Greek Shipping News Cuts
Week 48 - 2005


The project will allow for the transit of 1 million containers to the Black Sea, the Aegean, the Balkans, the Adriatic and Western Europe. He added that a bilateral government contract could be signed to accelerate the investment, bypassing many bureaucratic and time-consuming procedures.
Highlighting Greek ports as transit centers is another objective, according to Kefaloyiannis, aimed at increasing containers passing through.
Another priority is securing environmental protection by evaluating and approving the Ship Waste Reception Plans, creating infrastructure where required and increasing environmental checks.
Finally, the minister referred to the first measures proposed to upgrade the ship repair zone of Perama, including the expansion of the seafront by about 80 meters to allow for the development of companies operating in the zone in the 93,000 square meters to be created. Another proposal concerns the possibility of conceding space in the repair zone for 20 years to shipyard enterprises that will realize new investments.
Source:, NIKOS BARDOUNIAS, 2 dec 2005

Shipowners Rocked by AXA's decision to quit P&I Line
---The Greek shipping community was shocked by French insurer, Axa Corporate Solutions' announcement it is quitting from the fixed premium P&I line of business after aggressively building-up a portfolio of nearly 1,000 ships over six years. Much of the tonnage involved is Greek.
Axa is expected to leave brokers with the job of finding new P&I cover at the February 2006 renewals. The global insurance giant's experience of the loss of the Greek-owned log carrier Kiperousa off South Africa is said to have pushed French underwriter to its decision. Paris-based Axa, a member of the Paris Shipping Forum, said it was quitting the market because of "limited prospects" but analysts point out the move closely follows the loss of the 25,370dwt bulker Kiperousa where a four-month operation saw a costly salvage operation become a wreck removal operation.
Source:, 2 December 2005 Vol. 6 / No. 45

Goldenport - What's in a Name?
---Is a rose not a rose if called by another name? Really we're not sure so better ask Simon, but the fact remains that the prefix Golden has not been a charm for shipping companies looking to tap the public markets. First there was Golden Ocean, that spectacular $300 million high yield bond default and bankruptcy. Then there was Golden Energy, which withdrew from its IPO due to rocky market conditions - and now there is Goldenport, which yesterday announced that it has scrapped its attempt to go public on the FTSE. Golden Union might rethink its moniker should it wish to access the public markets.
After months of speculation, and hope, that the FTSE and its little sister the AIM would present a viable alternative to the New York Stock Exchange and NASDAQ for European shipping companies seeking to do smaller deals without as much disclosure, the withdrawal of the Goldenport IPO was a real disappointment - but not a surprise.
In a press release, the company said "The UK and European markets have not proved to be receptive at the current time of the shipping business to such a degree for the Company to conclude the transaction on the anticipated terms."
Investors, unless they are in Singapore and have Courage, won't buy an IPO consisting of 20+ year-old vessels. The fact that the fleet was mixed didn't help, but the reality is that with the premier shipping companies trading below net asset value it is hard to imagine how this transaction would have priced. What Goldenport did have going for it was strong period employment, but that wasn't enough to overcome the blemishes.
We think it is surprising that HSBC would bring a deal like Goldenport public in the midst of a shipping market malaise, but perhaps the issuers felt that as challenging as things are today, tomorrow might be even more challenging.
What Does it Mean?
Nothing, in our opinion. Shipping investors have clearly had enough for 2005 and when they start shopping again in January, it will be with more discrimination than ever before.
Source:, Freshly Minted, 1 Dec 2005

The Tsakos Shipping Clan expands
Maria E Tsakos, in her new step is supported and assisted by her brother, Nikos E Tsakos, who also left the family business to move on with his sister and by her husband, Michael Kouimanis, a young but experienced merchant marine captain with great expertise in Ship Quality Audits Nikos E Tsakos, after studying Media in the UK, joined the family business in various key positions and obtained valuable experience.
Pure shipping genes
It should be noted that both children, not only carry on their shoulders the heavy Tsakos name but through their mother, Nina Papalios, are the grand children of Kostas Papalios, who along with his brother Nikos were once the leading and legendary Greek shipowners.
"My family has been involved in shipping for generations. So for me to go to sea was not much a matter of choice but more a matter of destiny" Captain Panayiotis Tsakos, Maria's uncle and founder of the Group, says is his Group webpage message.
"Since 1970, when I bought my first ship and Tsakos Shipping & Trading was established, thanks to hard work, good fortune and the assistance of dedicated personnel both onboard and ashore, we have been able to fulfill our expectations and attain our goals, he adds.
The same values are now to be carried ahead by the younger members of the Tsakos family, and Maria E Tsakos though young, has worked hard to preserve them.
"This is very encouraging as we should look into the future" a senior banker said.
A heavyweight worldwide shipping name The Tsakos name, is among the leading shipping families not only in Greece but worldwide. The companies run by family members are:
Tsakos Shipping and Trading SA: Founded by Cpt. Panayiotis Tsakos and run by him and his children Nikos and Maria.
Tsakos Energy Navigation: Listed in New York run by Nikos P Tsakos, son of Cpt Panayiotis Tsakos
Entrust Maritime: Founded by Elias Tsakos, brother of Cpt. P. Tsakos, run by him and till very recently also by his daughter Maria who has decided to move independently.
Source:, 11:41 - 01 December 2005

