Greek Shipping News Cuts
Week 13 - 2007

 

Controversial plan to operate ferry network on the table

---A group of Greek economists, the Marine ministry and ship operators are studying a controversial proposal to operate ships in the Greek domestic passenger ship network under one umbrella, after entering "a time charter arrangement". Promoters of the idea believe it will bring a new level of transparency and sustainability to a marketplace which is fragmented by nature.
The argument runs that an archipelago like the Aegean Sea with its large number of islands does not allow the application of the competition principle in the way it is normally conceived. Indeed, many believe the consequences of the competition principle on passenger carriers can be catastrophic because the indivisibility of ships and seasonality of the market directly impact cashflows.
On the other hand, one hears bitter complaints from islanders about service disruptions in the winter, insufficient calls during the peak season and the cost of the ticket. Thus it can be seen that service providers are focused on earnings, while users are mainly concerned about frequency and cost.
Analysts say this gives way to defensive thinking among operators which can lead to collusive practices regarding market segmentation and price fixing, something difficult to detect and even more difficult to police. As one analyst said: "From the moment any competition authority detects oligopolistic market structures, there is a smell of gunpowder in the air. Oligopolistic market structures do not necessarily lead to underhand dealings, but these conditions make such practices so much easier to apply and maintain than would be the case where the number of competitors is large. An oligopolistic market structure does not constitute foul play per se, as the abuse of dominant position does, but alarm bells do ring."
Alkis Corres, president of the Union of Greek Shipping Economists (ENOS), is among those who believe it is time to look for alternative market organisation schemes. He notes Greece's bus network has for years operated on a system which is controlled by a central body, known as KTEL, which fixes ticket pricing, pools income and then divides it, thus protecting bus operators from going out of business.
Corres says we cannot escape the underlying parameter "seasonality in demand". "Full ships in summer, empty ones in the winter," says Corres, asking, "Who likes to work at a loss?"
The plan now being looked at seeks to separate the provision of service from income considerations.
Seasonality has to be addressed followed by cost of service provisions that will ensure satisfactory year round services.
Put forward by an economist, the suggestion, in a nutshell, sees a single time charterer for all passenger ships. This organisation can be public or a public/private venture. The ships will be time chartered by this organisation on basis of a standard t/c contract which will include service level obligations. The state will deal with the organisation for all matters concerning the provision of coastal passenger services. In that manner, shipping companies will receive a monthly hire and will have the cost of their fuel consumption covered by the charterer. Consequently, annual results will become easy to forecast as the uncertainties associated with these two parameters will be gone. Ship operators will be able to concentrate on providing services, freed from the chores of marketing and recovering debt from travel agencies.
The same principle can apply if it is decided to split the workload among several organisations, each catering for a different region.
Passenger and vehicle tickets will be issued and sold by the organisation which will also organise itineraries and ticket prices based on cost. This arrangement removes the need to make special provisions for the smallest of islands.
Corres is among those who believes the idea is worth examining. He says that properly working the system is self financed and self regulated and allows maximum flexibility in serving large and small islands, "lending itself for hub and spoke type applications".
He says that in exchange for their freedom to charge according to market forces, "shipowning companies will operate at a higher level of certainty regarding their income and financial result" and believes "bankers and shareholders will be appreciative of this".
Operator's costs will be reduced as there will be no advertising budget or sales staff. Costing of services will be an internal affair of the organisation and that could be useful for individual island promotion plans.
Source: www.newsfront.gr


