Hidden treasureGreek shipping’s contribution

to society runs deep

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N O V E M B E R 2 0 1 5

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Contents3. A tradition of excellence

5. Onassis Foundation

Stavros Niarchos Foundation

7. POSIDONIA UPDATE: A 4-page preview of the June 2016 event

11. Benefactors right across the spectrum

Libra balances business with philanthropy

13. Laskaridis Foundation dives deep

14. SPECIAL FEATURE:

A guest article on ‘Consistent, creativesolutions’ contributed by ABS,principal sponsor of

15. Arista heads up LNG-fuelled bulker project .

16. Seen & Heard

Cover photo: ‘Return to Antikythera’ courtesy of the Laskaridis Foundation (see p. 13)

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Just as historically the spread of Greek culture and civilization around theMediterranean was based on trade rather than conquest, so in return societalissues are firmly imprinted in the country’s commercial DNA.

For Greece’s world-beating shipping sector, a major priority has always beennot only the creation of wealth but also its sharing - among the disadvantagedin Greek society and to promote Hellenic culture in general.

In the run-up to next year’s iconic Posidonia 2016 event, shaping up to be thebiggest ever (see pp.7-10), this issue of Hellas Maritime therefore focuses onsome of the myriad cultural and philanthropic ventures of the Greek shippingcommunity. Our round-up represents just a sample of at least 80 differentprojects that the Seatrade/Naftiliaki team, kindly assisted by ‘Greek ShippingMiracle’ founder George Foustanos, have been able to identify.

Amid today’s calls for Greek shipping to contribute more to the country’sembattled economy, it might serve as a reminder of the very considerableefforts already being made.

N O V E M B E R 2 0 1 5

The purpose of wealth

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Currently they are the operators of thelargest and most valuable fleet in the world,totaling some 4,000 ships of 315m dwt,worth an estimated $106bn.

This armada accounts for over 16% of theglobal fleet and is getting larger and morevaluable all the time. Greeks today top theleague of shipowners building modern,efficient and environmentally-friendly ships.In total some 160 new ships worth close on$9bn were ordered or bought off thenewbuilding berth in the first 10 months of2015 alone, according to Naftiliaki/GreekShipping Review, as well as around 300secondhand vessels.

Many of the newbuilds are ‘eco-types’, theresult of a close co-operation withmanufacturers and classification societiesin the development of new technologiesand systems.

Though slipping a little, Greece also stillhas the largest national flag fleet in theworld, while providing a source of incomefor at least 45 other flag administrationsaround the globe.

Greek owners also deal with almost 50

banks around the world, which providefinancing to the tune of $64bn.

In total, there are some 72 Greekcompanies running major fleets of over 1mdwt, led by John Angelicoussis with justunder 100 ships of around 19m dwt.

In addition, Greeks have played a leadingpart in introducing the maritime industry toa wider investment market, with 37 Greek-backed ship operators listed on the leader-boards of stock exchanges in New York,London and Athens. About 30 of thesecompanies are listed in the US, some 60%of all listed shipping companies on WallStreet.

Even in this time of crisis, Greek shippingis annually contributing around $16bn tothe Greek economy, compared to around$23bn before the financial crisis broke outin 2009. In fact, the shipping sector todayis reckoned to contribute 7% to thecountry’s GDP and directly provide192,000 jobs.

As the country struggles to make endsmeet, shipping has voluntarily agreed to adoubling of its tonnage tax payments over

the 2014-to-2017 period, resulting in totalreceipts of $470m, an agreement sinceextended to 2020.

However, since the crisis, the EuropeanCommission, European Central Bank andthe IMF – the so-called troika of institutions –have seen shipping as being something ofa cash cow and are now demanding Athens‘increase the rate of the tonnage tax’ and‘phase out special tax treatments’ which thegroup says are extended to the shippingindustry.

The Union of Greek Shipowners (UGS)dismisses any notions it is under-taxed,arguing the Greek government’s taxrevenues from shipping have increasedmore than eight-fold since 2013. Moreover,since then, vessels flying foreign flagsoperated/managed by offices established inGreece have become subject to Greektonnage tax.

