Greek Shipping News Cuts
Week 20 - 2005
---GREEK shipowners reacted with scepticism yesterday to assurances from the European Commission that there would not be another Captain Apostolos Mangouras case.
Masters of vessels involved in pollution spills are almost always the first suspects and are likely to be singled out again for special attention by investigators, said Nicos Efthymiou, president of the Greek Shipowners' Union.
Capt Mangouras was briefly jailed and then detained in Spain for more than a year following the Prestige oil spill disaster. He was allowed back to Greece at the end of last year pending trial.
"We have been assured that cases like this one will not be repeated [because of] the new directive," Mr Efthymiou told journalists in Brussels. "I hope this is true ... but I cannot see it ... the first people to go to jail are the people at sea, the senior officers."
The assurance was given to Greek shipowners by the commission's transport directorate as part of two days of meetings in Brussels, said Mr Efthymiou. The Greek shipowning industry, by far Europe's largest, protested to the commission over the recently approved 'criminalisation' directive, which, for the first time, opens the door to penal sanctions including imprisonment for seafarers following accidental oil spills. The directive and a list of sanctions, known as the framework agreement, are about to become law in the EU.
"We have been told that if these two things, the directive and the framework agreement, are read together there will not be another Mangouras case," Mr Efthymiou said. "We don't how, but we hope that is right. Our objection was very simple ... an accident is an accident."
The Greek Shipowners' Union would study the final version of the text, about to become law, to see if the assurances were contained within the wording, he said.
The Greek delegation, which included past president John Lyras and vice president Theodoros Veniamis, also pressed the commission to give priority to global maritime legislation. The commission has reserved the right to press ahead with regional initiatives if it sees fit.
"Shipping is the first international, global business," said the shipping union president. "The rules have to be international, otherwise it becomes intolerable."
Source: www.lloydslist.com, By Justin Stares in Brussels- Friday May 20 2005
Barroso to confront critics of his cruise
The motion relates to a six-day cruise that Barroso took in August in Greece on a boat owned by Spiros Latsis, a friend who runs one of Greece's biggest shipping and banking groups.
Even hard-liners among the 76 members of the European Parliament who supported the censure motion concede they do not really believe Barroso did anything wrong. But the debate will take place, on May 25 in Brussels, just days before the referendums in France and the Netherlands on the EU's new constitutional treaty.
The French and the Dutch could say no. So any action that raises the possibility that Barroso erred and generally airs the EU's dirty linen will serve the skeptics' purpose if it creates more no votes.
"I am extremely happy and delighted that we have managed to schedule this debate four days before the referendum in France," said Nigel Farage of the UK Independence Party and chief sponsor of the censure motion. "I am looking forward to next Wednesday enormously."
When the cruise became public last month, Barroso said he had not told anyone about it because it was his "private life."
But he did not help his case when a week or so later he said he would no longer supervise EU anti-trust issues involving the shipping industry, raising questions about a possible conflict of interest.
Barosso and Latsis met in the 1970s when Barroso studied and taught international politics at the University of Geneva.
The disclosure was embarrassing for the commission in Brussels, particularly since Europe's political establishment has been trying to keep very quiet before the referendums.
Barroso himself, vilified in France earlier this year for championing ultraliberal economics during the feud over the commission's proposed services directive, has seemed to keep an especially low profile.
So the censure motion has left Barroso with a painful calculation. Which would cause the most negative publicity: Appearing in public to debate the cruise or failing to appear at the Parliament?
Barroso got a jolt from more unwanted publicity on Wednesday by the disclosure that he had taken on five Portuguese security agents to protect him. Romano Prodi, the previous commission president, had no personal body guards, but Barroso, who became president last autumn, received a death threat last year because of his support for the Iraq war.
The debate Wednesday in Brussels was about who was paying for the police guards and whether they were receiving two salaries, one from Brussels and one from Portugal.
At least Barroso's position in the parliamentary debate seemed safe when the parliament's three main political parties put out a statement last Friday condemning the censure motion.
