Greek Shipping News Cuts
Week 04 - 2009
---Published Date: 21 January 2009, By Paul Anastasi in Athens
A passing police patrol found Mr Panagopoulos, 73, sitting on a park bench at 3am yesterday, near the industrial district of Aspropyrgos, west of Athens.
Hours earlier, his wife, Katerina, had personally dropped off the ransom money, negotiated down from the initial demand of 40 million, at an isolated location 60 miles north of Athens.
Fears had grown for the magnate's health after his wife said he required daily medication. She offered in a televised plea on Saturday to swap places with him.
Police said the passenger ferry magnate was in fairly good condition and "out of danger".
"I'm very happy to be back home," Mr Panagopoulos told reporters after a medical check-up. "I would like to thank everyone who contributed to making this episode as brief as possible."
Looking thin but composed, the tycoon said he had a supply of medicine on him when he was abducted. He said his captors had behaved respectfully and had even returned the handgun they had taken from his driver during the kidnap.
"I feel well after undergoing an ordeal I don't wish anyone to go through," he said. "I feared for my life."
An Athens police spokesman said they respected the family's request not to try to locate and surround the kidnappers while the ransom negotiations were under way.
"But we have certain leads and our hands are now free to track them down and bring them to justice," the spokesman said. "No crime is perfect, and we believe they have made some mistakes that will facilitate us."
George Sardelis, the tycoon's driver who had been seized along with his boss, was freed less than an hour later, after the kidnappers' van and another stolen car they used blocked in the tycoon's limousine. The encirclement tactic took place in a relatively isolated country road, near the tycoon's home in the coastal suburb of Kavouri.
The chauffeur was used to convey the ransom demand to the family, while Mr Panagopoulos's son, Alexander, took over the family business as the heir-apparent.
Mr Panagopoulos's kidnapping is the second of a wealthy business figure in less than six months. Last September, George Mylonas, an aluminium magnate in northern Greece, was seized and held for a week until an undetermined ransom figure was paid by the family.
He then formed Attica Enterprises, building 12 "Superfast" ferries for service in the Adriatic, North Sea and Baltic seas. Just over a year ago, he repeated the move by selling out Attica to the Dubai-controlled Marfin Investment Group for 252 million.
He remains in active business through various other mergers beyond shipping.
Kidnapping fuels fears of renewed threat from far-left groups
THERE are wider fears in Greece over the political aspects of the kidnapping of such a prominent figure as Pericles Panagopoulos.
A resurgence of activity by far-left groups not afraid to use violence has been apparent since the Athens riots last month.
One such group, Revolutionary Struggle, recently sent a 9,000-word proclamation to a national newspaper outlining its war against the state, claiming responsibility for attacks carried out on the police.
In its rambling declaration, Revolutionary Struggle warned it "could literally crush the police security, leaving unguarded the political and economic powers that be".
Greek police are playing down any such connections, however, saying that Mr Panagopoulos's abduction was the work of a criminal gang. They are investigating links to two recent abductions.
In June, George Milonas, chief executive of aluminium company Alumil and chairman of the Federation of Industries in the northern city of Thessaloniki, was kidnapped. He was released two weeks later after a ransom was paid. A well-known Athens doctor was kidnapped last month but has yet to be found.
Police arrested Greece's most wanted fugitive, Vassilis Palaiokostas, in August for Mr Milonas's kidnapping. Palaiokostas had been on the run since 2006, when he escaped from prison in a helicopter, seven years into a 25-year sentence handed down for kidnapping and bank robbery.
Karamanlis meets with Merchant Marine minister
---Prime minister Costas Karamanlis conferred on Thursday with Merchant Marine, Aegean and Island Policy minister Anastasis Papaligouras on matters concerning coastal shipping, and efforts to meet the needs of the country's island sector.
Speaking to reporters afterwards, Papaligouras said that talks focused on coastal shipping in general, and on the funds earmarked for subisidization of the country's sea lines to the border islands in order to fulfill their residents' direct communication needs with the mainland.
They also discussed the bill being drafted for ratification of the recent agreement signed for concession of the Port of Piraeus' container terminal to the Chinese-based COSCO, which Papaligouras said would be tabled within the next few days in parliament for discussion and vote.
Papaligouras, who assumed the helm of the ministry in the recent government reshuffle, also noted the ministry's priorities and developments in the field of merchant shipping, as well as matters concerning the Coastguard.
