Greek Shipping News Cuts
Week 10 - 2011


Greek-flag oceangoing bulk carrier fleet is top quality

---The Greek-flag oceangoing bulk carrier fleet has emerged as best quality bulker fleet in the world according to indexes presented by Intercargo and its president, Nikky Pappadakis. During an Intercargo meeting in Hong Kong, March 8, data presented showed Greek-flagged bulk carriers that were inspectd in ports by international organisations had the best record of all flags.
Greek-flag bulkers, as regards their Detentions & Deficiencies per Inspection Index (DPI) recorded just 1.37, the lowest among major flags that cover 82% of the worldwide bulkers' fleet. The results announced by Intercargo involve bulkers of over 10,000dwt inspected by the Paris MOU, Tokyo MOU, Indian Ocean MOU, and the United States Coast Guard (USCG).
The average DPI was 2.09. After the Greek flag the best results were by the Singaporean flag at 1.42, the Chinese flag at 1.59, and the Marshall Islands flag at 1.87 with the rest having a DPI of over 2.
Worldwide there are 7,553 bulkers over 10,000dwt operated by some 1,536 companies. For the three years 2008 - 2010, ships belonging to the Intercargo fleet have a DPI of 1.61 when the average for bulkers is 2.54.
Intercargo's fleet DPI for 2008 was 1.73, improving to 1.59 in 2009 and to an even lower 1.50 in 2010, when the world average went the other way, going from 2.50 in 2008, to 2.54 in 2009 and 2.59 in 2010.
The situation is set to improve even more as the government moves to boost Greek shipping and the registry. Presently, the home flag is being run up on just under a third of the newbuildings now flowing into Greek hands with the age of the Greek fleet just on 11 years overall, while that of the Greek-flag fleet is under 10 years, and both are coming down.
-- Filed: 2011-03-10

Ship owners avoid second hand ship purchases on increased market concern
---Tuesday, 08 March 2011 00:00
The past few weeks have been market by the virtual absence of Hellenic ship owners from the second hand market, for all types of vessels, with just a handful of new building orders being reported as well.
In the demolition market, distressed freight markets lead to increasing demolition activity with India attracting most of the tonnage, 8 vessels headed to its scrap yards, even rumors suggesting that its scrap yards are full of capacity.
However, in terms of dwt, China won the largest vessels, two capesizes of total deadweight of 413,124 tons. Meantime, Bangladesh industry expects with enthusiasm from time to time its full reopening and China appears to pay, for third consecutive week, firm prices for dry cargo around $470/ldt.The softening in scrap prices witnessed the last 2-3 weeks from the highs of $500/ldt that India was offering may end once Bangladesh market opens as the hungry Chittagong scrap buyers will lift the market in terms of volume of activity and rates.
Nikos Roussanoglou, Hellenic Shipping News Worldwide

Piraeus broking outfits to merge
---N Cotzias Shipping and Intermodal Shipbrokers are joining forces to broaden and strengthen their services.
For the first time ever, two Greek broking houses are merging with the aim of providing stronger and broader services to their clients.
One of the two, N Cotzias Shipping Group, is the oldest shipbroker in Greece, founded in 1893 on the island of Syros. Partner Intermodal Shipbrokers, a mere babe in comparison, was founded in 1984 in Piraeus by Captain Kyriakos Dermatis.
While Cotzias bears a widely known, almost historical, name as far as local shipbroking is concerned, Intermodal has grown in leaps and bounds.
Initially, Intermodal offered sale and purchase (S&P), newbuilding contracting, demolition-broking consultancy, research and competitive chartering, although chartering was later dropped.
Cotzias and his sister, Sophie, will join Dermatis and his son, George, in the management structure of the newly merged operation. The difference in the ages of the four, with Kyriakos Dermatis being 63, John Cotzias 45, George Dermatis 30 and Sophie Cotzias somewhere in the middle, will give an evenly balanced management team, Cotzias believes.
Dermatis, who spoke with TradeWinds from China, where he is a frequent visitor conducting business, concedes that he is not one for public relations. But he did reveal that John Cotzias will handle marketing.
Intermodal was one of the first Greek broking houses to open an office in Shanghai in 2005 and today it fields 15 brokers in Greece and a further six in China.
Its name will be on the letterhead of the new entity but the Cotzias name will not disappear. The family will retain the representations and agency activities it has carried out for many years.
Also moving up north with his niece and nephew is Anthony Cotzias, who, with his late brother, Nikos, steered the family operations for many years.
It was logical to expect that when the client lists of the two companies were set side by side, the sum of the two would be considerably smaller than the total number of the two lists individually. Remarkably, however, just 10 clients are common to both Cotzias and Intermodal, meaning that the newly merged team will be offering its services to an expanded client base.
By Gillian Whittaker Athens
Published: 23:01 GMT, 10 Mar 11 | updated: 20:28 GMT, 09 Mar 11

China reportedly doubles Greek fund
The Beijing government agreed last October to launch a fund of up to $5Bn to help Greek shipowners meet their payment commitments in buying Chinese-built vessels, but this has now been increased, Yannis Diamantidis announced.
"It is extremely positive that we have doubled this amount to about $10Bn," he told the To Thema newspaper, according to Reuters.
Diamantidis said Chinese banks have promised that the terms and condition of financing offered to Greek shipyards and owners will be better than those offered to debt-ridden Greek banks on the international financial market.
Source: Fairplay Daily News 07 Mar 2011