Shipping companies located in Greecealready pay the highest tax rates in the EUand they are higher than their Asian and UScounterparts claim shipowners. IraklisProkopakis, coo of Danaos Corp, told therecent Marine Money Conference in Athensthat companies based in Greece can’tafford to pay a single cent more, after theintroduction of the increased tonnage taxscheme.

Moreover, Greek shipowners and shipping-related bodies are already making a huge andoften overlooked contribution to the country’scultural and social welfare, not only now butstretching back many years and pre-dating thecountry’s present economic misfortunes.

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A tradition of excellenceGreeks were among the first to use ships to transport peopleand goods by sea, more than 10,000 years ago, and theyremain pace-setters today, widely recognised as bastions oftraditional as well as innovative shipping.

Maran Tankers - part of Angelicoussis Group, Greece’s largest shipowner

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‘Those involved in Greek shipping, both owners andseafarers have done tremendous things for their countryand fellow man,’ says George Foustanos, maritimehistorian, former board member of the UGS and founder ofthe Greek Shipping Miracle (GSM) online museum.‘Entrepreneurs never asked for any material assistancefrom their government in order to fulfill their vision. At thesame time, apart from their business activities, they haveoffered timeless support to the country through significantinvestment, together with charitable and cultural initiatives.

‘Indeed, just looking back over the past couple of decades,

many hundreds of millions of dollarshave been invested in making life betterfor others as well as ensuring thewellbeing of our culture and traditions.Schools, hospitals, cultural centres,museums, community projects,educational scholarships have allbenefited from shipping money withinvestments ranging from around$800m down to a few thousand aproject, but all would not have occurredif it were not funded by money earnedfrom the sea.’

To support these claims, the followingpages highlight just a few notableexamples of what is being done by theshipping community to preserve Greekculture and make life a little easier forits people. It should be noted thesephilanthropic and charitable projects

represent just a tiny sample of the efforts being undertakenby the country’s maritime community – indeed, anycomprehensive account would read like a ‘Who’s Who’ ofGreek shipping. This list would contain, in no particularorder, names like: Lemos, Latsis, Pateras, Polemis,Hadjipateras, Dracopoulos, Martinos, Callimanopulos,Dracoulis, Nomicos, Los, Carras, Livanos, Chandris,Angelopoulos, Xylas, Goulandris, Vardinoyiannis,Lykiardopoulos, Vergoittis, Eletson Corp, Comninos,Embiricos, Tsaviliris, Efstathiou, Rethymnis, Lyras, Vaglianos,Konialides, Andreadis… and many more, as well of courseas those reported in this issue.

Commerce and care – Angelicoussis Group HQ and Onassis Cardiac SurgeryCentre (left) side by side on Syngrou Avenue

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Co-president Andreas C.Dracopoulos (left) was namedHACC’s Person of the Year2015, partly in recognition ofthe SNF having providedmore than $1.45bn in over3,000 charitable grants tonon-profit organisations inmore than 110 nations overthe past 20 years.

In Greece itself, the SNF iswell known as a supporter of

arts and culture, with a €565m Stavros NiarchosFoundation Cultural Centre currently under construction inAthens, which will include new facilities for the NationalLibrary of Greece and the country’s National Opera.

In recent times the SNF’s focus has turned more towardsthe social welfare concerns of Greek citizens, and in 2012and 2013 it announced two separate €100m programmes,

to help the less fortunate (‘Initiative Against the Crisis’) andyoung unemployed (‘Recharging the Youth’) respectively.

Non-profit bodies to have received SNF grants include theProlepsis Institute of Preventative Medecine, for its FoodAid and Promotion of Healthy Nutrition Programmeproviding free school meals for Greek children; themunicipalities of Athens and Thessaloniki, to assist withsocial welfare of their citizens; a group of leading hospitalsin Athens and Piraeus; and a charity looking after personswith Down’s syndrome.

Speaking at the HACC dinner, Dracopoulos called forcreation of ‘a true social welfare society’ in Greece where‘all the healthy forces from all sectors of the country willbe allowed to take the lead to “clean up” and fix a countrywhere the majority of its proud people are suffocating.’