"We consider this initiative to be unjustified and disproportionate and principally designed to seek publicity for its authors," said the leaders of the Socialist, liberal, Green and center-right groupings, who together control 597 of the 732 seats in Parliament.
After that show of support, Barroso need not have showed up at Parliament next week. He could have sent a representative. But Barroso on Wednesday decided that he wanted to "answer politically" what he called the "absurd" motion "whose objective is to attack the European institutions."
The vote will be delayed until June 7, when Parliament reconvenes in Strasbourg, safely after the referendums.
Barroso has already felt the power of Parliament, when at the beginning of his tenure last fall it refused to accept his new college of commissioners.
In a stand-off with Barroso, it forced him to withdraw Rocco Buttiglione of Italy because of Buttiglione's conservative views on the role of women and on homosexuality.
This time, Barroso can count on victory in Parliament. But victory or defeat in the battle for the bigger prize of the referendums on the treaty is far from assured.
Source: By Graham Bowley International Herald Tribune, THURSDAY, MAY 19, 2005
US awards $250,000 to four Pinoy seamen
---The US justice department awarded $250,000 (P13.5 million) to four Filipino seafarers for their role in the prosecution of a shipping company that dumped oil wastes into the ocean.
US Charge d' Affaires Joseph Mussomeli commended Jonathan Sanchez, Jimmy Piamonte, Florencio Tolentino and Richard Santillan for the information they relayed to US authorities regarding the violations committed by DST Shipping Inc.
Three of the seamen -- Sanchez, Piamonte and Tolentino -- wrote a letter to the US Coast Guard outlining the violations committed by the crew of M/V Katerina, a ship owned by DST Shipping Inc.
The three recruited the ship's cook, Richard Santillan, to give additional information on how the ship's crew had been disposing oil wastes.
Investigations indicated that prior to the discharges, the engineers would telephone officers of the ship, including the captain, to determine whether other vessels were nearby or whether they were not too close to land to ensure the discharge could take place without detection.
In August 2004, Captain Kallakis, the ship's captain, received a telex from the company's headquarters in Athens reminding him that the US Coast Guard in Los Angeles was very strict and that he should take step to ensure that what they did was not discovered.
On September 14, 2004 the vessel arrived in Long Beach, California, where Kallikis provided the US Coast Guard false records, showing that the ship had been properly disposing its wastes.
Kallikis also instructed his chief engineer and his staff not to cooperate with US authorities.
"As a result of the report made by the Filipino seamen, the US Attorneys Office was able to procure guilty pleas from M/V Katerina's captain, chief engineer and second engineer. The company, DST Shipping Inc, was also fined P1 million," said Mussomeli in a statement.
Sanchez, Piamonte and Tolentino were given $75,000 checks, while Santillan was given a $25,000 check.
"These seamen came forward at great personal expense. It will be very difficult for them to ever be rehired. Courageous and honorable, these men took actions that demonstrated the innate decency and integrity of Filipino workers," said Mussomel
Source: http://www.abs-cbnnews.com, 20 May 2005
Source: www.lloydslist.com, Company News Monday May 16 2005
Alpha Bank's shipping division grows as market moves rapidly
---Marinos Yiannopoulos insists Alpha Bank can offer private banking as good as foreign competitors' to shipping firms.
After Greek banks' successful entry into the shipping financing sector, their next challenge comes in expanding cooperation with shipping firms to domains such as private banking, so that some of the capital from Greek shipping activity abroad is invested in Greece.
Alpha Bank's shipping division was born in 1997 and has since created a portfolio of $1 billion, leading in the sector along with the National Bank of Greece. In an interview with Kathimerini, Marinos Yiannopoulos, Alpha group's managing director, and Christos Kokkinis, head of the division, explain why shipping firms have now turned to domestic banks for financing.
What changes has the growth of shipping brought to the banking market?
Yiannopoulos: The shipping boom of the last couple of years has certainly had effects on corporate financing, the greatest of which was the demands for premature payment of existing loans.
