Greek Shipping News Cuts
Week 23 - 2011


60 largest ownerships control over 90% of the Greek fleet

---While Greece's ecaonomic woes are causing growing concern within the shipping community, they appear to have had little direct impact on its activities and not surprisingly in this day of bigger ships, Greece's largest operators are growing in number and in size of fleets.
After a slight dip in membership in 2010, as the crisis forced a re-think and a clean-out in a number of ownerships, there are now more Greek fleets of over 1m dwt, than ever.
At the beginning of May, data assembled by Newsfront's parent publication Naftiliaki revealed there are 61 Greek fleets of over 1m dwt. This means the 'tonne millionaires' now have five more members than 12 months ago, though two long-standing members of the country's business and shipping sectors have slipped out.
Theodore Angelopoulos / Metrostar and the Vardinoyiannis family are gone, for the timebeing anyway. There are six new members, while the Peter G Livanos-controlled empire insists it be split between Euronav Hellas and Ceres Hellenic. Fleets are getting larger, especially regarding carrying capacity. This year's list control 185.6m dwt, near 90% of the Greek controlled trading capacity, and 1,915 ships. This compares with 158.36m dwt and 1,601 ships at the start of May 2010.
There has been no change in the order at the top of the fleet league though the largest three fleets have grown. The ever-expanding public and private ship empire of George Economou / Cardiff / DryShips / Ocean Rig now stands at 11.778m dwt / 101 ships (2010: 11.23m dwt / 97 ships) leading the way from the privately-owned John Angelicoussis tanker operation, Maran Tankers / Maran Gas (10.4m / 50, up from 10.04m / 49). However, when ignoring Angelicoussis' insistence the expanding dry bulk operation Anangel Maritime Services (5.68m / 32 up from 4.71m / 27) be kept separate, the fleet run out of Angelicoussis' Syngrou Avenue hqs is by someway the largest (16.08m / 82 ships, up from 14.75m / 76 ships).
US-listed companies run by Peter Georgiopoulos are at number three. Georgiopoulos' GenMar, Genco and newcomer Baltic Trading now have a combined fleet of 7.47m dwt and 72 ships, a gain of 1.4m dwt and 10 ships. Tankerman George Prokopiou / Dynacom is four on the ladder as his bulk carrier operation Seatraders expands. The Glyfada-based owner has almost doubled his privately run operation to 8.546m dwt and 63 vessels (up from 4.99m dwt / 36), as his energy operation has increased nine ships and 15 bulk carriers have come in.
Only lady in the group of 61 is the real flyer. Angeliki Frangou has lifted her mixed public / private / dry and wet stable to fifth from 13th in 2010 passing many illustrious names on the way. The Navios fleet now comprises 70 ships, including 10 tankers, of a combined 8.214m dwt up from 41 ships of 3.94m dwt. The Tsakos' group's re-branded Tsakos Columbia, now managing ships in the US-listed TEN and privately-owned Tsakos Shipping & Trading fleets was among those passed by Frangou. Tsakos runs 7.145m dwt and 70 ships (down a tick from 7.28m dwt / 74 ships) meaning the fleet has remained static over the last few years as new tonnage has replaced sold or scrapped units.
Twenty-five of Greece's largest fleets are listed on a stock exchange. It is doubtful some of these would be among the 'tonne millionaires' without the backing of public funds.

Greeks slow pace of orders in first five months
--- Thursday 09 June 2011, 16:31 by Nigel Lowry
Greek owners are most bullish on container vessels but are showing caution in adding to bulker and tanker backlog
GREEK shipowners have been cautious when it comes to placing fresh newbuilding contracts in the first five months of 2011, according to Piraeus-based shipbroking house Golden Destiny.
A more bullish attitude has been seen in contracting container vessels with shipyards, with 29 boxships ordered so far this year by Greek owners.
Greek companies have clearly curbed their activity in contracting further dry bulk carriers and tankers since last year.
According to Golden Destiny, Greece-based owners ordered 35 bulk carriers of an aggregate 2.6m dwt in the year to end-May.
This was about 10% of dry bulk capacity ordered internationally and compares with 53 bulkers of 5m dwt ordered by Greeks in the first quarter alone in 2010.
In the tanker sector, Golden Destiny counted just nine vessels ordered by Greeks in the first five months of the year, aggregating 1.3m dwt.
This compared with 20 tankers of 2.7m dwt contracted in the first quarter of 2010.
