Greek Shipping News Cuts
Week 11 - 2011


Fewer ships flying the Greek flag

---By Nikos Bardounias
The British ship register company showed that the Greek register declined from 969 vessels, totaling 80.5 million dwt, to 917 ships with a capacity of 79.7 million dwt.
Yet despite the fall in the number of Greek-flagged vessels, the Greek-owned fleet is showing an increase in capacity, climbing from 258,121,898 dwt in March 2010 to 258,560,741 dwt in the same month this year, amounting to 14.6 percent of global capacity. However, there has been a drop in ship numbers, as the figure for Greek-owned vessels declined from 3,996 in March last year to 3,848 this month.

Greek owned fleet grows while share slips
--- * Monday 14 March 2011, 16:11 * by Nigel Lowry
Rise in tanker tonnage and boxship buys behind growth in total shipping capacity
INCREASED tanker tonnage and a surge of container vessel acquisitions lay behind growth over the last year in the total shipping capacity controlled by Greek shipowners.
In a snapshot of the Greek-owned fleet in operation and on order this month, the 261.7m dwt fleet was the second highest ever under Greek control in a series of surveys commissioned by the Greek Shipping Co-operation Committee annually for the last 24 years.
While the fleet was larger two years ago, since February 2010 it has increased by a net 3.6m dwt, but during the same period the number of ships in the fleet decreased by 148 to 3,848 vessels.
Over the last 13 months, Greeks added 4.9m dwt to their crude oil carrying capacity, albeit with a net decrease of 13 tankers, the survey found.
Meanwhile, the product and chemical tanker fleet decreased by 48 units and 1.4m dwt.
A well-documented rise in Greek interest in the boxship market was reflected in an increase of 23 container vessels and 1.2m dwt.
Their dry bulk holdings also grew, by 25 bulkers and more than 650,000 dwt.
It now represents about 7.7% of vessels in service and on order, and about 14.6% of the world fleet deadweight.
Other findings included a further drop in the Greek-flagged fleet which now numbers 917 ships, including 127 on order, of 79.7m dwt.
This compared with 969 ships of 80.5m dwt in early 2010.
The biggest loser of Greek custom among registries last year, however, was the Panamanian flag, which saw its Greek-owned fleet diminish by 117 ships and 5.7m dwt.
Continuing a long term trend, the Greek-owned fleet again decreased by average age during the last year and is now said to stand 1.8 years below the average age of the world fleet.
The average Greek-owned vessel is now about 11 years old, compared to 20.3 years old in 2000.

Anomeritis sees Piraeus cruising to higher profits
---Piraeus and Greece have embarked on the 'Year for Cruising' declared Piraeus Port Authority (PPA) president and md George Anomeritis. During a March 15 press conference Anomeritis revealed a profit for the organisation in 2010 and outlined its strategy for 2011 and beyond.
Anomeritis said the PPA made a profit of Euro 7m in 2010 from a total Euro 116.7m turnover and expects 2011 also to be profitable. The result was a Euro 40m reversal on 2009, when despite reaping income of Euro 16.73m in the final quarter from its concession deal with Coso Pacific, the PPA suffered a loss of Euro 33.56m. The 2010 result goes someway to recovering ground lost during turbulent 2009, when the loss was an almost Euro 50m reversal on the result of 2008.
Anomeritis said the PPA will focus on expanding in the cruise sector and build business in the car terminal to such a degree that the PPA will be much less dependent on the results of the container terminal and the rents collected from the Cosco Pacific concession to run box terminals II and III.
He said cruise ships are expected to be 100% full and that there will be a minor decrease in port fees from April 1. Cruise ships sailing to Piraeus three to seven times a month will pay 5% less; if they sail eight times or more there will be a discount of 15%, with a further 10% discount if they use Piraeus as home port and 66% of its passengers embark or disembark at the PPA area. Piraeus expects more than 1,000 cruise ship sailings this year, with Costa Cruises expected to make more than 1m passenger movements in Greece. - See 'From the Marketplace'
Anomeritis said all other Greek ports can follow in Piraeus' footsteps as PPA is ready to offer them its know-how and he gave as an example the Katakolo port in Peloponnese, which expects 400 sailings this year.
He reiterated that by the end of the year the rail line between the PPA and the Thriassio Pedio logistics centre will be in place saying, "without a railroad connection, ports do not exist".
Also, the Attica Port System which will incorporate the ports of Piraeus with those of Lavrion, Rafina and Elefsis is still on schedule and the PPA president said the government has not changed its initial policy and is not yet looking at privatisation of the ports.
From figures presented by the PPA it seems there was a big 30.7% increase in container movements in 2010, reaching 863,808teu [still far short of the near 1.5m teu in the mid-2000s] while movements in the car terminal rose 37.6% in cars to 380,346. But there was a decrease in total passenger movements of 5.2% to 20.336m including an 8.1% decrease in cruise passengers to 1.864m. Passengers carried on ferries were down 3.3% to 7.233m and Argosaronikos passengers were down by 11.7% to 2.671m though daily Argosaronikos-cruise passengers were up 1.8% to 196,166. The ferry link between Perama and Salamina had 4% less passengers, but still accounted for the bulk of PPA passengers lifted, 8.371m.
-- Filed: 2011-03-16