Anemi in $735m spend at Dayang
---A Greek bulker player is forking out big time for 21 ships in China.
Small Greek operator Anemi Maritime Services is shelling out an astounding $735m on 21 bulker newbuildings at China's Dayang Shipbuilding Co.
Anemi chief executive Sotiris Dushas confirms the contract for the 58,000-dwt units, with deliveries running to 2012.
The latest orders will bring Anemi's tally at Dayang to 27 ships in all with a total value close to $950m.
The company placed its first contract at the yard at the end of last year, booking six 53,000-dwt units. The first is set for delivery at the end of the year and deliveries will continue to December 2009.
Dushas says the "Crown-58" design of the latest bulkers is new. Construction of the series will follow the completion of the 53,000-dwt series. It is believed the yard may also have bagged multiple orders from another, non-Greek owner.
Anemi is putting a substantial number of extras into its ships, including larger cranes and grabs, thicker tank-top strengths and stronger generator power, all of which Dushas says has pushed the price up to over $35m per vessel.
The company's orders will all be funded by traditional financing from a number of banks, some of which Anemi principals have had long relationships with, says Dushas. He adds there are currently no plans to seek public money.
"It would not suit this company right now, the way it is set up," he said.
Although the amounts involved seem huge for a small operation, Dushas says Anemi does not intend to take too many risks. Korea Line Corp (KLC) has already taken six of the company's newbuildings on time charter, he reveals.
TradeWinds reported earlier this month that KLC had fixed as many as nine newbuildings for long-term periods, the first six of which were said to be 57,000-dwt vessels taken for five years at between $18,000 per day and $18,500 per day. However, Dushas says the bulkers fixed by Anemi to KLC are a mixture of the 53,000-dwt and 58,000-dwt designs.
Dushas also alludes to other chartering commitments but does not reveal any details. "We probably won't be taking any of these ships on a speculative basis. They will all have charters when they come in," he said.
Anemi was estabished following a split in the interests of the Tsangaris family in 2005. The investors took over three 1980s-built panamaxes that were quickly sold off.
They also bought four modern bulkers from Turkey's Aktif Denizcilik that were put under the management of Byzantine Maritime until Anemi was up and running. Two of the four have recently been sold, leaving the company with just two vessels in the water.
Lykiardopulo was said to have paid $40m for the 51,000-dwt Imera (built 2002) and Petrofin to have paid $39.5m for the 52,000-dwt Terina (built 2001).
By Gillian Whittaker, Athens, published: 30 March 2007
Source: www.tradewinds.no


STX Shipbuilding wins $468 million order from Greece
The order calls for STX Shipbuilding to deliver the vessels to Anangel Maritime Service Inc. by June 2011, the company said in a regulatory filing.
Its net profit reached 41.1 billion won last year, compared with a loss of 6 billion won a year earlier.
Korean shipbuilders such as Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. are expected to see their exports rise 18 percent to $26 billion this year on the back of continuous demand for high-end ships and other products.
Source: http://www.kois.go.kr/news/news/newsView.asp?serial_no=20070328029&part=104&SearchDay=&page=1


Sale of HSC Tallink Autoexpress 4
---AS Tallink Grupp's subsidiary company Tallink High Speed Line Ltd. and a subsidiary of Greek company Reefer & General Ship Management, Jaywick Shipping Co Ltd have entered into a Memorandum of Agreement, whereby Tallink High Speed Line Ltd. will sell HSC Tallink Autoexpress 4 at the price of EUR 8 million.
The vessel will be delivered to the buyer in April 2007.
Source: Tallink Grupp, Company Announcement, 2007-03-26 08:52:10.62


INTERTANKO's New Chairman set out his vision for INTERTANKO
Fistes set out his vision for his chairmanship of INTERTANKO. This encompasses a) membership involvement; b) the human element; c) industry image; d) expansion of the Poseidon Challenge.
Annex VI revision - air pollution
Source: Published: 29 March 2007 18:02 Updated: 29 March 2007 18:06 http://www.intertanko.com/


