Greek Shipping News Cuts
Week 34 - 2011


The number was revealed yesterday by deputy shipping minister Harris Pamboukis during a parliamentary session in Athens, the Greek shipping newspaper Naftemporiki reported.
Pamboukis said the data had been provided provisionally by the Bank of Greece for him to respond to a question posed last week by opposition MP Thodoris Dritsas.
Pamboukis did not reveal how much Greek companies' earnings have gone abroad this year to pay for services by companies based in other countries.
Source: Fairplay Daily News 23 Aug 2011

Deputy development minister and PM's aide resigns
--- , Thursday August 25, 2011 (17:22)
Paboukis cites inability to convince Papandreou about seperate shipping ministry as reason for departure
Haris Paboukis, the alternate regional development minister and a close aide of Prime Minister George Papandreou, has tendered his resignation after failing to convince the premier to re-establish a separate merchant marine ministry.
Paboukis argued that shipping, which accounts for about a fifth of the Greek economy, has a vital role to play in encouraging growth. Greece has been in recession for three years.
Paboukis had earlier served as minister of state, where he was given the task of attracting foreign investment to Greece. He was moved from that post in the summer reshuffle after failing to deliver any significant results.
Paboukis entered politics in 1996 as an adviser to Papandreou, who was then foreign minister. The two became close associates and his departure is seen as a personal blow to Papandreou.
Paboukis appeared to garner less respect within PASOK as a result of not having risen through the party ranks or served as an MP.
In a brief statement, government spokesman Ilias Mosialos said the prime minister accepted Paboukis's resignation and thanked him for his service.

Greeks smell blood as yards cut prices
Despite the seeming unremitting gloom over shipping, it is clear why such savvy long-term investors are looking ahead.
First of all, while the medium-term outlook is for slack rates, certainly for the larger bulkers, the long-term outlook is more positive.
And as one economic commentator said this week, even if global growth remains slow, demand will still continue to rise. But if growth accelerates, demand for commodities and their price will accelerate once again.
Of course, in the short term there is also likely to be intense rate volatility as demand fluctuates, providing trading opportunities for those still in the market.
This week, capesize spot rates hit their highest levels this year but the recovery may not be sustained.
Just as important as the rates outlook, there is the price of entry to the market and right now anyone with the nerve and cash to invest can snap up what are clearly bargain newbuilding prices.
Chartworld is understood to be looking at kamsarmax prices of around $30m, down from over $50m three to four years ago at the peak of the market.
A key question will be whether yards will be able to complete ships at such prices without having to renegotiate later as labour and steel prices rise.
In the past, owners could have faith that a newbuilding contract was just that: a contract.
But with the behaviour of some major Chinese charterers recently, including Cosco, who have moved to unilaterally renegotiate apparently firm deals, even such certainties can no longer be guaranteed.
Published: 22:01 GMT, 25 Aug 11 | updated: 20:45 GMT, 24 Aug 11

Cosco Facing Threats of Ship Seizures by Greek Shipowner
---Wednesday, August 24, 2011
Typical rates for the largest Capesize vessels in 2008 were $80,000 per day for five years. This week, they were only $18,000 per day in the short-term spot market after the dry bulk market has been plummeting. Cosco is still paying the 2008 price.

GenMar given NYSE warning
---(Aug 26 2011) General Maritime Corp (GenMar) confirmed that on 22nd August, it received notice from the New York Stock Exchange that the company was no longer in compliance with the NYSE's continued listing standards.
This was due to the per share price of GenMar's common stock falling below the NYSE's share price requirements. The NYSE requires the average closing price of a listed company's common stock to be at least $1 per share over a consecutive 30 trading-day period.
GenMar stressed that the NYSE move did not affect the company's business operations or its Securities and Exchange Commission (SEC) reporting requirements nor did it conflict with any of the company's credit agreements, or other debt obligations.
The company said that it expected to notify the NYSE of its intention to address this deficiency, including by effecting a reverse stock split, if necessary.

Brokers say Dynagas and Samos Steamship Co have ordered more vessels from South Korean yards
---Brokers say Greek shipping company Dynagas has ordered two more 155,000 cubic metre LNG
carriers from South Korean yard Hyundai Heavy Industries. | They will be delivered in March and
August 2014. Dynagas, part of the Dynacom group, is believed to have confirmed options for two
ships. They will measure 288 metres length and 12.5 metres draught. The first two vessels in a series
were ordered in May this year. Contact: Hyundai Heavy Industries Co Ltd, 1 Jeonha-dong Dong-gu
Ulsan 682-792 South Korea. Tel. ++82 52 202 21 14. Fax. ++82 52 202 34 70.
Internet Email
company Samos Steamship Co to build a product tanker of 52,000 dwt. | No financial details were
revealed. Samos is due to receive the vessel in 2012, according to some sources, while others say
delivery is expected in March 2013. Contact: Hyundai Mipo Dockyard Co Ltd, 1381, Bangeo-dong
Dong-gu Ulsan 682-712 South Korea. Tel. ++82 52 250 30 31. Fax. ++82 52 250 30 56.
Email Email
Source: NEW SHIPS, published weekly by DVV Media Group GmbH,Germany