Greek owners have also slowed their secondhand acquisition activity, completing 78 purchases of 1.9m dwt across all sectors in the first five months of 2011, compared with 283 vessels of 8.9m dwt in full-year 2010.

Adelfia bides times on SPP bulker option
---Adelfia Shipping of Greece says it will wait for market signals to become clearer before it decides to declare an option for a kamsarmax newbuilding.
Captain Angelos Loudaros, who heads the Greek bulker company along with Costas Mavromatis, confirms Adelfia has booked one firm 82,000-dwt bulker plus one option at SPP Plant & Shipbuilding in South Korea.
The order was inked earlier this year but has just emerged. Both are for delivery in the first quarter of 2013.
Loudaros could not be drawn to comment on the price of the kamsarmaxes but brokers have been citing over $35m each.
Adelfia has until the end of the year to declare the option and the decision will be based on how the markets fare until then. Loudaros says the effects of the catastrophic Japanese earthquake and tsunami have yet to make a definitive imprint and owners are in the dark over what will come next. If the markets fall from current earnings levels of around $13,000 per day for this segment, then it will not be exercised, Loudaros says.
Adelfia has the flexibility to extend the option deadline given the close relations it has with the yard.
In November, it took delivery of the second of two 58,000-dwt bulkers, the Thelisis, from SPP. The 58,000-dwt Agia Filothei (built 2010) was delivered in March Last year. Both were contracted in 2007 at a reported $44m each.
The newbuildings are part of a fleet renewal that has seen Adelfia sell four bulkers built in the late 1970s and early 1980s.
Today it controls one modern supramax, the 56,000-dwt Galini (built 2005), which it bought from Norden of Denmark as a resale in 2005 for a reported $41m, and two panamaxes that were purchased secondhand in 2006 and 2009. Both are under 10 years old.
By Yiota Gousas Athens
Published: 22:01 GMT, 09 Jun 11 | updated: 20:05 GMT, 08 Jun 11

Akis is Back - Blank Check Equity Raise
---Last week, Nautilus Marine Acquisition Corp., a newly-organized blank check company filed a registration statement to raise $60 million through the sale of 6 million units, consisting of one share of common stock and a warrant. The price for each unit is $10, with each warrant entitling the unit holder to purchase one share of common stock at $11.50. In addition, the company has offered the underwriters a 45-day option to buy an additional 900 thousand shares to cover overallotments. Details of the transaction are shown in the Guts of the Deal on the following page [ > Marine Money Freshly Minted, Thursday, June2, 2011, Page 3 ]
With its nominal investment, the sponsors acquired through a private placement 1.725 million initial shares, representing 23% of the company, which amount reduces through forfeiture to 1.5 million shares or 20% should the over-allotment option not be exercised. In addition, a further 2.5% of the issued and outstanding shares after the offering and the expiration of the green shoe are also subject to forfeiture in the event the last sales price of the stock does not equal or exceed $12 for any 20 trading days within any 30 day trading period within 36 months of closing the initial business transaction.
Limiting itself to a 19 month shopping period, Nautilus is seeking to acquire an operating business or assets by initially targeting businesses in the international maritime shipping, offshore and related maritime service industries. This may be accomplished through the acquisition of a company with agreements to purchase individual vessels, individual assets, a company with a fleet of vessels, a number of such companies as a group, or an entity that provides commercial and technical management to a segment of the industry.
While most of terms are standard for a transaction of this type, we did notice at least one difference. In order to avoid the difficult proxy issues associated blank check companies, Nautilus, taking advantage of its status as a foreign private issuer, intends to consummate the initial business transaction and conduct the redemptions without seeking shareholder approval by engaging in a tender offer for the shares. The potential issue associated with this strategy is that there may be insufficient cash to do the deal as they will still have to redeem the shares of those who say no.
Sole bookrunning manager of the transaction is Maxim Group and the co-managers include Rodman & Renshaw and Chardan Capital Markets.
Now we watch and wait.
Guts Of the Deal
Issuer : Nautilus Marine Acquisition Corp.
Number of Units : 6,000,000
Offering Price : $10.00
Deal Size : $60,000,000
Green Shoe : 900,000
Deal Size With Over-Allotment : $69,000,000
Primary Shares : 100.00%
Promoter/Investor : Astra Maritime Inc. and Orca Marine Corp.
