Greek Shipping News Cuts
Week 26 - 2011


Ordering lull over as Greeks commit $3bn to new projects

---Greeks are again ordering ships. As anticipated, following a short period of significant quietness, but much active negotiation, Greek interests are once again in the headlines as orders are placed and options booked in China and South Korea. A total investment of over $3bn is involved with more orders expected. China's Jiangsu Rongsheng HI has reportedly won some $1bn worth of orders for bulk carriers and container ships involving European ownerships. Reports say the Hong Kong-listed company has confirmed 10 dry bulk carriers of 205,000dwt and four 6,600teu container ships are involved, with Greek owners known to be among those ordering. All ships are to deliver in 2013 and 2014.
DryShips / George Economou has added options for two more drillships with a base price of $608m each. The Athens-based, Nasdaq-listed company now has three options with Korea's Samsung HI and if all are exercised, the fleet of DryShips' drilling operation OceanRig will comprise two semi-submersible rigs and 10 drillships. Economou's plan for a US listing for OceanRig is likely to take place in August as the regulatory review process has forced the initial target of a June-July float to be put back.
Rongsheng's boss Chen Qiang has declined to identify those involved with the orders placed with the shipbuilder, though it has emerged Dynacom's George Procopiou has penned an order for two of the high spec container ships at something below $69m each. The market buzz is that Goldenport / Paris Dragnis is behind the second pair of container ships.
A leading tanker operator, Procopiou has recently shown a growing interest in containerships and these two will have fuel-saving engines and follow the recent trend of having a wide beam. The Glyfada-based owner sees container ships as shipping's next generation. UK-listed Goldenport has a career in container shipping.
Rongsheng's standing customer Enterprises Shipping & Trading / Victor Restis has been linked to some of the 205,000dwt ships, with suggestions a project for four units has been agreed, with a price of just under $60m each being floated. Restis has two 150,000dwt tankers on order at the yard for a reported $64m each, with delivery to the group's Golden Energy in 2013. As reported Thenamaris / Dinos Martinos is on the verge of an order for two LNGs at Samsung HI as is Economou's DryShips. It is not known whether any of the orders have taken advantage of the $10bn newbuilding fund established by China for Greek interests.

Owners place orders to profit from LNG demand
Promising LNG growth spurs a carrier newbuilding spree
Norwegian broker Lorentzen & Stemoco estimates that 20 LNG carriers have been ordered speculatively over the past three months, bucking the trend of linking supply contracts to ships.
Analyst Knut Stangebye Olsen noted that some of the orders have been placed by established LNG owners such as Golar LNG and Angelicoussis-controlled Maran Gas, while others have been placed by new entrants such as Awilco LNG.
There are now almost 50 LNG ships in the orderbook, or 15% of the existing LNG fleet. Olsen recalled that a wave of speculative ordering in the early part of the decade resulted in lay-ups as the spot market did not take off.
Source: ---Fairplay - Markets 30 Jun 2011

Daewoo and Hyundai clinch LNG carrier orders from Angelicoussis
--- Thursday 30 June 2011, 12:12 by Colum Murphy and Nigel Lowry
GREECE-based Angelicoussis Shipping Group has inked contracts for four firm and four optional liquefied natural gas carrier newbuildings, split equally between two major South Korean shipbuilders.
Daewoo Shipbuilding and Marine Engineering and Hyundai Heavy Industries will each build two vessels and each holds options for two additional ships, with the firm orders scheduled to deliver in late 2013 and 2014.
Daewoo confirmed its order, initially worth $400m, for two 159,800 cu m vessels, with delivery dates in the first half of 2014.
While there was no immediate announcement from Hyundai, sources close to the project confirm that its tranche, too, was signed this week.
Maran already owns and operates five steam turbine-powered LNG carriers and earlier this year, three very large crude carriers that the owner had on order at DSME were substituted for three diesel-electric 156,000 cu m LNG carriers.
The latest two deals bring the Maran fleet to 12 LNG carriers in the water or on order, with four options.
DSME said it had won a total of four new orders for LNG carriers so far this year with total value of $800m.
Some reports have portrayed the fresh Angelicoussis orders as a single collaborative project, but this appears untrue.
Insiders say that the ships ordered at Daewoo and Hyundai are of different specifications

