Greek Shipping News Cuts
Week 24 - 2011


What Greece can learn from shipping

The past decade saw a sea change in Greek shipping as owners renewed their fleets, shifting from a culture that went for quantity and cheap tonnage to one that values quality.
The average age of Greek-owned ships dropped from 20 in 2000 to 11 this year. The growth of the Greek fleet has been remarkable. According to IHS Fairplay statistics, on 1 January 2011, Greeks owned 3,213 vessels (both at sea and under construction), aggregating to 202M dwt, compared with 3,150 vessels totalling 186M dwt on 1 January 2010.
Paradoxically, UGS said Greek shipping companies still find it hard to attract Greeks to seafaring, although almost 70% of recent graduates in a poll conducted for a Greek daily newspaper said they were considering emigrating.
Opposition support
In a recent speech to the UGS, Samaras said that, were his party to return to power (an increasingly likely event), commercial shipping would regain the standalone ministry it lost in October 2009 when PASOK came to power.
Greek owners are unsurpassed in one quality still lacking in other aspects of Greek business, Samaras said: they know how to be competitive.
It may be (good) business as usual for Greek shipping, but the Greek economy does not seem to be getting better.
Comment: Maria Bertzeletou, research & valuations, Golden Destiny Brokers, Piraeus, Greece
As we move towards the second quarter of the year and the future of dry/wet freight markets is still up in the air, Greek players seem to be focusing their investments more in the second-hand than the newbuilding market. It is high likely that this trend will continue till the end of the year.
Source:, Fairplay - Trade 16 Jun 2011

Top 15 Greek owners (tonnage)
Rank Owner Dwt
1 Anangel Shipping Enterprises 3.68M
2 Dynacom Tankers Management 3.40M
3 Cardiff Marine 2.68M
4 Almi Tankers 2.21M
5 Transmed Shipping Athens 1.78M
6 Enterprises Shipping & Trading 1.26M
7 Alpha Tankers & Freighters 1.22M
8 Danaos Shipping 1.21M
9 Golden Union Shipping 1.2M
10 Niki Shipping 1.19M
11 Costamare Shipping 1.09M
12 Alba Maritime Services 1.06M
13 Centrofin Management 1.02M
14 Polembros Shipping 1.00M
15 Liquimar Tankers Management 960,000
[ Source: IHS Fairplay ]
Source: IHS Fairplay