Creating a socially acceptable profession
---Without any shadow of doubt the key issue concentrating the minds of shipmanagers is crew, or rather the lack of them, writes Nigel Kitchen.
While leading shipmanagement companies who employ huge pools of seafarers - V Ships alone employs some 23,000 seafarers as well as a further 1,600 shore staff - seek to retain experienced personnel by increasingly investing in training and developing initiatives to improve the welfare of crews and their families, poaching staff has become a major issue.
Indeed, Emmanuel Vordonis, executive director, Thenamaris Ships Management, warned in his keynote address to the recent annual LSM Ship Management Conference in Cyprus: "With new vessels coming into the market at a rapid pace, companies will start poaching seafarers from one another as there is a desperate need to man these ships."
Another recent development that must be of concern to shipmanagers has seen oil major BP take back control of ships' officers in its growing fleet from the hands of Dorchester Atlantic Marine. According to BP Shipping, the main reason for the move is rapid fleet growth and an ability to ensure enough competent key personnel to meet requirements.
One leading Hong Kong shipmanager told TANKEROperator that as far as the crewing problem goes, "we have seen nothing yet". He said that in addition to market pressures for quality sea staff, heightened by the recent newbuilding boom, the problem was exacerbated by formerly unacceptable people being employed without references being taken and without regard to their poor previous performance.
Faced with such issues, last December V Ships took the decision to rebranded its crewing operation under the name V People Marine, with headquarters on the Isle of Man. Managing director David Greenhalgh said the new brand's aim was to become the preferred seafarer employer by approaching the crewing of ships in a strategic fashion. V People Marine's crew recruitment network is to be expanded and will seek to develop long-term relationships with professional seafarers, as it has about 16,000 positions to fill on about 900 managed vessels and others to supply on a contractual basis to further owners.
A substantial cadet training programme is in place with 750 cadets. The company currently sources seafarers from Poland, Lithuania, Latvia, Russia (five offices), Ukraine (four offices), Georgia (two offices), Romania, Bulgaria, Croatia and Montenegro (two offices), Italy (two offices), India (five offices), Myanmar, Philippines, China, Brazil and Canada.
The sheer enormity of the seafarer shortage crisis was emphasised recently at the Cyprus conference by Emmanuel Papalexis, chairman and ceo of Mare International, who said more than 4,700 vessels will be built between the end of 2006 and 2010, with 50% of these replacing existing tonnage. This means that there will be about 2,400 additional vessels requiring 10,000 extra officers and 60,000 more ratings. Papalexis asked why people don't go to sea given that: "The employment conditions today are excellent. Short-service contracts, good salaries, good food, good accommodation, adequate facilities on board and ample help from ashore."
So what are we doing wrong?
He said: "I believe that what we have failed to achieve so far, as an industry, is to create a feeling of confidence that going to sea is a life-long career and, moreover, a good one. That it is a career which has continuation. The continuation will bring them to shore management to become, for example, port captains, port engineers and surveyors. We need to 'upgrade' the profession of mariner and to make it socially acceptable."
Nigel Cleave, ceo of Epic Ship Management (see page 10), puts more emphasis on the criminalisation of seafarers issue, while accepting that the "shortage of officers is a matter on everyone's mind today". He said: "At Epic, we will continue to retain our long-serving, loyal and dedicated sea staff, where good promotion prospects exist as a result of expansion in our managed fleet. We will also maintain market level terms and conditions. So far as criminalisation is concerned, we will continue to lobby through the respective organisations to protect a seafarer's interest."
On the issue of terms and conditions, Vordonis asked the Cyprus conference whether commodity market pricing policies should be applied to seafarers. "Is it right to increase the salary of a Filipino officer from $2,000 per month to say $9,000 per month when demand for their services is high, but then when the situation changes, reduce the wages back to the former?" The problem of officers from around the world seeking different conditions of employment was highlighted by Mike McCabe, fleet personnel manager, Dobson Fleet Management, who pointed out that while many European officers wished for shorter tours of duty of four months, Indian officers preferred longer voyages.
Further challenges
While accepting that sourcing quality crew is the biggest challenge facing the industry, McCabe said that there were further daunting challenges to be met. "The International Marine Employers' Committee is seriously concerned about the need to not only train more officers, but to ensure the training quality improves. The insurance company AON has warned that the shortage of skilled officers is threatening to result in an increase in claims resulting from human error and the ILO is saying there needs to be an internationally agreed minimum standard for maritime working conditions."
According to Papalexis it is not too late to promote seafaring as socially acceptable. He said: "I see thousands of college graduates who, after several years of studies, remain unemployed or are compelled to undertake menial jobs for which they are overqualified. I believe that it is possible to attract these people and make them believe in this profession, provided that we will be in a position to prove to them that 'we mean business'.
"Provision of long-term contracts, pension schemes, jobs ashore ... are some of the ingredients and incentives which can be used to attract people and keep them. And while this is one aspect of the manning problem, the other is how we handle the mariners we already have. We hope and assume that they will operate our ships in a safe, efficient, environmentally friendly and economical manner."
Papalexis then posed the question: "Do we ask too much?" He maintained this probably is not the case, "particularly if we put our demands in a logical perspective and understand these people better".
He said: "We have to consider where these people come from, their social background, their educational standard, their behaviour and their abilities. If we do not carefully consider all these factors and, instead, we try to assimilate them into a sophisticated environment which they may have difficulty in understanding, we will fail as ultimately it will prove too daunting."
The key Papalexis believed was training. "Dealing with the manpower issue we should bear in mind the ever increasing cost of vessels and their equipment.
Assets of many millions of dollars are entrusted in the hands of 20 to 30 people serving on board. It is therefore common sense that these people [crews] should be properly educated, trained and have the appropriate experience. It is obvious that when budgeting crew costs, they should be directly proportionate to the cost of the investment for the acquisition and operation of the vessel itself."
Source: TANKEROperator, March 2007