Stavros Niarchos Foundation honoured

The Stavros Niarchos Foundation set up inmemory of the legendary ‘Golden Greek’shipowner was honoured this year by theHellenic American Chamber of Commerce.

The giant Onassis CulturalCenter (OCC) - Athens withits 18,000 sq mtr of internalfloor space opened onbusy Syngrou Avenue inthe heart of the Greekcapital in 2010, at onceestablishing itself as bothan iconic piece ofarchitecture and a vital hubof creativity for the city.

Two decades earlier theFoundation gifted the Onassis Cardiac Surgery Centre(OSCS) to the city of Athens, a state-of-the-art hospital worthsome $150m in today’s prices.

The Onassis Foundationis also known for itsextensive programme ofeducational scholarships,as well as a series ofOnassis Prizes that areawarded every threeyears jointly with theCass Business School,City University London –which have been described as ‘Nobel Prizes in areas wherethere aren’t any yet’.

Introducing the winners, OnassisFoundation president Dr AnthonyS. Papadimitriou mused on thenature of knowledge. ‘In ancientGreece it began with “knowthyself”,’ he observed, quippingthat this is somethingshipowners today don’t seemvery good at ‘because they keepordering ships when they knowthey shouldn’t.’

By contrast, Aristotle Onassis‘excelled in exactly that,’ he

concluded: ‘empirical knowledge of shipping, trade andfinance, the three disciplines where the Foundation awards itstriennial prizes.

Onassis Foundation fosters innovationThe Alexander S. Onassis Public BenefitFoundation (Onassis Foundation) wasestablished exactly 20 years ago followingthe death of Aristotle Onassis, in accordancewith the shipping magnate’s last wish tohonour the memory of his son, Alexander. Itsremit covers supporting activities relating toculture, education, environment, health andsocial solidarity, principally in Greece orrelating to Greek culture and civilization.

Dr Anthony S. Papadimitrou presenting the 2015 OnassisPrize for Shipping to Dr Martin Stopford

Onassis Cultural Centre

Andreas C. Dracopoulos

SNF Cultural Centre takes shape

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The biennial Posidonia exhibition andconference, plus the surrounding fortnightof sporting and social events, has longoccupied a unique position in the psycheand consciousness of the Greek shippingcommunity, which remains the world’slargest by some considerable distancedespite the country’s present financialwoes.

Posidonia’s mystique undoubtedly stemsfrom its ability to seamlessly combineGreece’s rich maritime heritage andtradition with the modern way of conductingglobal business.

The event’s special aura is evidenced bythe way it has successfully navigated itsway between three different venues and

settings in the space ofa decade. Forced toleave its original homein the iconic but ageingPiraeus Port Authoritybuilding on the Piraeuswaterfront, it moved to atemporary mega-tentstructure at the site ofthe old AthensInternational Airportbefore settling in 2012at its current state-of-the-art Athens Metropolitan Expo,conveniently located a short distance fromGreece’s Eleftherios Venizelos InternationalAirport.

If that’s not a chameleon-like ability tosuccessfullyadapt to thedemands ofthe times andthe changingcircumstances,then what is?

And thatchangingbackdropcould hardlybe any harshereconomically,for shipping orfor Greece, asthe ongoingglobalslowdown that

sparked Greece’s debt crisis is likely toenter a seventh year in January.

But like a true warrior straight out of thepages of Greek mythology, Posidonia is setto emerge unscathed and more upbeatthan ever, as exhibitors are queuing up toreserve space for the next year’s event,already pointing to the need to open up abigger floor area than previously planned.

In fact, the event’s organisers are predictingthat Posidonia’s 2016 edition will be thebiggest and most diverse in the event’s five-decade-long history.

By early autumn 2015, some 30 newcomersfrom across the diverse spectrum of theindustry had booked space. These includedmanufacturers of ballast watertechnologies, shipbuilding equipment,industrial computers & automation, marinespare parts and marine safety videos,logistics providers, plastic piping systemsand filters.

