It gives us great pleasure to announce that NAVIGATOR SHIPPING CONSULTANTS will proudly host the 17th NAVIGATOR 2017 - The Shipping Decision Makers Forum at HELLAS LIBERTY, (Floating Museum, Gate E2), Piraeus Port, from 09:30hrs to 16:00hrs.

Having established an open dialogue regarding key issues concerning Shipping since 2001, NAVIGATOR Forum, one of the most widely - recognized shipping events, is being held annually and every year attracts more than 400 prominent personalities of the Greek and International Shipping Community.

Aiming at contributing to the continuation of the Greek Shipping History & Tradition, this annual meeting could only take place in Piraeus and specifically at HELLAS LIBERTY, the only surviving Liberty ship appearing in its commercial form that is strongly linked to the post-war reconstruction and evolution of Greek Shipping. Therefore, part of the sponsorships revenue will be allocated for its maintenance.

With the support of the internationally recognized Maritime Organizations, BIMCO, FEPORT, & ESPO, our sponsors’ contribution, the support of the entire Maritime Press and the experience of accredited speakers, the "17th NAVIGATOR 2017 - The Shipping Decision Makers Forum” this year aims to stress the importance of ports & supply chain in the shipping industry, focusing on the Sustainable Innovation and how it is challenging tradition in order to create new opportunities. A short presentation regarding Lesvos will also take place, as it is the honored island for this year’s Forum.

George Xiradakis, Managing Director of XRTC BUSINESS CONSULTANTS LTD. & President of The Propeller (the Port of Piraeus) and Helena Athoussaki, Head of Maritime Sustainability Centre – PwC, will be the moderators of the Forum for one more year.

The Minister of Maritime Affairs and Insular Policy, Panagiotis Kouroumplis, will address the welcoming remarks.

Confirmed Speakers of 17th Navigator Forum are: H.E. Geoffrey Pyatt, Ambassador of the United States of America to Greece, Vassilis Korkidis, President - PIRAEUS CHAMBER OF COMMERCE & INDUSTRY (PCCI) & President - HELLENIC CONFEDERATION OF COMMERCE & ENTREPRENEURSHIP (ESEE), Prof. Fani Sakellariadou, Head of Department of Maritime Studies – University of Piraeus, Athena Kanellatou,  Managing Director – MACGREGOR GREECE, Sotiris Theofanis, Coordinator & Authorized Representative, DIEP GmbH- Terminal Link SAS– BELTERRA Investments Ltd Consortium, Kostis Achladitis, Managing Director – Golden Cargo, Mary Pothitos, Marine Insurance & Claims Handling Consultant, PARALEGAL MARITIME SERVICES, Sotiris Raptis, Senior Policy Advisor for Environment and Safety, EcoPorts Coordinator – ESPO, Capt. Gabriel Haldezos, Master Mariner, Diploma in Shipping – Shipping Expert, Dr. Kostas A. Damianidis, Architect,  PhD on History of Shipbuilding, Michael Mantzafos, President - HELLENIC INSTITUTE OF MARINE, Jeff Horst, Commercial Director - FOSS MARITIME, Yoong Hui Chia, CEO – ASCENZ SOLUTIONS, Michael Lund, Deputy Secretary General – BIMCO, Dimitrios Mattheou, Managing Director - ARCADIA SHIPMANAGEMENT & Chairman – Green Award Foundation and Hugo Du Mez, Advisor Business Intelligence - Dry Bulk – Port of Rotterdam,

H.E. Cristina Liakopulos de Papadikis, Ambassador and General Consul of Panama in Greece, will address commemorative regarding the celebration of the 100 years of the Panama Ships Registry and the Independence of Panama from Colombia on 3rd November 1903.  

Capt. Dimitris Bezantakos, President and Danae Bezantakou, CEO of NAVIGATOR SHIPPING CONSULTANTS are looking forward to welcoming you in the 17th NAVIGATOR 2017 – The Shipping Decision Makers Forum.

program

Danaos Corporation ("Danaos") (NYSE: DAC), one of the world's largest independent owners of containerships, today (30/10) reported unaudited results for the period ended September 30, 2017.

