Greek Shipping News Cuts
Week 11 - 2007


Greece, Russia Bulgaria sign pipeline deal - Athens claims place on energy map

---Russian President Vladimir Putin (left), Greek Prime Minister Costas Karamanlis (center) and Bulgarian Prime Minister Sergei Stanishev shortly after the signing ceremony for the construction of an oil pipeline that will pump 700,000 barrels per day, or 35 million tons, of crude a year with the potential to rise to 50 million tons per year.
Prime Minister Costas Karamanlis, Russian President Vladimir Putin and Bulgarian Prime Minister Sergei Stanishev attended the signing of the accord, which ended almost 15 years of negotiations on the 279-kilometer pipeline.
The idea for the pipeline dates to 1993, but the negotiations that followed were protracted and difficult because Greece, Bulgaria and Russia could not agree on how to divide the stakes in the ambitious project.
Tankers currently make the trip across the Bosporus, which has become congested in recent years as maritime traffic has intensified.
Crude oil will be shipped from the Russian port of Novorossiysk to Burgas and then piped to Alexandroupolis. From there, tankers will take the supplies to world markets.
A Russian consortium of the Transneft, Rosneft and Gazprom energy companies will hold a 51 percent stake in the project. Greek and Bulgarian companies will split the remaining 49 percent.
Some industry experts have been cool toward the pipeline, saying it will create dependence on a single supplier in the energy market.
Others played down the possibility of Russian dominance in energy, saying such fears are exaggerated.
In a meeting between Karamanlis and Putin before the signing ceremony, sources said the Russian leader expressed interest in local industrial, commercial and tourism sector investments.
Source: 16 Mar 2007, MIKHAIL KLIMENYEV/AFP.

Russia: Pipeline Deal Raises Energy Dependence Concerns
---MOSCOW, March 16, 2007 (RFE/RL) -- Russia, Greece, and Bulgaria have signed a long-awaited deal to build a trans-Balkan pipeline that will boost oil supplies to Western markets.
The pipeline will ship Russian oil from the Black Sea to the Mediterranean, avoiding the overcrowded Bosphorus Strait.
At a grand ceremony in Athens on March 15, Russian President Vladimir Putin hailed the construction of the pipeline as a step forward for the delivery of energy supplies to Western markets.
"The implementation of this project increases the stability not only of the Balkans but of the entire world energy market, without any doubt, for at least two reasons: first of all, it helps increase raw energy supplies to world markets, and secondly, it diversifies the ways of delivering energy resources to those markets," Putin said.
High Oil Prices
The deal has been a long time coming. For 15 years, the Russian side held off, considering the project not commercially viable.
But high oil prices helped speed up the agreement -- as did the inauguration in July of a potential rival, the Baku-Tbilisi-Ceyhan oil pipeline, which links the Caspian Sea to the Mediterranean while bypassing Russia.
The agreement means construction should be completed within the next four years, when 35 million tons of Russian oil will be pumped from the Bulgarian Black Sea port of Burgas to the Greek port of Alexandroupolis in the Aegean Sea.
Analysts say the advantage of the pipeline is that it avoids the heavily congested Bosphorus and Dardanelles straits which link the Black Sea to the Mediterranean. It is estimated that tanker delays in the straits cost oil companies up to $1 billion a year.
But the trans-Balkan deal has raised concerns that Europe is failing to break free of its dependence on Russian energy supplies, and that other non-Russian pipelines in the region could lose their share of the market.
Dependency Fear
The Russian president tried to allay those fears on March 15: "As far as the existing pipelines are concerned, [the new pipeline] does not make the situation worse for them. Because we're talking not about redirecting any of the flows from other systems, but about filling the pipeline we're going to build with new resources that are expected [to be produced] in Russia and other countries that transport their energy resources through our country."
Earlier this month, a senior U.S. State Department official, Matthew Bryza, commended the three signatories on the pipeline accord. He said the more oil that reached global markets, the better.
A Russian oil field in Taimur (TASS) But he sounded a note of caution, adding that the United States was anxious that Europe could become too reliant on the state-owned Russian energy giants -- Gazprom and Rosneft.
That reliance was brought to the fore last year, when gas supplies to Western Europe were temporarily disrupted after a disagreement between Russia and Ukraine over energy prices. Western Europe receives up to 40 percent of its gas from Russia through transit pipelines that cross former Soviet states.
Russia turned off supplies, saying it wanted the Ukrainian side to pay market prices for energy supplies, which as a former Soviet republic it had been receiving at reduced rates.
Political Elements
Another spat with Belarus this year saw oil supplies to Europe briefly disrupted.
The disputes were resolved, but the incidents sent jitters through Western markets.
Manuchehr Takin, an energy analyst at the Center for Global Energy Studies, said there is an element of politics to the deal.
Approximately one-third of Western Europe's oil supplies come from Russia via the Black Sea.
It's a significant amount -- but not enough, in Takin's opinion, to justify fears that Western markets are overly dependent on Russian energy supplies.
"I think the commercial aspects of all these deals are more important than the political aspects. And this deal about the pipeline coming through Bulgaria and Greece is a very natural one, it is a logical one," Takin said. "They have been discussing it for 10, 15 years. So I think we should commend the more commercial deals that are made as such and not look at it purely as a political point."
The Russian companies Rosneft, Transneft, and Gazprom will share a 51-percent stake in the venture, leaving Greece and Bulgaria with 24.5 percent each. The pipeline project's estimated cost is $1.2 billion.
Source: By Chloe Arnold,

