Greek Shipping News Cuts
Week 49 - 2005

 

The Greek Shipowners support the Greek flag

The Greek shipowners support the Greek flag. Despite the fierce competition on a worldwide scale, despite the fact that it costs Greek shipowners more to fly the Greek flag, despite the delay in the introduction of new measures for the purpose of bringing more ships to the Greek register, everyone knows that the day the blue and white flag stops flying on ships a point of no return will have been reached.
In spite of any problems that may exist and require a solution, there are Greek shipowners who, having confidence and believing in Greek maritime tradition, choose to fly the Greek flag, giving the government time to find the golden mean in order to bring more ships to the Greek register and to create new jobs for Greek seamen.
The shipowners
The top companies
Growing fleet
The fleet of ships belonging to Greek shipowners, regardless of flag, continues to grow year after year. In 2005, more specifically up to 31 October, the number of ships comprising the Greek flag came to 4,153, according to figures from Marine Information Services.
The Greeks have a dynamic presence in fields of shipping such as tankers and cargo ships. 20% of the world tanker fleet is controlled by Greeks. They also have the lead in the construction of newbuildings. Orders placed by Greeks account for 7.8% of the total.
The flag battle
The Greek fleet is divided among 47 different flags. A basic criterion for the Greek shipowners is to register their ships under a flag that costs them less in taxes and to have as few operating costs as possible.
Nonetheless, the Greek flag continues to be the favourite among the Greek shipowners, with 1,475 ships. Panama follows with 599 ships, and Malta comes next with 553 ships. Cyprus is in fourth place with 395 ships, followed by the Bahamas with 249 ships, Liberia with 244 ships and the Marshall Islands with 207.
Ship orders
The number of ships ordered came to 338 in the spring of 2005, in comparison with 256 in the spring of 2004. Of these, 78 are tankers, 104 chemical carriers, 12 natural gas carriers, 86 freighters, 24 container ships, 23 cargo ships and 2 passenger vessels.
Grey clouds
Meanwhile, grey clouds cover the relations between the Greek shipowners and the government. The failure to adopt new measures to enhance the competitiveness of Greek shipping, as the prime minister himself promised during the meeting held last year with the shipowners, has brought about bitterness.
The boards of directors of the Union of Greek Shipowners and the Hellenic Shipping Cooperation Committee of London have expressed their concern, as the number of ships under the Greek flag is declining in spite of the fact that the Greeks are continuously taking delivery of new ships.
Companies by No.of Vessels (all flags)
ENTERPRISES SHIPPING & TRADING SA * Athens * 74
LASKARIDIS SHIPPING CO. LTD * Athens * 47
OSG SHIP MANAGEMENT (GR) LTD * Athens * 44
THENAMARIS (SHIPS MANAGEMENT) INC. * Athens * 44
MARMARAS NAVIGATION LTD * Piraeus * 43