Replying to a question on the remote (border) islands routes, Papaligouras said that the necessary resources had been secured during a recent meeting he had with the economy and finance minister.
On Wednesday Karamanlis sent a letter of congratulations to United States President Barack Obama on the assumption of his duties.
The prime minister stressed his appreciation in his letter for the new U.S. President's commitment to tackling the ongoing global crisis in cooperation with the international community.
Karamanlis further pointed out that President Obama's momentous speech on Tuesday, that also had an appeal extending beyond the borders of the United States, sent forth the principles of understanding, cooperation, solidarity and of the power of the example, values that both leaders jointly embrace.
Lastly, Karamanlis expressed his hope of cooperation with President Obama, looking forward to meeting him in the near future.
Greeks ordered larger more expensive ships in 2008
---In 2008 Greek interests invested some $19.3bn in ship newbuilding projects involving 172 ships of 19.3m dwt. Impressive as these figures may be, they fall far short of the massive ordering by Greeks in 2007, though the investment per unit and the size of the ship ordered is considerably more in 2008, reflecting the rising price levels and preference for large bulk carriers.
Last year's ordering compares with the staggering 547 ships of 42.8m dwt ordered in 2007 at a total cost of just under $31bn.
While data assembled by George Moundreas & Co's newbuilding contracting desk is sufficient and accurate enough to arrive at certain conclusions, the Piraeus-based shipbroker says the 2008 figures may include some Ocancelled' orders, which as yet have not officially been confirmed. "The cancellation of a considerable part of the existing order book, presently estimated at 6%, could shortly escalate to 20% or more," says Moundreas, in a round-up of the newbuilding market.
Moundreas says that right from the beginning of 2008 the volume of ordering was in decline, but "this does not mean we had foreseen the fourth quarter slump". But by mid-2008, "a substantial drop in new business was evident" as revealed in Moundreas' first half round-up. First half 2008, some 119 ships of 12.5m dwt were ordered against 2007's volume of 303 orders of 25.3m dwt. The investment amounted to $8.25bn and $16.8bn respectively.
Regarding the likelihood of cancellations in the coming months, Moundreas stresses many must be attributed to the failure of shipbuilders rather than the buyers' inability to perform. Builders may have trouble producing refund guarantees, have excessive delays in delivery, fail to comply with basic specification provisions and, ultimately, bankruptcies, says Moundreas.
At the end of 2008, the Greek order book was: Bulkcarriers 463 of 46.2m dwt; Tankers 300 of 26.3m dwt; and other types 73 comprising 38 container ships, 27 LPGs andf two LNGs and six of PCTCs. Grand total 836 units of 72.5m dwt, excluding others.
Moundreas sees some potential improvement in the present gloomy environment.
Along with the cancellations, the rapid development of the demolition market which, if projected on yearly basis, might phase out 50m dwt, mainly bulkcarriers, is a positive, says the broker, as is resolution of the OLetters of Credit' issue, the main obstacle to commercial transactions. As a direct result of this, freight rates are reasonably expected to gradually rise, "if not to the levels of mid-2008, at least to a workable level", while the 'phase out' of single hull tankers from 2010 is expected to impact other ship types.
Moundreas believes a vessel delivered in 2010 or 2011 may be a "commercial instrument, able to successfully cope with market requirements". Furthermore, says the broker, "we should ask ourselves if in the same way we hurried to place newbuilding orders in the last few years, we are now trying to cancel what may be our hopes for the future".
-- Filed: 2009-01-22
RBS should worry Greek owners
---Bankers-by-appointment to the Greek shipping industry, the Royal Bank of Scotland, this week announced that its losses for the full year could hit an eye-watering $39Bn (a huge number in any currency). This is the largest deficit in UK corporate history and was driven by charges related to its disastrous acquisition of Dutch bank ABN Amro.
In order to prevent the collapse of RBS, the British government has effectively nationalised the bank. The implications of this for Greek shipping are profound. Out goes the chance to invest in promising shipping projects that offer a long-term return on investment, out goes lending to many overseas customers with less solid backgrounds. In comes a policy of providing funds to British customers who have detailed, costed proposals with a minimal risk profile. In short, RBS will be forced to do what banks should be doing week in, week out.
Why does this matter to Greeks more than others? Because RBS has spent decades building its credentials with Greek owners in Piraeus, London and New York, and is seen as a trusted partner in the maritime sector.