Piraeus Port Authority: Financial Reports For The Full Year Of 2010
- Turnover at the Car Terminals remain at 2009 levels. The continuous economic recession in the country had negative effect on the sales of finished vehicles and as consequence imports and consequently finished vehicle handling at the terminals presented a record decrease. Thus 2010 throughput of import vehicles amounted to 133,545 reduced by 22.9% against 2009.
On the contrary, transhipment cargo handling recorded a significant increase due to the partial global economic recovery and the efforts of the Management towards shipping companies to attract such cargo. In 2010 throughput of transhipment vehicles recorded an increase of 139.2% (246,801 finished vehicles in 2010 against 103,178 in 2009). Bulk and conventional cargo continues its decreasing trend recording a reduction of 31% as it is gradually replaced from containerised cargo.
- Other operational activities of the Company recorded a total increase in revenues by 9.67% that is attributed to an increased number of vessel calls at the Ship Repair Zone of the port enhancing revenues from dry docks and other services to ships.
In 2010 cruise passenger throughput at the Cruise port was 1,864,657, of which 426,147 were home port passengers. Total cruise passenger throughput was reduced by 8.1% due to a 10.8% in transit passenger throughput. However the increase by 2.6% in home port passenger throughput had a positive effect on revenues as the relevant tariff is higher due to the increased cost of service provision.
In the sector of coastal shipping, passenger throughput from the Central Port was 10,100,697 passengers recording a decrease by 5.6% against 2009. Ferry passenger throughput was 8,371,064 recording also a decrease by 4.1%. The recorded decrease is probably attributed to the general economic environment in the country that among other things has a negative effect on passenger transport to and from the islands.

Marinakis to enter rigs with two new jack-ups
CSMC is expected to place orders shortly for two jack-up rigs primarily targeted for contracts with Mexican state oil company Pemex.
CSMC affiliate Capital Product Partners already has two medium-range (MR) tankers on charter to Pemex and it hopes to tap the Mexican oil outfit for its first drilling contracts.
The Greek shipowner is believed to be acting on bullish sentiments surrounding Mexican requirements for newer drilling rigs.
Some industry players have projected a demand for up to 21 jack-up rigs in Mexican waters, including renewals of units currently on charter to Pemex.
By Dale WainwrightSingapore
Published: 23:01 GMT, 17 Mar 11 | updated: 21:31 GMT, 16 Mar 11

DryShips bulker splits in two
---THE DRYSHIPS-owned Panamax Oliva has broken up off a remote island in the South Atlantic, leaking fuel into surrounding waters.
According to a DryShips SEC filing, the 75,208dwt bulker was en route from Santos in Brazil to China with a load of 65,266 tonnes of soya beans and went aground on 16 March off Nightingale Island in the Tristan Da Cunha chain.
The manager of the Oliva, TMS Bulkers, subsequently confirmed in a statement that the bulker "has broken in two between cargo holds number 6 and 7". TMS is a subsidiary of George Economou-owned Cardiff.
TMS said that "it is not possible to estimate the quantity" of fuel oil spilled. TMS spokesperson Jim Lawrence confirmed to Fairplay that the Oliva was carrying 1,400 tonnes of fuel oil.
None of the 22 crew members were injured and all were evacuated by the fishing boat Edinburgh and brought to shore. The Tsavliris salvage tug John Ross has departed Capetown and is expected to arrive on 21 March.
TMS said that it has activated its emergency response plan and "is cooperating with local authorities to minimise the damage to the environment".
DryShips had been earning $17,850/day on the Oliva time charter, which was to run through October.
Source: Fairplay Daily News 18 Mar 2011

