Greek Shipping News Cuts
Week 17 - 2004


Tasman Spirit staffers set free

---ISLAMABAD, April 20 (Online): The Pakistani authorities Monday released eight staff members of Greek oil tanker, Tasman Spirit, which met a mishap at the Karachi Port in July last year, incurring huge losses to Karachi Port Trust (KPT) kitty owing to the leakage of crude oil into the Arabian Sea.
The bilateral talks will, however, be held in London on April 27 (Tuesday) to sort out the issues of payment of damages and withdrawal of cases against each other.
The local Police arrested eight staffers of the oil tanker in a case registered by KPT. In return, the oil company filed a legal suit against Admiral (Retd) Ahmad Hayat, the KPT chairman with the Greek authorities. In the case, Trust was held responsible for the incident.
A high level Greek delegation is in the federal capital, where it held separate talks with Foreign Minister Khursheed Mehmood Kasuri and Communication Minister Babar Khan Ghauri on the issue on Monday.
Greek deputy Foreign Minister Ioannis Valinakis and Minister of Mercantile Marine Emmanouil Kefaloyiannis is leading the delegation.
During the meeting, Communication Minister asked the Greek team to pay damage money to the Karachi Port Trust besides ensuring presence of Tasman Spirit staffers in court, with which the case against the Oil Company has been filed.
Also, Dr. Farooq Sattar, the chairman of parliamentary committee constituted for resolving the problem, stressed the Greek delegation to withdraw cases against KPT chairman so that he could hold forthcoming talks on the subject scheduled in London on April 27.
The visiting delegation assured him to sincerely look into the issue.
Earlier, Secretary General of International Maritime Organisation, Metropolis along with a delegation met with the Communication Minister in his office.
He thanked the minister for the release of detained staffers.
It merit mentioning that on July 2003, the Tasman Spirit with a loaded oil amounting to 67,000 ton, developed big cracks during its loosening the anchor at Karachi Port.
Later, the oil tanker split into two parts, causing large-scale spreading of crude oil (about 30,000 ton) into the Arabian Sea.
The KPT had to face huge financial losses besides causing environmental and marine pollution in the Sea. The KPT management was made to spend massive finances for the clean-up operation at the Sea in the wake of incident.
Source:, Pakistan - Apr 19, 2004

Spain condemned over Prestige - MEPs back report
---The Spanish government has been criticised over its handling of the Prestige oil tanker disaster in a report adopted by MEPs on Wednesday.
The document, by Liberal MEP Dirk Sterckx, condemns the authorities for decisions taken after the single hulled ship sank off the Galician coast in November 2002.
"This report clearly outlines the lessons we all have to learn to avoid a disaster like the Prestige ever happening again."
"We have not shrunk from measured criticism where it is due - towing the Prestige out to sea was clearly a disastrous mistake," said the MEP after the vote at the European Parliament.
Sterckx also highlights the treatment of the Apostolos Mangouras, the Greek captain of the Prestige, who has been detained indefinitely in Spain until his trial.
"If you are looking for high quality seafarers, it is hardly a good advertisement to treat them in this manner."
"The captain should be allowed to return home pending his trial and should be given a clear date for a court hearing."
AMRIE, the Alliance of Maritime Regional Interests in Europe, told EUpolitix that it broadly shares this view.
"Most of the guilt for the Prestige disaster lies with Spain for towing the vessel out to sea," said Michael Lloyd, deputy director of AMRIE .
"The way the captain has been treated is disgraceful. The way the case has been handled and his detention in Spain is pretty appalling".
Sterckx also calls on the Spanish to tackle the remaining oil still left in the sea and the thousands of tonnes of waste in landfill sites.
The Prestige was carrying 77,000 tonnes of oil, and though most of it has been cleaned up, 20,000 tonnes remain unaccounted for.
MEPs want the authorities to put forward a detailed calendar for the extraction and clean up of the waste and want the expertise gained in the process to be available for tackling any future accidents.
Source:, EUpolitix, Belgium - Apr 21, 2004

