Greek Shipping News Cuts
Week 40 - 2006

 

Ship Finance, World Coal, conferences, summits - taking place in Athens

 Marine Money Greek Ship Finance Forum: 12 October 2006, Ledra Marriott - Tel +30 210 9858 809, mia@marine-marketing.gr, www.marinemoney.com
 TMSA in Tanker Operations conference: 18 October, 2006, Athens, www.tankeroperator.com
 4th Ann. Digital Ship Athens - October 19-20, 2006, www.thedigitalship.com
 26th Coaltrans - World Coal Conference: 22-25 October 2006, Athens Hilton, www.coaltrans.com
 Greek Shipping Summit 2006: 3 November 2006, Grand Bretagne, Athens, www.greekshippingsummit.com
Source: Compiled from Internet and Press releases sent to news.desk@marine-marketing.gr


Greek Shipping - Job Openings
Job Openings Contact: AMB Consulting Athens, Captain Thorsten Bruhn thb@ambshipping.com
Chartering Manager Dry - Athens Voula - Ref. 806
Long Description
Our client is a new established company focusing on sea transportation of cargoes who seek for a highly motivated individual. They maintain a portfolio of clients in various commodity sectors, originating from CIS, South America, China and India. They believe that continuous growth of seaborne cargoes in these regions will be the key to the success of the new venture. The ideal candidate should have minimum 5 years experience in chartering, particularly have good knowledge in handy / handymax and panamax markets and should be familiar with FFA. This is a good opportunity for someone mid 30th late 20th whose career was stuck in a traditional ship owning /brokerage company and who has the drive to achieve a lot by working hardly in a rapidly growing company operating in a high potential markets. Your English must be excellent and Greek would be an advantage, but is not a must. This is a great opportunity with excellent career prospects. Salary will be very competitive based on experience and personality and will include performance based incentive scheme.
Chartering Broker Dry - Athens Voula - Ref. 877
Long Description
Our client is a new established company focusing on sea transportation of cargoes who seek for a highly motivated individual. They maintain a portfolio of clients in various commodity sectors, originating from CIS, South America, China and India. They believe that continuous growth of seaborne cargoes in these regions will be the key to the success of the new venture. As Chartering Broker you will be responsible for managing relationship with existing customers and developing relations with new customers. The ideal candidate should have minimum 3 years experience in chartering, particularly have good knowledge in handy / handymax and panamax markets and should be familiar with FFA. This is a good opportunity for someone mid 20th / early 30th who has the drive to achieve a lot by working hardly in a rapidly growing company operating in a high potential markets. Your English must be excellent and Greek would be an advantage, but is not a must. This is a great opportunity with excellent career prospects. Salary will be very competitive based on experience and personality and will include performance based incentive scheme.
Operations Manager Dry - Athens Voula - Ref. 876
Long Description
Our client is a new established company focusing on sea transportation of cargoes who seek a highly motivated individual. They maintain a portfolio of clients in various commodity sectors, originating from CIS, South America, China and India. They believe that continuous growth of seaborne cargoes in these regions will be the key to the success of the new venture. You will be responsible for the efficient running of the company's time chartered ships in all aspects and you must be familiar with legal aspects of various operational issues. You should have minimum 5 years experience as an Operations Manager or Operator and be prepared to learn and grow within in the company. Your English must be excellent and Greek would be an advantage. This is a great opportunity with excellent career prospects. Salary will be very competitive based on experience and personality.
Operator Dry - Athens Voula - Ref. 805
Long Description
Our client is a new established company focusing on sea transportation of cargoes who seek for a highly motivated individual. They maintain a portfolio of clients in various commodity sectors, originating from CIS, South America, China and India. They believe that continuous growth of seaborne cargoes in these regions will be the key to the success of the new venture. You will be responsible for the efficient running of the company's time chartered ships in all aspects and you must be familiar with legal aspects of various operational issues. You should have minimum 3 years experience as an operator and be prepared to learn and grow within in the company. Your English must be excellent and Greek would be an advantage. This is a great opportunity with excellent career prospects. Salary will be very competitive based on experience and personality.
Source: Captain Thorsten Bruhn, thb@ambshipping.com, 4 October 2006


