The Speed- Limit Challenge • THEODORE VENIAMIS • PANOS LASKARIDIS • SIR MICHAEL BIBBY • PHILIPPE LOUIS-DREYFUS • DR

Issue No: 222 — 08/09.2019

NAFTIKA CHRONIKA / Triannual English Edition www.naftikachronika.gr

Paris and Tokyo MoUs annual reports: Are owners inadvertently restricting ISSUE SPONSOR Ship inspections, deficiencies, and detentions their pool of seafarers?

Sailing along with Celestyal Cruises SPECIAL REPORT: What motivates young people on a 3-day cruise around the Aegean to choose postgraduate studies in shipping

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THE TRADITIONAL FAMILY BUSINESS MODEL HAS PROVED SUCCESSFUL HISTORICALLY

The speed- limit challenge • THEODORE VENIAMIS • PANOS LASKARIDIS • SIR MICHAEL BIBBY • PHILIPPE LOUIS-DREYFUS • DR. NIELS HARTMANN • YAVUZ KALKAVAN

Management trends • CAPT. KOSTAS KANELLOPOULOS • THEOPHANIS THEOPHANOUS • SUNIL KAPOOR

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August-September 2019 Special triannual English edition

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Chief Editor 10 ΜARITIME NUMBERS 60 ADVERTORIAL Dr Panagiotis Kapetanakis Newport Shipping: Α premium one-stop Scientific Associate 12 ON THE SEAFRONT drydocking solution Panos Zachariadis 40 years’ experience in repairs and design 26 INTERVIEW OF THE MONTH Commercial Manager The traditional family business model has proved 64 INTERNATIONAL WATERS Chris Kapadais successful historically An interview with Polys Hajioannou 74 Paris and Tokyo MoUs annual reports Advertising Manager By Angeliki Koliomichou Demetra Tsakou 30 SLOW STEAMING Corporate Communications The shipping community puts on the table 76 Indonesia: The Garuda rises & Special Reports Editor the speed-limit challenge By Angeliki Koliomichou Charis Pappas 32 Slow steaming by mandating speed limits only 78 NEW BUILDINGS Assistant to Chief Editor is by no means a solution Sealink Navigation Ltd: M/V DULCE DIVA Angeliki Koliomichou By Theodore Veniamis Market Analyst 80 TECHNOLOGY AND SHIPBUILDING Giannis Theodoropoulos 34 Reducing speed and GHG emissions to achieve the IMO's medium-term objectives 84 The enormous impact of tropical cyclones on Special Contributors By Panos Laskaridis ships and shipping logistics Capt. George Georgoulis By Dr. Nikos Mazarakis Nikos Vergounis 36 We need regulations that address Creative Directors the root causes of climate change 86 ENERGY AND NATURAL RESOURCES Panos Papanagiotou By Sir Michael Bibby Bt., DL Pandora Giamalidou 88 MARKET NEWS 38 Only the reduction of speed makes it possible New Media to reduce immediately ships emissions 90 Inmarsat enables and protects the IoT revolution Ilias Stefanidis By Philippe Louis-Dreyfus By Stefano Poli

Photos ΑΠΕ/ ΜΠΕ/ ΕΡΑ 40 It is every shipping company’s responsibility to 92 Digitalization is not a fad Pixabay optimize its own fleet performance By Nabil Ben Soussia By Dr. Niels Hartmann Sailing along with Celestyal Cruises on a 3-day Gratia Publications I.K.E. 94 132 Syggrou Ave, 42 Banning excessive speed is simply the best cruise around the Aegean 117 45 Athens solution to achieve the 2030 emission targets By Angeliki Koliomichou and Ilias Stefanidis Τ: 210-92.22.501 / 92.48.006 By Yavuz Kalkavan F: 210-92.22.640 98 AVIATION INDUSTRY [email protected] 44 Slow steaming at the IMO By Prof. Harilaos N. Psaraftis 100 SPECIAL REPORT www.naftikachronika.gr Web strategy development by ITBOX 50 MANAGEMENT TRENDS 100 Are owners inadvertently restricting What are the key parameters shaping their pool of seafarers? While every effort has been made to ensure the shipping industry today? By Henrik Jensen the accuracy of the information contained in this magazine, no responsibility can be Seafarers are the front-line asset of shipping 102 Metropolitan College: accepted for errors, omissions or inaccura- 52 cies. Opinions expressed herein are those and should be treated accordingly Private maritime education in Greece of the authors and are not necessarily those By Capt. Kostas Kanellopoulos An interview with Antonios Vidalis of Gratia Publications I.K.E. Reproduction in whole or in part is prohibited without the and Capt. Nikolaos Makris prior written permission of the publisher. 56 The shipping market has always found a way to counter adverse consequences and emerge with 106 What motivates young people to choose new plans to self-regulate postgraduate studies in shipping By Theophanis Theophanous The students’ perspective

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[email protected] MARITIME NUMBERS

10,000,000 dwt 4,000 £7.6 billion the newbuilt dry bulk ship the number of ships expected the annual contribution capacity delivered in the first to be fitted with exhaust gas of the UK ports industry four months of 2019. cleaning systems (EGCS) by to the British economy. 1 January 2020 according to EGCSA.

€42,300,000 11,900,000 21 the Piraeus Port Authority's the TEUs transported per year all the number of LNG carriers earnings before tax for the over the world by Hapag-Lloyd’s ordered from South Korean corporate year 2018. 235 vessels. shipyards from the beginning of the year until end of June 2019.

30% US$11.6 billion 555 the percentage of sea-borne the estimated total investment the number of attacks on ships volume of crude oil transported required to develop the North recorded between January 2009 through the Strait of Hormuz. Sea Route infrastructure. and December 2018 in West African waters.

ON THE SEAFRONT

This month’s top news stories from naftikachronika.gr

Shipping is the absolute national the absolute national priority for Greece priority for Greece and presented the new government’s main priorities for the Ministry of Mari- The general election in Greece on 7 July time Affairs and Insular Policy. brought New Democracy to power with For Mr. Plakiotakis, Greek shipping is "the a strong majority and Kyriakos Mitsotakis healthiest and most extroverted sector of as the new Prime Minister. A day later, the the Greek economy." Referring to the Greek Prime Minister announced the composition shipping paradigm, he stressed that it is the of the new cabinet consisting of 51 ministers creative outcome of the good "cooperation and deputy ministers. Mr. Ioannis Plakiotakis, between Greek shipowners and Greek sea- a well-seasoned politician fully acquainted farers." Greek as well as international ship- with shipping issues as he had served as a ping has big challenges but also opportuni- shadow minister for maritime affairs in 2009 ties ahead, which must be addressed and and again in 2016, was appointed Minister of exploited with caution, he said. Key chal- Maritime Affairs and Insular Policy. lenges include the international regulato- Mr. Plakiotakis, who comes from the island ry framework, modern technological devel- of Crete, studied biochemical engineer- opments, intense market fluctuations that ing at the University of Wales, and then often cause turmoil in the market, but also completed a Master's degree in biochem- the need to protect the environment. ical engineering at the University of Lon- The new minister made particular refer- don, before completing another master's ence to the challenges and opportunities degree in business administration at City that are directly related to Greek shipping University London. and shipping entrepreneurship, as well as At the handover ceremony between out- the aspirations of the new leadership of going Minister Fotis Kouvelis and Mr. Plaki- the Ministry of Maritime Affairs and Insu- otakis, the latter stressed that shipping is lar Policy, which include the following:

14 • Increasing the Greek Ship Registry ing portal. According to Mr. Plakiot- and Insular Policy, Mr. Plakiotakis reiterated and reversing its downward trend otakis, there is a need to establish a that "shipping is an absolute national priori- before the situation becomes irre- direct link and interrelation between ty" and said he hopes to have good coopera- versible, and ensuring that an elec- the national port strategy and the tion with the entire the shipping community. tronic registry is put in place and runs national logistics strategy; immediately; • Attracting new activities to the mari- Shipping high up on the agenda • Enhancing the competitiveness of time cluster of Piraeus; of the new EU president Greek shipping to "compete with • Revitalizing the shipbuilding and countries like Malta" and reducing repair zone; In her opening statement at the European bureaucratic barriers in the maritime • Investing in the cruise and yachting Parliament shortly before the voting pro- business sector; industries; cess which led to her election, Ms. Ursula • Upgrading maritime education by • Further strengthening the country's von der Leyen, the first female European reinforcing public higher education ports and reassessing the implemen- Commission president, gave a sign of her without, however, "demonising pri- tation aspects of the equalization of intentions and the issues that will domi- vate maritime education." Mr. Plaki- transport costs. nate her agenda. otakis noted that we should look at Mr. Plakiotakakis also referred to the need In accordance with the EU’s institutional what is happening in maritime educa- to capitalize on all the European Commu- laws, the German politician's nomination tion in neighboring countries such as nity resources, such as the new NSRF 2021- was approved by the European Parlia- Bulgaria and Cyprus, to which "many 2027, "up to the last euro," saying these ment's plenary winning, however, by a very young Greeks go." For Mr. Plakio- funds should be allocated for strengthening slim majority. She won the support of 383 takis, what is needed is an "upgrad- the country's ports but also implement- MEPs, nine votes more than required to ing of seamanship" through a holis- ing blue growth policies. Finally, he also secure an absolute majority. tic approach to maritime education referred to the need for the further rein- It is clear that the European Parliament which will aim at producing high- forcement of the Coast Guard with human has demonstrated its power and dyna- skilled officers; resources and logistics infrastructure. mism, and the 27 Commissioners-desig- • Showcasing Greece and in particu- Concluding his speech at the handover cer- nate are expected to undergo a vetting lar Piraeus as Europe's leading trad- emony at the Ministry of Maritime Affairs process by the competent parliamentary ON THE SEAFRONT

Ursula von der Leyen was approved by the European Parliament as the new President of the European Commission on 16 July 2019.

Committees and get their vote of approv- of pollutants, which are not threatened by Greece nominates Margaritis al to form the College of Commissioners. the new targets. Schinas for EU Commissioner During her first public speech at the Euro- On the other hand, others claim that to pean Parliament -Tuesday, 16 July- the new assume this institutional position, the Mr. Margaritis Schinas has been nominat- president of the Commission announced new president was obviously ‘tutored’ by ed as Greece’s candidate for a Commis- that in the new Commission’s first 100 days Deutsche Bank and Goldman Sachs, as it is sioner's portfolio. This highly experienced in office its green policy called "Green Deal the banks and stock markets that benefit Greek technocrat has served, inter alia, for Europe" will be publicised, incorporat- from the European Trading System rather as the head of various Commissioners' ing the new European climate law and the than the Environment. Offices, as the Chief Spokesperson for the specific targets to be achieved by 2050. President von der Leyen put particular European Commission but also as an MEP The Commission’s intention and commit- emphasis on the EU industry sector, which for New Democracy party. ment is to reduce emissions of pollutants must now be supported in order to offer He is very well acquainted with the issues by 50% to 55% by 2030. The Emissions job opportunities, especially to young of shipping since he was the head of Com- Trading System will be extended to the people. "We will need to invest in innova- missioner Logiola de Palacio's cabinet dur- shipping industry, while there will also be tion and research redesigning our econo- ing the period of the Prestige wreck. a review of the air transport framework mies and updating industrial policy. To this Mr. Schinas will be assuming an extremely with a reduction in the concessions and purpose, I will begin to develop the new important role in the EU, although he will exemptions given until recently to air car- European strategy for the EU." not be able to support the Greek posi- riers. Mrs. von der Leyen underlined the need tions since the College of Commissioners The new president stressed that the all for fair trade while stressing her commit- acts as a European collective body that the different systems for monitoring and ment to the current competition rules, promotes the general interest of the EU "trading" pollutants will have to be unified which are the backbone of European rather than the national agendas of each and cohesive. economies. The new European Commis- of its members. In this context, the European Investment Bank sion president clearly, if indirectly, crit- For those with inside information, his can- will become the European Climate Bank. icized Chinese policy harshly saying that didacy is a very serious proposal by the According to a first assessment, MEPs some are buying their global influence new Prime Minister, Mr. Kyriacos Mit- believe that the president's announce- and creating dependencies by investing in sotakis, since the vast majority of the 21 ments coincide with the German automo- ports and roads. "We want multilateral- newly elected Greek MEPs are inexperi- tive industry's commitments to the issue ism," she added. enced in matters of European politics.

ON THE SEAFRONT

The European Parliament’s competent rels/day in the coming period, given that Over the same period, the dry market Committees will hold hearings during shipmanagement companies will turn faced turbulence in terms of demand and which each Commissioner-designate will their back on non-compliant fuels, while supply, whereas the containership mar- present his/her positions in order to be the International Energy Agency, Energy ket data was encouraging as freight rates accepted as a body and assume their new Aspects, ClipperData, and Rystad expect for 9,000 TEUs container ships reached $ responsibilities. similar increases in demand. 36,000/day.

The countdown to Searching for balance Record low for newbuilding orders 1 January 2020 begins in the market Global ship newbuilding orders dropped to Although the implementation of Sulphur According to a recent report issued by record lows in the first half of 2019, accord- Cap 2020 is still six months away, the ship- Clarksons Research, global shipping still ing to VesselsValue. The picture is as follows: ping market is already undergoing sig- has a long way to go before achieving the nificant changes, according to a recent much-desired balance in the market. Bulkers Bloomberg report. According to the report, the increase in The total number of bulker newbuild The price of desulphurized fuels, which the world fleet reached 1.9% in the first orders is down 73% for the first half of are reprocessed by refineries into trans- half of 2019. On the other hand, newbuild- 2019 compared to the same period in port fuels for the shipping industry, has ings deliveries recorded a 9% increase 2018. surged in Europe in recent weeks due to compared to the same period last year, So far this year, Panamaxes have been increased demand for these products in reaching capacity of 51 million dwt. the most popular size to order with an view of 1/1/2020. This development bene- The global order book represents about interesting order placed by Klaveness fits some refineries while hurting others. 10% of the existing fleet, while it is positive Combination carriers for two Pana- As Steve Sawyer, chief analyst at Facts that fleet growth in 2020 is forecast by max CABUs (83,600 DWT, 2020, Jiangsu Global Energy points out, we are heading Clarksons at 1.9%, representing the lowest New Yangzijiang) which will increase the towards a new status quo, as the market growth rate in the last 20 years. global fleet to a total of 19 Caustic Soda/ is paying a higher premium for LSFO than On the demand side, for the year 2019, world Bulk carriers. 17 of these are owned by a few weeks ago. trade is projected to grow by 2.2% compared Klaveness. In Europe especially, there is increased activ- to the original projections of 3.2%. The drop in Despite the low earnings we saw earli- ity in the VLSFO market as Italian Saras SpA, the growth rate is due to the tense US-China er this year across the Capesize sector, 13 and the Israeli ORL Refineries have deliv- relations, the collapse of Vale's Brucutu mine orders were placed by COSCO bulk for ered their first loads. On the other hand, dam, the cyclones in Australia, and the cuts in 208,000 DWT vessels at COSCO Shipping a significant number of shipmanagement world oil production. HI for USD 54 million each. In comparison companies are preparing for 2020 by stor- By segment, the tanker market is experi- to the 45 orders we saw this time last year ing desulphurized fuel cargoes. According to encing a better period this year compared for Capesizes, the 13 seems minimal. Bloomberg, at least one company has con- to last year. However, the relatively short verted its tanks from HSFO to LSFO. winter season and the big number of new- Tankers Finally, Mr. Sawyer expects sales of des- build deliveries affected profits significant- The total number of tanker newbuild ulphurized fuels to reach 1 million bar- ly in the first half of 2019. orders is down 47% for the first half of 2019 compared to the same period in 2018. Countries leading the way in terms of number of orders are Greece and Singa- pore. The Greeks have been ordering any tanker size ranging from VLCCs down to MR2s with 90% of the orders placed at South Korean yards. Eastern Pacific placed an order for four option LR2s (110,000 DWT, 2021, New Times) for USD 48 million each. Hyundai Mipo has seen the biggest influx of MR2 tanker orders placed since the beginning of the year. 23 of the total 33 MR2 orders were placed at Hyundai Mipo, a whopping 70%. VLCC orders are down 60% for 2019 year to date, compared to the same period in 2018 despite having a good winter for rates.

ON THE SEAFRONT

Containers kets, the industry has instead seen many Trade wars a wound The container sector follows the same vessels being sold for scrap and owners on the global economy declining trend as the rest of the cargo consolidating, which has led to many com- sector for newbuilds. Orders for the first panies streamlining their fleets in order to The G20 summit in Japan may have pro- half of 2019 were down a significant 49% reduce their operational costs. duced white smoke – for the time being at compared to same months in 2018. least – concerning the de-escalation of the Of the bleak 48 containers that were trade dispute between the US and China, ordered, 28 were by South Korea, clearly but new studies show that the possible con- dominating the container newbuild mar- tinuation of such practices by both sides can ket and vastly improving on their two prove catastrophic for the global economy. orders from the first half of 2018. The More specifically, according to a Bloomb- domination is primarily due to Sinokor, erg study, if the Sino-American trade dis- who ordered 16 Feedermaxes (1,100 TEU, pute is not mitigated, global GDP losses 2020) all built by Chinese shipyards, and are likely to reach $ 600 billion by 2021. four Handy containers (1,800 TEU, 2020) Bloomberg analysts and economists have built by South Korea’s second largest developed a model taking into account shipyard, Hyundai Mipo. These orders by three scenarios. In the first scenario, in Sinokor account for around 42% of all which tariffs remain at their current level, containers ordered so far this year. the Chinese and US GDP will drop by 0.5% and 0.2% respectively by 2021. In the sec- Gas ond scenario, which estimates that the tar- The total number of LNG newbuild iffs for the total US-China bilateral trade orders has fallen by 39% in the first half of could increase by 25%, it is estimated that 2019 compared to the same period in 2018. the corresponding losses will reach 0.8% The Greeks are leading the way with the (China) and 0.5% (US) respectively. number of orders placed. Since the begin- The last scenario, which is the "night- ning of the year, Maran Gas Maritime has mare" scenario, includes 25% tariffs and ordered a total of five vessels (174,000 a 10% shock on capital markets. In this CBM, 2021, Daewoo), all on separate occa- case, the Chinese GDP will drop by sions. 0.9%, that of the US by 0.7%, while 0.6% The total number of LPG newbuild orders will be knocked off the global GDP by has fallen by 73% for 2019 year to date mid-2021. At the same time, the losses compared to 2018 year to date. on the capital markets mentioned above Only six orders have been placed so far in will affect consumption and investment 2019. Mitsui and Co started the trend being significantly. first to order a VLGC LPG (84,600 CBM, 2020, HHI) in January of this year. Head- Confitarma in favour of measures ing into the middle of the year and after introduced to support the Italian a considerable uptick in rates throughout fleet the spring months, KSS Line has been the most recent company to place an order of In a recent speech at the "Shipping: Innova- one option VLGC LPG (86,000 CBM, 2021, tion & Finance" conference, Confitarma's HHI) for USD 76 million. President Mario Mattioli said the immediate priority was removing the obstacles Offshore created by bureaucracy so that the Ital- Only one offshore newbuild order was ian fleet can maintain its position and its placed in the first six months of 2019. The international competitiveness. order was placed by the British compa- Mr. Mattioli added, "if we want to improve ny High Speed Transfers for an FSV/Crew the system, we cannot do it with old and Boat on the 22nd January 2019. When con- obsolete rules and laws." He also stressed sidered against the same period in 2018, the importance of a dialogue between the where newbuild contracts were placed for Italian state and the European Union, whose six OSVs, one OCV and one MODU, the relations have been problematic of late. market has been quiet for some time. The head of Italian shipowners also under- In order to survive the oil price crash and lined the need to establish co-operation subsequent downturn in the offshore mar- among Italian shipping companies in order

20 to escape the small and medium-sized for some of its ships to place them on the enterprise mentality to respond successfully Malta Registry, and British interests P & O to the internationally changing environment. Ferries decided last January to shift the Finally, he confirmed the Italian shipping registration of its UK vessels to Cyprus. community’s common belief that clus- It is estimated that on 31 May 2019 1,229 ter-building policies should address and vessels with a total tonnage of 10.5 mil- cover all maritime economic activity rather lion GT (gross tonnage) were registered than being exhausted on individual sectors. under the British flag when at the end of May 2018 British-flagged ships were 1,315, UK Ship Register on a downtrend with a total tonnage of 16.5 million GT.

The forthcoming Brexit has driven many The Greek shipowning shipping companies to change their fleet's community supports flag by "abandoning" the British register. the Athens Naval Hospital Several companies are leaving Britain’s shipping registry as the nation prepares to The Navy General Headquarters SYN-ENOSSIS, and Mr. D. Afentoulis and leave the EU this fall. announced it had received on behalf of the Mrs. E. Lianou, representatives of the John S. CMA CGM is a typical example, as accord- Hellenic Navy medical equipment for the Latsis Public Benefit Foundation, who offi- ing to a Reuters report, the French com- Cardiac Arrest Unit of the Athens Naval cially announced their donation to cover pany had about 49 ships under British flag Hospital, kindly donated by the Social the needs of the Navy Hospital of Athens. before the UK referendum in 2016. In light Welfare Company ‘SYN-ENOSIS’ and the The Hellenic Navy expressed its grati- of Brexit, the company decided to transfer John S. Latsis Public Benefit Foundation. tude to the Greek Social Welfare Compa- these 49 ships from the British registry to As announced in an NGH press release, ny "SYN-ENOSSIS" and the John S. Latsis other European countries, such as France on Wednesday, July 3, 2019, the Chief Gen. Public Benefit Foundation, whose donation and Malta. of the Hellenic Navy Rear Admiral Niko- contributes substantially to the improve- At the end of Οctober 2018, Wallenius laos Tsounis met with Mr. A. Boussios ment of the quality of the health services Wilhelmsen "abandoned" the British flag and Mrs. E.E. Stratakis, representatives of provided by the Navy Athens Hospital.

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Maritime economists from around international key players of the Maritime try, international policies and regulations, the world convene in Athens to Industry: Mr. Theodore E. Veniamis, Chair- shipping markets, investments and finance, discuss the future of shipping man of the Union of Greek Shipowners, management and strategy in shipping, logis- Mr. Dimitrios Fafalios, President of INTER- tics and supply chain, port economics, pol- The largest and most prominent interna- CARGO, and Dr. Nikolas P. Tsakos, Chair- icy and management, maritime safety and tional scientific Conference in the areas man of INTERTANKO for the time-peri- security, human resources and other mari- of maritime economics and management, od 2014-2018. An intriguing discussion was time-related fields. Recent geopolitical and including shipping finance, ports, logistics, moderated by Prof. Manolis Kavussanos, economic developments attracted great and other maritime-related fields, was on the ‘Significant policy and regulatory attention from scientists and market exec- held in Athens from 25 to 28 June 2019, issues of the International Maritime Indus- utives, as did other current issues faced by under the Auspices of H.E. the President try.’ A Plenary Session followed, focusing on the international shipping industry, such of the Hellenic Republic, Mr. Prokopios shipping finance - an area in which Greek as the enforcement of IMO 2020 Sulphur Pavlopoulos. shipping companies and academics possess Regulation, sustainable development of the The 27th Annual Conference of the Inter- notable expertise. The title of the Session industry and the interest of young seafarers national Association of Maritime Econ- was ‘Shipping Finance in the 21st Century’ in pursuing careers at sea. omists (IAME) was organised by the and it hosted invited speeches by top exec- The aim of the Conference organisers was Research Laboratory for International utives of the international shipping market: to also introduce delegates to Classical Shipping, Finance and Management (ISFM Mr. Dimitris Anagnostopoulos, Member of Greece and the Greek culture and mari- Lab) of the Athens University of Econom- the Board of Directors at Aegean Baltic time history. A range of cultural tours and ics and Business (AUEB), and the Mas- Bank, Mr. Jerry Kalogiratos, CEO at Capi- networking events were held, with sup- ter’s Program with the same name (MSc tal Product Partners L.P., Mr. George Politis, port from companies and organizations in ISFM). The Conference Chairman was CEO at Capital Securities, and Mr. Stamatis related to shipping, in places like Aikat- Professor Manolis Kavussanos, Director Tsantanis, Chairman and CEO at Seanergy erini Laskaridis Foundation, the Acropolis of the aforementioned Lab and Master’s Maritime Holdings. Museum, the historical ship-museum ‘Hel- Program. The academic program of the Conference las Liberty,’ the Yacht Club of Greece and The Opening Ceremony took place on 26 included more than 260 scientific papers Onassis Cultural centre. June at the Onassis Cultural Centre, with covering a vast range of scientific areas like The next IAME Conference will be held in keynote speeches delivered by high profile, energy resources in the maritime indus- Hong Kong in June 2020.

