DOCSLIB.ORG

MARKETS a Dismal Winter Forecast for LNG Shipping

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
MARKETS a Dismal Winter Forecast for LNG Shipping Friday August 21, 2020 Daily Briefing Leading maritime commerce since 1734 LEAD STORY: Shipmanagers slam Singapore over Shipmanagers slam Singapore seafarer repatriation restrictions over seafarer repatriation WHAT TO WATCH: Maersk’s strategy U-turn since the restrictions 2009 financial crash pays dividends during pandemic crisis US bonds source of liquidity for selected owners State must help bankroll Greek ferry sector, says analyst OPINION: New appointments reveal Ocean Technologies’ strategy ANALYSIS: Yard Talk | Shiprecycling recovery gains momentum Rising retail sales boost US west coast throughput MARKETS: SINGAPORE HAS RECEIVED stinging criticism from shipmanager A dismal winter forecast for LNG lobby group InterManager for tougher quarantine and immigration shipping policies that it claims prevent most owners and managers from Höegh LNG seeks long-term FSRU undertaking seafarer repatriation and changeovers at the crucial contract coverage maritime hub, worsening the global crewing crisis. Navios posts second-quarter loss as dry bulk rates shrink Singapore’s Maritime and Port Authority introduced changes on July 24 that allow applications for crew sign-offs only, prioritise Singapore- IN OTHER NEWS: flagged ships, and limit approvals to those without contract extensions US retaliation challenges Hong Kong or compassionate grounds. maritime hub prospects A total of 14 seafarers missing after InterManager said restrictions imposed on non-Singapore ships ships collide “creates myriad issues to the safety of seafarers and presents a significant breach of seafarers’ humanitarian rights”. Malta urged to resolve stuck Maersk tanker with 27 rescued migrants “Their approach is everything but human-centric,” said InterManager’s Iran-UAE vessel seizures likely a ‘local director-general Kuba Szymanski. dispute’, security observers caution “Officials in Singapore have less than concrete action to help crew Saudi Arabia ports prohibit open-loop repatriation in these troubling times. scrubbers “Recommendations suggested by the MPA are not practical, and InterManager is encouraging anyone who did manage to carry out crew changes in Singapore to get in touch in order to keep a good record of the scale of the problem.” InterManager represents shipmanagers that provide third-party management of some 5,000 vessels employing some 250,000 of the world’s estimated 1.5m seafearers. Lloyd’s List | Daily Briefing Friday 21st August Page 1 The international association has been among the MPA response most vocal in condemning government immigration A spokeswoman for the MPA said in a statement to and quarantine policies and rules imposed worldwide Lloyd’s List: “It is incorrect to state that the ability of to control the spread of the coronavirus epidemic. non-Singapore flagged vessels to sign on and off crew has been ‘severely hampered’.” Some two thirds of crew changes have been unable to go ahead since March, leaving some 300,000 The July 24 regulation “does not mean that crew seafarers stranded on vessels worldwide, repeatedly changes for foreign-flagged ships are not allowed. extending contracts and unable to sign-off ships. For that matter, the vast majority of crew change carried out in Singapore were for foreign-flagged Capt Szymanski’s criticism formed part of an open ships. letter to International Maritime Organization secretary-general Kitack Lim, urging more support “Singapore continues to facilitate crew change to deal with the Singapore repatriation problems. daily.” “If the same rules issued by the MPA of Singapore The MPA declined to provide updated information were applied to all flag states, it would pose a very about current crew change numbers after Lloyd’s dangerous narrative, as ships of other flag states List asked for the figures twice over a 24-hour would not be allowed to perform crew changes period. anywhere in the world. Since March 27 Singapore had approved 31,000 “We — shipmanagers — would be unable to change crew changes, according to an emailed statement off-signing crew because they would immediately be from the MPA on July 13. in breach of safe manning regulations,” InterManager said. The Singapore Shipping Association was approached for comment on August 19 but has not responded. “We completely understand the concerns that Singapore has, and we support their efforts to look Singapore as well as Hong Kong reimposed tougher after their citizens. However, no ships means no crew change rules are a resurgence in local Covid-19 supplies, so a collaboration between the shipping cases and positive tests for signing-on crew, as well sector and local administration is of paramount as concern in Singapore about falsified tests for importance, and needs to be a two-way street.” some seafarers. WHAT TO WATCH