Kokkinis: Indeed, it is the first time we have witnessed such a rise and I believe we are all learning from it in the sector - about how to respond in these new conditions. For example, the prepayments of loans due to ship sales or refunding are a sign of the times. After all, ship prices are very high, hence many companies are using this to maximize their profits.
Yiannopoulos: This is not the rule but several shipowners who sell a vessel do not need to keep a loan anymore. Along with the requests for new loans, we have noticed an intense movement in the market. The good news for us is we have secured excellent quality for our portfolio, so that our predictions are at historically low levels.
How do you select your clients?
Kokkinis: We focus on the sector's traditional names with a history in shipping stretching beyond one generation. Our portfolio then gradually expands to other companies, but very carefully at that. The bank can boost its presence, creating a portfolio of as much as $2 billion in the next two years. But it certainly is not concerned about securing more loans and their size, as we believe we must be more conservative.
The most important thing when choosing our clients is their name. Otherwise, we would not proceed with even the easiest of loans, say 10 percent of funding.
Are you trying to expand cooperation with shipowners to other sectors?
Kokkinis: Our philosophy as a whole is based on the relations we cultivate so that they expand to other sectors, too. Our bank is a developed credit group with leasing, private banking and credit card services.
Greek shipping's deposits in 2004 reached $17.5 billion. We aim for a portion of this to stay in the country through investments, although it is hard to persuade a client who has worked with a foreign bank for years. Still, we see this mentality changing gradually, since it is easy to check the domestic reality as in the case of loans from Greek banks.
So is the shipowners' attitude to local banking system changing?
Kokkinis: We have certainly seen this with the clients' response to the banks' first steps into shipping funding, such as Alpha Bank, Piraeus Bank, Emporiki Bank and others. They realized we are as competitive, friendly and flexible as foreign competitors, but crucially we are next door.
Greek banks further offer a more direct communication, even with the bank manager who will look into the problem, unlike in foreign banks, where the loan process is much more impersonal. We also have the know-how, as most of the Greek banks' staff possess experience from working for foreign banks.
How did you approach your clients?
Kokkinis: Manning the division with experienced staff as well as my personal contacts from my career at similar divisions of foreign banks in Greece played a crucial part. The name of the bank and its president, Yiannis Costopoulos, also helped. Besides the quality of service on offer, we placed emphasis on the speed of loan approval, which foreign banks lack. In many cases we have said 'yes' to loans within 24 hours. We then had our clients as our advertisers in the beginning.
Who was your first client?
Kokkinis: That was Common Progress of G. Pateras, a week after we began our activity. Today we fund some 60-65 clients. We also have other clients whom we serve in other domains (e.g. deposits) from our Piraeus branch.
What activities do your loans fund?
Kokkinis: Mainly ship purchases and new ship orders. We were lucky to be present during the Greek shipowners' turn to new ships in the 1999-2000 period, which boosted our portfolio and clientele considerably.
Has risk risen for banks, due to the high prices for existing ships and for new ones?
Kokkinis: Yes, that is true. In the last six months we have noted a further rise in prices by 20 percent, particularly in used ships, because of the new stock market listings. Companies draw foreign capital and have the liquidity to invest in shipping, raising prices. In such an environment we try to support our clients, but without making any extreme moves.
How do the recent listings in the New York stock market affect banks, regarding lending?
Yiannopoulos: I believe such moves can only have positive effects, as with enterprises growing and liquidity secured, the needs for loans are multiplied, funding the firms' expansion.
Are the high revenues and profits of the last few years invested by domestic firms in shipping or channeled to other activities?
Kokkinis: I think Greek shipowners follow a very sensible policy; they save capital, creating a "piggy bank." In the last year such deposits have nearly tripled, exceeding 500 million euros. The capital earned has not entirely been reinvested in shipping, either due to overly large demand in shipyards or because the conservative strategy by many shipowners stops them from purchasing ships at these prices. So when prices go down they will be able to buy at much lower cost, having saved capital.