The Piraeus Marine Club, launched in 1967, won the first Piraeus International Centre Award, while the Union of Greek Shipowners, represented by president Nicos Efthymiou, collected the Safety or Environmental Achievement Award for its campaign for robust, safer shipbuilding.
Huge applause greeted John Lazarou, master of a Victoria Steamship-operated bulk carrier, who was flown back from Australia to attend the awards. Capt Lazarou was adjudged Greek Seafarer of the Year for his action in saving 15 Indonesian fishermen last July after the men had been in the water for two days.
The awards were adjudicate by an independent panel of judges representing the Greek shipping community as well as industry experts.
The event was also supported by the Union of Greek Shipowners, the Hellenic Chamber of Shipping, the Association of Greek Passenger Shipping Companies, the Hellenic Shipbrokers Association, Helmepa, the Propeller Club and in London the Greek Shipping Co-operation Committee.
Source:, By Nigel Lowry in Athens- Tuesday November 29 2005

Berenberg and Peninsula toast Greek connections
---Two very different companies chose to entertain the Greek shipping community recently and it is perhaps a sign of the times that neither party was held in Piraeus.
Privately owned Berenberg Bank, the oldest bank in Germany and one of the oldest in the world, hosted a buffet reception in the northern suburbs at the well-known Ekali Club, attracting a lot of well-known names and faces.
Claus Budelmann, chairman of Berenberg Bank (Schweiz) and managing partner of Joh Berenberg Gossler & Co of Hamburg, reminisced that the bank's relationship with Greek shipowners stretches back to the 1950s, when a number of companies were building ships at German yards.
And clearly the relationship has grown from its beginnings with the Embiricos and Fafalios families.
From Angelicoussis to Vafias, shipping companies starting with just about every letter in the alphabet were present.
Photogenic John Platsidakis from Anangel escaped the camera as did Michael Logothetis of Lagoa, while Golden Union's Theodore Veniamis closed his eyes to avoid seeing it.
Among the shipowning companies on hand, a number of money men were in evidence too, dotted around the tables, which instead of being numbered, each bore the name of a different Greek island.
The following day, the Hilton Hotel in central Athens was the venue for the celebration of a much younger company.
London-based Peninsula Petroleum, part of Gibraltar-based group Gibunco, was marking the opening of its Piraeus office.
Peninsula was founded less than a decade ago and is headed up by dynamic 29-year-old John A Bassadone (not to be confused with his father, John J Bassadone, who heads up the Gibunco). The company already counts a substantial number of Greek clients and the establishment of a local presence aims to offer on-the-spot attention.
The hallmarks of a young, rapidly growing company were evident at the party, which took place in the hotel's dimly lit rooftop bar with small serving areas dotted around and sushi and snacks being handed round.
by Gillian Whittaker Athens published: 02 December 2005

Mediterranean oil tanker rates rise
---LONDON, Sun: The cost of shipping crude oil on million-barrel tankers from ports in the Mediterranean Sea rose to its highest in almost a year as restrictions in the Turkish straits kept vessels from picking up cargoes.
Turkish authorities in 2002 barred oil tankers longer than 200m from sailing at night through the Bosphorus and Dardanelles waterways, to help curb traffic. Fewer daylight hours during the Northern Hemisphere winter limits the number of ships passing through the waterways, which link the Mediterranean and Black Seas.
Vessels are waiting as long as 13 days to pass both straits in both directions, compared with a six-day wait at the start of the month, according to Istanbul-based ship agents Master MaritimeAgencies Inc.
Transport costs on the route climbed to US$1.44 (US$1 = RM3.78) a barrel from US$1.21, according to data compiled by Bloomberg.
Source:, November 28 2005

Tanker Operator conference in Athens, 31 January 2006
Speaker include:
- Dimitris Lyras, director, Lyras Shipping (chair)
- Capt. Panos Hatzikyriakos, safety and security manager / DPA / CSO, OSG Shipmanagement
- Antonios E. Vrondissis, quality manager and DPA, Andriaki Shipping
- Kostas Polydakis, technical manager, Athenian Sea Carriers
- Capt. Michael Reppas, HSE Director, Seaworld Management and Trading
- Apostolos Belokas, managing director, International Business Consultants
- Panteleimon Pantelis, services director, Ulysses Systems
For information, see the conference website
Source: Press release, Nov 2005

Piraeus Marine Club's 6th International P&I Conference, 12 January 2006
> If P&I clubs absorb the first $10m, will this signal the end of smaller clubs and will that benefit owners
> Substandard ships, the owner's role
> The brokers role in P&I insurance
> Does mutuality exist?
Source: The Piraeus Marine Club's 6th International P&I Conference is set to tackle four main themes: