The vibe was more upbeat and the message more positive than we have heard in a while. We certainly got the impression that deals are being done and that owners are assessing investment opportunities across the pockets. The traditional finance we are accustomed to over the last many years is in short supply but there are pockets of finance for bigger owners and smaller, coming from China and Europe and the US, so as long as you fit the pocket - deals can get done.

For best summary of the day, listen to Audio recordings and see Presentations and much more at www.marinemoney.com/forums/GR17/presentations2017

Event Report with takeaways

Participants Final List

Photo slide show

Marine Money has been constant during these past 19 years in providing a top quality conference in Greece in support of the Greek shipping community.  It is therefor significant that in terms of support and delegates, this year we had the largest event in recent years of hosting our Marine Money Greek Forum.  We hope the market will continue to improve and that our 20th conference next year in Athens will see even bigger attendence and support.

The European Parliament and the EU Member States still have not reached an agreement regarding the EU’s Emissions Trading System, EU ETS. European shipping is therefore still at risk of being subject to unilateral EU regulation rather than supporting the global process.

 It should stop now, says Member of Parliament Bendt Bendtsen (The Danish Conservative Party), who calls on the European Parliament to abandon its special requirements to the detriment of European shipping companies and to support the work of IMO instead.

As expected, it was not possible to reach political consensus on an agreement for the EU’s Emissions Trading System (ETS) for the period 2021-2030 despite lengthy negotiations. The issue of inclusion of shipping has been a contentious issue throughout the entire negotiation process. The purpose of the emissions trading system is to reduce emissions in energy production and in industry, but shipping has so far not been part of that scheme.

In the European Parliament, the Conservatives’ Bendt Bendtsen has been the standing-bearer for shipping as a global business to be regulated globally. The EU can only introduce regulations that are regionally confined to Europe, but it is out of reach with the reality as ships literally sail all over the world.

“Of course, it is disappointing that an agreement on a new CO2 emissions trading system has not been reached, because it is really necessary that the quota price rises. At the same time, the lack of consensus in the EU puts the shipping sector in a difficult situation. Especially now where the IMO has launched a global strategy for the sector’s emissions,” says Bendt Bendtsen.

The IMO’s Marine Environment Protection Committee (MEPC) has launched an ambitious process to set a strategy for reducing shipping’s emissions on a global level. The next meeting round takes place this week. The plan is that an initial strategy should be in place in the spring 2018 and a final adoption in extended version in the spring 2023.

Danish Shipping would also like the EU system to use its efforts more constructively than pointing the gun at itself and its own industry, if the IMO does not deliver.

“The fact is that the input from the Danish and European shipping companies to the IMO negotiations are more ambitious than those of a number of IMO member states. The industry is not the barrier here, which is why we once again call on the EU to accelerate its climate diplomacy and reach out to the foot dragging countries instead of threatening to harm its own industry. Think at the global results we could have achieved last year, if we had chosen that way,” says Casper Andersen, Director of EU Affairs of Danish Shipping’s office in Brussels.

A new round of negotiations between the European Parliament and the Council is provisionally set for the second week of November.
Source: Danish Shipping Association

Greek owner NGM Energy has made a rare move in the suezmax sale and purchase market, buying a tanker from Gener8 Maritime.

The Moundreas company has bought the 159,900-dwt Gener8 Argus (built 2000), market sources say.

A price of $11m is being placed on the transaction, which brokers suggest is in line with the present market.

Moundreas moved for the tanker after a previous deal with Trafigura fell through because subjects were not lifted.

Gener8 has been an active seller of tankers in the past months as part of a fleet renewal programme and later to add cash to its balance sheet as the market weakened.

NGM Energy has a fleet of 18 tankers, however, the stable includes only one suezmax, the 159,000-dwt La Mer (built 1998). It also has 10 bulkers in the water.

It has been quiet in the sale and purchase arena for more than a year after buying a VLCC from K Line last April.

The Moundreas group, however, has been busier on the drybulk side, picking up two capesizes in March this year that have significantly appreciated in value since.

Moundreas is understood to have picked up yet another capesize, according to market sources, with details expected to emerge later this week.

by Andy Pierce and Harry Papachristou 

tradewindsnews.com

An informational meeting had the new Ambassador of the Federal Republic of Germany, Mr. Jens Plötner with the Chief Executive Officer of PPA SA Captain Fu Chengqiu and other Management members, today Tuesday 24.10.2017 at the headquarters of the company.

Mr. Jens Plötner took up duty in Greece in July 2017. After the meeting, a tour at the port facilities followed, where he was informed about the company's investment plan and the developments that are proceeding at the port of Piraeus.

Tototheo Maritime, a global supplier of technology and innovation support to shipowners and operators in their technical development, has announced the expansion of its presence in Greece.

The new office opened for business on 2nd October in Piraeus to cater for the growing demand for Tototheo Maritime’s unique mix of technical advice and support for owners seeking communications, navigation and other technical solutions for their vessels.

