Greek Shipping News Cuts
Week 36 - 2011


Almi leads world in recognising people as key resource

Developed in 1990, in collaboration with leading UK businesses of all sizes, the IIP Standard has become recognised the world over as providing a framework of principles that are used to improve business performance and competitiveness through a planned approach to setting and communicating business objectives. The accomplishment of these objectives is achieved through the involvement and development of people.
Almi Tankers is in the process of building a modern tanker fleet. Currently it manages two aframax tankers, Almi Spirit, built 2007, and Almi Star, built 2005, and will take delivery of a further 10 suezmax vessels and two VLCCs between December 2011 and December 2013. All 12 are newbuildings and are under construction in South Korea's Daewoo S&ME, but there are reports Almi is presently assessing the s&p market with regard to possibly selling some of the suezmax tanker newbuildings.

ABCML Takes Delivery of Its New Bulk Carrier Built by Hyundai Mipo Dockyard, South Korea
---Sep 6th, 2011. Atlantic Bulk Carriers Management Ltd. (ABCML), a Marshall Islands Company with offices in Piraeus, Greece, took delivery of its new Bulk Carrier built by South Korean Shipyard.
Hyundai Mipo Dockyard held naming ceremony for 58000 DWT Class Bulk Carrier M.V. DESERT HOPE on 1st July 2011.
Atlantic Bulk Carriers Management Ltd, a Marshall Islands Company with offices in Piraeus, Greece is a ship operator of Handymax, Supermax and Panamax size bulk carriers. The company has a strong presence in international shipping with long experience providing safe and dependable worldwide transportation of quality goods by sea. Its success is rooted to its highly trained and committed staff and the modern fleet it operates.
In addition, ABCML is highly regarded when it comes to the protection of the environment. It has in place a zero tolerance policy for environmental pollution while its environmental procedures and equipment exceed the regulation requirements for bulk carriers. ABCML, with its long, stable history and impeccable reputation, is considered one of the very top Greek shipping companies.
Source: and

Embiricos grabs bargain VLCC
And Greek broker Shiptrade Services noted that a newbuilding order at a yard today would cost $98M, while a newbuilding resale would cost $100M.
Source: ---Fairplay Daily News 05 Sep 2011

Eurobulk in line for five big boxships
---A Greek player is said to be mulling a deal worth up to $300m in Korea.
Greek managing owner EuroBulk is set to expand with its first order for boxship newbuildings.
The company is said to have approached a South Korean yard for a handful of post-panamaxes in a deal that could be worth up to $300m.
Market sources say it is holding talks with Ulsan-based Hyundai Heavy Industries for five 5,000-teu ships for delivery in 2013.
Its current fleet comprises 17 ships from 1,170 teu to 2,785 teu.
A Hyundai official declines to confirm the enquiry but says a handful of Greek companies are currently keen to order there.
Newbuilding experts reckon EuroBulk will have to pay in the mid-$60m each for the 5,000-teu newbuildings.
EuroBulk is the management company of US-listed Euroseas and private-equity fund Euromar, a joint venture between Aristides Pittas-led Euroseas and two hedge funds, Eton Park Capital Management and an affiliate of Rhone Capital III. Pittas, who is chairman and chief executive of Euroseas, could not be contacted to confirm the order would be funded by its private-equity partners.
Nasdaq-listed Euroseas owns 10 containerships and its expansion into the sector gathered pace in March last year with the formation of Euromar.
Euroseas is a minority partner in that venture, which has spent barely half of the $175m in equity it has to invest.
So far it has purchased seven vessels, five in the 2,500-teu to 2,800-teu range and two of 1,740 teu. The most recent acquisition was the 2,788-teu EM Astoria (ex Mate, built 2004), now fixed to PIL for 10 months at $13,500 per day.
Previously it focussed on feederships, with the view that this sector faces a lower delivery level in the coming years.
By Irene Ang and Ian Lewis Singapore and Genoa
Published: 22:01 GMT, 08 Sep 11 | updated: 20:32 GMT, 07 Sep 11

