Athens 2004 News

Star Bulk Carriers Corp. (NASDAQ: SBLK), announced that Spyros Capralos has been appointed as President and Chief Executive Officer, to succeed Akis Tsirigakis, effective as of February 7, 2011. Capralos has also been appointed to the Board of Directors which is now comprised of eight members. Tsirigakis will continue to serve as a director. Tsirigakis' parting was mutually agreed, so he may pursue other interests. Capralos served, until October 2010, as Chairman of the Athens Exchange and Chief Executive Officer of the Hellenic Exchanges Group and was the President of the Federation of European Securities Exchanges. He was formerly Vice Chairman of the National Bank of Greece…

Royal Olympic Cruise Lines Inc. announced today that the Greek Court administrating the Section 45 proceeding regarding its subsidiaries is expected to issue a decision in the next few days. The Court had previously given the company until today to present a restructuring plan consented to by 51% of its creditors. Negotiations with Fortis Bank, the holder of more than 51% of the company's debt, are meanwhile continuing, in an attempt to secure the consent to a plan. The company also announced that Athens 2004, the group overseeing the Olympic Games to be held in Athens, has recalled in full the $1 million advance deposits paid to Royal Olympic Cruise Lines.

The year 2004 is shaping to be a monumental year for Greece, with the pinnacle being the hosting of the 2004 Summer Olympics from August 13-29 in Athens. While a maritime exhibition can hardly be mentioned in the same breath as an Olympic Games in terms of stature, the staging of the 19th biennial International Shipping Exhibition to be held in Greece — Posidonia 2004 — is a significant event for the international maritime community, particularly given the country's long and storied maritime tradition. Modern Greek shipowners continue to carry on the legacy, and in the first three months of 2004, they have invested an estimated $2.4 billion in newbuilding projects involving a wide variety of modern tonnage…

Tsakos Energy Navigation Ltd. (NYSE: TNP) announced the sale of the 1998-built 107,181 dwt Aframax tankers Maria Tsakos and Athens 2004 to an independent Greek-based operator. The Maria Tsakos will be delivered to her new owners on July 11, 2007 resulting in a $31 million capital gain that will be recorded in the third quarter of this year. The Athens 2004 will be delivered in the beginning of the fourth quarter resulting in an additional $31 million capital gain to be recorded at that time. After the repayment of related debt associated with the two vessels, approximately $50 million in total cash will be released. “The Maria Tsakos and Athens 2004, part of TEN’s first generation newbuildings, have served the Company well over the years, gaining the respect of charterers internationally.

FreeSeas Inc. a provider of seaborne transportation for dry bulk cargoes, said that Dimitris D. Papadopoulos has been appointed Chief Financial Officer. Prior to joining FreeSeas, Mr. Papadopoulos served as President of Waterfront Developments, S.A., which organized and prepared the business and development plan related to the international public tender for "the long term lease and right of development of the Athens 2004 -- Olympic Sailing Center," which involved an investment of more than $250m.

Cunard Line and Athens 2004, the organizing committee for the 2004 Olympic Games, today signed a memorandum of understanding to position Cunard's $800-million Queen Mary 2 in the Greek port of Piraeus to serve as a floating hotel during the Games. remain docked through August 30. "Cunard Line is delighted to be a part of this historic event in Greece, the birthplace of the Olympic Games," said Deborah Natansohn, the line's senior vice president, sales and marketing. According to Spyros Capralos, executive director, Athens Organizing Committee (ATHOC), "Queen Mary 2 will be the centrepiece in an 11-ship flotilla that will host up to 13,280 visitors.