Aries Maritime Announces Fourth Quarter & Full Year 2006 Results
---ATHENS, Greece, March 29 /PRNewswire/ -- Aries Maritime Transport Limited (NASDAQ: RAMS) today reported its financial results for the three months ended December 31, 2006. The following financial review discusses the results for the three months ended December 31, 2006 compared with the three months ended September 30, 2006 to provide a more meaningful comparison. It also refers to the results for the three months ended December 31, 2006 compared with the results for the three months ended December 31, 2005 as well as the results for the twelve months ended December 31, 2006 compared with the results for the twelve months ended December 31, 2005. Aries commenced operations as a public company in June 2005 with 10 vessels and this should be taken into account when reviewing the results included in this press release.
Sequential Quarterly Results
Revenues of $27.1 million were recorded for the three months ended December 31, 2006, compared to revenues of $23.4 million recorded for the three months ended September 30, 2006. The increase in revenues is primarily due to less off-hire time for certain vessels during the three month period ended December 31, 2006 compared to the three month period ended September 30, 2006.
As of December 31, 2006, the fleet comprised ten products tankers and five container ships, which is the same number of vessels as of September 30, 2006. During the three months ended December 31, 2006, vessel operating days totalled 1,380, compared to total vessel operating days of 1,380 for the three months ended September 30, 2006. Actual revenue days for the three month period ended December 31, 2006 were 1,256 days, compared with 1,115 days for the three month period ended September 30, 2006. Net income for the three months ended December 31, 2006 was $1.5 million, or $0.05 basic and diluted earnings per share, compared to a net loss of $4.6 million or $0.16 basic and diluted earnings per share recorded for the three months ended September 30, 2006. Results for the three month period ended September 30, 2006, included an unrealized loss of $3.9 million from the change in the fair value of derivatives, which are interest rate swaps entered into to hedge the Company's exposure to US$ interest rates on its debt. Results for the three month period ended December 31, 2006 include an unrealized gain of $0.1 million from the change in the value of the same derivatives.
Adjusted EBITDA for the three months ended December 31, 2006 was $12.4 million compared to $10.7 million for the three months ended September 30, 2006. (Please refer to the Summary of Selected Data table later in this document for a reconciliation of Adjusted EBITDA to net income.)
Mons S. Bolin, President and Chief Executive Officer, commented, "In 2006, we continued to execute our growth plan. Following the delivery of the Chinook in November 2005, we took delivery of the Stena Compass, a Panamax newbuilding, and its sister ship, the Stena Compassion, during the first half of 2006 and commenced profitable period charters for both vessels. Since our IPO in June of 2005, we have grown our products tanker fleet by 47% on a deadweight tonnage basis and lowered the average age of our fleet.
"Despite our fleet expansion, 2006 was a challenging year for Aries Maritime. Our results for the year were adversely impacted by higher than expected vessel out-of-service time. We remain focused on further improving our ship operations and are pleased that all of our vessels have returned to service. In addition, with approximately 93% of our vessels locked away on period charters, we have enhanced our revenue and earnings predictability for the benefit of our shareholders. We believe we have taken prudent steps to strengthen our future performance and remain dedicated to increasing long-term shareholder value."
Year-Over-Year Fourth Quarter Results
Revenues of $27.1 million were recorded for the three months ended December 31, 2006, compared to revenues of $21.8 million recorded for the three months ended December 31, 2005. The increase in revenues is primarily due to the growth of the Company's fleet and associated increase in operating days. As of December 31, 2006 the fleet comprised of ten products tankers and five container ships compared to eight products tankers and five container ships as of December 31, 2005. During the three months ended December 31, 2006 vessel operating days totalled 1,380 compared to total operating days of 1,136 for the three months ended December 31, 2005. Net income was $1.5 million or $0.05 basic and diluted earnings per share for the three months ended December 31, 2006, compared to net income of $7.7 million or $0.27 basic and diluted earnings per share recorded for the three months ended December 31, 2005.