Express Samina crew lose licences
---THREE of the crew of Greek ferry Express Samina, which sank in September 2000 with a loss of 82 lives, have lost their licence while a fourth has received a three-year suspension order. Greece's Disciplinary Council of merchant marine yesterday removed for life the competency certificates of Captain Vassilis Yannakis, chief officer Tassos Psychogios and second mate Yannis Triantafylos. The council found them guilty of extreme negligence in connection with the disaster. The council also suspended the licence of chief engineer Gerassimos Skiadaresis for 36 months. The four, together with Hellas Flying Dolpins' representatives Costas Klironomos and Nikos Vicatos, have been indicted on criminal charges by an appellate court. They all have challenged their indictment before the country's highest court. If their petition is rejected, they will be tried by a three-member criminal court, facing up to 10 years sentences.
Source: Fairplay Daily News, 22 Apr 2004

Gov't in no hurry for changes in ship crew composition
---Merchant Marine Minister Manolis Kefaloyiannis said yesterday the government will seek the broadest possible consensus between shipowners and seamen on measures that would strengthen the competitiveness of Greek-flagged shipping.
He told a press briefing that he is not prepared to immediately endorse shipowners' pressures - particularly from the powerful London-based Greek Shipping Cooperation Committee (the Committee) - for "greater flexibility" in the composition of ship crews and that no decision will be made before a dialogue is held with the two sides.
"The Committee does not rule the Merchant Marine Ministry, whose strategy is determined solely by its political head, according to the interests of the sector, and by no one else," Kefaloyiannis said.
A ministry delegation is expected to hold talks with the Committee in London on the issue in coming weeks. Greek shipowners want more flexible rules on crew composition, training improvements and a specially designed policy to attract young people to the industry. They argue such measures are long overdue and would boost Greek shipping's competitiveness, and, consequently, demand for senior crew members like captains and engineers.
For their part, representatives of the Panhellenic Seamen's Federation (PNO) are expressing fears that more flexible rules will lead to permanent job losses, and are preparing for "dynamic responses."
Kefaloyiannis blamed previous governments for the virtual demise in recent months of Greek-owned cruise companies, which have had at least 10 vessels seized by creditor international banks.
"The Greek cruise industry was annihilated because no one was there to deal with its problems in a coordinated manner. Banks could have possibly helped more. The Merchant Marine and Finance ministries could have changed course all these years. This happened in other countries where the cruise industry faced similar problems," he said.
New acquisitions
The Cyprus-based Louis Group said it has purchased for $71 million the cruise ship Sunbird, which has been chartered by Mytravel Group for nine months and, thereafter, by Thomson Cruises for six years. It said it had also leased Carousel, chartered by Mytravel for one year. The firm is also to manage Mytravel's cruise ship Sundream until the end of September. Louis expects to quadruple its profits in 2004.
Source: By Nikos Bardounias - Kathimerini, 22 Apr 04

Market Commentary
---As the freight market is stabilizing now at somewhat lower levels, more snp candidates seem to enter the market, especially in the Handymax size.
In the sale and purchase market, the dry sector was again active with expensive deals such as the Chinese controlled "Bianco Asia" (33K/ with delivery 10/2004) to Greek buyers at a price of excess usd 28 mio. In addition to that, other Hong Kong based buyers paid a hefty usd 37.25 mio for a panamax resale of 76500 dwt with delivery 2005.
In the tanker sector, the most significant sale was the en bloc deal of two MR tankers built in 1981 and 1982 respectively to a consortium of Networking Chartering and Thome Shipmanagement for slightly excess usd 5.0 mio each.
Moreover, "Tanja Jacob" (42K/ 80) was sold to her Norwegian charterers at the surprisingly firm price of usd 5.65 mio.
In the demolition market, Bangladesh remains strong and consequently the No 1. demo destination. Two tankers were reported sold there for usd 415/ ltd.
Have a nice and interesting week!!!....
Source: Allied Shipbroking Inc. (, Weekly S&P Report, Week 16, 19 Apr 04