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Challenges and opportunities shipping. For the UGS, as Mr. Xylas pointed Director of Atlantic Bulk Carriers Manage- in Short Sea Shipping out, those responsible for shaping EU poli- ment Ltd., raised the question of wheth-

cies should see SSS issues in a broader per- er the CO2 reduction targets of the IMO The annual international Shortsea Ship- spective given that the latter is undergoing are achievable. For him, the new regulations ping Days 2019 conference under the title significant changes, but should also move will only reinforce the problem. In reply to "Shortsea: Challenges Ahead" took place towards removing the bureaucratic obsta- the question of Mr. Stavros Chatzigrigo- on Thursday, June 13, 2019, under the aus- cles that affect the industry’s development. ris (Managing Director, Maran Gas Maritime, pices of the European Shortsea Network Mr. Costel Stanca, President of the Euro- Chairman and President of MARTECMA) (ESN) and the Hellenic Shortsea Shipown- pean Shortsea Network and Mr. Antoine about whether the slow steaming option ers Association (HSSA). The conference Kedzierski, Policy Officer Shortsea Ship- might act as a deterrent against investing in was coordinated by the Hellenic Short- ping, DG Move, the latter as the key- innovative shipbuilding plans, Mr. Zachariad- sea Promotion Centre (SPC Greece) and note speaker of the conference, empha- is said that "slow steaming will not improve organised by Newsfront/Naftiliaki. sized that SSS is the backbone of mari- innovation" as shipowners will not have an time trade and that since 1995 already the incentive to adopt it. For him, speed opti- The backbone of EU maritime trade EU has been taking measures to reduce misation has prospects of successful imple- bureaucratic barriers and to make SSS a mentation, which is definitely not the case During the conference, all the major leader in technological innovation. with reducing speed or imposing speed lim- issues facing the global maritime commu- its. nity were put on the table with a focus The Greek Paradigm Mr. Stamatis Fradelos, Director of on the medium to long-term challenges, Business Development ABS, focused on opportunities, and prospects in Short Sea Among the crucial issues discussed by the major challenges that internation- Shipping (SSS). These challenges were ana- panelists at the conference was the al shipping will have to face in the com- lysed by Mr. Charalambos Simantonis, importance of SSS for Greece. Prof. ing years, including bio-fouling, black car- President of the HSSA, who focused on Maria Lekakou, (University of the Aege- bon, ship recycling, and undersea noise. He "the ability of the world fleet to sail under an) referred extensively to the Greek SSS also referred to the prospect of declar- sustainable conditions," and on the need paradigm, noting that it is the third most ing Mediterranean regions as ECA zones. to establish international regulations. Mr. important maritime economic activity in To Mr. Chatzigrigoris’ question about the Simantonis noted that the HSSA "accepts Greece, yet only 25% of the ships oper- likely timeframe for implementing such an the new regulations because we need to ating in this industry are under the Greek undertaking, Mr. Fradelos replied it was protect the generations to come," but he flag. On the other hand, Mr. Philippos 2-3 years. expressed concerns about the availability Kostopoulos, Managing Director of Arkas Mr. Vassilis Dimoulas, Technology & Inno- and compatibility of the new 0.5% fuels. Hellas SA and President of the Interna- vation Manager Greece, Cyprus, Malta, He pointed out that the SSS industry tional Maritime Union, touched upon the Bureau Veritas, referred to the extreme- needs the EU’s support to make it more interesting issues of the progress made by ly topical issue of scrubbers, stressing that competitive, stressing the need for com- the Greek ports over the last ten years, banning open-loop scrubbers could be mon rules and procedures within the EU. and the need to develop the railway and a critical issue for SSS due to their cost, For his part, Mr. Ioannis A. Xylas, Treasurer road network in our country as a lever for while he noted the gaps in published of the Union of Greek Shipowners, under- the further development of our ports. research on issues of prime importance lined the importance and value of SSS for for shipping. both Greece and Europe and stressed that Towards a greener shipping industry the long-standing experience and know- The impact of technological change how of Greek shipowners must be capital- Fuel issues also attracted considerable ized on to achieve the goal of sustainable interest. Mr. Panos Zachariadis, Technical Finally, another critical issue the conference focused on was the rapid technological developments in the shipping industry. Mr. Giorgos Teriakidis, Regional Business Development Manager DNV GL - South East Europe & Middle East expressed an interesting view on the development of autonomous ships when he said that "unless all stakeholders in the shipping industry take action, then others outside our industry will play an important role in developments," which can ultimately be to the detriment of the industry. Mr. Alexander Prokopakis, CEO, Probunkers, Mr. Fernando Kalligas, Member of the BoD, DESFA; Country Manager for Greece, Enagas, Mr. Stamatis Fradelos, Director Business Development, ABS, Mr. Stavros Hatzigrigoris, Managing Director, Maran Gas Maritime, Chairman, MARTECMA, Mr. Vassilis Dimoulas, Technology & Innovation Manager Greece, Cyprus, Malta, Bureau Veritas, Mr. Panos Zachariadis, Technical Director, Atlantic Bulk Carriers Management Ltd, and Mr. George Alexandratos, Owner, Apollonia Lines SA; Hellenic Chamber of Shipping – Maritime Hellas.

ON THE SEAFRONT

tor, Naftomar Shipping & Trading Co. Ltd. Inc. also made an indirect reference to the regulations, pointing out that ships should be scrapped in a socially responsible way and stressing that "we must do what is best for the companies but also the environment".

The challenge of ship recycling finance

Τhe delegates also expressed concern over the economic environment sur- Participants of the first panel (L-R): Dr. Nikos Mikelis (Non-Executive Director, GMS), Dr. Petros Varelidis (Advisor, Hellenic Ministry of rounding ship breaking. Mr. Evangelos Environment and Energy), Dr. Anand Hiremath (RSRP Lead Coordinator, GMS), Mr. George Gabriel (Union of Greek Shiponwers), Mrs. Gudrun Chatzigiannis, SNP Trader, GMS, stressed Janssens (Director of Maritime Safety & Environment, ECSA), Mr. Evangelos Chatzigiannis (SNP Trader, GMS), and Mr. Panos Zachariadis (Technical that the factors that shape and affect the Director, Atlantic Bulk Carriers). economic environment are none other than the supply and demand forces, in Ship recycling: Entering an era governing the ship recycling industry and which one must include steel prices, the of change and responsibility underlined the need to establish a global regulatory framework, as well as the fluc- instrument to enhance the safety of the tuations in exchange rates. For his part, On Wednesday 3rd July, the 1st Annual workers in ship recycling facilities and the Mr. Stefanos Fragos, Senior Represent- GMS Recycling Forum took place at the environment. She added that it is impor- ative, YieldStreet Marine Finance, not- Divani Apollon Palace Hotel in Kavouri, tant for shipowners to have a number of ed that the short-lived market volatility in the presence of many important rep- certified facilities they can use to recycle has made funding quite attractive, while resentatives from the entire spectrum of their ships and expressed her optimism the fact that traditional shipping financi- the Greek and international shipping com- that India, Pakistan, and China will soon rat- ers such as banks have turned their backs munity as well as capital providers and ify the Hong Kong Convention (ΗΚC). on this industry, allows for more flexibili- government representatives. The prospects of ECC validation and the ty in developing new forms of finance. The conference’s proceedings began with presence of too many regulations gov- Mr. Murali Subramanian, CEO of Fim- Prof. Andreas G. Merikas, GMS (Hellas), erning the ship recycling industry were Bank Group, said that the regulations gov- and Dr. Anil Sharma, Founder and CEO, the two central themes of the analysis by erning ship recycling have a major impact GMS who presented their views on ship Mr. Panos Zachariadis, Technical Direc- on the financing of this market and spoke recycling. Mr. Sharma referred to "beach- tor, Atlantic Bulk Carriers, and Mr. George about the great potential of this industry ing" noting that this is not a new practice Gabriel (Union of Greek Shipowners). For for the banks, stressing that "banks need to in ship recycling. He also underlined the his part, Mr. Gabriel stressed that the rati- take a fresh look at the shipping industry." need for States to ratify the Hong Kong fication of the Hong Kong Convention by Mr. Anthony Lambros, Director, Centro- Convention which has changed the ship India would be an important step, and add- fin Management Inc., emphasized that "the recycling framework making it environ- ed that European regulations are in place work of cash buyers is complementary to mentally friendlier and has promoted the and are being implemented until the HKC ours" and added, "we are happy that they idea of high-quality recycling yards around enters into force. He also stressed that "we are doing the dirty work." According to the world. Her Excellency the Ambassa- need practical regulations". Mr. Zachariadis Mr. Lambros, it is the market forces that dor of India to Greece Ms. Shamma Jain was on the same wavelength, however, he lead ships towards the end of their useful noted that India holds the top position in pointed out that "shipmanagement compa- life, and not the regulations. “The regula- ship recycling globally and that the goal is nies are receiving a barrage of environmen- tions should be applied internationally and to have New Delhi ratify the Hong Kong tal regulations and as a result, ship recy- should be green,” he concluded. Finally, Convention. Ambassador Jain also spoke cling regulations are not high on the list" Mr. John Dragnis, CEO, Goldenport Hold- about the strong links between the ship- of international interest. At the same time, ings Inc. expressed the view that "We must ping industries of Greece and India under- he said that he was puzzled by the fact that respect IMO regulations on ship recycling lining the need to strengthen cooperation there are two agreements in force, which as they are part of the industry," adding between the two countries. are "an obstacle for ship-operators". Com- that high safety standards should govern menting in general on the existence of so all parties involved. With regard to the Regulatory framework issues many regulations that determine the day to role of banks in ship recycling, Mr. Dragnis day operation of shipping, Mr. Zachariadis pointed out that two Dutch institutions Mrs. Gudrun Janssens, Director of Mar- said with emphasis, "we are very angry and with a long history in shipping finance have itime Safety & Environment, ECSA, gave a disappointed" about this state of affairs. Mr. already introduced clauses on ship recy- brief overview of the regulatory framework George-Paul Perantzakis, Fleet Direc- cling in their contracts.

INTERVIEW OF THE MONTH

The traditional family business model has proved successful historically

The CEO of Safe Bulkers, a company which in 2018 celebrated sixty years of presence in the shipping industry and ten years on the NYSE, talks to Naftika Chronika about the challenges and developments the dry cargo market is facing with regards to the forthcoming IMO 2020 sulphur regulation. He also talks about the need for alternative means of financing and expresses his concerns about the on-going trade wars and the implementation of protectionist policies.

Polys Hajioannou, CEO, Chairman of the Board and Director of Safe Bulkers talks to Ilias Bissias and Panagiotis Kapetanakis

28 It seems that since the beginning of the year, the dry cargo market has been looking for a compass amid worries over slowing global growth. However, many remain hopeful for an improved second half. What do you think the future holds for bulk carriers? What are the key factors likely to have a medium and long-term impact on developments?

Since the beginning of the year, the dry bulk market is trading at low levels facing the headwinds of two major and out of the norm events, namely the continua- tion of the trade war between the US and China and the Vale dam collapse. Besides the actual effect on demand, the trade war is creating an overhang in the global economies, maintaining a sentiment of uncertainty. The dam disaster, on the other hand, has created a huge disruption in the trade of iron ore from Brazil and consequently has had a significant effect on the ton-miles in the cape sector, despite the healthy demand for iron ore. Entering into the second half of the year, the developments in both these key driving forces of the market are positive. Recent news regarding the revival of the discus- MV Kypros Sea – 77.100 mt dwt bulk carrier, built in Japan (2014). sions between the US and China as well as the reactivation of the major Vale dam are spurring positive sentiment in the market. Furthermore, market developments in Safe Bulkers has already completed ten your performance. Our effort all these relation to the forthcoming IMO 2020 years since joining the New York Stock years has been to manage the company sulphur regulation are also expected to Exchange in May 2008. How do you with the merits of listing but at the same have a positive effect on the market. Since assess the company's performance on time to base our decision making on the the beginning of the year, we have noted a the New York Stock Exchange so far? private family tradition. Transparency and sharp increase in the sales of exhaust gas the alignment of our interests with those cleaning systems, widely known as scrub- In 2018, we celebrated our family’s 60-year of our public shareholders have always bers, mostly scheduled to be installed presence in the shipping industry and Safe been high on our agenda and our means towards the end of this year and prior to Bulkers’ 10-year presence on the NYSE. to differentiate from peers and build our the implementation of the regulation. The Our fleet almost quadrupled since our reputation. downtime required for retrofitting the IPO, our investor base expanded substan- scrubbers is expected to take many ships tially, our corporate governance strength- Do you consider raising capital from the out of the market during the second half ened. We are now a better company. Being stock markets as a competitive solution of the year creating tightness in the sup- listed on the stock exchange provides for for shipping finance? Which ownership ply of vessels and hence an increase on additional alternative means of financing. models do you think can provide better freight rates. You also gain wider recognition based on access to finance? INTERVIEW OF THE MONTH

MV Pedhoulas Cedrus – 81.800 mt dwt bulk carrier, built in Japan (2018).

Access to the capital markets is an option We are a few months before IMO 2020 that only listed companies can enjoy; how- enters into force. What is your view on The need to adapt to ever, we are very sensitive to diluting our the results of the latest MEPC 74 and the further expanding shareholders. the MSC 101 decisions, which address all the critical parameters affecting fuel regulations, the Do you think a traditional family safety? What strategy will Safe Bulkers requirement to make business with faith in hands-on implement to meet the 2020 require- additional, mainly management policies will continue to ments? exist in the years to come or does this environmental, model have a limited life expectancy? The IMO, and more specifically, the MEPC investments, the has been working intensively during the complexity and the due It is more about the size of the company past two decades aiming to enforce reg- and less about whether it runs privately ulations on the reduction of the hazard- diligence of financing or its stock is listed on a public market. ous emissions of ocean-going vessels. The require more sophisticated The traditional family business model has IMO Sulphur Cap 2020 regulation is aim- company structures which proved successful historically. We still like ing to reduce sulphur oxides (SOx) emis- to say that Safe Bulkers is run with the sions which are directly related to acid can usually be supported advantages and the experience of a tradi- rain through the use of compliant fuels by larger companies. tional family business, which are a hands- with 0.5% sulphur content, or the use of on approach and low operating expenses. scrubbers which dilute SOx emissions and However, the need to adapt to the further neutralize the acid effluent with the natu- expanding regulations, the requirement ral alkalinity of seawater, avoiding the air- to make additional, mainly environmental, borne SOx emissions that have adverse investments, the complexity and the due effects on human health and the environ- diligence of financing require more sophis- ment, are the two alternative means for ticated company structures which can compliance. usually be supported by larger companies. Safe Bulkers is quite ahead and is commit-

30 ted to the timely implementation of the cautiously optimistic, especially after the IMO Sulphur Cap 2020 regulation. We are recent G20 summit in Osaka, where talks retrofitting scrubbers within 2019 in about between the two countries had a positive Cyprus offers an half of our fleet, targeting to compete for conclusion. advantageous and stable such vessels based on the price differential legal framework approved between the low and high sulphur content In recent years, Cypriot governments fuel. For the remaining fleet, we are speed- have implemented rebranding policies by the European Union, ing up tank cleaning procedures in order in Cypriot shipping seeking to promote a competitive shipping to use compliant fuel, targeting to com- Cyprus as a global shipping center tonnage tax system, low pete for those vessels on the basis of fuel and global ship management center. consumption. What is your view on these policies? bureaucracy, as well as Do you think Cyprus can operate a well-organized public One of the most crucial issues affecting competitively against Piraeus? sector and banking system. shipping is the implementation of protectionist trade policies. In your The Cypriot government has managed to opinion, how will these trade wars, attract the interest of the shipping com- particularly the US-China trade war, munity by offering initiatives to shipping impact the future of shipping? companies to run their businesses from petitive shipping tonnage tax system, low Cyprus. The regulatory bodies and the bureaucracy, as well as a well-organized We are concerned about the trade war Cypriot registry have created an envi- public sector and banking system which and are closely monitoring recent devel- ronment which adds value to the opti- allow a shipping company to be set up and opments. A negative turn in the talks mal management of a company. Limas- run efficiently. between the US and China will deteri- sol, in particular, as an international city We, as the largest ship-owner flying the orate the global macroeconomic envi- with fast growth, can provide services of Cyprus flag, run most of our ship manage- ronment. Certain shipping sectors, such international standards. Cyprus offers an ment activities from Limassol in Cyprus as containerships, may be affected more advantageous and stable legal framework while also maintaining our strong pres- severely than others. However, we remain approved by the European Union, a com- ence in Greece. 32 To slow steam or not to slow steam The shipping community puts on the table the speed-limit challenge

In recent years, environmental protection has been high on the agenda of the global shipping community. The upcoming environmental regulations for air pollutants emissions from ships -especially CO2- have brought to the table several proposals to meet the emissions targets and have become a milestone for shipowners who are urged to find ways to reduce them while remaining competitive. Among the possible measures through which global shipping could meet the requirements of the new environmental regulations is the so-called slow steaming.

Naftika Chronika has attempted to record the views on both sides of the slow steaming debate. In the following pages we host the opinions and positions of prominent representatives of institutional bodies and senior executives of the Greek and international shipping community. We ask whether the challenge of slow steaming and a reduction in speed -of mandatory or not implementation- can be a sufficient and workable response to the question of reducing Greenhouse Gas Emissions and improving the energy efficiency of ships.

Edited by Panagiotis Kapetanakis SLOW STEAMING

Slow steaming by mandating speed limits only is by no means a solution*

Theodore Veniamis, President of the Union of Greek Shipowners

We, as the Union of Greek Shipowners, proposed to ries’ industry) with different needs that have to be the UN IMO through the Ministry of Maritime Affairs addressed, the second part of our proposal presents and Insular Policy a prescriptive short-term measure, the option of reducing consumption. Both adjust- which was warmly welcomed. It could be used in case ments are related to the level of CO2 emissions pro- the “super SEEMP” proposal of the shipping indus- duced during the lowest slow steaming in recent try would not be considered, by UN ΙΜΟ Member years, for example in 2012. States, to be enough to achieve the UN IMO car- We believe that our proposal moves in the right bon intensity target of 2030. Our proposal offers two direction, but needs further elaboration in order to prescriptive alternatives which provide confidence offer shipowners a solution that suits them best and that the UN IMO’s short-term target of 2030 will to appropriately adapt to the forthcoming change be achieved. depending on what ships they own and in which ship- The first part concerns the option of adjusting the ping sector they operate. ship’s speed. However, as there are various shipping Slow steaming as an outcome of mandatory speed sectors (e.g., bulk/tramp shipping, liner shipping, fer- limits for all ships is by no means a solution.

* The views of the President of the Union of Greek Shipowners were presented at a press conference given by Mr. Theodore Veniamis in the framework of the international maritime conference entitled “Greek Shipping Summit - 2020: The wind of Change in Global Shipping” (June 5, 2019 – Eugenides Foundation, Athens).

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Reducing speed and GHG emissions to achieve the IMO's medium-term objectives

Panos Laskaridis, President of ECSA, CEO of Lavinia Corporation/Laskaridis Shipping Company Ltd.

As time goes by it is becoming quite evident that particularly those who are polluting the most, precise- the GHGs issue cannot be solved through improve- ly because their ship's operation depends and is based ments to existing marine technologies, which have on large ships and high speeds, and thus very high pol- been stretched to their limits, nor through any of lution. the other magical solutions promised by environ- The IMO has already addressed this issue and is mentalists or politicians who have no idea of scien- expected in one way or another to impose speed tific and technological reality. reduction which will allow the shipowner to Technological solutions based on non-fossil fuels achieve emission reductions in a stable, repeata- (batteries, hydrogen cells, biofuels, etc.) are still ble, and annually measurable and controllable way. decades away from large-scale implementation in This however will come through a more elaborate the central core of global transport, although such procedure of either limiting consumption, power, solutions may perhaps be able to cope with and improved EEDI or enhanced SEEMP or a combina- serve local short-haul transport. tion of the above. However, no matter which method Consequently, only a significant ship speed reduc- is finally chosen by the shipowner, it has to become tion can effectively reduce GHG emissions. part of the Company’s ISM system, be compulsory Many vested interests have reacted to this proposal, and audited on a yearly basis.

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Jotun-MT Magazine-fpge-V02-31May18.indd 1 04/06/2018 11:48 SLOW STEAMING

We need regulations that address the root causes of climate change

Sir Michael Bibby Bt., DL, President of UK Chamber of Shipping

Prescriptive speed reduction regulation is the construction of new ships. The existing fleet is already wrong approach to meeting the IMO’s 2030 tar- slow steaming, due to the 2020 Sulphur Cap. So, the gets. There is no such thing as a one-size-fits-all effects of such a regulation in reducing further CO2 approach in improving energy efficiency across all emissions are unknown. ships. We need regulations that address the root Finally, most importantly, it lacks the principle of a causes of climate change, and that is reducing CO2 level playing field and will penalise the early movers. emissions and not speed. Effectively, it is a free ticket for inefficient vessels. Speed limit regulation has a number of pitfalls which Therefore, as speed decisions are influenced by a could create a lag in the overall carbon reduction number of factors, including technical and com- potential of the industry. For instance, very low speeds mercial, it should be left to shipowners to choose could lead to higher fuel consumption, increase vibra- whether it would be an appropriate measure for tion, and create problems with soot deposits in com- them to deploy in reducing CO2 emissions. bustion chambers and exhaust systems. Speed limit Having said that, there is room for speed - that regulation would also be difficult to administer and is, speed optimisation. Optimising the supply chain enforce, would distort the market or trade and pos- and reducing waiting times in ports could reduce sibly lead to a modal shift in short sea shipping as well CO2 emissions. Therefore, such an option should as an increase in lifecycle GHG emissions due to the be further considered by the IMO.

SLOW STEAMING

Only the reduction of speed makes it possible to reduce immediately ships emissions

Philippe Louis-Dreyfus, Chairman of Louis Dreyfus Armateurs Group

For several years, I have been proposing to my fel- I am convinced that innovation will help us reduce low shipowners to commit with an already prov- our emissions, that new fuels such as hydrogen en solution: slow steaming. Between 2011 and 2012, and the optimization of logistics systems are the we all decided to reduce our ships’ speed to cope key to this ecological challenge. But I am equally with the rise in fuel prices coupled with lowering convinced that we must act immediately to pre- freight rates. This has had the effect of significant- pare the way for these innovations that will not ly reducing the CO2 emissions of our industry. And be applied before 15 to 20 years. Otherwise, our this measure, voluntary then, raised only a tem- industry will see its already weakened image in the porary opposition from our customers who have minds of its stakeholders continue to deteriorate. been very accommodating ever since. Only the reduction of speed makes it possible to

Today, the stakes are different, and much more reduce CO2 emitted by ships: immediately, sub- important. Shipping must finally contribute to the stantially and without any investments. Would it collective effort of humanity to reduce its CO2 only be to lock the current speed of our ships to emissions. We owe it to our children, but we owe prevent them from reaccelerating (thus emitting it to our shareholders and our bankers. Our activi- more CO2) someday, this is worth the fight. And if ty can no longer satisfy itself with the alibi of being this measure only lasts the time we need to find the least polluting transport mode. better solutions, I will also be very happy!

40 sqlearn-naftika-xronika-outline.indd 1 7/25/2019 4:50:39 PM SLOW STEAMING

It is every shipping company’s responsibility to optimize its own fleet performance

Dr. Niels Hartmann, CEO, Hartmann Group, Leer

While slow steaming, of course, can be an effective this work, there need to be penalties, because means to lower a vessel’s fuel consumption and otherwise, the economics will decide the thus emissions, I don’t think a concerted effort in speed of any vessel. this regard can be fruitful for many reasons. • What about super-efficient newest generation vessels – do they also need to slow-steam? For example, the following key questions remain unanswered: And last but not least: Who defines what slow-steaming is? 80% of max speed? 75%? And • What is the optimum speed for which vessel? why? • What about situations where a vessel speeds So, in short, I think it is every shipping company’s up to meet a laycan, to reach a port before responsibility, but also an economic necessity, to the weekend, etc.? This can be an economic optimize its own fleet performance! Any regulation issue as well. in this regard will be impossible to implement, let • How should this be coordinated? To make alone measure.

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Banning excessive speed is simply the best solution to achieve the 2030 emission targets

Yavuz Kalkavan, Managing Director, Besiktas Group

LNG is the future of modern shipping. The IMO One knot less speed is equal to a 27 percent emis- needs to regulate for the rapid switch from petro- sions reduction. Banning excessive speed is sim- leum oils to LNG in shipping. The best way to man- ply the best solution to achieve the 2030 emission age this switch is to ban petroleum oils on new- targets. Slow steaming needs no investment and, buildings as soon as possible. Otherwise, it will take therefore, it is practicable and has the support of longer and be more difficult to change to LNG fuel. the shipping industry. Once LNG is imposed as the only fuel on new- So, slow steaming would be enforced immediate- buildings, slow steaming would become the medi- ly as a realistic plan to reduce maritime emissions um-term plan for the reduction of emissions. and would create immediate value.

TOWARDS GREEN SHIPPING

Slow steaming at the IMO

At its landmark 72nd session of the Marine Environment Protection Committee (MEPC 72) in April 2018, the International Maritime Organization (IMO) took serious action towards reducing maritime greenhouse gas (GHG) emissions. The so-called Initial IMO Strategy includes, among others, the following elements: (a) the vision, (b) the levels of ambition, (c) the guiding principles, (d) a list of short-term, medium-term, and long-term candidate measures with a timeline, and (e) miscellaneous other elements, such as follow up actions and others.

