Greek Shipping News Cuts
Week 25 - 2008


Akti Miaouli / People & Places

* Epaminondas G Embiricos has been re-elected to a fifth two-year term as chairman of the London-based Greek Shipping Co-operation Committee (GSCC), one of the industry's most important maritime groups. Not only does it represent some 100 Greek shipping offices based in London, but is also recognised as one of the most active bodies in fighting the shipping's corner using commonsense as its main tool, particularly at this time when shipping is under pressure from politicians, lawmakers and pressure groups. Embiricos, heads-up a board comprising: Constantinos I Carousis, A v-c; Spyros M Polemis B v-c; John M Lyras C v-c; and members: John A Angelicoussis, Nicolas A Comninos-Xylas, Dimitris C Dragazis, Charalambos J Fafalios, Marcos E Frangos, Alkiviadis L Goulandris, John M Hadjipateras, Theodosia G Hayalidis, Stathes J Kulukundis, Diamantis J Lemos, Maria P Lemos, Matheos T Los, Zenon K Mousakis, Anthony P Palios, Christos E Papalexis, Gregory G Parissis, Michael G Pateras, Nicholas P Tsakos, Loucas M Tsangarides and Andreas A Tsavliris.
* A replica of the Argo on which Jason and his Argonauts braved all kinds of dangers in search of the Golden Fleece, sailed from Jason's home town Volos on June 14 on a 2,000 mile journey to Venice. The Argo and its rowers will anchor in 23 ports before reaching Venice on August 11. Why was the Adriatic and not the Black Sea taken by Jason? Turkey was unable to guarantee the ship's safe passage through the Bosporous.
* Greek-based engineering firm BPCO Ltd, which provides technical consultancy and services on various repairs as well as preparing all types of technical studies, has signed an exclusive representative agreement with Metalock Qingdao, an authorised member of worldwide Metalock Engineering association. BPCO md, Arsenios Papatheodorou, said that under the agreement BPCO has been appointed as the authorised exclusive partner of Metalock Engineering (Qingdao) for Greece. BPCO is based at 13-17 Kalvou Street, 152 33 Halandri, Athens Greece Tel: 210 m6850 413 Fax: 210 6821 024 E-mail: //
* Michael Sakellis, the md of Blue Star Ferries and retiring president of the Association of Greek Shipping Companies, has resigned from the association's board and his place has been taken by Adamantios Karasanakis of Lane Lines.
* Lawyer, Angelos Drakopoulos has been elected president of the trade association, Worldwide Industrial & Marine Association (WIMA). He heads up a board comprising: George Tsanis vp; John Koufopantelis, general secretary; George Grammenos, treasurer; Thanassis Pyrinis, international relations; Dimitris Manolokas, PR; Vassilis Kanakakis, advisor; and members: Elias Hatziefremidis, George Panagoulopoulos, Manos Fournianakis and Stephanos Papandreou.

Toll to calculate ship emissions
Michael Grey - Friday 20 June 2008
---The study looked at production of CO2, SO2 and NOx from a wide variety of ship types.
A STUDY by a Greek university has developed a methodology for the calculation of ship emissions.
The research, by the Laboratory for Maritime Transport at the National Technical University of Athens was for the Hellenic Chamber of Shipping and has been designed to provide guidance for policymakers as the emissions debate develops.
The study considered the production of CO2, SO2 and NOx from a wide variety of ship types, to determine a formula that could be applied to calculate emissions for specified ship types on particular routes.
Carbon dioxide emissions, which do not depend on either engine type of types of fuel used, were calculated by the multiplication of bunker consumption by a factor of 3.17 to determine the quantity of tonnes per day.
Sulphur dioxide emissions, which depend on the type of fuel were calculated by the multiplication of total bunker consumption by the percentage of sulphur present in the fuel and subsequently by a factor of 0.02 to derive the SO2 emissions in tonnes per day. NOx emissions depend on engine type, with the ratio of the NOx emissions to the fuel consumed ranging from 0.087 for slow speed engines to 0.057 for medium speed engines.
The tool derived, an algorith that outputs emissions per tonne-Km , was tested on a wide variety of different ships and voyages .
Comparing the CO2 emissions per vessel category, the research not surprisingly revealed that faster ships emit more , both in absolute levels and in per tonne-km than slower ships. Smaller ships emit more per tonne-km than bigger vessels. It was discovered that the largest category of container vessels produced CO2 emissions on an absolute scale to that produced by the entire tanker fleet.

Blank cheque deals return after no filings for May
---Stephanie Baum in New York, 19 Jun 2008
Navios will float on the New York Stock Exchange. The units have a target price of $10 each and warrants are priced at $1 each.
The acquisition target will focus on companies in maritime transport and logistics industries. JP Morgan and Deutsche Bank are the lead underwriters on the deal, marking the ninth Spac deal for JP Morgan and Deutsche Bank's fourth for the year to date, according to investment banking research provider Dealogic.
Earlier this week Apollo Management sold its automotive information business Hughes Telematics to blank check company Polaris in a stock deal valued at $688m, according to Dealogic. The deal still needs to be approved by Polaris shareholders. The blank check company went public in January in a $150m offering.
Spacs typically look for acquisition targets that are four to five times larger to avoid dilution in share price.
Michael Littenberg, a partner with law firm Schulte Roth & Zabel, noted the additional listing of a smaller $49m Spac, Symphony Acquisition, last week was further evidence of the positive trend.
He added that based on conversations with investment banks, he doubts the traditional Spac structure is likely to be the prevailing one. Given that it was only the preliminary filing, Littenberg said the structure is likely to change once investors have had a chance to weigh in on the terms.
The blank cheque market has been relatively flat for the year to date in line with the slowdown in the initial public offering market due to market volatility.