Highlights for the Third Quarter and Nine Months Ended September 30, 2017:

- Adjusted net income1 of $30.1 million, or $0.27 per share, for the three months ended September 30, 2017 compared to $22.8 million, or $0.21 per share, for the three months ended September 30, 2016, an increase of 32.0\%. Adjusted net income1 of $83.7 million, or $0.76 per share, for the nine months ended September 30, 2017 compared to $117.7 million, or $1.07 per share, for the nine months ended September 30, 2016, a decrease of 28.9\%.

- Operating revenues of $113.6 million for the three months ended September 30, 2017 compared to $111.8 million for the three months ended September 30, 2016, an increase of 1.6\%. Operating revenues of $337.6 million for the nine months ended September 30, 2017 compared to $386.2 million for the nine months ended September 30, 2016, a decrease of 12.6\%.

- Adjusted EBITDA1 of $79.8 million for the three months ended September 30, 2017 compared to $75.5 million for the three months ended September 30, 2016, an increase of 5.7\%. Adjusted EBITDA1 of $230.4 million for the nine months ended September 30, 2017 compared to $274.7 million for the nine months ended September 30, 2016, a decrease of 16.1\%.

- Total contracted operating revenues were $1.8 billion as of September 30, 2017, with charters extending through 2028 and remaining average contracted charter duration of 6.0 years, weighted by aggregate contracted charter hire.

- Charter coverage of 87\% for the next 12 months based on current operating revenues and 71\% in terms of contracted operating days.
 

PDF

Danaos,com

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced today (31/10) the expansion and diversification of the Company’s commercial activity with the launch of the new subsidiary Star Logistics Management S.A. (“Star Logistics”).

Star Logistics will focus on servicing the end user by connecting origination and destination of dry bulk commodities. The move is expected to further expand the commercial capability of Star Bulk through additional commercial expertise and advanced tools on the Kamsarmax and geared bulk carriers. Moreover, it will provide the Company with access to considerable cargo flow and market information.

Star Logistics will be based in Geneva, Switzerland, and will offer Star Bulk a significant presence in a main center of the dry bulk commodities arena.

Star Logistics will be headed by Leonidas Giannakopoulos who together with an experienced team bring to the new venture years of shipping logistics expertise from various trading houses, along with a strong network of existing commodity traders and partners.

Star Bulk CEO Petros Pappas commented: “Star Bulk is excited about forming this new venture, as we believe we have to diversify our commercial platform to meet the challenges of the dry bulk market and to enhance shareholders’ value”.

Leonidas Giannakopoulos, the CEO of Star Logistics, added: “I am proud to join the Star Bulk team and believe that along with the rest of the Star Logistics team we can help the Company further strengthen its revenue and profitability”.

About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Select Market under the symbol "SBLK". On a fully delivered basis, Star Bulk will have a fleet of 74 vessels, with an aggregate capacity of 8.1 million dwt, consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with carrying capacities between 52,055 dwt and 209,537 dwt. Our fleet currently includes 71 operating vessels and 3 newbuilding vessels under construction at shipyards in China. All of the newbuilding vessels are expected to be delivered during 2017 and 2018.

We are pleased to advise you today of the establishment of our new business endeavor namely, "Parallax Shipbrokers".

We are proud to be in the position to set up an independent and dynamic brokerage firm that intends to serve our principals with efficiency, reliability and a competitive approach in today’s market place.

Parallax Shipbrokers’ vision is to provide customized service, based on the business ethics of transparency and integrity, initially in the Sale and Purchase sector.

Sale and Purchase, has been our area of expertise for almost two decades and we are confident that we are in a strong position to operate independently of any corporate considerations. 

Dimitris Ioannou, a former senior SnP broker at Clarksons Hellas, and the founding partner of RS Platou Greek subsidiary, is leading this new venture with his vast experience and deep knowledge of the segment.

The market has honoured us in the past with ample trust, confidence and support and we can only expect that our new beginning will be welcomed in a similar manner.

The Parallax Shipbrokers team pledges its commitment to best practices so that any future cooperation will be fruitful and beneficial for our principals.

