Greek Shipping News Cuts
Week 49 - 2010


Akti Miaouli / People and Places

* Angeliki Frangou has broken into an all-male domain, by being chosen as the first female commodore of the Connecticut Maritime Association, (CMA). The commodore award is given annually to a maritime personality who has contributed to the growth and development of the industry, the CMA says.
The chairman and ceo of the Navios Group of companies, will take over March 23, 2011 at the gala dinner marking the conclusion of the annual CMA conference and trade exposition. She takes the title over from Louis Dreyfus, to become the 23rd CMA commodore, joining other Greek shipping personalities: George Livanos, Gregory Hadjieleftheriadis, Stelios Haji-Ioannou and Peter Georgiopoulos who have held the annual title.
* The Greek Section of the International Society of Naval Architects & Marine Engineers (SNAME) was well represented at the annual meeting of the society in Seattle, USA, with section members and seven students from the student chapter of the National Technical University of Athens (NTUA) participating. Certificates of appreciation were awarded to two members of the Greek section, founding member Petros Lalangas and current chairman Stavros Hatzigrigoris, gm of Maran Tankers. Section vc John Kokarakis represented the Greek Section at the annual meeting and accepted the awards on behalf of Lalangas and Hatzigrigoris. The event culminated with the medal presented in honour of Kenneth Davidson going to NTUA professor Apostolos Papanikolaou for outstanding scientific accomplishments in ship research.
* Elena Mavrogonatou, previously head of Greek and Cypriot markets at Barclays Wealth, is to spearhead a new shipping wealth management operation launched by RBS and Coutts to be run from Coutts' hq in London. In a statement, December 6, Coutts said that Mavrogonatou, who has previously worked at Greece's Marfin Egnatia Bank, Merrill Lynch, Banque Suisse and Morgan Stanley, "will be responsible for leveraging RBS Shipping's leading global position in shipping finance, to introduce the wealth management offering of Coutts International Private Banking to high-net-worth individuals working within the industry". The announcement said offices in Zurich, Monaco and Singapore will act as liaison points with London. Oh... and the minimum investment is $1m.
* Revoil explained its move into dry bulk shipping at a presentation December 7 made at the B. M. Theocharakis Foundation for Fine Arts and Music. Founder and president of Revoil, Evangelos Roussos and son Ioannis E Roussos, ceo of the oil company's 100% owned subsidiary Ariston EEPN said the group has been looking for more than a year at shipping as a key to its expansion plans.
* Germanischer Lloyd (GL) held a forum on container ships featuring speakers and experts in the field from GL head office. The latest container ship design aspects, solutions for improvement of vessels efficiency and latest regulations coming into force, were presented by Jan-Olaf Probst executive vp, Ship Newbuilding Division; Fridtjof Rohde FutureShip GmbH; and Pierre C Sames senior vp, Strategic Research and Development, during the December 9 forum at Metropolitan Hotel, Palio Faliron. The presentations and discussions were followed by a get-together, cocktail reception.
* Clas Ryden, the head, and the management of the Piraeus Syndicate of the P&I mutual Skuld hosted a Christmas dinner for over 200 guests December 7 at the Athinais, Votanikos. It was the second celebration for Skuld in a week. On December 1, Skuld held a wine tasting lunch hosted at the Zinc bar-restaurant, Marina Floisvos, when members and friends mixed pleasure with business. The club used the occasion to update the market on the launching of Skuld 1897 - Syndicate at Lloyd's, "one of the most significant diversifications in the club's long 103-year history". The presentation was used to assure all that Skuld is "totally committed to growing the mutual business" but the new vehicles -- Skuld 1897 and Skuld Offshore enabled the club to underwrite marine and offshore energy products.
* George Kalogeropoulos, a director of Restis Group-backed Swissmarine and Safbulk, has joined the board of US-listed Freeseas following the resignation of Kostas Koutsoubelis, the Restis group's cfo. Koutsoubelis recently quit as a director of US-listed Seanergy Maritime, also backed by Restis. A Freeseas' statement says Koutsoubelis left for personal reasons, the same explanation given for his departure from Seanergy. The Restis group provides charter and post-charter management for the Freeseas fleet, led by Ion Varouxakis.
* The Greek maritime administration will offer special services to organisers and participants of the 2011 Special Olympics World Summer Games to be held in this country from June 25 to July 4. Maritime Affairs, Islands and Fisheries minister, Yiannis Diamantidis, and the president of the Athens Special Olympics organising committee, Ioanna Despotopoulou, signed a memorandum of cooperation on the requisite accommodations the ministry will offer for the success of the event. Despotopoulou presented the minister with the medal of honour of the Special Olympics describing him "a great 'Anthropos' ('Human') with a capital A". Some 7,500 athletes competing in 22 sports, 2,500 coaches and 3,000 members of the media are expected to come to Greece from 185 countries.
Greek Shipowners Dealing With The 25% Of World Fleet
---Posted on 10 December 2010 by Apostolos Papapostolou ShareThis
Greek shipowners remain dominant in the sea but also in trading, doing business with the 25% of the world fleet. They stay at the top of deals, ending 2010, according to N. Cotzias Shipping Consultants.
Norwegian owners take the second position having bought 31 new ships and spending 951 million dollars, while Americans climbed at the third place.
Regarding to dry cargo ships, the Greeks maintained the lead over Chinese shipowners, having added 221 new ships to their fleet (24.6% of total purchases) and sold 161. They have added additional 11.66 million tons dwt capacity, which represents 28.53% of the total tonnage purchased in 2010. The value of the market shaped to 5.41 billion dollars, Cotzias Shipping Consultants noted.
The Chinese added 169 dry cargo ships to their fleet, spending 2.608 billion dollars. The Turks ranked third with 39 new ships since the beginning of the year.
November was strengthened in terms of transactions, as 81 deals of 3.8million tons, worth 1.4billion dollars took place.
Since the beginning of 2011, 911 ships have been sold for about 15 billion dollars, while for the Jan-Nov 2010 period the corresponding amount was 948 ships for 12 billion dollars. This clearly means that ships cost more and dealers shift into used ships market achieving lower prices.
Regarding to bulkers, 668 ships with an average capacity of 57,900 dwt and average price of 17 million dollars were sold in 2009. In 2010, 570 ships were sold of an average capacity of 60,500 dwt and average price of 26 million dollars.