Passenger shipping and portal policy concern Greece
Meanwhile, the County Council of Cyclades made an appeal, yesterday, to the European Committee in Athens, asking an intervention in order to secure the coastal link of all the islands to Piraeus .
More specifically, the Regional County of Cyclades addresses to the European Committee with an official document asking:
- The elaboration of a plan by the Committee and the proposition of an intelligent system of regulation and coordination of the costal services in the Aegean, which will allow to the central administration to take every essential measure for securing a stable, reliable and qualitative net of sea transportation, and which will also reassure the supplementary operation of each separate community policy of the islands involved.
- The obligation of the Hellenic Government to progress and apply (according to chapter 3 of Regulation 3577/1992) a binding general coastal net, which will cover all the islands in the county of Cyclades
Source: 06/10/06 http://www.hellenicshippingnews.com


New actor in Greek bulk play
---A new player is hitting the bulk-shipping scene in Greece, backed by family members of a major international construction group.
Soloi Inc has been formed as a ship-management company and is said to have bought the 76,000-dwt panamax bulker Kanaris (built 2002), which was sold last week by Safety Management Overseas (SMO) for a hefty $47.7m.
Johnny Kalimeris of Soloi confirms the formation of the company three or four months ago and its intention to get into the bulker business but would not comment on the reported purchase.
Kalimeris is partnered in Soloi with Stelios Joannou, son of Dakis of the Joannou and Paraskevaides (J&P) group, which has companies in Greece, Saudia Arabia, Oman, Qatar, United Arab Emirates and Egypt as well as a presence in Europe and North America.
Gillian Whittaker Athens, published: 06 October 2006
Source: www.tradewinds.no


Records set to go on tumbling as buyers maintain their interest
---Perhaps the main factor stopping the market going mad is shortage of supply which is dampening volume of transactions, writes David Osler- Monday October 02 2006
SECONDHAND ship prices continue to set new records across the board.
But somehow it does not seem to be putting potential buyers off, with brokers reporting strong buying interest across both wet and dry sectors.
And the outlook does not seem to suggest any let-up any time soon.
Perhaps the main factor stopping the market going mad is shortage of supply, which is dampening the volume of transactions we are seeing.
In the dry sector stiff competition for tonnage is clearly visible. Indeed, a lack of secondhand vessels up for grabs has meant an increasing concentration on resale.
Arne Blystad, who has recently disposed of his chemtanker fleet, has picked up a kamsarmax resale from Frangos interests. The 82,000 dwt unit is due delivery in the fourth quarter.
Greek shop Allied Shipbroking calculates panamax inflation at 40% over the levels prevailing six months ago.
Kanaris (76,015 dwt, built 2002) has changed hands, with Greek interests shelling out $48m. Liberty One (74,500 dwt, built 2000) has gone to Greek buyers for $41.25m.
Some nifty footwork sees Transmed sell Johnny K (175,048 dwt, built 1994) for $57m, twice what it paid for it in 2002. Thenamaris managed to do even better, selling the 1984-built handymax Seapacefor $10m. It acquired the ship in October, 2002, for just $4m.
The elderly caper Irenes Vision(145,177 dwt, built 1982) secured $11m from Pratibha Shipping of India, while An May (174,674 dwt, built 2005) has gone to Diana at $91.25m.
On the tanker side, sales of note include Majestic Unity(300,549 dwt, built 1996), which has gone to Far East buyers at $96-$98m.
Seller was Lykiardopoulos interests, which acquired the VLCC for $91m in June.
Frontline, fresh from the recent sale of Front Beijing at a whopping $142.5m, reported last week, has exercised options on two 300,000 dwt ships while simultaneously selling them to an unnamed buyers, basis delivery 2010 and 2011.
It did not specify the mark-up, but it will no doubt be considerable.
Goldenport has paid $108m en blocfor two 73,800 dwt units under way in South Korea, basis delivery 2008.
Sarasota, a 1992-built vessel of 96,828 dwt, has gone to Venezuelan buyers at $42m.
Sovcomflot has acquired the oldest LNG carriers in the BG Group fleet, namely Methane Arctic and Methane Polar, both 71,600 cu m and 1969 year of build.
While the Russians will not divulge the purchase price, they apparently have confirmed that speculation of $40m en bloc is not too far wrong.
- This article is compiled from publicly available sources. Reported transactions may not have been confirmed with the buyers or sellers named.
Source: www.lloydslist.com


Breaking News: Danaos Prices at $21
---As we go to press, the Danaos IPO has priced at $21.00 per share. This is the mid point of the targeted range. Book was oversubscribed with order running at 6x allocations.
This is great news for the shipping industry and evidence of the fact the rock solid management teams who are committed to the business (sponsor John Coustas offered to be locked up for 720 days versus the typical 180 days) can rise money on Wall Street. It may have taken more than a year to bring this deal home, but by adding a major tonnage provider in the liner industry to the US capital markets we think a milestone has been achieved. Our most sincere congratulations to Loli Wu at Citigroup, Mark Friedman at Merrill Lynch and David Frischkorn at Dahlman Rose who worked for so long to bring this deal to fruition.
Source: www.marinemoney.com "Freshly Minted" weekly online.