On and Off Akti Miaouli
 Dry bulk ship operator Genco Shipping & Trading Ltd (Genco) is to switch its listing from the Nasdaq exchange to the New York Stock Exchange (NYSE) from April 11. Genco chairman Peter Georgiopoulos said: "With a business at the centre of global trade and a focus on growth, Genco Shipping & Trading is well suited for a New York Stock Exchange listing. We believe listing on the New York Stock Exchange will continue to raise Genco's visibility in the global financial markets, which remains an important goal." He said, "we appreciate the service and support Nasdaq has provided Genco since its Ipo in June of 2005". NYSE group ceo, John A. Thain welcomed Genco as "an outstanding addition to the family of NYSE-listed companies".
 Third party ship manager Barber Ship Management sees the establishment of an office in Piraeus as an important part of its investment strategy as it seeks to expand its presence in the third party management market. Hercules P Efstratiadis, gm of Barber Ship Management Greece, said the company has recognised Greece "as a dynamic shipping market" and Barber believes there "is interest in its services". Barber manages some 500 ships of all types, and provides crew from a pool of 8,500 seafarers.
Barber president, Geir Sekkesaeter announced at Posidonia 2006 the company's intention to open an office in Greece "to be closer to the shipowners who have shown an interest in our services". Efstratiadis said that with offices in key markets the company is committeed to providing "ship management services with a long-term obligation for quality, while seeking new clients to strengthen its position in the market".
Barber Ship Management Greece is located at: 100 D Moutsopoulou & Serifou Streets, 185 41 Kamini, Piraeus Tel: 210 4200.043 Fax: 210 4200.145
 Dozens of popular Greek islands must upgrade their port facilities and passenger ferry services have to be improved if the country is to continue to attract large numbers of tourists, says Yiannis Evangelou, president of the Hellenic Association of Travel and Tourist Agents (HATTA). Speaking to the press, Evangelou said the shipping industry, which ferries millions of tourists, "needs serious upgrading". He said the lack of ferry timetables is a problem when it comes to advanced bookings and he attacked "below-par on-board services". "How can we book a trip to the island of Serifos, for example, if we do not know well in advance whether a certain ferry will sail there on that specific
day?" asked Evangelou.
Evangelou said the state must dramatically increase spending to upgrade dozens of ports across the country to allow bigger ferries to dock and boost visitor numbers.
Tourism accounts for 18% of the country's GDP and roughly one in five jobs. In 2007 Greece expects a third year of tourist growth since the 2004 Athens Olympics, partly thanks to the higher investment in the industry. Over 14m tourists visited Greece in 2006 and the number is expected to top 15m this year, say industry and government officials.
 Navarino Telecom, a provider of satellite products and services in the Greek shipping market, is supplying and installing the Iridium satellite systems on all 22 oil and product tankers in the Avin International fleet under a service agreement with Stratos. Avin is also installing an Iridium terminal at its shore office in Athens to take advantage of the very low rates for Iridium-to-Iridium calls.
"The service plan for Avin includes inexpensive prepaid crew calling as well as communications with the home office," said Andreas Dimitriadis, director of operations and customer care for Navarino.
"Crew calling charges are automatically separated from other calls to facilitate accounting for satellite airtime."
Sponsors of the event were: * Bunkerfuels * Cosmoship Management SA * Independence Maritime Agency Inc * Island Oil Ltd * Jet Oil * Lotus Shipping Co Ltd * Nancy Trading Inc * Navios Maritime Holdings Inc.
 The first of what is seen as an annual event devoted to 'challenges and opportunities facing the drybulk market' was launched by the Piraeus Marine Club, in collaboration with shipbrokers Clarksons, at the club March 14. Chaired by George Margaronis, md Clarksons Hellas, panelists comprised: Henreitte Van Niekerk, senior dry bulk freight analyst, Clarksons; Betina Goodall, director, Clarksons Securities Ltd and chairman of the FFABA; Peter Ensink, manager, global handy trading, Cargill; and Richard Yang, gm, STX Pan Ocean UK. A seated luncheon was incorporated into the event.
 The Hellenic Management Centre is conducting a shipping accounting seminar to be held in the evenings of March 22, 26, 28, 29 at the HMC's Piraeus premises, 49 Iroon Politechniou Avenue. The lecturer is G. Tsamantas and the seminar covers: Chart of Accounts; Acquisition of Vessel; Voyage Results / Time - Charter Equivalent; Running and Operating Expenses; Sale of Vessel; Calculation of Depreciation; Trial Balance Analysis; Preparation of Income Statement per Company and Group of Companies; Preparation of Balance Sheet per Company and Group of Companies; and Cash Flow Statement Analysis. Cost: 300. Further information: Hellenic Management Centre, Tel: 210 4125 945, Fax: 210 4125 947, E-mail:
Source: www.newsfront, 16 March 2007 Vol. 8 / No. 10