Yiannopoulos: A large portion of funds has also been channeled to the real estate market both in Greece and abroad. In fact, some of the capital invested in properties in Greece comes from foreign investors with stakes in listed domestic shipping firms.
How do you see the shipping credit sector developing this year?
Kokkinis: We are already noticing a rising trend from last year, partly due to high prices of ships, both used and newly built. The credit figures for Greek companies will keep rising this year, too. We at Alpha Bank are expecting a small rise, but I repeat we will not move aggressively in the market because prices are quite high.
Source: Date: 5-16-2005, By Nikos Roussanoglou - Kathimerini
Reefers in hot enbloc deals worth $158m
---Greek reefer operator Laskaridis has sold 10 reefers ships for a reported $113m. Eight of the ships, all built in the mid-1990s, have gone to Norwegian owner Peter D Gram for and enbloc $101m.
This deal comes on the heels of the sale of the 1999-built Frio Pusan to Oslo-listed Green Reefer for $10.4m and the Frio Ionion, built 1978, to Dutch operators for around $2m.
The vessels Gram is byuing, the 269,000cumtr Frio Poseidon, Frio Las Palmas, Frio Aegean, Frio Antarctic, Frio Hamburg, Frio Atlantic 1 and Frio Adriatic, are to be chartered back to Laskaridis on a six-year bareboat basis. The Greek owner has options to extend the deal for up to four more years.
In another reefer deal, Lagoa Shipping has sold six ships enbloc to Russia's Joint Fruit Co (JFC) for a reported $45m. The Tampico Bay, built 1984, the Arctic Ice, built 1974, Arctic Night, built 1973, the Polar Costa Rica and Polar Honduras both built 1979, and the Silver Night, built 1981. Lagoa will retain technical management for three years for the ships which were purchased by Lagoa for about $18.5m over the decade to 2002.
Source: www.newsfront.gr, 20 May 2005
Altomare confirms 12-ship contract
---Greek shipowner Altomare confirms it has ordered 12 tankers from a Zhejiang-based shipyard. Brokers say the ships have been booked at what are thought to be favourable prices for the owner.
Altomare general manager Aspasia Gouliaras confirms the company has ordered six tankers of 10,000 dwt and six of 5,500 dwt. It is said to have signed the deal last month with Haidong Shipyard worth $100m with deliveries scheduled from 2006 to 2009.
Brokers say the deal is priced below current market levels, which stand at $12.8m for 5,500-dwt chemical tankers and $9m for products tankers of similar size.
One broker points out that even a 3,500-dwt tanker with a significant amount of locally made parts now costs $7m.
However, Haidong Shipyard official Wang Xiande said: "Almost all the parts to be used for the tankers will be locally made.''
This is the second order Altomare has placed with Haidong Shipyard. In 2002, the Greek company ordered four 4,990-dwt products carriers there.
Wang says two of these ships, the Latona (built 2004) and Laura (built 2005), have been delivered and that the other two are to be completed this year.
Meanwhile, a close link between Altomare and UAE-based Akron Trade & Transport appears to be causing some confusion. The Latona and Laura, listed as being of 5,600 dwt, are also listed as being in Akron's fleet along with two similar-size ships, the Lizzie and Lara (both built 2005).
Last month, Altomare sold the 82,000-dwt tanker Ruby III (built 1980) for demolition, leaving it with one ship, the 48,000-dwt La Roux (built 1984).