Maersk’s strategy U-turn since the 2009 financial crash pays dividends during pandemic crisis WHAT a difference a decade makes. depreciation and amortisation of $6bn–$7bn, having suspended guidance a few months ago. At the start of 2020, as the coronavirus pandemic spread and countries around the world went into That compares with a group deficit of $1bn in 2009, lockdown, most pundits were predicting a bleak year as AP Moller-Maersk was dragged down by Maersk for container shipping, reminiscent of the meltdown Line which lost $2.1bn. The whole industry, which that engulfed the industry during the 2009 financial had only ever seen year-on-year growth, was crash. suddenly hit by a 10% collapse in demand, a situation which was exacerbated by a large Instead, ocean carriers have proved to be orderbook at the time. remarkably resilient, with market leader Maersk posting a healthy profit in the second quarter of the Although the decline in liftings has not been quite so year when the cargo slump was at its worst, and now severe this year, container lines were nevertheless forecasting full year earnings before interest, tax, expected to struggle to make money. Instead, the Lloyd’s List | Daily Briefing Friday 21st August Page 2 opposite seems to be the case, as Maersk and other Structural change has undoubtedly helped the carriers such as Hapag-Lloyd and Zim have Danish heavyweight navigate the unprecedented demonstrated. conditions that suddenly confronted the container trades in the first half of this year, and Mr Skou is Maersk group chief executive Søren Skou says that confident that there will be no going back to the bad much has happened over the intervening period, old days. with new tools at carriers’ disposal to cope with changes to both supply and demand, and a change of Supply/demand balance attitude at the top. Speaking to analysts after the release of second quarter of the year results that saw the group’s ocean In 2009, lines responded to the contraction in division post a 26% increase in ebitda to $1.4bn demand by cutting freight rates, behaviour that despite a volume drop of 16%, and revenue decline of left the whole industry deep in the red. Yet price 6.5%, Mr Skou said he was “frankly quite proud of wars continued to plague the container shipping the continued progress over the past two years when industry for many more years, made worse by we have not had the wind on our backs”. the tendency to order new tonnage almost at the first sign that market conditions could be Despite difficult market conditions, continued trade recovering. tensions, implementation of the IMO 2020 low- sulphur rules, and now a sharp reduction in demand In the run up to 2009, shipowners had embarked on caused by the pandemic, Maersk has remained in a huge spending spree, with the orderbook peaking the black. at more than 60% of the existing fleet at the time. And despite the subsequent banking crisis, the Indeed, while shipping is considered a cyclical ordering lull was brief. business, Maersk’s recent financial results have been counter-cyclical, “and shown that agility in Maersk led the way in returning to the shipyards, balancing supply and demand… means we can meet signing a $1.9bn contract in February 2011 for 10 customer needs and positively impact our Triple-E giants, the world’s first 18,000 teu-class performance at the same time,” said Mr Skou. ships, with options for another 20. As demand slowed in the early months of 2020 to a The decision to order new vessels so soon after massive slump of 20% in April compared with 12 container shipping’s worst year on record reflected months earlier, Maersk and other carriers avoided the fact the volumes picked up rapidly in 2010 as the usual knee-jerk response of price cutting. depleted inventories were replenished. But in a Instead, sailings were cancelled, and ships left idle. highly competitive industry, it was not long before most other global lines had followed Maersk by “In 2009 the thinking in Maersk and the rest of the ordering ultra large containerships. The outcome industry was that, if you had a network, you had to was a business that has progressively destroyed keep sailing and fill up the ships at all cost,” Mr Skou shareholder value over the years. said. In the case of AP Moller-Maersk, as Mr Skou pointed “That approach has completely changed, and we are out in an interview with Lloyd’s List a year ago, it now operating our network in a fashion that is very had gone from a $60bn company in 2011 to a $35bn similar to what the courier express and package guys company five years later. such as UPS and Fedex are doing,” he continued. But since then, the entire industry has been “They deploy their flights where there is a demand, dramatically reshaped through a series of largescale and that is what we have been doing through this mergers and acquisitions, while the Maersk group crisis, and that will be our approach going forward.