Two important targets are included in the targets, a wide variety of short-term, strategy: (i) to peak GHG emissions from medium-term, and long-term measures international shipping as soon as possible are being contemplated. Among the set of and to reduce the total annual GHG emis- short-term measures, those that are to be sions by at least 50% by 2050 compared finalized and agreed on between 2018 and

to 2008 and (ii) to reduce CO2 emissions 2023, one can find the following: per transport work, as an average across “Consider and analyse the use of speed Harilaos N. Psaraftis, international shipping, by at least 40% by optimization and speed reduction as a Professor, Technical University 2030, pursuing efforts towards 70% by measure, taking into account safety issues, of Denmark 2050, compared to 2008. To reach these distance travelled, distortion of the mar-

46 A speed limit regime would exhibit reduced flexibility to further slowdown whenever the market becomes depressed, and this may result in more ships laid up.

rejected at the time. In spite of this decision, lobbying for speed limits has continued by CSC and other groups. As a result, speed limits were included in the roster of candidate short-term measures of the Ini- tial IMO Strategy. More players have recently joined the speed limit bandwagon. France submitted a document to the IMO supporting the idea. Greece submitted another document advocating mandatory speed adjust- ments or maximum allowed main engine fuel consumptions. Shortly before MEPC 74 (May 2019), a group of more than 100 shipping companies, many of them Greek, issued an open letter advocating speed ket or trade and that such measure does decision text. However, what is meant by limits. A Tradewinds poll showed 61% not impact on shipping's capability to “speed optimization” in that text is far support for the measure. At both MEPC serve remote geographic areas.” from clear and hence is subject to differ- 74 and the intersessional meeting that The a priori rationale for the measure ent interpretations. preceded it, environmental groups pro- looks simple. Given the non-linear rela- It turns out that the term “speed reduc- tested in front of the IMO headquarters tionship between ship speed and fuel con- tion” is not well defined either. In many asking for ships to slow down to save the sumption (and hence emissions, GHG and IMO submissions and some other docu- planet. A high school student gave a pas- other), reducing speed looks like a very ments such as studies, papers, etc. there sionate speech to that effect. At the same promising alternative. So “speed reduc- is widespread confusion as to how this time, industry giant Maersk and other tion” comes naturally as an obvious can- term is interpreted. Sometimes it is inter- stakeholders such as the UK Chamber of didate GHG reduction measure. preted in a literal sense, that is, reduc- Shipping came out against the measure. It is actually not that simple. In the debate ing speed irrespective of how the reduc- So, what are really the issues behind at the IMO prior to MEPC 72, Chile and tion is achieved. In that sense, it is often the speed limit debate? This article is an Peru objected to the use of the term used as a synonym for “slow steaming,” attempt to clarify them. “speed reduction” as a possible emis- which is a voluntary measure. But other First, it is important to realize that speed sions reduction measure, on the grounds times the term is interpreted as mandat- reduction can be the outcome of several that this may constitute a barrier to their ing speed limits. In fact, a recurrent meas- very different policies: (a) it can be caused exports to Asia (and particularly to those ure that has been and is being promot- by a mandatory speed limit, (b) it can be that involve perishable products such as ed by various Non-Governmental Organ- the voluntary choice of ship operators as agricultural products and others). They izations (NGOs) is to impose speed lim- a result of depressed market conditions suggested the use of “speed optimiza- its. The Clean Shipping Coalition (CSC), and/or high fuel prices, or (c) it can be the tion” instead. In a compromise solution, an NGO, proposed the measure to the outcome of other, non-prescriptive pol- both wordings were included in the IMO IMO in 2010. However, that proposal was icies such as imposing a bunker levy, for TOWARDS GREEN SHIPPING

instance. Options (a), (b) and (c) are very Slow steaming different! Confusion as to which of these as a voluntary practice cases pertains not only may prevent one from examining the pros and cons of the Slow steaming is defined as the voluntary various options, but it may also shift reg- practice of sailing slower than a vessel’s ulatory focus. It is one thing to see how design speed. It is typically seen in peri- to influence the factors that can lead to ods of depressed market conditions and/ a rational speed and hence GHG emis- or high fuel prices. In 2016 UNCTAD docu- sions reduction, and another thing to con- mented a continuing sluggish demand chal- template a direct prescription of the out- lenged by an accelerated massive global come itself, in this case, a specific speed expansion in container supply capacity, esti- limit. Focusing on speed reduction as an mated at 8% in 2015 - its highest level since outcome and not on the factors that can 2010. More recently (2018), the two largest induce it makes a rational policy decision container carriers, Maersk and MSC, have on the subject more difficult to achieve. agreed to further slow steam to cut costs, I note that a bunker levy comes under with some speeds as low as 13 knots. One the umbrella of Market-Based Measures can find many other examples. (MBMs). MBMs, which also include an Emis- Slow steaming is not only practiced in the sions Trading System (ETS) -also known as container market, although it may seem to cap and trade, have been discussed at the make more sense there due to the high- IMO between 2010 and 2013, but their dis- er speeds of containerships. Slow steam- cussion was suspended in 2013. MBMs are ing is reported in every market. On a glob- included in the Initial IMO Strategy as a al scale, and according to the third GHG candidate medium-term measure (to be study of the IMO, the reduction of global

finalized and agreed on between 2023 and maritime CO2 emissions from 885 million 2030), as follows: tonnes in 2007 to 796 million tonnes in 2012 is mainly attributed to slow steaming “New/innovative emission reduction mech- due to the serious slump in the shipping anism(s), possibly including Market- based markets after 2008. Measures (MBMs), to incentivize GHG emis- In addition to fuel price and freight rate, the sion reduction.” operating speed of ships also depends on the value of the cargo carried, on the ship Note the word “possibly,” which means load factor and on other parameters. More that the fate of MBMs at the IMO is expensive cargoes induce higher speeds, unclear at best. After the above ill-fated and this is the reason that containerships discussion, interest in MBMs, at least at typically sail faster than tankers and bulk the IMO, seems currently very scant. carriers. Speed may also vary according to

Fig. 1: Transpacific service.

Source: Project ShipCLEAN.

48 the direction of trade. The latter is espe- limit can be devised so that speeds and cially so in liner trades, the difference in therefore CO2 emissions are exactly the speeds reflecting different ship load factors same. Note however that this equiva- and values of cargo in the two directions. lent speed limit is a function not only of Speed directional imbalances have been the levy but also of a multitude of oth- manifested in several trades worldwide er parameters, including ship size, freight and have been reported in several publi- rate, length of route, ship capacity utiliza- cations. For instance, ongoing research by tion and baseline fuel price. A main differ- this author and his colleagues in the con- ence between the two options is that in text of the “ShipCLEAN” project has con- the speed limit option no monies would firmed that liner cargo from South Amer- be spent on a levy, and, in that sense, the ica to Asia moves at a much slower speed ship operator’s profits would be higher. than cargo in the opposite direction. The Another, perhaps obvious, result was that project analyzed a Yang-Ming/Cosco trans- a common and uniform levy would result pacific service (see Figure 1). In it, an aver- in different optimal speeds for different age eastbound speed of 17.5 knots and an ships. A larger ship would, in general, imply average westbound speed as low as 12.5 a higher optimal speed, everything else knots were observed. Both speeds indi- being equal. Therefore, achieving equiva- cate significant slow steaming, especially in lence such as the above by a common and the direction from South America to Asia. uniform speed limit would be impossible. In particular, the 12.5 knots speed corre- To do so, one would have to set size-spe- sponds to an engine load of about 10% of cific (or maybe even ship type-specific, the maximum. route-specific or even direction-specific) The fact that speeds are already slow from speed limits, which would make the whole South America to Asia (and surely also exercise very difficult from an adminis- elsewhere) is obviously due to market trative viewpoint. Conversely, if a com- conditions that are caused by the chron- mon and uniform speed limit is imposed, ic overcapacity in liner trades worldwide the limit may be superfluous for ship and by other factors that are trade spe- types and sizes and binding for some oth- cific. The speed directional imbalance has ers, depending on the state of the mar- surely to do with the imbalances in the ket, the price of fuel, and a host of other values of goods and/or load factors in the parameters. In depressed market periods, two directions, both of which are specu- the speed limit may be superfluous, and lated to be significant. Whatever it is, these in boom market periods the limit would are speeds without any GHG reduction force some ships (likely at the large end of measure being imposed, raising the ques- the scale) to slow down whereas others tion of how worse the situation might get do not. A speed limit may also be super- with the speed limits that Chile and Peru fluous in one route direction and binding would like to avoid. Slow steaming, and in the other direction (this would be the without any speed limits being imposed, is case in the scenario of Figure 1 if a 15-knot already here, and in fact big time. speed limit were imposed). A likely short-term effect of speed reduc- Speed reduction via a speed limit, tion, either by a speed limit or by a bunker or via a bunker levy? levy, would be an increase in freight rates due to the contraction of the fleet’s annu- In Psaraftis (2019), a comparison was made al tonne-km supply curve. What the freight between speed reduction achieved by a rate increase would be and who, among speed limit and speed reduction induced ship owners, would be the main benefi- by a bunker levy. Note that this choice ciaries of this rate increase would depend is not currently on the table at the IMO, on the nature and structure of the speed as the speed limit is in the short-term reduction as it applies to the world fleet. measures category and the levy is in the Equally unclear is which option, a bunker medium-term class. This, of course, does levy or a speed limit, would result in high- not prevent us from comparing the two er freight rates. This would also depend on options. One of the results was that for many parameters. However, the speed limit any given level of levy, an equivalent speed option may be preferable to some ship own- TOWARDS GREEN SHIPPING

no incentive to improve the energy efficiency of ships or invest in energy-saving technologies or fuels. Two ships of the same type and size, one energy-efficient and the other energy-inefficient, would be forced to sail at the same speed, and this would unduly penalize the energy-efficient ship.

The way ahead

The speed limit option was discussed at latest IMO meeting, MEPC 74 (May 2019), among other measures. To the disappoint- ment of its advocates, the measure was not endorsed, as many stakeholders objected to it. But MEPC 74 did not reject it either, so the measure is still alive, at least theoret- ically. By contrast, the bunker levy option (and in fact any MBM option) is barely visi- ble in the IMO agenda at this point in time, and it is not clear when (or even if) the relevant discussion will reopen. Speaking about slow steaming, all is not lost. Maybe the term can characterize the pace of decision making at the IMO. Indic- ative is the fact that, after a fierce debate at MEPC 73 last October, the updated plan all the way to MEPC 80 in 2023 replaced the initially suggested word “prioritization” (of the candidate proposals) by the word “consideration.” This choice of wording can explain why no decision was made on any measures. MEPC 74 did exactly what MEPC 73 instructed it to do: it just considered twice: they would pay more for their cargo the measures. When IMO will move to the and also suffer increased transit times and next click, from consideration to prioritiza- increased in-transit inventory costs. Also, tion, or even to decision, is anybody’s guess. Building more ships under the freight rate increase is likely to be short- a speed limit regime would lived, particularly in the speed limit scenario. Acknowledgments also increase emissions In the long run, the expanded fleet that will have to be built to sustain trade throughput Work reported in this paper was funded due to shipbuilding under a speed limit regime would be larger in part by the ShipCLEAN project at DTU, and recycling (lifecycle than a fleet without speed limits. This would supported by the Swedish Energy Agency emissions) and may have ultimately result in fleet overcapacity and a (Chalmers University project leader). subsequent drop in freight rates. A speed adverse implications on limit regime would exhibit reduced flexi- References ship safety. bility to further slowdown whenever the market becomes depressed, and this may Psaraftis, H.N., 2019, “Speed Optimiza- result in more ships laid up. Building more tion vs Speed Reduction: The Speed Lim- ships under a speed limit regime would also it Debate.” This paper received the "Mari- ers, as, in addition to getting higher freight increase emissions due to shipbuilding and time Economics and Logistics" (MEL) Pal- rates, they would avoid paying the levy (in recycling (lifecycle emissions) and may have grave McMillan-Springer Best Conference voyage charter situations). The other side adverse implications on ship safety. Last but Paper Award at the IAME 2019 conference of the coin is that shippers would be hit not least, a speed limit scheme would offer in Athens, June 2019.

50 IMO 2020: We are ready! Are you? Explore the New Generation of our Fuel Additives

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Marine Chemicals & Equipment••Gases & Refrigerants Fire, Rescue & Safety Services www.marichem-marigases.com 52 Management trends What are the key parameters shaping the shipping industry today?

The environmental regulations creating uncertainty, the scarcity of maritime finance threatening traditional, family-owned shipping companies, the shortage of officers for ocean-going vessels that could affect the smooth operation of the industry, new technologies that provide not only opportunities but also threats -including rising operating costs for the vessels-, as well as the return of protectionist policies in world trade, are, undoubtedly, five of the most pressing challenges ship management companies will be facing for the next few years.

Τhe editorial team of Naftika Chronika magazine has asked distinguished members of the Greek and Cypriot shipping community to present their thoughts on the five major challenges that will pose a threat but also create opportunities for the ship management companies in the near future.

Edited by Charis Pappas MANAGEMENT TRENDS

Seafarers are the front-line asset of shipping and should be treated accordingly

estimating the current shortfall in seafarer officers at 16,500, rising to 92,000 officers by 2020. There is however a surplus of 119,000 ratings.

Despite these very alarming figures, we could see something positive coming out of this situation. • The shortage of skilled officers could actually lead to competition between the operators. • Quality ship Managers could benefit from the shortage of good officers.

1. The shortage of manpower Although analyses and reports suggest that By Capt. Kostas Kanellopoulos, countries such as China, the Philippines, Managing Director, Searching for the meaning of the term and India are the largest sources of seafar- Nereus Shipping S.A. ‘manpower,’ one can find various defini- ers qualified for international trade and will tions and descriptions which are similar as be able to cover ratings’ demand, there is per below: no assurance that the same will happen to • Total supply of personnel available or alleviate the shortage of officers. engaged in a specific job or task. The combination of the demographic Capt. Kostas Kanellopoulos • The supply of people who are able to changes in the recruitment of seafarers, presents his views on the impact work. the lack of opportunities for career proof new generation vessels, the • The number of qualified people work- gression to officer level, the need of young employability of seafarers, the ing or available for work or service. officers to start or build a family, the sud- current working environment at den emergence of landside opportuni- sea, the supply of shipping finance Defining the term, guides us to the old ties, the peculiarities of the working con- rule of “supply and demand.” ditions on board influenced by increased in the near future, as well as the workload, stress, loneliness, isolation and recent geopolitical developments The recently published BIMCO/ICS Man- cultural diversity, the lack or inadequate and how they will affect world power report has given the Maritime media services, result in making the ship- trade. industry warning that the global short- ping industry unattractive for new job age of deck and engineer officers is set to entrants in many countries. But the social grow over the next decade, with research dimension is not the only problem.

54 The new generation vessel is more ener- 2. The availability of shipping finance lar. In the last decade, this gap has been gy efficient with an increased level of from 2020 to 2030 as perceived by a filled by Eastern banks whose share seems automation and less human interven- non-expert in finance to have risen from 15% to 33% in contrast tion, which makes an officer’s job less to the European banks’ share which has challenging. Automation has meant that Without being any kind of expert in ship- dropped from 83% in 2011 to 61% in 2015 officers monitor, rather than handle. Their ping finance, my long working experience respectively. role moved away from “doing” to that of in shipping allows me to emphasize cer- The above is a result of various factors that “monitoring,” resulting in a diminishing tain issues regarding the availability of have influenced the Western banks’ appe- level of those operational skills gained by shipping finance in the next crucial decade tite to step back. These factors seem to be hard work and training. (2020- 2030). the capital constraints resulting from the Life at sea has always meant living in an iso- Financial Capital is usually defined either introduction of regulations such as Basel lated micro-community. With the intro- as debt or equity reported in the finan- IV, the European Central Bank’s increased duction of technology and access to the cial statements of each shipping company. regulations, the amount of bank losses and internet, seafarers have become even more Banks have traditionally provided most of high provisions, and the change in banking isolated, with fewer interpersonal rela- the financing in the shipping sector in the policy in order to minimize risks. tionships. The industry has not addressed form of ship mortgages (50%-80%). There As a result, according to maritime experts, the physical and mental effect of automa- were European banks dedicated to ship- shipping banks loan portfolios stood at tion on seafarers’ welfare. As the number ping finance before the Lehman Broth- close to $600 billion before the end of of people on board the vessel drops and ers scandal when the banking landscape December of 2008. Consequently, this the vessel’s functions are taken over by changed dramatically. According to recent shipping finance gap had to be covered machines, physical demands decrease while studies, Western banks have reduced and indeed has been covered up until mental demands increase. This leads to less their market share in total lending vol- today by other players such as: social interaction between the remaining ume, which is reflected in the increase seafarers, which in turn leads to issues like in financial and capital constraints rather • Chinese and other Asian banks (with loneliness and, possibly, depression. than their banking mindset towards ship priority on public shipping companies The working environment at sea has become finance or Greek ship finance in particu- or large private groups) healthier and safer but less engaging. International bodies and ships operators must filter any decrease in seagoing personnel to create a balance between the idea of the autonomous ship, its increased safety, and the welfare of seafarers. In connection with the predicted increase in world seaborne trade, the global fleet will grow despite the larger ships being built. Apparently, the demand for officers will increase but will be offset by the adoption of automation. As in other industries, automation in shipping will create new but different jobs. To support high technology ships, the shipping company must have highly – skilled remote operators. Thus, the future challenge is not the figures, but the digital skills experience of those who will be called to remotely operate – monitor the smart ships, including the pilots and riding teams. To face this challenge, maritime education and training programs need a holistic design, while we also have to focus on the wellbeing and mental health of seafarers, who should be considered no less than those in shore-side jobs. Seafarers are the front-line asset and should be treated accordingly. MANAGEMENT TRENDS

• Chinese and other Asian Leasing 3. Protectionism in recent years. The natural alternative for (ICBC, Mitsubishi, China Develop- Mexican crude would have been Venezue- ment, etc.) Protectionism is not a new idea since it is lan crude, which is currently sanctioned. • Shadow banking providers (Credit often viewed as a political tool which every These combined circumstances pointed to funds which exploited the opportu- country and government uses in order to a likely increase of crude imports from out- nity of low-interest rates, and offered have a competitive advantage through the side the region to come to the USA, there- explosive rates of return as an attrac- implementation of tariffs. Many countries by increasing tonne-mile demand. tive investment on high-risk oppor- promote such acts as a means to create Regarding CPP, (clean petroleum products) tunities in the shipping industry. We new jobs for their domestic market, to and the gas side of things, Mexico is the larg- have to remember this new cult increase the employment rates, and to elic- est export market for USA refined products in Wall Street after 2009 with the it confidence in the government. Equally, and a likely counter-tariff from the Mexican appearance of credit funds) the blue-collar working class in every coun- side would affect that market as well. The • The emergence of new banks (banks try is a strong proponent of protectionism forecast was that the USA would probably newly established in Norway such as they believe it brings job security and have to import more from Brazil or Colom- as Pareto Bank, Carnegie Bank, etc. increased wages to them. bia as alternative and similar grades to the which have tried to offer a lower However, the rapid integration of the Mexican crude. In the end, the Mexican tariff margin in the area of 4-5% to attract global economy has increased the produc- threat was resolved, and nothing happened. the appetite of smaller shipping com- tivity rates in most ASEAN countries, and The Chinese trade war is a bit more companies). as a result, it has put pressure on blue-col- plicated as China is more of a manufactur- lar wages and reduced hours of employ- ing and agricultural trade partner to the The question for the next decade is not ment. It has also had a detrimental effect USA than a crude oil trade partner. When related to the supply of shipping finance on Western economies leading to a loss of the USA began exporting crude, China but to whether the unregulated parts of jobs. Naturally, those groups that lost their was one of the lead receivers of the crude, the above eastern banks, the quasi-bank- jobs will advocate the imposition of tar- only to reach this point today due to the ing industry, or the credit funds will remain iffs on imported goods via their trade-un- nervousness caused by the trade war. untouchable or they too will be regulations, which is something that will probably China’s concern is that an unexpected tar- ed. Then the shift towards banks or at impact the manpower in their countries. iff imposed by the USA against Chinese least towards the traditional relationship On the contrary, white-collar employees and goods and products would quickly escalate between banks and shipowners would ‘educated’ groups are opponents of protec- Chinas’ reaction by raising counter tariffs return, making shipping loans as attractive tionism and any kind of decrease in ‘’free’’ against the USA. An additional element is as they were in the past. trade and competition. “Open-border” trad- that a voyage from the US Gulf to China However, we must keep in mind a num- ing, which is the competitive drive in many takes 50 days thus keeping the crude at sea ber of parameters that always affect glob- fields, (such as in technology, engineering, sci- and exposing it to global politics with an al growth and expansion, such as the geo- ence, etc.), tends to be less of a priority for immediate impact on its price (or the tar- political parameter of high political uncer- those countries that implement protection- iff) by the time it reaches its final destina- tainty that leads to a downward revision ism, and this leads to a decrease in the quality tion. This fear greatly reduces the number of the global economy and signifies a loss of services in their education system. of potential deals that could be fixed from of dynamic and negative monetary poli- At the same time, the current trade war the USA to China, which in turn reduces cies across the banking system. Bearing in between the U.S. and China is having an the potential tonne – mile demand, which mind the above, and given the small world immediate effect on the container seg- would help tankers’ earnings. in which we live today, any investment in ment of the shipping industry. Also, the The Asian countries that keep doing busi- shipping should initially secure a long-term waves of protectionism are likely to influ- ness with the USA have increased their charter with first class charterers, especial- ence the wet sector, which is likely to tonne-mile demand, but not to the extent ly in the wet/ gas industry where the num- take various forms depending on whom they would have if the China-USA busi- bers in capital investment are quite high. the tariffs are imposed. A recent exam- ness relationship had improved. ple of this protectionism mechanism was If the USA imposes tariffs against any of the United States’ threat that it would its Eurozone trade partners, it will have a escalate tariff measures against Mexican direct negative impact on the USA crude imports a couple of months ago. This tariff moving to Europe. This would have a nega- To support highly started at 5% and is estimated to reach up tive effect on the USA/Europe moves, but to 25% by October 2019. would be offset by the positive impact on technological built ships Mexico is the USA’s third largest trade West Africa / Europe trade. The net result the shipping company must partner (China being the first and Canada is predicted to have a zero effect. have highly-skilled remote the second). For the shipping industry, this The most likely scenario is that the USA partnership is significant as the USA is the will smooth down the tariff “walls” for the operators. largest buyer of Mexican crude with aver- sake of longevity and future sustainable age import volumes above 600,000 bbl/day growth after the Trump era.

MANAGEMENT TRENDS

The shipping market has always found a way to counter adverse consequences and emerge with new plans to self-regulate

The implementation of the 0.5% Sulphur Global Cap in 2020 is a major headache for owners and operators who are inevitably trying to establish the best techno-economical way to meet requirements: either using low-sulphur compliant fuel oil or investing in equivalent methods, such as Exhaust Gas Cleaning Systems. Although these regulations aim to protect the environment, which is naturally a positive step, they also hinder trade and as such, the industry’s prosperity. Formulat- ing such regulations is certainly troublesome given the global scale of the industry. The various countries affected need to reach an agreement, and the key players, whether fuel suppliers, engine manufac- turers, shipping operators or commodity traders, all with varying agendas, require time to catch up with each new require- By Theophanis Theophanous, 1. Environmental regulations ment. Managing Director, Bernhard Schulte All this makes communication and agree- Shipmanagement (Hellas) SPLLC Ship fuel consumption produces exhaust ment between parties an incredibly dif- gases; nitrogen oxides (NOx), sulphur ficult task, leaving ship owners and man- oxides (SOx), carbon monoxide (CO), agers to face tight deadlines and major

carbon dioxide (CO2), and particulate investment requirements, which cause matter (PM) all of which contribute to immense uncertainty and anxiety. The global warming and air contamination. industry will surely self-regulate, but it Until recently, the environmental impact could be the case that many small-scale of shipping had been undocumented and companies will not be able to invest or unregulated as shipping is an industry that adapt and therefore survive, while many of Mr. Theophanis Theophanous is mostly out of sight. However, in the last the ships currently in operation will rapid- elaborates on the environmental year, there has been more public focus on ly lose value causing owners to have signif- regulations that may hinder the shipping industry, which has made it icant asset depreciation. trade, the alternative methods into a scapegoat due to its environmen- of shipping finance that aim tal footprint. In turn, this created immense 2. Availability of shipping finance to counterbalance the post- pressure on governing bodies to implement rigid, strict, and on many occasions, As a consequence of the financial crisis a crisis situation, the reasons why hastily prepared conventions. decade ago, traditional major ship finance smaller-size shipowners struggle Regulations for ballast disinfection and markets have been on a steady fall, lead- to secure finance, the importance control plus recording and minimising ing several established banks to sharply of time and organization in fuel emissions have already been largely reduce their shipping portfolio, and some sourcing and training the crew enforced, causing industry unrest with a of them to even terminate their shipping onboard, as well as the new substantial effect on operations and trade presence altogether by offloading their challenges arising from recent not to mention the significant capital bad loans to private equity funds. Never- geopolitical developments. investment required for compliance. theless, the adjustment process by over-

58 leveraged and hard-line banks has come To conclude, a recovery is predicted in the 3. The shortage of manpower near to its end, with few banks nurtur- ship finance sector; nevertheless, it is expecting sizeable bad shipping loans nowadays. ed to be slow, as banks are still constrained The first and foremost requirement to Consequently, the surviving traditional by capital restrictions and have developed combat the shortage of manpower in the banks of the West and the recent entrants increasingly demanding risk and compliance shipping industry, which will only worsen from the East are, once again, expected to departments. Furthermore, in the upcoming going forward, is planning. Especially in are- drive ship finance higher, albeit at a low future, lenders’ commitment will be deter- as of rapid expansion, one must start well pace and on a path laid with challenges. mined by the performance of the various in advance, perhaps even more so for sec- Other methods of finance are also emerg- shipping sectors, as well as overall global tors such as LNG. Time and organisation ing to counterbalance the post-crisis sit- economic and geopolitical factors. are essential to source and train the neces- uation. The main competition lies in Far In response, third-party ship managers sary number of skilled seafarers and shore East leasing, Chinese lenders have devel- have so far- and should certainly continue staff to be able to satisfy the requirements oped into strong players addressing the - tailored their service provision efforts in of each owner and build a crew pool in requirements of smaller owners and offer- OPEX control and first-class vessel manage- line with a company’s or ship charterers’ ing low finance cost, which in many cases ment to fully match the challenging market expectations. are on par or even lower than the banks. conditions. In addition, flexibility combined A vessel is undoubtedly only as good as As far as owners are concerned, there is a with a global scope will assist ship managers the crew who sail on her, and it would be prevailing two-tier lending market mod- to further nurture collaborations with enti- impossible to maintain or enhance the con- el. Large scale owners can achieve low cost ties formed as a result of the ship finance dition of any ship without proficient human facilities with flexible terms, while smaller squeeze, such as private equity funds which resources on-board and a dedicated sup- size owners struggle to even secure finance. do not necessarily have ship management port team ashore. A structured integrat- In addition, private equity funds are current- know-how, and to consolidate owners that ed training programme of life-long learn- ly not as attractive, mainly due to their ele- need an established manager to gain from ing is an ideal way to develop and retain a vated cost, despite offering more substantial economies of scale, even via joint ventures skilled crew. Dedication to human resourc- loans than banks. offered between managers and owners. es and enlisting high calibre seafarers MANAGEMENT TRENDS

Owners can select to outsource, in line with their individual requirements, to a third-party ship manager and take full advantage of the innovative services on offer. BSM, in particular, is confident that in striving to constantly develop our work practices and our suite of maritime solutions, to stay ahead of the market, we are indeed well prepared for the future ahead.

