Greek Shipping News Cuts
Week 52 - 2006


Zim to sue?

Athens newspaper Kathimerini claimed today legal action was under review as the line sought to recover losses incurred as a result of the dispute.
Some 18 of Zim'z ships were diverted as the dock slowdown meant the port could not meet its usual load and discharge rates.
By Liz Shuker in London, published: 11:56 GMT, 29 December 2006 | last updated: 12:32 GMT, 29 December 2006

No end in sight for container port deadlock
Source: Date: 12-28-2006,

---A total of about $4.2 billion is the estimated turnover carried out by foreign shipping companies, which have established headquarters in Hellas. About $2.2 billion involves all sorts of activities, while another $1.4 billion and $599 million has to do with office expenses and other duties, bringing the total figure above $4 billion.
Source: Nikos Skenderoglou, Hellenic Shipping News), 24/12/06:

Greece finally sees need to boost register
At a recent press conference the minister of merchant marine, Manolis Kefaloyiannis, promised that measures to enhance the appeal of the flag would soon be in place.
Sources at the ministry have suggested that the package, whatever that may be, is likely to be announced by the end of 2006, but without committing the leadership to any firm timetable.
Shipowners, though, have been clamouring for greater flexibility and a more competitive cost structure from the home flag for at least a decade, arguing the register is the most expensive in Europe.
Warnings reached a pitch in autumn this year when the Union of Greek Shipowners and the London-based Greek Shipping Co-operation Committee underlined that already two-thirds of the world-leading Greek owned fleet is under foreign flags.
Price controls have now been scrapped and an automatic age guillotine hanging over the fleet has been removed, although ferry operators still claim that the state continues to interfere in the system more than it should.
The changes followed threats by ferry lines that they would enforce market pricing themselves if the government did not act.
One way or another, Mr Kefaloyiannis and his ministerial aides will survey a new scene when they look out over the water in the New Year. The ministry has just relocated to brand-new premises on the Piraeus harbour front.

DryShips buys and sells
---GREEK-based, Nasdaq-listed DryShips, which runs a 36-strong bulker fleet, has replaced two elderly panamax ships with newer vessels, one capesize and one panamax.
It has bought the1996-built, 151,393 dwt Cape Venture for US$62m and the 1998-built, 72,495 dwt Sea Epoch for US$38m.
Meanwhile the 1982-buit Striggla has been sold for US$12.1m. DryShips says it will realize a book gain of about US$9.1m million on the sale. The other vessel sold is the 1989-built, Daytona for US$ 25.3m. The book gain is put at about US$5.9m.
Source:, Thursday, 28 December 2006

Star Maritime to hold its 2006 Annual Meeting no later than March 1, 2007
The Company is a blank check company that was formed to acquire, through a merger, capital stock exchange, asset acquisition or other similar business combination, one or more businesses in the shipping industry. The Company must complete a business combination on or prior to June 21, 2007, or December 21, 2007 if either a letter of intent, an agreement in principle or definitive agreement to complete a business combination has been executed on or prior to June 21, 2007.
In its request to AMEX for an extension, the Company advised AMEX that the reason for the delay in the 2006 Annual Meeting is since its initial public offering on December 16, 2005, its management and the board of directors have focused their efforts exclusively on identifying and selecting potential target(s) for a business combination, as the Company believes it is in the best interests of its stockholders for it to consummate a business combination at the earliest possible time. The Company further stated that the annual meeting is not only a time for presenting proposals to stockholders, but also a time when the Company can update shareholders on it business operations. At this time because the Company has no business operations, the Company believes that the need for such updates is obviated in this case.