Lion Shipbrokers sets up shop in Piraeus
--- New shop Lion Shipbrokers has opened its doors in downtown Piraeus.
The outfit is focussing on the secondhand sale-and-purchase (S&P) market and newbuilding contracts. Pantos is the only broker and he has two support staff, his wife and sister. The company is looking to expand later this year.
Pantos started his shipping carrier in 2000 as a superintendent engineer with Torvald Klaveness and became a broker in 2003 in Greece with Optima. He was the first broker at the Shanghai office when it was established in 2005.
His venture is one of a number of shops to have set up in Greece in recent years.
By Yiota Gousas Athens
Published: 22:01 GMT, 23 Jun 11 | updated: 19:33 GMT, 22 Jun 11

ESS expansion continues with a new office in Athens, Greece
---New ESS office in Athens serves customers in Eastern Mediterranean, Africa and the Middle East.
Electronic Shipping Solutions (ESS), the leading shipping and trade eDocs provider, announced today that it has expanded its presence in Europe with the opening of a new office in Athens, Greece.
The new office is located in central Athens and will be managed by Katerina Anagnostara, Senior Account Manager. Prior to joining ESS, Ms Anagnostara served as Head of New Markets for MedBrands S.A., a Greek company operating in the retail industry. She has also worked as project manager for Eurobank EFG, a one of the leading banks in Greece. Prior to joining Eurobank EFG, she was a senior auditor at Ernst & Young, the international audit firm.
Alexander Goulandris, Chief Executive Officer of ESS said:
Contact details for the new office are as follows:
Electronic Shipping Solutions
12 Karneadou Street, 3rd floor
106 75 Athens
Source: By NewsDesk,

Greek Shipowner: First to Order G-Type Engine
---(Press Release), Tuesday, June 28, 2011
MAN Diesel & Turbo said that it is also currently involved in several, active VLCC projects where the G80ME-C9.2 is the preferred engine choice. Indeed, this vessel type was originally the primary target behind the introduction of the G80ME-C9.2 engine. The shipping industry is currently debating whether or not VLCC lay-out speed should be reduced to 13 knots from the existing 15 to 15.5 knots, a scenario which the G80 is tailor-made to meet.
The G-type program
The G-type programme was introduced to the market in October 2010 with the G80ME-C9 model. MAN Diesel & Turbo subsequently expanded the ultra-long-stroke programme in May 2011 with the addition of G70ME-C9, G60ME-C9 and G50ME-B9 models.
The G-types have designs that follow the principles of the large-bore Mk-9 engine series that MAN Diesel & Turbo introduced in 2006. Their longer stroke reduces engine speed, thereby paving the way for ship designs with unprecedented high-efficiency.
Tankers and bulk carriers have traditionally used MAN B&W S-type engines with their long stroke and low engine-speed as prime-movers, while larger container vessels have tended to use the shorter-stroke K-type with its higher engine speed.
Following efficiency optimisation trends in the market, MAN Diesel & Turbo has also thoroughly evaluated the possibility of using even larger propellers and thereby engines with even lower speeds for the propulsion of tankers and bulk carriers. Larger container vessels are now increasingly being specified with S80ME-C9 and S90ME-C8/9 engines because of the opportunity they offer to employ larger propeller diameters; an S90ME-C9 engine will replace a corresponding K98 with the same cylinder count.
Such vessels may be compatible with propellers with larger diameters than current designs, and facilitate higher efficiencies following adaptation of the aft-hull design to accommodate a larger propeller. It is estimated that such new designs offer potential fuel-consumption savings of some 4-7%, and a similar reduction in CO2 emissions. Simultaneously, the engine itself can achieve a high thermal efficiency using the latest engine process parameters and design features.

