Greek Shipping News Cuts
Week 34 - 2008


Hellenic shipping H1 income reached EUR 9.4 billion

Only in June 2008, approximately EUR 1.74 billion were the result of shipping activities, when during the relevant month of last year, the outcome had not surpassed ERU 1.37 billion. This year on year increase stands at 27.03%.
Source: August 24, 2008,

52 New orders. VLCC again makes hedlines.
Exceprts from BRL WEEKLY NEWBUILDING CONTRACTS, FOCUS Friday 22nd August 2008
---The dead hand of summer will soon leave us so business can return to more normal conditions. Having said that we still detect a positive market as evidenced again this week and do not share some views that newbuilding is entering a recessionary phase in spite of some danger signs.
Another feature of the tanker scene is the rapid rise of German ownership driven but not monopolized by the KG investment scheme. Despite the credit squeeze it seems that German investment goes from strength to strength in the wet sector. This week TB-Marine, Hamburg added eight more suezmaxes to its rapidly expanding fleet priced at $85.5m. apiece. They will be built by the Yangfan Group with whom the owner has a solid relationship for newbuildings. These now total 34. All are tankers with the exception of eight car carriers with total construction in China. TB-Marine was only established two years ago but does not have any trading vessels yet. German ownership is now second only to Greece for tanker newbuildings with 174 on order.
Bulk carriers again made significant inroads into our weekly total. Thomas Schulte , Germany more noted for the container liner trades, surprisingly ordered four 92,500 d.w.t. post panamax bulk carriers from Kouan. The owner is paying slightly under $60m. for each with deliveries stemmed between August 2010 and June 2011 Charters are secured but details are confidential at this stage. Tata Power, India carried out its intent of owning ships direct and cutting down on charter commitments by contracting two 205,000 d.w.t. bulk carriers from Qingdao Beihai. Price is thought to be around $100m. each with deliveries in 2011. Although denied by the owner Centrans International, China booked six 92,500 d.w.t. bulk carriers from Jinling, China. Priced at $60m. each deliveries will be effected in 2010 and 2011. Goldenport Shipmanagement, Greece via its London IPO Goldenport Holdings contracted two 57,000 d.w.t. bulk carriers from Qingshan priced at $45.83m. apiece. Deliveries are set for the end of 2010 with the owner confirming a charter commitment on the first vessel over three years yielding $27,000 daily. Eitzen Bulk added four more 60,000 d.w.t. supramaxes in Japan estimated at $50m. each. The yard was not revealed but the owner already has sisterships on order at Imabari.
Barry Luthwaite

The Greeks and the Chinese - Doing business for aeons
---The lofty theory, and tough reality, of a link between two peoples who have always known the meaning of diaspora
But look away from those diplomatic dinners and gala performances, and consider the real lives of people, rich and poor, with an eye for the chances offered by a globalising world. It turns out that the Chinese and the Greeks are interacting in all sorts of hard-headed ways, never dreamed of by a cultural attache or choreographer.
A rumour mill gone crazy
With no more than minimal Greek, the Chinese have little to do with the local police, and get scant help when their cash or merchandise is stolen. Most retailers are young couples who leave their children in the care of grandparents back in China, and their life in Greece can be hard.
Source: Aug 21st 2008 | ATHENS AND BEIJING, From The Economist print edition,

Justice minister on Pavlidis case
---Justice Minister Sotiris Hadzigakis, asked in Parliament on Wednesday about the case of New Democracy party Deputy and former minister Aristotelis Pavlidis, spoke of the unprecedented maneating of political colleagues of theirs, both deputies and former ministers with the purpose of gaining a few seconds of publicity. The minister clarified that "with the existence of both himself and of Prime Minister Costas Karamanlis absolute light shall be shed by Justice." He pointed out that "I would not like to refer to certain groundless and unsubstantiated statements by certain low and medium-ranking cadres, primarily of the PASOK party, who are applying themselves lately to the unprecedented maneating of political colleagues of theirs, both deputies and former ministers with the purpose of gaining a few seconds of publicity."

Athens seeks EU ferry subsidies
---Athens is courting Brussels to subsidize Greek ferry services on routes considered to be unprofitable by shipping firms and aims to get the European Union to cover as much as 90 percent of ticket costs, Deputy Merchant Marine Minister Panayiotis Kammenos said yesterday.

Rift widens between Star Bulk and Su
TMT has been a significant holder of Nasdaq-listed Star Bulk shares, but Su and TMT want out. Su told the Financial Times last week that he believes demand for bulkers will fall off and TMT will shift its focus to VLCCs.
Source: Fairplay International Shipping Weekly - Newswatch 21 Aug 2008

Meandros signs up for suezmax at SungDong
---Meandros Lines of Greece is making a debut in the tanker arena with an order for a suezmax newbuilding.
Informed sources confirm Meandros has booked a 159,000-dwt vessel at SungDong Shipbuilding for delivery in the third quarter of 2011. The ship is said to be costing less than $100m and will be built to the mandatory performance standards for protective coatings (PSPC).
Sources close to the deal do not say why the company has decided to go for a newbuilding project instead of a second hand acquisition.
Brokers say the Meandros suezmax is the third SungDong has bagged since it started marketing the vessel. Naples-based Cafiero Mattioli Group (Cafima) was the first to sign up, booking two tankers at a reported price of between $94m and $95m apiece. They are slated for delivery in the second quarter of 2011.
Piraeus-based Meandros was set up in 1999 as a panamax-bulker operator, acquiring the 64,500-dwt resale Thanksgiving (ex- Green Bay , built 1977) for $3.1m. The company scooped its first capesize the 144,300-dwt Occam's Razor (ex- Pantelis A Lemos , built 1981) in 2002 for a reported $5.5m.
Meandros is now out of panamaxes and currently has two capesizes in the water the Occam's Razor and 149,700-dwt Coppersmith (built 1995). However, the Coppersmith was reported sold last month to Samsun Logix of South Korea for $100m. It will be handed over early next year.
The Greek company also has two 180,000-dwt capesizes on order at Daehan Shipbuilding, booked last August for delivery in 2010, and a 177,000-dwt capesize being built at Shanghai Waigaqiao Shipyard (SWS) in China for delivery in November 2009. It was bought as a resale from Seacrest Shipping of Greece early last year for a reported $89m.
By Irene Ang and Yiota Gousas, Singapore and Athens, published: 22 August 2008

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