Greek Shipping News Cuts
Week 27 - 2010
--- * Wednesday 07 July 2010 * by Steve Matthews
Draft legislation that allows non-EU flagged cruiseships to call at Greek ports published
THE Greek ministry of economy, competitiveness and shipping has published anticipated draft legislation that includes allowing non-EU flagged cruiseships to call at Greek ports and operate itineraries to Greek islands.
Liberalisation of the cabotage rules is intended to promote more cruiseships to call at Greek ports on the mainland and islands, generating increased revenue from the additional business and visitors. If sufficient cruise lines and ships decide to use Greek ports as a home base, it could generate further income and even support investment in new cruise terminals. There are still debates regarding detailed provisions such as a requirement to include at least some Greek crew members on cruiseships serving the Greek market, but the legislation is expected to be passed later this year.
Mr Foros said that benefits would include that international cruise passengers would be able to start cruises in Greece in the same way that they do already in other Mediterranean countries, such as Spain, and that will free up the market and bring in extra revenue
Greeks surge in S&P buys
---GREEK owners acquired 166 secondhand vessels in the first half of 2010, overtaking the Chinese, a Greek broker has revealed.
According to N Cotzias Shipping Consultants, in the first six months of the year Greeks spent $5.5Bn on secondhand acquisitions, out of which a record $1.34Bn was spent in June alone.
The Chinese spent $2.2Bn on 135 vessels, said Cotzias, who noted that the Greek fleet increased by 11.7M dwt and the Chinese fleet by 9.5M dwt.
Source: Fairplay Daily News 09 Jul 2010
Led by Georgiopoulos, Greeks return to S&P ring big time
---Led by Peter Georgiopoulos, Greeks have regained their top place in the s&p ring. In the first six months of 2010 Greek interests have emerged as the leading buyers and leading sellers of ships. Though analysts differ on the exact numbers, Piraeus-based broker N. Cotzias Shipping Group reports that in the first six months of 2010 Greeks pumped over $5bn into purchasing some 166 ships, while at the same time they sold 144 ships for further trading and around 110 for demolition, 16% of the 670 ships scrapped.
The buying revival, spearheaded by Georgiopoulos in May and June has seen Greek interests topple China as the largest buyer of dry-cargo ships for the first time in over a year. When wet tonnage is added in Greeks have by far been the biggest s&p players, both as buyers and sellers.
Greeks picked up 44 dry vessels in June against only seven heading for Chinese hands to lead the buying league for the first time since April 2009, says N. Cotzias, noting that if it wasn't for Georgiopoulos' 24 buys during June, "it would still have been the usual Chinese dominance scenario". In the month Technomar Shipping reportedly made six buys and US-listed NewLead, five.
According to N. Cotzias, Greeks bought 134 dry-cargo vessels of a total 7.295m dwt, in the first half of 2010, almost one in four of the ships sold. The Chinese bought 124 ships, but the dwt was 8.5m. In the spending stakes Greek owners paid out $3.47bn compared with the $1.96bn outlay of the Chinese. Indeed, Greeks accounted for over 33% of the $10.47bn invested all-told on secondhand dry ships, in the six months.
Greece also leads the tanker buying table ahead of Norway, the US and China.
Greek owners have spent $1.69bn on 32 tankers of 4.376m dwt this year, comfortably clear of the 14 ships (1.45m dwt) at an aggregate spend of $487m heading for Norway. Chinese owners have paid only $127m for 11 tankers (960,000dwt) over the same period. Again Georgiopoulos was a key buyer through NYSE-listed Genmar as was Nasdaq-listed Navios Maritime Acquisition, controlled by Angeliki Frangou.
A drop in tanker sales to only 16 in June dragged down the number of vessels changing hands last month to 99. This compares with 117 ships traded in May.
N. Cotzias says in the first half of 2010 Greeks sold 101 dry cargo ships and 43 tankers, leading both sectors. Germans sold 82 ships in total (68 / 14) and the Chinese 81 ships (65 / 16).
-- Filed: 2010-07-07
Greek cheque books shut
---Greek shipowners will slam the brakes on fleet expansion following an escalation of vessel prices, Royal Bank of Scotland says.
The price of a new VLCC has reached $104m, according to shipbroker Clarksons, up 5.5% since the turn of the year. New capesize prices are up 5% at $59.5m.
TradeWinds reported on Friday shipowners are spending over $1bn a week on newbuildings at a time when both tanker and bulker rates are falling.