Load more

Recommended publications
  • Page 1 from 4 APPENDIX
    APPENDIX - Lists List of IAS / IFRS The following table summarizes all the active IAS / IFRS with reference to related interpretations SIC or IFRIC, as issued at January 1, 2011 IFRS • IFRS 1: First-time Adoption of International Financial Reporting Standards • IFRS 2: Share-based Payment Related IFRIC 19 • IFRS 3: Business Combinations Related SIC 32, IFRIC 17,IFRIC 19 • IFRS 4: Insurance Contracts Related SIC 27 • IFRS 5: Non-current Assets Held for Sale and Discontinued Operations • IFRS 6: Exploration for and Evaluation of Mineral Assets • IFRS 7: Financial Instruments: Disclosures Related IFRIC 12, IFRIC 17 • IFRS 8: Operating Segments • IFRS 9: Financial Instruments IAS • IAS 1: Presentation of Financial Statements Related SIC 7, SIC 15, SIC 25, SIC 29, SIC 32,IFRIC 1, IFRIC 14,IFRIC 15, IFRIC 17, IFRIC 19 • IAS 2: Inventories Related SIC 32 • IAS 7: Statement of Cash Flows • IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors Related SIC 7, SIC 10, SIC 15, SIC 21, SIC 25, SIC 27, SIC 31, IFRIC 1, IFRIC 4, IFRIC 5, IFRIC 6, IFRIC 12, IFRIC 13, IFRIC 14, IFRIC 15, IFRIC 16, IFRIC 18, IFRIC 19 • IAS 10: Events After the Reporting Period Related SIC 7, IFRIC 17 • IAS 11: Construction Contracts Related SIC 27, SIC 32,IFRIC 12, IFRIC 15 • IAS 12: Income Taxes Related SIC 21, SIC 25,IFRIC 7 • IAS 16: Property, Plant and Equipment Related SIC 21, SIC 29, SIC 32, IFRIC 1, IFRIC 4, IFRIC 12, IFRIC 18 • IAS 17: Leases Related SIC 15, SIC 27, SIC 29, SIC 32, IFRIC 4,IFRIC 12 • IAS 18: Revenue Related SIC 27, SIC 31,IFRIC
    [Show full text]
  • Pre-Boarding Health Declaration Questionnaire OUTBOUND
    OUTBOUND ATHENS-HYDRA Pre-boarding health declaration questionnaire (The questionnaire is to be completed by all adults before embarkation) Name of Vessel: Shipping Company: Date and time of itinerary: Port of disembarkation: FLYING CAT4 HELLENIC SEAWAYS 08:30 17/06/2021 PIREAS Contact telephone number for the next 14 days after disembarkation: First Name & Surname as shown Number of Aircraft in the identification Card/ Passport: Father’s name: Seat: Type Seat or Cabin Α B C D 1 Α) ECONOMY First Name & Surname of all children Β) AIRCRAFT TYPE travelling with you who are C) BUSINESS under 18 years old: D) CABIN Α B C D Α B C D Α B C D Α B C D Within the past 14 days have you or has any person listed above: YES NO 1. Presented sudden onset of symptoms of fever or cough or difficulty in breathing or sudden onset of anosmia, ageusia or dysgeusia? .................................................................................................. 2. Had close contact with anyone diagnosed as having coronavirus COVID-19 .......................................... 3. Provided care for someone with COVID-19 or worked with a health care worker infected with COVID-19?.......................................................................................................................... 4. Visited or stayed in close proximity to anyone with COVID-19? .............................................................. 5. Worked in close proximity to or shared the same classroom environment with someone with COVID-19?........................................................................................................................ 6. Travelled with a patient with COVID-19 in any kind of conveyance? ....................................................... 7. Lived in the same household as a patient with COVID-19? ..................................................................... TEST RESULTS AND VACCINATION 8. Have you been tested for COVID-19 with a molecular method (PCR) within the past 72 hours? NO PENDING RESULTS POSITIVE1 NEGATIVE 9.