“Shipowners, operators and managers have been facing a number of tough years yet still need their assets to be reliable and compliant”, says Despina Panayiotou Theodosiou, Tototheo Maritime joint Chief Executive Officer.

“As a family run business with a strong eye on technology trends and innovation we are perfectly positioned to help our clients. By opening our new office, we will have the ability to meet their expectations ever more closely”, she added.

“We recognise that it is a period of great change for clients particularly in the communications and connectivity areas of operations and, as an independent company driven by relationships, we are able to deliver the best customised communication solution packages for each and every client”, added Socrates Theodossiou, Tototheo Maritime joint Chief Executive Officer.

Being part of an elite group of just few Inmarsat Strategic Alliance partners globally, Tototheo Maritime are able to offer clients some of the best rates available on upgrades to new Inmarsat FX service whilst also providing unparalleled support services ongoing.

Additionally, Tototheo Maritime are able to offer assistance as a recognized Accounting Authority for the largest vessel registries, assistance with LRIT certification and testing, as well as other mandatory certification allowing for seamless satellite communication package setup and servicing.

Tototheo Maritime is also a reseller of communication and navigation equipment representing leading suppliers worldwide.

 

About Tototheo Maritime

Tototheo Maritime is a proud technical partner to the maritime industry.

With a strong focus on tradition and modern technology development, the company offers shipowners and operators a broad range of quality engineering and consultancy services.

Tototheo have world-class expertise across maritime services provision including 

Satellite Services:  world-leading connectivity services & solutions for any size of ship operation

Navigation and Bridge Services: Turnkey, end to end products services and solutions to support bridge and electronics requirements

Digital Services: Exceptional knowledge and support to partner our clients on their digital journey

Engineering Services: Bespoke engineering services for all ship repair and maintenance needs

Greek newbuidling orders dominate in 2017 so far

We have been following the number of newbuild orders that have been placed since the start of 2017 and have put together some data following the top orders of newbuild tonnage.

VesselsValue Deals database shows that Greek owners have placed 35 orders for new bulkers and tankers since the start of 2017. Globally only 119 orders have been placed. Here are the top five ordering countries:

Here are the Greek owners who have ordered newbuildings so far this year by number of vessels and the market value of these newbuilding contracts on the day of the order. This measure of value differs to the order value spent at the yard.

Many in the shipping industry are worried that there is an imbalance of supply and demand between the number vessels currently on the water and the amount of cargoes. This situation does not look to improve in the near future as there is just under 66 million DWT of tankers and bulkers to be delivered during the rest of 2017, representing 47\% of the current bulker and tanker order book:

Over the last 5 years, a major source of finance & investment in the newbuilding market came from the private equity sector who invested heavily to capitalise in the post-crash market downturn.

Today the preference from the private equity sector is to invest in tonnage already delivered and on the water so that an immediate return on their investment can be realised.

This led to a lack of newbuilding finance available and resulted in a gap in deliveries at the major shipyards and therefore increased appetite from them to take orders.

In early 2017 the cash rich Greek community took advantage of this, securing a number of orders at competitive prices.

As we progress through 2017, yard capacity has reduced but continued buying demand from the private sector remains. This is one of the major factors that has led to the increase in newbuilding prices over the past 5 months.

Source: Vesselsvalue

Parsippany, N.J., and New Cairo, Egypt, October 23, 2017 – INTTRA, the ocean container shipping industry’s largest neutral network, and Transmar Corporation, a wholly-owned subsidiary of IACC Holdings and a leading carrier, today announced a new relationship for electronic booking and shipping instructions processing in the Middle East, Red Sea, Arabian Gulf and East Coast of Africa.

Transmar customers may now send their booking and shipping instructions through INTTRA’s global network to provide more efficient services for customers by shifting to digital transactions and improving operational efficiencies.

“We are delighted to see the growing number of carriers joining INTTRA’s network to provide a better service to their customers,” said Inna Kuznetsova, INTTRA’s President and COO. “The addition of Transmar as one of our newest carriers to address the Middle East, Red Sea, Arabian Gulf and the East Coast of Africa, means their customers will have a more efficient way to book containers and receive container tracking information.”

 “Transmar’s path to achieving growth and customer satisfaction is through digitization and optimization, which has the potential to take cost out of our operations” said Mohamed El Ahwal, CEO, Transmar. “INTTRA and its network will enable us to expand by reducing manual bookings, and building a more efficient booking experience for our customers.”

About INTTRA                                                                                                                                 

INTTRA is the largest neutral electronic transaction platform, software and information provider at the center of the ocean shipping industry. INTTRA's innovative products, combined with the scale of our network, empower our customers to trade with multiple parties and leverage ocean industry information to improve their business. Connecting over 225,000 shipping professionals with more than 50 leading Carriers and over 120 software alliance partners, INTTRA streamlines the ocean trade process. Over 700,000 container orders are initiated on the INTTRA platform each week, representing over one quarter of global ocean container trade.

