Greece News

14 Jul 2019

Piraeus Bank-AsiaPac JV on Ship Finance

Christos Megalou, CEO. Pic: Piraeus Bank Group

Greeceā€™s largest lender by assets Piraeus Bank is eyeing a strategic partnership with a major Asian Pacific financial conglomerate that will help it provide financing to Greek shipping companies."This pioneering initiative forms part of Piraeus Bankā€™s continued commitment to the shipping community, through investment of international capital into existing opportunities and new financing to the shipping industry," said a press release form the bank.The initiative aims at positioningā€¦

12 Jul 2019

U.S. Oil Makes it to Ukraine, a blow to Moscow

Ā© RealPhotoItaly/Adobe Stock

U.S. crude exports are gaining traction in Europe as even Ukraine turns into a significant consumer of American barrels at the expense of Russian supplies amid heightened U.S. political pressure on Moscow and problems over contaminated Russian oil.Ukraine this month received its first ever barrels from the United States, according to Refinitiv Eikon flows data, as the tanker Wisdom Venture unloaded 80,000 tonnes of Bakken crude in Odessa on July 6 for the Kremenchug refinery,ā€¦

27 Jun 2019

Telenor Maritime, Anek Lines Sign Pact

Image: Anek Lines

Greek passenger shipping company Anek Lines has partnered with Telenor Maritime, which builds 4G coverage offshore to support the oil & gas industry,  to upgrade the mobile ecosystem onboard all its ships.The connectivity platform with Mobile, Premium Wi-Fi, Ka-VSAT and mobile broadband backhaul improves the complete digital value chain with services enhancing operational efficiency and the passengerā€™s onboard experience.Lars Erik Lunøe, CEO of Telenor Maritime said: "This is an important step for Telenor Maritimeā€™s service-expansion into the Mediterraneanā€¦

26 Jun 2019

Italian JV GMC Acquires Zouros

Greek-Euro Towage Maritime Company (GMC), a  joint venture company operated by Italian tug owners Rimorchiatori Mediterranei, Fratelli Neri and Rimorchiatori Laziali, is set to acquire 80% of the assets and operational interests in Zouros Group.Zouros retains the remaining 20% stake, with the two companiesā€™ fleet of tugs to be brought together under their joint operational responsibility.Rimorchiatori Riuniti is an operating holding company active in the harbor, offshore and shipping sectors, controlled by private Genoese families long active in the maritime industry.Fratelli Neri, which provides harbor towage and related maritime servicesā€¦

14 Jun 2019

Greece Hosts Shortsea Shipping Day

Photo: Palau International Ship Registry

Panos Kirnidis, CEO of Palau International Ship Registry (PISR) was one of the first speakers to welcome shortsea shipping experts, owners, charters and sector professionals to the 2019 Shortsea Shipping Day at the Piraeus Yacht Club in Greece on Thursday 14 June.As the lead sponsor for the event, organised with among others the European Shortsea Network and the Hellenic Short Sea Shipowners Association (HSSA), Panos Kirnidis stressed the importance of short sea shipping to theā€¦

14 Jun 2019

SPII Holdings Bids for DryShips

File Photo: DryShips

Greece-based dry bulk shipping company DryShips Inc said announced it has received a non-binding offer letter from SPII Holdings, which proposes a transaction pursuant to which the Company would be merged into a subsidiary of SPII Holdings.SPII Holdings is controlled by DryShips' Chairman and Chief Executive Officer, George Economou.The board of directors of the diversified owner and operator of ocean going cargo vessels has formed a special committee consisting solely of disinterested directors to consider the proposal.As of June 13ā€¦

13 Jun 2019

EuroAsia Still on PCI List

Image: EuroAsia Interconnector

The EuroAsia Interconnector, the Israel-Cyprus-Greece electricity link remains on the official list of European projects of common interest (PCI) making it eligible to receive some ā‚¬300 mln in EU grants for the Crete-Attica sector of the cable.The EuroAsia Interconnector remains committed to the timely implementation of the project, as submitted to the European Commission, with the Crete-Attica interconnector commissioned in June 2022 and the Crete-Cyprus Interconnector in December 2023ā€¦

13 Jun 2019

DSME Wins LNG Ship Order from Maran Gas

Image: Daewoo Shipbuilding & Marine Engineering Co

South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co (DSME) said  that it has won a deal to build a liquefied natural gas (LNG) carrier from Maran Gas Maritime (MGM).The affiliate of Greeceā€™s largest shipper, Angelicoussis Shipping Group ordered the 174,000 cbm unit on June 12.According to Yonhap, The vessel will be built at Geoje Okpo Shipyard and is scheduled for delivery by the first half of 2022.The Korean shipbuilder said that Maran Gas Maritime is one of itsā€¦