    [Show full text]
  • Financial Report ANEK LINES S.A
    CONTENTS STATEMENT BY THE MEMBERS OF THE BOARD OF DIRECTORS .................................................................... 3 ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE FISCAL YEAR 2014 .............................................. 4 INDEPENDENT AUDITORS’ REPORT ............................................................................................................ 43 ANNUAL SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS AS OF 31ST DECEMBER 2017 .............. 50 STATEMENTS OF COMPREHENSIVE INCOME ............................................................................................. 51 STATEMENTS OF FINANCIAL POSITION ...................................................................................................... 52 STATEMENTS OG CHANGE IN SHAREHOLDER’S EQUITY............................................................................. 53 CASH FLOW STATEMENTS .......................................................................................................................... 54 NOTES ON THE FINANCIAL STATEMENTS OF FISCAL YEAR 2017 ................................................................. 55 1. General information for the Company and the Group ....................................................................... 56 2. Preparation basis of the financial statements .................................................................................... 57 3. Principal accounting policies .............................................................................................................. 62
    [Show full text]
  • Investor Presentation June 2017 Table of Contents 2
    Investor Presentation June 2017 Table of Contents 2 Page Section 1: Group overview 3 Section 2: Portfolio companies 18 Attica Group 26 Vivartia 36 Hygeia Group 48 SingularLogic 59 Hilton Cyprus 66 RKB 68 Section 3: Financial Statement information 71 Appendix: Management biographies 84 Section 1 Group Overview MIG at a snapshot 4 High-quality portfolio of leading companies across key defensive sectors Net Asset Value (NAV) (2016) €666m Group Assets (2016) €2,715m NAV per share (2016) €0.71 Group Net Fixed Assets (2016) €1,134m Group Revenues (2016) €1,104 EBITDA Business Operations (1) (2016) €172m Group Gross Debt (€m) (2016) €1,674m EBITDA Consolidated (2016) €134m Tourism & Transportation Food & Dairy Healthcare Real Estate IT (32% of GAV) (32% of GAV) (15% of GAV) (15% of GAV) Leisure (2% of GAV) (4% of GAV) March 2017: MIG announced the sale of its entire stake in Sunce Koncern d.d. (1) EBITDA Business Operations = Group EBITDA excl. holding companies, provisions beyond normal course of business (€15m impairment of trade receivables from Marinopoulos group), gains/losses from the sale of investment property, fixed & intangible assets & revaluation of investment property Highly diversified operations across attractive sectors 5 Revenue breakdown (2016 data) EBITDA breakdown (2016 data) Gross Asset Value breakdown (2016 data) 4% 11% 19% 3% 27% 21% 32% 2% 18% 51% 15% 24% 41% 32% Food & Dairy Transportation Healthcare IT Other (Real Estate, Leisure) 2014 2015 2016 (in €m) 2014 2015 2016 2014 2015 2016 Group Sales (€m) 1,117 1,143 1,104 EBITDA Business Ops 1 89 163 172 Gross Asset Value (€m) 1,534 1,480 1,381 % margin 8.0% 14.2% 15.6% y-o-y chg (%) +4% +2% -3% GroupGross Debt (€m) 1,752 1,693 1,674 EBITDA Consolidated 66 125 134 3 NAV (€m) 923 783 666 Greek GDP 2 0.4% -0.3% -0.1% y-o-y chg (%) % margin 5.9% 10.9% 12.1% NAV pershare (€) 0.98 0.83 0.71 (1) EBITDA Business Operations = Group EBITDA excl.
    [Show full text]
  • 17 November 2017 Vol. 18 / No. 43
    ISSN 1105-9303 17 November 2017 Vol. 18 / No. 43 SHIPPING WILL STAY AFLOAT IN GREEN TSUNAMI, BUT IT WILL BE COSTLY The shipping industry is 'green' and is striving to become 'greener' which is certainly costing a lot of 'Green backs'. So said Intertanko's technical director Dragos Rauta, addressing the Greener Shipping Summit 2017, in Athens this week. Though the industry is "facing a big green tsunami", Rauta said "shipping is resilient" but it is up to the industry to ensure the "regulations being imposed upon it are practical and will do their job". While the industry's regulator, the Imo, seems to have won something of a victory with the Euro- pean Parliament and European Union agreeing to revise the EU's Emissions Trading Scheme (ETS) to exclude shipping and allow Imo's CO 2 reduction strategy to proceed, ship operators have to be more proactive in putting their view, if regulations "are to be more realistic and holistic" it was stressed at the summit, with it being suggested Greek shipping could do more in this respect. Indeed, many saw the EU's decision as a way of putting pressure on Imo. Rauta, Dimitrios Kostaras, gm, Pantheon Tankers Management, Bureau Veritas' vp technology and business development, John Kokarakis and Panos Zachariadis, technical director, Atlantic Bulk Carriers and regular member of Greece's Imo delegation, all saw the decision as warning Imo to take action or else. Whether this is the case or not, shipping is faced with challenges as the regulations continue to come. As summit chairman, Kostaras stressed: "There is great uncertainty about what is required and what will be achieved.
