Kouroumplis: Greece Continues to Pace the Global Shipping Sector
As the maritime market steers toward Athens, Greece and Posidonia 2018, Maritime Reporter & Engineering News interviews Panagiotis Kouroumplis, the Greek Minister of Maritime Affairs and Insular Policy. As the Minister of Shipping for the country with the largest merchant fleet and a millennia-old maritime tradition, Kouroumplis carries his responsibilities with pride and humility.Born in Aetoloakarnania in 1951, Kouroumplis holds a Law degree and a PhD in Sociology from the University of Athens.
Capital Product Partners Sings Pact for $460 Mln Refinancing
Capital Product Partners entered into a firm offer letter for a senior secured term loan facility of up to $460.0 million with HSH Nordbank AG and ING Bank as mandated lead arrangers and bookrunners and BNP Paribas and National Bank of Greece S.A. as arrangers. The lenders also include Alpha Bank S.A., Piraeus Bank S.A. and Skandinaviska Enskilda Banken AB (Publ). The closing of the credit facility is subject to finalization of the long form loan documentation. "We intend to use the net proceeds of the loans under the New Facility…
Greek Shipowners Fiercing Protect Tax Breaks
Shipping minister says current measurement method not effective. On the day he took office as Greece's shipping minister in June 2012, Kostis Moussouroulis received a visit from a 90-year-old shipowner. He still remembers the older man's words: "Don't forget, the best minister of shipping and maritime affairs is the minister who is doing nothing for the shipping industry. That's the way Greek shipowners like it. The magnates who run one of the biggest merchant marine fleets in the world have long argued that if Greece tried to tax them, they would leave - and that their departure would devastate the economy. In recent years, as international institutions repeatedly bailed out Greece, the lenders have also pushed Athens to beef up its tax take.
Hellenic Ship Finances Look Up
The overall Greek loans of Hellenic maritime companies and ship owners (drawn and committed but undrawn) rose to $64.019 billion by the end of 2014, 4.1% higher than the $61.498 billion of 2013. Petrofin Research in its latest annual research says that drawn loans are up by 2.85% and Commitments by 18.11%, the latter prompted by the high Greek newbuilding orders. Of the 5 Greek banks active in the shipping finance market, National Bank of Greece shows an increase by 7.33% and Aegean Baltic by 11.99%. The rest show minor decreases.
Greek Banks Mull Cutting Shipping Portfolios
Greece's leading banks are considering offloading part of their portfolios of shipping debt worth billions of dollars in a bid to shore up their capital, according to banking and ship financing sources. Greece has secured an extension to its bailout from its European partners, but the danger of it unravelling and of Greece being pushed out of the euro zone still exists, raising the risk that Greek banks could face large deposit losses in the future to add to those they have already had. "There are several portfolios being shopped around at the moment, including shipping loans," one banking source said. The banker and a ship-finance source said such debt could be attractive for private equity players who have been scooping up distressed assets in shipping due to the sector downturn.
China to Invest in Greek Transport Infrastructure
China wants to invest in Greek airports and railways as well as the busiest port, officials said on Friday, as the country where the euro debt crisis began seeks a role as China's gateway into Europe. Chinese Premier Li Keqiang is on a three-day trip to Greece to boost economic ties between the nations, who have drawn closer since China's Cosco Paficic won a 35-year concession in 2009 to upgrade and run two cargo piers at the Piraeus port. Greece, which relies on bailout loans from the European Union and the International Monetary Fund…
Diana Shipping Announces Time Charter Contracts
Diana Shipping Inc. (NYSE:DSX) entered into two time charter contracts with EDF Trading Limited, London, for its two Newcastlemax dry bulk carriers, the m/v Los Angeles and the m/v Philadelphia, which are currently under construction. Both charters will be at a gross rate of US$18,000 per day, minus a 5% commission paid to third parties, for a minimum 46 to a maximum 50 month period for the Los Angeles and a minimum 44 to a maximum 50 month period for the Philadelphia. As previously announced, the above mentioned vessels are Newcastlemax dry bulk carriers of approximately 206,000 dwt each that were contracted in April 2010. The charters are expected to commence upon delivery of the Los Angeles and the Philadelphia to the Company from the shipbuilding yard…
Dryships Announces Signing Of $800 Million Loan Facility
ATHENS, GREECE – April 18, 2011 - DryShips Inc. (NASDAQ: DRYS) (the “Company” or “DryShips”), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced the signing, by its majority-owned subsidiary Ocean Rig UDW Inc. (“Ocean Rig”), of the $800 million syndicated secured term loan facility to partially finance the construction costs of the Ocean Rig Corcovado and Olympia. This facility has a 5 year term and 12 year repayment profile, and bears interest at LIBOR plus a margin.
