Greek Shipping News Cuts
Week 52 - 2007


Hellenic shipowners occupy No1 spot in second hand vessel investment for 2007

---Monday, 31.12.2007, 12:28am (GMT)
More than $15.3 billion have been invested by Hellenic shipping companies in the second hand vessel market during the period January - November 2007. Thus, for one more year, Hellenic interests occupy the world top spot in terms of investment. The country's market share in the second hand market this year stands at 35.6%, given that a total of $42.9 billion have been invested worldwide in vessels, according to recent data from Allied Shipbroking. A total of 405 ships had been acquired by Hellenic interests until the end of November, from a total of 1,650 traded. During 2006, the number of vessels traded had reached 1,590, representing an investment cost of $33.8 billion.
The ''bulk'' of the investments this year regarded dry bulk carriers with 245 vessels added to the Hellenic-owned fleet, for an aggregate cost of $10.59 billion. Another 107 tankers were also acquired for $3.84 billion. In the container market, 31 containerships were added to the fleet, representing a value of $780 million, while an additional 22 reefers were also bought for $135 million.
The second most active nation in terms of second hand vessel investment were the Norwegians, with 100 ships being bought for a total of $2.3 billion. Meanwhile, the Koreans invested the same amount of money for a number of 77 ships, while Chinese shipping companies acquired 99 vessels, worth $2.23 billion. Germans invested $2.17 billion for 74 ships, while U.S. shipping companies reportedly acquired 64 ships for $2.05 billion. Also, there were 308 transactions for $4.85 billion, but the identity of the buyers wasn't established.
For yet another year, the activity in the demolition market was below par. The tremendous rise in dry bulk carriers' demand, due to the respective increase of freight rates, combined with the shortage of shipbuilding berths, were the main reasons for this development. According to Allied Shipbroking data, during 2007 a total of 231 ships have been sold for scrap, with a carrying capacity of 5.3 million tons. During the whole of 2006, the number of vessels which headed for scrap was estimated at about 307 vessels of a total 7.16 million dwt.
Source: Nikos Roussanoglou, Hellenic Shipping News

Dublin detention for Greek ship
---The 11,086-gt Celtic Star (built 1991) remains under detention in Dublin as of 29 December.
A Greek-operated ro-ro remains under detention at an Irish port after its charterer paid arrears owed to nine seafarers before Christmas.
The nine Romanian crew of the 1,186-lane-metre Celtic Star (built 1991) arrived home on 26 December after receiving payments totalling EUR 26,000 ($38,000) from Seatruck Ferries, part of the Clipper Group.
The ship is being held in Dublin on two counts: one of failing to keep accurate records of overtime worked by crew, and secondly for improper ventilation in the vacuum pumps on the car deck which was found to have perforations. However, port state control inspectors were expected to re-examine the ship and it may be able to sail on Saturday 29 December.
However, Fleming cast doubts about the ability of the ship to leave the Irish port due to the possible implications of it having now apparently been detained in Ireland three times.
Attempts to speak with Athens-based Jay Management on the matter on Friday proved fruitless with TradeWinds told nobody would be available for comment until 5 January.
By Eoin O'Cinneide in London, published: 14:26 GMT, 28 December 2007 | last updated: 14:26 GMT, 28 December 2007

Titan Maritime appointed to rescue wreck
--- 2007-12-28 13:50:00
Titan is already undertaking preparatory works on the site, and is expected to commence removal operations in mid-January.
Tsavliris, the Greek salvage company and the tug Fotiy Krylov, will remain on station until the wreck is formally handed to Titan. It will be recalled that Tsauliris was engaged in a project to try and save the stern end of the vessel. This project was recently abandoned due to the cost and technical factors. The operation is now one for the removal of the whole vessel as a wreck and the entirety of its cargo.
A public presentation of the salvage operation will be made by the Government and the salvage company early in the new year.

