of labour accident. professional bodies from the coastal ferries and cruising sectors as well as PPA managers. which will defend the interests of seafarers. In attendance were representatives of the Harbour Corps. P. 300. n Star Bulk Carriers capesize bulker Star Polaris delivered in November is to be repaired at a facility in Romania after sustaining hull damage while entering the Turkish port of Eregli. to stage "the dynamic mobilisations". Attorneys at law: I. The PNO is categorically opposed to the inclusion of seafarers in the planned all-embracing National Health Service Organisation (EOPYY) and demands the autonomy of the Seamens Pension Fund (NAT) be retained and the cuts in pensions be stopped. possibly from March 15. n n With the warmer weather approaching the operational framework of Piraeus port was discussed during a long meeting at the Piraeus Port Authority (PPA). which is reasonably not traced by the master and crew and not known to the employer. one can also understand it is not often that all such conditions coexist to allow no proof of a labour accident.. The Nasdaq-listed owner says the 180.3% controlled by Greek shipowner Gabriel Panayiotides. and the full operation from May of the new Cruise Passenger Terminal B (Themistocleous).
" Papaconstantinou said February 29. 230 miles) from their territorial waters limit. the world's largest shipbroker. presentations. which. says ABS will enhance their ability to manage vessel maintenance and repair. boost its dividend for the ninth successive year after pre-tax profit in 2011 swelled to £35. but the market also had to contend with a n THIS IS YOUR COMMUNITY SITE The Editor welcomes for possible publication your faxed or e-mailed news on business done. n Greece wants to delineate exclusive maritime economic zones. "In no way is Greece willing to not exercise all its sovereign rights and these include EEZs.000 daily. seminars. Andi Case. in line with its overall policy.gr 16 . Not only did the demand/supply imbalance of the past few years continue. Millenia Martime will be installing the Hull Inspection and Maintenance & Repair modules from the NS5 Enterprise software suite on nine of its ABS-classed chemical carriers as a way to test a potentially more user-friendly system." Any move by Greece to try to establish an EEZ in the Aegean Sea could raise objections from neighbouring Turkey.4m ($55. Clarksons' improved profit came despite a fall in revenue from £202. said Papaconstantinou. where such agreements are in place. These modules provide the ability to track the condition of a vessel's structure throughout its service life and allow operators to generate a preventive maintenance plan that is easy for the crew on board to use on a daily basis. ABS said TMS Tankers was looking for a way to improve the information they provide to their crews.9m) from £32. ABS Nautical Systems has signed new contracts with Greece's Millenia Maritime and TMS Tankers by which both companies will benefit from the ABS Newbuild Programme which offers free software to ABS-classed vessels built after January 1. Greece will restart discussions with Egypt and Libya and will talk to Albania and Italy. reports Bloomberg. Several Greek islands in the eastern Aegean lie only three nautical miles from the Turkish coast. These states have the right to natural resources in the area. while it is "co-operating closely" with Cyprus. George Papaconstantinou said.500 a day with a further optional year at $19. The United Nations Convention on the Law of the Sea allows maritime states to establish areas – EEZs – which extend from the sea bed to the surface and as far out as 200 nautical miles (370 kilometers. 2009. Energy minister. Fax: +30 210 9214 675 / E-mail: amaroid@otenet. as well as a more efficient way to generate reports for better analysis. Star Polaris is on charter for two years at $16. ceo. while proceeding with the exploration and exploitation of potential offshore oil and natural gas deposits.investors: "The company has commenced an investigation into the circumstances of the incident and has reserved its rights relating to the unsafeness of the port. "EEZs are a tool Greece intends to use. They will utilise the Hull Inspection module on 37 of its ABS-classed vessels. said: "2011 saw an even more difficult and challenging rate environment than 2010 in most shipping markets.4m in 2010.6m year-on-year.6m to £194. including oil and gas. social events and other activities involving or likely to be of interest to the Greek shipping mark et. The two countries have yet to agree on the size of their territorial waters and on the delimitation of the continental shelf between the two states. subject to the applicable terms". Papaconstantinou said the difficulty with Turkey is that it isn't a signatory to the Law of the Sea Convention. n Tighter house-keeping and a strong showing from its s&p desk saw London-listed Clarksons." Star said the "company expects the cost of the repairs to be covered by the vessel's hull and machinery insurance policy.