Anticipation is already beginning to build for whatwill undoubtedly be one of the major events - themajor one in many people’s books – of nextyear’s shipping calendar: Posidonia 2016, takingplace at the Metropolitan Expo venue in Athensfrom June 6-10.

POSIDONIA UPDATE

Posidonia 2016 on track to be biggest edition ever

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Led by the traditional Far Easternpowerhouses of China, Japan and SouthKorea, a solid number of countries haveconfirmed their participation at Posidonia2016 with National Pavilions.

Among the less expected is theLuxembourg Maritime Cluster (LMC) whichwill participate in Posidonia for the first time,keen to network with the internationalshipping audience which Posidoniatraditionally attracts.

Indeed, LMC’s participation underlines theimportance of the shipping industry to thewelfare of all aspects of the global economy.More than 10 airlines and travel agents haveconfirmed their participation, highlighting the

volume of business seamen’s travel createsfor the airline industry.

Posidonia’s longstanding reputation withinthe maritime world owes much to thestrength of the Greek shipowningcommunity. Shipowners - or rather the‘Greek shipping miracle’ (see separatestory) they have created - are the primereason world shipping converges onAthens every two years.

And if the official tally of the last Posidoniais anything to go by, then both internationaland Greek shipowners - the latter led byofficial body the Union of GreekShipowners (UGS) - will be very busytouring the exhibition floor and meeting

exhibitors, among a total visitor count ofover 30,000 people from 96 countries.

There will certainly be no shortage ofbusiness to be done on the exhibition floor.As UGS president Theodore Veniamisrecently put it: ‘The Greek–owned fleetcontinues to be the leader of a global

industry, driving the development ofadvanced technologies and sustainableshipping services.

‘Combining innovation with traditionalmaritime knowhow and the legendaryentrepreneurship of its owners, the fleet isdiversifying as never before across allsectors,’ he continued. ‘Shipping is a highlyinterconnected industry, each player relyingon trusted partners to play their part. Thosepartnerships are celebrated at everyPosidonia, with the Greek owners engagingin lively discussions, productive businessesand fruitful gatherings with theirinternational friends.

‘The Union of Greek Shipowners and theentire Greek shipping community lookforward to welcoming the global shippingindustry to Posidonia 2016.’

Turning down an invitation like that from aman who represents a collective buyingpower measured in billions of dollarsannually is likely to be costly. Greekshipowners currently rank first among thetop contractors of newbuildings,responsible for 7.27% of all identifiedorders, of 41.42m dwt, leading Singapore,China and Japan.

Greek owners also lead by some way in thekey sectors of tankers, with over 14.2% ofthe orderbook, and bulk carriers, with a14.6% share.

POSIDONIA UPDATE

Theodore Veniamis

Posidonia 2014 official opening

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POSIDONIA UPDATE

As of end-October, Naftiliaki’s GreekShipping Review, reported 463 ships of46.7m dwt were on order - including bulkcarriers, tankers, LPG and LNG carriers,container ships, offshore supplyships, drillships and roro’s - withsome 99 Greek companies awaitingnew ships.

Of these, a total of around 118ships had been ordered since thebeginning of 2015, Naftiliakicontinued. Value of the orders ranto just over $5.6bn, with energy-carrying ships leading the way with70 tankers and 15 gas carriers.

In general, Greek orders have beenplaced in all three top shipbuildingcountries - China, Japan, and SouthKorea. Indeed, projects have involvedinnovative ships, designed and built inclose cooperation between individual Greekowners, equipment designers andshipyards. At the same time, owners havebeen working with the same partners indeveloping retrofit answers to today'senvironmental and fuel efficiency demands.

While global trade will continue to be active,thanks in part to the entrepreneurial spiritand foresight of the Greek shipowners,

business is expected to be brisk for thelocal Athens economy around and duringPosidonia 2016 time with an anticipated€50m ($57m) coming to the country from

accommodation and transportation ofexhibitors and visitors in Athens for theexhibition, stand construction and customsclearance and the myriad of sideline eventsassociated with it, let alone from the eventitself.