Source: www.tradewinds.no, Guan Xinhua and Gillian Whittaker Shanghai and Athens published: 20 May 2005
IPOs at frantic pace
---IPO FEVER in New York continues to heat up, with four offerings unveiled in the past four working days. Yesterday, Aries Maritime Transport announced plans for a $276M IPO and a Nasdaq listing. Aries, connected to Greece-based Magus Carriers, plans to operate a fleet of five container ships and seven product tankers. On the same day, niche bulker operator TBS International filed an amended registration seeking $68M after an initial filing in March. On 13 May, Connecticut private equity firm Wexford Capital announced the formation of Wexford Shipping, which will purchase six bulkers and seek $100M though an IPO. And on 11 May, Greek dry bulk operator FreeSeas (formerly Adventure Holdings) revealed intentions to merge with 'blank cheque' company Trinity Partners and issue up to $62M in equity. Proposed IPOs are currently pending for Genco Shipping & Trading, Quintana Maritime and Eagle Bulk. In the past seven months, successful IPOs have been completed by Arlington, Excel, Dryships, Diana Shipping, ISE, Teekay LNG, Top Tankers and US Shipping. Horizon Lines has also filed for listing, but is yet to be publicly traded.
Source: Fairplay Daily News - Email Products, 17 May 2005
Shipping industry share sales bonanza
---BEIJING, May 19 -- Aries Maritime Transport Ltd's plan to sell shares to the public for the first time may make the three months through the end of June the busiest on record for shipping company offerings.
Athens-based Aries Maritime aims to raise as much as US$275 million by selling shares on the NASDAQ Stock Market, according to a May 16 filing with the United States Securities and Exchange Commission. Since April, seven other shipowners, including Greenwich, Connecticut-based Wexford Shipping and FreeSeas Inc, based in Piraeus, Greece, have announced initial public offerings (IPO).
Shipowners may raise US$5 billion this year from share sales, a seven-fold increase from 2004, according to Athens-based consulting company Petrofin SA, as operators are lured to IPOs after freight rates surged to records last year, boosting earnings. The Bloomberg Tanker Index, led by Frontline, the world's biggest oil-tanker company by capacity, rose by more than 82 per cent in 2004. It has gained 2.5 per cent so far this year.
"The window of opportunity for shipowners may close in two or three months time," said Theodore Petropoulos, co-managing director of Petrofin. "It all depends on whether freight rates rise from current levels and asset prices come off."
Shipping rates may fall by as much as 28 per cent this year as the number of vessels that carry oil, coal and other commodities expands as global economic growth slows, according to a Bloomberg survey of 15 analysts in December and March.
NASDAQ said as many as 12 shipping companies plan to list this year, doubling the number of operators that trade on the New York-based exchange.
Still on the radar
A US$269 million offering by Athens-based DryShips Inc on February 2 and a sale worth US$210 million by Diana Shipping Inc on March 17 helped to set the tone for IPOs this year.
Wexford Shipping aims to raise US$100 million in an offering, according to a May 13 regulatory filing. FreeSeas, which intends to merge with New-York based Trinity Partners Acquisition Co, plans to raise US$62.3 million. New York-based Eagle Bulk Shipping Inc is seeking US$250 million, according to an April 4 filing.
"Shipping is still on the radar," Natasha Boyden, an analyst at Cantor Fitzgerald LP said by telephone from New York. "These companies are taking advantage of the successful initial public offerings earlier this year."
Copenhagen-based A.P. Moeller-Maersk A/S, the world's biggest shipping line, posted a record profit of US$4.3 billion last year as freight rates surged. Hamilton, Bermuda-based Frontline Ltd's profit rose to a record US$1 billion. Teekay Shipping, the world's largest oil tanker owner, said earnings in 2004 jumped about six-fold to US$757.4 million.
The cost of chartering different-size ships carrying commodities such as coal and iron ore reached a 10-month low on Tuesday, as measured by the Baltic Dry Index, compiled by the Baltic Exchange in London.
For oil tankers, freight rates for 2 million barrel carriers shipping crude on the benchmark routes from the Middle East, down about 80 per cent from November records, are near a fourth month low, according to Bloomberg data.
The vessels cost a record US$130 million to order at shipyards, according to London-based Drewry Shipping Consultants Ltd.
"Companies whose management has previous exposure to Wall Street will be successful because of their track records," Boyden said.
Shares in Teekay LNG Partners LP, the gas-shipping unit spun off from New York-listed Teekay Shipping Corp, rose by more than a third on its first day of trading on May 5.