Thenamaris calls the bottom of the tanker market
---``This is the bottom of the market now,'' Dimitris Tsahalis, chartering manager at Thenamaris Ship Management Inc. of Greece told Bloomberg today. `We should see more activity next week once the Russian cargoes are out.'' The comment was a response to the fact that cross-Med aframax rates have dropped to a seven-month low. The context of the article was a newswire report today that Total SA, Europe's No. 3 oil company, booked an 80,000-ton Aframax tanker to load crude in Tunisia at WS 100, down 5 points from yesterday and the lowest since Sept. 15, 2003. But hey, if WS 100 is as bad as its gets in the seasonally soft 2Q, that would be just fine for most owners.
Source: Freshly Minted online,, 22 Apr 04

Italy-bound ferry returns to Greece in bomb scare
---ATHENS, Greece - A Greek passenger ferry bound for Italy was forced to return to the port of Patras Friday following a bomb threat, but special forces found no explosives on board, officials said.
The bomb scare on the Superfast 12, carrying 284 passengers, tested the readiness of Greek security forces who are on high alert ahead of this summer's Athens Olympics.
Dozens of officers swept the ship using sniffer dogs for more than three hours after it docked at the western Greek port from where it had left earlier Friday.
"The ship was evacuated and searched by the coast guard's special operations unit using trained sniffer dogs but they have found no bomb on the vessel," a Merchant Marine Ministry official told Reuters.
"The ship will resume its voyage later today," she said.
The Attica Enterprises-owned ship was only about an hour into its voyage in the Adriatic sea en route to the Italian port of Ancona when an Athens newspaper received a call saying a bomb had been placed on board.
A company spokesman said the coast guard had reacted quickly to the threat, under orders from the Patras port authority.
Several pre-Olympics security exercises have included drills involving bomb blasts and hostage situations on passenger ferries.
Patras, Greece's second-largest commercial port, will host part of the Olympic soccer competitions.
Source: San Diego Union Tribune, CA,, 23 Apr 04