According to LR-Fairplay figures, Greek owners are the gold medallists in the newbuilding order table, with 900 bulkers and tankers of 75M dwt. Much of this will be covered by a bank that has now been nationalised by the British government.
Source: Fairplay International Shipping Weekly - Lookout 22 Jan 2009
The boom over, Greece weighs options
ATHENS: "The Italians, the Spaniards, the Greeks, we all have been living in happy land, spending what we did not have," George Economou, a Greek shipping tycoon, said as he contemplated from his spacious boardroom here his own country's troubles as well as others'. "It was a fantasy world."
The omnipotent hand of the Greek state produced a public debt of over 90 percent of its overall economic output. The relentlessly rising demand of its consumers, who have been able to put off the day of reckoning because they enjoyed the shelter of the low-inflation euro, has created a current account deficit of 14 percent of its gross domestic product - estimated to be the highest in Europe. (The current account measures the difference between a nation's exports and imports of all goods and services.)
Last week, Standard & Poor's downgraded Greek debt to A-, and the gap between the interest rate it pays on its bonds and what richer countries like Germany pay, is nearly 3 percentage points, the widest in the euro zone.
Economou, the Greek shipping tycoon, is caught in the crossfire. The stock of his shipping company, DryShips, is down 90 percent; banks in Europe that once clamored for his business no longer do so.
"The psychology is shattered," he said with a rueful smile as he considered the blow to his business and net worth. "I have already cried - now I have dried up and am moving on."
While a shock to many Greeks, who had become accustomed to the relatively recent comfort of buoyant economic growth and a strong currency, to others who have lived through the past financial and political crises of Greece, the current shakiness is to be expected.
"We knew this couldn't last," Vassilis Karatzas, a fund manager based in Athens, said as he sipped strong Greek coffee at an outdoor cafe in the city center. "There is fear about the euro zone, but I don't think the Commission will allow its periphery to go down. United we rise, divided we fall."
Yannis Stournaras, an economist who was a top economic advisor to the previous government of the Panhellenic Socialist Movement, argues that after a long period of convergence, the recent Greek divergence from northern European economies is only to be expected.
Adding to the pressure, surpluses from countries like Germany are no longer being recycled back to Greece and other less prosperous countries. And Germany, being a net exporter, tends not to encourage its own consumers to buy more from the rest of Europe.
But Stournaras scoffed at the prospect of a bankruptcy like those once common in places such as Latin America and Africa. Nor did he accept the idea that Greece might leave the euro zone and attempt to devalue its way back to recovery.
"Bankruptcy? No, no, no," he said with a vigorous shake of his head. "Since the beginning of the 20th century, we have never had problems with our arrears."
But others are not prepared to rule out such a scenario, though they concede it is highly unlikely.
"There has been a huge divergence in competitiveness that shows up in these imbalances," said Simon Tilford, chief economist at the Center for European Reform in London. "EU membership is not a panacea for a country's social and economic problems. Greece is most vulnerable in this respect."
One of the few politicians in Greece who has not shied from addressing these issues is Stefanos Manos, a gregarious former economic minister who in the early 1990s ushered in a drastic, and ultimately successful, privatization program.
He has founded a new party and is considering a return to Parliament in the hope that he could ultimately join a new government that would heed his longstanding message: Greece needs to stop running deficits and address the issue of global competitiveness.
"We need money to finance our deficits and I see difficulty in us attracting such funds from abroad," he said, as he received a string of admirers in the Old World splendor of the Hotel Grande Bretagne in Athens. "I am not sure that this won't spiral out of control, and that makes me saddened and frustrated."
As for the rest of Europe, particularly its weaker links, he also has doubts.
"I don't think Europe is up to it," he said. "It expanded too rapidly without fixing its institutions."
Source: International Herald Tribune, France
Reasons for cheer amidst the gloom
---Purging the excess not only weeds out the mad schemes and grandiose dreams but paves the way for new beginnings.
Shipping markets may be plumbing the depths, companies falling like nine pins and ships heading for layup in droves but the experts say we are heading for more sober and responsible times with the excesses of the past consigned to history.
For better or worse, here are seven reasons to cheer the recession.
1. No more Greeks bearing gifts to Wall Street
It was the phenomenon that has defined this era in shipping: a stampede of Greek shipowners floating their companies on Wall Street who were greeted as the great businessmen many clearly believe they are.