Adjusted EBITDA for the three months ended December 31, 2006 was $12.4 million compared to $12.4 million for the three months ended December 31, 2005. (Please refer to the Summary of Selected Data table later in this document for a reconciliation of Adjusted EBITDA to net income.)
Twelve-Month Results
Revenues of $94.2 million were recorded for the twelve months ended December 31, 2006, compared to revenues of $75.9 million recorded for the twelve months ended December 31, 2005. During the twelve months ended December 31, 2006, vessel operating days totalled 5,265, compared to total vessel operating days of 4,042 for the twelve months ended December 31, 2005. Net income was $2.2 million or $0.08 basic and diluted earnings per share for the twelve months ended December 31, 2006, compared to net income of $14.8 million or $0.64 basic and diluted earnings per share recorded for the twelve months ended December 31, 2005.
Adjusted EBITDA for the twelve months ended December 31, 2006 was $43.5 million compared to $44.1 million for the twelve months ended December 31, 2005. (Please refer to the Summary of Selected Data table later in this document for a reconciliation of Adjusted EBITDA to net income.)
Fleet Report
Aries operates a fleet of ten double-hull products tankers and five container ships. The Company's products tankers consist of five double-hull MR tankers, four double-hull Panamax tankers and one double-hull Aframax tanker. The Company's products tanker fleet has an average age of 7.7 years and an aggregate capacity of approximately 575,325 dwt. The Company's five container ships range in capacity from 1,799 to 2,917 TEU and have an average age of 17.4 years.
During 2006, the Company made the following additions to its fleet:
On February 14, 2006, Aries took delivery of the first of two new products tankers it acquired from the Stena Group, followed by delivery of the second on June 16, 2006. These 2006-built approximately 72,750 dwt double-hull Panamax products tankers each entered into two-and-a-half year bareboat charters with Stena upon delivery at a time charter equivalent rate of $24,500 per day. In addition, the bareboat charter with Stena has an index-linked profit sharing component whereby Aries receives a 30 percent share of profits. The two sister ships were acquired for an aggregate purchase price of $112.2 million.
Fleet Deployment
14 of Aries' 15 vessels are currently deployed on period charters with established international charterers and state owned entities. The charters have remaining periods ranging from 3 months to 3.4 years, with an average of 1.6 years.
On October 2, 2006, the Company commenced a time charter for the Energy 1, a 1989-built container vessel, with IRISL for an initial period of 18 months at a rate of $17,297.50 per day. The charterer has an option to extend the time charter for a period of six months at the same rate.
On February 20, 2007, the Company commenced a time charter for the Chinook, a 2001-built double hulled products tanker, with Stena Group. The new time charter is for an initial period of 18 months at a rate of $17,062.50 per day. The charterer has an option to extend the time charter for a period of twelve months at the same rate. The time charter also includes a profit sharing component with a 50% share for Aries.
On March 8, 2007, the Company commenced a period charter with MSC, a leading global shipping line, for the SCI Tej, a 1989-built container vessel now named the MSC Oslo. The time charter is for a period of 24 months at a net rate of $15,000 per day.
On March 9, 2007, the Company announced that the Arius, a 1986-built double hulled products tanker, has entered into its second 6-month charter period with ST Shipping (an affiliate of Glencore). Following receipt of two oil major approvals for the Arius, the new minimum net rate for the extended charter will be $18,037.50 per day. The time charter also includes a profit sharing component with a 50 percent share for Aries based on the actual trading of the vessel. The charterer has the option to extend the time charter, which originally commenced on August 1, 2006, for up to a total of 18 months.
For table details Aries' fleet deployment, go to: http://sev.prnewswire.com/maritime-shipbuilding/20070329/3376633en-1.html
Source: Press Release


