Greek Shipping News Cuts
Week 42 - 2006

 

World Coal Conference and Greek Shipping Summit to be held in Athens

 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 interests maintain their global lead in the purchase of used ships
---By Nikos Roussanoglou - Kathimerini
Greek shipowners are not letting go of the top spot internationally in the used ships market this year, according to the latest available data of the Allied Shipbroking company.
A total of 223 ships have been bought by Greek interests since the start of this year. Greek shipping has invested a total of $6.74 billion, maintaining its lead compared with other countries and by some distance. Norway is second in terms of capital invested, with investments of $3 billion.
Since the beginning of the year, it is estimated that a total of 1,253 ships have changed owners. The value of transactions exceeded $25 billion in early October, showing that demand for ships on global level remains particularly high. For all of 2005 some $30 billion was invested for all types of ships, while the respective investment already has exceeded $27 billion in less than 10 months in 2006. This is explained by the lack of launching cradles in the Asian shipyards, particularly those in South Korea and China. The occupancy rate of shipyards reaches 100 percent for deliveries within 2009, while ship orders for delivery in 2010 have also started being implemented.
As a result many shipowners turn to the used ships market, as these vessels offer immediate amortization of their new owners' investment. At the same time, depending on the market, they offer shipowners the opportunity to capitalize on the rising course of freight rates, as is happening now with the dry bulk market.
The Greek shipping companies, listed or not, have mainly invested in dry bulkers and tankers. The majority of markets concerns dry bulkers, as Greeks have acquired 132 such vessels, valued at $3.6 billion. Analysts attribute this to the shipowners' difficulty in finding launching cradles available in shipyards for dry bulk ships, due to the preference shipyards show to bigger vessels of other types which offer greater profit margins.
The most popular dry cargo category on the global level is the handysize ships with their relatively small capacity (between 10,000 and 40,000 tons) and the handymax ships (40,000-60,000 tons). So far shipowners this year have acquired 191 handysize ships, of 4,871,361 tons at $1.66 billion, and 134 handymax vessels, of 6,418,753 tons at $3 billion. In total 637 dry bulk ships of all types have been resold, costing more than $10.5 billion.
As far as tankers are concerned, Greek interests have acquired 79 ships for an amount close to $3 billion. The most popular category by far internationally is the oil product tankers, with a capacity from 10,000 to 60,000 tons. Until mid-October some $4 billion was invested for the purchase of 165 such ships, with a total shipping capacity of 5,191,917 tons. Overall, 400 tankers have been resold, with their cost exceeding $12 billion.
Source: http://www.ekathimerini.com, 21 Oct 2006


Insurance and crewing push up ship operating costs
Moore Stephens Shipping Industry Group partner Richard Greiner said: "Although the percentage increases in total operating expenditure, overall, were down on the previous year, the significant increases shown in certain categories emphasise the need for owners and operators to keep a tight rein on costs.
"OpCost has become a primary tool for benchmarking shipping costs, forensic accounting and preparing or checking business plans. This year, the number of ships included in the survey has increased 10% and demand for its use has grown strongly too. This is real data, from real ships, and gives a real comparison."
OpCost 2006 shows repair and maintenance costs were down overall 1.2% on the previous year. There were, however, significant variations across different ship types.
Dry cargo ships, showed a near-20% increase in expenditure on repairs and maintenance. But there was a drop of 18.7% in the same area for container ships, where big is increasingly becoming beautiful.
Lube oil costs, unsurprisingly given the crises in that market, were significantly up, but the single biggest increase of 10.6% was recorded in insurance. Dry cargo ships recorded the biggest increase, at 31.2%. Moore Stephens notes that cut-throat competition between underwriters in the marine markets has traditionally kept premiums down, but says the insurance market may have gained some courage from a series of big losses. In P&I, meanwhile, increasing claims costs, higher reinsurance outgoings and generally uninspiring investment returns saw most of the clubs call for significant general increases.
The OpCost 2006 report is extracted from Moore Stephens' database of actual running costs of over 1,300 ships for the year ended December 31, 2005. The report covers the 20 most common ship types. Operating costs are shown for each ship type, broken down into five main groups of crew costs, stores, repairs and maintenance, insurance and administration. The report also includes an analysis of changes since last year and information on dry-docking costs and duration. Running cost information in OpCost is obtained on a confidential basis from shipping company clients of Moore Stephens, and from shipowners and managers who voluntarily submit accounts for inclusion.
Source: Issue 39 (20 October 2006) of Newsfront Greek Shipping Intelligence newsletter.