Source: www.chinaview.cn 2005-05-19 08:32:22 , (Source: China Daily, by Saijel Kishan)
Aries Maritime Transport LTD filed F-1 on 05/16/2005
This summary highlights information contained in this prospectus. Before investing in our common shares, you should read this entire prospectus carefully, including the section entitled "Risk Factors" and our financial statements and related notes, for a more complete understanding of our business and this offering. The information presented in this prospectus (1) assumes an initial public offering price of $15.00 per common share, which is the mid-point of the estimated range of that price, (2) gives effect to a 13.4774-for-1 stock split, which will occur prior to the listing of our common shares, and (3) assumes that the underwriters will not exercise their over-allotment option. Unless we specify otherwise, all references and data in this prospectus to our business, our vessels and our fleet refer to our fleet of twelve vessels, including two container vessels that we intend to acquire shortly after the closing of this offering. Unless we specify otherwise, all references in this prospectus to "we," "our," "us" and the "Company" refer to Aries Maritime Transport Limited and its subsidiaries. Please read "Glossary of Shipping Terms" included in this prospectus for definitions of certain terms that are commonly used in the shipping industry. Unless otherwise indicated, all references to "dollars" and "$" in this prospectus are to, and amounts are presented in, U.S. dollars.
We are Aries Maritime Transport Limited, a Bermuda company incorporated in January 2005 as a wholly owned indirect subsidiary of Aries Energy Corporation, or Aries Energy. We are an international shipping company that owns products tankers and container vessels that subsidiaries of Aries Energy contributed to us in exchange for our common shares. In connection with that transaction, we assumed approximately $214 million of debt, which our subsidiaries incurred to acquire the vessels we now own. Our fleet currently consists of seven products tankers and three container vessels.
We have an option to re-acquire two additional container vessels from an affiliate of Aries Energy for a purchase price of $36.2 million per vessel (since February 21, 2005, the purchase price for each vessel has been and will continue to be reduced by $6,450 per day until the vessel is delivered). Aries Energy sold the vessels to that affiliate in December 2004 for an aggregate purchase price of $65 million following an agreement reached in October 2004. Our option expires on July 21, 2005. Assuming this offering results in gross proceeds to us of at least $140 million, we will be required to exercise the option. We expect that the two container vessels will be delivered to us within 30 days of our exercise of the option. Assuming we exercise the option and take delivery of the two container vessels, our fleet will consist of seven products tankers with an aggregate capacity of approximately 391,124 dwt and five container vessels with an aggregate capacity of approximately 12,509 TEU.
Our products tankers consist of four double-hulled MR tankers, two double-hulled Panamax tankers and one double-hulled Aframax tanker. Our products tankers are designed to transport several different refined petroleum products simultaneously in segregated, coated cargo tanks. These cargoes typically include gasoline, jet fuel, kerosene, naphtha and heating oil, as well as edible oils. The average age of our products tankers is approximately 7.8 years. All of our products tankers currently operate under long-term time charters with established charterers.
Our five container vessels (including the two vessels that we have the option to purchase) range in capacity from 1,799 to 2,917 TEU and have an average age of 15.6 years. Container vessels of this size can be used for major long-haul routes and as feeders in regional areas. As a result, we believe container vessels of this size have the flexibility of being used on more trade routes than larger or smaller size vessels. All of our container vessels are currently employed under long-term time charters with major container lines.
Source: To View Complete SEC Filings go to: http://www.sec.gov/cgi-bin/browse-edgar?company=Aries%20Maritime&action=getcompany
Renovation of the Piraeus Marine Club
The renovation includes full electronic and hardware upgrades. The Club will be equipped with wireless internet connections, closed circuit television facilities for expanded conference capacity and a fully upgraded air-conditioning and heating system.
The budget - which comes to approximately Euro. 350,000 - will be covered entirely by voluntary donations from members. There will be no extra financial requests from the membership and no increase in fees.
The initial fund drive, starting in May, will be addressed to selected members in coordination with the BoD.