Pvt Placement Insider Warrants ($0.75) : 2,700,000
Insider Investment : $2,025,000
Dividend Policy : No dividends
% Ownership : 23% subject to reduction in certain events
Lock-up : 17.5% of initial shares cannot be sold until 6 months after completion of initial transaction and another 2.5% can be sold the later of 6 months after the business combination or achieving certain price targets. There is a carveout for liquidation.
Use of Proceeds : Acquire a buisness within the 19 month shopping period
Shopping Period : 19 months from filing
Bookrunning Manager : Maxim Group
Co-managers : Rodman & Renshaw, Chardan Capital Markets
Issuer's Counsel : Ellenoff Grossman & Schole, Reeder & Simpson
Underwriter's Counsel : Lowenstein Sandler & Schole
Governing Law : New York
Accountants : Withum Smith+Brown
Incorporation : Marshall Islands
Stock Exchange : NASDAQ

Noka Shipping banned from U.S. waters for five years
---Greek ship management company Noka Shipping Company Ltd. pleaded guilty and was sentenced this week in federal court in Corpus Christi for deliberately concealing pollution discharges from the M/V Florin directly into the sea and for failing to notify the U. S. Coast Guard of numerous safety hazards on board the vessel, reports the U.S. Department of Justice.
Noka Shipping pleaded guilty to a violation of the Act to Prevent Pollution from Ships for failing to properly maintain an oil record book as required by federal and international law, as well as, a violation of the Ports and Waterways Safety Act, for failing to report a hazardous condition on board to include excessive amounts of oil in the vessel's machinery spaces and bilges, excessive oil leaks on the vessel's main engine and generators, an authorized oil drainage system for the engine room and oil in the vessel's fire suppression system.
The company was sentenced to pay a $750,000 criminal fine along with a $150,000 community service payment to the congressionally-established National Marine Sanctuary Foundation. The money will be designated for use in the Flower Garden and Stetson Banks National Marine Sanctuary, headquartered in Galveston, Texas, to support the protection and preservation of natural and cultural resources located in and adjacent to the sanctuary.
Noka was also sentenced to five years probation. As a condition of the probation, all ships owned or managed by Noka will be barred from entering U.S. ports and territorial waters for five years.
"Senior officers allowed hazardous conditions to prevail aboard the M/V Florin and maintained false records that concealed the deliberate discharge of oily waste into the ocean in violation of the Act to Prevent Pollution from Ships," said Ignacia S. Moreno, Assistant Attorney General for the Environment and Natural Resources Division at the Department of Justice. "Now Noka will not only pay a significant criminal penalty for breaking laws that help protect our oceans from pollution, but they also will lose the privilege and the profit of conducting commerce in U.S. ports for five years."
"Pollution prevention acts were put in place to protect our natural resources now and for future generations," said Jose Angel Moreno, U.S. Attorney for the Southern District of Texas. "It is more than disheartening to see companies knowingly and purposely dumping oil-contaminated waste into those resources; it violates the law. We take those violations seriously and shipping companies will be held accountable."
According to the joint factual statement, from at least June 15, 2010 until Sept. 27, 2010, senior engineering officers on board the M/V Florin acting on behalf of Noka used the vessel's fixed piping system and fire main pump to bypass pollution prevention equipment to discharge oily bilge waste directly overboard into the sea.
According to court documents, the engineers knowingly failed to make the required entries into the oil record book including the fact that oily waste had been discharged directly into the ocean using the fire pump and circumventing the internationally required pollution control equipment. The senior engineers also made false entries in the oil record book to conceal the fact that the pollution control equipment had not been used. The crewmembers then attempted to conceal the discharges on Sept. 27, 2010 during a Coast Guard boarding at the port in Corpus Christi, by providing the falsified oil record book to the boarding crew.
With regard to the failure to report the vessel's safety issues the company knew that before coming to the United States that it was under a legal obligation to notify the Coast Guard of any hazardous condition. According to court documents the vessel was boarded by Coast Guard inspectors on June 15, 2010 in Houston, whereby numerous safety deficiencies were discovered and required to be corrected. However, these deficiencies were not corrected and Noka failed to report these conditions upon the vessel returning to the port of Corpus Christi on Sept. 27, 2010.