5. Protectionism

The paradox of powerful economies and traditional champions of free trade such as the US reviving strong protectionism measures has inevitably shocked the shipping sector. The result is troublesome, with such extreme measures being considered in many cases as trade wars. With so many centralised data access, reporting, and per- countries involved, including traditional USA formance reviews, and significantly lessens allies, such a move on tariffs risks provok- Chinese lenders have the possibility of error while improving ship ing retaliation on a global scale. Therefore, it to shore co-operation. BSM is very proac- is inevitable that the uncertainty, confusion, strongly developed tive in this respect, with our own dedicat- and panic that these trade disputes create, addressing the ed maritime specialised software company, heavily impact trade markets. Based on his- requirements of smaller MariApps, as well as a fast-developing Cor- torical trends, however, the shipping market porate Fleet Performance division, conven- has always found a way to counter adverse owners and offering iently located in Athens. consequences and emerge with new plans declining finance cost that MariApps Marine Solutions is an enter- to self-regulate. Using sound market knowl- in many cases is now on prise digital solutions company offering edge and expertise, owners will surely pre- state of the art software applications for vail once again despite the challenges ahead. par or even lower than the the marine industry. Its flagship product With regards to third party Shipmanage- banks. PAL was developed based on direct feed- ment and trade barrier implementation, back from functional market experts, ship there should not be any direct effect, as owners, and ship managers and has rev- opposed to owning companies, which may olutionised daily operations onboard and face a decline in trade volume and rates. from cadet level upwards, not only assists ashore. MariApps is perpetually explor- Nevertheless, ships are expensive assets ship-management service provision but ing technological development options to and heavy investments for owners and also guarantees clients’ a portfolio of com- provide user-friendly solutions, offering need to be effectively and economically petent, ambitious and well-trained profes- imperative, work specific data access. run so as not to depreciate. Ship manag- sionals able to meet the most demanding High-tech solutions that generate and ers with a global presence who provide an requirements of any vessel. gather data from day-to-day operations array of services and solutions which ben- enable decision making and actions to be efit from economies of scale, with techni- 4. New technologies implemented to enhance operational effi- cal know-how, transparency, and flexibility cacy and efficiency. It also provides a bet- may be more valuable than ever. Decisive New technology is regarded by BSM as ter understanding of vessels performance action and adaptability are essential since absolutely fundamental in supporting work and availability of critical vessel-related wherever there is a hurdle, there exists a processes, innovation, and continuous information anytime, anywhere via the challenge to overcome it and an opportu- improvement. Digitalisation provides faster, web or a mobile device. nity to thrive.

60 Samsung Heavy Industries Company

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D.C.S.International Ltd Filonos 107 – 109, Piraeus Greece, Tel: +30 210 4181833 E mail: [email protected] www.dcsi.gr MANAGEMENT TRENDS

For the marine sector innovation-led change is nothing new

1. Environmental regulations the deterioration in working conditions at sea, pirates creating a nuisance, work-re- Everyone’s attention is on the new envi- lated pressure due to the increasing num- ronmental regulations. The governments ber of audits and inspections, and salaries and the regulatory bodies will require which are not worth the risk and time companies to implement new technolo- spent onboard. Without taking some dras- gies to ensure compliance with the new tic measures, it will be difficult to convince rules. However, when it comes to the Sul- people to take up maritime jobs in the phur 2020 cap, there are not many solu- coming years. tions available as of now. The untested and unreliable new systems could result 4. New technologies in confusion in the market and even cause breakdowns; subsequently, the shipping For the marine sector, innovation-led companies may lose money. Nonethe- change is nothing new. Consider the less, Fleet is working since the beginning impact that radar and satellite commu- of 2019 to ensure that all our vessels are nications have had in the past one hun- ready to implement the new regulation on dred years alone. The industry now faces the first day of 2020. a tipping point again, where technological developments such as autonomous 2. Availability of shipping finance and smart ships are turning science fiction into reality. On the other hand, wheth- Most traditional ship finance banks that er it is cyber-attacks, a dearth of exper- historically dominated the market have tise needed to run an unmanned ship, or been announcing their intention to exit lack of infrastructure to support new fuel shipping. Although this has been triggered sources and technology, the industry must by the financial crisis, there are other fac- consider the potential pitfalls that new tors affecting their intention to shrink technology can cause. The transformation their shipping portfolios. These factors will invite a cycle of regulatory and legal include the increasing regulation and scru- change: regulators will have to rewrite the By Sunil Kapoor, tiny faced by the European banks and the rules that have governed the safe, efficient, Director, FML Ship Management Ltd. substantial losses made in the industry. and remote operation of ships. The chang- Although rare, some banks are looking es will not happen overnight, nor will the selectively and conservatively to develop transition happen evenly. strong shipping portfolios with new small to medium-sized shipowners. Shipowners 5. Protectionism are now considering structures such as high-yield bonds, convertible debt, capital Escalating protectionism and tariff battles Mr. Sunil Kapoor analyzes and operating leases, as well as preferred can potentially disrupt the global trading the new technologies in equity structures. Export credit agencies system, which underpins demand for mar- shipping which are untested have been common participants in recent itime transport. The IMF warned that a and unreliable, the increasing years, and private equity has also emerged full-blown trade war between China and regulation and scrutiny in ship as a solution following the financial crisis. the US would weaken the global economy. financing, the reasons behind the Fears about a further escalation have rat- 3. The shortage of manpower tled investors and hit stock markets. The significant shortage in officers and IMF estimates that a renewed trade war crews, and the gradual escalation The disparaging attitude towards seafar- could reduce global GDP by up to 0.8 per of protectionism, which is likely ers has led to a remarkable shortage of cent in 2019. If it tips the US or China into to disrupt the global trading officers and crews. Some of the reasons an early recession, the effects will be much system. young individuals avoid a career at sea are more severe.

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We have 40 years’ experience in repairs shipowner, who then has the comfort of and design, and our team includes quali- knowing that he is getting professional Newport Shipping: fied naval architects and second-gener- management of their ship repairs.” ation ship repair specialists. We’re based Newport Shipping’s personalised manage- Α premium one-stop in London, utilising the maritime exper- ment has a further major benefit – ‘pay- tise available from brokerage to legal ser- as-you-earn’. drydocking solution vices which is important given our con- “Under normal circumstances the owner tracts are subject to UK law. Along with would have to pay the shipyard anywhere this background, what sets us apart is our up to 60% before the vessel leaves,” said 40 years’ experience ability to offer turnkey approach,” said Mr Leousis. “Thereafter the yard may give Newport Shipping’s Greek Office Manag- them very short credit terms of 60 or in repairs and design ing Director, Stavros Leousis. maybe 90 days. On-site operational teams staffed by “We agree the work specification direct- Newport Shipping ensure standardised ly with the owner, supervise the repair service delivery across all yards, with and organise all of the spare parts. So, the Operating through a strategic specialised maintenance capabilities and owner is speaking to only one party. And network of twelve shipyards upgrades including scrubbers and ballast then once the repairs are completed to across the Atlantic, Pacific & water treatment. And with a Key Account their satisfaction, the owner will pay 40% Middle East trading zones, Manager overseeing an entire process of the cost prior to the vessel leaving and London-based Newport from enquiry to delivery, Newport offers then we will defer the balance of 60% for a Shipping is a premium one- a secure, high quality one-stop-shop. period up for 18 months thereafter.” stop drydocking solution, with “We are a maritime service provider and “We are a unique company providing this a unique ‘pay-as-you-earn’ the demands on owners are just ever service. We started some eight years ago, financing facility. increasing. What we do is step in to liaise and after identifying the opportunity, have with the shipyard directly on behalf of the really expanded over the last 12 months.”

Stavros Leousis, Managing Director, Newport Shipping’s Greek Office

64 Newport Shipping UK LLP is a London registered entity which opened an office 2 years ago in Greece given the Greek Shipping market’s important and prestigious position globally.

Newport is investing in continuing to serve its existing clients and expanding its Greek client base, welcoming new clients.

Christoforou Nezer 21, 16674 Glyfada, Athens T: +30 210 2209199 W: www.newportshipping.com

Newport Shipping Group has purchased 100 scrubbers, with an option for 100 more, from Chinese manufacturer Weihai Puyi Marine Environmental Technology Co. (Puyier).

Offering comprehensive drydocking services from repairs and spare parts to specialised maintenance and upgrades, the 28 drydocks in Newport’s growing shipyard network are capable of delivering 2,100 annual projects for every vessel type and fleet size. INTERNATIONAL WATERS

News from the seas of the world

“The biofuel trial on board Mette Maersk has proven that decarbonized solutions MARITIME for shipping can already be utilized today, both technically and operationally. While it ENTREPRENEURSHIP is not yet an absolutely final solution, it is certainly part of the solution, and it can - serve as a transition solution to reduce

CO2 emissions today. With the launch of this product, Maersk seeks to help our Maersk to offer customers customers with their goal of moving to carbon-neutral transport sustainable supply chains,” explains Søren Toft, Maersk COO. A new carbon neutral product - the first The biofuel to be utilized is carbon neu- of its kind in the industry - is being pilot- tral and provides H&M Group the abili- ed with select Maersk customers who are ty to reduce their transport and logistics highly engaged in sustainable solutions emissions towards their aspiration of car- for their supply chain. H&M Group is the bon neutrality when accounting for only first company to trial it as part of the shift the emissions from the vessel. towards carbon-neutral transportation. The biofuel in the pilot project is the same MOL and Japanese shipyards blend of used cooking oil and heavy which design next-generation coal has been tested and successfully validated carrier in a trial driven in collaboration with the Edited by Dutch Sustainability Growth Coalition Mitsui O.S.K. Lines (MOL) recently Angeliki Koliomichou (DSGC), and Shell this year. announced a vessel design it calls "EeneX,"

66 improve operational efficiency and reduce operating costs thus ensuring the reliable supply of Taiwan's energy resources. The initial capital contribution is NT$1 billion, which is contributed by Taipower (40%), U-Ming (32.5%), Kuang Ming (20%) and K-Line (7.5%). U-Ming will contribute a total of NT$325 million. In response to the global wave of climate change, Taiwan has been actively carrying out the energy transformation initiatives. This joint venture company will also be taking appropriate measures to face the rapid changes in the operating environment to stabilize the country’s coal supply, and at an appropriate time to come, to further expand into the LNG shipping business.

Hapag-Lloyd and Ocean Network Express join blockchain-enabled platform TradeLens

Hapag-Lloyd and ONE, the world’s fifth and sixth largest carriers respectively, join CMA CGM and Mediterranean Shipping Company (MSC), both of which recently announced they are joining TradeLens. With these additions, the scope of the platform now extends to more than half of the world’s ocean container cargo. “Expanding digital collaboration is criti- for a 90-type (90,000 DWT) next-genera- effort of preparation time for ballasting cal to the evolution of the container ship- tion coal carrier, developed in cooperation into the cargo hold and reduces the risk ping industry,” said Martin Gnass, Manag- with Japanese shipyards. of salt and rust contamination due to rust ing Director Information Technology at The vessel's design draws on the ship- in the cargo hold. Hapag-Lloyd. “TradeLens has made signifi- yard's extensive knowledge of coal car- The EeneX carrier design reflects MOL's cant progress in launching a much-needed riers as well as MOL's know-how in ship proactive stance in providing safe, reliable, transformation in the industry, including its operation, with the goal of achieving and stress-free transport of resources and partnership model. Now, with five of the safe, reliable and economically efficient energy. world’s six largest carriers committed to transport of coal, an important energy the platform, not to mention many other resource for Japan. MOL proposes the Α new shipping venture ecosystem participants, we can collectively EeneX brand under its concept of provid- is established accelerate that transformation to provide ing optimal, "stress-free" transport service greater trust, transparency, and collabora- for customers and the environment. The U-Ming Marine Transport Corporation, tion across supply chains and help promote next generation coal carrier will have a Taiwan Power Company (Taipower), global trade.” double-hull structure, which allows cargo Kuang Ming Shipping Corporation and The addition of these two global carri- holds with completely flat sides and elimi- K-Line have signed a Memorandum of ers will help drive further adoption of nates the work of scraping out coal, which Understanding on July 1, 2019, to establish TradeLens around the world now that boosts the efficiency of discharging oper- a new joint-venture shipping company. TradeLens customers have access to major ations and speeding up cargo handling. The new company is expected to be carriers in all three leading global ves- Moreover, unlike conventional coal carri- established in Taipei by the end of 2020. It sel-sharing alliances on the platform. With ers, on which the cargo holds are some- aims to combine the respective partners’ an already significant presence in Asia, ONE times filled with ballast water to maintain technical, business and financial resources is further strengthening and expanding its the ship's stability during ballast voyages, and knowledge to strengthen the trans- coverage through joint cooperation with the EeneX carrier has only dedicated car- portation of energy resources for the TradeLens to help meet the challenging go holds with safe stability. This saves the power generation business and to further demands of the crucial Asia market. INTERNATIONAL WATERS GEOPOLITICS

summit in Maputo, the capital of Mozam- bique, to support US-African cooperation. US exports to Africa have fallen by 32% since 2014, but this trend has begun to change. Only a few days later, Chinese Foreign Minister Wang Yi said his country’s investments in Africa should be sustainable and dismissed charges of a debt trap because of generous Chinese funding. At the same time, he underlined the “true friendship between China and Africa.” The United States, China, and to a lesser extent Europe are struggling to strengthen their trade links with Africa, as the markets of the African countries show strong dynamics due to the young population and positive growth rates. in his keynote address to the meeting At the same time, several African coun- acknowledged the maritime security risks tries are working together to create GEOPOLITICS present in the Gulf of Guinea, but stated AfCFTA (African Continental Free Trade that new initiatives underway to improve Agreement) as they see opportunities to - the joint capacity of Nigerian law enforce- attract investment amid ongoing trade ment and Navy capabilities could make and international protectionist policies. seafarer kidnappings “history” within a Economic analysts note the political will Piracy in the Gulf of Guinea matter of months. He went on to state of part of the leaders of the African coun- continues to threaten seafarers that he is keen to improve international tries to deepen their co-operation, pre- cooperation, particularly with the shipping dicting that even under a temporary free Members of the shipping community, Flag industry. trade agreement intra-African trade could States, Agencies and States in the Gulf of Jakob Larsen, Head of Security for BIMCO, directly increase by 33%. Guinea gathered recently at the head- pointed out that regional states needed quarters of the International Maritime to play their part as well. “Nigerian piracy Russia spreading trade “nets” Organization (IMO) for a day-long sympo- mainly affects a small geographical area of in Asia sium on Maritime Security in the Gulf of around 150 x 150 nautical miles. The prob- Guinea. The event, co-sponsored by BIM- lem can be solved easily and quickly, espe- China is expected to import a large vol- CO, IMCA, ICS, ITF, and OCIMF, featured cially if Nigeria partners with internation- ume of agricultural products from Russia speakers from regional maritime agencies al navies. Nigeria holds the key to solving in the future, as Chinese demand for soy- as well as shipping officials, academics and this problem,” Larsen said. beans and corn is particularly high. Accord- military staff. Guy Platten, Secretary General of the ing to a Xinhua report, the agricultural Concerns raised by industry were sup- International Chamber of Shipping, con- sector is expected to be the new starting ported by figures from the International cluded, “It is unacceptable that seafarers point of economic and trade co-operation Maritime Bureau showing that the num- are being exposed to such appalling dan- between Russia and China. ber of attacks in the Gulf of Guinea region gers, and we need the authorities to take Looking to further boost their cross-bor- had doubled in 2018. There has also been action now.” der trade through e-commerce, the two a marked increase in kidnapping for ran- countries signed an MoU at the 6th Chi- som and armed robbery incidents. Piracy Africa becomes a pole of na-Russia Expo held in China in June, to expert Professor Bertand Monnet, who attraction for foreign investments establish a bilateral e-commerce cooper- has interviewed pirate gangs in the Niger ation mechanism. Between January and Delta, estimated that there were approx- The economies of the countries of the September 2018, the value of cross-border imately 10 groups of pirates that were African continent could benefit from the e-commerce trade between China and responsible for the majority of attacks in US-China trade dispute, given that the Russia amounted to $3.7 billion in 2018, up the area, and they were well organized and two largest economies on the planet are 23% from 2017. motivated. trying to “harness” the “Dark Continent.” In addition to China, Russia is also inter- Dr. Dakuku Peterside, the Director Gen- Investors and trade partners in Washing- ested in Iran, and the two countries signed eral and CEO of the Nigerian Maritime ton and Beijing have focused on Africa, several trade agreements and memoranda Authority and Safety Agency (NIMASA), as in June the United States co-chaired a of cooperation on the sidelines of the 15th

INTERNATIONAL WATERS BLUE ECONOMY

BLUE ECONOMY -

A milestone merger in the shipbuilding industry

China’s two largest state-owned shipbuilding groups, China Shipbuilding Indus- try Corporation (CSIC) and China State Shipbuilding Corporation (CSSC), have confirmed a plan to merge, pending approval of the relevant authorities. Iran-Russia Joint Economic Commission through the Dutch Company, Japan Arc- CSIC and CSSC were one conglomer- held in Tehran. Among other things, these tic LNG B.V., in which Mitsui has invest- ate until 1999 when they were split in agreements concern the energy, transport, ed jointly with Japan Oil, Gas and Metals two. CSSC and CSIC operate businesses commerce, manufacturing, and IT sectors. National Corporation ("JOGMEC"). The in China’s south and north, respectively. The two countries, which are very impor- acquisition will be completed as soon as The two companies’ combined assets are tant players in the international energy the relevant regulatory approvals have worth over $72.88 billion. scene, have long promoted the further been obtained. As the global shipbuilding industry is fac- development of their relations and have The project will develop natural gas and liq- ing overcapacity as a result of the global already had a series of bilateral trade and uefaction facilities with a production capac- financial crisis, many shipyards all over the economic cooperation summits. At this ity of 19.8 million tonnes per year from world have declared bankruptcy, whereas last summit, nine working groups and the conventional onshore gas field locat- others are reorganizing their activities. three special committees, with a large ed on the Gydan Peninsula within the Arc- The CSIC-CSSC merger follows the deci- number of officials from both countries, tic Circle, north of the Russian Federa- sion by the world’s largest shipbuilder convened. tion. Novatek commenced production at Hyundai Heavy Industries to acquire Dae- The trade balance of Russia and Iran has the nearby Yamal LNG project in 2017, and woo Shipbuilding and Marine Engineering. been steadily increasing in recent years this project will be the company's second If the CSIC-CSSC merger goes ahead, it is to exceed $1.7 billion in 2018. Both sides LNG project in the Arctic Circle in Russia. estimated it will create the biggest ship- expressed the conviction that there is con- Novatek's estimate of the total develop- builder worldwide. siderable room for broadening and deep- ment cost is currently around $21-23 bil- ening the economic relations between the lion. After participation and following a final Piraeus port sets two countries. Hydrocarbons and nuclear investment decision with Novatek's part- new profitability record power are the sectors where there is the ners, the project plans to commence pro- highest degree of cooperation, as Russia is duction of LNG from around 2023. LNG According to the Annual Financial Report already working with OPEC members, of from the project will be delivered mainly 2018 presented at the Annual General Assem- which Tehran is an important partner. Sim- to Asia and Europe via the Northern Sea bly of the Piraeus Port Authority S.A. (PPA) ilarly, Iran has recently agreed to establish Route. Other partners of the project are the most important figures are the following: a free trade zone with the members of a subsidiary of the French company Total - The turnover amounted to €132.9 mil- the Eurasian Economic Union, in which S.A, a subsidiary of China National Petrole- lion compared to €111.5 million in the cor- Russia participates. um Corporation, and a subsidiary of China responding period of 2017, showing an National Offshore Oil Corporation Limit- increase of 19.2%. Japan teams up with Russia ed with a 10% stake each. - Profit before tax amounted to €42.3 in Arctic LNG-2 Mitsui's business activities in the LNG million compared to €21.2 million in the industry began with participation in an year 2017, showing an increase of 100%. Mitsui & Co., Ltd. has signed an agreement LNG project in Abu Dhabi in the 1970s. - The net result is shown improved by to enter into a share purchase agreement Since then the company has partici- 147% to €27.9 million compared to €11.3 with PAO Novatek to acquire 10% of pated in LNG projects in various parts million in the year 2017. the equity in the project company Arctic of the world, including Australia, Qatar, - PPA S.A. will pay €4.8 million concession LNG 2 LLC for participation in the Arctic Oman, Russia, Indonesia, Equatorial Guin- fee to the Greek State for the year 2018 LNG 2 project. The share will be acquired ea, the United States and Mozambique. compared to €4.1 million in 2017.

INTERNATIONAL WATERS BLUE ECONOMY

- Cash amounted to €80.9 million com- phase fully-approved, entailing the dredg- pared to €61.9 million in 2017. ing of 130 meters of quay over its Berths The General Assembly was chaired by the 1 and 2. This will facilitate the berthing of Chairman of PPA S.A. Mr. Yu Zenggang, vessels with a length overall (LOA) of up who stated: "The year 2018 was the most to 400 meters. The work will be com- successful year in terms of profitability. pleted by mid-2020 and will provide 438 The successful financial results of the port meters of berth, and a depth alongside of contribute positively to the Greek econo- 15 meters. my as well as all the investments included Financing for the infrastructure works has in the Master Plan that will create growth been provided by the EU and PRA, with and new jobs." ICTSI undertaking all the necessary associated investment in quayside and landside Tangier Med: handling systems, as well as the increased The leading African port coverage of the terminal’s state-of-the-art IT systems. MedPort Tangier terminal, the second ter- The second phase foresees additional minal of APM Terminals in Morocco, was dredging alongside the 438m of quay to a inaugurated recently as part of the Tangier depth of 16.5 meters. Once completed, this Med Port complex. MedPort Tangier has project will make AGCT the first terminal an annual capacity of 5 million TEUs. in the northern Adriatic able to berth ves- With this new capacity, Morocco is estab- sels of up to 20,000 twenty-foot equivalent lishing itself as one of the most impor- units (TEU) capacity, with an LOA of up to tant transshipment locations in the world. 400 meters and beam of 59 meters. Tangier Med Port is already ranked as the Total terminal yard capacity will be leading African port and is amongst the increased up to 600,000 TEUs per year in world’s top 50 container ports due to its line with demand. prime location along key trade lanes and increasing cargo flows to and from Africa. South Korea shipbuilders The construction of the state-of-the-art preparing for massive LNG MedPort Tangier facility took two years carrier orders and a total investment of USD 800m. This new transshipment terminal was designed, South Korea's major shipbuilders are constructed and operated by APM Termi- expecting massive liquefied natural gas nals, and will join existing hub facilities ser- (LNG) carrier orders to be placed in the vicing Maersk and its partners. Built by uti- second half of this year. lizing the latest technology, the terminal is From January until mid- June of this year, set to be one of the most efficient and saf- South Korean shipbuilders had secured est in the world. 21 of 24 LNG carrier orders worldwide, The new facility will help Tangier Med Port while they expect further orders for more to increase its annual throughput capacity than 60 LNG carriers to be placed this to nine million TEUs, helping to improve year. Moroccan connectivity and further sup- Samsung Heavy Industries Co. will be port global trade. co-operating with Russian shipbuilder Zvezda to build ice-breaking LNG carriers ICTSI Croatia invests in future- for the Arctic LNG 2 project. proof terminal Moreover, Hyundai Heavy Industries Co. and Daewoo Shipbuilding & Marine Engi- Adriatic Gate Container Terminal neering Co. will attempt to win orders (AGCT), the Croatian subsidiary of Inter- from U.S. energy giant Anadarko Petrole- national Container Terminal Services Inc. um Corp., which needs 16 LNG carriers (ICTSI) at the Port of Rijeka, is set to real- for its LNG project in Mozambique. ize a comprehensive expansion plan in the South Korean shipbuilders are also await- period up to mid-2020. ing orders for LNG carriers from Qatar, In close cooperation with the Rijeka Port which is expected to need at least 40 LNG Authority, AGCT has drawn up plans for a carriers for its North Field expansion pro- two-phase dredging scheme with the first ject to develop its offshore gas fields.