Greek owners have the largest orderbook in tonnage terms, with 19.2 million tons of new ships to their name. Germany is in second spot with 16.8 million and China third with 15.2 million.
Measured in simple vessel numbers German owners lead the way with 933 newbuildings, compared with 857 for Greece and 710 for China.
By Andy Pierce in London
Published: 09:19 GMT, 05 Jul 10 | updated: 09:34 GMT, 05 Jul 10
Hellespont bolsters Hamburg shipmanagement activities
---Tuesday, July 6th, 2010 at 1:13 pm.
Hammonia has been renamed Hellespont Ship Management GmbH & Co KG and is now a wholly-owned subsidiary of the Hellespont Group parent company, which has been renamed Hellespont Deutschland GmbH.
In addition to activities in Hamburg, the group manages vessels from Piraeus and Singapore and has a crewing company in Manila. In 2009 it launched a chemical tanker pool, Seatramp Intermediate Tanker Pool under then Hellespont AG chief executive, Christian von Oldershausen, and manages a fleet of 27 crude, product and chemical tankers and five platform supply vessels. Four chemical tankers are on order.
Angelicoussis Receives Honorary Doctorate from Webb
---Friday, July 09, 2010
In June, John Angelicoussis attended the Graduation Ceremony at Webb Institute in Glen Cove on Long Island, New York. There he was honored with a Doctorate Degree in Commercial Sciences based on his lifelong achievements in the field of international shipping. Following this he gave the commencement address to the Class of 2010.
Omega Navigation Enterprises Reports Fourth Quarter 2009 and First Quarter 2010 Results
---Athens, Greece July 9, 2010, - Omega Navigation Enterprises, Inc. (NASDAQ: ONAV, SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced today its financial and operational results for the quarter and twelve months ended December 31, 2009 and the first quarter ended March 31, 2010.
Fourth Quarter 2009 Results
For the quarter ended December 31, 2009, Omega Navigation reported total revenues of $14.8 million and Net Income of $2.2 million, or $0.14 per basic share, excluding losses on interest rate derivative instruments and incentive compensation grants expense. Including these items the Company reported Net Income of $0.9 million or $0.06 per basic share. Adjusted EBITDA for the fourth quarter of 2009 was $8.3 million. Please see below for a reconciliation of Adjusted EBITDA to Cash from Operating Activities.
The Company fully owned and operated an average of eight product carriers during the fourth quarter of 2009, the same number as in the fourth quarter of 2008. In addition, as previously announced, since April 2009, the Company, through Stone Shipping Ltd, holds a 50% interest in Omega Duke, a 47,000 dwt double hull product / chemical tanker built in 2009. Stone Shipping Ltd is an equal partnership joint venture between Omega and a wholly owned subsidiary of Glencore International, A. G. Omega Duke is accounted for by the equity method and is not consolidated in the Company's financial statements. While all nine vessels were on time charter, the results of two of the vessels', the Omega Prince and the Omega Princess, were based on the actual earnings of a pool of nine vessels of similar characteristics which were operating in the spot market. The earnings for these vessels have been above spot market indices but below the level of earnings achieved in the fourth quarter of 2008. In addition, the Omega King and the Omega Queen had entered into new time charters during the second quarter of 2009 but these rates were also lower than those in the fourth quarter of 2008. These lower rates were partially offset by somewhat higher time charter rates on the Omega Lady Sarah and the Omega Lady Miriam, which commenced toward the end of the third quarter of 2009. Excluding profit share, the Panamax vessels averaged $21,586 per vessel per day and the MR's averaged $12,297 per vessel per day (for each period net of voyage expenses) for the fourth quarter of 2009. In the fourth quarter of 2008, the Panamax vessels averaged $24,949 per vessel per day and the MR's averaged $20,798 per day per vessel (for each period net of voyage expenses).
Operating expenses for the Company's MR product tankers averaged $5,454 per vessel per day in the fourth quarter of 2009, versus $5,110 per vessel per day in the fourth quarter of 2008. Our Panamax product tankers averaged operating expenses of $6,171 per vessel per day in the fourth quarter of 2009, versus $5,564 per vessel per day in the fourth quarter of 2008. The increase of the daily operating expenses of the vessels relates primarily to increased crew wages.