Trading places: Greeks are spreading their bets
--- Thursday 02 June 2011, 16:40 by Nigel Lowry
GREEK shipping is a slightly different animal to the shipowning nations of Asia that are widely seen to be in the ascendant, borne forward on a tide of economic growth.
Compared with Japan and increasingly China, the countries with which Greece is vying for shipowning supremacy, Greek owners have historically been cross-traders.
Even before the onset of its current humbling economic crisis, Greece could be counted among the minnows of world trade, generating less than 1% of global cargo.
Greek-controlled ships enjoyed a healthy share of about 44% of calls at Greek ports last year by aggregate tonnage. But it is of little consequence within the larger mosaic of Greek shipping activity.
A separate study that recently made use of LLI data to investigate what is really going on in Asian shipping suggested that, in terms of port calls, the Asian-owned fleet remains heavily focused on Asia. China has yet to truly shake off the shackles of a predominantly domestic focus, though this will surely come.
More than 40% of calls by Japanese owned vessels took place outside Asia last year, the highest ratio of any Asia maritime country. Four-fifths of calls for Chinese, South Korean and Taiwanese owners took place in Asia.
The picture for Greek shipping is in marked contrast. A closer look at shipping movements on the various trades underlines that Greek shipping does not hold all its eggs in one basket, a trait which surely emerges as a key strength of the community. At the same time, the economic pull of Asia and some of its implications for the Greek-owned fleet emerge starkly from the data.
Rest of the World
Skewed by a prevalence of smaller vessels and shorter voyages, southern Europe emerges as the busiest sub-region worldwide for Greek ship calls by number: more than 25,000 in 2007 and about 24,000 last year. The figures include the regular Greek ferry services operating to the islands and between Greece and Italy.
Even so, the total tonnage of calls in southern Europe mounts up and is the largest of any sub-region outside Asia and South America.
A feature of activity in Europe is the high market shares that Greek owners enjoy in some geographical trades.
Just over 20% of the tonnage calling in the ports of the eastern Mediterranean and the Black Sea belongs to Greece based companies, the data shows. Elsewhere, such a high apparent market share is only found for the Greek tonnage calling in West Africa.
Breakdown of Greek calls in Europe 2007 / 2010 by dwt
Black Sea 155.4m 159.9m
North Continent 230.8m 200.4m
Southern Europe 442.5m 409.4m
Total 4 other areas* 402.0m 431.4m
*Eastern Mediterranean, Iberian Atlantic, Scandinavian/Baltic and UK/Ireland
South America last year accounted for 9.7% of Greek tonnage-calls worldwide, down from 10.5% in 2007.
Meanwhile North America, including the Great Lakes and Canada, accounted for 10.4% of Greek tonnage calls in 2010, compared with 10.6% in 2007.
Breakdown of Greek calls in the Americas 2007 / 2010 by dwt
South America 482.9m 452.2m
US Atlantic 150.0m 133.1m
US Gulf 201.2m 208.1m
North America Pacific 99.7m 110.5m
Total 3 other areas* 204.2m 194.3m
*Central America, Great Lakes & Canada and Caribbean
Few will be surprised that this eastwards shift in world economic strength is reflected in a trend for Greek shipowners to operate more in Asia.
Breakdown of Greek calls in Asia 2007 / 2010 by dwt
Indian subcontinent 178.3m 182.8m
Japan 106.0m 118.5m
Asean region 456.9m 516.9m
Although the volume of Greek shipping visiting all the regions of Asia has been going up, its share of Asian seaborne trade looks to be going down.
In the Far East-China Sea area, 568m dwt worth of Greek shipping came calling in 2010, up from 518.6m dwt in 2007. But its share dropped from 8.8% to 7.3% of all capacity that docked in the region. A similar pattern can be discerned in the Southeast Asia and Indian subcontinent areas.
Some of this increase may be directed at coastal trade. But it seems clear enough that the increase in the proportion of vessels calling in China that is Chinese owned has been partly at the expense of Greek owners, as well as at the expense of other third-party owners.
Given that the Greek shipping industry is seasoned and Greek owners have widely spread their bets geographically and by sector, it may be premature for them to feel overly threatened by dipping market share in India and, particularly, China.
Yet, with expansion of the Chinese fleet outpacing that of the Greek fleet, the data raises a long-term question for the future.
Like any major shipping community, Greek owners desire partnerships with world economic and trading powers. In the case of China there have been hints of a special relationship being nurtured in the past few years.
While such bilateral governmental discussions often provide more puzzlement than answers, mercantile diplomacy may have something tangible to offer if it can help to keep Greek owners to the fore in shipping commodities to and from the emerging trading giants of Asia.