Cargill Reveals the Name of the World's Largest Kite-Powered Vessel
---GENEVA, Switzerland, July 1, 2011 /PRNewswire/ --
Cargill has signed an agreement with Greek ship owner/manager Anbros Maritime S.A. (Anbros) to install the world's largest kite on its Aghia Marina dry bulk cargo vessel. The Aghia Marina typically transports cargoes of agricultural and industrial raw materials. The 170 metre long carrier, built in 1994, has a service speed of up to 14 knots and can carry about 28,500 tonnes of dry bulk cargoes at any one time, making it the largest vessel to use the wind power technology created by SkySails GmbH (SkySails).
Last February, Cargill announced it had signed a supply agreement with SkySails that aims to use wind power technology to reduce greenhouse gas emissions in the shipping industry. SkySails, based in Hamburg, has developed an innovative, patented technology that uses a kite which flies ahead of the vessel and generates enough propulsion to reduce consumption of bunker fuel by up to 35 percent in ideal sailing conditions.
"We are delighted to partner with Anbros and announce the Aghia Marina as the largest vessel to use the SkySails technology to date", said Roger Janson, head of Cargill's ocean transportation business. "As Cargill is one of the world's largest charterers of dry bulk freight, we take our environmental stewardship commitments very seriously and actively seek opportunities to help raise industry standards in a number of areas. We've had an excellent relationship with Anbros for many years and are delighted that they see the potential of this technology from both an environmental and fuel saving perspective."
Under the terms of the agreement, the 320m2 kite will be installed on the Aghia Marina in the first quarter of 2012, and the system will be fully up and running in a matter of weeks thereafter. Anbros has now joined Cargill and SkySails in the development and testing of the technology.
For the next five years the Aghia Marina, which Cargill has on long-term charter, will use the SkySails system. SkySails will be responsible for training the crew of the Aghia Marina on how to operate the kite propulsion. The SkySails towing kite will be connected to the ship by rope and will fly in a figure-of-eight formation at a height of between 100 to 420 metres. It is computer-controlled by an automatic pod to maximise wind benefits.
"Anbros Maritime is proud to announce the signing of an agreement with Cargill and SkySails to use wind power to reduce greenhouse gas emissions and fuel costs in the shipping industry," said George J. Angelakis, director of Anbros. "We are honored to have been selected by Cargill to pioneer this ground-breaking green technology. We see this choice as an acknowledgement of our long-standing service in the industry and our reputation for a high standard of operational and technical management, maintenance, reliability and safety. Cargill and Anbros have been collaborating for many years and this agreement will strengthen these ties even further. We are committed to the success of this project in the hope that it will usher in a new era of greener shipping."
"We applaud Anbros for joining this project and selecting the Aghia Marina as the largest vessel to embrace our technology to date", said Stephan Wrage, managing director of SkySails. "We are also very impressed with the drive and ambition shown by Cargill in influencing a ship owner of this significance. We are confident that this partnership will lead to further developments and in particular see great potential to incorporate our technology on even larger ships in the future."
Cargill is a significant global transporter of agricultural, energy and industrial commodities. Although the company does not today own vessels, its ocean transportation business ships more than 185 million tonnes of commodities each year, in the process connecting supply from areas of surplus with demand in areas of deficit.
Photos are available for download at
Detailed information on the vessel Aghia Marina is available at:
Cargill is an international producer and marketer of food, agricultural, financial and industrial products and services. Founded in 1865, the privately held company employs 131,000 people in 66 countries.
Cargill helps customers succeed through collaboration and innovation, and is committed to sharing its global knowledge and experience to help meet economic, environmental and social challenges wherever it does business. For more information, visit
Cargill Ocean Transportation
Cargill's ocean transportation business is headquartered in Geneva with offices in London, Amsterdam, New Jersey, Singapore, Shanghai and Tokyo.
Its global team has a unique blend of experience across shipping, commodities and risk management and offers its customers a number of ocean freight solutions across all dry market segments and tankers. In recent years, the business has built on its reputation for excellence in risk management by putting a strong focus on raising health & safety and quality standards across the industry. This partnership provides a unique opportunity for our ocean transportation business to build on these high standards and publicly demonstrate its commitment to environmental stewardship.
Cargill recognises that its continued success depends on the growth and health of its communities and partners, as well as the vitality and conservation of natural resources. The company works with a diverse group of global, national and local organisations to support responsible economic development, help protect the environment and improve communities. For more information, visit
The Hamburg-based company SkySails GmbH is the market and technology leader for automated towing kite systems. Its internationally patented, high-performance wind propulsion system for cargo ships - the SkySails system - can reduce the fuel consumption of a cargo vessel by 10 to 35% on annual average, depending on the prevailing wind conditions.
The latest SkySails product SKS C 320 has a propulsion power of more than 2,000 kW (approx. 2,700 HP). It can save up to 10 tons of fuel per day as well as SOx, NOx and CO2 emissions (= approx. 32 tons of CO2). The SkySails system can be installed as an auxiliary wind propulsion on virtually all existing and new build ships.
SkySails was founded in 2001 and currently has about 80 employees. Lead investors are the renowned ship financing company Jan Luiken Oltmann Gruppe GmbH & Co. KG based in Leer, the highly respected marine engine supplier Zeppelin Power Systems GmbH & Co. KG and the Dutch Life Sciences and Materials Sciences Company Royal DSM N.V.
For more information, visit
Anbros Maritime S.A., based in Piraeus, Greece, is a privately owned company, engaged in ship management and the worldwide seaborne transportation of dry bulk raw materials and commodities. These activities are carried out by its self-owned and managed fleet, currently consisting of Handysize and Handymax Vessels.
The Company's in-depth knowledge of the shipping industry, spanning over 75 years, guarantees competent and reliable support to all its customers and business associates. Committed to maintaining a safe and competitive fleet among its global shipping activities, its most valuable assets are the human resources, who, based in the offices, on board the vessels, or ashore, are qualified to meet every challenge with excellent technical expertise and outstanding dedication.
In compliance with international shipping developments, in the ever intense and complex global shipping environment, Anbros manages its fleet in strict and up-to-date conformity with international rules and regulations. The Company's enhanced Planned Maintenance System (PMS) and the continuous monitoring of vessels conditions and performance are a key element to ensuring the high quality standards it has set.
The quality of its fleet and reputation for dependability have lead to long-established relationships with its customers, resulting in Anbros vessels being continuously in demand and employed by major Charterers.
Anbros is a member of the Union of Greek Shipowners (UGS), an Owner Member of the Baltic and International Maritime Council (BIMCO), and is ISM/ISPS certified by the American Bureau of Shipping (ABS). For more information, visit
Cargill: Corinne Holtshausen:
Skysails: Anne Staack:
Anbros: George J. Angelakis
Distributed by PR Newswire on behalf of Cargill