Citibank, McDonald's look to yachts for safety at Olympic Games
---On the blustery Athens waterfront, luxury yacht broker Karina Hadjisava buttons her Chanel knit jacket and says the champagne charter fleet of Pontos & Condoyannis Ltd. now packs the muscle to protect her Wall Street clients from terrorist attack during the 2004 Olympic Games.
``The ultimate two-week package is called amplified security and it costs $500,000,'' says Hadjisava, who is negotiating leases for her firm's 100 vessels this August to house Olympic revelers from companies such as McDonald's Corp. and American Express Co.
That security cocoon includes a $30,000-a-day yacht, helicopters, bodyguards, a convoy of armor-plated limousines and a motorcycle escort that promises accelerated transport along a restricted road network to and from any of the 38 Olympic venues.
As an added security measure against any terrorist threat at the Games, yacht brokers in the U.S. and Greece say that high- profile businessmen and corporations are forgoing hotels and going down to the sea for ships, including the recently christened Omega, a 270-foot (82-meter) floating stronghold that sleeps 32 guests and comes with a crew of 21 sailors.
``We are looking at various entertainment and hospitality options and are in the process of making our decision,'' American Express spokesman Tony Mitchell says about his company's interest in Olympic yacht life. ``We have not made a decision yet,'' adds Walt Riker, a spokesman for Olympic sponsor McDonald's.
Security, Security, Security
``All of our customers are obsessed with security, so the safest place to be is on the water,'' says Iro Orri, manager of Golden Yachts Ltd., the corporation that owns Omega, New York- based-Citigroup Inc.'s Olympic flagship vessel. ``Yachts allow Olympic visitors the opportunity to get out of Athens quickly.''
Hadjisava says she has rented the yacht to Citigroup for $150,000 a day during the Olympics. It comes with armed sentinels and a yoga studio. Aboard Omega, Orri adds, ``I'll even be puffing up the Citigroup pillows.''
Citigroup didn't return repeated phone calls to discuss their Olympic housing arrangements.
``Food and gas are not included in the price,'' Hadjisava says over a chorus of sledgehammers pounding high-wire fence posts into wet dirt along the Piraeus harbor and Faliro coastal zone on the western shore of greater Athens. In the oil-slicked water, the scent of sewage and the bubbles of patrolling frogmen percolate to the surface.
When the Olympic cauldron is lit on Aug. 13, $1 billion worth of government anti-terrorist security measures -- three times the amount spent at the 2000 Summer Games in Sydney -- will be in place. Submarines will join the armed aqua men. Gunboats will cruise the surface. On shore, 40,000 police and 7,000 military troops will fill the streets. Squadrons of NATO jet and spy planes will patrol a no-fly zone over the city.
Facing the Menace
``Greece is hosting the Olympic Games during an undeclared state of global war,'' rues Athens lawyer Stratis Stratigis, the former director of the Athens Olympic Organizing Committee.
Hadjisava says it would be illusory to disregard the menace.
``We receive help from the Ministry of Defense and our people are in daily contact with U.S. and British anti-terrorist forces,'' says Hadjisava during a spring rainstorm on the deck of the O'Pari, a 138-foot yacht she has rented to a ``very private Saudi business executive'' for $35,715 a day. ``Our clients demand nothing less.''
Airship Management Services Inc. Marketing Director Alexander Spyrou says he will have an anti-terrorist zeppelin floating overhead to provide ``mine detection, chemical and biological recognition, battle-group surveillance and VIP security.'' Spyrou says his blimp's gondola is constructed from bulletproof Kevlar fiber.
Higher Rates
``People like to take pot shots at airships, but the helium envelope is so sturdy and massive that there's no leakage,'' Spyrou explains. ``Even if we get hit with a rocket-propelled grenade, it would take 15 hours for the blimp to come down.''
According to the Hellenic Yacht Brokers Association, 30 percent of the 200 luxury yachts moored in the harbor and with price tags from $20,000 to $150,000 a day already have been rented, with the remainder expected to be leased to corporate clients by June.
``Yes, the prices are exorbitant, 30 percent to 50 percent higher than normal August rates'' says Hadjisava, whose past clients have included U.S. Senator Edward Kennedy and actor Chuck Norris, who stars in martial-arts movies.
Don't ask who Greek yacht brokers will be tucking in for the night. Terrorist nightmares have led to secrecy pacts that preclude most brokers from releasing the names of their clients.
``All I can reveal is that 20 percent of my customers are major corporations and the rest wealthy businessmen,'' says Bill Lefakinis, chairman of Valef Yachts Ltd. in Philadelphia.
Price of Privacy
``You want privacy when you rent a yacht for these prices,'' adds the Greek-American yacht broker, whose sales brochure is decorated with photos of past clients such as Greek Prime Minister Constantine Karamanlis and Playboy magazine centerfold Barbi Benton. ``Some Olympic contracts don't have nondisclosure agreements. Those clients usually provide us with fake names to ensure security, and if you give out even one name, well, the blackmail starts.''
Still, yacht brokers say the extensive security precautions don't necessarily ensure smooth Olympic sailing, and suggest that yacht life during the Games could devolve from an episode of ``Lifestyles of the Rich and Famous'' into a scene from the Hollywood naval blockbuster ``Master and Commander.''
``The Olympics are going to be a mess,'' predicts yacht broker Nicholas Vernicos, president of Vernicos Shipping Group, examining the sesame seeds that have tumbled from his breadstick in the bar of the Hotel Grande Bretagne in Athens.
Looking to the Gods
In a country where oracles and other forms of soothsaying for centuries have been a niche industry, foretelling the future from spilled saloon snacks is not to be taken lightly, particularly when the Ministry of Foreign Affairs says the ancient Greek god Apollo has officially sanctioned an Olympic truce during the Games.
``I hope the gods can help,'' says Chris Vonglis, deputy director of sales and marketing at the Grande Bretagne, where visiting heads of state and Olympic sponsors such as Coca-Cola Co. and Visa International Inc. intend to host private parties for their guests with a view of the Acropolis.
``All the Olympic energy is on security,'' Vonglis adds. ``I'm not allowed to hire anyone after May because the government won't have time to complete security checks on the new employees.''
Renee Pappas, proprietor of a private public-relations company that works with yacht owners to arrange sightseeing cruises to the Greek islands, says many of the 1,400 high rollers scheduled to live aboard the top 200 luxury vessels plan to visit the island of Andros for private viewings of the Picasso exhibition in the Goulandris Museum of Contemporary Art.
Cruise Ships
``The substantial and necessary security regimentation will be a bother to visitors and damp a festive atmosphere in Athens,'' Pappas says. ``If something happens, the roads and airport most certainly will be shut down and a boat becomes the safest, fastest and only way out.''
Yet Olympic life on the normally placid waters of the Aegean Sea won't be calm aboard all ships. Security officials fear the eight lavish cruise ships -- including the new Queen Mary II -- scheduled to house about 12,000 Olympic visitors are prime terrorist targets.
Last February, a combined force of 50,000 police, soldiers and emergency service personnel staged Operation Blue Odyssey, a security exercise that specifically involved freeing U.S. and British hostages berthed aboard the luxury liners. Officials have indefinitely postponed a critical Olympic test event set at the regatta course in Schinias in early May because of unspecified problems.
Most-Wanted Ship
Perhaps the best place to enjoy the Olympics will be with South African President Thabo Mbeki aboard the $110,000-a-day Christina O, the surplus Canadian frigate that Greek shipping magnate Aristotle Onassis bought in 1954 for $34,000 and transformed into a 325-foot luxury goliath with paintings by Pierre Auguste Renoir, bar handles carved from whale fangs and 36 crewmen to accommodate the needs of 36 passengers.
``This is the ship every major corporation wanted for the Olympics,'' says Johnny Papanicolaou, the president of Titan Brokerage Corp., who purchased the vessel in 1998. As for what he paid for the Christina O, named after Onassis's daughter, Papanicolaou adds, ``Are you from the Internal Revenue Service?''
The 55-year-old shipowner opens a folder on the table of his conference room overlooking the port of Piraeus.
``Let's see,'' he whispers with a grin. ``Citigroup was very disappointed. So were three Russian businessmen and two Portuguese and one English multimillionaire.''
``I rented her to a private South African businessman so he could host President Mbeki and his guests,'' says Papanicolaou. He said the businessman told him that he and Mbeki had always dreamed of being aboard the yacht, and that they will use the opportunity to entertain guests and woo investors for Africa's biggest economy.
Play Stations
The $1.54 million price tag for two weeks makes the Christina O, after the Omega, the second-most-expensive ship in the Olympic yacht lot. ``She comes with a soul that makes it worth the cost,'' Papanicolaou says.
Indeed, it was on the deck of the Christina O where U.S. President John F. Kennedy first met Winston Churchill. Frank Sinatra and Maria Callas sang in the onyx-pillared salon. Greta Garbo and Bette Davis swam in the mosaic-tiled pool. J. Paul Getty discussed deals on the spiral staircase, and, of course, Jacqueline Kennedy slept in the master bedroom when she married Onassis.
``I had 40 serious clients who wanted to rent her,'' Papanicolaou says. ``The Christina O is the stratosphere of yachts and every client knew they would feel secure in her warmth during the Olympics.''
Back on the water, aboard the Paradis, a modest 119-foot yacht that sleeps 16 people and costs $15,000 a day, Captain Timos Tsecalas says his marquee attraction is a Sony Play Station in every cabin to keep children and adults occupied during any Olympic crisis.
``It's very important to have Play Stations,'' Tsecalas says.
Source:, Apr 20, 2004 April 21

