Greek Shipping News Cuts
Week 36 - 2009


Greeks said to have condeded top position to Japanese.

---Nationals of the world's top 10 shipping nations control just over 70% of the total world merchant fleet in terms of carrying capacity, according to a report compiled by the Bremen-based Institute of Shipping Economics and Logistics. Similarily, over 70% of ships more 1,000gt at the beginning of 2009 were not registered in the country of domicle of the owner, up 5% since 2005 and 19% since 1995.
Further, despite what the Greek administration and shipping community believe, according to the ISEL, Greeks are no longer the world's largest shipowners.
A table produced by ISEL shows that in 2008 Greece lost its top position to Japan. As we sailed into 2009 the Japanese-controlled trading fleet was some 176.4m dwt to Greece's 175.5m dwt, with Germany retaining third spot at 104.9m dwt ahead of China, 91.2m dwt and Norway, 43.6m dwt. South Korea, US, Hong Kong, UK and Denmark rounded out the top 10.
In 2008, with the exception of Hong Kong, Norway and Greece, all in the 10 increased the tonnage. Hong Kong slipped 3.4%, Norway 3.3% while Greece remained static. The largest tonnage increases were recorded by UK, 23%, Denmark 14% and Germany 11%. ISEL says that since 2005 Germany's fleet has grown a staggering 80%, an average 16.2% annually.
Some 93.2% of the Japanese-controlled fleet and 83.2% of the German is under a foreign flag, compared to 69% of the Greek fleet. The Koreans are the strongest support of the home flag among the 10 with 51% flying home colours.
Greece is the largest operator of tankers, 79.5m dwt ahead of Japan 55.3m and Norway 24.3m, more than half Norway's total fleet. Of Greece's tanker fleet, 58.5% of the capacity is under the home flag.
Japan leads the bulk carrier fleet, 95m dwt ahead of Greece 83m and China 48m. Germany heads the container ship fleet with 54.4m dwt, over half the total German fleet. Japan is a distant second with 14.9m dwt while Greece is in fifth place with 8.3m dwt. In the general cargo ship sector, Japan and China are neck and neck, 10.9m and 10.5m dwt respectively. Twelve months earlier Norway had the largest gencargo fleet ahead of China and Japan, but has now slipped to three. Greece's gencargo ship fleet has shrunk to 4m dwt and sixth place, with 92.8% of the fleet under a foreign flag. While the fleets of other major operators grew in 2008, Greece gencargo fleet declined over 8%.
Of the world orderbook at the beginning of 2009, the Greeks' share was the largest at 18.7% of the total, ahead of the Japanese and the Germans, at 11.5% and 11.4%.
-- Filed 2009-09-4

Seas remain choppy for Greek shippers

Shipping will track Greek voting
The election, which Karamanlis announced yesterday on TV, might also affect plans to develop Piraeus as a maritime centre. PASOK opposes the privatisation of ports.
The opposition has also accused the government of failing to address crewing problems and draw more Greeks to seafaring.
Source: Fairplay Daily News 03 Sep 2009

Rickmers-Linie calls Thessaloniki for special project cargo
---September 4 - A meeting during the Worldwide Project Consortium's (WWPC) Annual Conference led to a significant booking for Rickmers-Linie from WWPC Greek partner, Delta Maritime.
Rickmers-Linie arranged for an extra call on its round the world service at the Port of Thessaloniki to load cargo consisting of machinery and equipment, which was eventually discharged at Abu Dhabi.
The WWPC is a leading global franchise network for project cargo forwarders and Rickmers-Linie has been a sponsor of the group's conferences for many years.
Source: Heavy Lift - ?Sep 4, 2009?

Greek owner in dry-bulk launch
---Former Atlas Bulk man Michael Hojsgaard is being linked with shipowner Michael Tartsinis.
Former Atlas Bulk senior chartering manager Michael Hojsgaard has teamed up with a Greek shipowner to launch a new dry-bulk shipping company.
His partner is believed to be Michael Tartsinis, who is funding the Copenhagen-based venture and holds a majority stake.
Atlas filed for bankruptcy at the end of last year and Hojsgaard insists that his new company, Nordia Bulk AS, has no links with its principals, Bo Kristensen and Per Moller. They are understood to have formed a new company themselves.
Tartsinis has a track record in dry bulk including being chief executive of Antares Shipmanagement SA as well as chief executive and subsequently chairman of bulker owner Global Oceanic Carriers.
Hojsgaard declines to confirm Tartsinis's involvement but says Nordia Bulk already has commercial management of the 65,000-dwt panamax bulker Revive (built 1983). The vessel is listed on Equasis as managed by Athens-based Antares.
There is an agreement for a second panamax by the end of the year but Hojsgaard says the identity of that ship remains unclear. It may come from what he describes as one of Nordia's "friendly owners".
The Nordia partner and managing director says he secured his first business a couple of weeks ago - an iron-ore cargo for the Revive from the Baltic to the Mediterranean.
Hojsgaard is currently working alone but says that as business picks up he expects to take on employees.
For three years between 2001 and 2004, he was a freight trader handling panamaxes in the Pacific for BHP Billiton in The Hague, which "gave me some contacts and knowledge of the mineral markets".
Consequently, Hojsgaard says he will focus initially but not exclusively on panamaxes. "If I get a good deal proposed by someone, then obviously I'll look at it," he said.
Hojsgaard added: "If another owner comes along and asks to take his ships into commercial management, whether handysize, panamax or whatever, then obviously we'll look at it." Primarily the aim is to take in cargo and ships but "I am open to everything", he adds. Hojsgaard says a benefit of Nordia is that it is not carrying any baggage from the earlier collapse of the world economy and this might "give us a chance".
He reckons now is a good time to be setting up shop given the opportunities created by the market's volatility and the fact that rates are cheaper than the $100,000 per day seen last year.
The 39-year-old began his career in 1991, since when he has worked for various Danish shipbroking offices as well as HSBC's shipbroking division in Hong Kong between 1995 and 1997.
Hojsgaard also worked for a period as an independent shipping advisor to accountants KPMG in the Armada case.
By Geoff Garfield and Trond Lillestolen London and Oslo
Published: 23:00 GMT, 03 Sep 2009 | last updated: 08:19 GMT, 04 Sep