Piraeus Port: Financial Reports for the financial year 2006.
Financial Reports for the financial year 2006.
The Board of Directors of P.P.A S.A. on 15 March 2007 approved the Financial Reports of the Company for the financial year 2006. The Financial Reports are summarized as follows:
Source:, Piraeus 16.3.2007

Greek shipping company in joint venture for new ships
---Goldenport and Glencore in 50/50 deal for Chinese newbuilds
Greek shipping company Goldenport Holdings announced today it has entered into a 50/50 joint venture with commodities firm Glencore for the purchase of two newbuildings from China.
The double-hulled bulk carriers will be be built by Jiangsu Eastern and will cost $64 million.
Delivery is expected in the second half of 2008.
The company say the first vessel will be chartered by a South Korean firm for years at a daily rate of $18,000. Glencore will commercially manage the second vessel.
Goldenport were the first Greek shipping firm to be listed on the London Stock Exchange. The company also reported that profits for 2006 rose 4 per cent due to increased freight rates and the expansion of its fleet.
Source: 14 March 2007,

Aegean Marine Petroleum to Present at Emerging Growth Energy Conference
---PIRAEUS, Greece, March 13 /PRNewswire-FirstCall/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced that the Company's President, Nikolas Tavlarios, is scheduled to present at the Johnson Rice Emerging Growth Energy Conference in New York on Tuesday, March 20, 2007 at 1:30 p.m. ET.
The presentation will be broadcast live over the Internet and can be accessed at In addition, the accompanying slide presentation and webcast will be available in the Investor Relations section under "Company Overview" of Aegean's website at
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is a marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. As a physical supplier, the Company purchases marine fuel from refineries, major oil producers and other sources. Through its service centers in Greece, Gibraltar, Singapore, Jamaica and the United Arab Emirates, the Company sells and delivers these fuels to a diverse group of ocean-going and coastal ship operators and marine fuel traders, brokers and other users.