Facilitating business links with Greece
---Hellenic Business Council chairman Petros Kallidis speaks about his role in a thriving Greek community
* By Aya Lowe, Staff Reporter * Published: 00:00 March 18, 2011
Dubai: The Hellenic Business Council was formed this year in response to the steadily growing Greek business community in Dubai. Council chairman Petros Kallidis talks about the growing opportunities in the community and what can be done to improve trade relations.
GULF NEWS: How big is the Greek community in Dubai?
Petros Kallidis: It is difficult to quantify as there is no mandatory registration available, however we believe there are over 140 companies of Greek interests. Overall we estimate there are some 3,000 Greek nationals working in the Emirates.
While we do not have statistical data on the growth of the community, we note figures of 1,000 Greek nationals were being quoted in reports from the Ministry of Foreign Affairs in 2007 so we estimate a compound annual growth rate of 30 per cent for Greeks living and working in the UAE.
What industries does the UAE based Greek community work in?
The traditional industry sectors that Greek companies have been servicing for the past half century or so in the Emirates have been construction, shipping (including chandlery, agency, supplies, ship repairs, bunkering, management, ship broking etc) and trade, predominantly in construction, olive oil, pasta and tomato products.
Another very important sector is the fur trade where traditional skills from the north of Greece are being imported for re-export, mainly to the countries of the former USSR.
More recently (in the last five years) there has been an expansion into service sectors with companies in the health, IT, exhibition (especially since the 2004 Athens Olympics), logistics, executive recruitment and insurance.
In addition there has been a noticeable increase in legal banking, consultancy and finance.
What kind of services do you offer to help the UAE-based Greek business community?
The Hellenic Business Council was officially created in October of last year as a private initiative by Greek business people and professionals with the prime objective to support the Greek businesses and professionals who are based in Dubai and northern emirates.
We're trying to create awareness in the local community that Greece is a good market where you can invest in the tourism industry, in the shipping industry, in real estate and you would expect flexibility on the tax laws. The government is revising all its laws to encourage foreign investment.
We are also creating incentives for Greeks to look for opportunities in the UAE. We have people working in real estate promoting UAE properties in Greece. We see more people doing feasibility studies in regard to what type of investment can be done in the UAE.
What is the current situation in regard to trade between Greece and the UAE?
Diplomatic relations between our two countries date back to the formal recognition of the UAE in 1971, the opening of our embassy in Abu Dhabi in 1989 and with the UAE opening their embassy in Athens in 2009.
The Athens Chamber of Commerce and Industry signed a Memorandum of Cooperation with its equivalent in Dubai in 2006 during an official visit of Greek President Karolos Papulias which followed a similar agreement between the Hellenic Federation of Enterprises and the Abu Dhabi Chamber of Commerce earlier that year.
Our two countries signed a double taxation treaty in January of 2010 during the Greek President's official visit to Abu Dhabi. The treaty is set to boost bilateral economic relations and also provides a range of tax breaks for the UAE government and private investment in Greece.
These include zero tax on income generated by real estate and up to 95 per cent tax exemption on benefits of shares and 100 per exemption for air transport operations.
More recently the Minister of Defence, Evangelos Venizelos met with UAE officials in connection with the two defence exhibitions Idex and Navdex regarding the closer military cooperation between our two countries
What is the main trade product between the two countries?
The ten products that comprise 70 per cent of Greek exports to the UAE are: furs, fuel additives, telecommunications equipment, aluminium products, marble, resins, tinned fruit, cosmetics, fish and ready made garments.
How has the recent economic situation in Greece affected the business community here?
The global financial crisis has had an impact on the bilateral trade between the UAE and Greece. The year 2009 saw a 38 per cent decrease in exports to the UAE.
This has affected retails sales of luxury goods with the proportionally significant effect on the fur trade as well as sales of telecommunication equipment and generally construction materials all of which form the bulk of Greek exports to the UAE.
This situation has been exacerbated by the relatively high production costs in the Eurozone as compared to competitive markets in the Far East and sub-continent and disruptions in exports due to industrial unrest last year.
Additionally Greek businesses are facing considerable challenges with credit control with credit periods stretching and cash flows negatively impacted.
What are the main challenges the Greek community face working in the UAE?
Whilst the Greek shipping community in the northern emirates has tended to be more close knit and organised ever since the demise of Greek labour in the Greek and Cypriot construction companies in the early part of this decade, it has been challenging for the community to interact and communicate with each other.
The Hellenic Business Council is a recent addition and currently numbers over 100 members.
Additionally there has been an informal social group, Emirates Greeks which was formed in 2003 and numbers some 500 participants. Clearly these groups are only reaching a small minority of the estimated population in the Emirates and the challenge is to raise awareness of these organizations and the benefits it can bring to the community.
Another challenge is the absence of a Greek consulate in Dubai which necessitates a visit to Abu Dhabi in order to carry out transactions such as passport renewals, marriage/birth registrations etc, which can result in the loss of a whole business day.

