Greek Shipping News Cuts
Week 23 - 2010


Has the time come to tax shipowners?

---Tax and shipping mix about as well as oil and water. And nowhere is that more true than in Greece.
But with Greece needing a EUR 110bn ($132.5bn) bail-out last month from the rest of Europe and the International Monetary Fund (IMF), scrutiny is now focussed on the potential that every part of the economy has to help reduce its deficit. And that includes shipping.
Perhaps the time is nearing when Greek shipping will also have to pay its way.
Published: 21:59 GMT, 10 Jun 10 | updated: 13:49 GMT, 11 Jun 10

Veniamis rejects talk of Greek shipping tax
* Friday 11 June 2010 * by Nigel Lowry
Shipowners have no indication whatsoever of government plans to impose taxes on the industry
Mr Veniamis vented frustration with individual Greek owners who have been saying openly that they will shift their operations abroad if the government tampers with current tax legislation.
Shipping is tax-exempt in Greece, a status that has long enjoyed protection under the constitution.
While virtually all reject the notion of taxing the industry, one or two have spoken favourably about a shipping bond to raise money for government coffers.
He said the incursions into ports showed that the ISPS Code had not been properly implemented in Greek ports.

54 Greek-Controlled Fleets Top 1M DWT
---The public / private shipping empire controlled by George Economou is vying with the privately owned John Angelicoussis group as Greece's largest operation. Economou manages some 97 ships of 11.23m dwt under one roof, while the Angelicoussis group is divided into the energy fleet, Maran Tankers / Marangas, 10.04m dwt and 49 ships and the drybulk operation Anangel which adds another 4.741m dwt and 27 ships.
According to data compiled by Naftiliaki Greek Shipping Review, Newsfront Greek Shipping Intelligence's parent, Angelicoussis and Economou top a list of 54 Greek operations which at the beginning of May were running fleets of 1m dwt ormore. This is three fleets less than at the same time 2009, but while five companies have dropped out of the list two have come in.
Further, Greece's 'tonnemillionaires' this time round between them account for 158.3m dwt and 1,601 ships. In capacity terms this is some 87% of Greece's oceangoing trading tonnage but only around 40% of the ships. Both Angelicoussis and Economou have grown their fleets in the 2009/2010 period, with Economou 20 ships and 2.7m dwt larger, while Angelicoussis is some 750,000dwt larger, with the growth on the dry side, and seven ships up overall. All Angelicoussis' ships fly the Greek flag.
Third and fourth place on the ladder are the mixed tanker / dry bulker fleets of the expanding US listed group, combination GenMar / Genco / Baltic Trading controlled by Peter Georgiopoulos, and US-listed Tsakos Energy Navigation (TEN) and privately owned Tsakos S & T. The Georgiopoulos
combination 7.74m dwt / 72 ships, had a gain of 1.4m dwt and 10 ships over the year, which led it to swapping place with Tsakos which has remained
steady at around 7.3m dwt and 74 ships.
Georgiopoulos is also chairman of NY-listed international bunkering group, Aegean Petroleum, which as part of Piraeus-based Aegean Shipping Management, has some 70 units of 889,200dwt.
Marmaras Navigation / DeltaTankers / Diamantis Diamantidis continues to diversify and with 23 bulkers and 18 tankers of 5m dwtmoves up two places to five, though the group has two fewer ships (41) this year.
The Martinos brothers, Thanassis, Dinos and Andreas / Eastern Mediterranean (20th on the list), Thenamaris (8th) and Minerva (9th), remain one of the most influential families in Greek shipping, between them running 94 ships or 12.17m dwt and are being considered among the best readers of the market.
Of the 54 largest fleets 15 companies are listed on the stock exchange of the US and one on the UK stock exchange. The Posidonia 2010 issue of
Naftiliaki features an extensive review of the Greek fleet.