representatives of the ferry owners unions. said: "After seven years on the board Martin has decided. George Gratsos. It has a major tie-up with Russia's Sovcomflot in a product carrier jv launched in late 2010. Cases have been in the high court in London since 2009. The judge in the key corruption trial. 64. about 50% of it is for chartering activities over the next two years. to discuss the "Ferry network in Dodecanese: Issues and possibilities of development". "Against this backdrop the company performed well. Justice Andrew Smith rejected a claim of almost $21m brought against Clarksons by Nikitin with the Russian businessman subsequently denied leave to appeal this judgment." Chairman. as always anticipated. Yuri Nikitin. aframaxes and LR2 vessels. in cooperation with the prefecture of South Aegean. due to the weaker US dollar and challenging market conditions has been offset by the effects of management decisions over the previous 12 months to reduce financing costs and exit unprofitable business lines. However. the president of the Hellenic Chamber of Shipping (HCS). Clarksons has reached a final settlement in its long running dispute with Russian shipowner and businessman.2bn. Glencore said of the $2. n High-profile research guru Martin Stopford. Glencore is one of the largest charterers of dry and wet tonnage. has quit as a director of Clarksons. Glencore. up over 40% on the $325m reported in 2010. Commenting. Participating were mayors from Dodecanese islands. and benefiting from the breadth of its offering to take advantage of those markets which performed relatively well.worsening debt market. which until last summer was privately owned. George Xiradakis. Clarkson chairman. to retire from his position as a Clarkson PLC executive director. Italy's d'Amico International and Singapore's Marco Polo but its chartering activities overshadow ship owning which are done through its ST Shipping subsidiary. about $570m was spent with "associated companies". Bob Benton. a representative of the Panhellenic Seamens Federation (PNO) and the president of the tourist and n 17 . He will continue to act as president of Clarkson Research Services and consultant to the group on maritime economics.6bn in chartering commitments held last year and reflects the decline in charter rates. Before the main Sovcomflot-Novoship corruption trial against Dmitry Skarga and Nikitin trials the shipbroker paid out more than $50m to buy its way out of the litigation. XRTC. Bob Benton said "the anticipated fall in operating profit. n ON AND OFF THE AKTI MIAOULI PEOPLE & PLACES The general secretariat of Aegean organised a meeting in Rhodes. increasing market share in most markets. Under the deal Nikitin is to pay a further $7m making $13m paid in all to the shipbroker to end claims arising out of the Sovcomflot and Novoship corruption cases. the trade and financial Chamber of Dodecanese.9m.3m to £35." Shipbroking was the main source of revenue despite results from the division slipping from £41. March 8. this is 17% down on the $2." n Commanding commodity trader. md of financial consultants.2bn. Glencore also has ownership tie-ups with Greece's tanker owner Omega Navigation. With pooling arrangements their fleet is some 40 ships including MR products tankers. has forward chartering commitments worth almost $2.
and which currently employs some 15 brokers and staff covering container vessel chartering." He said its BWTS is "eco-friendly and requires low power consumption. headquartered in Piraeus. Nikolaos Litinas. headed up by Ray Turban. prior to the meeting of the country's Council of Coastal Transportation (SAS). in order to be able to provide the best quality and service to all their customers world wide covering their increasing demands in the shipping business. which will discuss issues involvoing the allotment of ferry services. md. Bond will head up the Hellas office. Tel: +30 210 4284 170 / Fax: +30 210 4284 177 / E-mail: seapower@sph. The course was organised by the Escola Europea de Short Sea Shipping and was composed of theoretical sessions in the classrooms of the Escola and of visits to the Logisitcs Activities Area. covering all cargo commodity types. ship husbandry matters. The new office. Sea Power's Peter Apostolakos noted the South Korean company SAMKUN "has been engaged in producing advanced innovative new technologies for the last 20 years. n Jonathan Bond will assume the md duties of Maersk Broker Hellas office in Athens. both in Greece and abroad. said: "Geographical expansion in the Mediterranean and beyond is a key strategic objective of ISS. and tanker chartering as well as newbuilding business." Sea Power Hellas is located at: 2 Efplias Street. Yiannis Mahairidis. General secretary of Island Policy. as well as for the spare parts' supply of all their existing products. with the objective to bring the concepts of intermodality and sustainable rail freight transport to the students of transport. cruise.travel agencies. has established a new office in Malta. Inchcape Shipping Services (ISS). dry cargo chartering. ISS Greece. established in 2001. which closely follows the opening of ISS Algeciras earlier this year. Having since 2006 successfully developed and expanded the bulk chartering activities of Maersk Broker (UK). n Sea Power Hellas has been appointed as exclusive agents for the Ballast Water Treatment System product range of SAMKUN Century." Turban joins ISS from a local agency firm and has 25 years industry experience. Opening of ISS Malta. in cooperation with the prefect of the