Greek Shipping News Cuts
Week 47 - 2010


Greece at top table in flag state performance rating

---The Greek flag is one of just six national registers to emerge with a completely clean sheet in the Round Table's 2010 OShipping Industry Flag State Performance Table'. The international shipping associations, Bimco, International Chamber of Shipping / International Shipping Federation, Intercargo and Intertanko, update their table annually, and joining Greece at the top table were Denmark, France, Germany, the Isle of Man and Norway.
The table, which accompanies the well established OShipping Industry Guidelines on Flag State Performance', summarises factual information derived from the public domain. The intention is to provide a general understanding of a flag's performance and to encourage ship operators to reflect on a flag's quality before using it. The table is drawn up based on 19 objective criteria.
The performance table leans towards Qualship 21, and some flags miss out perhaps because they are signed up to Qualship 21.
The Round Table says "results of the 2010 study demonstrate the vast majority of the world fleet is registered with flag states which take their responsibilities very seriously. Many flags have ratified most of the key Imo conventions, adequate enforcement of which is shown by their Port State Control records". However, the RT goes on: "There is, of course, always room for improvement and most flags continue to receive a small number of potential negative performance indicators, as denoted by Oblack blobs' on the table."
Many flags have improved their performance in previous years, "some dramatically". Since the table was first compiled in 2003, there has been a noticeable decline in the number of flag states that appear on the black lists of regional PSC authorities.
However, the RT says: "Unfortunately, there are still a number of poorly performing flags and for 2010 the list of flags which the Round Table believes shipowners should think very carefully about before using includes: Albania, Bolivia, Cambodia, Colombia, Costa Rica, Cote d'Ivoire, Democratic Republic of Congo, Georgia, Honduras, Lebanon, St Kitts and Nevis, Sao Tome and Principe, and Sierra Leone."
The table and accompanying guidelines are intended to complement the voluntary Imo member state audit scheme, by which maritime administrations are subject to external audit under the auspices of Imo with regard to their implementation of Imo conventions relevant to the safety of life at sea and protection of the marine environment.
The table can be downloaded at:
Filed: 2010-11-24

Second hand ships purchases from Hellenic ship owners have risen by 50% since September
---Hellenic Shipping News - 24.11.2010
According to the shipbroker October witnessed strong levels of S&P activity almost in all sectors with Greek buyers retaining their competitiveness in the secondhand market versus Chinese. In total, 140 vessels reported to have changed hands equaling a total invested capital region $2,3 billion, signaling a monthly increase of 46%. Bulk carriers bounced back their firmness, as 40.7% of the total volume of secondhand transactions is reported in the bulk carrier sector, while tankers appear appealing assets for investment.
Commenting on the dry bulk market, it said that in the newbuilding market, bulk carriers uphold their lion share as 53% of the total volume of newbuilding transactions is reported in the bulk carrier sector. In total, 76 units reported to have been ordered by Greek and foreign buyers equaling a total deadweight ordered of region 6,7 million tons. October proved to be one more month with brisk business in the already overbooked bulk carrier sector, posting a monthly rise of 4%. A new report from BIMCO on October raised new alarming figures in terms of the continuous threat of oversupply in the dry bulk market, as a result of the high pace of newbuilding orders. According to BIMCO figures, the active fleet has grown by 11.6% so far in 2010, driven by the 55 million dwt that has been delivered year to date. By the middle of July, the amount of new tonnage delivered in 2010 surpassed the 2009 record level of 43.5 million of deadweight.
In the period charter market, the fixture activity has been subdued since August 2008, signaling a drop of 46.3% as 74 vessels reported to have been fixed within October with newbuilt and modern capesizes being the most popular candidates by the charterers, while on August the total number of fixtures estimated to be 138 vessels. The regular fixture period is up to 12 months as the dry market is recently on the slide and charterers prefer not to be committed to longer charter agreements.
As for the container sector, the S&P activity is being dominated by Greek owners who hold 75% of the total volume of containers reported to have changed hands within October. Additionally, 42% of the total number of units reported on order in the container sector has been placed by Greek investors. In total, 12 containers reported to have changed hands equaling a total invested capital region $246,000,000, indicating a monthly drop of 33%. However, containers appear to be popular purchase candidates with attractive investment opportunities also in the newbuilding business.
During October 2010, 19 units reported on order equaling a total deadweight of around 2 million of tons, whereas the demolition activity is standing at virtual standstill with only 2 units reported for scrap equaling a total deadweight of 54,870 tons. During January to October 2010, only 65 containers reported to have been headed to the scrap yards equaling a total deadweight of around 1,7 millions tons, down by 57% comparable with a similar period within 2009 when 151 vessels reported for scrap equaling a total deadweight of around 4,5 million tons.
Nikos Roussanoglou, Hellenic Shipping News Worldwide