Goldenport sells Samos vessel for $25m
---LONDON (SHARECAST) - Investors have welcomed news that AIM-listed shipping group Goldenport has made a book profit of US$20.3m on the sale of its bulk carrier vessel 'Samos'.
The 1982-built vessel, sold to East Sunrise Shipping Shares Limited of Hong Kong for $25m in cash, was fully depreciated to scrap value.
It was delivered to the new owners together with the balance of its existing time charter at $32,000 per day until December 2008.
Goldenport said it the proceeds will fund future vessel acquisitions.
Source: Wed 18 Jun 2008,

Paragon Shipping reaches deal to acquire Supramax drybulk carrier
---(RTTNews) - Paragon Shipping Inc. (PRGN: News, Chart, Quote ) announced that it entered into an agreement with an unaffiliated third party to acquire a 2008-built Supramax drybulk carrier for $79.25 million.
The vessel, which would be named the Friendly Seas, has a capacity of 58,779 dwt and would be purchased with a timecharter attached at $55 thousand per day for a period of 10 to 12 months to Irika Shipping, who, in turn, have chartered the vessel to Cargill on identical terms. Immediately following the expiration of the charter, the vessel has been fixed to Dieulemar at $33,750 per day for a period of 58 to 62 months.
The vessel is expected to be delivered to Paragon between July 1, 2008 and September 1, 2008.
Further, the company intends to finance 50% of the acquisition with bank debt under its existing credit facilities, and the balance with available cash on hand.
by RTT Staff Writer

Dreamtech steals march on Strategic
---A Greek broking-software developer is adding to the pressure on the market leader.
Greek shipbroking-software supplier Dreamtech has made a breakthrough in the US, bagging a contract off struggling market leader Strategic Dataworks.
Piraeus-based Dreamtech has succeeded in selling its unified messaging and broking system to New York sale-and-purchase (S&P) shop Compass Maritime Services.
Dreamtech is also understood to be close to a deal with an S&P outfit in London, where it has set up an office, after breaking out of its mainly Greek business base by signing up offshore S&P unit DSB Offshore.
Cyprus-based marine-survey and management group Chrysanthou Maritime Services also recently become a user of Dreamtech's Compass Next Generation (CompassNG) system.
Strategic laid off a large number of staff in the autumn of 2007 and more have since left. The London-based company has delayed delivery of its long-awaited new products (see story below).
Dreamtech claims a major advantage over rival systems is that it can combine messaging and broking functions on one screen. The ability for brokers to access in-house vessel databases with an email from mobile-communications gadgets like a BlackBerry has also just been introduced.
Further Strategic staff exits late last year and in early 2008 have included personnel in the US, Denmark and Singapore, according to sources. The company has concentrated its activities in Athens as a part of cost-cutting moves.
One high-profile leaver last year, Craig Ward, has set up a new outfit in London, Softmar Shipbroking UK. It is an offshoot of vessel-operations software company SoftMAR, established by former Strategic Software co-founder David Marais.
It is unknown how far SoftMAR's development has progressed but it can draw on programmers and developers in South Africa who previously worked for Strategic. It is currently said to supply a document-management system.
Another Greek messaging-software supplier looking to take advantage of Strategic's difficulties is Danaos Information Services, which linked up last year with London-based broking-software developer Trigonal.
Second Strategic co-founder Robin Haddon's UK-based ITmarine has developed instant-messaging and information-sharing e-whiteboard systems, while existing broking-software companies are also updating their systems. These include Square Mile Marine of the UK and Hamburg-based Reinhardt Software, which serves a large number of brokers in Germany.
Web-based AXSMarine provides broking tools via the Internet and has joined forces with a Microsoft Exchange-based messaging-system provider. The company claims web-access and Outlook-based messaging solutions are easier to ramp up in scale than software-based solutions.
Paul Berrill London
published: 19 June 2008

Aegean Marine Petroleum Network names Spyros Gianniotis as Chief Financial Officer
---Aegean Marine Petroleum Network Inc. (NYSE:ANW) , an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea, has announced that it has named Spyros Gianniotis as the Company's new Chief Financial Officer effective September 1, 2008. Mr. Gianniotis succeeds Ziad Nakhleh, who has decided to pursue other interests.
Mr. Gianniotis, 47, has more than 20 years of finance experience. For the last seven years, he served as the Assistant General Manager and Head of Shipping at Piraeus Bank, A.E. where he managed a portfolio of more than $3.5 billion. From 1989 to 2001, Mr. Gianniotis worked for Citibank N.A. in both New York and Athens and held the position of Vice President, Senior Relationship Manager.
Peter C. Georgiopoulos, Chairman, commented, "We are delighted Spyros has agreed to join Aegean as the Company's new chief financial officer. His strong financial background and business experience will serve as a valuable asset as we continue to execute our well-capitalized growth plan. I would like to thank Ziad for his contributions and wish him well in future endeavors. We are pleased that he will remain with the Company on an interim basis to ensure a smooth transition."
Mr. Gianniotis received a BA in Economics & Sociology from Queens College and an MBA in Finance from Wagner College. He also received an MS in Transportation Management from NY Maritime College in 1985.
Last Updated ( Friday, 20 June 2008 )