Greek Shipping News Cuts
Week 07 - 2003


Three cheers for honourable men

---Salute some honourable men of shipping -- 23 in all but too many to mention each by name -- led by John M Lyras of Lyras Maritime, the Ofer family and Robert Ho of Fairmont.
These laudable folk took the life-affirming decision to stump up $3.2m of bail money to free the master of the Prestige from a Spanish jail.
The ship's operator Universe Maritime did not do it. The officer's comrades at the International Transport Workers' Federation (ITF) did not do it.
Thank goodness the committee of the London P&I Club put paid to this scandal.
Captain Apostolos Mangouras has been languishing for over two months in the most appalling circumstances.
He has been held like an Al-Qaeda terrorist in a high-security prison with bail three times as high as that of celebrity music producer Phil Spector, who was arrested over murder allegations in the US last week.
Those wishing to talk to Captain Mangouras since the Prestige sank have only been able to do so through a thick plate of bullet-proof perspex or by cellphone.
We do not know whether Mangouras contributed to the accident. But many people believe he is not merely innocent but in fact a hero. His jailing has also badly hampered the investigation into the sinking.
What are the Spanish playing at? If you interpret the Spanish government's actions kindly, you might believe they needed a scapegoat and held the poor master as a token of taking firm action following a horrific pollution case.
If you were more cynical, you might argue that they wanted Mangouras banged up hard and fast to stop him spilling the beans about what really went on -- how Spain brought much of the trouble on itself by arguments over salvage tugs and the refusal of a local port of refuge.
Hopefully, now the Prestige's master is out, the flag state the Bahamas and others will be able to get to the truth as to why the vessel suffered structural damage in heavy weather off Cape Finisterre last November, finally breaking up and sinking.
It is hard to investigate an accident over a cellphone, whose transmissions can be recorded, or by shouting through thick glass.
The difficulty for the London Club, which indemnified the Prestige for third-party liability risks, and perhaps also for the ITF, is that they do not want to set a precedent for bailing out imprisoned masters. Surely this is a job for the employer.
It is not unusual when things go wrong -- especially in the political clamour over pollution -- to incarcerate the man who was on the bridge. But sanity usually prevails and the next day the authorities do the decent thing and let the captain out.
From now on, of course, there will be a greater risk that the P&I clubs may be held responsible. That is why Paul Hinton, chief executive of A Bilbrough & Co -- manager of the London Club -- was desperate to assert that these were "very special circumstances indeed" and that the decision was made on basic humanitarian grounds.
We will pass over the role of Universe Maritime in the whole sordid incident for the time being. One can surmise why it abandoned its own employee in such a shocking fashion. But what of the ITF with its comfortable money mountain?
David Cockcroft, the general secretary, said when asked about the case some weeks ago that his organisation had done nothing because it had received no request to help -- a poor excuse for inaction.
Now he has praised the London Club, as well he might.
The ITF has not come out of this smelling of roses.
Surely this is just the kind of case it should have taken up with vigour, especially because the outrageous bail conditions and terms of incarceration were handed down by a court in a member state of the European Union, where human rights are meant to be taken seriously.
Source: , Terry Macalister's Wavelength, 14 Feb. 03

Dimitris Lyras predicts "massive" fall in number of tanker owners
---A prominent member of Intertanko's Information Technology Committee has predicted many tanker owners will leave the business. Dimitris Lyras told delegates at this week's Tanker Operations Conference in London: "A massive decrease in the number of tanker operators is highly likely in the future as oil companies become increasingly exposed to liabilities related to their transport supply chain."
Mr Lyras, who is an adviser to US computer company Ulysses Systems Inc said: "Oil companies must make sure that their transport supply chain stands up to scrutiny in any eventuality, Lyras asserts, otherwise they risk enormous penalties in public perception and stock valuation. An oil major's liability for an oil spill is far greater than the cleanup and claimant compensation, the real cost is from damage to their long-term image and reputation as responsible energy suppliers."
According to Mr Lyras, as oil companies seek to monitor their suppliers through vetting and self assessment initiatives, 400 transport suppliers for 7 oil majors will be unsustainable. Consequently, he suggests, only those ship operators who can demonstrate due diligence and best practice will be able to obtain charters from the major oil companies over the coming years.