All change for Trustoil operations
---A Greek owner has sold a 1990s-built tanker but says a separate sales deal is off the table for now.
Greek owner Trustoil Tankers is refurbishing its operation but says a reported tanker sale has not happened.
Brokers say the Athens-based owner has sold the 47,000-dwt double-hull products tanker Trust Runner (built 1992) for $8m but company spokesperson Panos Harbis says a deal that had been on the table did not conclude. The ship is due for drydock over the next few weeks and Trustoil does not discount a sale after that, Harbis adds.
The price is in line with other recent deals involving early 1990s-built medium-range (MR) products tankers but is way below what Trustoil paid in 2008 when it bought it as the Sea Runner for a reported $28.5m.
In 2008, Trustoil also purchased the 44,000-dwt tanker Rowan (renamed Trust Navigator, built 2001) for a reported $19.8m. This ship is probably worth some $6m to $7m today.
The fleet expansion coincided with Trustoil separating its ownership interests with Athenian Bulkers, which is headed by Captain Christos Harbis.
This company has now been renamed Athenian Shipping and controls one bulker, the 43,000-dwt Spiliani (built 1994). Athenian bought the ship late last year for a reported $15.5m after selling two elderly bulkers since 2008.
By Trond Lillestolen and Yiota Gousas Oslo and Athens
Published: 23:01 GMT, 25 Nov 10 | updated: 21:49 GMT, 24 Nov 10

Neptune expects record year for car traffic
--- * Tuesday 23 November 2010, 10:23 * by Nigel Lowry
GREECE-based Neptune Lines is projecting a record year in terms of traffic carried as it seeks to fortify its car-carrying business again after the upheavals the financial crisis has wrought on the Mediterranean vehicle trades.
The quartet, each with capacity for 3,200 medium sized cars, were all built by Hyundai Mipo Dockyard and, although they have taken their place in an 11-strong fleet of pure car and truck carriers, they are seen ultimately as replacements for older tonnage that is in the process of being phased out.
The high-specification ro-ro vessels are versatile for both shortsea and longer trades and are said to be lower on consumption than many vessels with larger intake.
Renault Nissan is constructing a major new plant in Tangiers, which is projected to begin exporting by mid-2011 and this was cited by Mr Travlos as a cause for optimism in how the intra-Mediterranean trades are promising to develop.
Neptune was awaiting an expected move to privatise the car terminal and could be an interested investor, according to Mr Travlos.

TEN defends follow-on
---TSAKOS Energy Navigation today explained the rationale for its controversial secondary sale and reported higher quarterly losses than expected.
The NYSE-listed tanker owner logged net losses of $5.5M for 3Q10, versus net income of $2.1M in 3Q09.
The losses were driven by a decrease in average rates from $21,116 per day in 3Q09 to $18,315/day in the most recent quarter. The losses of $0.14/share exceeded the Wall Street forecast of $0.13/share in losses.
TEN will use $85M in proceeds from its late October secondary offering, plus bank debt, to finance these newbuildings.
The company was criticised for its secondary sale, which was conducted when TEN shares traded at a significant discount to net asset value and within days of a 52-week low.
Shares opened this morning at $9.84 (versus the secondary offering price of $11.30) and have fallen after the opening bell.
Source: Daily Fairplay News 23 Nov 2010

Navios Maritime Holdings Inc. Announces Delivery of Capesize New Building Vessel
---PIRAEUS, Greece, Nov. 22, 2010 /PRNewswire via COMTEX/ --
Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, announced today that the Capesize vessel Navios Luz of 179,144 dwt was delivered from a South Korean shipyard to Navios Holdings' owned fleet on November 17, 2010. The vessel is chartered-out for ten years at a net rate of $29,356 per day with 50/50 profit sharing above a BCI Time Charter Average of $38,500.

Seanergy Maritime Announces Resignation of Two Directors
Mr. Koutsoubelis has advised the Company that his resignation is due to personal reasons and other commitments. The Board thanks Mr. Koutsoubelis for his contribution to the Company and wishes him every success in his future endeavors.
Mr. Dermatis has advised the Company that his resignation is due to his other professional commitments. The Board thanks Mr. Dermatis for his contribution to the Company and wishes him the best on his other challenges.
Following the resignation of Mr. Koutsoubelis and Mr. Dermatis, the Board now consists of seven members.

Bunkerworld Conference 2011, Athens | May 2011
---Bunkerworld is delighted to announce that following the success of the 2007 Bunker Summit, Bunkerworld will return to Athens for the Bunkerworld Conference 2011 from 4 - 6 May 2011.
Following the global recession in the shipping and bunker market, the Bunkerworld Conference 2011 will examine and demonstrate how some players in the sector are moving to reshape the market and optimise opportunities that are beginning to present themselves.
From 4th - 6th May 2011, this forum will give bunker suppliers, service providers and ship operators insights and strategies that will help cut costs, manage risk, and generate an understanding of the dynamics of the regional bunker market and forces that are changing the shape of its future.
For further information on speaking, sponsoring or attending the Bunkerworld Conference 2011, please contact or call +44 1753 272253