Danaos Makes a Static Debut As IPO Market Loses Steam
---The market for new stock issues ended the first week of October on a decidedly slow and static note Friday, with a new containership stock trading nearly flat and three other expected deals failing to get priced.
The initial public offering of shares of Greek shipping company Danaos Corp. closed just below its $21 IPO price in New York Stock Exchange composite trading, at $20.85 a share at 4 p.m. Friday. ...
Source: Wall Street Journal, NY , By Lynn Cowan


Dryships lost 2.9% after naming Economou interim chief financial officer
---Reported: Friday October 6th, 2006 / 23h25.
Shares of Dryships Inc. (DRYS) lost 2.9% to $13.40 after the company named Chairman and Chief Executive George Economou as interim chief financial officer.
The Greek shipping company said Economou will replace Christopher Thomas, who resigned as financial chief. The company has formed a committee to search for a permanent replacement.
Source: http://www.easybourse.com/Website/dynamic/News.php?NewsID=68695&lang=fra&NewsRubrique=2


A Concession From A Debt Contrarian
Based upon the fleet size and its healthy balance sheet, management determined that the company had reached its next stage in development and could support a level of semi-permanent debt. The amount was carefully thought about. Interestingly a nominal amount was chosen rather than utilizing a net debt to total capital ratio, for example, further evidencing their conservatism. The amount chosen reflects their desire to maintain it at a level to reduce the need to raise equity while leaving the amount re-financeable. The $150 million, which was incurred under the credit line, consists mainly of the current debt outstanding of $39.6 million plus the $91 million related to the recent acquisition of the capesize to be delivered. Maintaining a level of $150 million of debt enables Diana to have a more efficient capital based and at the same time a low debt/capital ratio. As a result the company going forward enhances its ability to pay higher dividends.
Continuing their shareholder friendly bent, the company has carved out from the dividend calculation debt incurred to finance vessels under construction arguing shareholders should not be penalized for ships that are not in the water earning revenue. To support this structure the debt on the two new capesizes will be interest only and the interest will be capitalized requiring no use of cash.
Moreover it has demonstrated an ability to regularly tap the equity market.
Source: www.marinemoney.com "Freshly Minted" weekly online.


Lavish life of 'real Onassis' on display
---By Nicholas Paphitis, Associated Press, October 5, 2006
ATHENS, Greece - It was a mark of Aristotle Onassis' fame that dinner guests on his opulent yacht, Christina, included Winston Churchill, John F. Kennedy and Jackie Bouvier - later to become Onassis' second wife - Rudolph Nureyev, Greta Garbo and Elizabeth Taylor.
The shipping tycoon's lavish lifestyle and business acumen made him the most famous Greek of the 20th century, and an exhibition that opens today in Athens sets out to reconstruct Onassis' life through his personal effects. These include a love-letter from opera diva Maria Callas, luxury collectibles and the tycoon's horn-rimmed sunglasses.
"We wanted to advance beyond the myth, to show the real Onassis," said Anthony Papadimitriou, president of the Alexander S. Onassis public benefit foundation that organized the exhibition.
Onassis was born in 1906 to a wealthy Greek family in Smyrna - Izmir in modern Turkey - that lost everything after the Greeks were evicted from Turkey in 1922. He emigrated to Argentina and launched his shipping business. After moving to New York, Onassis enlarged his business empire and branched out into air transport by founding Olympic Airways. He died in Paris in 1975.
"We at the foundation knew . . . the real Onassis," Papadimitriou said. "He was a terrific businessman but also a cultured, charming man who left his mark on an era."
The foundation, named after Onassis' only son - who died in a 1973 plane crash - has provided many of the 300 objects and 500 photographs displayed at the new branch of the Benaki Museum. Several of the exhibits are linked with Callas, a fellow Greek with whom Onassis had a relationship in the 1960s. There's a letter to "Aristo my love," jewelry, a score from Tosca, clothing items and a piano commissioned for the opera star.
The Christina - named after Onassis' daughter - "was effectively the center of Onassis' life," exhibition curator Sophia Handaka said. Part of the yacht's library is featured in the exhibition, which runs through Nov. 12. 2006
Source: http://www.rockymountainnews.com/drmn/other_spotlight/article/0,2777,DRMN_23960_5042715,00.html