In order for oil companies to be able to monitor a large number of ship management operations, Lyras believes that one of the best ways forward is to allow the ISM audit process to supply ratings on certain areas of operation related to risk mitigation. This of course requires some commitment to internal transparency, not only so records of past operation can be studied but, above all, because internal transparency assists in creating internal awareness of the changes a ship operator is making.
One of the major stumbling blocks to increased internal transparency is the fear that it can provide the legal fraternity with a reason to deny a claim. However so long as operators can demonstrate that they were aware of a fault and had addressed the problem, insurers should accept that this attitude is better than one of denial and deception.
"We must enable oil majors to evaluate management," Mr Lyras concluded. "It cannot be stressed enough that internal transparency is a key constituent to risk mitigation and to continuous improvement and must be encouraged both internally within the industry and externally by the legal fraternity who evaluate claims."
Source: Maritime Global Net, 14 Feb. 03, story provided by Hong Kong Shipping News International

New Greek Banks on the Block
---All of us involved in the world of ship finance bemoan those times when a bank, longtime or short-time provider of finance to shipping, decides to step down and focus on other activities. On the other hand, new entrants are welcomed with open arms.
What is peculiar about shipping finance is that there is a vital niche for all providers of finance to fill. From global banks focusing on the global shipping players with strong balance sheets and new vessels, to the small, local or provincial bank which will only lend to clients in it's own "back yard" and with whom it has a long and lasting relationship. Such banks may be willing to lend to owners with fewer, and perhaps older vessels, based on past performance and reliability.
In Greece over the past few years generally speaking the number of banks involved in lending has reduced.
Not that the amount of lending has diminished. Far from it. Those fewer banks that are left are lending more and more as the Greeks renew their fleets and order newbuildings. But the number of banks are fewer and therefore the choice of financing partner is more restricted. Some of the banks which have closed their offices in Greece include National Westminster Bank (acquired by Bank of Piraeus), Credit Lyonnais (acquired by Bank of Piraeus - to be noted is that Credit Lyonnais's shipping business is still represented in Greece by XRTC Ltd), Banque Cantonale Vaudoise, Den norske Bank and Bank of Nova Scotia.
Of the above all but National Westminster still do some business in Greece from head office, but on a much more selective basis and with only the top tier of shipping companies.
Thankfully, a couple of banks have also opened up to entertain some ship finance over the last year.
First Business Bank (FBB) opened it's doors just over a year ago and after spending a few months finding it's feet, during 2002 commit-ted about $150 million.
Aegean Baltic Bank (AB Bank) was being talked about from the Spring of 2002 but only opened forbusiness in November 2002. However with a partner like LB Kiel and long-time shipping expertise in top management, it is likely that it will not take long for them to make their presence felt.
There are a couple of other banks in Piraeus who are involved on the fringes of shipping finance.
Marfin Bank, part of the Marfin financial services group, opened a branch in Piraeus last year offering "personal banking solutions to ship-ping clientel. " What does this mean? They will lend short term money to ship owners but the security, in most cases, will not be the vessel but will be property, a stock portfolio etc. The repayment of the loan will come from the shipping business and the purpose of the loan will be for investments in shipping. As a result the analysis of the transaction will be a shipping analysis.
Bank of Cyprus are involved in a similar capacity and offer terms loans to shipowners with property as security. Again the cash flow of the shipping business is key for repayment of the loan, and therefore the application process involves principally an analysis of the shipping business.
So there we are. Many banks have gone, a few have started up. But the niche that these new banks are entering is huge. That FBB is willing to look at a deal on it's merits rather than seeing whether the right boxes can be ticked off is very welcome. That the structure of AB Bank is such that it can offer solutions to both the larger and smaller owner is to be commended.
Even Marfin Bank and Bank of Cyprus, in their limited way, are offering valuable working capital/short term funding to shipowners.
But all of them together have not filled the niche there is for a bank willing to lend to smaller owners with older ships. We all acknowledge consolidation is the way to go and new vessels are the preference of charterers and so on.
However, there will always be Greek shipowners trading a couple of bulk carriers in the Black Sea or the Med or in Asia. These vessels will be in good condition because their operators have been trading this type of ship for years and know them back to front. But age is of lesser importance when trading these geographical areas and the operators have no great ambitions to become major players. Here there is a space for a bank to do profitable, carefully managed business.
If any bank reading this article has an appetite for such a financing opportunity, the writer would be happy to offer some advise.