Dynamic Maintenance Planning, covering six LNG carriers. The contract has been
placed by the operator of the vessels, Ceres LNG Services Ltd, a Greek ship
management company and a major marine service provider in LNG shipping.
The five-year contract covers engine Dynamic Maintenance Planning for a total of
Maintenance Planning offers owners a significant reduction in operating costs by
applying predictive maintenance principles and by optimizing engine performance.
customers to benefit from optimized availability, increased lifecycle
technology, global presence, and local support will help us to achieve this
task," says Sallis Theofanis, Ceres LNG Technical Manager.
Dynamic Maintenance Planning is based on the Condition Monitoring (CM) system
Based Maintenance) centre. The maintenance needs are thus predicted based on the
actual condition of the equipment, while the optimal operational parameters can
also be determined. The flexibility of this system - in conjunction with annual
visits and inspections onboard the vessels, allows maintenance intervals to be
amended according to actual need. Service work and spare parts availability can
be arranged accordingly, which enables better service planning and the avoidance
of unnecessary costs and downtime.
"With Dynamic Maintenance Planning we combine the latest in condition
monitoring, predictive maintenance and efficient maintenance planning, with the
latest in engine technology to achieve a complete system solution that maximises
the availability of the engines without compromising reliability," says Dimitris
The most extensive service network
energy markets and operates the most extensive service network in the industry.
The company's extensive portfolio of services includes spare parts and field
services, as well as servicing of engines, propulsion systems, electrical and
automation systems, and boilers. It also covers environmental services and
solutions, upgrades and conversions, long-term agreements for engine and
is also in the forefront of developing new service concepts to meet customer
fully owned workshops and employs over 11,000 service professionals.
For further information please contact:
Stavros Zacharias
Sales Manager
Tel. +30 210 413 5450
Tuula Franck
Senior Manager, Media and Stakeholder Relations
Tel. +358 400 267 555
and energy markets. By emphasising technological innovation and total
totalled EUR 4.6 billion with more than 17,500 employees. The company has
on the NASDAQ OMX Helsinki, Finland.
Source:,e244563, 1 Jul, 2011 09:00 CET

Kaminco introduces the FIRST and ONLY Fiscally & Globally Certified Marine Bunker Measurement Solution

Posidonia Sea Tourism Forum: Cruise Growth Potential and Investment Opportunities for Greece, Eastern Med and Black Sea
Yeroulanos added that the easing of cabotage in the Greek cruise industry has already had results with the number of cruise ships calling in Greece increasing.
He and Gianni Onorato, President, Costa Crociere, said the infrastructure and fee structure have to be examined. Greek ports lacked infrastructure especially to handle large vessels. Both said berthing on a first come first served basis has to go, as you can not have captains of large ships racing to get a berth. They said Greece is the only country in Europe with this system. Berthing is becoming more important as fuel costs force ships to reduce speeds.