Operators face funding tests
--- * Thursday 09 December 2010, 17:42 * by Nigel Lowry
Lines face challenging times despite strong backers
Anek Lines and Hellenic Seaways
CRETE-based Anek Lines and privately held coastal giant Hellenic Seaways nowadays are both controlled by Cyprus-listed investment company Sea Star Capital.
Hellenic operates the biggest Greek fleet, comprising 30 vessels, from fast passenger catamarans to freight ro-ros.
Mr Vardinoyannis, a 29.9% stakeholder in Sea Star, is not the only heavy hitter in the group. The Restis shipping family has a 12%-13% stake and Stelios Haji-Ioannou became the fourth largest shareholder with a 5.5% stake last year when Sea Star bought his easyCruise venture.
Attica Group
ATTICA is 89% owned by Marfin Investment Group, which bought the company from Pericles Panagopulos three years ago.
The start of last year saw a triple merger between the holding company and its two ferry operations, Superfast Ferries and Blue Star Ferries, which operate a combined fleet of 14 ro-paxes in the Aegean and Adriatic.
Last year the group signed orders worth $135m for two ropax newbuildings from South Korea.
Minoan Lines
In recent years, Minoan has streamlined its business by divesting itself of stakes in other companies and concentrating on its fleet of cruise-style ro-pax ferries.