Contaminated fuel disables containership
---December 28, 2007
The U.S. Coast Guard has been continuing to monitor a drifting container ship that lost power Wednesday about 90 miles southeast of Nantucket, R.I.
The Agaman, a 331-foot general cargo container ship, owned by the Komrowski Shipping Company based in Hamburg, Germany, was on a voyage from Cuba to Canada when contaminated fuel seized its engines and generators, rendering the ship powerless and adrift in 15-foot seas. There have been no reports of injuries.
Coast Guard Air Station Cape Cod, Mass., HU-25 Falcon jet crews made two trips to the Agaman today, and two AMVER participating merchant vessels have remained alongside the Agaman since Wednesday. Both ships remained alongside Agaman as a communications conduit to the Coast Guard and as an immediate rescue platform should the Agaman crew need to be extracted from their ship.
The first ship to come to Agaman's rescue was the 524-foot bulk carrier Dual Confidence that arrived almost immediately Wednesday. It was relieved Thursday by the 598-foot Greek-flagged tanker Aegeas.
With help from the Aegeas chief engineer, the Agaman chief engineer was able to make repairs to provide limited power to operate the radios, but was unable to restore heat for the crew.
"The crew of the Agaman will not have enough food to last the voyage and is keeping warm by wearing extra clothes and tending a fire on the poop deck, where they are cooking food," said Karavidas Georgios, the master of the Aegeas.
The Aegeas remained on scene with the Agaman until the Moselle, a 595-foot Danish tanker, relieved them at 5:00 p.m. The sea state has subsided to less than 10-foot swells, but is expected to pick up gain Saturday.
Komrowski Shipping has contracted for the Atlantic Salvor, a 151-foot ocean-going tug from Hillside, N.J., based DonJon Marine Company, to take supplies to the Agaman crew and tow the disabled ship more than 170 miles to the Port of New York for repairs. The Atlantic Salvor arrived alongside Agaman at about 6 p.m. and took the vessel in tow.
"The assistance rendered by these Amver vessels has helped us immensely," said Lt. Michael Nalli, the Coast Guard's command duty officer in Boston. "Because the Agaman is presently in no danger of sinking, the Amver vessels' assistance allows us to keep our cutters focused on protecting the homeland, enforcing our nation's fisheries regulations, and rescuing those in peril."
The merchant vessels Dual Confidence, Aegeas and Moselle are Amver participating ships. Amver is sponsored by the U. S. Coast Guard, and is a unique, computer-based, and voluntary global ship reporting system used worldwide by search and rescue authorities to arrange for assistance to persons in distress at sea. Rescue authorities can immediately identify the nearest participating merchant ship to assist anyone reporting a distress, anywhere on our world's oceans.
"These Good Samaritan ships are exceptional examples of the over 3,200 Amver vessels available to assist mariners in distress every day," said Benjamin M. Strong, Amver Maritime Relations officer. "In fact, the Aegeas enrolled in Amver just this past May and has already earned a participation award for rendering assistance," he added.

Lehman Takes Navios Maritime Stake
---Dec. 26, 2007, 1:48PM,
Lehman reported holding 846,035 shares of Navios Maritime Partners, which went public with an initial public offering in November. The drybulk shipper was formed by Greek shipping company Navios Maritime Holdings Inc.
The investment house disclosed its stake in a Schedule 13G filing, which indicates the investment is passive. In the filing, Lehman said the shares were not acquired to change or influence control of the company.
In November, billionaire George Soros reported a 5.7 percent passive interest in Navios Maritime Partners.
In afternoon trading, Navios Maritime Partners shares fell 35 cents to $18.15, which is 9 percent below the company's IPO price of $20 per share.

P&I Conference - Piraeus Marine Club: 24 January 2008
The Piraeus Marine Club has great pleasure in announcing to its members that the 8th International P&I Conference will take place at its premises on the 24th January 2008.
The topics will be as follows:
1. What is the future of mutuality in light of the pool claims experience in 2006?
2. Crew scarcity & employment of inexperienced labour: Is this a time bomb waiting to explode and what will its impact be on the P&I Clubs and the Pool?
3. Hydra:
a) Does it require two tranches of recapitalisation? Was it sufficiently capitalised at the outset and has the risk been priced correctly hitherto?
b) Was it wise of the Group to increase the Pool retention from $30m to $50m and is it resulting in the benefits of collective reinsurance being lost and substituted with individually purchased reinsurance.
4. Principles of P&I Underwriting: Are they fair?
a) Are new buildings too cheaply rated?
b) Are Greek Shipowners subsidising foreign Shipowners?
5. Competition in and fragmentation of the ship management industry means that investment in crew recruitment and training is insufficiently rewarded. Given that Clubs represent important shipowner collectives and benefit from strong crew recruitment and training, would it be appropriate for them or the International Group to contribute to the funding of initiatives in this area?
6. International Group Managers are proposing to assume responsibility for insuring War P&I risks. Given that a terrorism act could readily cause a catastrophic claim, what measures have been taken to assess the risks presented by different ship types, particularly, for example, quick turnaround ferries, and how do Managers propose to price the risk.
7. Is there a danger of criminal investigations hampering the learning of lessons from shipping accidents such as the Cosco Busan pollution?
8. Comparing apples with apples - choice considerations about sharing risk and picking Clubs - a buyer's view.
A detailed program will follow shortly.
We are also pleased to advise that Mr. Lou Kollakis of Chartworld Shipping Corp. has once again, kindly accepted our invitation to preside over the panel of speakers as Chairman.
Please note there is an attendance fee of Euro 85 per person (including lunch), to be paid in advance.
In view of the great anticipated turnout and limited number of places, we strongly recommend that attendance be confirmed soonest to Ms K. Vienna of the Piraeus Marine Club, Tel.: 210 4293 606, as strict priority will be observed.
Yours sincerely,
On behalf of the Chairman and the Board of Directors of the Piraeus Marine Club, Maria S. Prevezanou, Treasurer/ Organiser of the Seminar.
Source: Piraeus Marine Club