Greek Shipping News Cuts
Week 08 - 2008


Shipping pours Euro 17bn into Greek economy as home-flag grows

---The value of shipping to the Greek economy was evident as the Bank of Greece revealed that shipping income in 2007 far outstripped any other economic sector putting Euro 16.939bn in the national coffers. This was 18% up on the record achieved in 2006.
The industry's performance must have put a smile on the face of Economy and Finance minister, Giorgos Alogoskoufis, who last week described shipping as "the extrovert of an introverted economy" and called on the shipping community to "take the business lead," in exposing the country's business sector to the international market.
The industry's earnings in December were again strong. Income reached Euro 1.55bn compared with Euro 1.13bn in December 2006.
Reflecting the importance of shipping to the Greek economy, Alogoskoufis noted that Euro 11.2bn was earned from tourism in the first 11 months of 2007 while the country's exports in the period accounted for Euro 4.3bn.
Like shipping income the Greek flag continues to grow, though in a far less spectacular way. At the end of 2007 in gross tonnage terms the fleet has recovered the ground lost since 2000 and the growth will continue if owners ordering new ships stick to their decision to fly the home flag.
January 1, 2008 the Greek-flag fleet stood at 2,061 ships of 37.75m gt, compared to 2,012 ships of 34.2m gt at the beginning of 2007. At the dawn of the decade, 2,094 ships of 34.3m gt flew the Greek flag, underlining the increase in larger ships since then.
Indeed, what is more important is that oceangoing ships, those over 3,000gt, to which the measures introduced in November 2006 applied, increased from 765 ships of 34m gt to 803 ships of 37m gt over the 12 months of 2007. Further, data held by Newsfront indicates that the Greek flag has been designated for 60% of the approx 860 ships currently on order for Greek interests. The flag is intended to fly over 68% of the deadweight on order.
At the beginning of this year, drycargo ships accounted for 632 units of 14.17m gt flying the flag, energy carrying ships, 466 units of 18.4m gt, with passenger ships and other types numbering 914 of 1.3m gt.
At the end of 2004, some 800 ships of 33.6m gt flew the flag.
-- Filed: 2008-02-18

Hellenic Carriers charters panamax vessel for US$64,000 per day
The M/V Hellenic Breeze is a 69,601 dwt Panamax built in 1993 at Tsuneishi Shipbuilding Yard in Japan.
For further information please contact:
Hellenic Carriers Limited
Fotini Karamanlis, Chief Executive Officer, E-mail:, +30 210 455 8900
Source: Press Release, 19 February 2008

Hellespont pays $30m each for Unibros ships
---Unibros of Greece is keeping silent on reports that it has doubled its money on the sale of three 13,000-dwt chemical/products tankers to Hellespont Shipping.
The company, run by the Makrygeorgos brothers, is said to have sold the Coromel and Breeze (both built 2007) and Auster (built 2006) to Papachristidis-controlled Hellespont for $30m each.
The tankers were ordered at KY Heavy Industries (later Sekwang Shipbuilding) for $15m each in 2004.
Neither Hellespont nor Unibros officials were available for comment on the reports.
The sale apparently leaves Unibros with just three ships in the water the 4,500-dwt chemical tanker Asprey (built 1993), 5,200-dwt products tanker Mistral (built 1995) and 40,000-dwt products tanker Norte (built 1991).
Although London broker Clarkson's database credits the company with another five ships, four built in the 1970s and one in 1988, all these appear to have been sold out of the fleet between 2005 and last year in unreported deals.
Last month, TradeWinds revealed that Unibros had booked two firm 34,000-dwt bulkers and one option at a new yard to be developed by 21st Century Shipbuilding of South Korea. All three are for delivery in 2001 and are said to be costing between $35m and $36m each.
By Gillian Whittaker, Athens, published: 22 February 2008

Metrostar orders first rig from HHI
---By Hwee Hwee Tan, Filed from Singapore 2/18/2008 7:02:49 AM GMT
SOUTH KOREA/GREECE: Greece-based Metrostar has awarded South Korea's Hyundai Heavy Industries Co. a contract valued at KRW617 billion (US$652 million) for the construction of a drillship. The deal calls for Hyundai to deliver Metrostar's first drilling unit by May 2011. When complete, the drillship will be capable of of operating in 10,000 feet (3,048 m) of water.
Metrostar's drillship order came just weeks after fellow Greek shipping giant, Cardiff Marine Inc. awarded a US$1.32 billion contract to Samsung Heavy Industries for two drillships to be delivered in third quarter 2011. Last September, Cardiff also placed an order with Samsung for similar drilling units scheduled for delivery in the last quarter of 2010 and the first quarter of 2011.