Greece Port Becomes Fortress for Olympics
--- A passenger ferry from a Greek island has just docked. Tourists sit at outdoor tables overlooking the country's main commercial port.
They also get a front-row look at what may be the most intense concentration of security for the Aug. 13-29 Olympics.
Gun-toting coast guard officers in camouflage uniforms conduct foot patrols. Barbed wire barriers are fitted with motion sensors. And, officials say, there is more to come.
The port of Piraeus - about six miles south of central Athens - will be the temporary home for about 13,000 visitors, state officials and dignitaries aboard at least eight cruise ships, including the world's largest and most expensive passenger ship, the Queen Mary 2.
The port of Piraeus is the busiest in Europe and third largest in the world, serving more than 12 million passengers annually. It also handles some 1.4 million cargo containers per year, ranking it among the world's 50 busiest commercial ports.
The port is needed for the Olympics because of a severe hotel shortage in Athens. But the choice has security officials jumpy. Some terrorism experts fear al-Qaida's next target could be from the sea, or directed at a target in the sea.
"It is a period that we should all be on alert for anything, from terrorism to hoaxes," said Costas Kokotis, a businessman who operates a chain of restaurants at the port.
"We should not sleep at all, and if we do, then we should sleep with the one eye open," he said.
Maritime terrorism already has struck with deadly force: the bombings of the USS Cole in Yemen in 2000 and the French oil tanker Limburg in 2002 off the Yemeni coast. In 1996, Chechen rebels held 255 hostages on a ferry in the Black Sea for three days.
With airport security at its highest levels, some experts worry al-Qaida or other groups could turn to the harder-to-defend sea lanes, ports or shipyards. Greece has a vast coastline covering some 9,320 miles and some 6,000 islands and islets.
"Although aircraft were the chosen weapon of the 9-11 terrorists, ships might just as easily have been selected," says Lee Adamson, a spokesman for the International Maritime Organization.
"One only has to consider the implications of one of the mammoth cruise ships falling into the hands of terrorists, or of a laden chemical tanker being hijacked, or of even a conventional cargo ship loaded with explosives being blown up in a densely populated area or in a vital shipping channel to see how serious the consequences of terrorist action involving ships might be," he said
At an anti-terrorism conference in Manila, Philippines, on March 31, the sea-borne threats were on top of the agenda.
"We believe al-Qaida continues to have maritime assets that could be used in terrorist attacks," William Pope, the U.S. State Department deputy coordinator for counterterrorism, told the gathering.
Plans to safeguard the games are the most expensive in Olympic history. The final tally could approach $1 billion - more than three times higher than Sydney's security budget four years ago.
Piraeus will resemble a fortress.
In the port will be the bulk of a 2,500-strong coast guard force and members of the Greek navy's underwater demolition unit, according to security plans. The port's perimeter will be monitored by a closed circuit surveillance system and motion sensors.
Ferry passengers and cargo will pass through metal detectors, officials said. All port workers and employees at other businesses will need special identification cards.
The 15-deck Queen Mary 2 will accommodate more than 2,600 passengers and will be the centerpiece of the cruise ship fleet.
Offshore, coast guard and navy vessels plan a three-layer protection shield that will extend up to 12 miles of port to assess all vessels entering or leaving, and helicopters will watch the busy sea lanes. Other cruise ships will be diverted to a nearby port, but regular ferry and cargo traffic will continue, said Coast Guard Capt. Nikos Voulgaris, who is in charge of Olympic port security.
Greece also has asked for NATO's help. The NATO Standing Naval Force Mediterranean is expected to patrol the outer borders of Greece to the east, west and south of Athens. The force is made up of six frigates and two destroyers from several countries, including the United States and Britain.
In addition, other U.S. Navy ships could be involved. U.S. Vice Adm. Henry Ulrich, who directs the Navy's 6th Fleet based in Gaeta, Italy, came to Athens for talks in mid-March, suggesting the American fleet could play a role in NATO's security network for the Olympics. [Miron Varouhakis, Associated Press]
Source: AP Wire, posted on Mon, Apr. 19, 2004