Thenamaris extends Samsung LNG order
---9/9/2011 Greek owners are again absent from the secondhand market, while they continue their newbuilding investments in Chinese and Korean shipyards. In the bulk carrier segment, Navarone placed an order for two handysize units of 33,000dwt in Chinese yard
Yangfan Group for delivery in the end of 2012 at an undisclosed contract price. The vessels are likely to be chartered to CANFORNAV, Canada for Great Lakes trade. Eurobulk is said to be in discussions with a South Korean yard, Ulsan based Hyundai, for five 5,000 TEUs units for delivery in 2013, at a total estimated price of $300 mil. In the gas tanker segment, Thenamaris has extended its LNG order placed in July for two 160,000 cu.m units in Samsung H.I. by adding one more unit for delivery in 2014 at a price region $200 mil.
Overall, the newbuilding business is up by 312.5% in comparison with the buying momentum in the secondhand market, while the demolition activity is standing 44% higher than the volume of secondhand purchasing activity. It seems that the high scrapping momentum will continue to grow as scrap prices keep their firmness and freight market conditions appear to support the scrapping decisions of the owners till the end of the year. The week closed with 39 transactions reported worldwide in the secondhand and demolition market, posting a 4.9% decline from a similar week in 2010 when 41 transactions had been reported and secondhand ship purchasing activity was 19.4% lower than the ordering business. The highest activity has been recorded for one week more in the newbuilding market with 66 fresh orders reported worldwide.
Source: Golden Destiny

Irika Shipping sentence
--- September 21, 2010 FOR IMMEDIATE RELEASE
$750,000 of Penalty to Fund Projects Benefitting Chesapeake Bay
Baltimore, Maryland - U.S. District Judge J. Frederick Motz sentenced Irika Shipping S.A., a ship management corporation registered in Panama and doing business in Greece, today to pay a $4 million penalty, which includes a $3 million criminal fine and $1 million in organizational community service payments that will fund various marine environmental projects. Judge Motz also sentenced Irika to serve the maximum of five years probation, subject to following a compliance program that includes audits by an independent firm and oversight by a court appointed monitor.
Judge Motz also ordered today that four crewmembers that notified authorities about illegal discharges of oil and plastic from the M/V Iorana, a Greek flagged cargo ship, should split a $500,000 award under the Act to Prevent Pollution from Ships which provides that whistleblowers may receive an award of up to one-half of fines collected under that statute.
Irika Shipping pleaded guilty on July 8, 2010, as part of a multi-district plea agreement arising out of charges brought in the District of Maryland, Western District of Washington, and Eastern District of Louisiana, including felony violations of the Act to Prevent Pollution from Ships, related to port calls in Baltimore, Tacoma, Wash., and New Orleans by the M/V Iorana, and obstruction of justice charges based upon false statements to the Coast Guard, destruction of evidence and other acts of concealment.
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Russian Maritime Register of Shipping and Greek shipowners suffered from the deceit
RS has withdrawn the RS HELLAS LTD authority to assume any liabilities or to act as an agent and representative to the Maritime Administration of Greece and shipowners on behalf of RS.
Information agencies reported that documents on instituting criminal proceedings against Antonios Petridis, RS HELLAS LTD Director, were referred to the prosecution agency by the Coast Guard of the Republic of Greece. On 31 August 2011, RS notified RS HELLAS LTD of withdrawing the authorities to represent any RS interests and of avoiding all agreements concluded. The Maritime Administration of Greece was informed of these actions.
The issue of referring to the court of justice is under the RS consideration.
RS states its readiness to assist Greek authorities in investigating the illegal acts committed by RS HELLAS LTD and by A. Petridis personally.
RS is ready to promptly review class assignment requests of all the shipowners suffered from the above deceit, as well as to perform all the necessary actions and surveys for class assignment under the RS procedures.
Phone: +7 (812) 380-20-74, 3124573, 5716891, 3129253.
Fax: +7 (812) 312-81-58.
* * *
Established in 1913, Russian Maritime Register of Shipping (RS) is one of the leading classification societies.
Recognised by the European Union. Member of IACS.
The RS activity is aimed at ensuring high standards of maritime safety and minimizing the negative impact
of human activities on the environment through scientifically based risk assessment and risk management procedures.
RS HEAD OFFICE: 8, Dvortsovaya Nab., 191186, St.Petersburg, RUSSIA
Tel: +7 (812) 3128878, Fax: +7 (812) 3141087, E-mail:

Greek Shipping Minister: "Citizen safety above all"
The Minister revealed that Greece will report the Russian Maritime Register to all the relevant international organizations as well as place the Register in breach of contract for a month. Civil Service Inspectors have already begun probing the circumstances under which the class society begun its operation in Greece while Chryssochoides also said that national legislation will be altered in order to update the existing legal framework relating to navigation safety and certification procedures.
Following anonymous complaints to the Hellenic Coastguard in May 2011 in relation to the Russian Maritime Register of Shipping - Piraeus office - issuing counterfeit class certificate documents for passenger-ferry vessels and tourist boats in Greece, The Commandant of the Hellenic Coast Guard (H.C.G.), Vice Admiral Konstantinos Soulis has ordered the Piraeus Port Authority (PPA) to launch a probe into the case.
The PPA, in collaboration with the Greek Ministry of Development, Competitiveness & Shipping, found violations regarding documents involving sixteen vessels in total. As a result, the Russian Maritime Register of Shipping immediately removed authorization from its Piraeus office.
The Piraeus Port Authority awaits instructions in order to take the case further having submitted a filing to a Criminal Prosecutor. Meanwhile, Civil Protection Minister Christos Papoutsis (under whose umbrella of competences lies the Hellenic Coast Guard) has also ordered the case be investigated.

Dimitroula and Romilda make their final voyage
---Old ferries crowding Piraeus port sent to Turkish scrap yard
By Nikos Bardounias
Early on a Tuesday morning in late August, the ferryboat Dimitroula, retired four years ago, set off on her final journey to the Aliaga scrap yard in Turkey. The aged vessel, creaky from years of inertia, dutifully allowed herself to be tugged along, providing a spectacle for the passengers of a luxury cruise liner that was docked in the port of Piraeus.
Officials at the Piraeus Port Authority (OLP) estimate that -- weather permitting -- by the end of September, another five ferries that have been taken out of service, and which are not only unsightly but also pose a risk to public safety and sanitation, will be towed out of the busy port.
Efforts to remove the decommissioned vessels began taking shape in November 2009 with the revival of a law, Article 9 of Law 2881.2001, ordering the removal of ferries that are no longer in operation. In March 2010, the commission that drew up the law published a paper that deemed 27 shipwrecks, 58 ferries -- including the eight belonging to Agoudimos -- and 27 partially sunken ferries as hazards. The following month, letters were sent to the owners of the vessels ordering them to begin the removal process. Sources at OLP suggest that Agoudimos had at the time requested an extended deadline as he was still looking for potential buyers for his vessels.
The two firms deposited 7.2 million euros with OLP and once the vessels are removed this money will be deposited in the Deposits and Loans Fund in favor of the shipowners, after OLP keeps 10 percent of the amount. , Wednesday September 7, 2011 (22:02)

Revoil subsidiary: Delivery and charter of a dry bulk carrier
--- 03 / 09 / 2010
REVOIL S.A. announced that its 100% subsidiary ARISTON SHIPPING INVESTMENTS COMPANY received, by completing the purchase, the dry bulk carrier "Blue Angel" Japanese construction 1994, capacity of 44,950 tons. The purchase price totalled $ 21,400,000. ARISTON has already made an agreement to charter the vessel for a period of 11 to 13 months with a daily income of U.S. $ 16,000. Today, Friday the 3rd of September the vessel was delivered to the charterers. This agreement is expected to generate total revenues of approximately $ 5,300,000 (assuming 11 months charter).
REVOIL informs investors that it will issue in the coming days an information booklet for expanding its business in Shipping.
In 2005 the Company started a cooperation with the liquid fuels and lubricants laboratory of Technology of the National Technical University of Athens. The main purpose of this cooperation is the Quality Control of fuels within the network of petrol stations. In 2008 the cooperation expanded also in Quantity controls.
By adopting initiatives which are helping the company reduce its environmental impact and contribute to a better future, the Revoil brand has also become synonymous to environment protection and company's philosophy that every drop counts.
The developments in drybulk Shipping industry in the last few years, which was influenced by the sharp fall of international trade and the over-supply of dry bulk carrier capacity by the significant increase of new building vessels deliveries, created suitable conditions for an investor to enter the market. Concluding that this period is appropriate the establishment of ARISTON took place.
Source: &