Parallax Shipbrokers Ltd.

http://www.parallax.gr/

 

As we approach the final 9 weeks of the year, VesselsValue has put together data on the number of newbuilding orders which are still outstanding for delivery in 2017.

There are 2,440 vessels which have deliveries dates scheduled for 2017. However only 1,220 have hit the water so far this year, meaing 50\% of the '17 orderbook is outstanding.

Vessel deliveries typically slow down towards the end of the year. If the owners wait a few weeks, allowing the delivery to slip into the new year, the vessel is considered a whole year younger. Many sectors can expect a high proportion of the orderbook to hit the water in future years.

VesselsValue.com 

GoodBulk Ltd. an owner and operator of dry bulk vessels announced today (26/10) that it has entered into an agreement to acquire 7 to 13 Capesize dry bulk carriers from entities managed by CarVal Investors. Delivery of the vessels is expected to occur during the 4th Quarter of 2017 and the 1st Quarter of 2018.

“We are excited to partner with CarVal Investors in this transaction as we continue to execute upon the Company’s strategy of building an industry leading platform for investment in dry bulk vessels,”
commented Chairman and CEO John Michael Radziwill. “Not only does this transaction provide GoodBulk’s shareholders with increased Capesize exposure at what we believe to be an opportune time in a recovering market, it is expected to be immediately accretive to Net Asset Value per share while reducing the Company’s normalized break even cost by ship ownership day and reducing the average fleet age by approximately 1.4 years. Furthermore, with a significant share component priced at a premium to NAV this transaction underscores the value of the GoodBulk platform.”

Funds managed by CarVal Investors will receive for the initial 7 vessels up to 10.5 million common shares in GoodBulk, with $61 million of existing borrowings expected to be refinanced under current and new GoodBulk credit facilities. Upon completion of the base transaction of 7 Capesize vessels, GoodBulk will control a fleet of 19 vessels with an average age of 9 years, consisting of 16 Capesize, 1 Panamax, and 2 Supramax vessels. The Company’s leverage ratio of net debt to gross asset value is expected to remain below 30\%. GoodBulk will have the option to acquire up to an additional 6 Capesize vessels.

“As an investor in the shipping industry we believe GoodBulk’s management and founders have created a best in class platform for consolidation in the highly fragmented dry bulk sector,” added CarVal Investors’ Principal Gregory Belonogoff. “The Company’s flat corporate structure results in a very cost-efficient company while its long-term strategic partnership with its manager C Transport Maritime brings immediate benefits of scale through commercial consolidation. We look forward to working with GoodBulk’s management, and current and future shareholders as we continue to grow the Company.”

Following completion of the transaction, funds managed by CarVal Investors will be GoodBulk’s largest shareholder. The Company’s board of directors (the “Board”) will increase by two members. Gregory Belonogoff, a Principal of CarVal Investors will join the Board, and an Independent Director to be elected by the Company’s shareholders.

“This acquisition constitutes a great development for GoodBulk,” said Milos Brajovic, Partner of Lantern Capital Partners, on behalf of the GoodBulk Board. “CarVal’s decision to partner with the Company in this transaction further validates GoodBulk’s market positioning and ability to develop into a landmark dry bulk shipping platform.”

Morgan Stanley acted as financial advisor and Brown Rudnick LLP, Conyers Dill & Pearman Limited and Advokatfirmaet Thommessen AS acted as legal advisors to the Company in connection with the transaction.

CarVal Investors were represented by Richards Kibbe & Orbe and Reed Smith LLP.

About GoodBulk Ltd.

GoodBulk, incorporated in Bermuda and headquartered in Monaco, is a new owner and operator of dry bulk vessels formed in December 2016 for the purpose of owning high quality second hand dry bulk vessels between 50,000 – 210,000 DWT. Designed to provide an efficient vehicle for investors to access the dry bulk market, all assets are externally managed by C Transport Maritime S.A.M. a leading third-party manager of dry bulk vessels. GoodBulk is listed on the Norwegian OTC market under the symbol BULK.