Capralos Star Bulk CEO & President
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…
Tsakos Energy Nav. Appoints Arapoglou to Board
Tsakos Energy Navigation Limited announced that Takis Arapoglou has been appointed to the company's board of directors. Arapoglou was Chairman and Chief Executive Officer of the National Bank of Greece from March 2004 until December 2009 and Chairman of the Hellenic Bankers Association from 2005 to 2009. Prior to this and between 2000 and 2004, he was Managing Director and Global Banking Industry Head for Citigroup based in London. He is a graduate of the University of Athens School of Mathematics and earned a BSc in Naval Architecture from the University of Glasgow and an MSc in Management from Brunel University. D. John Stavropoulos, Chairman of the Board, commented, "We are delighted to have someone with Mr. Arapoglou's background and experience join our board.
Grandunion Controls Aries Maritime Transport
Aries Maritime Transport Limited (NASDAQ:RAMS) announced that Grandunion Inc., a company controlled by Michail S. Zolotas and Nicholas G. Fistes, acquired 18,977,778 newly issued common shares in Aries in exchange for three capesize drybulk carriers. Of such shares, 2,666,667 were transferred to Rocket Marine Inc., a company controlled by two former directors and principal shareholders in Aries, in exchange for Rocket and its affiliates entering into a voting agreement with Grandunion. Under this voting agreement, Grandunion controls the voting rights relating to the shares owned by Rocket and its affiliates. Grandunion now owns approximately 34.2% of Aries and, as a result of the voting agreement controls the vote of approximately 71% of Aries' outstanding shares.
Lambros Resigns from Seanergy Maritime
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP; SHIP.W) announced that Mr. Lambros Papakostantinou, member of the Board of Directors of the Company, has resigned from his position as Director effective immediately. New duties have been assigned to him at the National Bank of Greece which could constitute a conflict of interest with his position as member of the Board of Directors of the company. The company would like to thank Mr. Papakostantinou and wish him every success in his future endeavors. Seanergy Maritime Holdings Corp., the successor to Seanergy Maritime Corp., is a Marshall Islands corporation with its executive offices in Athens, Greece. The company is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers.
Danaos 3Q, 9 Month Report
Danaos Corporation (“Danaos”) (NYSE: DAC), a leading international owner of containerships, reported unaudited results for the period ended September 30, 2008. • Net earnings from continuing operations of $28.0 million or $0.51 per share and $93.2 million or $1.71 per share for the quarter and the nine months ended September 30, 2008, respectively, compared to $25.5 million or $0.47 per share and $78.4 million or $1.44 per share for the respective periods of 2007. • Operating revenues from continuing operations of $76.4 million and $220.2 million for the quarter and the nine months ended September 30, 2008, respectively, compared to $62.6 million and $187.5 million for the respective periods of 2007.
Quintana Shareholders Approve Excel Merger
Excel Maritime Carriers Ltd. (NYSE: EXM) and Quintana Maritime Limited (NASDAQ: QMAR) jointly announced that at a special meeting of Quintana’s shareholders held April 14, 2008, Quintana’s shareholders voted to approve the merger agreement pursuant to which Excel will acquire Quintana. Under the terms of the merger agreement, each issued and outstanding share of Quintana common stock will be converted into the right to receive (i) $13.00 in cash and (ii) 0.4084 Excel Class A common shares. The 0.4084 exchange ratio will be reduced to reflect the $0.31 dividend paid by Quintana to its shareholders on March 7, 2008, in accordance with the terms of the merger agreement. Excel and Quintana expect the merger to close on or about April 15, 2008.
Minoan Lines To Sign Loan
Ferry operator Minoan Lines will sign a $253.5 million syndicated loan jointly arranged by Citibank and National Bank of Greece to finance four highspeed ferries under construction, according to officials. Participating in the syndicated loan are Bayerische Hypo und Vereinsbank, Commercial Bank of Greece, Deutsche Schiffsbank, Landesbank Schleswig-Holstein Girozentrale, Alpha Credit Bank, BNP, Commerzbank, Meespierson, Schiffhypothekenbank zu Luebeck, Nedship Bank, ABN AMRO Bank and Efibanca.
Piraeus Shipping Center Inaugurated
Prime Minister Costas Simitis inaugurated National Bank of Greece's Shipping Trade Center in the port city of Piraeus, near Athens, and called for more investment and a better attitude from all. Simitis said the center will help promote quality shipping in the country's key sector. He noted that Greek shipping needs Greek officers and seamen, adding that the government will also offer solutions to the country's shipbuilding industry. The prime minister also said that upgraded, reputable shipping companies would find it easier to list on the Athens Stock Exchange, effectively providing them with an alternative source of capital.