Marinakis rings in IPO victory
Source: Fairplay Daily News, 30 Mar 2007, www.fairplay.co.uk


DryShips goes for bigger vessels, Excel for older ones
The company is avoiding ordering new vessels and is instead looking into used ships as the sale price of a new bulk carrier is just too high, Economou said.
Dry-bulk shipping rates have been pushed up and have remained higher for longer than their usual cycle by rising demand for bulk commodities like coal, iron ore, steel and cement from developing nations such as China and India.
Athens-based DryShips has a fleet of 34 ships.
Earlier this week DryShips announced it was buying two large ships built in 1997 and 2000 and selling one large ship built in 1988 and a smaller Handymax class ship.
Economou said DryShips is not happy with the Handymax class and is looking to buy used Capesize ships, the largest class of dry-bulk carrier.
Panamax ships are the class below Capesize vessels.
Excel Maritime
Separately, dry-bulk carrier company Excel Maritime said it is looking to acquire secondhand ships instead of new ones to expand its fleet due to better returns on older ships.
The company went on a buying spree in the first quarter of 2005, acquiring 16 ships in a short span of a few months, but the company went into consolidation in 2006.
Excel currently owns and operates 10 Panamax and seven Handymax vessels, with a total carrying capacity of about 1 million deadweight tons.
To execute the ship purchase plan, the company has a balance sheet of about $100 million.
Although Excel is the owner of Handymax and Panamax vessels, Georgakis said that the company will look to acquire Capesize ships as well.
Capesize ships also provide the best returns under current market conditions due to a higher volatility in that market, Georgakis said, dispelling the market perception that new ships earn more than older vessels.
Modern ships might secure higher charter rates in the market, but older ships have better returns due to lower ship asset prices, he said.
Besides acquiring ships to expand its fleet, Excel also aims to lower the average fleet age.
Source: http://www.ekathimerini.com, 26 March 2007, By Nick Carey and Edgar Ang - Reuters


Euroseas (ESEA) Chairman to Ring the NASDAQ Stock Market Closing Bell
---Company to Celebrate Recent Initial Public Offering On NASDAQ
ADVISORY, March 30, 2007 (PRIME NEWSWIRE) --
What: Aristides Pittas, Chairman, Chief Executive Officer and President of Euroseas Ltd. (ESEA), will preside over the closing bell to celebrate the Company's recent initial public offering on NASDAQ. Euroseas Ltd. listed on January 31, 2007.
Where: NASDAQ MarketSite - 4 Times Square - 43rd & Broadway - Broadcast Studio
When: Monday, April 2, 2007 at 4 p.m. ET
Contacts: NASDAQ MarketSite: Paul Lampoutis; 212.661.7566 plampoutis@capitallink.com, Jolene Libretto; 646.441.5220; 347.219.9539 Jolene.Libretto@NASDAQ.com
Feed Information: The closing bell is available from 3:50 p.m. to 4:05 p.m. on uplink IA-6 C-band/transponder 17. The downlink frequency is 4040 Vertical; Audio 6.2-6.8. The feed can also be found on Waterfront fiber 1623. If you have any questions, please contact Jolene Libretto at (646) 441-5220.
Radio Feed: An audio transmission of the closing bell is also available from 3:50 p.m. to 4:05 p.m. on uplink IA6 C band / transponder 24, downlink frequency 4180 horizontal. The feed can be found on Waterfront fiber 1623 as well.
Webcast: A live Webcast of the NASDAQ Closing Bell will be available at: http://www.nasdaq.com/reference/marketsite_about.stm
Photos: To obtain a hi-resolution photograph of the Market Close, please go to http://www.nasdaq.com/reference/marketsite_events.stm and click on the market close of your choice.
About Euroseas Ltd.: Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. As of January 31, 2007, Euroseas trades on the NASDAQ Global Market under the ticker ESEA (previously it traded on the Over The Counter Bulletin Board under the ticker symbol EUSEF.OB).
Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2000 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
The Company has a fleet of 10 vessels, including 4 drybulk carriers, 5 container ships and 1 multipurpose dry cargo vessel. Euroseas' 4 drybulk carriers have a total cargo capacity of 212,186 dwt, its 5 container ships have a cargo capacity of 7,487 teu and its 1 multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.
Source: The Nasdaq Stock Market, Inc.