INTERNATIONAL WATERS PASSENGER SHIPPING

Qatar invests in cruise tourism

The deepening and the extra berthing of Doha Port will contribute to boosting tourism in Qatar as it is going to increase the number of cruise ships and tourists coming to the country. The Ministry of Transport and Commu- nications of Qatar said that it had completed the dredging works at Doha Port as part of the country’s National Tourism Sector Strategy 2017-2023, and now an extra berthing is provided to accommo- date more than one giant cruise ship. Doha Port plays a huge role in Qatar’s tourism sector because it has become Qatar’s gateway to marine tourism. Dur- ing the 2018-19 season, Doha Port welcomed a record 144,707 passengers and crew on 44 ships.

Meyer Turku wins third Icon class ship contract from Royal to develop a new set of goals for 2030 to Caribbean constantly improve environmental man- PASSENGER agement, energy efficiency, health, safety, Royal Caribbean Cruises Ltd. and Meyer and well-being objectives. Turku shipyard have signed an agreement SHIPPING on the delivery of a third Icon class cruise Laying the keel ship, to be delivered by Turku in the spring - for the new cruise ship IONA of 2025. The previous Icon ships are to be delivered in 2022 and 2024. Icon ships will The keel laying ceremony of the new be approximately 200,000 gross tonnage Carnival Corporation released cruise ship for the British P&O Cruis- cruise ships and will be powered by LNG. annual sustainability report es has been yet another milestone at the Meyer Turku has a long-standing history for 2018 Meyer Werft in Papenburg. It marked the together with Royal Caribbean that was official start for assembling the hull of the proven time and time again with many A few weeks ago, Carnival Corporation & new luxury liner for the United Kingdom. innovations and ships that were and still plc, the world's largest leisure travel com- The ship will be handed over to the cus- are the hallmarks of the cruise shipbuild- pany, released its ninth annual sustainabil- tomer in spring 2020. ing industry. These include, among others, ity report, detailing the key initiatives and The traditional keel laying coins were the first Royal Promenade walkway built progress made in 2018 toward its 2020 placed by Paul Ludlow (President P&O to Voyager of the Seas in 1999 and at the sustainability performance goals. Cruises) together with Stephan Schmees time revolutionarily large and complex The company achieved its 25% carbon reduc- (Executive Board Member Project Man- cruise ships Oasis and Allure of the Seas tion goal three years ahead of schedule in agement Meyer Werft) and Jürgen Storz in 2009 and 2010. 2017 and made further progress on that (Project Leader Meyer Werft). The new "We are very thankful to Royal Caribbean goal in 2018. As part of its ongoing strategy vessel measures 21.5 m in length, 19.4 m for their confidence in the Icon ship design to reduce carbon emissions, Carnival Cor- in width and 9.8 m in height. It weighs 461 and our ability to build such an exceptional poration introduced in December 2018 the tons and is part of the future fore ship of ship even before the first Icon is delivered. world's first cruise ship able to be powered in the new cruise liner. Icon III further extends our order book port and at sea by liquefied natural gas (LNG), With its rating of more than 180,000 GRT, until 2025, which gives the shipyard and the the world's cleanest burning fossil fuel. the IONA will be the new flagship of the Finnish maritime cluster long-term stabili- Looking to the future, the company con- P&O Cruises fleet. It’s one of the first ty,” CEO of Meyer Turku Jan Meyer states. tinues to chart its sustainability jour- ever cruise ships to be powered 100% by The construction of the first Icon ship will ney, using the United Nation's Sustaina- LNG, making it particularly environmen- begin at the Meyer Turku shipyard in the ble Development Goals as a framework tally friendly. spring of 2020.

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Choose to fly the world’s local flag. [email protected] www.register-iri.com blog.register-iri.com blog.register-iri.com

International Registries, Inc. in affiliation with the Marshall Islands Maritime & Corporate Administrators PORT STATE CONTROLS

Paris and Tokyo MoUs annual reports: Ship inspections, deficiencies, and detentions for 2018 Ship inspections, deficiencies, year, 1,457 inspections were carried out and detentions on tankers by Paris MoU's PSC inspectors, with tanker detentions totaling 24. During 2018, 17,952 inspections were carried Also, 3,711 inspections were carried out on out on 15,301 ships by Paris MoU PSC inspec- bulk carriers, with the detentions of these tors, representing similar levels to those ships reaching 97. The Secretariats of the Paris and of 2017 inspections (17,923). As regards the There were 1,814 inspections on contain- Tokyo MoUs presented their Tokyo MoU, in 2018, 31,589 inspections were erships in 2018, while detentions reached 2018 reports on ship inspections carried out on 17,301 ships of 99 different 34. The inspections on gas carriers by Par- and detentions that took place in flags (Graph 1). is MoU PSC inspectors amounted to 459, the marine waters of European The total ship deficiencies recorded by Par- while detention amounted to 6 ships. countries and the North Atlantic is MoU PSC inspectors in 2018 amounted There were 1,752 inspections on chemical to 40,368 and were mostly related (68%) to tankers and 22 detentions. Basin from North America deficiencies in certificates and documenta- Finally, inspections on passenger ships and to Europe, as well as the Asia tion, safe navigation, fire safety pollution pre- RO-ROs reached 311 and 500 respectively, and the Pacific, respectively. vention, working and living conditions, and while the detentions amounted to 3 and 5 These reports also include the safety management (ISM Code). respectively (Graph 2). performance of flag states and As regards the Tokyo MoU, total ship defi- As regards inspections by Tokyo MoU PSC recognized international shipping ciencies in 2018 amounted to 73,441, of inspectors, it is estimated that 2,041 inspec- organizations. which 10,127 were related to the safety of tions were carried out on tankers in 2018, navigation and 9,363 to lifesaving appliances, while tanker detentions amounted to 35. accounting for 45% of the overall deficien- In addition, 11,470 inspections were carried cies on board ships. out on bulk dry bulk carriers last year, with In 2018, the Paris MoU's PSC inspectors car- bulk carrier detentions reaching 339. ried out 566 detentions, an 18% decrease Containerships inspections amounted to compared to 2017, with the rate of detained 5,705, while detentions reached 114. In gas ships reaching 3.15%. As regards the Tokyo carriers, there were a total of 839 inspec- MoU, 934 vessels of 63 different flags were tions last year, while chemical tankers detained by the inspectors. The rate of inspections reached 2,392 with 40 deten- detention of ships reached 2.96%. tions. Inspections on passenger ships and In 2018, 723 inspections were carried out by RO-ROs reached 311 and 103, respective- the Paris MoU PSC on ships under Greek ly, while there were to 7 and 2 detentions flag, of which 97 were found to have defi- respectively (Graph 3). ciencies. Over the same period, 3 Greek flag ships were placed under detention by Par- Performance by flag state is MoU PSC inspectors. Tokyo MoU PSC inspectors carried out 328 inspections on The Paris MoU White List for 2018 includ- ships under Greek flag during 2018, of which ed 41 flags, compared to 40 in 2017. Among 168 were found to have deficiencies. Further- the countries listed on the White List are more, 9 Greek flag ships were placed under Greece, which is in 23rd place, Cyprus, detention by Tokyo MoU PSC inspectors. the Isle of Man, the Bahamas, Singapore, France, the United Kingdom, the Nether- Inspections and detentions lands, the Marshall Islands, Norway, China, per ship type Ireland, Belgium, Turkey, Finland, Sweden, Liberia, Panama, Russia, and Spain. By Angeliki Koliomichou With regard to ship type, during the past The Paris MoU Grey List included 18 flags

76 in 2018, compared to 20 in 2017, while the Black List included 14 compared to 13 in 2017. Saudi Arabia, the USA, Libya, Algeria, Swit- zerland, Kazakhstan, Thailand, Vanuatu, Tunisia, India, Egypt, Curacao, Morocco, Saint Vincent and the Grenadines, Iran, Lebanon, Azerbaijan, and Tuvalu appear on the Paris MoU Grey List for 2018. The Black List of the Paris MoU includes the Cook Islands, Belize, Saint Christopher and Nevis, Albania, Mongolia, Palau, Sierra Leone, Ukraine, Moldova, Cambodia, Tan- Graph 1: Ship inspections, deficiencies, and detentions (2018) zania, Togo, Comoros and the Democratic

Republic of the Congo. As regards the Tokyo MoU White List, 40 flags were listed in 2018 compared to 37 in 2017. Among the countries listed on the Tokyo MoU White List are Greece, Cyprus, Chile, Saudi Arabia, Kuwait, Swe- den, Italy, France, Malta, Bermuda, Ger- many, Norway, and Singapore. Greece is ranked 26th on the Tokyo MoU list. The Grey List of the Tokyo MoU includes 16 flags (Jamaica, the Cook Islands, Pakistan, Croatia, Iran, Turkey, Bangladesh, Switzer- land, etc.), while its Black List contains 12 flags (Fiji, Tanzania, Cambodia, Togo, Palau, Mongolia, Indonesia, Sierra Leone, etc.).

Paris MoU and Tokyo MoU differences in flag state rankings

Belize and the Cook Islands are on the Graph 2: Inspections and detentions by ship type by Paris MoU PSC inspectors (2018) Black List of the Paris MoU, but they are included in the Grey List of the Tokyo MoU. Croatia is on White List of the Paris MoU whereas it is on the Grey List of the Tokyo MoU. Also, Barbados is on the Paris MoU White List, but on the Black List of the Tokyo MoU. Turkey is on the Paris MoU White List, while it is included in the Tokyo MoU Grey List. Ukraine is on the Black List of the Paris MoU, but not on any of the Tokyo MoU lists. The US and Saudi Arabia are on the Tokyo MoU White List and during the same period on the Paris MoU Grey List. In addition, the island State of Fiji can be found on the Black List of the Tokyo MoU, but not on any Paris MoU list. Graph 3: Inspections and detentions by ship type by Tokyo MoU PSC inspectors (2018)

INDONESIA: THE GARUDA RISES

Indonesian President Joko Widodo towards water supply and sanitation pro- announced that under this plan, invest- jects. Full steam ahead ments to the amount of $412 billion would Once implemented, it is estimated that this be made for the construction of new pow- investment plan will be the largest in Indone- for the largest economy er plants, 25 new airports, the upgrade of sian history, equivalent to 5.7% of the coun- existing airports, and the development of try's GDP from 2020 to 2024. Through the in South East Asia hydroplane facilities to improve connectiv- projects mentioned above, the government ity to the country’s islands, many of which is aiming for about 6% growth in the Indone- are isolated. sian economy in the period 2020-2024. As international media report, given that Indonesia’s investment plan to improve the investments in building ports are particular- country's infrastructure will contribute to ly complicated and costly in a country like attracting more tourist traffic to Indonesia, Indonesia which is made up of 18,000 islands, thus reducing the country's current trade The government of Indonesia, a the most appropriate solution is to build balance deficit, which reached a record four- young and dynamic democracy, small airports which will provide connectivi- year high in 2018. is working on a far-reaching ty for the outermost regions of the country. On the other hand, according to interna- plan to rebuild the country's Mr. Bambang Permadi Soemantri Brodjo- tional media reports, in recent years, the infrastructure from 2020 to negoro, the Minister for National Devel- Indonesian government has been struggling 2024 and extend its economic opment Planning of Indonesia, pointed out to finance large projects in the country as that it is only through connectivity that the the state budget has been limited. This has development beyond the island of country can achieve economic growth. 40% resulted in several projects being shelved Java where Jakarta, the capital of of the above investment will be funded by or delayed, which, as pointed out by inter- Indonesia, is located. the Indonesian government, 25% by state- national organizations, including the World owned companies, while the rest will be Bank, has led to a big investment gap in the financed by the country's private sector. country, which limits its economic growth. According to a Reuters report, about 60% In addition, the slowdown in global econom- of the investment will go towards the Indo- ic growth, the US-China trade disputes, and nesian transport sector, 17% towards the the volatility of oil prices are seen by many energy sector, 10% towards irrigation, 8% analysts as a hindrance to Indonesia's eco- By Angeliki Koliomichou towards the communications sector and 5% nomic reconstruction.

NEW BUILDINGS

Sealink Navigation Ltd: M/V DULCE DIVA

80 Continuing its Newbuilding M/V DULCE DIVA program, Sealink Navigation LTD. has recently added to its fleet one more newly built bulk NAME REGISTRY DULCE DIVA Class NK carrier vessel.

YEAR BUILT DWT The new ECO Ultramax M/V 2019 64,000 MT DULCE DIVA was built by Imabari Shipbuilding Co. Ltd. DELIVERY DATE NET TONNAGE 09/04/2019 20,839 MT (Shin Kasado dockyard in Japan), has a capacity of 64,000 FLAG VESSEL TYPE DWT and is registered under Marshall Islands Bulk Carrier the Marshall Islands flag. Oshima Shipbuilding and DNV GL sign strategic cooperation

Spurred by the IMO strategy to reduce greenhouse gas (GHG) emissions, Oshima Shipbuilding and classification society DNV GL have signed a long-term strategic cooperation to conduct research and development together on new bulk carrier designs. The first design to result from the cooperation, the “Oshima Ultramax 2030” leading to a 50% reduction in EEDI, was launched LeanShips project with Wärtsilä at the Nor-Shipping trade fair in Oslo. & partners achieves 3.5% fuel The partners aim to continue the strate- TECHNOLOGY savings for ships with CPPs gic cooperation through to 2030, developing and updating a road map towards the AND SHIPBUILDING The technology group Wärtsilä, the Neth- IMO zero emissions scenario, which will erlands based Maritime Research Institute be gradually implemented through annual MARIN and Italian ship owner Grimal- joint industry projects (JIPs), where other di, have together successfully designed partners will be invited to join. an Energy Saving Device (ESD), suitable “Oshima and DNV GL have already had a for use by ships with Controllable Pitch close cooperation for many years, resulting Propellers (CPPs). Following model tests, in close to 200 ships delivered or on order and subsequent sea trials with Grimal- from Oshima to DNV GL class, and with this di’s ‘Grande Portogallo’, a 165 metres long strategic agreement we want to extend this Pure Car & Truck Carrier, fuel efficien- cooperation even further,” said Eiichi Hiraga, cy gains of 3.5 percent were confirmed. President of Oshima Shipbuilding. “We are This translates into a pay-back period of delighted to deliver new, innovative designs only 1.3 years. According to Grimaldi; "The together in the years to come.” initial noon reports suggest a 5 percent The first delivery resulting from this coop- decrease in the fuel consumption, but in eration was launched at the Nor-Shipping order to get a more realistic value we trade fair in Oslo: the “Oshima Ultramax need to record a wider range of data". 2030”, a new, innovative design which has The work was carried out as part of the been developed in cooperation with lead- LeanShips project, under the European ing engine manufacturer Wärtsilä. With an Union’s Horizon 2020 framework project EEDI close to 50% lower than compara- for research and innovation. LeanShips ble vessels, this Ultramax design is one aims at demonstrating the effectiveness of the most efficient bulk carrier designs and reliability of technologies that offer to date. It maximizes operational perfor- energy savings and emission reductions mance while minimizing emissions by uti- on a large scale. The result of the develop- lizing LNG as fuel, an optimized hull shape ment work is a pre-swirl Stator, an energy and a sail to generate extra propulsion. In saving solution, that for the first time ever addition, the design offers ultra-low emis- was demonstrated to be suitable for use sions in port, by using solar panels and with CPPs. LeanShips was a four-year pro- a battery to cover the hotel load during ject and was completed in April 2019. waiting times and port operations. “This represents a major breakthrough in making ships with controllable pitch ABB Turbocharging launches propellers more efficient, and therefore intelligent engine performance less polluting. We have earlier established software for fleet-wide use some energy savings for ships with controllable pitch propellers, and now this Offering an easy-access web portal inter- new technology has been extended in face, ABB Ability™ Tekomar XPERT for line with the objectives of the LeanShips fleet provides accurate insight into engine Edited by project,” says Dario Bocchetti, Corporate performance from fleet to vessel level Nikos Vergounis Energy Saving Manager, Grimaldi Group. with all key indicators available at a glance.

82 ADV ΜΑΙΟΣ 2012:Layout 1 3/5/2012 10:17 μ Page 3 TECHNOLOGY AND SHIPBUILDING

Tekomar XPERT for fleet incorporates Tekomar XPERT can be used with any minals onshore, while a restricted air draft all standard features found in the origi- marine main and auxiliary engine, irre- allows the barge to sail via inland waterways nal Tekomar XPERT application with addi- spective of manufacturer, type, age or size. to Antwerp and Amsterdam, if required. tional fleet functionality specifically devel- There is no hardware to install and the oped to support middle and top manage- application can be dropped into the ship- Installation of “Seawing”, an ment decisions. ping company’s normal IT system, accessi- automated kite system utilizing When installed on every vessel in a fleet, ble via PCs, tablets and mobiles. natural energy Tekomar XPERT can quantify deviations Tekomar XPERT is subscription-based in engine performance and provide simple smart web solution, that is available K Line has decided to install the auto- guidance on running engines at optimum through ABB Ability™, a unified, cross-in- mated kite system “Seawing” developed levels of efficiency. The software also offers dustry digital offering. More than 1,400 by Airseas which was spin off from Airbus recommended corrective actions for the vessels have been equipped with Tekomar SE, the major aircraft manufacturer, to a realization of potential fuel oil savings. XPERT to-date. large bulk carrier owned by the compa- Deviations from actual service performance ny. “Seawing” is mounted on the bow of to shop trial reference are converted to a “LNG London” bunker vessel the vessel and is unfolded by simple oper- fuel penalty. This fuel penalty is broken down begins operations in Europe ation from the bridge under certain con- in reference to single parameters. For each ditions of wind power and wind direction, parameter there is a recommended action The LNG London (which is owned by and assists propulsion power of the vessel to bring the performance back to optimum LNG Shipping – a cooperation between with utilize wind force effectively. In the and realize the fuel oil saving. Following the Victrol and Sogestran) is on long-term installation of this system, K Line will car- advice provided by the software can result charter to Shell. It will primarily be used ry out intense assessment "Seawing" per- in significant fuel savings of typically 0.5 to 3 by Shell for LNG bunkering in the ports of formance and innovative technology for tons of fuel per day, per vessel. Amsterdam, Rotterdam and Antwerp. two years under the close cooperation of This type of advanced diagnostics, com- “The entry into service of LNG London Airseas and confirm that this system can bined with the sharing the information shows our ability and commitment to pro- greatly contribute to the reduction of the with onshore office, also allows ship viding safe and reliable supplies that help environmental load associated with the operators to immediately focus on fixing meet the growing need for cleaner-burn- ship's operation. In a case, the bulk carrier potential problems, rather than initially ing fuel,” Tahir Faruqui, General Manager, can reduce emissions by more than 20%, spending many hours analyzing them. Shell Global Downstream LNG, said. “We about 5,200 tons of CO2 annually. In addi- Tekomar XPERT for fleet allows compa- are pleased to have three LNG bunker tion, K Line and Airseas cooperate on fur- ny-wide engine performance assessment vessels in our fleet and look forward to ther improvement of their solution by uti- with controlled and consolidated analysis others joining them in the future.” lizing the operation and performance data across a fleet. It facilitates the benchmark- LNG London will be loaded with LNG at obtained from the ship operation and per- ing and ranking of engines, vessels and the Gate terminal in Rotterdam. An innova- formance management system "Kawasaki fleets and the user-friendly dashboard can tive transfer system enables delivery of LNG Integrated Maritime Solutions" installed in be customized according to role. to seagoing vessels, inland barges and ter- K Line’s fleet vessels. Beat Güttinger, Head of Tekomar for ABB Turbocharging, says: “Tekomar XPERT for fleet makes keeping an overview on engine performance easy undertaking for fleet managers, ship operators and owners. This smart digital solution with the newly introduced Engine Health Index offers marine customers an instant overview of their entire fleet. Whether an operator oversees five ships or many more across an international fleet, they can benchmark their fleets, ships and engines and quickly drilldown into more details to identify potential low performers or late reporters, Tekomar XPERT for fleet takes away the time consuming analysis of engine performance and allows operators to immediately focus on fixing problems to reduce fuel consumption and minimizes downtime and maintenance costs.”

84 • Up to 6300A • A, B, C, D Frame (85~150KA) • Fixed & Draw Out Type • Compliance with International Standards

STAVROS KASSIDIARIS S.A. KASSIDIARIS BUILDING Telephone : +30 210 4636000 97, Aghialou & Aegaleo Str. Telefax : +30 210 4624471 185 44 Piraeus Email : [email protected] GREECE Web: www.kassidiaris.gr MARINE METEOROLOGY

The enormous impact of tropical cyclones on ships and shipping logistics

Image 1a

Image 1b

All too often, when watching the evening news, we may hear of a tropical storm raging in the open ocean but far away from land. While the millions shore-side breathe a sigh of relief, those onboard the world’s fleets know they will have to be vigilant if the storm is heading their way or towards their intended route. Tropical cyclones have an enormous impact on ships and shipping logistics. Entire supply chains By Dr. Nikos Mazarakis, Professor of can be disrupted when ships are delayed due to the presence of a Marine Meteorology, Country Manager cyclone. at StormGeo Greece A.S.