CHARTWORLD SHIPPING CORP. * Athens * 40
CARDIFF MARINE INC. * Athens * 39
COSTAMARE SHIPPING COMPANY SA (MANAGERS) * Athens * 38
DYNACOM TANKERS MANAGEMENT LTD * Athens * 36
CAPITAL SHIP MANAGEMENT CORP. * Piraeus * 35
CERES HELLENIC SHIPPING ENTERPRISES LTD * Piraeus * 34
DANAOS SHIPPING CO. LTD * Piraeus * 33
GENERAL MARITIME MANAGEMENT (HELLAS) LTD * Piraeus * 33
KRISTEN NAVIGATION INC. - LIBERIA * Athens * 32
EASTERN MEDITERRANEAN MARITIME LTD * Athens * 30
CYCLOPS SHIPS LTD C/O POLYAR SHIPPING CO. LTD * Piraeus * 29
TECHNOMAR SHIPPING INC. * Athens * 28
LAGOA SHIPPING CORP. * Piraeus * 27
TOP TANKERS MANAGEMENT INC. * Athens * 27
MINERVA MARINE INC. * Athens * 26
ELETSON CORPORATION * Piraeus * 25
GOLDENPORT SHIPSMANAGEMENT LTD * Athens * 25
STEALTH MARITIME CORPORATION SA * Athens * 24
TEN LTD (TSAKOS ENERGY NAVIGATION LTD) * Athens * 24
TSAKOS SHIPPING & TRADING SA * Athens * 24
ANANGEL MARITIME SERVICES INC. * Athens * 23
ATLANTIC BULK CARRIERS MANAGEMENT LTD * Piraeus * 23
CYPRUS MARITIME CO. LTD * Athens * 22
NAFTOMAR SHIPPING & TRADING CO. LTD * Athens * 22
POLEMBROS SHIPPING LIMITED * Piraeus * 22
PRIME MARINE MANAGEMENT INC. * Athens * 22
MARYVILLE MARITIME INC. * Piraeus * 21
STAMCO SHIPMANAGEMENT CO LTD * Piraeus * 21
STAMFORD NAVIGATION INC. * Piraeus * 21
GOOD FAITH SHIPPING CO. SA * Piraeus * 19
NEDA MARITIME AGENCY CO. LTD * Piraeus * 19
SPRINGFIELD SHIPPING CO. PANAMA SA (SUB-AGENT) * Athens * 19
AVIN INTERNATIONAL SA (AS MANAGER) * Athens * 18
CHANDRIS (HELLAS) INC. * Piraeus * 18
NORBULK (HELLAS) SA * Piraeus * 18
ROSWELL NAVIGATION CORP. * Athens * 18
ALLOCEANS SHIPPING CO. LTD * Athens * 17
ALPHA TANKERS & FREIGHTERS INTERNATIONAL LTD * Athens * 17
CIEL SHIPMANAGEMENT SA * Athens * 17
NOMIKOS A.M. TRANSWORLD MARITIME AGENCIES SA * Athens * 17
NORDSTRAND MARITIME & TRADING CO. LTD * Piraeus * 17
SUN ENTERPRISES LTD * Piraeus * 17
LIQUIMAR TANKERS MANAGEMENT INC. * Athens * 16
TOMASOS BROTHERS INC. * Piraeus * 16
CENTROFIN MANAGEMENT INC. (AS AGENTS TO OWNERS) * Athens * 15
EVALEND SHIPPING CO. SA * Athens * 15
TARGET MARINE SA * Piraeus * 15
Companies by No.of Vessels (Greek Flag)
COSTAMARE SHIPPING COMPANY SA (MANAGERS) * Athens * 38
KRISTEN NAVIGATION INC. * Athens * 26
ELETSON CORPORATION * Piraeus * 25
ANANGEL MARITIME SERVICES INC. * Athens * 23
ATLANTIC BULK CARRIERS MANAGEMENT LTD * Piraeus * 23
MINERVA MARINE INC. * Athens * 21
NEDA MARITIME AGENCY CO. LTD * Piraeus * 19
SPRINGFIELD SHIPPING CO. PANAMA SA (SUB-AGENT) * Athens * 18
ALPHA TANKERS & FREIGHTERS INTERNATIONAL LTD * Athens * 17
SUN ENTERPRISES LTD * Piraeus * 16
AVIN INTERNATIONAL SA (AS MANAGER) * Athens * 15
MARMARAS NAVIGATION LTD * Piraeus * 15
TEN LTD (TSAKOS ENERGY NAVIGATION LTD) * Athens * 15
CHANDRIS (HELLAS) INC. * Piraeus * 12
CARRAS (HELLAS) SA * Piraeus * 11
CERES HELLENIC SHIPPING ENTERPRISES LTD * Piraeus * 11
ANDRIAKI SHIPPING CO. LTD * Athens * 9
DIAMLEMOS SHIPPING CORP. * Piraeus * 9
NEREUS SHIPPING SA * Piraeus * 8
AEOLOS MANAGEMENT SA * Piraeus * 7
DANAOS SHIPPING CO. LTD * Piraeus * 7
FAFALIOS SHIPPING SA * Piraeus * 7
Source:


Owners warned to look crew to break the ice
The lack of experienced crew is likely to pose a problem for owners new to the operation of ice-class ships. Indeed, being highly qualified is not enough, experience is also needed.
As financiers are already being seen to be restricting lending to projects involving high-spec ice-class ships to companies with experience in ice-class ship operation and ownership, a leading Finnish expert is ice-class shipping this week warned of the importance of knowing what you are doing when trading in ice.
"I have been involved in tests which show just how important an experienced crew, especially the master is," said Kaj Riska, a professor from Finland, when addressing an ABS seminar on ice-class operations. "It is a very big factor and tests have shown that a master experienced in trading in ice can carry out manoeuvers in half the time of that required by a master new to ice, even a long serving one."
The Greek interest in ice-class shipping was evident at the one-day seminar in Athens, December 8. More than 100, mainly technical people, attennded the seminar, many of them technical managers of companies either running or building ice-class ships.
Presently some 44 tankers are being built to ice-class at an investment of $1.4bn for Greek interests. While most of these ships are medium range chemical and product tankers there is a sprinking of aframax and suezmax tonnage. The rush to ice-class is now in full swing, but as often happens Greeks were quick to identify an opening market and ordered early with the result many of the ships will be trading by 2007.
A good thing perhaps as all told there are almost 400 product tankers on order, many of them ice-class with peak delivery time in late 2007 into 2009.
Shipbroker EA Gibson says there are just over 200 ice-class tankers of 16m dwt on order with about 120 of them products tankers. Of the tankers on order 150 are to high specification ice-class 1A with about 50 of them to deliver in the coming 12 months.
Nicos Tsakos and TEN, George Economou at Drytank are building large 1A class ships while Evangelos Marinakis and Capital Maritime have ordered medium-range ships and Andreas Martinos and Minerva Marine are building handymaxes and aframaxes. All anticipate a strong demand for ships from oil companies and charterers in Russia, Finland and Canada. TEN's management believes the ships will be in heavy demand as oilfields and ports are developed in Russia, Eastern Siberia and Alaska and will carry a substantial freight premium.
Riska emphasised "ice-class ships must be designed in accordance with the requirements of the intended trade". He noted that in the Russian Arctic there are not very many icebreakers "so this must be taken into account in ship design" while in the "Baltic there are always icebreakers to escort merchant ships and this is also something that must be taken into account".
Riska said that in principle ice-class ships should have mass and power.
However, while ship design options and equipment requirements seem to be well covered, just as in the gas sector, a lack of experienced crew could pose a problem.
Source: www.newsfront.gr, 9 December 2005 Vol. 6 / No. 46


Greece calls for full discussions on new laws
He was commenting on the plethora of laws and regulations being introduced, especially by some European and North American nations, with scant input from the maritime sector.
Mr Everard said there is also a possibility of using shore power, while shipowners should consider using low-sulphur fuels and using ammonia or water-injection systems to reduce nitrogen oxide emissions, although these methods had drawbacks
Explaining the benefits of fuel efficiency hulls on a series of small product tankers Everard is having built at Wuhan, Mr Everard said the vessels will use 30% less fuel than comparable ships.
He then called on shipowners to urge their governments to ratify the ballast water convention once it is agreed by the International Maritime Organization.
Source: www.lloydslist.com, Company News, Wednesday December 07 2005


Comninos kid debuts with Seaforce launch
A new bulker operation called Seaforce Shipping SA has been launched in Piraeus, marking an independent entry into the sector for the second generation of the Comninos family.
Seaforce Shipping has taken control of its first vessel, the 43,400-dwt bulker Hamburg Trader (built 1985).
The ship was recently sold by German KG (limited partnership) fund Hamburg Bulk Carrier (HBC) Capital Consult in an off-market deal.
HBC partner Jens von Husen was not willing to disclose the exact price of the sale, other than to say it was around $12.5m.
Seaforce Shipping says the new vessel will be commercially managed by Zaurac Inc, a broking company set up by Don Comninos and Alex Nikolai earlier this year.
Seaforce Shipping is headed up by Comninos, son of shipping veteran Costas Comninos.
The company is marketing third-party management services to other investors wanting to enter into shipowning for the first time.
The older Comninos is better known in the shipping sector for his long-standing involvement in the reefer sector.
The now-defunct Millenium Enterprises controlled five reefers more than two years ago that were taken over by Costas's brother, Anthony Comninos of Target Marine of Greece.
For HBC, the Hamburg sale represents a good profit.
The bulker was bought in early 2004 for around $8.5m and had been earning a reported $20,000 per day on charter to Panocean until June this year.
Von Husen says the fund controls two other ships.
HBC is listed as controlling the 42,000-dwt bulker Xanadu (built 1984) and the 69,000-dwt bulker Greta R (built 1989), which HBC bought jointly with compatriot Reederei Vogemann.
By Yiota Gousas Athens published: 09 December 2005
Source: www.tradewinds.no