Stelmar creates joint venture company with Cape Tankers
Stelmar Shipping Ltd. announced today the formation of a joint venture company with Cape Tankers. The joint venture company will be named StelCape Ltd. StelCape will initially operate and market a fleet of 14 double-hull Panamax tankers with an average age of five years. The new company StelCape will be operated from Ft. Lauderdale and London. Stelmar will contribute five of its Panamax vessels to the joint venture and Cape Tankers will contribute nine vessels. The joint venture will transport crude oil and dirty petroleum products in the Americas and Europe and is expected to operate under a mixture of contracts of affreightment and spot market opportunities.
Peter Goodfellow, President and Chief Executive Officer of Stelmar Shipping, commented, "We are extremely pleased to have expanded our relationship with Cape Tankers, a leading operator in the Panamax market. The joint venture provides customers with the access to a sizeable and modern fleet for meeting the growing long-term demand for oil in areas such as North and South America. For Stelmar, the guaranteed employment afforded by contracts of affreightment should enable the Company to further improve its already high utilization of vessels while allowing the Company to benefit from the significant operating leverage provided by Panamax tankers. This compliments our active management of our time charter strategy which provides both significant earnings visibility and upside potential to our shareholders. Stelmar currently has 66% time charter coverage and we remain committed to meeting our stated goal of 70%."
Dag von Appen, board member of Cape Tankers, commented, "We are excited to partner with Stelmar, as both companies continue to benefit from the positive long-term fundamentals for modern Panamax tankers. We look forward to drawing upon our extensive experience in the Panamax market and providing customers with quality, modern tonnage that meets their sea-borne oil transportation needs. We share with Stelmar the commitment to meeting the highest environmental and safety standards and growing long-term customer relationships."
Cape Tankers and Stelmar Shipping Ltd. have been business partners since 2001. In addition to the joint venture, Cape Tankers currently has four of Stelmar's Panamax tankers on time charter and has two of its own Panamax tankers under construction in Korea. These new vessels will be delivered in early 2005 and will become part of the joint venture company.
Source:, ATHENS, Greece - April 23, 2004 -