NOTE: In his article, published in the Marine Money Magazine, February Issue 2003, Kevin Oates also include a more detailed look at First Business Bank (FBB) and Aegean Baltic Bank (AB Bank), their target markets, capacity and thoughts on the future.
Source: Marine Money February issue 2003, by Kevin Oates, Piraeus

Eurofin double act takes centres stage
---The number of ship finance boutiques that are rated serious players by the market can probably be counted on the fingers of one hand.
One house that comes into this category is London-based Eurofin, which was established almost 20 years ago by Anthony Zolotas and Janos Koenig.
Since starting out in 1984, the Greek double act of Zolotas and Koenig has performed on the international stage for many shipowners and financial institutions, and Eurofin has now arranged shipping loans totalling more than $3.5bn.
Eurofin also has a track record in other industries such as energy, telecommunications, and aviation, but shipping is its most important sector.
The core of the group's shipping business is conventional bank-related finance, although it offers investment banking skills too.
Eurofin, which also has offices in Athens, Istanbul, and Lausanne, sticks to advisory and consultancy work, steering clear of lending money on its own account.
'We have no exposure except a moral exposure,' says Mr Zolotas, 'because if a deal goes wrong it reflects on us'.
Mr Zolotas and Mr Koenig admit to 'only one misfortune, a loss of slightly less than $20m' not a bad record in 19 years of business and given the scale of lending with which Eurofin has been associated.
Eurofin's stamping ground has traditionally been southern Europe Italy, Greece, and Turkey but Messrs Zolotas and Koenig are beginning to cast their eyes further afield both in Europe, and the Americas.
Well-established now, Eurofin's early days were not always auspicious.
Mr Zolotas and Mr Koenig confess that they had a tough time securing a foothold in a market then unaccustomed to the concept of financial advisors.
'We had some difficult years at the beginning,' Mr Zolotas says, 'when we over-estimated the demand for our services'.
A breakthrough came in 1985 when Eurofin secured a contract to manage down the portfolio of a French bank, which was pulling out of shipping and had become bereft of in-house expertise in the industry.
'Little by little we became better known to banks who were not particularly keen to work with intermediaries,' Mr Zolotas explains. 'Our role was much more recognised.'
Mr Koenig adds that Eurofin now receives a good level of repeat business. 'Many banks identify us as the conduit for doing business with certain clients.'
In terms of shipping clients, Eurofin 'looked at anything that moved' when the company was first established. 'Now we are only looking at mature companies which can benefit from our involvement,' says Mr Koenig.
Eurofin has been described as a bridge linking mainly northern European banks with Mediterranean owners. Last year, around 50% of Eurofin's business related to Italy, 30% to Greece, and 20% to Turkey, where the company is represented by its Medfin subsidiary.
Mr Zolotas and Mr Koenig stress the importance of having the ability to communicate with clients in their own language.
As an example, the majority of Eurofin's Italian business is conducted in the native language.
'We understand the mentality and the language, and that helps us,' Mr Zolotas says. 'The banks like that too.'
Eurofin launched its Italian campaign in 1992 and in the early days had a joint venture with two local shipbrokers. The company had pinpointed a market that was difficult for banks to justify covering directly, as it was not that large and geographically fragmented to boot.
'We have brought banks to particular markets, such as Italy, not necessarily with a specific deal to be done,' Mr Koenig says.
'Usually, the banks will accept the fact that we have introduced them and come back to us, although there is no contract.'
Another plus for Eurofin in the Italian market is that companies are accustomed to paying for outside financial advisors to guide them through the country's byzantine tax system.
'Most people don't like to pay money for advice,' Mr Zolotas observes wryly. 'They would rather invite you out for lunch and milk you dry.'
The use of outside advisors may not be as well established in Greece as it is in Italy, but Eurofin is confident of gaining much more business there.
'It is surprising how few of the Greek groups have a finance director,' Mr Zolotas notes. 'This role has traditionally been taken by the principal himself.'
But nowadays what constitutes a good loan is more complex than simply the spread and term, and Eurofin is able to fulfil the function of fully-fledged 'finance director' for those companies without one.
Turkey is Eurofin's most difficult market, a fact not unrelated to the emerging market nation's lowly sovereign credit rating. A war in neighbouring Iraq will probably not help sentiment. But Eurofin is convinced there are owners in Turkey who represent a good credit risk.
One way the group's Medfin unit is attempting to drum up more Turkish business is through an association with shipbroker ACM.