Diana Takes Price Cut, but Succeeds in Raising Over $60 Million
After announcing the arrival of a modern panamax to its dry bulk fleet last week, Diana Shipping this week announced the completion of its offering of 5 million shares of common stock priced at $13.50 per share. With Bear Stearns and Wachovia Capital Markets acting as joint book runners for the offering, the company raised nearly $64 million (accounting for the underwriting discount).It also granted the underwriters a 30-day option to purchase up to 750,000 additional shares to cover overallotments, which could lead to roughly an additional $10 million in equity.
Like its cousins with a dividend north of 10%, Diana trades at a premium valuation of 121% of NAV. But with zero debt, both long and short term, its debt/cap ratio stands alone and its high dividend appears a bit more sustainable.
Source: Freshly MInted, 9 December 2005, www.marinemoney.com


StealthGaz Expanding Fleet to 22 Vessels
ATHENS, GREECE -- (MARKET WIRE) -- 12/08/2005 -- STEALTHGAS INC. (NASDAQ: GASS) today announced that it has taken delivery of "Sweet Dream" and "Gas Oracle," vessels which it had previously agreed to acquire.
"Sweet Dream" is a Fully-Pressurized (F.P.) LPG carrier built in Japan in 1997 with a capacity of 5,018 cubic meters (cbm). "Sweet Dream" is deployed under a bareboat charter with a rate of $195,000 per month ending January 2006. It will then be deployed under a period charter of 18 months to a national oil company at a rate of $295,000 per month.
"Gas Oracle" is a Fully-Pressurized (F.P.) LPG carrier built in Japan in 1990 with a capacity of 3,014 cubic meters (cbm). It is deployed under a period charter ending in May 2006 to a gas trader at a rate of $118,000 per month.
Furthermore, STEALTHGAS announced that it has agreed to acquire two additional vessels, "Feisty Gas" and "Gas Spirit" with expected delivery by the end of December 2005.
"Feisty Gas" will be acquired for consideration of $15.0 million. It is a Fully-Pressurized (F.P.) LPG carrier built in Japan in 2001 with a capacity of 4,250 cubic meters (cbm). It will be deployed under an existing time charter to an oil major at a rate of $199,000 per calendar month until August 2006.
"Gas Spirit" will be acquired for consideration of $15.5 million. It is a Fully-Pressurized (F.P.) LPG carrier built in Japan in 2001 with a capacity of 4,250 cubic meters (cbm). It will be deployed under an existing time charter to an oil major at a rate of $195,000 per calendar month until June 2006. Thereafter "Gas Spirit" will be deployed until June 2007 at a rate to be agreed no later than the end of February 2006 at a per calendar month time charter rate for that 12-month period ranging between a minimum of $250,000 and a maximum of $350,000.
"Sweet Dream" and "Gas Oracle" are 2 of the 10 identified vessels which STEALTHGAS intended to acquire as outlined in the company's IPO Prospectus. Until today, the company has taken delivery of 9 out of the 10 vessels, with the last one, "Gas Eternity" expected in February 2006. Furthermore, STEALTHGAS has acquired 1 additional vessel, "Catterick," of which it has already taken delivery, and agreements to acquire 2 additional vessels, "Feisty Gas" and "Gas Spirit," which are expected to be delivered by the end of December 2005. Therefore, following the delivery of the 3 remaining vessels, STEALTHGAS will have a total fleet of 22 LPG carriers of which 19 have already been delivered.
Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 19 LPG carriers, and intends to acquire 3 additional LPG carriers. Once these acquisitions are completed, STEALTHGAS's fleet will be composed of 22 LPG Carriers with a total capacity of 95,416 cubic meters (cbm). STEALTHGAS's shares are listed on NASDAQ and trade under the symbol "GASS."
Source: http://www.stealthgas.com