    [Show full text]
  • Hafenpläne Minoan Lines
    Cruise & Ferry Center AG, Caspar Wolf-Weg 5, CH-5630 Muri Phone 056 555 75 90, [email protected], www.ferrycenter.ch HAFENPLÄNE MINOAN LINES INHALT ANCONA (ITALIEN) ................................................................................................................................ 2 BRINDISI (ITALIEN) ................................................................................................................................ 3 TRIESTE (ITALIEN) ................................................................................................................................ 4 PATRAS (GRIECHENLAND) .................................................................................................................. 5 IGOUMENITSA (GRIECHENLAND) ....................................................................................................... 6 PIRÄUS (GRIECHENLAND) ................................................................................................................... 7 HERAKLION (GRIECHENLAND) ............................................................................................................ 8 KORFU (GRIECHENLAND) .................................................................................................................... 9 VENEDIG (ITALIEN) ............................................................................................................................. 10 MYKONOS (GRIECHENLAND) ...........................................................................................................
    [Show full text]
  • Wilfred Sykes Education Corporation
    Number 302 • summer 2017 PowerT HE M AGAZINE OF E NGINE -P OWERED V ESSELS FRO M T HEShips S T EA M SHI P H IS T ORICAL S OCIE T Y OF A M ERICA ALSO IN THIS ISSUE Messageries Maritimes’ three musketeers 8 Sailing British India An American Classic: to the Persian steamer Gulf 16 Post-war American WILFRED Freighters 28 End of an Era 50 SYKES 36 Thanks to All Who Continue to Support SSHSA July 2016-July 2017 Fleet Admiral – $50,000+ Admiral – $25,000+ Maritime Heritage Grant Program The Dibner Charitable The Family of Helen & Henry Posner, Jr. Trust of Massachusetts The Estate of Mr. Donald Stoltenberg Ambassador – $10,000+ Benefactor ($5,000+) Mr. Thomas C. Ragan Mr. Richard Rabbett Leader ($1,000+) Mr. Douglas Bryan Mr. Don Leavitt Mr. and Mrs. James Shuttleworth CAPT John Cox Mr. H.F. Lenfest Mr. Donn Spear Amica Companies Foundation Mr. Barry Eager Mr. Ralph McCrea Mr. Andy Tyska Mr. Charles Andrews J. Aron Charitable Foundation CAPT and Mrs. James McNamara Mr. Joseph White Mr. Jason Arabian Mr. and Mrs. Christopher Kolb CAPT and Mrs. Roland Parent Mr. Peregrine White Mr. James Berwind Mr. Nicholas Langhart CAPT Dave Pickering Exxon Mobil Foundation CAPT Leif Lindstrom Peabody Essex Museum Sponsor ($250+) Mr. and Mrs. Arthur Ferguson Mr. and Mrs. Jeffrey Lockhart Mr. Henry Posner III Mr. Ronald Amos Mr. Henry Fuller Jr. Mr. Jeff MacKlin Mr. Dwight Quella Mr. Daniel Blanchard Mr. Walter Giger Jr. Mr. and Mrs. Jack Madden Council of American Maritime Museums Mrs. Kathleen Brekenfeld Mr.