More specifically, these 5 particular points are :
- The reducing of several taxes that are valid only in passenger-shipping sector. These taxes are the main cause of expensive tickets, so a possible decrease would lead to cheaper transportations. (Source:Naftemporiki)
Source: http://www.hellenicshippingnews.com


Minister of Interior: guest speaker in the Piraeus Marine Club - 24Oct2006
Luncheons tickets priced at 65,00 euro for members and 80,00 for non members can be obtained from the Executive Secretary of the Club, Mrs. Kate Vienna not later than Monday 23rd October 2006. Tel: (+30) 210 429 3606-8.
Source: Piraeus Marine Club


HSH Nordbank to start a rep-office in Athens
The Greek shipping market is one of the key markets of the shipping industry. With an overall credit portfolio of EUR 2.9 bln (USD 3.6 bln) exposed to Greek clients HSH Nordbank AG is one of the biggest ship financers in the Greek market. Aegean Baltic Bank S.A., managing a credit volume of EUR 1.6 bln (USD 2.0 bln) is the biggest domestic arranger in the Greek shipping market.
Contact: HSH Nordbank AG, Media Relations / Communications, Michaela Fischer-Zernin, Phone +49 40-33 33-11 993, Fax +49 40-33 33-611 993, E-Mail: michaela.fischer-zernin@hsh-nordbank.com
Source: 18.10.2006, http://www.hsh-nordbank.com/home/themen/presse/pressemitteilung/PE06101219358.jsp


Naftotrade Cements $60 million NFC Deal
---In the rather specialized and largely overlooked by many ship-financiers cement shipping sector, Naftotrade Group, has recently successfully concluded a deal that will allow it to further expand and solidify its position in this niche market.
This transaction allows Naftotrade to sell four of its vessels at attractive prices supported by current market environment while taking the vessels back under a bareboat charter, thus retaining their technical and commercial management and benefiting from any upside the historically high freight market has to offer. At the same time, the company releases the equity tied up in the vessels, reducing its bank debt and generating sufficient extra liquidity to finance its fleet modernization and expansion strategy in the sector.
Our most sincere congratulations to Maro Varvate at Naftotrade Group, Nikos Stratis at NFC and Yiannis Alexopoulos at the Eurofin Group who worked hard to bring this deal to fruition.
Source: http://www.marinemoney.com - M a r i n e M o n e y F r e s h l y M i n t e d - T h u r s d a y , O c t o b e r 1 9 , 2 0 0 6


Skinitis opens Piraeus shop
---The concentration of shipping interests in Greece continues to attract service industries to set up shop in Piraeus, with the latest addition representing another law office.
UK-born Greek lawyer Sotos Skinitis has just opened for business on the Piraeus waterfront, working in co-operation with London-based Swinnerton Moore.
Skinitis, 32, comes from a shipping family background. After taking his law degree at Oxford Polytechnic and qualifying as a solicitor at Nottingham Law School, Skinitis also put in six months at a Greek-controlled shipping company in London. He also worked at Lewis Moore&Co before that company merged with Swinnerton's in December 2001.
Skinitis says he specialises primarily in shipping litigation. The Piraeus practice will offer an on-the-spot service but also have the back-up of expertise from the London office when required.
"We saw that smaller firms not doing banking and corporate business have an advantage by being here," he said.
Around a dozen UK law firms now have a presence in Greece, some fielding hefty teams, including shipping-finance experts as well as litigators. Skinitis himself came to Greece in 2005 to join Norton Rose.
To herald the opening of Law Offices Skinitis, the partners of Swinnerton Moore joined the lawyer in hosting a cocktail reception at a central Athens hotel.
By Gillian Whittaker Athens, published: 20 October 2006
Source: www.tradewinds.no