South Aegean region. it was the first LIFE course by Greek students.000 demonstrating its appeal to the traveling public. March 9. the maritime and cargo services provider. the Barcelona Container Terminal TCB and to the wider Barcelona port. extends to all agency activities. HSA president. John Pachoulis. Bond will head up expansion of the current activities with recruitment of additional senior brokers from the Greek market high up on his agenda. March 1-2. ISS Malta follows the ending of a sub agency agreement with the local firm of Thomas Smith.P. In conjunction with the awards event at the Metropolitan Hotel. took note of all opinions expressed. Held in Barcelona. cut the association's 2012 New Year vassilopita. respectively s&p. n In the seven years since Minoan Line created its 'Minoan Lines Bonus Club' membership has reached 175. 185 37 Piraeus. crew logistic services.gr n n Twenty-two students studying logistics at the University of Piraeus attended the LIFE RAIL Avtoritas course. We are confident ISS Malta will be a success and the same model will be followed in other countries in the Mediterranean area. the ASRA Plasma. will be supported by ISS Greece. n 18 . underlining the importance the A. The Hellenic Shipbrokers Association (HSA) awarded the Shipbroking Gnosis Certificate for the year 2012 to some 33 candidates who participated and successfully passed the examinations conducted by the HSA and co-signed by the University of Piraeus in 2011. Christos Makrialeas. Moller Group places on the Greek market. Spain. February 29. related to the same tonnage segments. is further evidence of our commitment to provide world-class maritime and cargo services to our customers. liner and vessel repairs. ship to ship.
The course is being given as more and more leading shipping companies are being certified by the OHSAS 18001:2007 standard. gives an explanation of the latest requirements of Marpol and Solas latest. will take place March 15 at 19:00hours in the auditorium of Maran Tankers. March 19-20. Starvros Hatzigrigoris. Costas Maounis and Apostolos D Papanikolaou. Kallithea. Indeed. offering unique benefits that come with it. John-Yiannis Kokarakis. n The DNV Academy Piraeus is holding an occupational health and safety management systems (OHSAS) course. Professor at the School of Naval Architecture and Marine Engineering and director of the Ship Design Laboratory at the National Technical University of Athens will introduce 'Holistic Ship Design: Theory and Practical Applications' and describe the holistic approach to ship design optimisation. The OHSAS 18001 standard is an effective tool to achieve the highest levels of managing safety and health in the shipping industry and is highly appreciated by key stakeholders. Candidates for the five-member executive are: Paris Dimitriadis. Further information: Greek Section of SNAME: Tel: 210 4528 200 / Fax: 210 4526 260 / E-mail: email@example.com and as a reward for her dedication Minoan Lines upgraded her to a Gold Card. n n The DNV Academy Piraeus is also holding an introductionary ISO 14001 course and an ISO 19 . the committee will comprise: Gregory Grigoropoulos. Participation fee is €5 for members and students and €10 for nonmembers. The course explains the basics between class and statutory rules as well as their implication on the operation of the vessel. Deadline for registration: March 12. ISM and ISPS as well as machinery survey schemes. Deadline for registration is March 13 and a fee of €800 is charged per delegate. An automatic 100 points is earned and members then collect points from their first trip. Papanikolaou. Lambros Kaiktsis and Harilaos Psaraftis. Joining the "Minoan Lines Bonus Club" is easy.Piraeus line.gr n Prior to the above mentioned meeting of The Society of Naval Architects and Marine Engineers (SNAME).minoan. n The DNV Academy is giving a two-day 'Superintendent' course. with a ratio of €1 = 1 point. Christos A Kontovas. Membership also means a discount on tickets and in the ship's restaurants and bars. As the audit committee comprises three members and there are three candidates. Objective of the course is to provide the required insight in the OHSAS 18001 standard and the utilisation of one of the important management tools for improvement. exploration and selection of optimal designs. Petros Lalangas. During the meeting Apostolos D. Internal auditing will be preferably in combination with other standards as ISM Code and ISO 14001 if adopted within a company. at 17:00 hours. the application of the proposed methods to the integrated ship system for life-cycle optimisation problem remains a challenging but straightforward task for the years to come.Passenger Zacharenia Andreadaki was the lucky one with registration number 175. March 20-21. Nikos Dionissopoulos. outlines a practical approach to structural problems. the generic ship design optimisation problem and demonstrate its solution by use of advanced optimisation techniques for the computer-aided generation. just visit the website: www. The lucky passenger will be able to enjoy a trip for two in a private luxury cabin in one of the modern fast ships serving Minoan's Iraklion . and the course fee is €850 a delegate. 354 Syngrou Avenue. Athens. BULLETIN BOARD The seventh technical meeting of the Greek Section of The Society of Naval Architects and Marine Engineers (SNAME) of the 2011-2012 season. 'internal auditing'. the Greek branch will hold its agm and elections for the executive and audit committee for a two-year term commencing on July 1.gr and register.