    [Show full text]
  • ATTICA HOLDINGS SA Annual Financial Report For
    ATTICA HOLDINGS S.A. Annual Financial Report for the period 1.1.2018 to 31.12.2018 (In compliance with article 4 of Law 3556/2007) (amounts in Euro thousand) ATTICA HOLDINGS S.A. Registration Number: 7702/06/B/86/128 Commercial Registration Number: 5780001000 1-7 Lysikratous & Evripidou Street,176 74 Kallithea, Athens, Greece FINANCIAL REPORT FOR THE FISCAL YEAR 2018 CONTENTS Page Statement of the Board of Directors’ Members...................................................................................................... 4 Independent Auditor’s Report ............................................................................................................................... 5 Annual Report of the Board of Directors for the fiscal year 2018 ......................................................................... 11 Annual Consolidated and Company Financial Statements for the Fiscal Year 2018 ............................................ 40 Statement of comprehensive income for the period ended December 31 2018 & 2017 ....................................... 41 Statement of financial position as at 31st of December 2018 and at December 31, 2017 .................................... 42 Statement of changes in equity of the Group (period 1-1 to 31-12-2018) ............................................................. 43 Statement of changes in equity of the Group (period 1-1 to 31-12-2017) ............................................................. 43 Statement of changes in equity of the Company (period 1-1 to 31-12-2018) ......................................................
    [Show full text]
  • How Market Demand and Infrastructure Constraints Have Driven the Design of Mediterranean-Based Ferries by Costis Stamboulelis
    RoPax Evolution How market demand and infrastructure constraints have driven the design of Mediterranean-based ferries BY COSTIS STAMBOULELIS RoPax ferry Superfast 1 was designed with an emphasis on increased cargo capacity, having a total of 2,600 lane meters. Photo by George Giannakis. (22) marine technology January 2014 www.sname.org/sname/mt esigning a RoPax ferry for service in the Mediterranean Sea generally is a very chal- lenging project, having to satisfy a large number of often-contradictory require- ments and to observe constraints imposed by international and national rules of the flag state. Ferries operating in the region must comply with Safety of Life at Sea (SOLAS), the International Convention for the Prevention of Pollution from Ships, and European Directive 98/18 in terms of safety and environmental protection. Some national administrations have additional safety rules and other standards concerning a many varied issues ranging from minimum requirements for the comfort of pas- sengers, to requirements for the access and accommodation of handicapped persons, to the transportation of pet animals and hygienic matters in general. The constraints imposed on any particular ferry design are closely connected to the type of service in which a vessel will be employed; the period of the year (summer/winter) during which this service has to be performed; and the characteristics (even peculiarities) of the ports at which a vessel will have to call. In broad terms, RoPax ferries operating in the Mediterranean can be classed in one of the following categories: 1: ferries employed between two or three major ports, either of the same country or of two different countries 2: ferries employed between one major port on the mainland and several smaller (usually island) ports 3: ferries connecting several island ports.
    [Show full text]
  • Greek Shipping Awards 2009
    GREEK SHIPPING AWARDS 2009 The Winners CONTENTS Awards & Winners THE WINNERS 11 Dry Cargo Company of the Year Navios Maritime Holdings 13 Tanker Company of the Year Capital Ship Management GREEK SHIPPING Share our Passion for Shipping 15 Passenger Line of the Year AWARDS 2009 Aegean Speed Lines 17 Shipbroker of the Year The Winners Golden Destiny WRITER 19 Shipping Financier of the Year Nigel Lowry National Bank of Greece DESIGN/PRODUCTION Jo Fuller Designs 21 Technical Achievement Award NTUA Ship Design Laboratory / Germanischer Lloyd AWARDS MANAGEMENT Event Producer: Peter Attwater Event Director: Nigel Lowry 25 Piraeus International Centre Award Event Administration: Shelagh Ingledow Event & Guest Co-ordination Office Hellenic Shipbrokers Association Tel.+30.210.42.91.195 Email: [email protected] 27 Ship of the Year SPONSORSHIP & ADVERTISING SALES ‘Aktea OSRV’ Janet Wood Tel. +30.210.41.27.217 Email: [email protected] 29 International Personality of the Year Commissioner Joe Borg EVENT PRODUCTION Orama New Age Productions Mix-Music 31 Seafarer of the Year Captains Efstratios Kavros, Haralambos Petras PHOTOGRAPHER Emmanuella Bourbouhaki & Alexandros Stamatakis ADDITIONAL PHOTOGRAPHS 33 Award for Achievement in Safety or Environmental Protection George Foustanos Nikos Kokkalias Efthimios Mitropoulos AWARD TROPHIES Raoul Bollani 35 Award for Achievement in Education or Training Professor Costas Grammenos VENUE Athenaeum InterContinental Hotel, Athens 37 Lloyd’s List/Propeller Club Lifetime Achievement Award Lloyd’s List Captain Vassilis C. Constantacopoulos Editorial, Advertising and Subscriptions inquiries 69-77 Paul Street, London EC2A 4LQ 39 Greek Shipping Newsmaker of the Year Tel. +44 (0) 20 7017 5000 Victor Restis This special supplement is issued free to subscribers of Lloyd’s List and is one of a 41 Greek Shipping Personality of the Year series published at regular intervals each year.