Greek Awards gain strength in third year
---Time is running out for you to enter nominations for the 2006 Greek Shipping Awards. Athens correspondent Nigel Lowry explains the procedure and argues that the awards are a sign of healthier times in shipping- Wednesday October 18 2006
It seems not so very long ago that the idea for the Greek Shipping Awards was first floated, but with fulsome support from the industry it has already become a fixture as one of the largest events in the maritime calendar.
There will be a total of 13 awards for 2006, including one new category, Ship of the Year, which has attracted significant interest already.
Awards schemes differ in their method of selecting winners; in the case of the Greek Shipping Awards the procedure is a simple one.
All it takes is that you care to propose a candidate for a particular award, set down a few good reasons in writing why your choice would make a worthy winner and include your name, organisation and contact details.
All the nominations in each category, with the sole exception of the Newsmaker award, are then assessed by a panel of 10 judges including distinguished industry personalities and impartial experts.
They are not able to supplement the field of candidates at the adjudication meeting. Therefore, the foundations for the success of the awards in any given year are firmly laid at this point in the process, when members of the Greek shipping community and their service partners and charterers are encouraged to submit nominations.
The quality of incoming nominations will go a long way to determining the winners.
Judges are asked to assess candidates objectively and, with the exception of the Lifetime Achievement category, to attach most importance to meritorious activity in the past 12 months or so.
Past experience suggests that this year again the judges will have some tough decisions to make, and that the jury meeting is likely to involve some robust discussion of how to compare big shipowners and smaller companies, how to rate factors such as quality and innovation, whether to reward financial results or social contribution, and indeed any other criteria the panel individually or collectively considers important.
In fact the debate and the range of factors taken into account only mirrors the scope and diversity of the industry itself, while hopefully the list of winners reflects something of the current quality and energy of Greek shipping and its service partners.
Feedback from the shipping community after the first two years of the awards suggests that in general the judges have excelled.
Few people have entered shipping with the expectation of winning a prize for their efforts, but the Greek Shipping Awards nonetheless appear to have caught a new mood in the industry. There is a growing sentiment within the community that shipping should not be ashamed to draw attention to its finer qualities, and a wider acceptance today that it is okay to discuss merit more openly.
Moreover, the introduction of the awards coincides with the increasing sophistication and quality of shipping in Greece.
The awards can be seen as part of this process, although confidentiality plays an important role in the procedure.
The full list of candidates proposed by the public is kept confidential to the judging panel and only the outright winner of each award is announced on the night of December 8.
The identity of who has submitted nominations is also protected, so no one need feel shy about participating.
Interest in the awards has been underlined by a prestigious list of commercial sponsors from the maritime and financial world that are supporting the individual prizes and events on the night.
Nominations can be submitted either using the official nomination form or by fax or e-mail to, respectively, +30 210 42 91 196 or LLGreek.Awards@hol.gr.
The 2006 judging panel, In alphabetical order:-
- Nicos Efthymiou, President of the Union of Greek Shipowners
- George Foustanos, Greek maritime author and historian; President of Argo Publishing & Advertising
- George Gratsos, President of the Hellenic Chamber of Shipping
- Maria-Christina Ktistakis, President of WISTA Hellas
- Mathew Los, Treasurer, the Greek Shipping Co-operation Committee
- Marianna Moschou, Secretary of the board of governors, Propeller Club, International Port of Piraeus
- Nicky Pappadakis, Chairman of Intercargo; chairman of Helmepa
Source: www.lloydslist.com


Greek Shipping - Job Openings
Job Openings Contact: AMB Consulting Athens, Captain Thorsten Bruhn thb@ambshipping.com
> Technical Superintendent LPG - Athens - 885 Our client a well established and still growing Greek Ship Management Company seeks for a Technical Superintendent with LPG and; or Product or Chemical Tanker experience with minimum 2 years experience in Technical Superintendence. The ideal candidate should have either sailed as Chief Engineer, 2nd. Engineer or be a graduated Naval Architect and Marine Engineer. Your must be fluent in English and be prepared to travel for Ships Audits, Ship Repairs and vessels Dry Docking. This is a great opportunity to join a 1st. class company with long term prospects and commitments.
> Marine Officer - Coordinator - Athens - 849 Our clients seeks a Marine Officer for their Branch Office in Athens. The ideal candidate should be a University Degree holder in Shipping / Marine Transportation or a master mariner having sailed as Chief Officers or 2nd. Mate on Crude, Product / Chemical Tankers, LPG experience would be an advantage. You must be eager to learn, to move forward, being customer focused, be team oriented and have minimum 2 years shore experience in a similar position. Your English must be excellent. The reward is a competitive package with good career development perspectives in a multicultural environment.
> Marine Superintendent Athens - 848 Our client seeks a Marine Superintendent for their Branch Office in Athens. The ideal candidate should be a master mariner having sailed as a Master or as Chief Officers on Crude, Product / Chemical Tankers, LPG experience would be an advantage. You must have a strong personality, being customer focused, be team oriented and have minimum 5 years shore experience in a similar position. Your English must be excellent. The reward is a competitive package with good career development perspectives in a multicultural environment.
> Chartering Manager Dry - Athens Voula - Ref. 806 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 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 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 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