Young people showing increasing interest in a career at sea
---An encouraging interest among the young of a career at sea has resulted in the Maritime Affairs, Islands and Fisheries ministry (YTHYNAL) significantly increasing the number of students to be enrolled in the Merchant Marine academies. The call for a higher student in-take for the 2011 / 2012 academic year comes after more than 3,200 applications were made for the current year, far exceeding the average of less than 2,000 in recent years.
The 2011 / 2012 entrance process will take place through 'two roads'. The first is through nationwide tests conducted by the Education ministry and the second is through written applications to YTHYNAL by graduates from high schools, vocational schools and technical vocational schools which are already conducting three-year courses covering the Navy and commercial shipping.
Results of the Education ministry's nationwide examinations, published June 15, provide places for 811 students in the MMAs. YTHYNAL is expected to call for the entrance of an additional 562 students, making a total of 1,373 students to enter MMAs in the coming academic year. In 2010 / 2011, 900 students entered the MMAs while in the preceding year, the enrollment was 1,336.
The increase in interest and places will be welcomed by Greek shipowners. The Union of Greek Shipowners (UGS) believes covering the number of retiring merchant marine officers (300 masters and 250 chief engineers) requires at least 2,000 students being enrolled per year in the training academies (1,130 deck officers and 870 engineers). These figures cover only the needs for ships flying the Greek flag, without creating an oversupply.
The ministry and the UGS have embarked on a recruiting programme in recent years and these efforts, coupled with the difficulty young people face finding work ashore are showing results. Shipowners have long maintained the financial rewards of a career in shipping, first at sea and then ashore, exceeds those of most land-based professions.
Linked to this recruiting drive, the UGS has called for a major upgrade of the seafaring profession in a bid to attract young people into a career at sea and later in shipping ashore. In its most recent report to YTHYNAL, the UGS said the modernisation of public maritime education, the upgrading of teaching staff and the improving of the infrastructure of maritime academies are immediate priorities if Greek shipping is to remain the industry leader. The UGS proposes the update of legislation relating to certificates of competency, focuses on curriculum, continuing education, postgraduate education of teachers and training of seafarers on ships owned by Greeks and flying the Greek flag.
Source:, Issue 24 (17/6/2011) of Newsfront Greek Shipping Intelligence newsletter

Diamantis Pateras sets up LPG outfit with DVB Bank
They will be owned by Pantheon LPG Carriers, as the new venture has been named, and will range from 3,000 cbm to 7,200 cbm. DPML will remain as manager for the new set-up.
Although Dimanatis Pateras is a historical name in the Greek shipping industry, DPML only made its first gas-carrier purchase in the autumn of 2007.
The company now controls seven modern, pressurised vessels.
Stefanos Michalis, who is set to serve as managing director of both DPML and Pantheon, says there is a strong focus on expanding the fleet through the acquisition of modern, high-quality vessels.
By Gillian Whittaker Athens
Published: 22:01 GMT, 16 Jun 11 | updated: 19:48 GMT, 15 Jun 11
Source:, Hardcopy PDF

Diana Containerships Inc. Announces the Delivery of the Panamax Container Vessel, m/v Maersk Madrid
The employment of the vessel is anticipated to generate approximately U.S.$14.5 million of gross revenues for the minimum scheduled period of the charter.

Euroseas Ltd. Announces the Acquisition of a Containership by its Joint Venture, Euromar LLC.
With the acquisition of M/V MATE, Euromar will have purchased seven geared containerships with an average age of approximately 7.6 years.
[ full press release is at ]

Navios Maritime Acquisition Corporation Announces Acquisition of Two MR2 Product Tankers With Employment
Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, announced today that it has agreed to acquire two 50,000 dwt MR2 product tankers built in 2009. The vessels are employed under long-term charter-out contracts with a remaining term of three years. The rates are $22,490 net per day for the first year and $21,503 net per day for the remaining charter out period. Delivery is expected in July 2011.
The two vessels will generate approximately $11.2 million annual EBITDA and $34.2 million of aggregate EBITDA assuming operating expense approximating current operating costs and 360 revenue days per year. The aggregate purchase price for the two new vessels is approximately $84.8 million, to be paid in cash.
New Financing Navios Acquisition is expected to finance the acquisition with cash on its balance sheet plus $55.1 million of debt with a margin of 325 bps and an amortization profile of approximately 11 years. Other terms and conditions are in line with its existing credit facilities.
Angeliki Frangou, Chairman and CEO commented, "We continue to see opportunity in the product tanker market. We are pleased to add significant cash flow by acquiring quality vessels at a good price. As a result of this acquisition and the recent delivery of the VLCC Shinyo Kieran, we will have 13 vessels in the water and expect to receive two more LR1 product tankers in the fourth quarter of this year."
Fleet Update Navios Acquisition also announced today that the time charter for the Nave Cosmos has been extended at $11,213 net per day with profit sharing through February 2012. In addition, the current charter for the Nave Polaris has been extended for an additional six months at $11,213 net per day with profit sharing through January 2012.
Navios Acquisition has contracted 98.0% and 63.3% of its available days on a charter-out basis for 2011 and 2012, respectively.
About Navios Maritime Acquisition Corporation Navios Maritime Acquisition Corporation (NYSE: NNA) ("Navios Acquisition") 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 our website:

Shipping Industry Summit Steers Into the Blue
---2011-06-14 Rigas Pantos
The speeches and discussions filled the entire day, and I was impressed by the multitude of solutions available to the industry. Most notable among them today being the emission scrubbers, as well as the use of alternative fuels. One of the key characteristics of the options offered were amazingly not only version suitable for new installation, but also those available as retrofits on existing fleets. This means that emissions and other pollution can be curbed immediately, and there is no need to wait for ships to be phased out.
Just as impressive was the fact that although international standards are not yet set, the shipping industry is taking steps to regulate itself using private companies. Ms. Elena Anthoussaki (below), CEO of Carbon Positive, informed the conference of the need shipping has to self regulate before the IMO, UN or EU impose their regulations by 2012. Her company serves as an emissions advisor to shipping companies, showing them the way to lower their emissions and increase their efficiency.

Wide margin of Greek-Chinese business ties stressed in Greek-Chinese Business Forum in Athens
---09:26, June 15, 2011 Greece as a gate to the Balkans and Europe can be turned into a significant crossroads in a new Silk Road linking China to the West, Greek officials said in a forum hosted in Athens on Tuesday.
"We stand by the side of businessmen, promoting a national action plan, similar to the one introduced in Spain two years ago, to lift over 70 bureaucratic obstacles and facilitate investments," said Greek Regional Development and Competitiveness Minister Michalis Chrysochoidis, addressing the first Greek-Chinese Business Partnership Conference.
The forum is organized by the Greek Foundation for Economic and Industrial Research (IOBE) and the Business Confucius Institute (BCI) of Athens to encourage understanding, exchange of experience and create more bridges between the businessmen in the two countries.
Expressing confidence that Greece can address the current debt crisis, put in order its finances, and return to growth by 2014 so that it will no longer rely on foreign loans, Chrysohoidis focused on privatization, exports and foreign investments as key sectors that can enhance development.
Pointing to the development of bilateral ties in entrepreneurship over the past few years, such as China Ocean Shipping Company (COSCO)'s investment to Piraeus port, as a fine example of good collaboration, Chinese Ambassador to Greece Luo Linquan added that there is still a wide margin for further cooperation.
During the visit of Chinese Premier Wen Jiabao to Greece last year, it was agreed that the bilateral trade volume can be doubled to at least 8 billion U.S dollars in the next five years, he said.
Greece and China have after all complementary roles in the current economic crisis which has hit Greece, noted IOBE's Chairman Professor Michael Kortessis, addressing the forum.
"If the crisis is seen as an opportunity, Greece has a lot to offer to a strong, strategic partner," he stressed.
Source: Xinhua