--- * Thursday 10 March 2011, 11:40 * by Nigel Lowry
Friendship and shipping are the elements that bind the club, which has stabilised at a core membership of about 17. But some relatives attend and whoever foots the bill has the privilege of inviting outside guests.
The group is a representative bag of personalities spanning shipowners, financial types, and others from the maritime world. Traditionally it concentrates on shipping matters but, not surprisingly, the agenda in recent months has been hijacked by the Greek debt crisis.
One supposes that even in the chatter-filled lounges of the Titanic normal conversation was partly suspended after the impact and at least some consideration was given to the iceberg.
But the euro is not really why Greece is in such a stupendous amount of trouble. It is more because for the last 30 years, governments and households alike have borrowed massively for consumption as though the bill was never going to arrive. The country failed to invest productively, huge amounts of money supported policies that were little more than bribing portions of the electorate, and the true scale of spiralling deficits was concealed.
Back in the taverna, president-for-the-day Tom Jackson, the well-known former Top Ships chairman and marine banker, offered attendees the chance to indicate which policy options they would support as part of the process of steadying the Greek fiscal ship.
Meanwhile, a proposed 10% flat tax on shipping garnered a miserable three approvals.
What happens if an industry that has proved so spectacularly adept at generating and preserving wealth is asked to pay more to a state that has emerged as a champion at frittering it away?

Greek Tanker Crew Receives Award From USCG & Sunoco Inc. For Rescue
--- Wednesday, March 9, 2011 MARCUS HOOK, Pa. - Cmdr. Michael Antonellis, Coast Guard Sector Delaware Bay Office of Prevention, and Georgios Vatsas, master of the tanker vessel Delta Kanaris, stand with an Automated Mutual-Assistance Vessel Rescue System pennant outside Sunoco Inc., in Marcus Hook March 8, 2011. Five crewmembers from the Greek-flagged ship Delta Kanaris safely rescued four French nationals in the Atlantic Ocean using the AMVER system after the French sailing vessel sank 1,582 miles east of San Juan, Puerto Rico.
The crew of the Delta Kanaris rescued the French nationals from the Atlantic Ocean after their sailing vessel, the Recidive, sank on Feb. 26. The commercial vessel was diverted at the request of Coast Guard 5th District watchstanders in Portsmouth, Va.
The watchstanders received notification of a broadcast from an emergency position indicating radio beacon assigned to the vessel at 1:45 p.m. on Feb. 25.
"This case is a demonstration of the continued tradition of mariners helping mariners at sea and ensuring that no call for help goes unanswered," said Beverly Howard, program analyst for AMVER Maritime Relations.
The French nationals were sailing from the Canary Islands to Martinique on a trans-Atlantic voyage.
MARCUS HOOK, Pa. - (Left to right) Konstantinos Nikolados, superintendant of the tanker vessel Delta Kanaris, Lt. Andrew Madjeska, crewmember Coast Guard Sector Delaware Bay in Philadelphia, Cmdr. Michael Antonellis, Sector Delaware Bay Office of Prevention, Carol Ziegler, community relations manager, Sunoco Inc., Georgios Vatsas, Master of the Delta Kanaris, Theodoros Pelagiois, superintendant of the Delta Kanaris, Georgios Rousos, chief engineer of the Delta Kanaris and Ronald Rosario, superintendant of the Delta Kanaris, stand outside Sunoco Inc., in Marcus Hook for an awards ceremony March 8, 2011.

Posidonia Sea Tourism Forum, 21-22 June 2011 Athens, Greece
--- Jack O'Connell | Tuesday, March 8, 2011

The Discreet Enigma of George Economou: A Greek Magnate Unveils His Unique Art Collection in Athens
Economou is the chairman, president and CEO of Dryships Inc., the largest U.S.-listed dry bulk company by fleet, size, and revenue. He collects widely and, on first impression, haphazardly, with a predilection for early 20th-century German and Austrian paintings from lesser known artists. Minor works by a parade of big-name artists, among them Picasso, Twombly, Magritte, and Kees Van Dongen, also dot the billionaire's collection. Economou owns the world's largest collection of Otto Dix prints, and has about 500 works currently on loan to the State Museum in Munich. He veers into African masks, photography, public telephones, and even pinball machines.
"It's like running a marathon at the speed of the 100 meter dash and then being told that you have to run another one. I do that in other areas, too," Economou told ARTINFO France, explaining a collecting habit that borders on the compulsive.
The first batch of works at the Municipal Gallery leaves the impression of an immense buffet of appetizers. The show starts in the 15th century, moves to Rococo and Academy Realism, through Fauvism and Expressionism, to gentle Abstraction and a touch of New Objectivity. Many artists are little known, their works safely figurative, from the Post-Renaissance centerpiece, "The Young Couple," by an unidentified 15th-century Flemish painter, to two Egon Schiele male nudes. Photorealistic still-life fruits by Ambrosius Bosschaert the Younger (17th century) hang alongside scenes of children by Karl Raupp and Edmund Adler.
Works by big names are relatively minor. Kees Van Dongen is present through the amusing ink crayon and gouache on paper "Turn, turn wooden pigs," a rewriting in images of Paul Verlaine's poem "Turn, turn wooden horses." There are a couple of pencil-on-paper portraits by Picasso, a single Magritte work, "The discovery of Fire" (a 1959 gouache on paper of a burning tuba), and two Lucio Fontana "Concetto Spaziales," with the iconic incisions made on paper instead of the more well-known canvas.