Rothman Institute, Fairleigh Dickinson, Madison, hosts Angeliki Frangou, Navios Maritime CEO
---Published: Wednesday, March 16, 2011, 2:25 PM Updated: Wednesday, March 16, 2011, 2:31 PM
The lecture is scheduled for 6 p.m. on Friday, March 25, at the College at Florham of Fairleigh Dickinson University, 285 Madison Ave., Madison.
The event will begin with a reception at 6 p.m. and the lecture will start at 7:15 p.m. in Hennessy Hall/Lenfell Hall, on the Fairleigh Dickinson campus. It is free and open to the public; registration is required by March 21. Call 973-443-8842 or visit
Frangou has held her current position at Navios for the last six years. She is a member of the Board of The United Kingdom Mutual Steam Ship Assurance Association and Vice Chairman of China Classification Society Mediterranean Committee.
Frangou also has an extensive background in banking. Prior to her employment with Franser Shipping, she worked as an analyst on the trading floor of Republic National Bank of New York. Ms. Frangou was also a member of the board of directors of Emporiki Bank of Greece, the second largest retail bank in Greece, from April 2004 to July 2005.
She is Chairman of the Board of Directors of IRF European Finance Investments Ltd., which is listed on the Specialist Fund Market of the London Stock Exchange.

Mcquilling Partners Group Announces Establishment Of Mcquilling (Hellas) Limited
The McQuilling Hellas team consists of experienced professionals well known in the chemical market:
Mr. Antonis Mastrantonakis (Managing Director), Mr. Morten Olsen Vind, Ms. Stephanie Chew-Alpagul, Mr. Vassilis Bailis, Mr. Kriton Giaglikakis
McQuilling (Hellas) Limited will be located at 76 Vouliagmenis Avenue, Athens, Greece. They can be contacted at:
Tel: +30 212 9555350-369 Fax: +30 210 9610383 Email:
The McQuilling Partners Group remains committed to providing quality, service and reliability to a growing global client base and will continue in this direction with the opening of McQuilling (Hellas) Limited.
McQuilling Partners is a privately-owned marine services company, providing transportation services to clients in the shipping, commodity and financial services industries. McQuilling Partners is one of the most respected tanker specialists in the world and is one of a select few firms that sit on both the International and the Asian Baltic Exchange Tanker Route panels. McQuilling Partners facilitates the physical transportation of crude oil and petroleum related products annually through the provision of brokerage services and provides coverage in the wet freight derivatives market for all the traded routes. The firm has assisted numerous clients in the sale or purchase of marine assets and advised them on their directed research and consulting requirements. Today, McQuilling is a privately held firm numbering approximately 100 people, specializing in the marine transportation of crude and petroleum products for a global client base. Representing broad commercial experience in the international tanker markets, McQuilling provides professional, reliable and personalized service to clients from offices located in New York, Houston, Singapore, Caracas, Lima, Mexico City and Athens