Moreover, such a high prestige eventpromotes Greece and its capital, Athens, asan ideal destination for major internationaltrade events, contributing to the futuredevelopment of the MICE [meetings,

incentives, conferences, and exhibitions]sector in the region.

It’s also important to point out thatPosidonia has become much morethan an exhibition, since following itsmove to the new exhibition centre ithas built up an impressiveprogramme of conference andseminars. In 2016, Posidonia is againexpected to host some 40 events,including conferences, productlaunches, technical presentations,press conferences and more.

The Tradewinds Shipowners Forumwill again launch the conferenceprogramme on Tuesday June 7. Otherconfirmed events include seminarsand press conferences by DNV GL,

RINA, United Kingdom Hydrographic Office(UKHO), Jotun Hellas, Gottlieb InternationalGroup, Argo Navis Marine Consulting andTechnomep, amongst others.

To meet the growing demand, the Posidoniaorganisers have set up a third seminar room,sponsored by UKHO. Several universitieshave already signed up for Posidonia, andthe University of Strathclyde and ALBAGraduate Business School have announcedthey will organise workshops.

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Posidonia business is not confined to theexhibition venue or the perimeter of thewider area but extends all over Athenswith the rich repertoire of social andsporting events that traditionally adornPosidonia Week.

Foremost are The Posidonia Games, aseries of sporting events run for shippingexecutives. Already eager participants arelimbering up in anticipation of the industry’sown ‘mini Olympics’ taking place next June,where a total of over 2,000 sportsmen andwomen from the maritime world areexpected to compete for the covetedPosidonia trophies.

The Posidonia Cup sailing regatta is theoldest sporting event of the exhibition and isalso the first to take place on Friday, June 3in Faliron Bay over courses used in the 2004Athens Olympic Games. Some 50 boatscompete for Posidonia Cup prizes in fourcategories: Performance, Standard,Traditional Boats and IRC. Winners will bepresented with the impressive awards duringthe reception taking place on Friday evening.

Sunday June5 will see thestart of thePosidoniaGolfTournament,a more recentaddition tothe event’ssportingprogrammethat will takeplace for thethird time atthe AthensGolf Club. Its traditionalsponsors are two of Greece’sleading shipping companies,Thenamaris and Costamare.

The Posidonia ShipsoccerTournament, sponsored bySwift Marine, will kick off onthe afternoon of SundayJune 5 - much to the delightof all shipping professionalswho are also football players

or fans,takingplace as itdoes in the famousKaraiskaki stadium, homeof Piraeus’ ownChampions League sideOlympiakos.

Now in its 5th edition, the5x5 soccer competitionhas established itself as afirm favourite withshipping companies, andas a result the organisershave decided to increasethe size of the tournament

in 2016 in order to accommodate as manyteams as possible.

The 2016 Posidonia sees the addition of anew sporting event: the first PosidoniaRunning Event. This event will turn thestreets of Piraeus into agiant athletics track onSaturday June 4.

Open to members ofthe shippingcommunity and public,this new event will havea special significance intaking runners aroundthe city of Piraeus, thetraditional home ofGreek shipping,thereby underlining its

continued importance for shipping.

In the words of a veteran journalist whohasn’t missed a Posidonia Exhibition in thelast 20 years: ‘Posidonia power is somethingyou have to experience to believe’.

POSIDONIA UPDATE

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Shipping’s active role in THI is spearheaded by the LibraGroup, whose 40-year-old chairman and ceo, GeorgeLogothetis, has a place on the Board, as does theAntonios & IoannisAngelicoussisFoundation. Otherwell-known shippingname supportersincludeAngelopoulos,Milonas, andFrangou, as well asmembers of theLaskaridis,Georgiopoulos andHadjipateras clans.

Logothetis took overfamily shipping

business Lomar more than a decade ago and has sinceexpanded its fleet to nearly 80 vessels, at the same timecreating diversified parent group Libra which today hasassets in aircraft, hotels, energy and real estate as well asships.

As part of THI, Libra has committed $10m to The HellenicEntrepreneurship Award, under which Greek start-upbusinesses are given interest-free funding, an expertmentor and a range of business support services.