86 Image 2 Image 3 The images 1a and 1b show the heavy traffic of ships using StormGeo weather routing services off the coast of the Philippines. On Septem- ber 12, 2018, with a cyclone over the Philippine Sea, there was an unin- terrupted flow of traffic proceeding north and south through the South China Sea. Two days later, there is a gap where the cyclone has moved west, causing all traffic to stop. The storm wrought havoc in many regions, including the Philippines and Hong Kong. This example illustrates how a tropical cyclone can cause significant stalling to ship movement—an occurrence that is replicated around the world. While accurate forecasts depend on a blend of technology and experience, ship captains know that storms have navigable and dangerous Image 4 semi-circles. The image above (2) shows a classic northern hemisphere storm and indicates that when sailing north and east of a cyclone, a ship is in the dangerous semi-circle due to a cyclone’s propensity for recurvature. Storms may track WNW at 5-10 knots for days before recurvature starts, and that recurvature process starts out slowly. However, the recurving cyclone typically speeds up, sometimes in excess of 40 knots, which would bring all ships in its path into a dangerous situation. There are exceptions to this rule. Thus, all available data should be scru- tinized when determining the best course of action for storm avoid- ance. Take the following situation (Image 4) from October 4, 2018: Image 5 The ship is heading eastbound towards the Mediterranean Sea, and proceeding along the shortest route seems to place the vessel into the dangerous semi-circle of the storm. However (Image 3) forecasts were very consistent in indicating that the storm would not take the typical NE course and would instead turn ESE-ward in the days to come. If the ship were to attempt to pass south of the storm’s track (seen below), an additional 2.5 days of sailing and 80 MT of fuel oil would be needed (Image 5). As an example of a cyclone in the Pacific, we can take this typhoon south of Kyushu on September 30, 2018, at 0000Z (Image 6). Surpris- ingly, this storm had an impact on all ships sailing through the western ocean. Within 24 hours, the storm moved NE at 40 knots. Ships sailing Image 6 from the North American Pacific Northwest towards Asia were forced to take advance action to avoid the storm. We see in this image that one ship (indicated by the yellow icon) took advanced action that enabled it to sail north of Hokkaido and avoid the typhoon (Image 7). The more customary track south of Hokkaido (rep- resented by the red ship icon) shows the more customary route where ships would have encountered typhoon-force winds and phenomenal seas. At least 200NM would have been added for southerly clearance of the storm with at least a 12-hour delay and an additional 50 MT of fuel consumed. Even on this delayed course, nine-meter head waves would still be encountered with increased risk to the crew, vessel, and cargo. Image 7 New petrochemical complex Commenting on the agreements, Saudi Ara- in Qatar mco President and CEO, Amin H. Nasser, said: “Only a few decades ago, Korean com- Chevron Phillips Chemical Company LLC panies played a vital role in Saudi Aramco’s and Qatar Petroleum (QP) recently signed upstream offshore growth development. an agreement to pursue the development, Since then, they have moved into other sec- construction, and operation of a petrochem- tors matching Saudi Aramco’s diversification icals complex in Qatar to produce ethylene strategy. Today’s agreements mark a new era and high-density polyethylene (HDPE). The of cooperation with our Korean partners facility will be developed and constructed in who will play an increasingly important role Ras Laffan Industrial City and is expected to in our strategy to capitalize on new initia- have a 1,900 KTA ethane cracker and two tives that include long-term energy supply, high-density polyethylene derivative units maritime and infrastructure development, with a combined capacity of 1,680 KTA. and breakthrough research and develop- Qatar Petroleum will own a 70 percent ment in the automotive, crude to chemicals, majority share of the joint venture, and and non-metallic sectors.” Chevron Phillips Chemical will own the The agreements are part of Saudi Aram- remaining 30 percent. In addition to the co’s long-term downstream growth and exclusive licensing of its MarTECH™ loop diversification strategy, which were signed slurry process for manufacturing HDPE, with the following South Korean com- Chevron Phillips Chemical will provide panies: Hyundai Heavy Industries (HHI), project management, engineering, and con- Hyundai Oilbank, The Hyundai Motor struction services to develop the project. Group, Korea National Oil Corporation, Hyosung, GS Holdings, Daelim Industrial. Total strengthens its US LNG business Australia: Coal and iron ore bring optimism Total has signed an agreement with Toshi- ba to take over its portfolio of LNG. It Soaring iron ore and coal prices will drive includes a 20-year tolling agreement for the value of Australian mining and energy 2.2 million tonnes per annum (Mtpa) of exports to a record high over the next LNG from Freeport LNG train 3 in Tex- year, as the country's Department of as and the corresponding gas transpor- Industry, Innovation and Science predicts tation agreements on the pipelines feed- in a recent report. ing the terminal. Train 3 of the Freeport The latter says the trade dispute between LNG plant is expected to start commer- the world's two biggest economies could cial operations by Q2 2020. provide a perverse boost to demand for Under the transaction, Total will acquire all those commodities. the shares of Toshiba America LNG corpo- More specifically, it predicts that continued ration for a consideration of 15 million USD supply disruption in the world's second-big- to be paid by Total to Toshiba and will be gest iron ore-producing nation, Brazil, due to assigned all contracts related to their LNG the collapse of the Vale mine dam, will keep business by Toshiba Energy Systems and ore prices elevated for several years. ENERGY Solutions Corp. for a consideration of 815 Consequently, increased export volumes million USD to be paid by Toshiba to Total. and a weaker Australian currency will bolster AND NATURAL the value of mining and energy commodity Saudi Aramco signs 12 agreements exports in fiscal 2020, with the department RESOURCES with South Korean partners predicting mining and energy exports would be worth $285 billion in that year, according Saudi Aramco and its affiliates signed 12 to the Department of Industry. agreements with major South Korean As Mark Cully, chief economist at the Austral- companies to reinforce relationships with ian Department of Industry, Innovation and South Korea, expand international oper- Science noted, exports of such commodities ations, and support the region’s energy helped the country avoid a huge recession. Edited by security with the expansion of Arabian He warned, however, about the effects of the Giannis Theodoropoulos crude oil supply to Asian markets. US-China trade dispute on global trade.

88 Anadarko Announces Mozambique LNG Final Investment Decision

Anadarko Petroleum Corporation and the co-venturers in Mozambique's Offshore Area 1, announced on June 18th a Final Investment Decision (FID) on the Anadarko-led Area 1 Mozam- bique LNG project. The Anadarko-led Area 1 Mozambique LNG project will be Mozambique's first onshore LNG development, initially consisting of two LNG trains with a total nameplate capacity of 12.88 million tonnes per annum (MTPA) to support the development of the Golfinho/Atum fields located entirely within Off- shore Area 1. The project has successfully secured in aggregate 11.1 MTPA of long-term LNG sales (representing 86% of the plant's nameplate capacity) with key LNG buyers in Asia and Europe. Additionally, the project is expected to have a significant domestic gas component for in-country consumption to help fuel future economic development. As previously announced, the Anadarko-led Area 1 Mozambique LNG project has been designated as "First Mover" by the Gov- ernment of Mozambique, meaning Area 1 will also be responsible for constructing the support facilities to be shared between Area 1 and Area 4 projects, which will include the Materials Off- loading Facility and the LNG Marine Terminal. In addition, Area 1 has approximately 5,000 workers on-site today progressing works associated with the construction of a resettlement vil- lage, camp expansion, airstrip, and Palma-Afungi Highway.

Shizen Energy signs agreement with Ideol for the joint development of commercial-scale floating wind farm

Shizen Energy Inc. and Ideol SA have expressed formal intention Danica to collaborate on the development of a commercial-scale floating wind project in Japan. Through the collaboration, the project Hands-on Crew aims to maximize the expertise and resources of both companies in order to contribute to the development and expansion of Management Solutions floating offshore wind power generation and renewable energy. Shizen Energy has contributed to the development of approx- Danica delivers personalized crew management imately 800 megawatts worth of renewable energy across services. We call it Danica Hands On. Japan and is expanding its portfolio from Solar to Wind and Our crew management solutions are individually Hydropower generation business. In addition, Ideol is the designed to fit your specific needs. world’s only engineering company which achieves floating off- You can choose a full service package or cherry shore wind projects in two different sea areas, including one in Japan off Kyushu. Currently, Ideol and Shizen are jointly pick from our individual services, like crew lo- examining the implementation of floating offshore wind pow- gistics, payroll or competence management or er projects in Kyushu and are also considering expanding the make use of training services. partnership to other regions in the future. Masaya Hasegawa, founder of Shizen Energy, said, “Working on floating wind projects in Japan means to expand the country’s potential of renewable energy significantly, as the country is surrounded by sea areas with deep water and complex geographies. This is an especially valuable challenge for Shizen Energy, whose aim is to co-create 100% renewable-powered world. We believe that our collaboration will accelerate the potential of renewable energy in Japan.” Danica Maritime Services GmbH Lilienhof | Lilienstrasse 11 | 20095 Hamburg www.danica-maritime.com

3134 DMS AZ NaftikaChronic 100x280.indd 1 03.07.19 13:22 The most compact, powerful, and efficient MARKET NEWS turbochargers for marine two-stroke low-speed engines

By Alexandros Karamitsos, Head of global sales for Product Line Low-speed Turbocharger, ΑΒΒ

In response to increasing demand for optimized total cost of ownership. compact and efficient turbocharger tech- ABB’s new A255-L and A260-L turbo- nology for marine engines, ABB Turbo- chargers can be used on low-pressure charging has launched the most compact, dual fuel engines to optimize combustion powerful, and efficient turbochargers for improving engine efficiency and allow- marine two-stroke low-speed engines. ing for the reduction of GHG emissions. The new A255-L and A260-L turbocharg- The high turbocharging efficiency providers optimized for small and medium bore ed by the new A255-L and A260-L turbo- two-stroke diesel and gas engines. chargers ensures that high air-fuel ratio is Scaled down from the proven and reliable maintained in high-load operation, thus A100-L and A200-L designs, the new tur- reducing the tendency for fast combus- bocharger models offer smaller size and tion, which can adversely affect operation best in class performance while retaining and emissions. The A255-L and A260-L key design features incorporating the latest turbochargers also facilitate the utilization rotor component technologies. Their com- of emission abatement technologies for pact design allows installation flexibility in NOx and SOx reduction. modern, space-optimized engine rooms. “The A255-L and A260-L turbochargers While delivering the high-power densi- are designed to operate on all fuel types ty normally expected from larger turbo- and engines specified for both IMO Tier II charger alternatives, the new A255-L and or Tier III emissions levels. Similar to other A260-L offer the marine engine market turbocharger products in our A200 series, turbocharger technology with more pow- a full range of matching components will er density with a smaller frame size. For be available to ensure an optimized on-en- ship owners, these new turbochargers gine specification. Our drydock-to-dry- deliver high efficiency and lower fuel con- dock service concept will also be availa- sumption and emissions. They also offer ble, with no need for intermediate turbo- lower maintenance costs, allowing for an charger inspection.” XT Management partners with Navarino to upgrade its fleet

Israel-based XT Management operates a wanted to be able to offer them a more fleet of vessels, consisting mostly of con- effective solution with higher speeds than tainer ships. With expansion plans, the Fleet Broadband. company is the latest to partner with We also wanted to implement a new ERP Navarino in order to enhance its vessels’ system, which necessitated quite a high connectivity solutions. In this article, Avi amount of data transfer and data creation. Lavi, XT’s CIO, discusses the factors that Finally, we wanted to have the option to resulted in selecting Navarino as a tech- remotely install new software on board nology partner. and to remotely provide effective support. “Previously, our fleet was equipped with To achieve this, we had developed a clear pic- Inmarsat Fleet Broadband,” he says. “We ture of what we would need – in short, we started looking for new solutions due to a wanted to replicate nothing less than a shore variety of reasons. Firstly, our crews’ wel- office IT environment onboard our fleet. fare is one of our top priorities, and so we Navarino had exactly the solution we

90 were looking for. The combination of high- it’s creating a new server, adjusting firewall searching for providers who could meet er bandwidth over Fleet Xpress with the settings or a variety of other extremely our needs, I had looked at several other full redundancy of Infinity Cube really was useful actions remotely. In the near future, companies, but did not find any other pro- everything we had been looking for, for we intend to roll out the same installation vider who could deliver all the things we years and included exactly what we need- across the fleet. required under one roof.” ed to achieve all our objectives, with noth- I believe that most modern shipping com- Ivo Terhell, Navarino’s VP Sales Europe & ing missing. panies have the same connectivity and Americas added: “It is an enormous priv- Following an initial meeting with Navari- technology requirements these days - if ilege to work with a company like XT no at our Headquarters, we immediate- a vessel is without communications for Management and we are very proud that ly decided to go for a trial of their solu- even a short time, it can be a big prob- they have selected Navarino as their tech- tions, which went really well, and we are lem. This is why we chose Navarino – they nology partner. I am very pleased that we currently in the process of installing FX provide very robust solutions, the speed were able to deliver the enhancements with Infinity onboard a few more vessels. of our connections has vastly improved, that they were looking for so comprehen- We are now able to do so much more and equally importantly, their support is sively and I look forward to having a long for our vessels from our office, whether very fast, professional, and effective. When cooperation with Avi and his team.”

Interpret your data

By Andriana Pappa, Communications and Marketing, MAN PrimeServ Piraeus

Different people, from different companies and with different backgrounds meet up at PrimeServ Academy Piraeus during courses on a weekly basis. Many experiences are shared and many conversa- tions take place, during which participants discuss the different aspects on their who within 35 minutes solved the matter As further noted by Head of Technical approaches when it comes to trouble- and had the vessel up and running! Service and PrimeServ Academy Pirae- shooting on board their vessels. us – Mr. Vassilis Kois “In order to opti- During courses at MAN PrimeServ Acade- Invest in training mize the performance of your engine my Piraeus, participants get the chance to – you can save a lot! and safeguard your equipment, training get into very interesting real-life examples is a prerequisite. MAN constantly pro- due to their connection to sea-going vessels. The instructors of MAN PrimeServ Acad- motes a network and direct exchange of Below you can see a screenshot of a real- emy Piraeus have a unique dual-role with- knowledge between customers, suppliers life customer’s moment during which a ves- in the organization. They are trained MAN and the R&D department. This network sel was off-hire resulting from a slow-down. instructors and at the same time members of information exchange and access to What seems to be like a 5 year old’s drawing, of the PrimeServ Piraeus technical service experts is the only way to secure that is actually the key to effective troubleshoot- team. Their multifunctional role allows the training you are receiving is efficient ing. Having the ability to read and interpret them to have the complete perspective on and worth your investment in time and the data of the slow-downs in front of you regular (and irregular) on-board situations money.” is necessary - and this knowledge is trans- transfusing the experience and knowledge Taking into consideration the drawing of ferred to you from our Academy instructors. to the participants during courses. the above mentioned toddler, information The above example was connected to a The global curriculum of PrimeServ Acad- is available from all types of sources and vessel that had a 7 hour off-hire in June emies includes all the engine types of the tuning can be done in many different ways. due to not being able to fault find. In order MAN portfolio. The courses are devel- However efficient solutions, combin- to test the effectiveness of our courses, oped by experts at the MAN headquar- ing the least possible costs (eg. minimum the specific slow-down example was giv- ters, and are based on the unique OEM quality spares) and minimum response en to our participants one week later as a experience that MAN has plus the contin- time can be achieved in such a simple way final exercise upon completing the course, uous investment in R&D. - by investing in training! SATELLITE COMMUNICATIONS

A study from the satellite operator, which what is available. “However, the most accu- drew on a survey of 750 transport chain rate performance evaluations and predic- Inmarsat enables professionals including 125 ship owners, tions need both good quality and high fre- also indicated that maritime participants quency data, which is just what Fleet Data and protects expected average IoT-driven cost savings of provides,” added Pakkanen. “For us, the key 14% over the next five years. However, the is to provide value from the data collected, the IoT revolution research strongly suggested that a greater based on expertise in hydrodynamics, opti- maritime appetite for IoT-based solutions misation, and analytics. This scalable way of would emerge if more data could be deliv- obtaining data opens new possibilities to ered and analysed in real time. Asked why enhance the benefits of this value-added their organisation was not able to make service for the whole shipping industry.” Research published last better use of data collected from IoT- In addition to Fleet Data, Inmarsat is also year by Inmarsat on digital based solutions, 51% of maritime respond- providing dedicated bandwidth services transformation in shipping* ents overall blamed the time lag between for application providers across both its indicated that, on average, ship collection and availability for use. This was L-Band and Ka-Band networks and recent- operators and managers plan to 11% ahead of any other explanation. ly signed an agreement with SRH Marine spend $2.5 million on IoT-based This finding vindicates the thinking behind SAIT to provide ECDIS updates via Fleet- Fleet Data, recently launched by Inmarsat Broadband. The industry’s appetite for real- solutions within three years. as the first IoT-based service allowing ship time remote vessel management describes owners and managers to access vessel per- only one side of its readiness to engage formance applications via a sensor agnostic with IoT-based solutions, however. Ship- platform using dedicated bandwidth in real ping is often chided for its cyber vulnerabil- time. Developed by Inmarsat and Dane- ities, and here, Inmarsat’s recent research lec Marine, Fleet Data collects data from had some illuminating insights to offer. Its onboard sensors, pre-processes that data, 125 survey respondents revealed them- and uploads it to a central cloud-based selves to be more concerned about data database equipped with a dashboard and storage methods (55%), network securi- an Application Process Interface (API). ty (50%) and potential mishandling of data In April, Inmarsat announced maritime soft- (44%) than they are about targeted attacks ware company NAPA as the first certified (39%). Meanwhile, only 37% report initia- application provider for Fleet Data. The tives to improve security training, with just agreement will allow ship owners and man- 25% working on new IoT security policies. agers to collect, transfer, and analyse real- These findings, too, align with Inmarsat’s time onboard data covering fuel consump- approach to the IoT on developing its Fleet tion more efficiently through a dedicated Secure Unified Threat Management and application hosted on Inmarsat’s new Fleet monitoring service. At a time when crews Data IoT service. NAPA will then use this are more eager than ever to connect to data to offer services for vessel performance the IoT, often using their own devices, ship- monitoring, analytics, and optimisation. board systems can be easily compromised This partnership and the NAPA application by an infected laptop or memory stick. Few will help overcome key difficulties faced by of the world’s 1.6 million seafarers working those frustrated with the challenge of aggre- today have an IT expert working alongside gating vessel data on-board and getting it them at sea; Inmarsat research indicates efficiently onshore to improve fuel optimisa- that 76% of ships have no one on board tion. It will allow ship operators and manag- taking responsibility for cyber security. ers to access, control and analyse their own For these reasons, Fleet Secure includes data, through the NAPA application on Fleet Fleet Secure Endpoint to isolate infected Data and via a secure platform that is ful- systems and prevent ship network disrup- ly scalable, fleet-wide and available on both tion, developed with digital security spe- Fleet Xpress and FleetBroadband. cialist ESET. It also comes with the mobile Furthermore, according to Mr. Pekka Pak- training app Fleet Secure Cyber Awareness, kanen, Director, Development, NAPA Ship- developed with Stapleton International and ping Solutions, the NAPA Fleet Intelligence the Marine Learning Alliance so that seafar- By Stefano Poli, platform accommodates ship performance ers can educate themselves on the tactics VP, Business Development, data from all kinds of data sources, such as cyber criminals use to infiltrate the shipping Inmarsat Maritime noon reports or AIS, scaled according to infrastructure.

*The Industrial IOT on Land and at Sea – published July 2018. For more information visit http://research.inmarsat.com/ 92 Mylaki Shipping Agency Ltd

Ship Agency • Ship-to-Ship Transfers • Protecting Agency • Canal and Straits Transits Electronic Customs Clearances • Ship Supply • Husbandry Services • Ship Lay-Up Change of Management / Ownership • Technical Support • Ship Repairs

Greece 43, Iroon Polytechniou Ave. Ag. Theodoroi: 1, Spirou Meleti St., 200 03 Ag. Theodoroi Lavrion: Lavriou Sq., 195 00 Lavrion 185 35 Piraeus, Greece T: +30 27410 62301 / F: +30 210 422 3356 T: +30 21670 05953 / F: +30 210 422 8096 T: +30 210 422 3355 Alexandroupolis: 6, M. Botsari St., 681 00 Alexandroupolis Patras: 124, Ag. Andrea St., 262 21 Patras F: +30 210 422 3356 T: +30 21670 05952 / F: +30 23102 23932 T: +30 2610 422102 / F: +30 2610 434297 [email protected] Aliveri (Mylaki Port): 18, A. Nika St., 345 00 Aliveri Thessaloniki: 7, Karatasou St., 546 26 Thessaloniki www.mylakiltd.gr T: +30 22230 23692 / F: +30 22230 23789 T: +30 2310 283375 / F: +30 2310 223932 Chalkis: 10-12, Voudouri Ave., 341 00 Chalkis Volos: 32, Argonafton St., 382 21 Volos T: +30 22210 74810 / F: +30 22210 76760 T: +30 24210 23496, / F: +30 24210 39361 Eleusis: 19, Kanellopoulou St., 192 00 Eleusis Yali (Island): Yali-Nissiros, 853 03 Dodecanese T: +30 210 556 1654 / F: +30 210 556 1655 T: +30 22420 92086 / F: +30 22420 92086 Kavala: 1, Er. Stavrou St., 654 03 Kavala Cyprus T: +30 2310 230577 / F: +30 2310 240391 7, Klimentos & Kleomenous St., CY 1061, Nicosia T: +357 22452080 / F: +357 22754801

Besides the ports/locations that we cover via our offices appearing on the relevant list, Mylaki Shipping Agency covers all Greek ports through our local correspondence. DIGITAL FUTURE

Digitalization is not a fad

Addressing the challenges of digitalisation than L-Band, which has limited speed. With is essential for maritime business planning. a combination of the two systems, you can Digitalisation can offer vessel In fact, it is widely recognised that vessel achieve close to 100% connectivity. operators a competitive edge, but digitalisation will be central to the fleets Utilise an operating network such as Irid- maritime companies need to be of the future. ium CertusSM with its unique architec- aware of the potential risks and Digitalization is not a fad – it represents a ture, and your fleet has access to relia- put in place effective back-up and fundamental shift in how the sector does ble, high-quality satellite connectivity, any- security systems to ensure they business. As demand for data increases where on the planet, regardless of the size exponentially, satellite communication is of the vessel or its data needs. Located reap the benefits. the only realistic and affordable option for in low Earth orbit (LEO), with crosslinks ship-to-shore connectivity. enabling cross-satellite communication Digitalising a vessel is a fantastic process and L-band end-user transmissions, the but a complex one, and it is crucial to network is unaffected by weather condi- incorporate comprehensive cyber securi- tions or the need for ground stations. ty into your plans. Going digital is good Digitalised vessels with access to such but it is like putting all your eggs in one high-performing, truly global satellite cov- basket. This need could not be a problem erage can manage their operations elec- as long as you build in different routes for tronically, enabling strong ship-to-shore handling that basket. The most important links, real-time performance monitoring, question you can ask yourself is “what if?”. seamless data transfer capabilities and pri- The key components for any vessel digi- oritisation of safety operations and criti- talisation strategy must be reliable back- cal functions. In addition, they can conduct up systems and cyber-security. Yes, you can remote maintenance functions, deliver have big data on a vessel and everything e-learning and telemedicine, and provide in the cloud, but you have to secure the the crew with personal connectivity pack- connection to deliver as close as possi- ages which enhance welfare provisions ble to maximum connectivity. Remember, and boost retention rates. there is no such thing as 100% in the world Today’s satellite communications need of technology. You need to aim for several to be able to react to circumstances and systems which can deliver 99.99%. deliver reliability whatever the circum- Smart boxes can deliver great advantag- stances. IEC Telecom’s OneGate solution es in terms of managing vessel data, over- is a good example of smart box connec- seeing vessel operating systems, and pro- tivity, which has the flexibility to switch viding onboard connectivity. However, from high speed to lower speed connec- you must maintain that connectivity. In tions as needed, maintaining core process- an office, when the internet goes down, es and restricting non-essential traffic as staff can switch to things like 4G phone required. OneGate also has built-in cyber systems. On a vessel at sea, this is not an security, enhanced by IEC Telecom’s own option – the connectivity must be main- network protection, to prevent and miti- tained, and core systems prioritised. gate any cyber-attacks. The solution is to have two or three con- Reliable, high-speed connectivity for digital- nections, customized applications, and ised vessels is not something for tomorrow’s By Nabil Ben Soussia, access policies in place for each of those ships. The technology exists today, and own- Vice President – Maritime, connections. Ka and Ku band offer high- ers and managers who embrace it now are IEC Telecom Group speed connectivity but are less resilient giving themselves a competitive advantage.

94 GLOBAL EMERGENCY RESPONSE, WRECK REMOVAL, & MARINE SERVICES

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Sailing along with Celestyal Cruises on a 3-day cruise around the Aegean

By Angeliki Koliomichou In June, members of Naftika Chronika's editorial team traveled on the and Ilias Stefanidis "Celestyal Olympia" and lived a unique cruise experience that carried the signature of Celestyal Cruises. The “Celestyal Olympia” is one of Celestyal Cruises’ two medium-capacity cruise ships offering three and four-day cruises that allow passengers to visit some of the most popular destinations in Greece in the space of a few days.

96 The swimming pools and the Helios Pool Bar on the 9th deck of the “Celestyal Olympia".

On a three-day cruise with another 1,473 During the cruise, we had the opportuni- passengers of 30 different nationalities as ty to chat with the master of "Celestyal well as a 562-member crew, we had the Olympia" Efstathios Romeos, who told us opportunity to visit Mykonos, Kusada- that his love of the sea had driven him to si, Patmos, Heraklion in Crete and San- this profession, adding that he would unre- torini, with Piraeus as our port of depar- servedly advise young people to pursue ture. However, in addition to visiting the the maritime profession provided they had five destinations included in this three- a real love for it. Having sailed for 11 years day cruise, passengers were able to attend on Celestyal Cruises' ships, Capt. Efstathi- and participate in various events that took os Romeos noted that as a cruise ship place onboard. master, he had a big responsibility to pro- CRUISE INDUSTRY

Capt. Efstathios Romeos, Mr. Evangelos Syragakis, Chief Engineer Master of the cruise ship "Celestyal Olympia". of the cruise ship "Celestyal Olympia". Deck officers on the bridge of the cruise ship. tect human life. When we asked him how he thought technology would alter the working conditions at sea, the master of “Celestyal Olympia” replied that technology is undoubtedly a great help to a ship’s master and officers, however, as he pointed out "the development of technology has a rather negative impact on seamanship." We then met the Chief Engineer of the "Celestyal Olympia" Evangelos Syraga- kis, an officer with 32 years’ experience on cruise ships. He told us that his decision to be a merchant navy engineer was a choice he made because, from a young age, he loved the maritime profession, especially ship technology. Mr. Syragakis believes that a successful engineer must be astute and smart, adding that the new generation is the future of Greek shipping. He reminded us that the Greeks are born for shipping, as they have an affinity to the sea and a sense of pride in their work. With regard to the rapid technological developments that have been taking place in shipping, he stressed that for the time being, automation cannot replace the human mind. The 214.88 meters long “Celestyal Olympia” has ten passenger decks and a maximum capacity of 1,664 passengers in 418 outside staterooms - 9 of which are suites with their own balcony - and 306 inside staterooms. The highly professional crew of the “Celest- yal Olympia” is always at the disposal of pas-

98 sengers to cater to their every need offering excellent service with a warm smile. Celestyal Cruises offers a three-day cruise to Mykonos, Kusadasi, Patmos, Heraklion Crete, and Santorini and a four-day cruise to Mykonos, Kusadasi, Patmos, Rhodes, Heraklion Crete, and Santorini. Celestyal Cruises also offers a 7-day cruise on the cruise ship "Celestyal Crystal" that stops in Mykonos, Milos, Santorini, Heraklion Crete, and Kusadasi. Furthermore, Celestyal Cruises is preparing cruises in the Adriatic and new desti- The Greek Feast BBQ Buffet nations in the Eastern Mediterranean for The “Cabaret Show” in the Muses Salon. on the second evening of the 3-day cruise. the forthcoming seasons.

