Greek Shipping News Cuts
Week 37 - 2006


World Coal Meeting, Ship Finance, forums, conferences, summits - Athens is the place

 Mare Forum Greece: 25-26 September 2006, Astir Palace Vouliagmeni. Tel: +31 10 281 06 55, info@
 DNV Piraeus conference: "Human Element in Shipping", 26 September 2006, tel: 210 41 00 200
 Lloyd's Register half-day workshop on Port State Control: 28 September 2006. Mrs. Jenny Filippakou, Tel: 210 4580 819,
 Marine Money Greek Ship Finance Forum: 12 October 2006, Ledra Marriott - Tel +30 210 9858 809,,
 TMSA in Tanker Operations conference: 18 October, 2006, Athens,
 4th Ann. Digital Ship Athens - October 19-20, 2006,
 26th Coaltrans - World Coal Conference: 22-25 October 2006, Athens Hilton,
 Greek Shipping Summit 2006: 3 November 2006, Grand Bretagne, Athens,
Source: Compiled from Internet and Press releases sent to

Greece, China cooperation in transports sector
---Greece and China on Monday signed a memorandum of cooperation in the transports sector, and are discussing plans to involve Chinese firms in developing Greek ports. The plans for port development were discussed in Athens between merchant marine minister Manolis Kefaloyannis and visiting Chinese communications minister Li Shenglin.
Greece and China are discussing plans to involve Chinese firms in developing domestic ports, a move that would aid in the transportation of the companies' goods and bring a lasting improvement in infrastructure, Kefaloyiannis told reporters after his meeting with Li, whose portfolio includes shipping.
"Greek ports are located at the crossroads of Europe, and we wish to make them hubs that will serve global trade in Europe and in the wider region of the southeastern Mediterranean and Africa," Kefaloyiannis said.
"The minister's visit affirms the excellent relations that were inaugurated when Prime Minister Costas Karamanlis visited China. The Chinese minister and I collaborated to draft proposals for the development of Greek ports, cooperating with major Chinese enterprises," the Kefaloyannis noted.
Li also visited a container terminal at Neo Ikonio that belongs to the port of Piraeus.
The Chinese minister also met with Greece's transport minister Michalis Liapis on Monday, with whom he signed a memorandum of cooperation in the transports sector.
The agreement follows Liapis' official visit to China last week, and involves road transports, combined transports and less red tape in cross-border transports between the two countries.
Source:, Athens News Agency, Greece - Sep 12, 2006

Syria and Greece discuss enhancing sea transport cooperation
---ATHENS, (SANA)- Deputy Transport Minister for Sea Transport Dr. Imadedin Abul Hai on Thursday discussed with Secretary General of Greek Ministry of Maritime Trade cooperation in the sea transportation between the two countries and means of rerunning the Free Boat line between Tartus and Greek city of Volos.
Both sides reviewed the facilities which Syria offered to eliminate the obstacles which hinder running this line.
Holding a meeting of the joint technical committee between the two countries in the sea transport field was also approved.
H.Zein/ Idelbi
Source:, SANA - Syrian Arab News Agency, Syria, Thursday, September 14, 2006 - 01:15 PM

Would You Pay $91 Million for a Capesize Bulker?
---Simeon Palios of Diana Shipping would, and so would Scott Burk of Bear Stearns. Why, you might ask, when according the Clarkson the going rate for under 5-year-old capesizes is $73 million?
Source: Marine Money Freshly Minted, Thursday , September 14, 2006 - v Page 4