Navios Maritime: Reports 4Q Results; FFA Gains Again Fuel Earnings Surprise
---Navios Maritime (NM / NYSE) reported 4Q07 earnings of $0.26/share, excluding over $167 million in gains from vessel sales to Navios Maritime Partners. The company reported $6.1m in further FFA gains, bringing its total FFA gains to $26.3m for 2007.
>The 4Q gain makes it 8 consecutive quarters of positive FFA results and the $26.3m 2007 total represents $0.27/share of the $1.12/share in earnings for the year. The company is raising its quarterly dividend to $0.09/share, up from $0.067/share, and the first distribution is payable March 18th to shareholders of record March 10th.
>Navios has a total of 28 vessels on order, including the 9 Capesize vessels it recently ordered. Navios is spending a total of $950m on the Capesizes, of which $200m was paid during 2007 and $105m is due this year. We expect the remaining $645m to be funded with borrowings which, although many banks are tightening credit availability, should be achievable as Navios has $427m in cash and is only 20% levered.
>We believe Navios is an attractive investment as the dry bulk market has regained steam the past few weeks. We believe our NAV assessment is an appropriate target, and expect share buybacks to close the discount. We maintain our Buy rating but reduce our target from $20/share to $19/share.
Source: Dahlman Rose & Company LLC <>

Global Oceanic on the crest of a three-month high
---SHIPPING company Global Oceanic Carriers sailed to a three-month high yesterday after it reported a huge increase in half-year net profit on revenue up 152 per cent on the year before.
Chief executive Michael Tartsinis said: "We will continue expanding and we look forward to exploiting new opportunities, underlined by the sector's strong fundamentals."
He added: "We believe that our company is strategically positioned to benefit from the solid fundamentals of dry-bulk shipping and take advantage of market opportunities as they arise."
Global Oceanic Carriers provides marine transportation services for dry bulk cargoes.
The full article contains 194 words and appears in The Scotsman newspaper.
Last Updated: 21 February 2008 9:03 PM

Announcement: Tryton Shipbroking S.A.
We thank you in advance for extending your support to this newly established firm.
Dry Cargo Brokers: Jan Joannou, Mob: +30 69700 37520, Dimitris Zervas, Mob: +30 69700 37519,Secretary Assistance, Anna Vavoulis, Mob: +30 69700 37518, For email addresses, visit:

North of England P&I club moves to larger offices in Greece
Allen, who has managed the office for six years, is now supported by deputy manager Helen Yiacoumis, senior claims executive John Owen, FD&D lawyer Antigone Yanniotis and specialist secretaries Anna Sarafidou, Frances Eves and Antonia Christoforidis.
North of England currently insures some 310 member groups from around the world, with a total P&I entry of 3000 vessels of 75 million GT (58 million GT owned and 17 million GT chartered). The club is based in Newcastle-upon-Tyne, UK with regional liaison offices in Hong Kong, Piraeus and Singapore.
Contact: Tony Allen or Helen Yiacoumis, +30 210 428 3038 / +30 6946 503267 / +30 6946 503265
Source: 15 Feb 2008,

Greek-Russian business forum
---Promoting and expanding economic cooperation between Greece and Russia was the focus of a Business Forum organized by the Hellenic Federation of Industries (SEV) and the Greek-Russian Business Council in Athens on Tuesday.
Constantinos Bakouris, president of the Greek-Russian Business Council, underlined that several Greek enterprises have positioned themselves in the Russian market (telecoms, information, constructions, food, shipping and services) and expressed the hope that more Greek products and services would gain market access in Russia.
The forum brought together a large number of Russian and Greek enterprises.

Renzo Piano Awarded Athens Project
The $442 million project will be funded with an endowment from the Stavros Niarchos Foundation, the public benefit organization said Thursday in a statement. Upon completion, it will be handed over to the Greek state.
The complex will be built on a former racecourse in the Greek capital's southern coastal suburbs.
Piano, 70, designed The New York Times building, the Kansai International Airport terminal in Osaka, Japan, and the planned London Bridge Tower. The award-winning architect's best known project was the Georges Pompidou Center, co-designed with Richard Rogers and completed in 1977.
The Stavros Niarchos Foundation was set up in 1996 by the heirs of Greek shipping magnate Stavros Niarchos.
Source: Feb. 21, 2008, 4:28PM,