About C Transport Maritime SAM

C Transport Maritime (CTM) is a highly qualified and experienced vessel management company with a strong track record primarily active in the dry cargo ocean transport industry. Established in Monaco in 2004, its activities cover commercial, operations and technical. The company currently manages a fleet of over 140 dry cargo vessels in the Supramax, Panamax and Capesize segments. CTM is a prominent dry bulk pool manager having established the Supramax Revenue Sharing Agreement (RSA), Panamax RSA and is co-founder and co-manager of Capesize Chartering Ltd. This year, CTM was awarded “Dry Bulk Operator of the Year” at the 20th annual Lloyd’s List Global Awards. 

About CarVal Investors

CarVal Investors is a leading global alternative investment fund manager focused on distressed and creditintensive assets and market inefficiencies. Since 1987, its experienced team has navigated through everchanging credit market cycles, opportunistically investing more than $101 billion in 5,300 transactions across 77 countries. Today, CarVal Investors has $10.5 billion in assets under management in both credit and real estate strategies. More information can be found online at www.carvalinvestors.com.

About Gregory Belonogoff

Mr. Belonogoff is a principal for CarVal Investors. Based in London, Mr. Belonogoff is responsible for leading the firm’s London office, as well as managing Corporate Securities investments in the United Kingdom and Europe and overseeing hard asset investments globally. Prior to joining CarVal in 1998, Mr. Belonogoff was business development manager for Fritz Companies CIS, a subsidiary of UPS, based in Moscow, Russia. Fluent in English and Russian, Mr. Belonogoff received his M.B.A. with a concentration in finance from the Amos Tuck School at Dartmouth and a B.A. in economics and Russian studies from Bowdoin College, Brunswick, Maine, graduating magna cum laude.

goodbulk.com

The world’s largest LNG import ship is on its way from South Korea to help Turkey through the winter

Turkey is getting a giant helper to avoid last December’s gas shortages.

The world’s biggest specialized vessel to import liquefied natural gas, a cheaper and quicker solution than a land-based facility, is on its way to help with imports of the fuel mainly used for heating and power generation. The MOL FSRU Challenger, as long as the Eiffel Tower, is expected to arrive from South Korea this month and start by year-end.

Last winter, a cold snap gripped the whole region, including Iran, where Turkey gets some of its gas from. That meant the nation couldn’t get hold of enough fuel to meet its booming gas demand and the grid asked private power plants to reduce fuel demand by as much as 90 percent.

A first floating storage and regasification unit, the Neptune, arrived in December to complement two onshore terminals at Aliaga and Marmara Ereglisi.

“We expect Turkey to import more than last winter, and last winter they increased demand,” said Gyorgy Vargha, chief executive officer of MET International AG, a Zug, Switzerland-based energy trader that trades LNG mainly in southern Europe. “It is a growing market.”

Turkey was the fastest-growing market for LNG imports after China, South Korea and Japan in the first half of the year, according to Bloomberg New Energy Finance, which forecasts uneven demand in the nation through 2030.

The 345-meter (1,132 feet) tanker can store 263,000 cubic meters of LNG, enough to cover more than a day’s gas demand in Turkey. It was sailing westward, just south of India as of Tuesday.

The ship can also export the fuel for use in neighboring regions, according to Mitsui OSK Lines Ltd., the owner and operator of the vessel.

State gas grid operator Botas Boru Hatlari Ile Petrol Tasima AS signed the lease agreement for the vessel, which will be located at Dortyol near the Syrian border.

Floating LNG terminals allow countries to import gas from a variety of sources, which increases competition and can lead to lower gas prices, according to law firm Baker Botts LLP.

``This is why floating regas is so hot, because it is a very quick way to get a change in the status quo in terms of access to energy,'' John White, a partner at Baker Botts, said by telephone. ``Even the prospect of being able to import an alternative source of energy creates a reaction in the market and creates a more competitive market.''

source:bloomberg.com

Dorothea Ioannou, Global Business Development Director of the American P&I Club, has received the Next Generation Shipping Award for 2017 at the Lloyd’s List Global Awards in London, on September 27, 2017.