Ultra Shipping sells its stake in GO Carriers
---A company connected with two senior officers of Global Oceanic Carriers has disposed of its shares in the dry bulk shipowner, which trade on London's Alternative Investment Market.
Ultra Shipping, a company of which GO Carriers' chairman Nicolas Pappadakis and chief executive Michael Tartsinis are directors, has sold its entire holding in the AIM company.
The 968,721 shares, representing a stake of about 2.4%, have been sold toArgo Global Special Situations Fund.
The fund now controls 6.64m shares in GO Carriers for a stake of 16.6%.
Argo first moved into GO Carriers almost a year ago and last May informed the company it controlled 10.58% of the shares.
The shares were under discretionary management of Argonaftis Capital Management (Overseas), which is based in Nicosia, Cyprus.
Ultra Shipping sold its shares at a price of 85.5p each, which compares with the 65p per share offer under GO Carriers' one-for-one rights issue last October.
GO Carriers said it had been informed of Ultra Shipping's sale last Friday.
The company's shares closed the day at 88p, down 0.5p.
Mr Tartsinis is also a director of International Trading which controls a stake of about 16% in GO Carriers.
Ultra Shipping's share sale continues the concentration of the company's shares in the hands of a few investment vehicles.
About 80% of GO Carriers are spread among these investors.
Ironically, the recent rights issue, while doubling the number of shares in issue, also served to tighten the grip of the major shareholders in percentage terms.
The company's major shareholders pledged to take up their 71.1% of the rights issue, and agreed to underwrite the remaining 5.77m shares.
GO Carriers is a small company that has had a rollercoaster time since it was listed on AIM almost two years ago.
Mr Tartsinis took the helm last June after a boardroom coup by new shareholders who ousted former chief executive Vassilis Vintiadis and non-executive chairman Konstantinos Dimitriou.
October's GBP13m ($25.1m) rights issue helped fund the acquisition of two vessels the 1991-built capesize Welfairfor $36.2m and the handymax Talisman, built in 1996, for $27.5m.
GO Carriers recently unveiled a swing into profit in the first half of its financial year.
The company is confident of further growth after locking in charters at higher rates on a larger fleet, and reducing costs.
The company also issued a fresh dividend policy under which it intends to pay out one half of its net income excluding the impact of ship sales in dividends. (Source: Financial Times Ltd.)
Source: 16/03/07:

Excel Maritime 4Q Profit Sinks
Net income fell to $9.3 million, or 47 cents per share, from $13.8 million, or 69 cents per share, a year earlier.
The recent period includes amortization and depreciation charges totaling 4 cents per share, while the year-ago quarter includes a gain of $2.5 million, or 12 cents per share, on the sale of a bulk carrier ship.
Analysts surveyed by Thomson Financial forecast earnings of 67 cents per share.
Revenue dipped to $35.2 million from $35.7 million a year ago on weaker voyage revenue.
Average daily charter rates for its vessels were higher in the recent period at $20,849 versus $19,992 in the prior-year quarter. However, the company operated slightly fewer ships, on average.
Operating expenses climbed 26 percent at the same time to $23.5 million.
Net income tumbled to $31.1 million, or $1.56 per share, in 2006 from $67.8 million, or $3.64 per share, in 2005. Annual revenue rose to $124.1 million from $118.6 million.
Shares of Excel Maritime slipped 33 cents to end at $17.99 on the New York Stock Exchange, then added 2 cents in aftermarket activity to $18.01.
Source: March 13, 2007, 6:43PM,