---Thanks to Capital Link and Fortis Bank, investors were treated last Friday to presentations from a myriad of publicly traded shipping companies covering the container, gas, tanker and dry bulk segments. Adding insights to the company presentations were the equity analysts and brokers together with a lunch presentation by Guy Verberne of Fortis on Shipping and the Global Economy Today.
Some of the more interesting take-aways for us included the following:
It was also good to hear a contrarian view to the new is better argument. Mr. Pittas is perfectly content with his middle age ships, which may not make as much money but have the advantage of a lower cost structure.
Dr. Coustas also spoke to the need for investment in inland infrastructure, which is a major impediment to growth. As examples, he mentioned the clogged US railroads that have resulted in all water services from the Far East, either through the Suez or Panama Canals, as well as the clogged motorways of Europe. He called upon everyone to support shipping which is the one form of transportation that minimizes greenhouse emissions.
Mr. Mavrinac of Jefferies and Company certainly clarified the impact of the IMO and 2010. Scrapping is determined by the market. Single hulls will continue to trade in the eastern hemisphere where they are accepted. They will only stop trading based upon economics or an accident.
In the midst of many of the company presentations, there was an excellent presentation on SPACs by Andrew Garcia of the Maxim Group, in which he explained the whys and hows of this financial structure, which is receiving wider acceptance.
All in all, it was a very informative day.
Source: Freshly Minted for Thursday March 29, 2007. You may access Freshly Minted at www.marinemoney.com.


Presentations by Listed Company CEOs and Panelist at "Invest in Shipping" Available
---NEW YORK, NY -- (MARKET WIRE) -- March 29, 2007 -- The material presented and discussed at the Capital Link Forum "Invest in Shipping" which took place on Friday, March 23, 2007 is available in pdf format and also as webcasts and can be accessed through the website of Capital Link www.capitallink.com.
You can also access it directly by clicking on the link below or by copying and pasting the link into your computer's browser.
http://www.capitallinkforum.com/ship/2007/archive.html
The Panel Participants and Presenters included the CEOs of:
Arlington Tankers (NYSE: ATB), Arthur Regan
Danaos Corporation (NYSE: DAC), John Coustas
DryShips (NASDAQ: DRYS), George Economou
Excel Maritime Carriers (NYSE: EXM), Christopher Georgakis
Euroseas (NASDAQ: ESEA), Aristides Pittas
MC Shipping (AMEX: MCX), Tony Crawford
Omega Navigation (NASDAQ: ONAV), George Kassiotis
Quintana Maritime (NASDAQ: QMAR), Stamatis Molaris
TBS International (NASDAQ: TBSI), Joseph Royce
Tsakos Energy Navigation (NYSE: TNP), Nikolas Tsakos
There were four sector panels on containers, gas, tankers and dry bulk, which were moderated by Fortis analyst Gregory Lewis. Analysts from Jefferies, Lazard Capital, JPMorgan and Morgan Keegan participated in several panels, along with shipbrokers Clarkson Hellas, Howe Robinson Hamburg Lorentzen & Stemoco and Mallory, Jones, Lynch, Flynn and Associates (MJLF).
Jeremy Penn, the Chief Executive of The Baltic Exchange made a presentation on the Exchange and its role in shipping while Anthony Argyropoulos, Managing Director, Cantor Fitzgerald made an introductory presentation on "Shipping in a New Era" and Andrew Garcia, Analyst, Maxim Group on "Investing Through Blank Check Companies."
Guy Verberne, The Head of Economic Research -- Fortis Merchant Banking was the Keynote Speaker at lunch on the topic of "Shipping and The Global Economy Today."
The Shipping Forum was organized by Capital Link, a New York-based Investor Relations and Financial Communications Firm specializing in shipping, in cooperation with Fortis Bank, which was the main sponsor of the event, as well as with NASDAQ and the New York Stock Exchange.
Oppenheimer & Co., Inc., Bear Wagner Specialists, Maxim Group, Atlantic Bank of New York, and Orrick, Herrington & Sutcliffe LLP were the Forum's Supporting Sponsors.
Barron's, Bloomberg, Forbes.com, Institutional Investor, Tanker Operator, TradeWinds, Insider and ELNAVI were the Shipping Forum's Media Partners.
Source: http://www.capitallink.com