Mixed fortunes seem set to dominate dry markets into 2011
---excerpts from Fairplay - Markets 09 Dec 2010
McClure, Tsirigakis and fellow panelist Dale Ploughman (from Seanergy) all agreed that delays on vessel deliveries would probably affect about 40% of the stated orderbook in 2011.
Ploughman said non-deliveries would be more prevalent for smaller ships (where orders were taken by geenfield yards that may never build the vessels), thus keeping a lid on supply in the smaller sizes.
Source: Fairplay - Markets 09 Dec 2010

Dynacom eyes up Zacchello ships
---A Greek tanker major is targetting three newbuildings booked by another owner.
Greek tanker giant Dynacom is in the process of acquiring three tanker newbuildings booked at Hyundai Heavy Industries by cash-strapped Antonio Zacchello-controlled companies.
The price put on the deals is a total of $280m, with the VLCCs said to be changing hands at $108m each and the suezmax at $65m. Procopiou says the prices are sufficiently close to these levels not to call for a correction.
The Greek owner says he does not see the acquisitions as opportunities but as market-level deals and adds that he wants to take a fair stance toward the existing owners.
Back in July, TradeWinds reported that Zacchello had bartered a couple of 165,000-dwt suezmax tankers ordered at Hyundai at the peak of the newbuilding boom into two 320,000-dwt VLCCs to be built at the market prices of the time.
Meanwhile, according to database listings, Procopiou already controls a fleet that includes a dozen VLCCs and 14 suezmaxes in the water and has seven VLCCs and eight suezmaxes on order with deliveries up to 2013.
Next year, Dynacom will celebrate its 20th anniversary. Its intensive fleet-renewal programme, launched in 2001, has seen the average age of the fleet go from around 22 years to just three years.
By Gillian Whittaker Athens
Published: 23:01 GMT, 09 Dec 10 | updated: 20:48 GMT, 08 Dec 10

Bespoke finance for shipping professionals
---(Dec 9 2010)
Mavrogonatou joined Coutts with over 20 years of experience, most recently from Barclays Wealth where she had overall responsibility for the Greek and Cypriot shipping and industrials markets. During her career, she has worked in various global financial centres including London, New York and Zurich.

Golden Seas successfully towed to Dutch Harbor
---KUCB News (2010-12-07) (Air Station Kodiak)
UNALASKA, AK (kucb) - The 738-foot cargo ship Golden Seas was successfully towed into Broad Bay at 1pm on Tuesday. The icebreaker Tor Viking towed the vessel 500 miles after connecting with the ship near Atka Island in the Western Aleutians, and it was escorted by the Coast Guard cutter Alex Haley.
The Golden Seas is owned by the Greek shipping company AllSeas Marine, and it was traveling from Canada to the United Arab Emirates when it lost power about 70 miles north of Adak on Friday and went adrift. The Golden Seas later regained limited power and was able to steer away from land. The icebreaker Tor Viking II was then reached the distressed vessel on Saturday.
Technicians from AllSeas Marine are traveling from Anchorage to Unalaska, and repairs to the Golden Seas are expected be done by the end of the week. The Coast Guard will be overseeing the repairs, says Petty Officer David Mosley.
"The Coast Guard men and women who are stationed in Unalaska will be monitoring and working with the crews to ensure that proper repairs are made to the engine to ensure the safety of that crew once they set back to sea," says Mosley.
The Golden Seas will be continuing its voyage to the United Arab Emirates after leaving Dutch Harbor, according to AllSeas Marine spokesperson Adam Baylor.