The Next Generation Shipping Award honors a rising “shipping industry leader who has made an outstanding contribution to the industry”, according to Lloyd’s List. Judges were looking for someone “brimming with fresh ideas, new priorities and genuine potential.” Her innovative approach and market presence were referenced at the ceremony as significant factors in the decision. 

Present at the ceremony, Vincent J. Solarino, President and COO of SCB Inc., the American P&I Club’s managers, said: “We are delighted that Dorothea has been justly recognized at the Lloyd’s List Global Awards and by the prestigious judging panel. Dorothea’s personality, business acumen and leadership abilities have shone in guiding the global growth of the American Club. Given the nature of the International Group and its member Clubs in representing shipowners in matters of concern across the global shipping market, makes her, in our opinion, an important representative of the new generation of leadership in the marine industry as a whole”.

Arnold Witte, American Club Board Chairman emphasized that “every member of the Board of the American Club is proud of Dorothea’s efforts and success over the years. The award recognizes her wonderful talents that have sustained and progressed us.”

Joseph Hughes, Chairman and CEO of SCB Inc. added that “this truly deserved recognition redounds to the credit of all who are privileged to work with her in our offices throughout the world and reflects on the Club’s reputation for excellence, both now and for the future.”

Upon accepting the Award, Dorothea emphasized that "it says more about the company I work for, as one can only attain such recognition when the leadership embraces and promotes the next generation in such a way that allows them to have an impact, and that's what happens at the American Club!"

Dorothea Ioannou is a lawyer, admitted to practice in the state of New York. She began her employment with SCB (Hellas) Inc., the Piraeus Office for the American Club’s managers, in 2005 and became the Deputy Claims Manager in 2008.  In December 2009 she became Claims Manager and was appointed Managing Director of the Piraeus office. She later took on the role of Business Development Director for the Europe/Middle East/ Africa region and her regional business model was so effective that soon after she was promoted to her present position, with overall responsibility for the Club’s global business development, in 2015, with tonnage growth growing over 20\% since then.

The Lloyd’s List Global Awards 2017 were presented in front of an international shipping industry audience at a black tie dinner event at the UK’s National Maritime Museum in Greenwich, London.

Hosted this year by the BBC’s Jeremy Vine, the Awards were celebrating their 20th year and are adjudged on the basis of nominations received from all over the maritime industries worldwide. 

 

About  The  American  P&I  Club  /  Shipowners’  Claims  Bureau  Inc.

Headquartered in New York, the American Club is the only P&I mutual domiciled in the Americas. A member of the International Group of P&I Clubs, which collectively insures approximately 90\% of the world's tonnage, the American Club offers full cover for Protection and Indemnity and Freight, Demurrage and Defense risks and has in recent years  grown  and globalized its  tonnage.

In addition to New York, the Club's Managers, Shipowners Claims Bureau, Inc., has operations in Piraeus, Houston, London, Shanghai and Hong Kong. Winner of the Lloyd’s List North American Maritime Services Award for 2016, with over 70 dedicated specialized staff, including qualified lawyers and licensed mariners, the Club is proud of the ability to communicate in 11 languages, boasts an active safety and loss prevention program with proven track record of exemplary personalized service and has the know-how and capability to accommodate the needs of members both large and small.

Dorothea Ioannou gives her Thank you speech, (photo credit – Lloyd’s List)

The winner Dorothea Ioannou and Mr. Vince Solarino, President and COO of SCB Inc, managers of the American P&I Club, together with colleagues, associates and BoD Members, (photo credit – Lloyd’s List)

01. 2017 Lloyd’s List Awards winners, (photo credit – Lloyd’s List)

04. Dorothea Ioannou together with the Lloyd’s List Awards host, Mr. Jeremy Vice and Europe Editor-in-Chief of Lloyd’s List, Mrs. Helen Kelly

The topic of GDPR is a very ‘hot’ issue lately in the maritime companies.

It’s now less than a year until the GDPR comes into play, yet many decision-makers and business leaders are still unsure of what it is and how they can prepare to make sure they don’t get stung with a heavy fine come May next year. We’ve put together this easy guide for Microsoft Dynamics NAV software in order to understand exactly what is and isn’t covered in their current solution.