Greek Shipping: Job Openings
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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Title: CAP Coordinator
Ref. Number: # 324
Summary: Our client is a well established Classification Society based in Piraeus. The ideal candidate should be a graduated Marine Engineer or Naval Architect with a Marine background, good training, teaching skills and be a open communicator.You must be able to understand regulations and their effects to the industry. Your English must be excellent since you will work in a multicultural envoirement. The company offers a competitive salary package which includes private health for the family dependents and a performance related bonus scheme.When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Title: Junior Secretary
Ref. Number: # 319
Summary: Our client is a long established Ship Management and Ship Owning Company based in Piraeus and as of June they will relocate their office premises to Glyfada. The ideal candidate would be someone who just graduated and does its first steps in work life or having 1 to 2 years experience as a secretary or assistant within the Shipping and Marine Industry. Your English must be excellent since you will work in a multicultural envoirement. A competitive salary package and good career prospective are offered. When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Title: Marine Superintendent / Port Captain
Ref. Number: # 316
Summary: Our client is a long established Ship Management and Ship Owning Company based in Piraeus and as of June they will relocate their office premises to Glyfada. The ideal candidate would be a ex master mariner or a Chief Officer / 2nd Mate with a BSc or Masters degree, preferable with couple of years shore experience in the same position. Your English must be excellent since you will work in a multicultural envoirement. A competitive salary package and good career prospective are offered. When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Title: Technical Superintendent Tanker and Bulk Carriers
Ref. Number: # 317
Summary: Our client is a long established Ship Management and Ship Owning Company based in Piraeus and as of June they will relocate their office premises to Glyfada. The ideal candidate would be ex Chief Engineer, 2nd. or 3rd engineer, or Graduate with a BSc / MSc in Naval Architecture / Marine Engineering preferable with couple of years shore experience in the same position with tankers and bulk carriers, Gas experience would be an additional asset. Your English must be excellent since you will work in a multicultural envoirement. A competitive salary package and good career prospective are offered. When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Title: Assistant Accountant
Ref. Number: # 320
Summary: Our client is a long established Ship Management and Ship Owning Company based in Piraeus and as of June they will relocate their office premises to Glyfada. The ideal candidate would be a reasoned graduate with a BSC or Masters degree in Economics or Finance. You will be responsible for assisting the accounts department with auditing of financial results, accounting entries, new project evaluation based on discounted cash flows and others. Previous experince in a similar position would be an asset.Your English must be excellent since you will work in a multicultural envoirement. A competitive salary package and good career prospective are offered. When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Title: Executive Management Secretary
Ref. Number: # 321
Summary: Our client is a long established Ship Management and Ship Owning Company based in Piraeus and as of June they will relocate their office premises to Glyfada. The ideal candidate would be a mature individual with minimum 5 years experience in the same position. Your English must be excellent since you will work in a multicultural envoirement, a additional asset will be when you are grown and educated outside Greece in a English speaking environment. A competitive salary package and good career prospective are offered. When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Title: Portfolio Manager
Ref. Number: # 322
Summary: Our client is a long established Ship Management and Ship Owning Company based in Piraeus and as of June they will relocate their office premises to Glyfada. The ideal candidate would be a graduate with BSc, preferable a Masters degree holder in Economics or a MBA in Finance with a Banking Background or Trading Bank background. Foreign education will be an additional asset but is not a must. Your English must be excellent since you will work in a multicultural envoirement. A competitive salary package and good career prospective are offered. When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Ref. Number: # 319
Summary: Our client is a well established Yacht Management Company based in Zurich. Due to recent expansions within the Mega Yacht Sector they seeking for a Yacht Operations Manager. The ideal candidate would be ex Master Mariner or Engineer within minimum 2 to 3 years yachting experience. Your English must be excellent since you will work in a multicultural envoirement. A competitive salary package and good career prospective are offered, which includes private health and relocation to Zurich. When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
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