Twelve Months 2009 Results
For the twelve months ended December 31, 2009, Omega Navigation reported total revenues of $64.5 million and Net Income of $13.7 million, or $0.88 per basic share excluding a loss on interest rate derivative instruments, a gain on warrants revaluation, non cash incentive compensation grants and a loss related to the termination of a purchase agreement. Including these items, Net income was $5.7 million or $0.37 per share. Adjusted EBITDA for the twelve months of 2009 was $39.1 million, excluding loss from termination of a purchase agreement. Please see below for a reconciliation of Adjusted EBITDA to Cash from Operating Activities.
Operating Income included revenue of $ 3.2 million attributable to profit sharing.
The Company fully owned and operated an average of eight product carriers during the twelve months of 2009, the same as in the twelve months of 2008. In addition the Company holds a 50% interest in the Omega Duke. Excluding profit sharing, the Company's Panamax product carriers earned an average time-charter equivalent rate of $22,267 per vessel per day during the twelve months of 2009, versus $25,027 per vessel per day (in each period net of voyage expenses), during the twelve months of 2008. The Company's Handymax product tankers earned an average time charter equivalent rate of $15,981 per vessel per day during the twelve months of 2009 versus $20,772 per vessel per day (in each period net of voyage expenses) during the twelve months of 2008.
Operating expenses for the MR product tankers averaged $5,352 per vessel per day in the twelve months of 2009, versus $4,938 per vessel per day in the twelve months of 2008. The Company's Panamax product tankers averaged operating expenses of $6,097 per vessel per day in the twelve months of 2009, versus $5,406 per vessel per day in the twelve months of 2008. The increase in operating expenses was primarily related to maintenance expenses incurred during scheduled drydockings in the first half of 2009, an insurance deductible incurred related to a minor collision involving the Omega Theodore, an increase in crew wages and other maintenance and repair expenses during the third quarter of 2009.
First Quarter 2010 Results
For the quarter ended March 31, 2010, Omega Navigation reported total revenues of $15.5 million and Net Income of $2.1 million, or $0.13 per basic share, excluding losses on interest rate derivative instruments and incentive compensation grants expense. Including these items the Company reported Net Income of $0.5 million or $0.03 per basic share. Adjusted EBITDA for the first quarter of 2010 was $8.3 million. Please see below for a reconciliation of Adjusted EBITDA to Cash from Operating Activities.
The Company fully owned and operated an average of eight double hull product carriers during the first quarter of 2010, the same number as in the first quarter of 2009. In addition, the company held during the first quarter of 2010, and continues to hold, a 50% interest in two additional vessels, the Omega Duke and the Megacore Honami, as described in detail in the Fleet Development section.
Six of the vessels, including the ones owned through the 50% controlled joint ventures, were on fixed rate time charters. The Omega Prince, Omega Princess and Omega Queen were on time charter the rate of which was based on the actual earnings of a pool of vessels of similar characteristics which are operating in the spot market. In June 2010 Omega King has entered into a one year time charter agreement with Cape Tankers Inc., whose performance is guaranteed by SONAP at a daily rate of $16,000. There was no revenue from profit share in the first quarter of 2010, versus $1.7 million in the first quarter of 2009. Also, revenues in the first quarter of 2009 were adversely affected by offhire time related to a minor collision on the Omega Theodore as well as the scheduled drydocking of the Omega Lady Sarah.
Excluding profit share, the Panamax vessels averaged $ 21,075 per vessel per day and the MR's averaged $15,969 per vessel per day (in each period net of voyage expenses) for the first quarter of 2010. In the first quarter of 2009, the Panamax vessels averaged $24,486 per vessel per day and the MR's averaged $20,746 per vessel per day (in each period net of voyage expenses).
Operating expenses for our MR product tankers averaged $5,555 per vessel per day in the first quarter of 2010, versus $5,248 per vessel per day in the first quarter of 2009. Our Panamax product tankers averaged operating expenses of $6,209 per vessel per day in the first quarter of 2010, versus $6,180 per vessel per day in the first quarter of 2009. The increase of the daily operating expenses of the vessels relates primarily to increased crew wages and travelling expenses. Also, first quarter 2009 operating expenses included maintenance expenses for the Omega Lady Sarah related to her scheduled drydock and the insurance deductible on the Omega Theodore related to the minor collision mentioned above.
The Company's current fleet includes twelve double hull product tankers with a carrying capacity of 680,000 dwt. Eight of the vessels are fully owned by Omega and four are owned through equal partnership joint ventures with a wholly owned subsidiary of Glencore International AG.