Some were good, some were bad, some were certainly ugly, while some, such as George Economou, saw their reputations somewhat enhanced after the bond-issue debacle of the previous decade.
But no more. That tap has now been firmly switched off. We recently heard of the Greek owner who early last year was offered the chance to float his fleet of capesizes and newbuildings in New York for a cool $1bn and retain a controlling 60% stake. But he rejected it, saying he was being "ripped off". More fool him. His fleet is now worth perhaps $100m at best.
2. No more companies with daft names
Shipping's no stranger to companies being given overblown and grandiose names. It goes with the territory, after all. When those with super egos get super rich, reality often gets distorted. Just think of Aristotle Onassis's modestly named Olympic Maritime SA.
But things have really started to get out of hand over the past few years. Glory Wealth is neither looking very glorious nor wealthy now and the same could be said for Ocean Glory. Stealth Maritime was never going to be very stealthy with an extrovert like Harry Vafias at the controls, while Britannia Bulk never really had a chance of ruling the waves.
But surely one of the worst offenders has been Nobu Su and his powerful TMT. Originally, it was honestly and simply named Taiwan Maritime Transport.
But then he had to go and blow it, by renaming it "Today Makes Tomorrow" and then compounding the offence by blathering on about the philosophical dimension.
TMT said: "The name exemplifies our goals, which is to make wise decisions today based not only on economics but on creating a company emphasising environmental safety, priding itself on customer service, shipping efficiency and provide a better world by nurturing ship-related innovations." Try telling that to some in the forward-freight-agreement (FFA) market and you might get a blunt four-letter reply.
3. The end of talk about shipping's 'new paradigm'
After the way the dot.com bubble burst in such a bloody and humiliating way at the start of this decade, you would have thought that use of those fateful phrases "paradigm shift" and "new paradigm" would have been discarded in the linguistic dustbin for good. But alas not in shipping.
Too many good years, fuelled by the commodities boom, sadly pickled many people's minds, enabling them to convince themselves that shipping had changed structurally for good. It hadn't and now we are all seeing the consequences.
4. Freight futures no longer driving the market and brokers paying the price
Freight futures aren't all smoke and mirrors as some would like to portray it but, likewise, they are no panacea for fundamental market ills. After all, they are fairly simple financial instruments compared to those that have humbled Wall Street's finest.
But sadly during the dry-bulk-boom days it all got out of hand, with paper fortunes being made before lunch and FFA brokers "bigging it up" with their golden hellos and Porsche Cayennes. Thankfully, that's over.
5. Secondhand-ship prices being higher than newbuildings
Just like the glory days of the freight-futures market, there are phenomena that you just know aren't right and will all ultimately end in tears. One of those was the secondhand price of ships overtaking newbuildings.
Economically, the thinking was sound: today's asset should be priced on its earning power here and now, regardless that its seven years of life have seen it battered around the world's oceans and ports and given minimal maintenance to keep it at sea. Thankfully, reality has returned to the market.
6. A halt on Chinese 'greenfield' shipyards
During the boom times, a casual observer could have been forgiven for thinking that building a shipyard and then knocking out vessels could be as easy as 1-2-3. Find some land, dig a hole, find an order, then build the ships.
The apotheosis of this came when one company tried to raise cash from investors in Singapore. At first glance, it looked like a grand scheme but on closer inspection, it was clear the land on which the shipyard would be build hadn't been bought, construction permits hadn't been granted and the whole mad plan was built on promises.
Thankfully, the scheme never got off the ground or the ships into the water.
7. No more mad schemes for cities to launch shipping centres
Singapore set a trend for all those who wanted a bigger share of the global shipping cake by buying its way into a full-service maritime hub through offering generous tax breaks.
After its success, Dubai responded in its own inimitable fashion. It is physically building a business centre on reclaimed land - the gloriously, madly ambitious Dubai Maritime City.
The vultures are already predicting that if this recession turns into a depression, Dubai risks going the same way as Iceland. We'll see.
One thing is sure, however: few will be offering new tax breaks for the industry. The Norwegian government decided some time ago that tax breaks for investment in steel hulls wasn't a smart way to invest for the future good of the nation in the 21st century, to the wrath of most of the country's owners. It's a view we'll see more of in the next few years.