The General Data Protection Regulation (GDPR) is the new EU law for the protection of personal data which will come into place from 25th May 2018. The GDPR applies to “personal data”, which includes any information relating to an identifiable person. There is no distinction between a person’s private, public, or work roles. Personal data can include names, email addresses, social media posts, location, bank details, IP addresses and cookies.

Under the new regulation, EU residents will have the right to access readily-available information in plain language about how personal data is used, access personal data, have personal data deleted or corrected and restrict or object to the processing of personal data, such as for marketing or profiling purposes. Businesses can be fined up to €20m or 4\% of annual global turnover, whichever is greater, for failure to meet the requirements of the GDPR.

What can MS NAV software do to prepare?

Under Microsoft Dynamics NAV software, you already have a lot of the GDPR guidelines covered:

User IDs and Passwords:

As an administrator, create user IDs and passwords to limit access to the information in Microsoft Dynamics NAV to selected individuals. Because the Dynamics NAV database is on SQL Server, the Dynamics NAV security system and SQL Server security system work together to help ensure that only authorised users can gain access to the Dynamics NAV database. Dynamics NAV also uses a safe, encrypted connection to the data centre, ensuring security is not compromised from outside your organisation.

Permissions:

The Microsoft Dynamics NAV security system allows you to control which objects or tables a user can access within the database. You can specify the type of access that each user has to these objects and tables, whether they are able to read, insert, modify, delete or execute data. You can also give and take away permissions in real time, ensuring that users only access the sensitive information required for their role at the time they need it.

Accountability Principle:

Microsoft Dynamics NAV makes it super easy to prove that your business complies with the GDPR. The accountability principle requires you to prove that you comply with various points on a checklist, many of which happen to be part of NAV’s basic specification. Therefore, by having implemented an up to date version of NAV, your business automatically complies with many of the stipulations of the GDPR.

The only thing more to take care of is to identify and secure any other personal data in your business. You’ll want to conduct a full audit of this – including what data is held where and how it is used. You’ll also need to make sure your staff are sufficiently trained to comply with the GDPR and are aware of what it entails.

According to a report by security firm Blue Coat, just 2\% of more than 15,000 enterprise applications are GDPR-ready, Microsoft Dynamics NAV is one of them. Be ready.

Microsoft has extensive expertise in protecting data, championing privacy, and complying with complex regulations. We believe that the GDPR is an important step forward for clarifying and enabling individual privacy rights. We want to help you focus on your core business while efficiently preparing for the GDPR.

http://www.frtntech.com

Recent media reports have questioned the transparent, inclusive approach adopted by all stakeholders with an interest in addressing the threat of climate change through the IMO,

the global regulator of shipping, and the body most able to deliver uniform, global solutions in the spirit of the 2015 Paris Agreement. Indeed, IMO’s efforts to reduce harmful air emissions from ships spans decades, and continues this week with the second meeting of the Intersessional Working Group on Reduction of GHG Emissions from Ships. 57 IMO Member States and 21 Non-governmental organizations (NGOs) in consultative status are participating in this week’s meeting.

As is the case in other UN agencies of a technical nature, the make-up of national delegations to IMO is entirely a matter for the countries themselves, and those countries who wish to include industry technical experts or others may do so. Neither the IMO Convention, nor any of the Rules of Procedure for individual meetings limits, in any way, Member States’ ability to structure their delegations as they consider most appropriate in order to carefully consider the issues before them.

In addition, IMO currently has consultative arrangements with 77 NGOs. They include environmental groups, seafarer organizations, and groups representing classification societies, shipbuilders and owners of different types of ships. The range of NGOs represented at IMO rightfully covers the broad spectrum of shipping, maritime and social interests. These NGO’s are selected by the Member States based on their ability to substantially contribute to the work of the IMO through the provision of information, expert advice and representation of large groups whose activities have a direct bearing on the work of IMO. Participation of organizations representing so many different viewpoints provides a balance that adds considerably to the credibility of the Organization’s overall output. This inclusiveness is one of IMO’s great strengths.

I look forward to the continued efforts of all involved to address the pressing issue of climate change.
Source: IMO Secretary-General, Kitack Lim