The primary aim, explains Mr Koenig, is to develop sale and purchase business.
'The S&P activity could be facilitated by providing financing to conclude the purchase, while in turn the financing possibilities could be enhanced by identifying employment opportunities through long-term charters or contract of affreightment business.'
Vessel employment is a 'valuable asset when one tries to raise financing for Turkish companies,' Mr Koenig stresses.
In terms of tonnage, about 80% of Eurofin's overall business relates to newbuildings and, of that, 80% is in tankers, mainly aframaxes and product tankers.
'We have been involved in a lot of tanker business in the past few years,' says Mr Zolotas, adding with a smile: 'Many of our clients are particularly happy right now.'
Eurofin's largest deal last year was arranging $100m of tanker finance through a major French bank for clients of Seaarland Shipping Management.
The company was also involved in a $300m transaction, but in this deal its role was arranging residual value insurance.
Eurofin's business is not restricted to its three major national markets.
The company is, for example, 'now looking at an Israeli transaction,' and in the past it has worked with Japanese interests. And Eurofin is now beginning to assess opportunities among owners in the Iberian peninsula, and possibly South America.
The recent appointment of Victoria Santos-Pires to the Eurofin team will not harm prospects here.
Of Portuguese extraction, Ms Santos-Pires joined from Tufton Oceanic, where she was loan portfolio manager, and has been involved in ship finance for more than 15 years.
The US, with its important capital markets and deep pool of investors, is another area Eurofin keeps close tabs on.
'We have gone to the US at least once a year and have contacts there,' says Mr Zolotas.
'If our clients were best served by gaining access to the capital markets then we would talk to some of the investment banks.
'But most are not groomed for the capital markets, nor do they want to be.'
Shipowners will, however, have to be 'groomed' for greater corporate transparency in the wake of the September 11 terrorist attacks, the recent tanker pollution catastrophes, and the impending Basle II capital adequacy requirements for banks.
'We have been advising some companies on how to structure themselves to achieve better margins,' Mr Koenig acknowledges.
'Others will resist change until it hits them in the pocket, and it may do so.'
Eurofin's fees are rarely paid by the banks, one exception to this rule being when financiers require help dealing with distressed situations.
Supporting this line of business is Eurofin's in-house ship manager, Jubilee Shipmanagement, based in Piraeus.
Since 1995, Eurofin has managed 10 vessels, mainly on a technical basis, for financial institutions.
Jubilee is currently inactive, but Eurofin hopes to remedy this soon.
Looking ahead, Mr Zolotas believes the core of the group's business 'will continue to be the bank-related finance for which we are best known in the market.'
Although keeping a weather eye on geographical expansion, he maintains that 'Italy, Greece and Turkey are big enough markets to give us work for a long time.'
And when asked whether Eurofin's business is lucrative, Mr Zolotas responds: 'We have made some money out of fees but the banks must have made a hell of a lot, especially when you include ancillary services.
'And they don't pay.'
Source: Hoover's Online, 11 Feb 03, Publication: Lloyds List, Distributed by Financial Times Information Limited.

Banks asked to detail credit activity abroad
---The Bank of Greece yesterday announced that credit institutions based in Greece will have to report on their lending activities abroad as Greek banks are becoming more active internationally.
The Bank of Greece, part of the Eurosystem, said banks will have to report to it on a regular basis on their loan balances to foreign residents - individuals and legal entities.
The decree, signed by governor Nicholas Garganas, requires data by banks domiciled in Greece and their foreign subsidiaries on credit extended to residents of a foreign country.
The requirement will apply when banks' external assets or external liabilities exceed the sum of 5 million euros or 2 million euros on a per-country basis.
Banks will have to provide data on a country-by-country and a regional basis, the central bank said.
Aside from loans, external asset balances include Greek bank deposits in foreign credit institutions, positions in money market instruments, shares, bonds and stakes in companies.
The requirement also applies to off-balance-sheet items such as guarantees extended to clients and over-the-counter derivatives.
Source:, 11 Feb 03

Greece refutes shipping arms, soldiers
---The Foreign Ministry has ruled out the possibility of sending troops or weapons systems to Iraq or Turkey, in the framework of NATO's collective solidarity.