By Julian Bray London
Published: 00:00 GMT, 23 Jan 2009 | last updated: 09:54 GMT, 23 Jan 2009
Dahlman Rose & Co: DryShips Takes Significant Action to Reduce Cash Outlays
>DryShips announced several actions to reduce cash outlay over the next year.The company cancelled a total of 12 Capesize purchases, including an order for 3 newbuilds as well as an additional 9 Capesizes purchased from Cardiff in 2008. The cancellations save the company a total of $545 million, net of cancellation fees, as well as existing debt of $216 million against the 9 vessels purchased from Cardiff. All 12 Capesize obligations have been transferred to third parties. In addition, the company has suspended its $0.80 annual dividend, beginning with 4Q08.
>Cancellation of the purchase of the 9 Capesizes purchased from Cardiff was somewhat expected, as management had indicated the possibility through media outlets.The original transaction included the issuance of approximately 19.4 million DRYS shares to Cardiff, plus the assumption by DryShips of $216 million in outstanding debt against the vessels and $262 in shipyard commitments. For transfer of obligations and vessels to a third party, DRYS will issue approximately 6.5 million shares to the unaffiliated buyer plus 3.5 million out of the money warrants to Cardiff. At the time of the original transaction with Cardiff, we felt the purchase price of the nine vessels was excessive, given the fact that the dry bulk market had already sustained significant weakness. With the cancellation, DryShips benefits from preventing full exposure to significantly above-market asset prices, but has been penalized by its initial agreement.
Source: Dahlman Rose & Company, LLC, 142 West 57th Street, 18th Floor, New York, NY 10019
Excel dumps Frangos supramax purchase
---Nigel Lowry, Athens - Wednesday 21 January 2009
EXCEL Maritime Carriers has negotiated its way out of buying a supramax bulk carrier that was an obligation linked to a failure by blank cheque spin-off Oceanaut to consummate a four-ship fleet purchase last year.
Excel said it was minimising its cash outlay by paying a cancellation fee of $7.3m, equivalent to the 10% deposit on the original purchase price of $72.5m for the 2002-built Medi Cebu.
The vessel was among four bulkers Excel-sponsored Oceanaut had lined up to acquire from John Frangos-led Irika Shipping but the $350m transformative deal for the spin-off floundered as bulk carrier values crashed.
As part of the settlement Excel, led by chairman Villy Panayotides and chief executive Stamatis Molaris, has agreed an exclusive option to purchase the same ship at any time within this year for $25.7m.
The disclosure implies that if any sort of deal between Irika and Oceanaut is still underv consideration, it will probably have been restructured in terms of ships a well as price.
Oceanaut executives late last year hinted the two parties may still be talking but that other potential deals for the acquisition company were being considered.
At the same time Excel has taken delivery of a capesize newbuilding, christened Sandra, from Imabari Shipyard in Japan.
Sandra has started a five-year time charter at $39,000 per day.
Mediterranean cruise line's unique itineraries
---Small-ship cruises typically are many things that their big-ship counterparts are not - more intimate, more exploratory and more educational. Rarely, however, are they less expensive.
That said, Variety Cruises, a family-owned small-ship line in Greece, is starting to market its weeklong Greek island and Red Sea cruises to North Americans and, while the fares are not as cheap as a Western Caribbean cruise on Carnival, most are a bargain considering the region and size of ship.
Variety, started in 1949 as an "educational ferry" by the father of the current owner, now runs more than a dozen ships on more than a dozen itineraries through the Aegean and Ionian seas. (Also, starting last month, the 32-passenger Harmony V began sailing up the Red Sea with stops in Aqaba, Jordan; Taba and Sharm el Sheikh, Sinai; and Safaga and Hurghada, Egypt.)
Most notable about the service (other than the prices) is that the ships arrive later and stay longer in the ports, giving passengers an opportunity to experience the culture at night - often when the real culture is thriving and after the oppressive hordes from the other ships have sailed off. (Passengers get breakfast and one other daily meal, which is Variety's not-so-subtle way of encouraging you to get out, explore and discover local cuisine at a chic restaurant or funky taverna - arguably one of the most fun ways to experience local culture.)
The company's bread and butter is visiting iconic Greek fishing villages, Roman ruins, volcanic islands, Medieval towns and impossibly scenic and secluded beaches typically available only to small-ship cruises. The main routes are Aegean Odyssey (with stops in Marina Zea, Kea, Folegandros, Samos, Patmos, Santorini and Mykonos, as well as Kusadasi in Turkey), and the Classical Greece trip, with some of the same stops, as well as Nafplio, Spetses, Monemvasia, Rethymno and Heraklion.