The investigation was conducted by the Coast Guard Sector Corpus Christi, Texas and Coast Guard Investigative Service in Corpus Christi. The case is being prosecuted by Assistant U.S. Attorney Jeffrey S. Miller from the U.S. Attorney's Office in Corpus Christi and Trial Attorney David O'Connell from the Justice Department's Environmental Crimes Section.
June 10, 2011

China, Greece hold forum to boost business ties
---09:48, June 07, 2011
Representatives attend the Hellenic-Chinese Business Forum 2011 in Athens, Greece, June 6, 2011.
Executives of more than 60 major Chinese companies and representatives of 187 Greek enterprises attended the forum on Monday to explore new opportunities in bilateral business cooperation. (Xinhua/Marios Lolos)
They sought cooperation in sectors ranging from electrical and mechanical equipment and shipbuilding, to energy saving, environmental technologies, telecommunications, real estate, tourism and banking.
Greek Regional Development and Competitiveness Minister Michalis Chryssohoidis, at the forum, welcomed the promotion of closer links between the two peoples.
He expressed confidence that Greece will manage to overcome its current economic crisis by a new development model, sustainable investments and exports, and support of friends such as China.
Noting exports of Greek products to China increased 55.9 percent in 2010 year on year, he called on Chinese business persons to make use of the improved investment environment in Greece.
Greek Culture and Tourism Minister Pavlos Geroulanos referred to the prospects of boosting ties in the fields of cultural exchanges and tourism.
The minister said the number of Chinese visitors to Greece in 2010increased 75 percent from 2009 to over 15,000 tourists, and a similar trend is forecast for this year.
The Greek government tries to lift decades-old obstacles, easing the issuance of visas to Chinese nationals and supporting the recent relaunch of direct flights from Beijing to Athens by Air China, Geroulanos said.
He also called on Chinese to explore opportunities in real estate in this country for tourism development.
Chinese Ambassador Luo Linquan repeated a message of strong support of the Chinese people to Greece during its current difficult times, expressing confidence that current sacrifices will lead to the improvement of competitiveness of the Greek economy and safeguard a better future for the Greek people.
Luo listed the recent examples of bilateral cooperation, such as investment of China's ocean transport giant COSCO at Greece's Piraeus port, the funding for Greek shipping entrepreneurs from the China Development Bank, and the leading role of Greek-owned vessels to transport oil and other products to China.
He said the governments of Greece and China have set a target of doubling bilateral trade within five years.
The Hellenic-Chinese Business Forum 2011 was organized by the Hellenic-Chinese Chamber and the China Chamber of Commerce for Import and Export of Machinery &Electronics Products.

Piraeus chief attacks privatisation
George Anomeritis, who is a senior member of the ruling PASOK party, told the Piraeus Port Authority annual assembly yesterday that Athens must keep at least 51% of control in each of the two ports, the Greek daily Imerisia reported.
He suggested that the best model would be for the government to retain ownerships of the port but grant time-bound terminal concessions to private companies, as it has done with Terminals II and III in Piraeus, which are run by COSCO.
Source: Fairplay Daily News 07 Jun 2011

In Greek Port, Storm Brews Over Chinese-Run Labor
---by Louisa Lim, June 8, 2011
China has capitalized on the financial crisis to expand its influence in Europe, promising to buy Greek, Spanish and Portuguese bonds. But its most important infrastructure deal in Europe has been its investment in the Greek port of Piraeus.
Standing at the container terminal of the port of Piraeus, John Makrydimitris points toward his feet. "There is Greece," he says. Then he gestures toward a metal fence just yards away. "And there is China," he says with a laugh.
For dockworkers like Makrydimitris, the other side of that fence certainly seems like another country.
Piraeus is Greece's largest port, just six miles from Athens. Last June, the Chinese shipping company China Ocean Shipping Co., or Cosco, took full control of its container terminals, leasing it for 35 years for almost $5 billion. Experts believe it's probably China's largest investment in Europe to date.
For China, the pier is a strategic gateway to bring Chinese goods into Europe and beyond.
"It's very important for the Chinese to enter through Piraeus to the eastern European and Black Sea markets, which are really booming right now," says Makrydimitris, as he gestures once more over the Chinese boundary line.
For these workers, labor conditions on the Chinese side of the line are very different from those on the Greek side.
Labor Conditions On The Docks
Cosco doesn't allow unions or collective bargaining among its 500-plus Greek workers. The unions report that Cosco workers are largely unskilled and working on a temporary basis, with no benefits. Despite persistent rumors about their labor conditions, until now no Cosco workers have spoken out to the media.