Navios Maritime Announces New Five-Year Time Charter for "Navios Prosperity"
---PIRAEUS, Greece, March 12, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Navios Maritime Holdings Inc. ("Navios") (NYSE: NM), a large, global, vertically integrated seaborne shipping company, announced today that it had secured a new favorable time charter contract for its long-term chartered-in 83,000 dwt panamax, the Navios Prosperity. This large, modern vessel is scheduled to be delivered to Navios's chartered-in fleet in June of this year. The Company also holds a purchase option on this vessel.
The five-year charter will commence upon delivery of the vessel in June at a net rate of $24,000 per day.
"We are experiencing a healthy market for time charters. In our view, the rate and length of this charter are very attractive, particularly as the Navios Prosperity will not be delivered into our fleet for another three months," said Ms. Angeliki Frangou, Chairman and CEO of Navios. "More importantly however, the creditworthiness of the counterparty allows us to enter into a charter of 5 years. We will continue to leverage the quality of our fleet to generate stable cash flow and shareholder value."
As a result of these charters, Navios has extended the coverage of its core fleet (excluding vessels acquired through the Kleimar N.V. transaction) to 85.5% for 2007, 52.8% for 2008 and 14.4% for 2009.
Navios currently controls 45 vessels, of which 21 are owned and 24 are chartered-in. Of the 24 chartered-in vessels, 15 are currently operating, and nine are still to be delivered. Navios holds ten purchase options on the 24 chartered-in vessels, six on operating vessels, and four on the vessels still to be delivered. All of these purchase options are for exercise prices below the related vessel's current market value.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. is a large, global, vertically integrated seaborne shipping company transporting a wide range of drybulk commodities including iron ore, coal and grain. For over 50 years, Navios has worked with raw materials producers, agricultural traders and exporters, industrial end- users, ship owners, and charterers. Navios also owns and operates a port/storage facility in Uruguay and has in-house technical ship management expertise. Navios maintains offices in Piraeus, Greece, South Norwalk, Connecticut and Montevideo, Uruguay as well as the Kleimar office in Antwerp, Belgium.
Navios's stock is listed on the NYSE where its Common Shares and Warrants trade under the symbols "NM" and "NM WS", respectively.
Risks and uncertainties are described in reports filed by Navios Maritime Holdings Inc. with the United States Securities and Exchange Commission.
Safe Harbor
This press release may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Maritime Holdings Inc. (Navios). Forward looking statements are statements that are not historical facts. Such forward looking statements, based upon the current beliefs and expectations of Navios' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The information set forth herein should be read in light of such risks. Navios does not assume any obligation to update the information contained in this press release.
Public & Investor Relations Contact: Navios Maritime Holdings Inc.,+1-212-279-8820,

Irika linked to Golden Ocean ship
---A Greek player is staying silent on a bulker brokers say it has bought.
Low-profile Greek operator Irika Shipping has been identified as buyer of the 74,000-dwt bulker Golden Dena (built 2005), reported sold by Oslo-listed Golden Ocean Group last week.
The company was said to have paid $51m for the ship but Irika declines to discuss its sale-and-purchase (S&P) activity.
Nikos Barbounis of Irika tells TradeWinds that it is the standing policy of the company not to talk about its business moves.
"Whatever brokers write, we do not intend to deny or confirm," he said.
Ships bought and sold by Irika have frequently been attributed to the fleet of John Frangos-controlled Seastar Maritime both by brokers and in online databases but Frangos was not available for comment either.
The two companies' moves seem, however, to have formed a pattern over the past year. Sales and purchases have come in tandem during specific time periods.
At the beginning of this month, just before the Golden Dena purchase, Irika was said to have sold the 53,000-dwt Taurus (built 2002) for $43.5m.
In January, Frangos was linked with the purchase of the 75,000-dwt bulker Loch Long (built 2004) for $48.5m, with delivery set for June, while Irika was said to have sold the 52,000-dwt Nikolas (built 2005) for $43.5m in a deal that included a below-market time charter running to January 2008 at $19,000 per day.
Last September saw Irika reportedly buy two 58,000-dwt bulker-resale contracts at Tsuneishi Shipbuilding's Cebu facility in the Philippines. The ships were said to be costing $37m each and are set for delivery in January and March 2008.
Also in September, some confusion arose over the sale of the 74,000-dwt bulker Gleamstar (built 2001). Brokers reported the ship sold for $44m to Frangos. The vessel is now named Tina III . According to London broker Clarkson, it is in the fleet of Seastar but the Equasis database lists it as in the fleet of Irika.
In the same month, Norwegian owner Arne Blystad was said to be buying an 82,000-dwt kamsarmax newbuilding from John Frangos for $50m. Seastar was not listed as having such a newbuilding in its fleet but, in the previous March, Irika was said to have bought a kamsarmax resale for $36m with delivery set for January this year. The Blystad kamsarmax, now named the Songa Anmaj , was delivered in February.
Also last March, two older handymax bulkers were reported sold. The 41,000-dwt Tina II (built 1996) and Lady Z (built 1997) were said to have raised $36m en bloc. While Clarkson listed the pair in the Frangos fleet, both Equasis and the Greek Shipping Directory placed them under the control of Irika.
By Gillian Whittaker, Athens, published: 16 March 2007