Celestyal Cruises is the main home-porting cruise operator in Greece and the preeminent cruise line serving the Greek Islands and East Mediterranean.

One of the 9 suites with balcony of the “Celestyal Olympia”. The World Airline Awards are managed by international air transport rating organisation Skytrax Research of London, UK. 21.65 million eligible survey entries were counted in the final results, and more of 100 nationalities participated in the survey from September 2018 to May 2019.

IAG announces intent to buy 200 Boeing 737 MAX

One of the world's largest airline groups announced a few weeks ago that it plans to build its future fleet with the Boe- ing 737 MAX with an intention to purchase 200 MAX jets. International Air- lines Group (IAG) and Boeing said the two companies have been in discussions regarding the opportunity and signed a letter of intent at the Paris Air Show in a deal that would be valued at more than $24 billion, per list prices. IAG is the parent company of Aer Lingus, Aegean consistently first British Airways, Iberia, Vueling and Level that fly more than 113 million passengers a AVIATION INDUSTRY Aegean has been named “Europe’s Best year combined. The group has been a long- Regional Airline” at the 2019 Skytrax time operator of Boeing twin-aisle air- News from the world World Airline Awards, the Passengers planes. Earlier this year, IAG group commit- of aviation Choice Awards. It is noted that the com- ted to and finalized a major order for Boe- pany won the Skytrax World Airline Award ing's newest long-haul model, the 777X, to for Best Regional Airline in Europe for the complement its fleet of current-genera- 9th consecutive year, and for the 10th time tion 777s and new 787 Dreamliners. In the in the last 11 years. This year’s award cere- single-aisle segment, IAG and its affiliates mony was held on June 18th, 2019, during used to operate Classic 737 aircraft. Today, the Paris Air Show at Le Bourget, Paris. its fleet is almost exclusively Airbus A320 Edward Plaisted, CEO of Skytrax, said: family aircraft. IAG CEO Willie Walsh has "This is a major recognition for Aegean said the group would consider the 737 Airlines front-line staff who are responsi- MAX as part of diversifying its future fleet ble for achieving such high customer sat- to spur competition. isfaction. Achieving this consistency to be voted as the Best European Region- Drones are revolutionising al Airline for a ninth consecutive year is logistics not an easy task, and it is a great triumph for Aegean Airlines to have achieved this Air Canada Cargo is entering a new era in major recognition from customers.” the transport of goods, as it has decided Commenting on the Award, Dimitris to invest in the development of a domes- Gerogiannis, CEO of Aegean, stated: “I tic, commercial network of unmanned air- would like to thank all my colleagues at craft, known as drones. AEGEAN who work tirelessly, to ensure More specifically, the Canadian carri- we offer Greek Philoxenia to our guests er announced a few weeks ago that it straight from our heart. 2019 is a very sig- has entered into a sales agency agree- nificant year for us as it marks our 20th ment with Drone Delivery Canada Corp. anniversary. Offering quality services to (DDC), which specializes in developing our passengers and promoting the virtues drone delivery solutions. Through this Edited by of Greece have been at the core of our agreement, Air Canada Cargo will use Panagiotis Kapetanakis philosophy from our very first flight.” its marketing and sales platforms and

100 resources to market DDC's drone deliv- price pressures in Europe where demand ery services in Canada, giving the logistics has become increasingly price sensitive, community access to the growing poten- resulting in lower yields. Network Airlines tial of commercial drone deliveries. are addressing these pressures by fur- As a first step, it will start delivering goods ther reducing their capacity plans, espe- to remote communities and villages in cially for Winter 2019/2020 where they Canada and government agencies across schedule only marginal expansion. Net- the country, while the goods and supplies work Airlines’ unit revenues are expect- delivered will mainly be pharmaceuticals ed to decline slightly on a currency-ad- and food. justed basis in the second quarter. In the Commenting on the agreement, Tim full year, they are projected to decline at a Strauss, Air Canada's Cargo Vice Presi- low-single-digit percentage rate on a cur- dent, stressed the company's loyalty to rency-adjusted basis. unmanned aircraft technology and its ability to provide competitive freight services Air passenger demand stays solid, to non-traditional markets. but the trend has slowed As Mr. Strauss said, Air Canada expects to see profits soon from the development of The International Air Transport Associ- the drone network - something Amazon ation (IATA) announced global passen- has not achieved so far. ger traffic results for May, showing that demand (measured in revenue passenger Lufthansa Group adjusts its full- kilometers, or RPKs) rose 4.5% compared year outlook to the same month in 2018. This was in line with the revised April traffic growth The Executive Board of Lufthansa Group of 4.4% and above the recent trough of is revising its financial outlook for the full 3.1% year-on-year growth recorded in year 2019. Ongoing strong performance March. However, it remains below the in long haul only partly offsets the price 20-year average growth rate of around deterioration in Europe caused by mar- 5.5%. Capacity (available seat kilometers ket-wide overcapacities and aggressive- or ASKs) climbed by a modest 2.7%, and ly growing low cost competitors. The load factor rose 1.4 percentage points to Group now expects the Group’s Adjusted 81.5%, surpassing last year’s record load EBIT margin to reach 5.5 to 6.5 percent factor of 80.1%. range aircraft in this segment. Moreover, (previously: 6.5 to 8.0 percent), result- “Passenger demand growth has slowed Le Bourget saw successes for the A220 ing in Group Adjusted EBIT amounting compared to the past two years. This is which won new business for 85 aircraft, to between EUR 2,000 and 2,400 million in line with slumping global trade, rising and for the widebody A330neo for which in 2019. The outlook factors in a fuel cost trade tensions, and weakening business Airbus received orders and commitments increase of EUR 550 million despite the confidence. In this challenging environ- for 24 new aircraft. recent decline of the oil price. ment, airlines are managing capacity care- The star of the show was clearly the new Yields in the European short-haul market, fully in order to optimize efficiency,” said A321XLR – the next evolutionary step in particular in the Group’s home mar- Alexandre de Juniac, IATA’s Director Gen- from the A321LR. The XLR is the world’s kets Germany and Austria, are affected by eral and CEO. most efficient and longest-range sin- sustained overcapacities caused by carri- gle-aisle aircraft, which will enable oper- ers willing to accept significant losses to Airbus sees strong demand for its ators in this segment to access markets expand their market share. This is putting new commercial aircraft products requiring even more range and payload. pressure on yields at the Network Airlines Overall, this newest model won orders and Eurowings. Both will continue to vig- During the 2019 Paris Air Show, Airbus for 48 aircraft, commitments for a further orously defend their leading market posi- achieved new business for 363 commercial 79 aircraft and 99 conversions from A321 tions while focusing on securing profitabil- aircraft, comprising 149 firm orders and 214 to XLR. These came from a wide range of ity at the same time. commitments. In addition to these totals, launch customers from around the world. At the Network Airlines, the long-haul airlines and lessors also converted 352 In the widebody segment, the new business continues to be strong. The existing aircraft orders – mostly from the A330neo has built on its positive market transatlantic route is generating particu- A320 single-aisle aircraft up to the larg- reception with additional business from larly positive performance, and demand on er A321neo and also to the new A321XLR. Cebu Pacific and Virgin Atlantic. Particular- the Asian routes remains high. Strength in This clearly reflects Airbus successful ly pleasing was the sales momentum at Le the long haul, however, is being offset by strategy in offering customers longer- Bourget for the A220. SPECIAL REPORT

Are owners inadvertently restricting their pool of seafarers?

Ship owners and operators regularly ask me whether I consider there is a shortage of seagoing personnel. When we talk about ratings and junior officers, then the answer is no, I see no shortage, maybe even a surplus. However, when we look at the senior officer ranks, then my answer is different. Yes, I do believe there is something of a shortage, but it is not necessarily measured in numbers, but rather in competencies.

There are various reasons for this short- In addition, however, I have a more con- age. Some of the shortfall can be explained troversial view – I believe that shipown- by the fact that a number of junior officers ers are creating the shortage themselves. do fall out of the career path because they “How can you say that?” you may well obtain shore jobs instead of progressing ask. to senior ranks. In addition, capable and Well, I have vast and extensive experi- By Henrik Jensen, experienced officers are lost to our mar- ence in the recruitment of seafarers from CEO and owner of crew specialist ketplace if they leave sea-going employ- Eastern Europe. Danica has regular con- Danica Group ment in their 40s or 50s. tact with over 40,000 seafarers and pro-

102 ΟΛΠ ΒΑΓΓΕΛΑΣ FINAL_Layout 1 5/11/2015 6:56 πμ Page 39

vides more than 1,400 crew, mainly senior ferent set-up at the crewing provider. officers, who serve on some 220 vessels. As an experienced crew manager, I consid- Instead of prioritising When fulfilling a crewing brief, I have er the way forward to secure the crews seen many cases where shipowners have of the future is to carefully identify and specific technical asked for too many technical require- nurture each officer’s capabilities. In Dan- experience, we should look mentsσχέδι οfor για a τ οspecific πώς θ αrole «τρ έwhichξει» κ αhasι θα conολο-κληρica,ωθ weεί ο use υφ ιpsychometricστά- σφο testingρά επί τtoω νmap ετή σaι ων εσόδforων seniorτου ΟΛ Πofficers, η οποί αwho εκτι μάται sequentlyμενος σχ εlimitedδιασμό ςthe. 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Άλλα ζητ ήandματ αeasier που toέχ ουνobserve ανακύ ψhowει κ αtheι candidateκασία-εξ πsitsρέ ς,on με theό,τ ι αυourτό σ responsibilityυνεπάγεται σ εas ε πanίπ εindustry,δο αποφ toά- work checkενδέχ εitτ αthanι να σtoυμ πcheckεριλη φpersonalityθούν στη νandέα σ ύμchair,βαση whetherείναι η ε ιthey- giveσεω shortν και σanswersχεδιασμ orού . together to ensure that we both recruit leadership skills which require a very dif- how they come across in a dialogue with and retain the very best. SPECIAL REPORT

Metropolitan College: Private maritime education in Greece

Antonios Vidalis, Vice Admiral – HCG (ret.), Head of Metropolitan College Maritime Academy, and Capt. Nikolaos Maritime education is a matter of paramount importance, particularly Makris, Master Mariner, Instructor in a country like Greece, which has a long maritime tradition and is the at Metropolitan College Maritime leading power in the global maritime scene. Academy in an interview with Angeliki Koliomichou* The Metropolitan College in Piraeus, in collaboration with the Warsash School of Maritime Science and Engineering - Solent University, offers a comprehensive programme of maritime education for those wishing to become merchant navy officers (deck and engine). Isalos.net spoke with Mr. Antonios Vidalis, Vice Admiral – HCG (ret.) and Head of Metropolitan College Maritime Academy, and Capt. Nikolaos Makris, Master Mariner, MBA Maritime Studies, MPhil (Reg.) Maritime Economics & Shipping Finance and Instructor at Metropolitan College Maritime Academy about the soft skills needed in today's shipping industry, the importance of the maritime instructor

* The interview with Messieurs Antonios Vidalis in modern maritime education, and about whether young people today and Nikolaos Makris took place in June 2019. consciously choose to pursue the maritime profession.

104 Why should a young person pursue a Do you think that nowadays the career in the maritime industry? decision of young people to pursue the maritime profession is more conscious Antonios Vidalis: Shipping has been and than it was in the past? What makes still is the industry responsible for the them choose a career in shipping? transportation of the vast majority of cargoes worldwide. The passage of time, rapid Antonios Vidalis: To a large extent, I technological developments, and changes agree with the view that young men and in its institutional framework have trans- women entering the maritime profession formed the way shipping operates today are more informed and determined to by creating a new global operating frame- pursue a career at sea. work. Our experience to date at Metropolitan The new developments in global shipping College Maritime Academy confirms this vided by their studies here. In other words, have further increased staffing needs, view. Our daily contact with students and the subject of maritime studies is not with the result that shipping continues the constant communication with their exhausted with the very high-quality and to be an industry of creation and oppor- immediate family environment show that well-thought studies provided both at the tunity for all those who, under any capac- the presence of the cadets at the Academy level of instructors and the level of equip- ity, will try to find employment within is not a result of random choice but of a ment and services of a modern education- the industry. Especially for young people conscious professional orientation. al institution, which has at its epicentre the in our country, the career in one of the The vast majority of young people, having student and his ongoing effort for success. hundreds of professions associated with heard the experiences of their seafaring Given that maritime studies form a trisec- the shipping industry continues to be a families or using the information provided tional learning field - academic, technical steady choice and a conscious profes- by the modern media, enter the Academy and professional - the learning synthesis sional orientation. with a clear awareness of the profession focuses on demonstrating daily the neces- The new generation, with its advanced they have chosen and the prospects that sity for the young seafarer to be an out- skills and fresh approach to maritime mat- open up ahead. standing professional in the literal sense ters, seems ready to begin demanding Let me note, however, that a young person’s of the term; this means a future profes- careers in Greek shipping, which remains conscious choice in itself is not enough to sional who will excel and leave his mark at the forefront of the global shipping accomplish the deeper goal of maritime on the maritime market with his technical industry. With the proper mix of tradition- education, which lies not only in preserving and work ethic characteristics. al and modern ship management methods, the original desire but also in substantially I think that our young people working on reinforcing it with all the quality data pro- How important is the maritime board or ashore will have all the resources instructor in modern maritime to experience the real professional, eco- education? How has the Academy dealt nomic and social recognition that Greek with the difficulty of finding skilled shipping can offer. maritime instructors? We should also not overlook how important it is for Greek shipping to attract and Antonios Vidalis: The maritime instruc- employ young Greeks in the maritime tor is a historical concept that has played profession. Beyond any progress that has an essential role in the development of or will be recorded, the viability of Greek Greek shipping since the 18th century and shipping itself, which is our national capital, his contribution to maritime education is is directly linked to the continued pres- still relevant today. ence of Greek seafarers on the ships of However, there is no doubt that nowa- the Greek and Greek-owned merchant days, maritime studies are not- and can- fleet. It is vital to ensure at all costs that not - be purely traditional anymore. As in the Greeks’ aptitude and inextricable con- shipping itself, where the mix of tradition- nection to the sea will be maintained in al and modern methods of doing business the future and will continue to contrib- seems to be the safest mix through which ute to the truly unique phenomenon of Greek shipping can maintain its leading the Greek primacy in the global ship- position internationally, so too in mari- ping industry. It is the duty and respon- time education this specific synthesis of sibility of all those involved in shipping to maritime knowledge and experience with make every possible effort to support and contemporary academic studies is certain enhance the presence of our young peo- to produce a highly dynamic and success- Antonios Vidalis, Vice Admiral – HCG (ret.), Head of Metropolitan ple on the ships of Greek shipowners. College Maritime Academy. ful model of teaching and learning. SPECIAL REPORT

logical progress with traditional shipping and the art of seafaring; b) the instructor's ability to function as a professional who can inspire and convey the values and skills of the maritime profession. In such an environment, such a teacher has at his disposal and uses all those tools (presentations, group work, student consistency in their duties, etc.) that enable him to evaluate each student's progress individually and to intervene creatively when and as required.

What educational innovation have you introduced into the classes you teach?

Capt. Nikolaos Makris with one of the cadets of Metropolitan College Maritime Academy. Capt. Nikolaos Makris: It is my deep conviction that knowledge does not The academic programme at Metropoli- training and shipping study programmes. mean learning by heart or unimaginative- tan College faithfully follows the philoso- The maritime training programme at Met- ly repeating information without under- phy of combining the elements mentioned ropolitan College is not the college’s inno- standing it. This conviction, fortunately, above. And for this reason, our main con- vation; it is the transfer and provision in is further enhanced by the structure of cern is to fill faculty posts with instruc- Greece of the unaltered in form and sub- the study programme that is being imple- tors who can meet the requirements of stance maritime studies programme of mented in the academy. The innovation on this educational formula. However, it is not the renowned Warsash Maritime Acad- which my educational approach is based easy or straightforward to achieve a full emy of Southampton, one of the best is focusing on the methodology for iden- synthesis of maritime instructors. Never- maritime academies in the world. This tifying and addressing the problem with theless, we can stress that the search for programme retains the character of tra- speed and consistency, assessing the relia- professionals, even active seafarers who ditional shipping, while it simultaneous- bility of information sources and, ultimate- combine real seagoing experience with an ly fully integrates modern international ly, acquiring in-depth knowledge on the academic education has been fruitful to a advances and training requirements. Com- subject. At the same time, this approach considerable extent, and so far, the empir- bining such a programme with excellent includes the extensive use of Case Studies ical picture shows the clear advantages technical equipment (Full Mission Bridge from various sources - e.g. USCG, EMSA, provided by such an educational mix to & Engine Simulators, ECDIS, Liquid Car- AMSA, ΜΑRS (Marine Accidents Report- the training of our cadets. go, Engineering Plant, Navigation Lab) and ing System), LLR (Lloyd’s Law Reports), teaching staff creates the right framework P&I Bulletins etc. - so that students also Το what extent and in what way does for students to meet the modern needs of gain relevant experience in real situations, the Metropolitan College maritime the maritime profession. which complements academic education. training programme meet the requirements of the labor market? What are the soft skills required by the shipping industry today? How Capt. Nikolaos Makris: Metropolitan does the modern instructor train College, with which I have been collab- young cadets, given today’s need for orating for many years now, is, by Greek knowledge but also for bringing out standards, a pioneering educational insti- their personalities? tution whose aim is to provide high-quality education. Its track record has proved Capt. Nikolaos Makris: The special skills its commitment to this goal, as it has pro- a modern seafarer needs to have to be duced accomplished professionals in vari- successful and show his professionalism ous professional fields. Its long experience in the demanding profession he has cho- has made Metropolitan College the most sen are consistency, versatility, adaptabil- trusted private provider of education in ity, teamwork, and discipline. The role of Greece, while at the same time it has laid the instructor in a modern maritime acad- the foundations for the development of emy unfolds on two axes: a) the integrated the most complete School of Maritime theoretical and practical training of cadets Studies in Greece with both maritime in an environment that combines techno-

106 Our Mission is to Provide Safe, Reliable and Trouble-free Transportation.

www.dorianlpg.com What motivates young people to choose postgraduate studies in shipping

The students’ perspective

The orientation of young people towards the maritime and shipping professions and the career prospects signified by a position in a shipping company -within or outside the national borders are leading many young people today to study programs whose subjects are related to shipping management, shipping economics, maritime law, and new technologies. In the following pages, we present the views of students and graduates of postgraduate programs in maritime studies in educational institutions based both in Greece and abroad. Universities, Colleges and educational institutions are presented in alphabetical order.

Edited by Angeliki Koliomichou

108 ALBA GRADUATE in its facilities and services, was critical in BUSINESS SCHOOL cultivating in me a sense of self-esteem and confidence. MSc in Shipping Management What do you think a candidate’s guiding criteria should be when choosing a suitable post-graduate study program?

The primary criterion in selecting a post-graduate program is the curriculum, comprising both the subject of the ATHENS UNIVERSITY courses and the highly qualified teach- OF ECONOMICS AND BUSINESS ing workforce. The courses must cover a wide range of instruction and approach MSc in International Shipping, Finance, and the real needs and requirements of the Management industry, with teachers that are part of this industry, in other words, practitioners and renowned professionals with a Marios Promponas competent academic background as all Internship in Fleet Department, Springfield this guarantees tuition at the highest Shipping, MSc student (Full- time 2018-2019) level. The opportunities provided by the teaching institution to connect the stu- What made you choose this particular dents with the market are another crit- study program? ical aspect.

As a candidate coming from a different In your opinion, what is the ideal age industry wishing to get involved in shipping to start studying for a postgraduate without any prior relevant qualifications, I degree, and why? was looking for an option that would provide a highly competitive curriculum and The ideal age is when you become deter- would help me acquire the in-depth knowl- mined to work and serve your choice with Gerasimos Mandrekas edge and qualifications I lacked to attain a passion. However, shipping is primarily an Internal Auditor at Navios Shipmanagement higher level. My search led me to the Alba empirical field, so having first worked for a Inc., Graduate of full-time class 2017-2018 Graduate Business School postgraduate while in the industry and then going for a program. However, the main reason that relevant MSc makes good sense. What made you choose this particular made me decide was my friends working study program? in this field who highly recommended this For what reasons did you choose MSc program for its quality, services, and to pursue postgraduate studies in To be honest, the program drew my reputation in the market. shipping? attention as soon as it was established, during my undergraduate years in AUEB, In your view, what are the most As an islander, I have been brought up to as the combined fields of Shipping and important skills this postgraduate admire the acumen of our seafaring peo- Finance. Later on, I found its program study program has contributed to your ple and to hold those who managed to outline to be even more appealing as it professional career? bring and maintain Greek shipping to the consists of several courses which belong top in high esteem. I wanted to be part to both fields while offering added flex- The most significant advantage I gained is of this pillar of the Greek economy, in a ibility through electives. Having a diplo- the variety of knowledge, not only in the- field so fascinating and well-rounded - an ma in Accounting & Finance, I decided to ory but also in terms of application to the industry where one can be very active and pursue my interest in the shipping sec- industry. The secret ingredient was that combine knowledge with instinct and the tor, capitalizing on my existing knowledge this knowledge was obtained through experience which our nation has accumu- and expanding it. exercising critical thought, which is one of lated over the ages. Communicating with the requirements for a successful, all-em- people all over the globe and being pres- In your view, what are the most bracing professional career, particularly in ent in body and in spirit aboard the ships important skills this postgraduate shipping. Furthermore, the environment one caters for was no small enchantment study program has contributed to your of Alba, which, as an institution takes pride for me either. professional career? SPECIAL REPORT

Before my postgraduate program, I only CITY, The most important skill that I gained is had a vague idea of the shipping industry. Of UNIVERSITY OF LONDON to effectively communicate in teamwork course, I consider acquired knowledge on in order to resolve problems and strive shipping terminology, practices, operation, MSc in Maritime Operations and Manage- for common goals. Teambuilding is a very financing, or law to be crucial for everyone, ment important skill to have in the maritime including me, to start a career in this par- industry due to its global and multicultural ticular industry. However, skills related to nature. This study program has also taught organizing, meeting deadlines (“soft/hard”) me how to deal with complex, unforeseen and familiarization with software devel- issues that may arise in the shipping indus- oped through a fair amount of assignments try and how to make informed decisions. and a thesis are equally important. What do you think a candidate’s What do you think a candidate’s guiding criteria should be when guiding criteria should be when choosing a suitable post-graduate choosing a suitable post-graduate study program? study program? In my opinion, the most significant criteri- As unoriginal as it may sound, the prima- on when choosing a suitable post-graduate ry guiding criteria should always be a can- program is the reputation of that program, didate’s interests and plans. These inter- which is simply determined by its distin- ests will guide the candidate into mak- Anastasia Georgala guished professors and successful alumni. ing his/her choice of a single program or Assistant Average Adjuster, Richards Hogg It is essential for the candidate to choose between more suitable programs. A candi- Lindley, Charles Taylor, Graduate of class a prestigious university that is well known date should also have in mind a university’s 2015- 2016 among employers and has a strong inter- networking potential, connection with the national network. I also believe that since job market and the industry as well as its What made you choose this particular one of the main goals of earning a master’s location and faculty. study program? degree revolves around career advancement, candidates should carefully exam- In your opinion, what is the ideal age I decided to pursue the MSc in Maritime ine the career development and placement to start studying for a postgraduate Operations and Management based primar- opportunities provided by each program. degree, and why? ily on the academic reputation of the pro- Other important criteria are the range gram. The program has an excellent reputa- of courses, the suitable timetable and the I don’t believe that there is an ideal age. In tion for its distinguished members, profes- accreditations that each program has. any case, postgraduate studies or studies sors, and alumni, and is well known among in general, hone the skills of the individu- employers. City University is one of the most In your opinion, what is the ideal age al regardless of age and position, improv- prestigious universities in the shipping indus- to start studying for a postgraduate ing their chances of personal or career try, with a strong global network and robust degree, and why? advancement. My only advice to young links with the maritime industry. Another candidates is to be open to job opportu- significant factor for choosing this program Although many students choose to con- nities during their postgraduate studies by was its flexible timetable. The courses are tinue their education immediately after taking advantage of the university’s collab- delivered on a weekend basis allowing stu- obtaining a bachelor's degree, and thus at a orations or connections with the industry. dents to combine work with studies. Other younger age, I believe that there are advan- reasons for choosing this program include tages to waiting until one is older and has For what reasons did you choose that it provides a wide range of courses, and accumulated work experience. In my opin- to pursue postgraduate studies in gives the opportunity to students to broad- ion, graduate students who have gained shipping? en their network by attending courses both real-life work experience have a clearer in Piraeus and London, which are accredited path and idea of what they want, and they I have always been interested in this par- by prestigious institutes such as the Institute are better prepared to comprehend the ticular business sector, as at the core of of Marine Engineering Science and Technolo- various concepts in the graduate courses. it we have unconventional, highly complex, gy (IMarEST) and the Institute of Chartered and volatile assets which result in an over- Shipbrokers (ICS). For what reasons did you choose all challenging and ever-changing environ- to pursue postgraduate studies in ment. It is also, one of the few industries In your view, what are the most shipping? in Greece that is undoubtedly thriving, all important skills this postgraduate things considered, and will most certainly study program has contributed to your Being a Greek from Chios, a maritime continue to do so. professional career? island by tradition, it was only natural

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SPECIAL REPORT

that I would pursue a career in the ship- the day-to-day approach to shipping. Be it METROPOLITAN COLLEGE, ping industry. It is an international industry voyage estimations, charterparty negotia- PIRAEUS CAMPUS that gives one the opportunity to travel tions, voyage orders, I found myself well to many different countries and to meet prepared when I entered the industry. MSc International Maritime Business people from all over the world. Working in the shipping industry is very interesting What do you think a candidate’s and challenging at the same time, just as guiding criteria should be when every day is different, and you never know choosing a suitable post-graduate what is going to happen next. study program?