"Greece is politically in favor of the reactivating of the collective solidarity mechanism, without that meaning that it supports a possible attack on Iraq", stated Foreign Ministry Spokesperson Panos Beglitis, while pointing out that "Greece steadily holds that position, whether there is a unanimous NATO decision or some bilateral understanding to send forces".
Meanwhile, his hope that the European Union will hold a common position on the Iraq issue in the end, was expressed by Minister of Development Akis Tsochatzopoulos today, commenting on the surprising move of 8 European countries, which sided with the US.
"We are wishing there is no war. Besides, the majority of the peoples of Europe are demanding just that", underlined Mr. Tsochatzopoulos, during his speech at the European Conference on the Business Future of Europe, which was organized in Thessaloniki today by the Ministry of Development, in the presence of EU Commissioner Erki Likanen.
Source: 13 February 2003 (13:08 UTC+2)

Greece to extend anti-pollution ship surveillance
---Electronic "eyes" monitoring the activities of oil tankers will soon be installed in Greek ports, a senior government official said Wednesday.
Greek Merchant Marine Minister George Anomeritis said the new installations would extend the National System for the Control and Management of Maritime Traffic. The system already operates in the ports of Patras, Piraeus, Corfu and Igoumenitsa, and increases the protection of the maritime environment.
The new devices will allow 24-hour monitoring of ships to restrict their illegal activities, such as causing pollution.
Anomeritis said that fines of 989,737 euros (1.07 million US dollars) had been levied against marine polluters in 2002, while 355 separate incidents of pollution had been recorded by ships and land-based installations.
He said that Greece had the means, trained personnel and 17 anti-pollution protection stations at the ports around the country to protect the environment, which was also a source of wealth for Greece.
Source: Xinhua News Agency, 12 Feb 03

Greek owners rail at cost of real estate tax reforms
---Onassis' grand-daughter, Athina Roussel, who came into her inheritance last week, may not be a shipowner, but her tax advisers might have to worry about something that has absorbed the minds of many of Greece's shipowners in recent days.
Part of her estate is the private island of Skorpios in the Ionian Sea and if that, as is reputedly the case, is under the ownership of an offshore company, Ms Roussel may be forced to cough up swingeing additional real estate taxes, that have just been passed into law.
While insiders deny that this is likely in the case of Skorpios, the Greek shipping industry generally is incandescent about the legal changes that became a reality at the start of this year.
In a package of tax reforms, the shipping industry's hallowed tax-exempt status was left untouched, but the government slammed the majority of offshore firms holding real estate with an additional 3% annual tax.
Piling on top of other withholdings - such as wealth tax and a tax that assumes rental income for properties - the move is said to bring the total annual tax on affected properties to about 7%, meaning that over 15 years the state will have collected the equivalent of its total value.
Most shipping offices and warehouses are not directly affected by the new law, but more than half of all offshore firms that have invested in other types of real estate - including personal homes, tourism facilities or just tracts of land are estimated to be controlled by shipowners and their kin.
The tax will be imposed annually according to holdings on January 1 each year and is said to be payable each May, although because administrative arrangements are still being made for 2003, it will fall due in July. And by all accounts it will hurt.
According to outgoing shipowners' leader John Lyras, the move has 'soured relations' between the industry and the ministry of national economy.
In addition to individual pleas from within shipping circles, a delegation from the Union of Greek Shipowners visited the country's economic czar Nikos Christodoulakis twice last year to plead the case.
The industry, which has used offshore structures almost as second nature since the days of Onassis himself, had asked the ministry to 'discriminate' between firms that could prove they were repatriating business capital to reinvest in the country and those that were predominantly tax ruses but to no avail.
'The result is that we have been trapped,' says Mr Lyras. 'For us it's not about tax avoidance.'
The matter was serious enough to merit mention in Mr Lyras' AGM speech to the union this week, in which he called the new measure 'shortsighted and wrong-headed'.
It would 'close the road for non-shipping investments by shipowners', he stated.
Other shipping sources cite anecdotal cases - though ones that are impossible to confirm - that suggest a virtual guillotine on general investment.
According to these tales, certain shipowners are already moving funds from Greek bank accounts to Switzerland, freezing future projects and, in at least one case, halting the earth-breaking on a new family home that was to be readied for a 'London Greek' thinking of repatriating.
Shipowners complain that the move runs counter to Mr Christodoulakis' pledges last year to enhance the environment in order to tempt owners that have traditionally been based in London, but are worried about perennial talk in the UK of changing the domicile laws.