The Company has previously announced that it has entered into an equal partnership joint venture named Megacore Shipping Ltd. with a wholly owned subsidiary of Glencore International AG to acquire two Handysize double hull chemical / product tankers and seven Panamax double hull product tankers to be constructed at Hyundai Mipo Dockyard in South Korea. Two of the Handysize vessels, the 37,000 dwt. Megacore Honami and Megacore Hibiscus, were delivered in February and May, 2010, respectively, to companies owned by Megacore and the first LR1 Panamax tanker is expected to be delivered later in 2010, with an addition four Panamax vessels scheduled for delivery in 2011 and two in 2012.
The Megacore Honami and the Megacore Hibiscus were funded with Bank debt and equity contributions from the shareholders. Upon delivery, the Megacore Honami commenced a three year time charter with NYK Line. The Megacore Hibiscus is currently trading in the spot market.
As mentioned, MegaCore has contracted to take delivery of one LR1 Panamax vessel in the third quarter of 2010, two LR1's in the first quarter of 2011 and another two LR1's in the third quarter of 2011 and finally two LR1's are scheduled for delivery in the first quarter of 2012. The payment terms contracted with the shipyard provide for five installments, each of 20% of the contract price, with the last three installments, amounting in total to 60% of the contract price, payable within five months before the final delivery date.
The construction and acquisition of the remaining seven LR1 newbuildings, owned by Megacore Shipping Ltd, that are currently under construction are being funded by debt and equity contributions by the shareholders. The Company is funding the pre-delivery construction schedule with respect to three and a half of these vessels, for all of which bank debt financing commitments are already in place, including pre-delivery as well as post delivery financing. Based on prevailing market conditions and also taking into account our current liquidity and short term debt obligations, these capital expenditure commitments, as also discussed under Financial Developments section below, may be funded with a combination of debt financing, internally generated cash flow and other capital raises which are currently being explored.
Moreover, the Company and Glencore International, AG (through wholly owned subsidiaries) have entered into an equal partnership joint venture and took delivery on July 8, 2010 of one newbuilding 47,000 dwt double hull product/ chemical tanker named Alpine Marina (sister ship to the Omega Duke) constructed at Hyundai Mipo Dockyard in South Korea. The acquisition has been funded with previously secured bank debt financing and with equity contributions among the shareholders and will not be consolidated on Omega's balance sheet. The Alpine Marina, has commenced a five year time charter to ST Shipping with an excess earnings arrangement.
The Company is currently in advanced discussions with its lenders to extend the term of its loans under the Senior Credit Facility and the Junior Credit Facility beyond the current maturity of April 2011. Both the Senior as well as the Junior Facility are non amortizing until the maturity. While both loans will mature in nine months, we believe we will reach a satisfactory outcome well in advance as we are in negotiations to reach a final agreement to obtain waivers and extend or restructure our debt.
As of December 31, 2009 the Company has been in breach of financial loan covenant, due to the security value maintenance (also known as loan to value) in respect of the Junior loan facility with BTMU and NIBC, that matures in April 2011. However, the Junior lenders have not declared any event of default. Moreover, the Junior loan facility is fully subordinated to the senior loan facility with HSH Nordbank and as a result any rights of recourse of the Junior lenders are subject to the assent of the Senior lenders. In the accompanying financial statements, we present our debt as current and will do so until we reach an agreement for the extension of both loans with the lenders.
As of March 31. 2010 our total debt, including predelivery advances for newbuildings and debt incurred on delivery for the MegaCore Honami which we will not consolidate in the ensuing quarters, was $355.5 million, and our Net Debt to Book Capitalization ratio was in compliance with our loan covenants.
As of June 30, 2010, our total debt including predelivery advances for newbuildings was $331 million while the outstanding balance under the senior and junior facility was $242.7 million and $38.3 million respectively. The facilities are secured by 1st and 2nd mortgages of our wholly owned fleet of eight vessels. As of June 30, 2010, the Company is in compliance with its Minimum Liquidity Requirements under its financial covenants with its lenders.
Notwithstanding the above and while delivery dates and respective capital expenditures are staggered within a time frame of 20 months from today, the Company is currently in negotiations to reach a final agreement to obtain waivers and extend or restructure its debt, and is also exploring, amidst challenging capital market conditions, various alternatives including capital raising in order to improve both its short term and long term liquidity, meet short term commitments and manage its overall capital exposure.
Tsakos Energy Navigation: Final delivery of eight-ship series DNA-aframaxes
Chemical tanker hijacked
---(July 9 2010). Pirates have hijacked a Greek-owned chemical products tanker in the Red Sea.