Voice of the London Greeks
As long as Europe preserves its key role in shipping, Embiricos is confident that London will remain an important maritime centre.
In the spotlight: Epaminondas Embiricos
Born: 1943, Athens, Greece, the son of shipowner and Member of the Hellenic Parliament George E Embiricos (1901-1980)
Previous position: Greek Shipping Co-operation Committee chairman, September 1999-May 2010
Education: # Massachusetts Institute of Technology, Cambridge, MA, USA # Philips Exeter Academy, USA
Family: Married Angela Pittas, daughter of London Greek owner, Nikolaos Pittas, in 1977; they have two sons, George (b 1978), who is a GSCC member, and Nicolas (b 1980)
Source: Fairplay - Profile 10 Jun 2010

Greek economy kept afloat by shipping trade
Monday, 7th June 2010
Nick Anstee, Lord Mayor of the City of London.
MANY of the headlines about the UK and Greek economies have, perhaps understandably, painted a bleak picture of harsh financial realities in both countries.
Clearly the UK Government and the Greek administration face a period of painful fiscal tightening as they balance the books and reassure international investors.
Therefore, in this challenging period, the top performing industries in both countries must help drive recovery forward and safeguard future prosperity.
At first glance there seem to be little overlap between these two industries. But as an island state with a long seafaring history, it should come as little surprise that the UK is a world leader in maritime-related services.
The City is a one-stop shop for maritime services, able to provide all the specialist financing needs required by ship owners and operators.
In 2009, UK-based banks lent the Greek shipping sector more than $13bn, around a fifth of its total lending requirements, while the UK marine insurance sector pulled in $4.7bn in premiums and an additional $1.6bn in gross P&I premiums and ship-broking income.
But despite our position as the leading provider of maritime services to Greece, we can not afford to be complacent. That is why I am here at the international Posidonia shipping conference in Athens, working to strengthen links with the Greek ship-owning community and ensure key industry figures continue to see London as a second home.
I am also scheduled to hold discussions with the Greek Prime Minister, Finance Minister, and the Minister of Economy, Shipping and Competitiveness.
Even in these difficult times, Greece remains a key partner for the UK with bilateral trade currently worth nearly $3bn each year.
With both ends of this relationship facing significant economic challenges, it is in all our interests that policy makers and practitioners in both countries work together even harder to maximise trading opportunities and open doors to two-way businesses.
Nick Anstee is Lord Mayor of the City of London.

Posidonia: Business as Usual
Crisis in Greece. Defaulting on debt? Riots! Those visiting Posidonia would never know we are living in such a turbulent time.
As we all know Posidonia takes place every two years. The prior one in June 2008 was before the financial and shipping crisis hit hard. The parties were big, the exhibition impressive, the mood buoyant. In June 2009, many were thankful it was not a Posidonia year.
So what of Posidonia 2010? Well the mood is remarkably good. The parties are fun and the visitors are here in big numbers. Noticeable is that most bank functions are mainly clients only as opposed to all and sundry. Company functions vary from discrete to enormous.
The Posidonia Exhibition is bigger than ever before in terms of exhibitors. Some country pavilions however have downsized.
The resounding comment: thank goodness shipping is offshore. It isn't fun being onshore Greece at the moment.
Source: By Kevin Oates

Posidonia seals deals for Greek shipping companies
INTRA MARE is a naval architecture technological & trading company with activities extending over a wide spectrum of services including representation, design, consultancy, and trading. The company represents exclusively a number of leading marine equipment manufacturers and at the same time, supports its extensive sales organization through its Project Development Division.
Other Greek shipping industry officials participating at Posidonia 2010 are also cautiously optimistic about the future of the marine industry. Dimitris Vranopoulos, Managing Director, Marine Plus, an Athens-based agent of Asian and European shipyards, believes that while the downturn has slowed down newbuilding activity, shipyards in China and other key hubs are readjusting their operations to accommodate increased demand for the ship repair and conversion sector.
Posidonia 2010 is sponsored by the Ministry of Economy, Competitiveness and Shipping, the Municipality of Piraeus, the Hellenic Chamber of Shipping, the Union of Greek Shipowners, the Greek Shipping Co-operation Committee, the Hellenic Shortsea Shipowners Association, the Association of Greek Passenger Shipping Companies and the Union of Marine Enterprises.
Source: PRESS RELEASE. Piraeus, 10/06/10

Tsakos Energy Navigation Announces Quarterly Dividends
$0.15 per share dividend payable July 15, 2010
The first dividend of $0.15 per share will be paid on July 15, 2010 to shareholders of record on July 12, 2010 and will trade ex-dividend on July 8, 2010.
The basis of dividends will continue to target a payout ratio of 25% to 50% of net income subject to maintaining an appropriate level of liquidity as a function of a prudent and strong financial position. Each April, the Board of Directors will give consideration to the declaration of a supplementary dividend.
Including the above distribution, TEN will have distributed $8.325 per share in dividends to its shareholders since the Company was listed on the NYSE in March of 2002. The listing price was $7.50 per share taking into account for the 2-1 share split of November 14th, 2007.