Shipping Fund FIG Gets Its First Deal
The Greek shipowner, part of a family with a long tradition in shipping, has recently created a private equity fund in order to take advantage of investment opportunities.
For those who have extensive capital liquidity, the sharp fall in ship prices caused by the crisis in the shipping industry, is an excellent opportunity.
FIG proceeded to the acquisition of two panamax cargo ships for 77 mil. dollars, according to sources from the shipping industry.
The fund is seeking to acquire a fleet of 5-7 panamax of more than 70,000 toones.
With total assets of more than 1 bil. dollars, the FIG may expand to real, estate, health care and insurance as well.

Euroseas Ltd. Announces Two Year Time Charter Agreement
---09/2/09 Maroussi, Athens, Greece - September 2, 2009 - Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that a subsidiary of the Company has entered into an approximately two-year time charter agreement for the M/V "Pantelis," a 74,020 dwt, 2000 built Panamax bulk carrier, at a gross daily rate of $17,500. The charter will commence upon completion of its present charter estimated to be completed between December 7, 2009 and March 7, 2010.
Following this charter, approximately 66% of Euroseas total fleet days for the remaining four months of 2009 and approximately 45% in 2010 are secured under period charters or Forward Freight Agreements (FFAs).
Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are pleased to announce that we have secured a two year time charter for our m/v "Pantelis" in this challenging environment at levels which are accretive to our EBITDA. We believe that this fixture will provide us with substantial additional secured cash for the next two years, allowing us more flexibility in pursuing further growth opportunities."

Top Ships to present at the Rodman & Renshaw annual global investment conference on 10 Sep 2009
Mr. Tsirikos will also be a participant in the Maritime Panel Discussion on Thursday, September 10, 2009 at 9:10 am ET in the Rutherford Salon.
More information on the Rodman & Renshaw Annual Global Investment Conference can be found at:

Stricken tanker moved from Suez Canal entrance
---(Sep 4 2009). Egyptian authorities have towed the stricken Panamanian oil tanker 'Elli' away from the southern entrance to the Suez Canal after it broke its back.
The official Egyptian +news agency MENA reported that the 1986-built 94,000 dwt 'Elli' had foundered at the end of last week but had not disrupted shipping transiting the canal.
The agency claimed that the ship, managed by Greek-based Worldwide Green Tankers, had been on the verge of sinking before it was saved by a salvage team.
Ahmed Fadel, chairman of the Suez Canal Authority, said the tanker did not pollute the area and was towed away from other ship moorings.
The ship was originally towed from Yemen for repairs at Suez, following an earlier grounding and fire.

Dalnave fined $1m for Myron N offences
Friday, 04 September 2009
---LIBERIAN-incorporated, Greek-managed shipping company Dalnave Navigation Inc has been fined US$1m to failing to keep accurate oily water discharge records and using falsified records to conceal the discharge at sea of untreated bilge from one of the 70,424 dwt bulk carrier Myron N.
The US Justice Department says that Dalnave was sentenced yesterday (3 September) by district judge Peter Sheridan immediately after entering a guilty plea. Additionally, the company agreed to pay a $350,000 community service payment to the congressionally-established National Fish and Wildlife Foundation to be used specifically for the protection, scientific study and restoration of marine and aquatic resources in the District of New Jersey or its off-shore coastal region.
On Tuesday this week, the chief engineer and second engineers aboard the Dalnave vessel M/V Myron N were sentenced by Judge Sheridan to three months of probation with the condition that they serve one month in a community corrections facility. Panagiotis Stamatakis, the chief engineer, and Dimitrios Papadakis, the second engineer, had pleaded guilty in July to using falsified records that concealed improper discharges of untreated bilge waste from the 1990-built ship..