EU NAVFOR reported that the Marshall Islands-flagged Motivator, with a crew of 18 Filipino nationals aboard, was shot at in the Bab Al Mandeb, a southern area of the Red Sea between Yemen and Djibouti last Sunday.
Attempts were made later to contact the vessel but they were unsuccessful, the anti-piracy force said. The ship's hijacking was later confirmed on Monday.
On Tuesday, the Philippines authorities reported that the 18 crew members on board the hijacked vessel were safe.
The Department of Foreign Affairs said in a statement that the vessel's captain contacted the office of the Under-Secretary for Migrant Workers' Affairs and informed that all the crew members were safe and unharmed.
It added that the agency and the Philippines Foreign Liaison Officer to the Combined Maritime Command in Bahrain, Commander Gaudencio Collado, are c-ordinating with naval authorities and other interested parties to ensure the Filipinos' safety and to resolve the crisis.
Pirates are currently holding 81 Filipino seafarers in five vessels, demanding multi-million-dollar ransoms for their release, the authorities said.
Ship Management Corp. to Pay $4 Million Penalty for Concealing Deliberate Pollution
---By U.S. Department of Justice. Published: Friday, Jul. 9, 2010 - 10:32 am
WASHINGTON, July 9 -- /PRNewswire-USNewswire/ -- Irika Shipping S.A., a ship management corporation registered in Panama and doing business in Greece, pleaded guilty on July 8, 2010 before Maryland U.S. District Court Judge Frederick J. Motz, to felony obstruction of justice charges and violation of the Act to Prevent Pollution from Ships related to concealing deliberate vessel pollution from the M/V Iorana, a Greek flagged cargo ship that made port calls in Baltimore, Tacoma, Wash., and New Orleans.
According to the multi-district plea agreement arising out of charges brought in the District of Maryland, Western District of Washington, and Eastern District of Louisiana, Irika Shipping has agreed to pay a $4 million total penalty, be placed on probation for a maximum period of five years, and be subject to the terms of an Enhanced Environmental Compliance Program.
The proposed $4 million penalty includes a $3 million criminal fine and $1 million in organizational community service payments that will fund various marine environmental projects. In Maryland, $750,000 will go to the congressionally established National Fish & Wildlife Foundation and be used for Chesapeake Bay projects. In Washington, $125,000 will go to environmental projects in and around the waters of Puget Sound and the Straits of Juan De Fuca. In Louisiana, $125,000 will go toward funding habitat conservation, protection, restoration, and management projects to benefit fish and wildlife resources and habitats. Under the terms of the proposed plea agreement, Irika Shipping and its ships must also be audited by an independent firm and supervised by a court appointed monitor.
According to court documents, the investigation into the M/V Iorana was launched in January 2010 after a crew member passed a note to the Customs and Border Protection inspector upon the ship's arrival in Baltimore alleging that the ship's chief engineer had directed the dumping of waste oil overboard through a bypass hose that circumvented pollution prevention equipment required by law. The whistleblower's note stated: "We are asking help to any authorities concerned about this, because we must protect our environment and our marine lives."
"Deliberate pollution from ships, intentional falsification of records to cover up pollution, and obstruction of justice are serious crimes that will be vigorously prosecuted," said Ignacia S. Moreno, Assistant Attorney General, Environment & Natural Resources, U.S. Department of Justice. "The Department of Justice will continue to protect human health and the environment through robust enforcement of the law."
"Criminal prosecutions are needed to deter deliberate efforts to circumvent pollution laws," said Rod J. Rosenstein, U.S. Attorney for the District of Maryland. "A total of $750,000 will be devoted to protecting Chesapeake Bay as a result of this prosecution," said Rosenstein.
"This was a case of willful and deceitful pollution, and the corporation responsible is being held accountable," said Rear Adm. "Dean" Lee, Commander of the Coast Guard's 5th District. "This case should serve as a deterrent to those who would violate marine pollution laws."
"Maritime laws exist in order to protect the ocean from being used as dumping grounds for oily wastes," said David M. Dillon, Special Agent in Charge of the Environmental Protection Agency's (EPA) criminal enforcement program in Philadelphia. "This prosecution sends a clear and deterrent message that those who cut corners and break the law will be vigorously prosecuted."