The group also runs anInternship Programme forover 100 young peopleeach year, as well as aFellowship Programmethat provides funding for25 MBA students eachyear at the AthensUniversity of Economicsand Business (AUEB), aswell as grants forphysicians to undertakeresearch in the US beforereturning to medicalpractice or academia inGreece.

Libra balances business with philanthropyThe Hellenic Initiative (THI) was set up threeyears ago to tap into the network of leadingGreek-American business and professionalleaders, to fund crisis relief efforts andparticularly entrepreneurship and economicdevelopment back in Greece.

In the last three years the Union of Greek Shipowners hasbeen running its ownprogramme that has beenhelping to feed more than40,000 people, as well ascontributing to basic medicalcare for many disadvantagefamilies and regions. It alsohelps support dozens ofindependent welfare centresaround Greece.

Another example of a daily helpis Sir Stelios Haji-Ioannou's'Food From the Heart' fund withsome 5,000 Athenians on its books.

Capt. Panagiotis Tsakos runs the Maria Tsakos Foundation International Centre for Maritime Research and Tradition, setup to advance seafarers’ welfare, maritime education, trainingand heritage, as well as to promote research on shipping withan environmental emphasis. A separate Tsakos Foundationbased in Uruguay works to spread Hellenism abroad.

The Goulandris family runs the Nicholas P. GoulandrisFoundation - Museum of Cycladic Art, one of the greatmuseums of Athens, housing a notable collection of artifacts ofCycladic art (pictured).

Contributing to the scientific and technological education ofyoung people in Greece is the Eugenides Foundation. Set up60 years ago after the death of Greek benefactor Eugenios

Eugenides, it was unique at the time ofits creation and has since served as aninspiration to many other Greekbenefactors, from shipping and thewider business community. Today itgrants scholarships, runs libraries andhouses one of the world’s bestplanetariums.

Another pioneer of Corporate SocialResponsibility is Helmepa (HellenicMarine Environment ProtectionAssociation), formed some 30 yearsago to raise public awareness of the

need to protect the marine environment. The brainchild ofshipowner George P Livanos, and supported by thePanhellenic Seamens Federation as well as the widershipping community, it has grown into an internationalorganisation with other Mepas all around the world. Teachingyoung people about marine conservation throughvolunteering activities such as beach clean-ups is a keyHelmepa activity.

Benefactors right across the spectrumNumerous shipowners have establishedfoundations belonging to a patchwork ofprivate trusts contributing to the fabric ofGreek society, or directly support variousnational charities and welfare efforts.

Nicholas P. Goulandris Foundation’s Museum ofCycladic Art

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Hidden treasureGreek shipping’s contribution

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Maritime ReviewQuarterly Issue 4 • December 2015

Environmentin sharp focus

Connecting the global maritime community at Posidonia 2016

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13

Its educational programmes are attended bysome 20,000 schoolchildren annually and ithas a 30,000-book lending library andhistorical library of some 350.000 titles.

The Foundation also supports wider initiativesto save and preserve maritime history andheritage. This includes the full restoration of three famousstone-built lighthouses in Greece and the foundation alsoowns an important maritime collection and the largestcollection of Admiral Lord Horatio Nelson items outsideEngland.

In close cooperation with US scientist and researcherBrendan Hole of the WoodsHole Institution, theLaskarisis Foundation alsosupported last year’s ‘Returnto Antikythera’ diveexpedition, revisiting ashipwreck firstdiscovered off the coastof Antikythera island in1900. Exploration of thewreck has yielded notonly fabulous antiquepottery and statues butalso the famousAntikythera Mechanism,

an ancient device designed to predict astronomicalpositions and eclipses. Comprising of at least 30meshing bronze gears, it has been dubbed the world’sfirst computer dating from 100-200 BC.

The Foundation offered Panos Laskaridis’ family yachtGlaros to support the project team, confident that the divewould “yield rich findings which will significantly improveour knowledge of the wreck and its time,” as Panos put it.

Research was conducted under the supervision of theEphorate of Underwater Antiquities of Greece¹s Cultureand Sport ministry and supported by the foundation andother agencies. Significant findings of the dive werepresented at the Historical Library of the AikateriniLaskaridis Foundation (below) in mid-December 2014.