But a former Cosco worker, who had just been sacked, spoke to NPR about work conditions on the Chinese-run pier, on the condition that his name not be used. The worker says he regularly worked eight hours a day with no meal breaks and no toilet breaks.
"I think their actions are breaking the law," the worker said. "The rights are to have something to eat around 12 o'clock [and] to have our breaks, and not work like a dog straight [through] from morning till afternoon."
He says workers were told by supervisors to urinate into the sea, rather than taking toilet breaks. Those operating straddle carriers had to take cups up into their cabins to urinate into, and he says they were not given breaks, either, despite the clear dangers of operating at such a height for so long.
His wife says the experience changed his personality. "In the end, it was like a nervous breakdown," she says, gazing at him with concern. "All day he was just waiting to see whether they would call. He didn't know if he had time to eat or to sleep. Sometimes they would ring in the night to tell him to go to work. It was like torture."
'A Complete Mess'
In August, the agency fined Cosco 3,000 euros after discovering dockworkers working on their rest days. In October, it found the same again, as well as discovering an untrained worker operating a lifting vehicle and a worker with no employment papers.
The unions say there have been two accidents in one year involving straddle carriers, which they ascribe to a lack of proper training. The former Cosco worker described the situation as chaotic.
His contract, signed by a subcontractor, not by Cosco itself, says no money will be paid for overtime, unless there was a prior written agreement with the company. He says he accepted these conditions because there was no other work available. But when he demanded his overtime pay, he was fired.
Cosco has turned down repeated requests for an interview, both in Greece and in Beijing. The Chinese Foreign Ministry and the Commerce Ministry also declined to be interviewed for this story.
But speaking to a public forum, Cosco's flamboyant chairman, Wei Jiafu, has insisted that delivering benefits to his workers and easing unemployment are his top priorities in Greece. He also boasted about the fact that none of his Greek workers had ever been on strike.
"By going global, we are also transferring our culture to the rest of the world," he told a gathering at the World Economic Forum in the Chinese city of Tianjin in September 2010.
'Importing The Chinese Labor Model'?
But that is exactly what the dockworker unions in Piraeus had feared. In this port city, there had been some support among ordinary people for Cosco taking over the container terminal, in the hope that it would create new employment. But there was implacable opposition from the dockworkers union, which has not erased the anti-Chinese graffiti on the wall of the carpark beneath their headquarters.
They argue that Cosco has changed the rules of the game, with ramifications rippling throughout the sector and beyond.
"What we do believe is that Cosco is importing the Chinese labor model to Greece," says Nick Georgiou, president of the dockworkers union. "The result is that companies not run by the Chinese are being influenced by what the Chinese are doing in lowering the labor costs and reducing workers' rights."
Labor conditions aside, he has deep concerns about Cosco's behavior, which he describes as approximating blackmail.
Georgiou also believes Cosco is dangling the promise of future investment in a logistics hub in Thriasio as a negotiating tool to gain extra concessions in Piraeus. The Chinese company has recently announced it is delaying completion of a new third pier by five years to 2020, citing the financial crisis. Cosco is also demanding exemption from certain fees charged by the Piraeus Port Authority, saving it as much as $4 million a year, according to shipping sources.
A Threat To Greece's 'Rule Of Law'?
Yiorgos Anomeritis, the chairman of the Piraeus Port Authority, negotiates with Cosco. Speaking recently, he expressed sympathy for Cosco's desire to delay work on the pier to give it "time to recover" from the financial crisis. When asked how Greece is benefiting from the deal, his answer boils down to one thing: money.
"The port authority is being paid for the pier that it has ceded to Cosco," he says. "That by itself is some kind of gain for Piraeus."
But Cosco's critics see things very differently.
"We spoke in Parliament about our fears that labor rights would worsen," says Piraeus representative Theodore Dritsas of the left-wing Syriza party. "But what has happened is beyond our imagination." He's been following the labor issues closely after complaints from within his constituency.
"The main problem is that Greece is no longer a sovereign state in economic terms," he says.
Greek politicians are facing a race against time to solve the country's debt crisis. In its most recent plan, Greece has put $70 billion of its assets up for sale, including its entire holdings in the ports of Piraeus and Thessaloniki, another port in which Chinese companies had expressed an interest in the past. This could offer another opportunity for Cosco to consolidate its investment in Piraeus, at a cut price that could be as low as $500 million.