Ms. Angeliki Frangou Named Connecticut Maritime Association 2011 Commodore
Ms. Frangou follows a long succession of influential maritime industry leaders as Commodore. The Award will be presented to Ms. Frangou on March 23, 2011 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition.
The Award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry.
Previously, Ms. Frangou was Chairman, Chief Executive Officer and President of International Shipping Enterprises Inc., which acquired Navios Holdings. From 1990 through August 2005, Ms. Frangou was the Chief Executive Officer of Maritime Enterprises Management S.A., and its predecessor company, which specialized in the management of dry cargo vessels. Ms. Frangou is the Chairman of IRF European Finance Investments Ltd., listed on the SFM of the London Stock Exchange.
The 2011 Commodore Award will be presented to Ms. Frangou at the March 23, 2011 Commodore Gala Dinner at the Hilton Hotel in Stamford, Connecticut, USA.
About Navios Maritime Holdings, Inc.
Navios Maritime Holdings Inc. is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain.
Navios Holdings may, from time to time, be required to offer certain owned Capesize and Panamax vessels to Navios Maritime Partners L.P. for purchase at fair market value according to the terms of the Omnibus Agreement.
For more information about Navios Holdings please visit its website:
About Navios Maritime Partners L.P.
Navios Partners (NYSE: NMM), a publicly traded master limited partnership which owns and operates dry cargo vessels. For more information about Navios Partners please visit its website:
About Navios Maritime Acquisition Corporation
Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.
For more information about Navios Acquisition please visit its website:
About the CMA
The Connecticut Maritime Association is a non-profit organization built by its members for its members. It is an Association made of individuals representing every aspect of shipping and international trade.
About CMA Shipping 2011
For the past 26 years the Connecticut Maritime Association has convened a trade show and conference in Stamford, Connecticut that has dealt with the commanding issues of the day, provided a dynamic commercial market place for products and services and brought together the international leaders of the shipping industry to seriously address opportunities and challenges from environmental regulations, piracy to burgeoning trade with China and employment.
For Press Inquiries please contact: Jim Lawrence: +1.203.550.2621
For more information on CMA Shipping 2011 please contact: Lorraine Parsons, Event Director, Connecticut Maritime Association Tel: +1.203.406.0109 Ext 3717 Email: Web:
Source: Press release

FreeSeas Appoints George Kalogeropoulos to its Board of Directors
---PIRAEUS, Greece, Dec 8, 2010 (GlobeNewswire via COMTEX) --
FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEZ) ("FreeSeas" or the "Company"), a transporter of drybulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels, announced today that George Kalogeropoulos has joined its Board of Directors as a Board member, replacing Kostas Koutsoubelis, who resigned for personal reasons.
Mr. Kalogeropoulos brings to FreeSeas over 30 years of marine transportation experience, holding managerial positions in brokering, chartering, ship management, and operations for large shipping companies in London and Greece. Since 1999, Mr. Kalogeropoulos has served as the Commercial/Chartering Director of a number of affiliates of the Restis Group of Companies. Mr. Kalogeropoulos currently serves on the boards of several companies in the transportation industry, including Swissmarine Corporation Ltd., South African Marine Corp., Safore pty, and Safbulk pty Ltd. He is a member of the Hellenic Shipbrokers Association.
Mr. Ion Varouxakis, Chairman and CEO, stated, "We could not have asked for a more qualified addition to our Board of Directors. George Kalogeropoulos brings a unique blend of commercial and operational expertise to the talent reservoir of our Board. His significant skills and experience will be an important asset during this exciting time in our Company's development. We would also like to thank Kostas Koutsoubelis for his invaluable contribution to our Company's development."

New ballast system passes first test
The system, developed by Erma First ESK Engineering, is a new entrant to the Solutions status list of ballast systems but it will be included in future. The land-based tests took place at the NIOZ facility in the Netherlands.
It is described as being a modular robust system with low energy consumption and a small footprint.
Source: Solutions Magazine by Faiplay

Intertanko heads for Athens Tanker Seminar - 10 & 11 May 2011
---(Dec 9 2010)
Intertanko has announced that its next annual meeting and seminar will take place 10th & 11th May 2011 in Athens, Greece.
On the 10th, the organisation will hold its council meeting, annual general meeting and annual dinner to be followed on the 11th by a tanker seminar, including an exhibition.
Further details will follow shortly, the organisation said on its website.
Source: tankeroperator

European Conference on Shipping & Ports 2011 - Chios, Greece
Under the auspices of the International Association of Maritime Economists (IAME) Conference Theme
The timing of ECONSHIP 2011, 22-24 June 2011, provides a unique opportunity
* For transport researchers to participate and exchange views in a major multidisciplinary event, that will bring together academics and practitioners from many different countries and experiences.
* For young scholars and researchers, who want to put forward and test their on-going research.
for more info:

13th Marine Money Greek Ship Finance Forum - 12 October 2010
For more info please contact or visit anytime >