Greek Shipping News Cuts
Week 34 - 2010


Greek vote sweeps away cabotage barrier

* Wednesday 25 August 2010 * by Nigel Lowry
Parliament approves government bill to remove cabotage in the cruise sector
A summer session of parliament pushed the new law through despite opposition from critics in parties to both the right and left of the governing socialists.
Other criteria require itineraries of a minimum 48 hours and capacity for more than 49 passengers in order to be considered a cruise vessel under the law.
The government has said that looking into offering cruise lines incentives to employ Greeks will be among a number of subjects that will be dealt with later at ministerial level.
Striking back at criticism that the new law stopped short of complete liberalisation, Ms Katseli claimed the legislation was well crafted and took on board experience in other countries.
She added that improved, modern port installations, new services were needed around each port, citing an ongoing face-lift for Piraeus as an example of the wider project of creating a new cruise tourism product in Greece.

Veteran Greek owner dies
---Greek shipowner Konstantinos Ventouris has died at the
Source: Fairplay - Movers and Shakers 26 Aug 2010

Mamidakis group hit by $23m suit from engineer
Besides accusing his former employers of setting him up for a fall, Ioannis Mylonakis is claiming that the Mamidakis family, the principals behind the Jetoil-Mamidoil SA group, deceived US authorities about the extent of their wealth and the connections among the legally separate corporate entities that make up their group.
Styga Compania Naviera, the Mamidakis-controlled entity that manages the 69,900-dwt Georgios M (built 1995), admitted in its October 2009 plea agreement to a history of dumping sludge on the high seas, using permanently installed and elaborately concealed equipment for the purpose. In return for its plea, Styga paid a $1.25m fine and agreed to a three-year probationary environmental-compliance inspection programme.
But in May of this year, a Houston jury acquitted Mylonakis, one of two former chief engineers being tried after Styga pled out. The jury found the testimony of Filipino whistle-blowers less than credible.
Mylonakis had been detained in the US since the original 19 February 2009 call of the tanker at Texas City, Texas.
During that time he had suffered medical problems. His retirement pension and health insurance had lapsed as well, as a result of his not working as a seafarer during the period.
By Bob Rust Stamford
Published: 21:59 GMT, 26 Aug 10 | updated: 09:42 GMT, 27 Aug 10

TOP Ships Inc. announces preliminary agreement with DVB Bank
Following this preliminary agreement, the Company has made a partial repayment of $7.7 million out of which $3.7 million was funded by cash on hand and $4.0 million by two unsecured bridge loan financing facilities with unrelated third parties.
Each of the two unsecured bridge loan financing facilities is in the principal amount of $2.0 million, has a term of twelve months and is repayable in cash or in the form of common shares of the Company (or a combination thereof) at a conversion rate of $0.40 per share, in each case at the option of the lender.
About TOP Ships Inc.
TOP Ships Inc., formerly known as TOP Tankers Inc., is an international provider of worldwide seaborne crude oil and petroleum products and drybulk transportation services. The Company operates a combined tanker and drybulk fleet as follows:
> A fleet of five drybulk vessels with a total carrying capacity of approximately 0.3 million dwt and an average age of 9.3 years, of which 47%, in terms of dwt, are sister ships. All of the Company's drybulk vessels have fixed rate employment contracts for an average period of 24 months.

Seanergy Maritime Holdings Corp. to acquire all remaining minority stakes in its BET and MCS subsidiaries achieving full ownership of its 20 ship fleet
Following the acquisitions, the Company will own a fleet of 20 dry bulk vessels with a combined cargocarrying capacity of approximately 1,292,544 dwt and an average fleet age of 12.8 years, comprising of four Capesize, three Panamax, two Supramax, one Handymax and ten Handysize dry bulk carriers.

Spearpoint limits losses on Arch Cru shipping investment
---by Iain Martin on Aug 23, 2010 at 12:32
But it said that the company has completed work on converting its ships, a process that had required it to make draw downs on the loans. However, a source close to Spearpoint said there remained a risk the Greek company could default on its loans.
Spearpoint announced on 17 August that it plans to delist all the Guernsey cells from the Channel Island Stock Exchange as it sells off assets and Arch Cru administrator Capita winds up the funds, returning capital to investors.
Bordeaux Services was replaced as the cell adminstrator by Guernsey-based Elysium Fund Management in July. The auditor of the cells, Moore Stephens was dropped by Spearpoint in favour of Ernst & Young in March.