Before this announcement was made, Minister of State Haris Pamboukis told NPR that the Greek cooperation with Cosco was a "model" to be followed. He denied all knowledge of any labor violations, shrugging this off as "rumors" by competitors.
The way China undercuts competitors has been called the "China price," and with Cosco's arrival, the China price has now hit Europe's docks, threatening no less than Europe's rule of law.

Europe and Asia to work together on fighting piracy, Tuesday June 7, 2011 (17:15)
Foreign ministers identify activity off Somalia, which has troubled Greek shippers, as a serious threat
By Nick Malkoutzis
Godollo, Hungary -- Asian and European countries, including Greece, have agreed to cooperate more closely to tackle piracy off the coast of Somalia, which has been a particular problem for Greek-owned ships.
Piracy is estimated to cost shipping companies up to $12 billion a year, as insurance costs skyrocket.
The European Naval Force, Navfor, is currently patrolling the area but activity from gangs remains substantial. A Greek-owned freighter with 23 seamen on board was seized just last month. As of May, pirates in Somalia were thought to be holding more than 25 vessels. Over 400 sailors are currently being held hostage, the highest number since 2007.
Piracy has become a multimillion industry for the gangs, who demand large ransoms for the release of the vessels they seize.
In the most recent incident, Somali pirates released a Greek-owned, Cyprus-flagged ship for a reported ransom of $6 million. The MV Eagle, a 52,163-deadweight-ton merchant vessel, and its crew of 24 Filipinos were seized in January about 500 miles southwest of Oman while it was en route to India from Jordan.
Source: , Tuesday June 7, 2011 (17:15)

29th General Assembly of HELMEPA Members
---06/06/2011 The 29th General Assembly of HELMEPA members was hosted on 31st May 2011 at the premises of Danaos Shipping company. Under the Chairmanship of Dr. John Coustas, a moment of silence was observed in memory of Captain Vassilis C. Constantakopoulos and Maria P. Tsakos.
According to the Agenda, the Assembly unanimously approved the activities of 2010, the financial issues as presented by the Auditors Moore Stephens, the relief of the BoD and Auditors from any management responsibility and the withdrawal of Membership from certain members due to non-payment of their membership fees according to the Constitution.
Referring to the aims of HELMEPA, Dr. Coustas said that the Board of Directors continues the work of its predecessors stressing that the environmental pollution problem has acquired great dimensions. In order to address this problem, Greek shipping positively contributes towards the adoption at IMO of internationally-applying measures and to this end ?ELMEPA, as part of the shipping community, tries to be active at all the international fora in which its is important that the voice of the Association is heard. Also, the Chairman added that the recent initiative of the Board to set-up a Technical Committee consisting of representatives of Member-companies will bring the already successful training program of HELMEPA closer to the real needs of Member-companies.
With regards to the Environmental Awareness Sector, he mentioned that cooperation of the "HELMEPA Junior" program with private Elementary Schools has been enhanced with the aim to sensitize even more children, while the "HELMEPA Cadets" program is continuing its development.
Closing, the Chairman thanked the members for their support adding that HELMEPA will continue its effort, with the means available, to continuously improve the services the Association offers to Greek shipping and that he will be glad to present tangible results at the Assembly of 2012.

---Hellenic Lloyd's S.A., the Greek subsidiary of the Lloyd's Register Group, has joined the supporters of Special Olympics
World Summer Games ATHENS 2011 to be hosted in Athens June 25 - July 4. Lloyd's Register has offered to support the Special Olympics organising teams in contributing services to support the effective Risk Management of the organisation of the Games. A team of Hellenic Lloyd's volunteers are working closely with the organizers and venue managers in a variety of capacities to support the event.
Mr. Kirikos Faraklas, Technical manager of the Lloyd's Register Quality Assurance/ Marine Business Centre is leading the project.
Mr. Faraklas commented: "The management of risk is central to business success or the success of any other operation. Issues which can adversely affect safety, the environment and business productivity require cost-effective solutions to minimise the threat to people, performance and reputation. Formal risk management techniques increasingly play an essential role in the decision-making processes which seek to minimise these threats. In the case of Special Olympics ATHENS 2011 our aim is to support the organisation in their risk management process by providing our expertise and experience in order to contribute in our way to the smooth carrying out of the Games".