ISPS and internal audit course.gr Editor: David Glass. The ISO 14001 Introduction course is set for March 21-22 and will cost €850 / delegate. Greece Tel: +30 210 9214. classification societies. to be held June 12 at the Intercontinental Aphrodite Hills Resort Hotel. Cyprus. With registration by March 15 the twoday course gives practical advice on survey planning and preparation. Further information: Website: www. These objectives.gr l Website: www. objectives and targets and implement programmes within a structured management systems framework. While every effort is made to ensure information contained in this publication is correct. production. titled: Eastern Mediterranean Oil and Gas. targets. Politicians.com/Mare_Forum_Cyprus n 132 Syngrou Avenue. Companies seeking ISO 14001: 2004 compliance and certification need to begin with a strong management commitment to environmental responsibility and training to this issue. DNV Academy Piraeus Maritime Service Centre. Marine Training Business Specialist. case studies plus individual and syndicate exercises. 176 71 Kallithea.newsfront. targets and controls are then supported by environmental programmes and documented procedures as necessary. will help attendees develop a practical approach to the interpretation and application on both the International Safety Management (ISM) Code and the International Ship and Port Facility Security (ISPS) code. trading and brokerage companies.mareforum. The focus will be on: Requirements of the ISPS Code and their interpretation. Management systems and the risk management principles that underpin the ISM and the ISPS Codes. It is a highly participative use of group and individual exercises based on LR's experience within shipping. Simultaneously.205 l Fax: +30 210 9214. financial institutions. and operational controls based on an environmental evaluation that identifies significant environmental aspects. will cost €480 / delegate and the combined course €1. fax and electronic data capture. maritime transportation. legislative requirements. consultants and entrepreneurs. gas and shipping and maritime industries. The publishers reserve the right to cease providing this publication in cases where abuse of copyright is evident. which is a combined ISM. Tel: 210 4100 200 / Fax: 210 4226 708 / E-mail: Vassilia. Deputy Editor: Panagiotis Nikolakopoulos. Athens. on March 23.000 companies world-wide have been registered to one of the ISO standards developed to allow organisations to formulate policy. maintenance. Approximately 200.14001 EMS auditing course. and The principles and practices of auditing. group discussions. The ISO 14001 EMS Auditing course. 20 .200 / delegate. Training Coordinator.com n An ISM Code & ISPS Code internal auditor training course is being given by Lloyd's Register (LR) in its Piraeus training centre March 19-21 with registration by March 14. A pratical approach to ship surveys is the focus of a Lloyd's Register (LR) training course March 20. important public issues and plant-specific environmental concerns could all be considered. March 21-23 with the deadline for registrations March 12.675 l E-mail: amaroid@otenet. Subscriptions Manager: Sophia Bacoula It is illegal except for the personal use of the registered subscriber to reproduce part or all of the contents of this publication by any means — including photocopying. and to take appropriate legal action. key investors in shipping. Further information about the LR seminars: Jenny Filippakou. This three-day course. Organisations are free to establish objectives. bankers. through a highly participative combination of presentations. Greece. regulators and the media are expected to gather at the conference to exchange views. Discounts for multiple delegate registrations. Further information about these DNV courses: Vassilia Dimitrakou. Tel: 210 4580 819 / Fax: 211 2686 941 / E-mail: lloydspiraeustraining@lr.Dimitrakou@dnv. visions and valuable information. executives from the oil. and details what actions should be taken during a survey.org n Offshore exploration.-21 in the classification society's Piraeus Training Centre. the publishers accept no responsibility for any inaccuracies that may occur. Requirements of the ISM Code and their interpretation. investments and finance will come into focus at the 1st Mare Forum Cyprus 2012.
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