Marine Money Greece: Contributing to Greek ship financing
Kevin Oates and Mia Jensen of Marine Money Greece contribute much more than just the well attended ship finance conference which is hosted every year in Athens in October. They provide finance solutions, consultancy services and marketing advice to the Greek shipowning community utilising their global and extensive Marine Money network and database.
The results have been remarkable. During 2005 three conferences were held. In February the inaugural Marine Money Gulf Ship Finance Conference was held in Dubai with over 165 delegates and presenters; in April the 2nd Marine Money Istanbul Ship Finance Conference topped 180 attendees and in October the 7th Marine Money Greek Ship Finance conference in Athens was held attracting over 200 Greek and foreign shipping executives in the auditorium.
Amongst other transactions this twosome were financial advisers to Aries Maritime with their NASDAQ listing in June 2005; they have placed a handful of debt finance transactions with US lenders to the Greek market and they are currently working on other transactions expected to close before year end.
Contact Details : Kevin Oates koates@marinemoney.com and Mia Jensen mia@marine-marketing.gr
Source: Marine Money Greece, December 2005


Ince ships in top finance man
International law firm Ince & Co has hired a heavyweight ship finance partner to spearhead the growth of the ship finance practice in its Greek office.
Having already practised for a total of 10 years in Greece, he knows the local market well. His experience extends from ship finance across the range of contracts in the shipping industry, including newbuilding contracts and charterparties.
Source: 7 December 2005, press release


No lien for bunkers
THE US Court of Appeals for the Eleventh Circuit has affirmed an order of the US District Court for the Middle District of Florida, dismissing bunker supplier Vestoil's complaint against the vessel "M Pioneer" for lack of personal jurisdiction, and holding the arrest of the vessel invalid.
The court found that Greek law applied and that, under Greek law, a maritime lien does not arise through provision of necessaries such as bunker fuel oil. Furthermore, the court held that contractual language granting Vestoil a lien on the vessel could not actually create or give rise to a maritime lien because such can only be created by operation of law.
A note on the case has been contributed to David Martin-Clark's CaseNotes by Jan Petter Gisholt of Healy & Baillie in New York.
David Martin-Clark - DMC's CaseNotes, Vestoil v. M/V "M Pioneer" > www.onlinedmc.co.uk/vestoil_v__m_v_m_pioneer.htm
Source: Maritime Advocate Online, Issue 234, December 6th, 2005


National TV starts weekly Greek Shipping program
The National Broadcasting Corporation of Greece has approved a proposal made by SATCO company for a weekly programme on Greek shipping, to be included in the stations schedule for the period 2005-2006.
The programme, starting 10 December 2005, will be broadcast on Saturdays for one year on NET TV. It is unique for Greek television standards and a rather exceptional opportunity to project Greek shipping and its associates worldwide on all its levels of activity.
Its topic will be the people of Greek shipping, their origin, their careers, their memories and through them, the tradition, evolution and development of Greek shipping.
This programme will be offered to the National Broadcasting Corporation of Greece free of charge. The cost will be covered by sponsors (banks, companies, organizations and foundations).
For more information: Mia Jensen, Tel 0030 210 9858 809, mia.jensen@marine-marketing.gr
Source: SATCO, Athens, December 2005