11 Jun 2019

Performance Shipping Buys Aframax Tankers

Pic: Performance Shipping Inc

The provider of shipping transportation services through its ownership of containerships, Performance Shipping Inc.(PSI) announced that it has agreed to acquire two entities, which have signed contracts to purchase two 2011-built Aframax tanker vessels from an unaffiliated third party seller for a total purchase price of US$60.0 million.The transaction was unanimously approved by the disinterested members of the board of directors, said a press release from the Greece-based company.PSI will acquire the two entities affiliated with its Chairman and Chief Executive Officerā€¦

06 Jun 2019

TEN Net Income Up 200%

Pic: Tsakos Energy Navigation

Greece-based Tsakos Energy Navigation Limited (TEN) reported positive results in the first quarter of 2019 with a net income of $11.2 million, showing an improvement of 200% YoY, as a result of improved rate conditions, following the healthy market recovery experienced at the end of 2018.Gross revenues totaled $147.0 million, 17.0% higher than in the 2018 first quarter due to improved rates, full employment at 97% and the positioning of suezmax and aframax tankers in the spot market that generated an additional $18.4 million in revenue over that achievedā€¦

06 Jun 2019

Cruise Ships Emits More Pollution into Europe

Image: Cruise Ships Emits

Carnival Corporation, the worldā€™s largest luxury cruise operator, emitted nearly 10 times more sulphur oxide (SOX) around European coasts than did all  260 million European cars in 2017,  said Transport & Environment.Royal Caribbean Cruises, the worldā€™s second largest, is second, yet four times worse than the European car fleet, revealed a new analysis by sustainable transport group.SOX emissions form sulphate (SO4) aerosols that increase human health risks and contribute to acidification in terrestrial and aquatic environments.In absolute termsā€¦

03 Jun 2019

VIKING, Norsafe Under Same Flag at Nor-Shipping

Photo courtesy of VIKING

Following last yearā€™s acquisition of Norwegian lifeboat builder Norsafe by VIKING Life-Saving Equipment, the two companies are joining forces at Nor-Shipping to showcase their complete safety solution.For decades, the name ā€œNorsafeā€ has been synonymous with high-quality, innovative lifeboat design and craftsmanship. Acknowledging this legacy as well as looking forward to a new and exciting future as part of  VIKING Life-Saving Equipment, all of Norsafeā€™s boat and davit solutions will now be rebranded as ā€œVIKING Norsafeā€.As part of the same processā€¦

31 May 2019

Shell Ocean Discovery XPRIZE Winner Annouced

(Photo: GEBCO-NF Alumni)

The GEBCO NF- Alumni Team was announced as the $4 million grand prize winner of the Shell Ocean Discovery XPRIZE, a three-year global competition that challenged teams to advance deep sea technologies for autonomous and unmanned, fast and high-resolution ocean exploration. The team's winning concept includes the use of a unique unmanned surface vessel (USV) / autonomous underwater vessel (AUV) and associated combination of communications hardware and software to process and transmit data remotely.

30 May 2019

Greek Shipping Leaders Address Key Challenges

Photo:  Christopher J. Wiernicki, ABS Chairman, President (on the right) and CEO and Peter Livanos, Chairman of GasLog Ltd. and the ABS Hellenic National Committee Chairman (on the left)

Leaders of the Greek Shipping Industry met to discuss decarbonization, capitalizing on data and digital technologies and vessel automation at the annual ABS Hellenic National Committee meeting.ā€œWe have deep relationships across the Greek shipping industry, which reflects our extensive investment in serving the needs of ship owners and operators here. Not only is our office in Piraeus the largest ABS office in Europe, but it is home to our Global Ships  Systems Center and an extensive team of experts on call 24 hours a day to assist with whatever challenges they face,ā€ said Christopher J.

27 May 2019

Star Bulk Acquires 11 Dry Bulkers

Pic: Star Bulk Carriers Corp.

Greece-based global ship manager of seaborne transportation Star Bulk Carriers Corporation has entered into an en bloc definitive agreement with entities controlled by Delphin Shipping to acquire eleven operating dry bulk vessels.The company focusing on the transportation of dry bulk cargoes said in a press release that the acquisition of bulkers from Delphin, an entity affiliated with Kelso & Company, is for an aggregate purchase price of $139.5 million, payable in the form ofā€¦

16 May 2019

Northern Sea Wolf to Cover Central Coast route

The Northern Sea Wolf while conducting sea trials.