The project was initiated by Mr. Apostolos Poulovassilis, Marine Regional Manager of Lloyd's Register for Europe, Middle East and Africa (EMEA), who is also a member of the Athens 2011 Special Olympics Organizing Committee. "I am personally honoured to have received this invitation to join the Organising Committee of Athens 2011 Special Olympics," he said. "I am very happy to have been given this opportunity to participate and contribute actively in the organisation of this major cultural event being held in Greece during very challenging times for our country. The Special Olympic Games strongly promote athletic ideals worldwide and clearly pass the message that strength of will is everyone's most loyal ally to go the extra mile," said Mr. Poulovassilis.
Mrs. Joanna Despotopoulou, President of the Organizing Committee of Special Olympics World Summer Games ATHENS 2011, also commented: "We are happy to welcome Lloyd's Register in our family of Supporters of the Special Olympics World Summer Games ATHENS 2011. Lloyd's Register is a company with huge experience in strategic coordination, worthy of its international prestige. Totally confident of the above, we rely on Lloyd's Register support in ensuring the reputation and thus the legacy of the Games. We would like to thank Lloyd's Register for sharing the same values and merits for a world that respects people with intellectual disabilities".

Sea Tourism Congress to be held June 21st-22nd, Athens
Posidonia Sea Tourism Forum to present growth potential and investment opportunities for Greece, Eastern Med and Black Sea
The potential for sea tourism and its significance as a key factor in the development of the economies of Greece, the Eastern Mediterranean and the Black Sea region will be examined in depth during the Posidonia Sea Tourism Forum, scheduled to take place 21-22 June 2011 at the prestigious Onassis Cultural Centre in Athens.
The impressive list of speakers includes:
Tuesday 21/6/2011
Forum Opening by the Minister of Maritime Affairs, Islands and Fisheries, Mr. Yiannis Diamantides and the Minister of Culture & Tourism, Mr Pavlos Yeroulanos
Panel 1
* Dr. Andreas A. Andreadis, Chairman of the Association of Greek Tourism Enterprises (SETE)
* Yiorgos Anomeritis, Chairman & Managing Director, Piraeus Port Authority S.A.
* Costakis Loizou, Executive Chairman, Louis Cruises
* Gianni Onorato, President, Costa Crociere
* Pierfrancesco Vago, CEO MSC Cruises, Vice-Chairman European Cruise Council
* Moderator: David Robert Morris, President, David Morris International
* Co-Moderator: Chrissie Palassis, Partner, CTM
Panel 2
* George A. Gratsos, President, Hellenic Chamber of Shipping
* Giora Israel, Senior Vice President Port & Destination Development, Carnival Corporation
* Charis Papacharalambous, Sales & Marketing Director, Louis Cruises
* Giovanni Spadoni, President, Association Mediterranean Cruise Ports (Medcruise)
* John Tercek, Vice President Commercial and New Business Development, Royal Caribbean Cruises
* Peter Wild, Managing Director, G. P. Wild International Limited
* Moderator: David Robert Morris, President, David Morris International
* Co-Moderator: Chrissie Palassis, Partner, CTM
Panel 3
* Osman Erler, Marketing & Sales Manager, Apextour & Cruise Holidays,Turkey
* George Koletsos, Secretary General, Greek National Tourism Organization (GNTO)
* Jennifer Marmanillo, Manager Itinerary Planning, Norwegian Cruise Line
* Dr. Yiannis Paraschis, CEO, Athens International Airport
* Apostolos Poulovassilis, Regional Manager, Lloyd's Register
* Andreas Stylianopoulos, Member of the Association of the Greek Tourist Enterprises (SETE), President, Navigator Travel & Tourist Services Ltd
* Moderator: David Robert Morris, President, David Morris International
* Co-Moderator: Chrissie Palassis, Partner, CTM
Panel 4
* Luis Ajamil, President & CEO, Bermello, Ajamil & Partners Inc
* Ekrem Demirtas, President of the Executive Board, Izmir Chamber of Commerce
* Craig Milan, Senior Vice President Land Operations, Royal Caribbean Cruises Ltd
* Elisabetta de Nardo, Port Operations Manager, Costa Crociere
* Mario Fernardo Sennacheribbo Pons, CEO, BC Group (Baleares Consignatarios)
* Linda Springmann, Vice President Worldwide Deployment & Tour Marketing, Holland America Line