Global Recruitment Agent A.M.B ! Consulting sets up in Athens
An international maritime recruitment agency has opened its doors in Athens. A.M.B ! Consulting says its office in Athens will handle recruitment services for the maritime industry throughout the Mediterranean, Black Sea and North Africa. The company believes that the Maritime Industry is becoming global by nature. Furthermore, the Greek market is of great importance and it is crucial to be present in Athens / Piraeus. Therefore, it is all-important that the maritime recruitment industry also offers truly global services and regional presence to provide the best candidates for the best positions worldwide and in its shipping centers.
The company says we concentrate our activities in the areas we believe we are best competent:
SHIPPING, SHIPMANAGEMENT & LOGISTICS
A.M.B! Consulting offers a world wide network with offices in New York, Hamburg, Dubai, Singapore, Hong Kong and Christchurch (NZ). A.M.B! also works with partner offices, or as they call them satellite offices, to cover the parts of the world where they do not have their own establishments.
Captain Thorsten Bruhn, who since his marriage to a local Athenian in 2001, has established his roots in Greece, has been appointed to head this office.
Captain Bruhn who sailed at sea for 18 years, the last 7 years as Master, brings with him a broad background to AMB's industry-specific portfolio, namely, shipping, shipmanagement, shipping agencies, logistics and the mega yacht industry. He has held several senior management positions within the fields of Operations, Business Development and Human Resources. Captain Bruhn was based a couple of years in Greece and Cyprus and for several years in the Far East being responsible for the Region Asia / Pacific. He has work for companies such as Norasia, GAC and Hanseatic Shipping Company and has represented companies such as Shell, ChevronTexaco, Tankers International, Exmar, RasGas and many well known Greek owners.
For further information, please contact A.M.B ! Consulting as follows: Captain Thorsten Bruhn, Phone: +30-210-8152031 / 2 ; Fax: +30-210-8152033, Mobile: +30-694-8730602 E-mail: thb@ambshipping.com, Web: www.ambconsulting.de / www.ambshipping.com
Source: Press Release, 6 Dec 2005


Dear Members,
With a smile!
John A. Xylas, President, Piraeus Marine Club ( www.marine-club.gr )
Source:


Shipowners Meet for Germanischer Lloyd Hellas Technical Committee Meeting
Piraeus / Hamburg, 6 December 2005 - More than 20 technical managers of major Greek shipping companies were welcomed at the end of November by Chairman Elias Ladas, Avin International, for the Hellas Technical Committee Meeting of Germanischer Lloyd. The biannual committee meetings provide a forum for Greek customers and give the classification society Germanischer Lloyd the opportunity to present current technical topics. GL's Area Manager for the Mediterranean and Southern Africa, Athanasios Reisopoulos presented the latest developments of Germanischer Lloyd in area. Recently, seven additional surveyors were hired to meet the increasing demands of the business in the area and the new station to be established in Israel next year.
Matthias Galle, Technical Manager of the Division Europe / Middle East / Africa, presented the importance of coatings for Ballast tanks protection and ways to properly assess their condition. He explained how this aspect is assessed by Germanischer Lloyd in both observing international requirements and the experience of Germanischer Lloyd to the benefit of the owners. It is particularly important to safeguard the coating protection of the hull structure and give hints for maintenance and improvement.
Damage in four stroke diesel engines was the topic of Norbert Erles', Head of Department Damage and Repair, presentation. He gave a very practical point of view of all problems owners face during a ship's lifetime. Erles also explained the alignment of main propulsion systems of large container vessels.
Dr. John Kokarakis, Head of the Tanker & Bulker Expert Team in Piraeus, presented the consideration of vibration during the ship design phase. Dr. Kokarakis pointed out that Germanischer Lloyd is one of the pioneering class societies in solving vibration problems - not only during the design stage but also for ships in service.
Source: Germanischer Lloyd Press Release


Corporate and Promotional X-Mass Gifts
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Choose exclusive, stylish and useful promotional gifts customized with your corporate identity. Small baskets starting at e 30 include a bottle of wine, chocolates and Christmas ornaments. Medium size baskets from e 40 include two bottles of wine, chocolates and Christmas ornaments. Large sized baskets start at e 60 and will be custom designed to meet your needs.
Runa Strand, Phone: 210.96 81 610, Mobile: 6945 333 121, E-mail: runa2004@otenet.gr
Source: Announcement, 8 Dec 2005