Busy Tradewinds reports on busy Greeks
Following headlines picked from Tradewinds Weekly, 15 September 2006. Articles in full are available at
 Dynacom is reported to have booked a pair of 150,000-dwt vessels at Universal Shipyard, with delivery slated for 2008. No price has been suggested on the order.
 Marinakis continues changing face of fleet. Evangelos Marinakis-controlled Capital Ship Management is continuing fleet moves on all fronts with the further sale of an older ship, the reported firming up of two more medium-range (MR) products-tanker newbuildings and an attractive fixture for two of its combination carriers (OBOs).
 Diana beefing up with new capesize tonnage
 Small Greek panamax-bulker operator General Maritime Enterprises Corp (GME) has just taken delivery of the youngest and probably most expensive ship it has ever owned.
 Low-profile Greek bulker operator Common Progress is denying reports that it has sold the 70,000-dwt Esperis P (built 1994) for an amazingly high price.
 Greece's Samos Steamship continues to add to its newbuilding programme with orders for three bulkers and one products tanker at Japan's Onomichi shipyards.
 Greek back in China for six tankers. Suezmaxes and products tankers are on the menu for Gregory Callimanopulos.
Informed sources say Teekay Shipping of Canada and Minerva Marine of Greece have each placed orders for two suezmax tankers at the world's largest shipyard.
 Greek dry-bulk specialist Safety Management Overseas (SMO) has returned to Ishikawajima-Harima Heavy Industries (IHI) of Japan for two 87,000-dwt bulkers.
 Greek gas-carrier operator Benelux Overseas is diversifying into handymax products and chemical tankers.
 Ancora Investment Trust of Greece has pulled off a quick sale and delivery of its 31,000-dwt tanker Artina A (built 1981).
 Greek ferry operator Blue Star Maritime has reportedly sold two of the three passenger ferries it bought at auction in July for scrap. The company bought the assets of the collapsed Dodecanese Island ferry company Dane Sea Lines for EUR 15.4m ($19.6m).
 Pioneer Tankers of Greece has sold the 38,000-dwt products tanker Bela (built 1979) for $412 per ldt or $3.6m.
 US-listed Greek tanker owner Tsakos Energy Navigation (TEN) is back at Sumitomo of Japan for two aframax tankers.
 Kambara Kisen sells six newbuilding contracts. Brokers suggest that Golden Union of Greece has bought two ships ...
 Golden Destiny is said to have brokered a deal between Blue Line Ship Management of Greece and Sinochem of China for the purchase of two 13,000-dwt chemical-tanker resales.

Hot September as Greeks splash $1.5BN on newbuildings
---The summer may be over, but there is growing evidence many Greeks spent the summer talking to shipyards and bankers. In the first 15 days of September shipbuilders have been busy commenting on orders reportedly placed as their leading customer adapts to the era of Common Structural Rules.
Orders for ships worth $1.5bn have emerged and many more are being negotiated as building slots fill and delivery times run into 2010.
Leading the way is the Gregory Callimanopulos-controlled Marine Management Services which has reportedly commited $480m to newbuilding projects. Some $290m of this will go on three 163,000dwt tankers to be constructed in China's fledgling New Times Shipbuilding with an option for a further unit. The company is also understood to be booking three 114,000-dwt coated products tankers with the yard at $60.5m each.
Dynacom has added a pair of suezmax tanker orders to the New Times orderbook, joining four 73,000dwt product tankers the George Procopiou-controlled company has at New Times.
The John Angelicoussis-controlled Kristen Navigation has taken an option for a fourth 160,000dwt suezmax tanker at Hyundai HI in South Korea at a cost of $80m. The same yard has reportedly secured an order from Andreas Martonos' Minerva Marine for two suezmax tankers at the same price.
Evangelos Marinakis/Capital Ship Management has extended a massive newbuilding programme to 18 ships, having reportedly taken up options on two 51,000dwt high-specification IMO-II and IMO-III products tankers at South Korea's STX Shipbuilding.
Samos Steamship has ordered three 37,000dwt bulkers and one 47,000dwt products tanker at Japan's Onomichi shipyard. The bulkers will be delivered at the end of 2008, early and mid 2009 and are believed to be costing around $27m each. The tanker order was placed sometime ago with delivery of the ship in early 2007. No price details have been disclosed. Safety Management Overseas is also building in Japan, having ordered two double-hull ships of the IHI Future-87 design. The ships are costing just under $40m each.
Golden Union has ordered a capesize bulker at Shanghai Waigaoqiao Shipbuilding in China.
Another $140m has been invested by US-listed Diana Shipping and Hellenic Star in purchasing newbuilding contracts off the berth, for delivery later this year.