Fares for each start at $2,290 per person and include taxes, translators and (gasp!) most drinks with meals, including wine and ouzo. The Jewels of the Cyclades trip is similar to the Classical Greece, but it uses the older, masted Galileo and fares start at $1,450.
More important, the single supplement is just 50 percent, meaning single travelers pay just three-quarters of the doubles price instead of the full amount.
Variety is an appropriate name, considering the fleet: The 10 ships used for regular itineraries range from 17 to 36 cabins, and include a traditional wooden schooner, sailing boats, a Greek schooner, a "steel motor sailer" and a couple of sleek, modern mega-yachts. (The company has 15 ships in total, five of which range from four to six cabins and sail private group charters.)
Three of the company's ships sail under the banner of Zeus Casual Cruises, an arm of Variety that is less expensive and more, well, casual. The "simple yet well-appointed motor yachts" fit 34 to 50 people and ply the Ionian Sea east of Greece (the Italian side of Greece, geographically and culturally), as well as a few groups of lesser-known islands off Turkey. Zeus stops on the Ionian Sea trips include Corfu, Paxi, Lefkas, Ithaka, Kefalonia, Zakynthos, Parga and Sivota. The Grecian Delights itinerary includes stops in Kalymnos, Kos, Nissiros, Symi, Halki and Lindos.
Variety Cruises Executive Team
Capt Mihalis Paladas:
Christina Venetopoulou :
Quality Assurance Program & On board Services Manager
For more information, visit www.varietycruises.com or contact a travel agent.
Source: Spud Hilton, Friday, January 23, 2009, http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/01/23/TR17157T0S.DTL and www.varietycruises.com
Second Circuit Court rejects criminal liability challenge
---Wednesday the 2nd U.S. Circuit Court of Appeals rejected the argument made in an amicus brief filed by a coalition of businesses and criminal defense associations last year that urged the appellate court to reexamine the standard for when a corporation may be held liable for the acts of its employees, Law.com reports.
In the closely-watched case of United States v. Ionia Management, the defendant corporation and business defense groups were hoping to bring the first significant challenge to corporate criminal liability by challenging the idea of "respondeat superior" -- a legal doctrine in which corporations are held vicariously liable for crimes committed by employees acting within the scope of their employment and with the intent to benefit the company. The business defense team urged the court to adopt a heightened standard under which a corporation would be vicariously liable only for the acts of its "managerial" employees, and only where the company lacked effective compliance policies.
The case before the court involved a Greek company that manages a fleet of tanker vessels and was convicted and sentenced for its role in falsifying records to conceal the overboard dumping of waste oil from one of its vessels into international waters.
Source: By Desiree Evans on January 21, 2009 4:26 PM http://www.southernstudies.org/2009/01/second-circuit-court-rejects-criminal-liability-challenge.html
Piraeus Bureau Veritas-Upcoming February Seminars 2009
2-6 February Quality Lead Auditor Course ISO 9001:2000
9-13 February Environmental Lead Auditors Course ISO 14001:2004
16-20 February Food Safety Lead Auditors Course ISO 22000:2005
24-25 February Negotiation Skills
For any further information, please contact, Anna Kalliantasi, Training Co-ordinator, Bureau Veritas Certification, Tel:210-4063109, Fax:210-4063118, www.bvtraining.gr
Source: email announcement
Annual joint Chamber of Commerce event expecting high attendance. Event will be held on Tuesday, February 10th at the New York Helmsley Hotel.
LeRoy Lambert of Blank Rome LLP will moderate the next discussion looking at the commodities markets and how demand and trade finance are impacting commerce. The panel will include John Ahearn of Citi Markets and Banking, Robert Keihm of Stemcor USA; John Thuestad from Alcoa; and Evangelos Venturas of Venturas Ship Chartering Ltd. The shipowners will be led in discussion by Robert Shaw of Mystras Ventures LLC. Joining him will be James Dowling of K-Sea Transportation; Jeffrey Pribor of General Maritime Corporation; John Wobensmith of Genco Shipping & Trading; and Sophocles Zoullas of Eagle Bulk Shipping.
The conference will conclude at 1700 with a networking cocktail reception sponsored by Blank Rome LLP and Jacq. Pierot, Jr. & Sons. For information on registering, contact either Chamber (NACC +212 885 9737 or HACC +212 629 6380) or firstname.lastname@example.org