* Moderator: David Robert Morris, President, David Morris International
* Co-Moderator: Chrissie Palassis, Partner, CTM
Wednesday 22/6/2011
Yachting & Passenger Shipping Forum Opening by the Deputy Minister of Culture and Tourism, Mr Georgios Nikitiadis
Panel 1
* Spiridon Kiriacoulis, Vice President, Kiriakoulis Mediterranean Cruises
* Giannis Markogiannis, Lawyer, Giannis Markogiannis & Associates Law Office
* Oscar Siches, Partner and Manager, Pantalan del Mediterraneo Marina, Marina Consultant & Member of ICOMIA (International Council of Marine Industry Associations) Marinas Group
* Antonis Stelliatos, President of HPYOA (Hellenic Professional Yacht Owners Association)
* George Vernicos, President of Vernicos Yachts, Vice President of Association of Greek Tourist Enterprises
* Moderator: Colin Squire, Publisher, Yachting Matters
* Co-Moderator: Rosemary Pavlatou, Director of A1 Yacht Trade Consortium & BWA Yachting, Member of MYBA, The Worldwide Yachting Association
Panel 2
* Oliver Corlette, Managing Director of Adriatic Marinas (Porto Montenegro)
* Stavros Katsikadis, President of Greek Marinas Association, Managing Director of Flisvos Marina
* Nick Maris, Chairman, Camper & Nicholsons Marinas International
* Tony Rice, Secretary General of ICOMIA (International Council of Marine Industry Associations)
* John Turgoose, Senior Associate, G.P. Wild (International) Limited
* Moderator: Colin Squire, Publisher, Yachting Matters
* Co-Moderator: Rosemary Pavlatou, Director of A1 Yacht Trade Consortium & BWA Yachting, Member of MYBA, The Worldwide Yachting Association
Panel 3
* Nick Dean, Managing Partner, Ocean Independence
* Stephanos Manos, Owner MVS & Associates
* Paolo Moretti, Yachting Business Manager, RINA
* Edward Pegan, Sales & Marketing Director of BWA Yachting
* Stavros Paneris, Technical Director, Halkitis Shipyards S.A.
* Moderator: Colin Squire, Publisher, Yachting Matters
* Co-Moderator: Rosemary Pavlatou, Director of A1 Yacht Trade Consortium & BWA Yachting, Member of MYBA, The Worldwide Yachting Association
Panel 4
* Fotis Karamitsos, Director DG MOVE, European Commission
* Capt. Eleftherios S. Kechagioglou, President, Hellenic Small Islands Network
* George Telonis, President, Hellenic Association of Travel & Tourist Agencies (HATTA)
* Michalis Sakellis, Managing Director, Blue Star Ferries, Vice-President, Association of Greek Passenger Shipping Companies
* Apostolos K. Ventouris, President, Union of Marine Enterprises
* Moderator: Professor Alkis John Corres, Reader, International Shipping Policy & Chartering, Aegean University, Ex-Chairman of the Hellenic Association of Maritime Economists

ABS Seminar "LNG & LPG Carriers- Updates for the Maritime Industry", Athens - 21 June 2011
---In the energy matrix, LNG is playing an important role as a cleaner power generation fuel which provides an alternative supply of energy instead of nuclear or the more polluting fossil fuels. With increased demand for LNG, more transportation capacity will be required.
This complimentary half-day seminar will offer insight into the latest updates for LNG and LPG carriers. Topics will include a market outlook; considerations for large LNG carriers; offshore LNG outlook including floating LNG terminals and floating storage and regasification units. In addition, the seminar will address the dual fuel engines from two major engine makers and the re-liquefaction plants which are designed to re-liquefy boil off gas and allowing for increased delivered volume of cargo.
This seminar should be of interest to shipowners, operators, designers and shipyard and other marine industry personnel who wish to be informed of recent developments on environmental regulations and related issues
There is no charge to attend this seminar. To reserve your place, please email or fax your reservation by 17 June 2011 to:
CONTACT: Afrodite Pragia, ABS Piraeus, Greece, Tel: 30-210-9441102, Fax: 30-210-4293218, Email:
9:00 Registration & Coffee
9:30 Welcome & Introduction, Christos Nomikos
10:15 Considerations for Large LNG Carriers, Sean Bond
11:00 Break
12:00 Dual Fuel Engines, Jim Gaughan
12:30 Reliquefaction Plants, Jim Gaughan
13:00 Questions & Answers
13:15 Adjourn