Quintana Maritime Takes Delivery of its Newbuilding "Iron Miner"
---03/15/07 ATHENS, GREECE - Quintana Maritime Limited (NASDAQ: QMAR) announced today that on March 13th 2007, it took delivery of Iron Miner, a newbuilding Capesize bulk carrier of 177,000 deadweight tons (dwt) from Shanghai Waigaoqiao Shipbuilding Co., a Capesize specialist yard in China.
As previously announced the purchase price of the vessel is approximately $92.5 million and has been funded with borrowings under its credit facility and cash on hand, including from the proceeds from the exercise of warrants. Iron Miner is employed under a five year time charter at a net daily rate of $40,000 with Transfield, a major operator in the Capesize sector.
With the delivery of the Iron Miner, the Company has secured approximately 96.2% of its net operating days under time charter contracts for 2007 and 80.9% for 2008, which the Company expects to generate aggregate net revenues of approximately $420 million over 2007 and 2008.

Greek ship owners have noted that the Philippines, with its skilled work force and maritime history, could be a major shipbuilder and could develop a ship-repair industry, Tiglao said.
Source: Fernando de la Cruz, 03/12/2007 | 09:52 PM ,

WFW raids Athens firm in bid for Greek dominance
---WFW eyes Greek dominance with team hire
Watson Farley & Williams (WFW) has raided Athens firm IKRP Rokas & Partners for an energy-focused corporate team as it accelerates its plan to become the largest UK firm in Greece.
The move for UK dual-qualified corporate partner Virginia Murray is a rare lateral hire for the UK firm, which is also taking corporate assistants Maira Galani, who also specialises in energy, and Georgia-Maria Marcopoulou.
Murray has acted for wind farm developers including the Rokas Group, Ktistor ATE, EDF Energies Nouvelles and the Englefield Renewable Energy Fund, as well as on the financing of renewable energy projects for banks, including BNP Paribas and Hypo-Vereinsbank.
Source: Section: International News Date: 12-Mar-2007, Author: Jon Parker Source: The Lawyer

Illegal immigrants discovered in ship's container after eight days
---Authorities in the Greek port of Piraeus detained 16 illegal immigrants, five of them children, after they were discovered in a container aboard a cargo ship heading for Italy, radio reports said.The immigrants, of unknown nationality, were reportedly hiding in a container aboard the ship "Rita" for eight days before being discovered by the crew.
The ship had set sail from Turkey and was heading towards Italy when the discovery was made.
According to reports, the immigrants have filed for political asylum after Italian authorities refused to grant them entry into the country.
"The fate of the immigrants lies in the hands of Greek authorities," said Kaity Kahagioglou, head of press for the UN Refugee Agency.
"They should study their asylum request in a just and effective manner," she added.
Tens of thousands of illegal immigrants attempt to sneak into the European Union via Greece and then towards Italy, mainly from Turkey, the Middle East and Africa. dpa cp sc
Source: Friday 16 March 2007 17:28,

UN refugee agency hails Greek decision to allow stowaways to disembark
UN High Commissioner for Refugees (UNHCR) spokesperson Ron Redmond told a news briefing in Geneva that the stowaways are now in a reception centre awaiting processing after disembarking yesterday morning.
The stowaways, who include five children and two people with serious health conditions, apparently boarded the Antigua-flagged Rita, a cargo vessel, in Turkey. The ship arrived in Piraeus, near the Greek capital Athens, on 7 March. Late last week UNHCR and the Greek Refugee Council had access to the stowaways, most of whom expressed a desire to claim asylum.

Piraeus Marine Club Seminar - Basel Capital Accords
have organized a Meeting to examine the Basel Capital Accords and their effects on Banks and Loan Documentation
Come join us on:
Friday, March 23rd , 2007
At the Marine Club 9th floor sky lounge
The meeting starts at 12.00
Followed by a buffet at 14.30 hrs.
Program of the day
The effects on Banks and Loan Documentation / Alexandros Damianidis, Stephenson Harwood, Banking & Asset Finance
Solicitor, Senior Associate
13:00-13:15 Q&A
14:00-14:30 Q&A
14:30 Lunch
Tickets are priced at Euro 50 and are available from the Marine Club Secretary Mrs. Ketty Vienna at 210/429 3606 email;
Best regards, John A. Xylas, President
Source: Piraeus Marine Club