DNV fleet exceeds 100 million gross
DNV has passed the 100 million-gross tons mark by taking Danaos Shipping's container ship P&O Nedlloyd Caracas into class on delivery from Korea's Samsung Heavy Industry yard.
The container ship has been built for Greek shipowner John Coustas, president and chief executive officer of Danaos Shipping. DNV's Chairman of the Board, Wilhelm Wilhelmsen, attended the christening ceremony at the Samsung yard.
"This is an important milestone in DNV's development," says Wilhelm Wilhelmsen. "The DNV fleet has now reached 100 million gross tons - an all time high. This is a result of DNV's ability to attract new quality-oriented customers all over the world. The achievement is all the more satisfying as the newbuilding is being built for a Greek shipowner, Mr Coustas of Danaos Shipping. DNV now has about 25 per cent of all Greek contracted newbuildings."
Internationally, DNV has experienced its strongest growth lately in Asia. In the past four months, the classification society has gained about 40 per cent of all newbuilding orders in South Korea. DNV also has an 18-per-cent share of all the ships that are on order or being built world-wide.
According to DNV's chief executive officer, Miklos Konkoly-Thege, the key to DNV's positive growth has been the company's focus on balancing quality and cost-effectiveness. "It is gratifying that our growth comes during a period when DNV has been especially active in its work to improve safety at sea. In addition to reaching
100 million gross tons, Port State detention statistics reveal that DNV-classed vessels have the lowest detention ratio worldwide. This demonstrates that we have customers who value quality highly, and that our follow up services work," says Konkoly-Thege.
Source: Det Norske Veritas, 20 Apr 04

People & Companies
---Management Appointment
Captain George Dienis was promoted to the newly created position of Chief Operating Officer of Stelmar Tankers (Management) Ltd., a fully owned subsidiary of Stelmar Shipping Ltd. Reporting to the Chief Executive of Stelmar Shipping Ltd., Captain Dienis, will be directly responsible for Stelmar's vessel operations. Captain Dienis will focus on ensuring the Company continues to maintain the highest quality standards related to the environment, fleet personnel safety and security of the Company's fleet and cargos. His Other responsibilities will include such tasks as overseeing the dry-docking and maintenance of vessels, purchasing, and insurance matters.
Captain Dienis was most recently Operations Director at Stelmar Tankers (Management) Ltd. and has been with the Company for over 10 years. Prior to joining Stelmar in 1993, Captain Dienis was Port Captain of a well known shipping company located in Greece. Captain Dienis graduated from the National Academy of Aspropyrgos in 1972 and earned his captains license in 1982.
Source: Announcements