SHIP DESIGN: G L links with N T U A in search for smart aframax
---The National Technical University of Athens and classification society Germanischer Lloyd are moving forward a joint project to develop an advanced aframax crude oil tanker design concept, reflecting the on-going trend to greener shipping
Greece's National Technical University of Athens (NTUA) and classification society Germanischer Lloyd (GL) are in the process of designing an aframax tanker which seeks to improve energy efficiency, reduce CO2 emissions per unit transport, and offer a smart solution by cutting fuel costs due to the optimised hull form and increasing cargo capacity.
The project also addresses the need for safer shipping by reducing the oil outflow in case of an accident. Leaders of the project, Apostolos Papanikolaou, director of NTUA's ship design laboratory, and Pierre Sames, senior vp strategic r&d of GL, contend the design offers a best-in-class cargo capacity with unrivalled speed performance while the main particulars of the vessel are comparable with those of similar-sized aframax tankers.
Presenting progress on the project to GL's most recent annual Hellenic Technical Committee meeting, Papanikolaou and Sames said the aframax tanker design approach used the most advanced optimisation environment by integrating software tools to predict required propulsion power, stability, oil outflow index, cargo capacity and hull structural scantlings according to IACS Common Structural Rules.
The optimisation targeted speed at three different drafts, a cargo capacity taking due account of cargo volume and mass, hull structural mass, hull cargo, oil tank, ballast tank layout as well as double hull width and double bottom height, which determine the oil outflow in accidents, are the main features of this aframax tanker design.
Related design parameters were systematically varied and approx 2,500 design variants were generated and assessed. The resulting optimised hull form facilitates a speed of 15.6 knots at design draft. Speed requirements of ship operators are considered with regard to the upcoming Energy Efficiency Design Index (EEDI) requirement to ensure superior competitiveness of the vessel. With this high speed and large cargo capacity, the vessel easily meets future EEDI requirements.
The developers said the attained EEDI value is merely 83% of the latest published referenceline value for this ship size. "This means the vessel would be in compliance with EEDI regulations even if the first reduction to the required EEDI has already begun," they maintained.
At current estimates, this will happen at the earliest on January 1, 2015. Although a vessel contracted before EEDI has entered into force does not formally need to comply, competitive vessels entering the market, e.g., in 2017, will be more energy-efficient and therefore, more likely to attract cargo point out the developers.
For safety reasons and to reduce oil outflow in accidents, the double hull side width was eventually set to 2.65m. In addition, to further reduce cargo tank penetration in grounding events, the tank inner bottom of the cargo oil tank 1 was raised. To ensure structural continuity, an inclined inner bottom is proposed between two frames.
Feedback from shipyards and oil tanker operators initiated the continuation of the project work which resulted in the novel design concept called BEST plus. BEST plus enhances the attractiveness of the initial design concept by integrating hydrodynamic optimisation of the hull form and state of the art features to improve energy efficiency on board.