Aikaterini Laskaridis Foundation dives deep

Founded in memory of their motherby leading shipowner brothersPanos and Thanassis Laskaridis,the Aikaterini Laskaridis Foundationaims to promote Greek arts andletters as well as maritime traditionand history.

www.islamorada.comTel: +507 228 4947 Fax: +507 211 0844E-mail: info@islamorada.com

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ABS continues to provide a consistently highquality of service to its members and clientsin Greece. Our role has traditionally been tosupport the country’s diverse shipownercommunity and we have done this byfocusing on timely delivery of creativesolutions to diverse challenges.

The results of this strategy can be judgedfrom our having maintained a leadingmarket share of the existing Greek fleet, aswell as from our recent successes with somewell-known local owners whomay not have classed with ABSbefore, but recognise thebreadth of assistance we canbring to their operations.

This success is the result ofconsistency – we retain thesame, highly experiencedmanagement team, with keypersonnel providing continuity –as well as our policy of nurturingthe next generation of talent.

This new generation includes young,talented staff in operational and surveyingroles in Greece as well as personnel workingin key shipbuilding and shipowninglocations around the world.

Through this strategy, ABS remains verymuch aligned with market needs andfocused on the issues that impact ourclients. For modern Greek owners, thismeans a focus on quality, as well the need

to meet the challenges of regulatorycompliance.

The average age profile of the Greek-ownedfleet continues to decline even as itbecomes more diverse, these daysincluding containerships, LNG carriers andoffshore units. Market conditions in the corebulk trades also give cause for optimism,with tankers remaining very active and thedry bulk carrier market performing betterthan many had predicted.

In the dry bulk sector, ownershave responded withincreased buying of secondhand vessels, while intankers, new orders areconcentrated on the largersizes, with Suezmaxes andVLCCs receiving increasedattention.

The ABS Athens officecontinues to provide a suite of additionalservices to shipowners, including a branchof the Global Gas Solutions team, workingdirectly on gas shipping and gas as fuelprojects.

Despite recent falls in the price of oil, ownersare continuing to express interest in theoptions for LNG-ready operations andworking with the ABS Guide for LNG FuelReady Vessels. Those owners with long termstrategic plans are aware of the opportunitythat gas-fuelled ships offer in terms of

regulatory compliance and operationalefficiency and are considering how to applythis potential to a wider number of differentship types.

With more vessels beginning to installballast water management systems (BWMS)over the last couple of years, owners havealso continued to draw on ABS’ knowledgeand insight into best practices.

In addition to our regular seminarprogramme and direct outreach, ABS offersthe BWMS Selection Service to assistowners and operators in evaluating whichsolutions are suited to the needs of theirrespective vessels.

ABS is also working informally with anumber of leading shipping companies toincrease understanding and awarenessaround the European Union’s Monitoring,Reporting and Verification (MRV)programme and to assess its implicationsfor owners.

This embryonic project brings togethersome very talented and able stakeholders tohelp formulate a means of assisting theindustry towards practical means ofcompliance in day to day operations.

Despite encouraging signs of recovery insome shipping markets, it is clear that Greekowners will continue to face short termchallenges. In the longer term, we willcontinue to see the evolution of the Greekfleet and ABS will continue to develop ourservice support, whether traditionalclassification, for innovative projects oradvice on regulatory compliance.

ABS: consistent, creative solutionsThe following article has been submitted by Vassilios Kroustallis,vp - Eastern Region, Europe Division, ABS

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Growing focus on quality and sophisticatedship types among modern Greek owners

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Intention of the project is to develop a commercially feasibleLNG-fuelled bulker design capable of complying with IMO’sEnergy Efficiency Design Index 20025 standards, NOx Tier IIIand Marpol Annex VI SOx emission levels.

Importantly, the project will also seek to develop a modularizedLNG retrofit solution for bulk carriers of various sizes.