During a Coast Guard inspection on Jan. 8, 2010, the Coast Guard obtained photographs taken on the whistleblower crew member's cell phone showing the use of a 103-foot long "magic hose" to bypass the ship's oily water separator. The illicit bypass system used to discharge oily waste, including sludge, was routed through the ship's boiler blow down system where any trace of oil could be expected to be steam cleaned away. The illegal discharges were concealed in a fraudulent oil record book, a required log in which all overboard discharges are to be recorded.
In pleading guilty, Irika Shipping has admitted the following in a detailed joint factual statement:
* Approximately 23 cubic meters of oil contaminated sludge and bilge waste (approximately 6,000 gallons) were dumped overboard in December 2009 during the voyage from Gibraltar to Baltimore using the 103-foot bypass hose;
* The flanges where the bypass hose was connected were repainted before arriving in port in order to cover up tool marks caused when the bypass hose was connected and disconnected;
* The bypass was used at night, and plastic bags filled with oil soaked rags used to clean the bilge tank, which was contaminated with sludge and cleaned with diesel fuel, were dumped overboard at night;
* Additional episodes of illegal discharges took place after the ship's first voyage in June 2009 and continued through the middle of December 2009;
* Irika Shipping did not have a company budget, a budget for the vessel or a waste management plan. Irika's crew members received little training regarding the company's environmental policies;
* Crew members were not informed by the company that it had previously been involved in an environmental crimes prosecution and, as a result, was to have been operating under a court-imposed Environmental Compliance Program; and
* Irika obstructed justice in various ways including: senior ship officers made false statements to the Coast Guard, crew members were told to lie to the Coast Guard, and evidence of illegal dumping was destroyed.
As set forth in the plea agreement, Irika pleaded guilty in U.S. District Court in Baltimore, Maryland to two counts of violating the Act to Prevent Pollution from Ships for failing to maintain an accurate oil record book and garbage record book; one count of obstruction of the Coast Guard's inspection; three counts of concealing evidence; one count of making materially false statements; and one count of obstruction of justice filed. The maximum penalty for each of these felony offenses is $500,000 or up to twice the gross gain or loss from the offense.
In 2007, Irika Shipping was also the operator of the M/V Irika, a ship subject to a similar prosecution in Tacoma, Washington, where the ship's owner, Irika Maritime S.A., and the ship's chief engineer were convicted. As part of the sentence in that case, both Irika Maritime and Irika Shipping were required to develop and implement an Environmental Compliance Plan that would apply during a four year period of probation to the entire fleet of vessels managed by Irika Shipping, including new vessels such as the M/V Iorana.
In connection with its 2010 guilty plea, Irika admitted that it hired back the convicted chief engineer from the prior case who committed new violations on the M/V Iorana during the probationary period. A subsequent chief engineer, Triantafyllos Marmaras, was in charge at the time of the January 2010 inspection in Baltimore. Chief Engineer Marmaras pleaded guilty in June 2010, in U.S. District Court in Baltimore, to obstruction of justice charges in a related case.
Yesterday's prosecution was made possible through the combined efforts of the U.S. Coast Guard Sector Baltimore, the Coast Guard Investigative Service, Coast Guard Office of Maritime and International Law, Coast Guard Office of Investigations and Analysis, Environmental Protection Agency Criminal Investigations Division with assistance from the U.S. Customs and Border Protection. The cases were prosecuted by Richard A. Udell, Senior Trial Attorney of the Environmental Crimes Section of the U.S. Department of Justice, P. Michael Cunningham, Assistant U.S. Attorney in Baltimore, James Oesterle, Assistant U.S. Attorney in Seattle, and Dorothy Manning Taylor, Assistant U.S. Attorney in New Orleans.
SOURCE U.S. Department of Justice
2010 "Niki" Award Recipient, Efthimios Mitropoulos
---EFTHIMIOS MITROPOULOS, 7th Secretary-General of the United Nations International Maritime Organization
He joined the IMO secretariat in 1979 and in 1985 was appointed head of the Navigation Section. In 1989 he became Senior Deputy Director for Navigation and Related Matters and in 1992 was appointed Director of the Maritime Safety Division. In 2000 he was designated Assistant Secretary-General. Mr. Mitropoulos was elected Secretary-General of the IMO Council in 2003 and his mandate was renewed for a further four years until 31 December 2011.
Award ceremony for Niki Award 2010
The ceremony for Niki Award 2010 will take place on Thursday, December 16, 2010, at the Hotel Grande Bretagne in Athens.
Award Presentation 21:30
For further information and reservations, please contact Ms. Annette Rondos at (210) 668-2711or aron [ a_t ] ait.edu.gr