Ariana Psomas*: Sigmaglide enhances fuel efficiency while reducing ghg emissions
---International shipping represents 3 to 4 % of the global emissions of CO2 and accounts for at least 90% of the global trade of goods thus it is already, by far, the most carbon efficient way of commercial transport. Nonetheless the reduction of these emissions is a "must" for any business with ambitions to survive and excel.
If the absence of any environmental policy it has been estimated that by 2050 carbon dioxide emissions from international shipping may grow by a factor of 2 to 3 compared to the emissions in 2007 which is attributed to the growth of the shipping industry.
The IMO Marine Environment Protection Committee (MEPC) has developed a set of measures for reducing shipping's CO2 emissions;
1. Energy Efficiency Design Index (EEDI) for new ships
2. Ship Energy Efficiency Management Plan (SEEMP) for existing ships
3. A market based mechanism; e.g. emission trading
The SEEMP allows companies and ships to monitor and improve performance with regard to various factors that may contribute to CO2 emission. These may include improved voyage planning; speed management; weather routing; optimizing engine power and use of rudders and propellers; hull maintenance and use of different fuel types.
In IMO/MEPC 59/24/Add.1/Annex 19 the following considerations are given for hull maintenance;
Conclusion: Any measure that promotes fuel savings meets ecological, economic and legislative objectives.
Careful screening of fouling release technologies is of vital importance in modern shipping industry. Reduced hull roughness provided by a smooth, fouling free coating will lead to immediate improved performance and lower fuel consumption. Right now, modern foul release coatings can make a huge difference in ships' fuel consumption and, therefore, emissions are reduced by around 10% compared with conventional hull coatings, which is a significant benefit. Still, the marine coatings market is technology-driven. Chemists are constantly improving their range, creating eco-friendly products that meet current and, hopefully, future, regulations.
While the growth of green products is a relatively new phenomenon, PPG's (Sigma Coatings) commitment to environmental responsibility is longstanding. PPG has developed long ago a range of leading products that significantly improve customer or end users' environmental performance.
As a coating system supplier, the largest single factor PPG can influence in relation to fuel consumption and consequently to GHG savings, is the frictional resistance of the underwater hull. It is estimated that frictional resistance can vary from 45% to 90% of the vessel's total resistance depending on vessel type and its operational characteristics. For lower speed vessels the frictional resistance is nearer to the upper limit of 90%. SIGMAGLIDE 990, the pure silicone topcoat, reduces frictional resistance to the point where significant fuel savings can be realized.
The system is based on two coats of epoxy: the first being the primer and the second being an anti-abrasive coating; this is then followed by a tiecoat, SIGMAGLIDE 790, and then a topcoat of SIGMAGLIDE 990. A key advantage is that this two-component system, with the volume solids content of the tiecoat at 79% and the topcoat at 80%, considerably reduces packaging waste costs and reduced solvent emission at application.
About PPG
PPG's vision is to continue to be the world's leading coatings and specialty products company.
Founded in 1883, the company serves customers in industrial, transportation, consumer products, and construction markets and aftermarkets. With headquarters in Pittsburgh, PPG operates in more than 60 countries around the globe. PPG shares are traded on the New York Stock Exchange (symbol: PPG). For more information, visit
*Ariana Psomas
Chemical Engineer, MSc.
Business Development Manager
PPG Protective and Marine Coatings Greece

A list of Greece's new cabinet announced on Friday, June 17
published by , Friday June 17, 2011 (17:26)
Prime Minister: George Papandreou
Deputy Prime Ministers: Theodoros Pangalos, Evangelos
Interior: Haris Kastanidis
Deputy: Paris Koukoulopoulos
Finance: Evangelos Venizelos
Alternate: Filippos Sachinidis
Alternate: Pantelis Economou
Foreign: Stavros Lambrinidis
Alternate: Mariliza Xenogiannakopoulou
Deputy: Dimitris Dollis
Defense: Panos Beglitis
Deputy:Costas Spiliopoulos
Development, Competitiveness and Merchant Marine: Michalis Chrysochoidis
Alternate: Haris Paboukis
Alternate: Sokratis Xynidis
Deputy: Thanos Moraitis
Public Sector Reform and e-Governance: Dimitris Reppas
Deputy: Dinos Rovlias
Deputy: Pantelis Tzortzakis
Environment, Energy and Climate Change: George Papaconstantinou
Alternate: Nikos Sifounakis
Deputy: Yiannis Maniatis
Education, Lifelong Learning and Religion: Anna Diamantopoulou
Alternate: Fofi Genimata
Deputy: Evi Christofilopoulou
Infrastructure, Transport and Networks: Yiannis Ragousis
Deputy: Yiannis Magriotis
Labor and Social Insurance: Giorgos Koutroumanis
Deputy: Yiannis Koutsoukos
Health and Social Solidarity: Andreas Loverdos
Deputy: Christos Aidonis
Deputy: Markos Bolaris
Deputy: Michalis Timosidis
Agricultural Development and Food: Costas Skandalidis
Deputy: Yiannis Drivelegas
Justice: Miltiadis Papaioannou
Deputy Giorgos Petalotis
Citizens' Protection: Christos Papoutsis
Deputy: Manolis Othonas
Culture and Tourism: Pavlos Geroulanos
Deputy: Giorgos Nikitiadis
Government Spokesman: Elias Mossialos