Greek Shipping News Cuts
Week 18 - 2010


Greece, Qatar agree on LNG

The two countries also plan to set up a joint panel to plan such projects, according to IHS Global Insight. The Greek government has had interior debates on whether the LNG facility should be in Astakos or the northern Greek port of Kavala.
Source: Fairplay Daily News 04 May 2010

Brussels' cloud pushes Euro 750m Piraeus logistics hub
---A 2.2m sq mtr transshipment and logistics centre is planned for just outside the port of Piraeus. Long considered a matter of great priority, a new round of tendering for the Euro 750m centre is under way with the Piraeus Port Authority (PPA) among the key participants for what is seen as the country's major transshipment hub.
The tendering process is in the hands of the Infrastructure, Transport and Networks ministry which is seeking private investors to build and manage the centre under a deal running for 30 years. The centre will be located in the Thriasio Pedion, and will be complemented by a rail connection.
Initially, the plan was to have the centre operational by now, but the relative tender process failed, though the European Union provided Euro 150m in funding. The matter has become urgent as rumblings in Brussels indicate the EU could ask for the money back. Based on the current timeframe, the centre should begin operation in 2011.
The PPA sees the project as strategic for the port's further development. Recently, PPA founded a dedicated affiliate company, Intermodal Transport and Logistics Company S.A., in order to expand new business areas, such as intermodal transportation, cargo forwarding and the relevant supplementary activities of the cargo it handles.
Combined with its development plan of Euro 1bn recently approved by the Inter-ministerial Committee, the PPA sees the centre as creating new opportunities and advantages.
The Thriasio Pedion area is owned by the Greek Railways Organisation (OSE), whose plans will concentrate Attica region cargo volumes in the centre via a new rail connection slated for completion in March 2011. The commercial port at Ikonion will be connected to the logistics center, which is seen as playing a critical role in the further development of Greece's international trade.
The centre is expected to handle about 1,000 trucks and thousands of tonnes of goods on a daily basis.
There is talk the PPA and China's Cosco Pacific, which runs Piraeus container terminals II and III, could work together. Cosco's president, Wei Jiafu, is set to visit Greece later this month and in his round of meetings will see the PPA's president, and md, George Anomeritis. The agenda will include a possible partnership in the project.
-- Filed: 2010-05-07

Greek orders surge
---Both public and private companies have been busy in the Far East, with over 100 ships booked since late 2009.
Greek shipowners in the public and private spheres have led a rush back to Far Eastern shipyards to book both wet and dry tonnage.
The suezmax has been the tanker of choice, with 16 reported orders and a further eight said to be in the pipeline. Aframaxes, with nine firm orders and three options, are close behind.
Competitive as well as in-house Greek brokers agree that for both public and private companies, the determining factor in their decision to order tonnage is the availability of funding, as well as attractive prices.
The Alafouzos family had not placed any newbuilding orders for about seven years before being linked last month to six firm orders for aframaxes plus two optional units at Samsung Heavy Industries.
But prudent smaller owners who did not overextend themselves during the boom years have also come back into the fray, especially on the dry-bulk side.
While kamsarmaxes are the apparent flavour of the month, many see the handysize sector as the most attractive, believing that relative to its age profile the fleet is underbuilt.
One Piraeus broker points out that big yards, which until recently shunned handysize and handymax bulkers, are now accepting orders in this size range.
As the weekly tally of Greek orders continues to roll up there seems little disagreement over the reasons driving the spending spree. But views differ as to what the results will be.
With analysts varying widely in their estimates of whether newbuilding orders will be cancelled or eventually go ahead, even if not for the company that originally ordered them, it remains to be seen whether the Greeks have got their timing right.
By Gillian Whittaker Athens
Published: 21:59 GMT, 06 May 10 | updated: 12:19 GMT, 07 May 10


Lomar snaps up fourLPG carriers for $16m
---Martyn Wingrove - Thursday 6 May 2010
LOMAR, the holding company of the Logothetis family, has more than doubled the size of its gas carrier fleet by acquiring four ships for a combined value of $16m from Hamburg-based MPC Munchmeyer Petersen Steamship, writes Martyn Wingrove.
The deal is the latest investment by Lomar Shipping and follows its purchase of 26 vessels from the Allocean fleet, which included three gas carriers, at the end of last year under a a $325m deal.
Lomar purchased the 3,208 cu m Cheltenham , 3,300 cu m Longchamp and 3,143 cu m Malvern , all built in 1990, and the 1995-built, 3,444 cu m Auteuil from MPC to increase its gas carrier fleet to seven ships.
Shipbrokers reported the sale was valued at $20m in reports earlier this week, but one gas carrier broker said the ships were valued at a combined price of $15m.
For the past two years, the Cheltenham and Longchamp have operated within south and east Asia, Malvern operated in the Middle East and India and Auteuil did regular LPG trade within western Europe. But Malvern has been idle since January and Longchamp since the middle of March.
Lomar also owns 12 containerships, eight bulk carriers, six offshore vessels, two tankers and one reefership.
In another sale reported by Clarksons, Turkish shipowner Palmali purchased the 2002-built, 7,540 cu m Gaz Galaxy from Greek owner Naftomar Shipping for $20m.

From the Bosphorus: Straight - Time for a boundary deal in the Aegean
---Wednesday, May 5, 2010. The world is a complex and dangerous place and we in Turkey certainly have a front row seat to survey the evidence that this is the case. The list of daunting problems is long. But against the sobering backdrop of much strife and turmoil, on the eve of a prime ministerial summit in Athens, it is also important not to lose sight of many profound changes that portend a better future.
These may be small things. But they suggest the promise an increasingly mature politics in our region and the prospect of enduring peace and stability.
As Greece accepts a 110 billion-euro bailout of its sinking economy, an annual tab of 6 billion euros for weaponry is a luxury Greece cannot afford. A single fighter in the cat-and-mouse game of asserting sovereignty in the Aegean region costs the Greek treasury 35,000 euros. And the justification for this and spending on such ludicrous items as new frigates and a German submarine is always Turkey and the unresolved matter of boundaries in a sea dotted with Greek islands.
A practical agreement on boundaries of continental shelves should not be a daunting diplomatic task. As we note, pragmatism and common sense is defining many small steps leaders are taking to resolve disputes that once seemed intractable. We think the Aegean is also an issue where pragmatism and common sense can and should prevail.