The new ferry between Bella Coola and Port Hardy will be starting up on Saturday, said the British Columbia Ferry Services Inc (BC Ferries)According to a news release , the Northern Sea Wolf will begin service on the Central Coast route on May 18, after finishing sea trials and dock fits during April and May.Built in 2000, the vessel was bought in Greece in 2017 after the province announced it was reviving the route that had been cancelled in 2013.The corporation says the Northern Sea Wolf has finished sea trials and dock fits successfully in April and May in Port Hardyā€¦

14 May 2019

Neo-Panamax Container Market Looks Better

Image: Capital Product Partners L.P.

Neo-Panamax container vessels experienced increased activity during the first quarter of 2019, compared to the fourth quarter of 2018, said  Capital Product Partners.While charter rates for feeder and panamax vessels remained relatively flat due to, among other things, the overhang of idle tonnage, charter rates for Neo-panamax vessels, especially 8,000 TEU designs or larger, saw marked increases, with 12-month charters being contracted at average daily gross rates of approximately $24ā€¦

10 May 2019

ShipMoney Crew Payment Solutions for Tsakos

Seafarers employed on Tsakos-owned vessels operated under its management arrangement with Columbia Shipmanagement will now be paid electronically as opposed to by ā€˜Cash-by-Masterā€™, under an agreement signed with ShipMoney.The deal means crew members will have control and access to their wages while onboard ship, including the timing and currency of remittances sent home. It will  reduce the need for large amounts of cash to be delivered to ships and eliminate the need for Tsakos to administer individual crew wire payments sent to home bank accounts. The latest contract with the Greece-based shipmanagement company will see ShipMoneyā€™s products being rolled out to its fleet of 90 vessels consisting of tankerā€¦

03 May 2019

DryShips Acquires Newcastlemax Drybulker

File Photo: DryShips

Greece-based dry bulk shipping company DryShips Inc announced that it has agreed to acquire from an entity that may be deemed to be beneficially owned by its Chairman and CEO, George Economou, one Newcastlemax drybulk carrier built in 2017, for a purchase price of approximately $50.0 million. The purchase price was based on the average fair market value of the vessel, as determined by independent third party broker valuations, and the transaction was unanimously approved by theā€¦

25 Apr 2019

Nederland Reefer Faces Pollution Charges in US

Image: Chartworld Shipping Corporation

Greeceā€™s Chartworld Shipping Corporation(CSC)'s cargo vessel Nederland Reefer, its manager, owner and the chief engineer have been indicted for falsification of pollution records, obstruction of justice and witness tampering.A federal grand jury in Wilmington, Delaware, returned a six-count indictment charging CSC, Nederland Shipping Corporation, and Chief Engineer Vasileios Mazarakis, according to the U.S Department of Justice.The charges stem from the falsification of recordsā€¦

23 Apr 2019

GasLog, GasLog Partners Name COO Designate

Paolo Enoizi. Photo: Stolt-Nielsen

GasLog and GasLog Partners announced that Paolo Enoizi has been appointed as Chief Operating Officer (COO) Designate of GasLog and GasLog Partners.Paolo, who will be based in Piraeus, Greece, will take up his role in August 2019 and initially work alongside current COO Richard Sadler to ensure a smooth transition of responsibilities.On joining GasLog in August 2017 and in addition to his day-to-day responsibilities, Richard indicated his desire to work with the rest of the senior leadership team to identify a long-term successor for the COO role.

01 Apr 2019

Navios Acquisition Disposes Oldest VLCC

Pic: Navios Maritime Acquisition Corporation

Navios Maritime Acquisition Corporation, an international shipping company, said that it  has sold the oldest vessel of its fleet, the C. Dream.According to a press release from the US-listed, Greece-based company, the 299,000-dwt very large crude carrier (VLCC) C. Dream (built 2000) is sold for $21.75m.The 323,967 cbm vessel, with a length of 332 meters and a width of 60 meters, was built in Hitachi shipyard in Japan.Navios Acquisition is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.

31 Mar 2019

TMS Cardiff Gas Charter Pact with Vitol

Pic: TMS Cardiff Gas

Greece-based TMS Cardiff Gas, an operator and manager of 16 liquefied natural gas (LNG) Carriers, announced that it  has entered into a ten year time charter contract with Vitol, a energy & commodities company, for one of its X Carrier Series vessels.The 174,000 cubic meter vessel with efficient XDF propulsion is being constructed at Hyundai Heavy Industries (HHI). The LNG carrier company has now secured term employment for ten of its eleven X Carrier Series vessels and maintains options for further growth.The vessel will be built to the highest industry specificationsā€¦

Maritime Reporter Magazine Cover Jul 2019 - Cruise Vessel Design & Outfit

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