Shipping magnate to have Irish assets seized
---A Greek shipping magnate who bought the Christina O yacht on behalf of Irish investors is to have his Irish assets seized. John Paul Papanicolaou was successfully pursued through the Greek courts by the former owner of the boat. The action was moved into the Irish courts last week.
Tauck is now attempting to seize significant cash reserves held by Papanicolaou in Ireland. The ex-parte application was made during a vacation sitting of the High Court last week.
Papanicolaou has a stake in the Christina O through an offshore company in the Cook Islands, an offshore Pacific tax haven. It is not clear how the new court action affects ownership of the yacht, although legal sources said the matter was likely to be addressed by the High Court.
Source:, 10 September 2006 By Ian Kehoe

Athens Stock Exchange takes 30 listed firms to London roadshow
By ANESTIS DOKAS, 13 Sep. 2006
Kapralos will tell foreign investors in London that the ASE is evolving into a new, modern, dynamic and internationalized investment environment.
The net foreign capital that came to ASE in 2005 exceeded 5.2 billion euros. Today more than 50 percent of the daily transaction turnover on the Athens market originates from foreign investment portfolios based outside Greece.
This month, when ASE completes 130 years of operation, the first five remote members of the Athens bourse will start operating, having been admitted by the CMC. This concerns five Cypriot stockbrokerage companies and is associated with the operation of a common platform for the Athens and Nicosia stock markets.
Among the priorities of Hellenic Exchanges is also the introduction of new products, such as exchange-traded funds (ETFs), and the listing of ocean-going shipping companies.

UECC expands commercial network with new offices in Pireaus and Brussels
---United European Car Carriers (UECC) has opened commercial offices in Piraeus, Greece and Brussels, Belgium.
- We're expanding into the Mediterranean and Black Sea area in order to meet the growing demand for transhipment of Deep Sea cargo entering Europe and Russia, explains Craig Jasienski, Director Commercial Management in UECC. He sees continuing growth in both car production and sales in Eastern Europe, and UECC wants to be part of this growth. The new office in Piraeus will give the company a stronger presence and bring them closer to the activity in the area.
UECC is Europe's leading provider of short sea transportation services for the vehicle manufacturing industry. The company operates 27 purpose-built vessels in a pan European network, and employs some 850 staff ashore and afloat. UECC also operates several vehicle terminals in major European ports. In 2005 UECC shipped more than 1.9 million cars and other rolling cargo. The company is owned in equal shares by Wallenius Lines of Stockholm, Sweden, and Nippon Yusen Kabushiki Kaisha (NYK) of Tokyo, Japan.
Contact: For more information, please contact Mr Craig Jasienski, Director Commercial Management, Phone: + 47 67 51 82 59 / Mobile: +47 91 72 75 33, E-mail:
Source:, Oslo, September 13, 2006

Russian oil rivalry delays Greek pipeline
Source: Newswatch Fairplay International Shipping Weekly, 14 Sep 2006

---Right of banks to force sale of bankrupt vessel upheld- Wednesday September 13 2006
A US appeal court has held that Greek petroleum company Eko-Elda, which supplied bunkers to a cruiseship before the banks forced a sale of the vessel in the US, does not have a higher ranking lien than that of the banks holding the preferred ship mortgage, writes Sandra Speares.
The appeal arose out of an action filed by Dresdner Bank and Kreditanstalt Fur Wiederaufbau and Norddeutsche Landesbank Girozentral to foreclose on a preferred ship mortgage on Greek flagged Olympia Voyager, owned by Olympic World Cruises.
Eko-Elda had supplied OWC with bunkers for the vessel in Greece, and when the company fell behind on its payments Eko-Elda threatened to cut off supplies. However Royal Olympic Lines and/or Royal Olympia Cruises, operators of the vessel agreed to repay the $5.5m debt provided Eko-Elda continued to supply the ship.
Olympic World Cruises filed for bankruptcy protection in the US and the banks started foreclosure proceedings against Olympia Voyager. They were awarded final judgment after default against the vessel on March 19, 2004.