HMC/ICS Greek Branch The focus of each student and their aspirations are the most critical factors to be ICS Professional Maritime Programme taken into account when deciding how to proceed in their academic and early professional life. One of the most prominent opinions, which I am a follower of, is that experience trumps “book-learning.” How- ever, as with everything in life, it’s not such a black and white story. Experience is, of course, a great catalyst to success, but Katerina Gemidopoulou the hands-on experience of the ICS pro- DPA Tankers Fleet, Enterprises gram which strongly supports the candi- Shipping & Trading S.A., MSc student date who is willing to enter this industry is what a student should be guided by. What made you choose this particular study program? In your opinion, what is the ideal age to start studying for a postgraduate During my research on postgraduate degree/professional qualification, and programs, I focused on many key issues why? including the quality of the curriculum and the sequence of modules, the program’s George Daskalakis The ideal age is a misguided concept. resources and facilities, expected career FICS, Commercial Officer, That being said, to be able to follow these prospects, professional and academic qual- M/Maritime Corp., Graduate degrees, one should be able to understand ifications of tutors, and the reputation of of class 2014-2015 the basic concepts of what it means to the establishment in the shipping industry, work in the shipping industry. While it is among others. What made you choose this particular hands-on, the chance to see most things Needless to say, the MSc International Mari- study program? you learn play out on a day to day basis in time Business offered by Metropolitan Col- the office will make this knowledge/mem- lege ticked all the boxes. But what really The ICS program was the most in-depth ory/experience stick with you forever. made the difference in selecting this par- and hands-on program I could find which ticular study program was the newly formed would be able to increase my academic For what reasons did you choose to co-operation between Metropolitan Col- depth of this fascinating industry. pursue the ICS Professional Maritime lege and the Solent University of Southamp- Programme? ton - a leading provider of maritime stud- In your view, what are the most ies in the UK and home to the world-re- important skills this program has I chose the ICS Programme because I nowned Warsash Maritime Academy. contributed to your professional wished to deepen my experience with career? regards to the academic part of the busi- In your view, what are the most ness. At the time, I was working in the important skills this postgraduate It is a very concise and enriched pro- insurance department of a fantastic ship- study program has contributed to your gram which can relay the most impor- ping company, which made my early pro- professional career? tant aspects of each principle to the stu- fessional years quite restricted. I decided I dents. Having been a student at The Cos- wanted to learn more about the employ- This program has already provided me with tas Grammenos Centre for Shipping, ment of ships, how the trade of commodi- the confidence and skills required to boost Trade, and Finance, I was well embedded ties works, how the management of a ship my career prospects and advance to the in the nature of this industry’s economics is executed, and how a ship management role of DPA Tankers Fleet, complementing and finance aspects, and the ICS gave me company is developed. my professional background and experience.

112 The program’s major advantage is that it For what reasons did you choose important skills this postgraduate has a strong business focus and directly to pursue postgraduate studies in study program has contributed to your relates to the shipping industry provid- shipping? professional career? ing deep insight, knowledge, networking opportunities, and resources. I have always been fascinated by the mar- As a Greek lawyer holding a Greek Bach- It is worth mentioning that to further itime industry and its international, mul- elor’s degree in Law and a Master’s degree enhance its students’ connection to indus- ti-faceted character which offers a wide in Business Law and Administration, I think try experts, the Metropolitan College’s range of opportunities to pursue a ful- that the LLM in International Shipping Law Faculty of Shipping has launched the annu- filling career. Especially in Greece, where essentially contributed to me acquiring the al event "Shipping Leaders in Residence," we have a traditional, well-established, and necessary knowledge and qualification that a series of lectures that hosts top execu- strong maritime background, following a could help me specialize in Admiralty issues tives of the leading shipping companies in career path in shipping can be very excit- and English Law for the first time in my life. Greece and worldwide. ing and rewarding in many ways. Until then, I had only dealt with fields of Greek law. The specialization and the chance What do you think a candidate’s QUEEN MARY UNIVERSITY to change career track but also the boost guiding criteria should be when OF LONDON in collaboration of the earning potential after having an LLM choosing a suitable post-graduate with the HMC from a prestigious university are among the study program? essential characteristics of the program. LLM in International Shipping Law (Pirae- Choosing a post-graduate program is not us, Greece) What do you think a candidate’s always easy, but thorough research will guiding criteria should be when certainly clear things up. There are plen- choosing a suitable post-graduate ty of options out there and to choose the study program? most suitable, candidates must first pri- oritize their needs and think about what Well, a short answer to this question; they want to achieve through a post-grad- among the guiding criteria is the prestige uate program and why. of the university, namely its name and rep- Attending open days will help you get a utation, which is extremely crucial, as it feeling of what studying at a particular may attract potential employers. Then, the venue could be like while talking to past structure and the modules that are taught, students will provide a valuable insight to and of course, the university’s network what the program is really like and what that can help its alumni to be absorbed in they have achieved since graduating. a working environment which is relevant From my point of view, flexibility was one to their studies. of the most important criteria, as I had to combine studies and work. The Metropol- Fenia Konstantinou In your opinion, what is the ideal age itan College’s option of attending the MSc LLM student (Part-time 2018-2020) to start studying for a postgraduate International Maritime Business on a part- degree, and why? time basis allowed me to deal with this What made you choose this particular challenge. study program? I do not think there is an ideal age; it depends on the circumstances. For some In your opinion, what is the ideal age The fact that Greece is a country closely people, it might be right after finishing to start studying for a postgraduate related to shipping made me think about their Bachelor and for others a few years degree, and why? choosing an LLM program based on mari- later either because they want to special- time law. But, the main reason why I chose ize in a different field or because their job The value of studying cannot be under- the program of QMUL was that I had requires them to do so. For me, it was estimated at any stage of your life. already heard about it from friends and a matter of choice and of specializing in Although most students nowadays pre- colleagues of mine, so I was familiar with something new and extremely interesting. fer to jump right into a postgraduate the status of the particular university as degree as soon as they complete their one of the top UK universities regarding For what reasons did you choose undergraduate studies, I feel that prior research and teaching. In addition, for me, to pursue postgraduate studies in work experience is essential to get the it was important that the LLM included key shipping? most of what is being offered. Being a modules that provide the essential know- “mature” student myself, I can definitely how for a career in the maritime industry. What led me to choose the LLM program agree that age is not an obstacle when in Piraeus offered by QMUL was firstly my you are motivated! In your view, what are the most strong desire to study Shipping Law and SPECIAL REPORT

then the fact that it was the most suita- • Time management and organization For what reasons did you choose to ble option for me, as it enabled me to stay • Oral and written communication pursue postgraduate studies within my country and acquire a Master’s • Teamwork in shipping? degree from one of the leading UK uni- • Critical and analytical thinking versities. • Information gathering, evaluation, and Marine transport moves billions of tonnes synthesis of cargo around the world each year, and UNIVERSITY OF THE AEGEAN • Adaptability it is one of the most critical sectors in The study program aims at providing stu- the global economy. In today’s globalized MSc: Shipping, Transportation and Interna- dents with specialization and skills that market, maritime transport has become tional Trade will enable them to develop their poten- instrumental to international trade and tial to manage various demanding situ- the global economy – more than 85% of ations, make decisions in the intensely total merchandise trade volume is trans- competitive fields of shipping, transport, ported by the international shipping and international trade, and be effective in industry. Given the continuous expansion their future work environments. in the global economy and international trade flows, the wider transportation sec- What do you think a candidate’s tor offers exciting and rewarding career guiding criteria should be when opportunities. choosing a suitable post-graduate study program? UNIVERSITY OF GREENWICH (UK), in collaboration with NEW YORK Personally, when I had to decide on which COLLEGE ATHENS graduate program I should choose, I put these questions to myself: MSc in Marine Engineering Giannis Pervanas • Do I find it interesting? Management MSc student (2018-2019) • What kind of reputation and ranking does this university have? What made you choose this particular • Am I qualified for the program? study program? • What will help me most in my future career? I chose the specific study program, "Ship- • In what language will I be studying? ping, Transportation and International • What about the tuition fees? Trade" in Chios because it offers courses • What other optional “bonuses” will in economics, organization, administration the university offer me? (Can I get an and business finance, specialized law cours- Erasmus scholarship?) es, applied transport economics, com- The university doesn’t have to be perfect, merce and shipping, as well as advanced but it has to be perfect for me. Having that management courses on shipping and in mind, you can overcome any doubt and transport companies, the marine environ- follow your passion on any career path ment, and the management of intermod- you choose! al transport network infrastructure. Final- ly, this program has a strong relationship In your opinion, what is the ideal age with the labor market and many successful to start studying for a postgraduate Efthymios Tournatzis businesses in the sector. degree, and why? Fleet Manager at Navios Maritime, Technical department, Tanker division, In your view, what are the most A master’s degree doesn't depend on Graduate of class 2015 important skills this postgraduate your age; it is rather your inner voice, the study program has contributed to your true voice of your heart and mind that What made you choose this particular professional career? tells you whether you need to do it or study program? not. Ask yourself a few questions before The most important skills this master’s you actually begin the course, like: why The shipping industry has no borders, it program has given me are: do you want it? What will be the benefits is the consequence of global markets • Working collaboratively (as a team mem- of completing it? What difference will it and trade, it is a worldwide field, and any ber) with people from different disciplines make having a master’s degree? And any institution/university offering such stud- • Managing a (research) project inde- other questions that will help you make ies measures itself against those stand- pendently a rational decision. ards. I chose this particular study program

114 Η Polembros είναι μια από τις κορυφαίες εταιρίες διαχείρισης πλοίων με περισσότερα από 40 χρόνια εμπειρία στην μεταφορά πετρελαίου και χύδην ξηρού φορτίου και απόλυτη αφοσίωση στην ασφάλεια και την αποτελεσματικότητα.

· Συνεχώς αναπτυσσόμενος, σύγχρονος στόλος - πλοία υπό Ελληνική σημαία · Φιλικό, ασφαλές περιβάλλον εργασίας με υψηλά επίπεδα διαβίωσης εν πλω · Συνεχής επιμόρφωση ναυτικών και δυναμικό πρόγραμμα κατάρτισης δοκίμων · Ανταγωνιστικές αποδοχές και προοπτικές γρήγορης ανέλιξης

Επικοινωνήστε μαζί μας τηλεφωνικώς ή στέλνοντας την αίτηση σας μέσω της ιστοσελίδας μας.

Λεωφόρος Ποσειδώνος 57Α • Μοσχάτο 18344 • Aθήνα • +30 2104580300 • www.polembros.gr SPECIAL REPORT

because of its multinational recognition For what reasons did you choose Looking back at the last two years, I have and excellent academic record. The tutors to pursue postgraduate studies in learned a lot about the shipping industry, are well known, reputable professionals in shipping? things that I knew, and things I thought the shipping industry, and possess indus- I knew. This dynamic industry changes try know-how as well as academic expe- Postgraduate studies were always in my every day. To keep up, you need to have rience. plans, although I needed to find a pro- your phone glued to your hand and read gram which met my high criteria and every last article you can find. One event, In your view, what are the most challenged me personally and profes- one statement or even one tweet can important skills this postgraduate sionally. Shipping has always been my pas- change the market in ways you cannot study program has contributed to your sion and remains an extremely compet- imagine, so skill number one is: “always professional career? itive industry. We live in a world where be up to date.” Skill number two is: “team academic successes will always reassure spirit.” Throughout the courses, I have I firmly believe prestigious and estab- colleagues and employers of our abilities; worked with amazing fellow students, lished postgraduate studies offer a variety choosing strong programs of study is the conducting research on different mar- of skills necessary for every professional. real challenge here. itime topics, including the cruise indus- Besides being taught a lot of new things, I try, alternative maritime fuels, and others. feel skills such as time management, team- UNIVERSITY OF PIRAEUS Team spirit is a “must” skill regardless of work, public speaking, and debating were the professional career anyone will fol- all skills I learned during this postgradu- MSc in Shipping low. ate degree. By challenging myself to focus on both work and studies equally, I have What do you think a candidate’s learned to work well under pressure. guiding criteria should be when choosing a suitable post-graduate What do you think a candidate’s study program? guiding criteria should be when choosing a suitable post-graduate Just follow your passion, no more, no less. study program? The guiding criteria should refer more to the university one will choose. Find peo- Choosing a suitable study program is one of ple that have attended the study program the most important decisions a person can and ask as many questions as possible. make. Established universities such as the Speak to professors and ask them about University of Greenwich, well-known pro- the courses and the program. Do not rely grams of study such as this MSc, and indus- only on what you read on the university’s try professionals teaching the subject mod- internet page. Call them, send an email, or ules were all reasons why I chose this pro- discuss face to face, to understand if you gram. A competitive advantage versus oth- George Fakinos will find what you are looking for in their er professionals is key to gaining the con- MSc student (Full- time 2017-2019) program. fidence to aim higher. I remain extremely proud of being part of the specific study What made you choose this particular In your opinion, what is the ideal age program. study program? to start studying for a postgraduate degree, and why? In your opinion, what is the ideal age After graduating from NTUA as an Electri- to start studying for a postgraduate cal and Computer Engineer, I was in search The ideal age to start studying for a post- degree, and why? of the best postgraduate program. As the graduate degree is around 25-27. The rea- labor market in Greece is a bit saturat- son is that you have the time to work for Age is only a self-barrier, and possibly an ed, after discussing it with friends already a year or two in a company and experi- excuse when it comes to education. Ι cer- working in various companies, I decided to ence the market. Find out what you really tainly understand and support that young- follow a path in the shipping industry. The like to do, and where the gap in the mar- er students should continue their stud- MSc in Shipping at the University of Pirae- ket is. You will not have the experience to ies after their undergraduate degrees, us is one of the best programs in Greece, know and understand everything. Howev- but I also encourage mature students to so I sent my application. er, you will have the opportunity to under- return to the world of academia. A good stand the basis of the industry. post-graduate study program may open In your view, what are the most new doors at any time during one's life. important skills this postgraduate For what reasons did you choose Never lose your thirst for knowledge no study program has contributed to your to pursue postgraduate studies in matter your age. professional career? shipping?

116 Having talked to many friends who work that the most critical skills I have gained being given the whole set of opportunities in various companies, I found that the ship- from the program are to be precise and the program offers - from lectures by top ping industry is the best option for a stu- accurate on what I am doing, to set targets professors, to certification of students by dent who wants to work and live in Greece. and work hard to achieve them and to care classification societies and intense intern- Despite the economic crisis, Greek ship- more about everything I do. ship programs - I may easily join this global ping is expanding, and Greek shipping com- and multinational community where I feel panies are considered to be the best. What do you think a candidate’s I belong. guiding criteria should be when UNIVERSITY OF PIRAEUS choosing a suitable post-graduate UNIVERSITY OF READING, study program? ICMA CENTRE, HENLEY BUSINESS MSc in Shipping Management SCHOOL For me, the most crucial criterion is employability or the ability to gain an MSc in International Shipping and Finance advantage in the difficult job-searching arena. The program chosen should help one’s career path. Second, another consideration, in my opinion, is the reputation and rank that the University and the postgraduate study course have. For example, I greatly appreciate the fact that Greece is the major player in the shipping industry, and that the Department of Maritime Studies of the University of Piraeus has an excellent reputation as it has been delivering knowledgeable personnel to the industry for more than 30 years.

Eirini Mantea In your opinion, what is the ideal age MSc student (2018-2019) to start studying for a postgraduate degree, and why? Konstantina Vagena What made you choose this particular Tanker Broker, Clarksons Platou, study program? In my opinion, it is not only a matter of London, Graduate of class 2013 age but also of real-life experience. I firmly I chose this particular program firstly because believe that to get the best out of an MSc What made you choose this particular shipping is one of the most important sec- program, a minimum of five years work- study program? tors in the global economy, and Greece is the ing experience in general or three years world’s largest shipping nation holding 16.3% in shipping in particular, is required. If, on Three important reasons contributed of the global fleet. In addition, English is now the other hand, one lacks the experience to my final choice. First, its reputation in the international language of business, espe- but possesses the passion, the motivation, the market as the world leading program cially in the maritime industry, which is a glob- and the ambition to learn and work hard in shipping and finance. Second, its strong al sector. I am sure that a Master’s in Greece, –like I believe I do- then he or she may focus on the career development and aspi- specializing in Shipping and taught in English is use them as substitutes to working expe- rations of participants, the employability the perfect combination for success. rience to pursue further studies. skills, and building a professional network. Third, its content, which entails both key In your view, what are the most For what reasons did you choose commercial aspects of the shipping indus- important skills this postgraduate to pursue postgraduate studies in try, such as chartering and ship-broking, as study program has contributed to your shipping? well as market analysis and finance aspects. professional career? Because shipping is a critical global sector, In your view, what are the most This program challenges me academically and Greece is the world’s largest shipping important skills this postgraduate and provides me with the practical insights nation. Shipping is a tradition in Greece, so study program has contributed to your to become a global shipping practitioner. It there has always been a pool of capable and professional career? has allowed me to share views and exchange highly motivated people to man the ships. opinions with top shipping professionals on I feel that studying in the most prestigious For me, the experience was transforma- the practicalities and cutting-edge develop- Department for Maritime Studies in Pirae- tive. The focus of the program on the most ments in the shipping profession. I believe us, the capital city of Greek shipping, and recent developments in the shipping indus- SPECIAL REPORT

try and the exposure to a large number of I consider the prospect of a career in the When I applied for the postgraduate pro- renowned practitioners in the sector con- shipping industry exciting not only due to gram, I was employed by a classification tributed in my developing sound market the importance of shipping in the world society and wanted to enrich my back- awareness which is imperative in an increas- economy and social welfare but also because ground. This program offered me a unique ingly competitive job market. I have also the volatile nature of the industry offers opportunity to learn new skills in ship man- developed critical analysis, modelling, inde- great opportunities for a rewarding career agement and shipping operations in gener- pendent research, and technical skills, which path for those who are willing to put in hard al, to understand maritime legislation, how major employers in the sector require. Final- work. Being Greek myself and as both the to use new technologies in shipping and ly, through the comprehensive career sup- UK and Greece are important maritime transport, and how to solve complex prob- port embedded in the program, I managed clusters, the opportunity to gain exposure in lems during challenging workplace assign- to improve my communication and net- both worlds through this program was key ments. Also, I'm already counting a publica- working skills. All this was instrumental in in my decision to study shipping. tion concerning new technologies as a par- securing a full-time role in one of the lead- ticipant in a university writing team. I hope ing firms in the industry shortly after grad- UNIVERSITY OF WEST ATTICA that the successes will continue. uation. The Program Director also played a (Department of Industrial Design role in introducing me to the firm. and Production Engineering) What do you think a candidate’s & UNIVERSITY OF THE AEGEAN guiding criteria should be when What do you think a candidate’s (Department of Shipping Trade and choosing a suitable post-graduate guiding criteria should be when Transport) study program? choosing a suitable post-graduate study program? MSc in New Technologies in Shipping and Firstly, you should know which area you Transport have to focus on. The cost and time it takes For me, the most important criterion is the to reach the target is another major fac- practice-centered nature of the program tor. Also, you cannot ignore the employa- (e.g., scenario-based projects, practice-fo- bility rate of this program. It has been esti- cused teaching approach, guest speakers, mated that about 80% of the graduates career development, networking opportu- find a job in shipping almost from the first nities). The way to confirm this is by talking semester of study in this sector. So, this to current students and alumni of the pro- particular curriculum is perfect for some- gram who can provide vital insights which one who wants to have a successful pro- personally helped me a lot. The size of the fessional career. program is also critical. In smaller programs, there tend to be more employment oppor- In your opinion, what is the ideal age tunities for each candidate, and the interac- to start studying for a postgraduate tion among participants and the education- degree, and why? al experience tend to be superior. The sooner, the better! I believe that if In your opinion, what is the ideal age Anastasia Dimakopoulou you finish your studies at a young age, you to start studying for a postgraduate Secretary, DNV GL, MSc student have more chances to have a good busi- degree, and why? (2017-2019) ness or academic career. An academic career especially takes time. Irrespective of the program of choice, What made you choose this particular securing some relevant work experience study program? For what reasons did you choose (even a few weeks) before one embarks to pursue postgraduate studies in on a shipping MSc program is a game This postgraduate program combines shipping? changer. In an increasingly competitive job shipping with new technologies. My study market, being proactive and gaining some background, which is related to my job, is I love my job, and I love the sea! If you practical exposure counts for employers. the reason I chose it. I have studied com- want to evolve, you need to study. Espe- Assuming that one has gained some work puter science, and the combination of this cially in an evolving society, “you have to be experience during their undergraduate science with shipping is becoming more trendy,” and you have to know what you studies, the best time to enroll on a Mas- and more necessary. want. Whenever an opportunity comes ters is straight after. your way, it is not enough just to grab In your view, what are the most it; you have to develop it and to develop For what reasons did you choose important skills this postgraduate with it so that you can be proud of your- to pursue postgraduate studies in study program has contributed to your self and the people who helped you on shipping? professional career? this journey.

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ISALOS.NET

Isalos.net’s Summer Lectures on Shipping The young generation gets updated on the developments in shipping

More than ninety young graduates and executives attended the Summer Lectures on Shipping organized by Isalos.net, which took place in July 2019 at the Aikaterini Laskaridis Foundation.

Following the success of the Isalos.net The lectures included thematic sections Summer Lectures in 2018 the organizing related to commodities and ship charter- team hosted at the hospitable Historical ing, marine insurance, maritime finance, Library of the Aikaterini Laskaridis Foun- ship operations and management, human dation in Piraeus a three-week Summer resources management, and ship inspec- Lectures series. The main purpose of these tions. lectures delivered by well-known execu- It is worth mentioning that admission to tives in the shipping industry was to enable the Summer Lectures on Shipping was young people to develop a broader under- free – upon application – and that the standing of the day-to-day management of main sponsor of the event was Tototheo ship operations and shipping companies. Maritime.

120 Snapshots of the 6 lectures

1. Commodities και Ship Chartering 2. Marine and Cargo Insurance On Monday 8 July 2019 On Wednesday 10 July 2019

• Mr. Nikos Pentheroudakis, Teaching Fellow, ALBA Grad- • Dr. Iliana Christodoulou Varotsi, Visiting Lecturer, ALBA uate Business School Graduate Business School • Mr. Petros Kefalonitis, Management Executive, Super Eco • Mr. Gordon Robertson, Director Greece, North of Eng- Group & Lecturer, HMC / ICS Greek Branch land P & I Club • Dr. Mariniki Psifia - Head of Research, Latsco Marine • Mr. Vasilios Kakamoukas, Claims Manager, The Britannia Management Inc. Steam Ship Insurance Association Limited

3. Shipping Finance 4. Ship Operations & Management On Monday 15 July 2019 On Wednesday 17 July 2019

• Mr. Yannis Syrigos, CFO, Iolcos Hellenic Maritime Enter- • Mr. Evangelos Sfakiotakis, Technical Director, TMS Tank- prises Co. Ltd. ers Ltd. • Mr. Vassilis Sakellis, Managing Director, Alassia Newships • Capt. Georgios Tsouris, Ops Manager, Deputy DPA-CSO, Management Inc. Blue Planet Shipping Ltd. • Mr. Ioannis Alexopoulos, Teaching Fellow, ALBA Graduate • Capt. Nikiforos Stouraitis, COO & Head of QASS, Business School & Managing Director, Eurofin S.A. Polembros Shipping • Mr. Kimon Konstas, Commercial & Operations Director, Arkas Hellas S.A. ISALOS.NET

5. The Human Factor in Shipping 6. Ship Inspections On Monday 22 July 2019 On Wednesday 24 July 2019

• Mr. Kostas Katsoulieris, Senior Executive (Claims), North • Capt. George Pantelidis, Marine Manager, Blue Planet of England P & I Club Shipping Ltd. • Capt. George Vlachos, Training Consultant, Cosmos Nau- • Mr. Dionysios Peppas, HSQE Manager, Pantheon Tankers tical Training Center, and Mediterranean Maritime Academy Management Ltd. • Mrs. Aikaterini Xenou, Crewing Manager, Alassia News- • Mr. Zissimos D. Hartas, Safety & Quality Manager, Chios hips Management Inc. Navigation (Hellas) Ltd. • Mr. Alexandros Koimtzoglou, R & D Project Manager, VENLYS • Mr. Costas Triantafyllou, Assistant Executive Coordina- tor, HELMEPA

Summer Lectures’ Sponsor

Isalos.net Sponsors and Supporters

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