‘Project Forward aims to become a milestone for the shippingindustry,’ says Arista Shipping principal Alexander P.Panagopulos. ‘Owners must decide within the next 5-10 yearswhether gas as fuel is a practical means of compliance withlower emissions standards and this project will enable all of usto understand its feasibility.’

The project kicked off in early summer with the start of a two-year applied R&D phase. Vessel model is Deltamarin’s B.Deltadesign (pictured), suitable for ships between 82,000dwt and210,000dwt. Innovation is in Panagopulos’ DNA and although

LNG is a new field, it is not so surprising his Arista Shipping isinterested. Father Pericles was the first Greek to build modernlarge cruise ships back in the 1970s under the Royal CruiseLine banner, and followed this up by revolutionising Greek ferrytravel with the building of the Superfast Ferries fleet of 12 high-speed ropax vessels; he was also among the first Greeks toraise equity through a stock listing.

Apart from its interest in passenger shipping, Arista runs a fleetof supramax and handysize bulk carriers, Alexandros wasamong the first foreign bidders for a ferry service between theUS and Cuba, and has also expressed an interest in purchasingFrance¹s ferry operator SNCM.

Arista heads up LNG-fuelled bulker project Athens-based Arista Shipping is leading ajoint development project to equip bulkcarriers of the future with LNG propulsion.Called Project Forward, the effort alsoincludes vessel designer Deltamarin, LNGcontainment specialist GTT andclassification society ABS.

B. Delta design

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Shipping, trade, tourism and culture topped the agenda whenGreek Prime minister Alexis Tsipras met with China's President XiJinping on the sidelines of the UN annual general assembly in NewYork in late September (pictured). The meeting underlined thestrategic importance of ongoing Greek-Chinese cooperation.

Earlier in the year, China's growing relationship with Greece wasless settled with the Syriza government's threat to postpone theprivatisation of Piraeus port, where China already has a big stakethat it is keen to build upon.

However, with Tsipras and Xi agreeing to strengthen the historicbonds between the two countries and broaden cooperation,Chinese/Greek relations seem back on a firmer footing.

China and Greece renewstrategic handshake

The late Costamare founder Capt. Vassilis Constantakopouloshelped transform the lives of the people of his home region ofMessinia in the southern Peloponnese, creating high-end tourismand sports destination Costa Navarino.

Now under the watchful eye of sons Costis and Achilles, the resortarea is fast gaining a reputation as a haven for cultural and spiritualdiscussions, as evidenced by the 'Art & Democracy' event that tookplace there in September, organised by the International New YorkTimes and featuring economist Paul Krugman and artist Jeff Koons.

Achilles Constantakopoulos said he hoped the gathering wouldmark ‘the start of an annual event that will inspire people aroundthe world and create a fertile ground for new ideas.’

‘Art and democracy’ forumamong the olive groves

A massive sea rescue operation to save endangered refugees andmigrants making the short Aegean Sea crossing from Turkey toGreece is taking place daily, led by the Hellenic Coast Guard andunits of Frontex, the EU border management group.

At the most recent AMVER [Automated Mutual-Assistance VesselRescue System] Awards ceremony in Athens hosted by the Piraeusbranch of the International Propeller Club, tribute was paid to theCoast Guard by the Greek government and the US Coast Guard’sRAdm Paul F. Thomas.

Pictured at the event are local Propeller Club president GeorgeXiradakis (left) and US Ambassador to Athens David Pearce, withsenior officers of the Hellenic and US Coast Guards.

Huge refugee rescue effortby Hellenic Coast Guard

The WISTA (Women’s International Shipping & Trading Association)'Personality of the Year' award for 2015 went collectively to WISTAHellas, for being what the citation described as ‘220 of the mostdynamic, determined, energetic, progressive, open-minded andhard-working women in the country, who form part of the mostforceful shipping communities of the world.’

The Greek body was also said to be “leading by example,” showingthe country’s next generation how to overcome adversity throughthe unity of collective action.

WISTA Hellas responded that it seeks to ‘empower women andopen doors of opportunity for our members,’ for example byassisting female cadets find onboard posts and by offeringmentoring programmes and internships to industry newcomers.

WISTA Hellas recognisedfor leading by example