'Now things are looking much better in the UK than here in Greece,' claimed one owner who wished to remain anonymous. 'You can own a house under an offshore firm in England and it costs you nothing, but in Greece no-one is going to do that anymore.'
He said: 'It is also a matter of trust. The barbaric way this has been carried out, suddenly and in effect retroactively, means that investors have been caught by a change in the regime with no warning.
'It would not have been so bad if it had been phased in, or done more lightly, or applied only to future investments. As it is, people fear that there will be even worse to come and they are not going to take a chance,' the source added.
While the extra tax relates specifically to real estate holdings, shipping sources said they are wary that an early committee study for the ministry that paved the way for the new law also mentioned offshore companies' deposits and yachts as well as stocks and shares as possible 'targets' for the taxman. These, fear owners, could be next.
Source: Hoover's Online, 9 Feb. 03, Publication: Lloyds List, Distributed by Financial Times Information Limited

Event Diary (Piraeus/Athens)
Date: 18-19 Feb. 2003
Place: DNV Maritime Service Centre, 26-28 Akti Kondyli, 185 45 Piraeus - Greece
A 3-day course designed for companies seeking to develop and to implement successfully EMSs (Environmental Management Systems).
Course details are located at
For more information, please contact: Ms Vassilia Dimitrakou, Tel: (+30) 210 41 00 200, E-mail:
Date: 20-21 Feb. 2003
Lecturer: S. Cox
Place: DNV Maritime Service Centre, 26-28 Akti Kondyli, 185 45 Piraeus - Greece
This 2-day course is designed for internal auditors who are planning to conduct audits according to ISO 14001 & EMAS
Course details are located at
For more information, please contact: Ms Vassilia Dimitrakou, Tel: (+30) 210 41 00 200, E-mail:
Date: 25-27 Feb. 2003
Lecturer: A. Efstathiou
Place: DNV Maritime Service Centre, 26-28 Akti Kondyli, 185 45 Piraeus - Greece
This 3.5-day course removes the mystery and complexity from the technique of Auditing.
Course details are located at
For more information, please contact: Ms Vassilia Dimitrakou, Tel: (+30) 210 41 00 200, E-mail:
Date: 4 Mar.03, 10:00 - 17:00 hours in Athens Ledra Marriott Hotel.
Suported by the Hellenic Ministry of Mercantile Marine , the University of Piraeus - Maritime Studies Department and the co-operation of the Embassies of Brazil, South Africa, Philippines, Argentina, India and Saudi Arabia.
The Conference will give the oppurtinity to the participants to exchange views and discuss with our Members about the existed regulations, port facilities and requirements.
For more info: Mrs. Bezantakou Danae, Tel: 201 6232106, E-mail:
Date: 6 March 2003 at 13.30 hrs., - Piraeus Marine Club
Guest speaker: Thomas Miller, US Ambassador to Greece
Luncheon tickets priced at euro 44,00 can be obtained from the Executive Secretary of the Club, Mrs Kate Vienna, Tel: 210 429 3367 or 210 429 3606/8, not later that Tuesday, 11 February 2003.
Date: 3-5 June 2003, Astir Palace Resort, Vouliagmeni/Athens, Greece
The 2nd International Shipping and Bunker Conference is organised by Limited and Concorsa Limited, in association with IBIA (International Bunker Industry Association).
For more info:
2nd GREEEK SHIP FINANCE CONFERENCE - Lloyd's Shipping Economist
Date: 4 - 5 June 2003, Ledra Marriott Hotel, Athens, Greece
Investing & Financing Greek Shipping: Challenges and Opportunities
For more, contact Claire Ritchie on telephone +44 (0) 207 553 1894 or email
SHIP MANAGEMENT 2003 - Lloyd's Ship Manager's 13th Conference
Date: 17 - 18 June 2003, Divani Apollon Palace Hotel, Athens, Greece
For more, contact Caroline Chapman, Tel: + 44 (0) 20 7553 1491 e-mail:
GREEK SHIP FINANCE FORUM - 5th Annual Conference
Date: 9 October 2003, at Athens Ledra Marriott
Executives of Greek ship owning companies, the financial community as well as legal and broking specialist will meet, once again, to discuss latest developments and tomorrows new opportunities.
Organised by "Marine Money Greece", more details can be obtained from: Kevin Oates, or Mia Jensen,
Source: Organisers announcement