    [Show full text]
  • Capital Link Shipping Forum Monday, June 7, 2010 Astir Palace Hotel Athens, Greece
    2ndAnalyst & Investor Day Capital Link Shipping Forum Monday, June 7, 2010 Astir Palace Hotel Athens, Greece Moving your business At Fortis Bank Nederland we have been serving companies active in shipping and container transport for years. We have become a prominent player in financing, advising and investing in shipping companies. As your partner in this rapidly changing and highly competitive market, we will put our expertise and understanding of the shipping industry and its trade flows to work for you. With specialists dedicated to the shipping, offshore, liquefied natural gas and intermodal sectors, Fortis Bank Nederland delivers innovative solutions that are tailored to your strategic requirements. For more information please visit www.merchant-banking.nl or send us an email to [email protected] Fortis Bank Nederland and ABN AMRO are combining forces this year under the ABN AMRO brand name. CapitalCapital Link Shipping Forum 2nd Posidonia AAnalystl & Investor Day PROGRAM Welcome Remarks 9:50 AM - 9:55 AM Mr. Nicolas Bornozis, President - Capital Link Opening Remarks 9:55 AM – 10:00 AM Mr. Stefan Jekel, Managing Director, International Listings, Global Corporate Client Group - NYSE Euronext Dry Bulk Shipping: Supply and Demand Challenges Moderator: Mr. Emil Yiannopoulos, Partner, Assurance Leader - PricewaterhouseCoopers Panelists: Excel Maritime Carriers - Mr. Thomas Kaas Christensen, Chief Commercial Officer 10:00 AM – 10:40 AM Hellenic Carriers – Mrs. Fotini Karamanlis, CEO Navios Corporation – Mr. Ted Petrone, President Seanergy Maritime Holdings – Mr. Dale Ploughman, CEO Dry Bulk Shipping: Growth & Consolidation Opportunities Moderator: Mr. Harris Antoniou, Global Head Energy, Commodities & Transportation - Fortis Bank Nederland Panelists: DryShips - Mr. Pankaj Khanna, COO 10:45 AM – 11:30 AM Globus Maritime – Mr.
    [Show full text]
  • Minoan Lines Happily Maintains Steady Course
    Press review Shippax 19 Settembre 2018 Minoan Lines happily maintains steady course FINANCEMinoan Lines maintained a steady course in the first half of the year lifting both turnover and net profit a shade compared to the same 2017 and fully repaying outstanding debt of almost EUR 140 million. Indeed, the Grimaldi Group-owned Crete-based company expects the trend to continue in the second half despite financial results being negatively affected by the increase of fuel prices and a consequent increase of operating expenses. Consolidated turnover in the first six months was EUR 35.9 million, up a shade on the EUR 35.5 million in the first half of 2017. The group's operating profit (EBITDA) was EUR 8.505 million down from EUR 9.68 million in the 2017 period while the net profit at EUR 1.854 million represents an improvement on the EUR 1.585 million a year ago. For the second half of 2018, Minoan Lines believes its financial situation will be enhanced by the addition of the Piraeus-Chania and Heraklion-Cyclades islands routes which are popular destinations with significant traffic volumes, especially during the summer high season. However, Minoan says its financial performance could be affected by "the country's growth, the intense competition among coastal shipping companies, fluctuations in fuel prices and the development of tourism." During the January-June period, Minoan was mainly active on the Piraeus-Heraklion service, carrying 277,000 passengers, 35,000 private cars and 30,000 freight units, giving it a market share on the route of 65.1% for passengers, 61% for private cars and 47% for freight units.
    [Show full text]