Our first benefactor is Architect Thanassis Kyratsous, who is offering his services (valued at around Euro. 30,000) entirely free of charge, in memory of his late brother, naval architect and Club member Elias Kyratsous.
We will nominate up to 3 Major Benefactors who will donate Euro. 100,000 each. In acknowledgment the Club will name a floor of their choice after them or in memory of loved ones. Additionally their name will be inscribed on a second plaque which will be put up at the entrance of the Club. The Board has already secured the first pledge of Euro. 100,000.
Benefactorsrs/??e???te? will donate Eu. 30,000, Major Donors/Me????? ????t?? Eu. 20,000, and Donors/????t?? Eu. 10,000.
The Club will acknowledge these donations with the traditional inscription on the new plaque. If the donors so wish, information will be posted in our site, on a general circular to members, in the upcoming Club magazine and to the Shipping press.
The second round of the Fund drive will take place in June and will be addressed to the wider Club membership. Contributors/S??e???te? will be asked for donations between Eu. 1,000 and 5,000. Acknowledgement will be circulated broadly.
In order to complete the works with the minimum disturbance to Members and Staff, the Board has decided to close the Marine Club during the month of July and as necessary August, during which time the staff will take their summer leave vacations. We look forward to welcoming all of you back in September.
Yours sincerely, John A. Xylas, President, May 2005
Anniversary Book to mark 70th ann. of the Propeller Club Port of Piraeus
This year, the Propeller Club Port of Piraeus is celebrating the 70th anniversary of its active presence in Greece. The celebrations are taking place under the joint aegis of the Embassy of the United States of America in Athens and the Greek-American Chamber of Commerce.
In this framework, the Club will publish commemorative album in English, in which the 70-year course of the Club in Greece is presented, as well as the relations between the Club's members and the United States of America.
The President of the Propeller Club Port of Piraeus, Mr Marcos Foros, and the Ambassador of the United States of America, Mr Charles Ries, will make the official presentation of the Anniversary Book during a reception that will take place on 4 July 2005, on the occasion of the American Independence Day.
15,000 copies of the publication will be printed and distributed to friends of the Club all around the world, as well as to its members in Greece and USA.
At the same time, the Anniversary Book will be the present of the Propeller Club Port of Piraeus during the International Propeller Club Convention that will take place in Athens.
The Anniversary Book will include messages from leading figures, such as:
* The Minister of Merchant Marine, Mr Manolis Kefalogiannis
* The Secretary General of the International Maritime Organization, Mr Efthimios Mitropoulos
* The Ambassador of the United States of America to Athens, Mr Charles Ries
* The President of the Propeller Club, Mr Robert Fry
* The President of the Greek Chamber of Shipping, Mr Giorgos Gratsos
* The President of the Union of Greek Shipowners, Mr Nikos Efthimiou
In addition to the messages, the Anniversary Book will also feature a series of interviews with leading figures and former Presidents of the Club, and information on the history of the Club.
The Propeller Club Port of Piraeus was founded in 1935 on the initiative of a group of Greek-Americans living in Athens and trying to fulfill the idea of a club where people sharing the same perceptions could meet and exchange ideas.
Throughout the years, the Club evolved into a place where key Greek and American businessmen, representing different fields of the economy, could meet and discuss matters of common interest.
For several years, the Club was autonomously playing an important part in the financial relations between the two countries. Nowadays, the Greek-American Chamber of Commerce is supporting the role of the Club.
It is also worth mentioning that the Propeller Club of Piraeus is the second largest Club. Its members are outstanding businessmen and executives from the shipping, industrial and services fields, as well as the banking sector.
The Anniversary Book, to be published by the T&T Publications, will be a high- standard, four-colour edition in English. As the number of the pages allocated for advertisements are limited, should you be interested in promoting your company, please contact us as soon as possible. For more information, please contact Ms Mia Jensen, Tel: 0030 210 9858 809, Email: firstname.lastname@example.org
Source: T&T Publications