About Transmar Corporation

Transmar is a leading container shipping line that provides reliable, sustainable and safe services to businesses across the Middle East, Red Sea, Arabian Gulf and East Coast of Africa. Previously known as IACC Shipping, Transmar is a wholly-owned subsidiary of IACC Holdings (formerly IACC Group). With nearly four decades of experience, Transmar has built a solid reputation as a strong, agile, and highly responsive shipper. Pioneers of container liner service, Transmar is a forward-looking innovator who continually strives to improve regional trade while expanding growth on a global scale.

Seanergy Maritime Holdings has unveiled plans to raise fresh equity as it looks to add to its 11 strong fleet of bulkers.

The US-listed shipowner said it aims to raise a further $20m according to a shelf registration filed with financial regulators.

US investment bank Maxim Group has been named as the sole underwriter for Seanergy’s latest fundraiser.

Seanergy’s fleet is currently made up of nine capesize and two handymax bulkers with all but two of the ships built after 2010.

Nine of its fleet are employed on the spot market with two ships on period charters.

Last month Seanergy chief executive Stamatis Tsantanis, speaking after the company reported its second quarter results, said he expects a steady rise in freight rates and vessel values.

He said this would be driven by the increased demand from the end users of dry bulk commodities, and the increase in ton-miles resulting from the expansion of volumes along long-haul trades at a time of a reduction in fleet growth.

http://www.tradewindsnews.com

The fourth annual The Maritime Standard Awards, held on Monday 23rd October 2017 at the iconic Atlantis Ballroom, on The Palm, set a new standard for regional awards ceremonies, with exceptional levels of grandeur, glamour and professionalism.

Hosted by well-known Bollywood actress and model, Lara Dutta, the Awards attracted a top calibre audience of over 700 executives from across the shipping, ports and related sectors, from almost 70 different countries.

The high profile event, held under the patronage of His Highness Sheikh Ahmed Bin Saeed Al Maktoum, President, Dubai Civil Aviation Authority and Chairman and Chief Executive, Emirates Airline and Group, celebrated and rewarded the achievements of leading companies and individuals active in maritime fields in the Middle East and Indian Subcontinent.

The Maritime Standard Awards founder and managing director, Trevor Pereira, said: “We were once again tremendously honoured that His Highness has supported the awards. Having the backing of such an esteemed figure shows how well recognised the TMS Awards are, and how the importance of the industry is appreciated, at the highest level.”

The Awards demonstrated that the region’s ports and shipping sector is one that continues to show innovation, creativity and a determination to succeed in uncertain times. Moreover it leads the way especially in areas such as environmental protection, corporate social responsibility and security.

In total 29 awards were presented to individuals and companies following the deliberations of the judging panel. Clive Woodbridge, editor of TMS and chairman of the judges, said, “This year we received an all-time record number of nominations, of the highest quality. All the judges were impressed by the standard of entries. It is evident that maritime companies in the region are not sitting back - they are being innovative and proactive. It was difficult to select the winners, and as a result not just those who picked up an award, but all of those who were shortlisted, can be justifiably proud of their achievements over the past year.”

In addition to the awards determined by the judging panel, there were a number of special awards presented by the TMS team for particularly impressive individual achievements. The Maritime Standard Lifetime Achievement Award was presented to Sudhir Rangnekar, of Oman Shipping Company; The Hall of Fame Award was given to H.E. Sheikh Talal Al Khaled Al Sabah, chief executive of Kuwait Oil Tanker Company; The Personality of the Year Award went to DP World’s Mohammed Al Muallem; and the Editor’s Choice Award was presented to Richard Briggs, executive partner, Hadef & Partners.

Other awards selected by The Maritime Standard included June Manoharan, managing director of Lukoil Marine, who was the recipient of the Woman in Shipping award, and Amir Hossein Mosadeghi, of Islamic P&I Club, who was named Young Person in Shipping. Omar Abu Omar of Gulf Navigation won the Excellence in Shipping Award and the winners of the Deal of the Year were Abu Dhabi Ports and JOCIC of China for their Musataha agreement.

Trevor Pereira added, “It was a fantastic night of celebration, that showcased the tremendous achievements and progress that is being made in the region. On top of that we raised the bar still higher as far as awards ceremonies go. Once again we showed that we deliver the biggest and best Awards for the maritime sector in the region, which is what the industry deserves.”

 

The full list of the Award winners are as follows:

Safety and Security Award
Oman Ship Management Company

Environment Protection Award

Kuwait Oil Company

The Green Shipping Award
ADNOC Logistics & Services

The Technology/Innovation Award
MAP Marine Technologies

The Corporate Social Responsibility Award
Abu Dhabi Ship Building

Shipyard/ship repair Facility of the Year Award
Drydocks World Dubai

The Maritime Education and Training Award
Shipping Corporation of India - Maritime Training Institute

Marine Broker of the Year Award
McQuilling Shipping Services DMCC

Marine Crewing and Manning Award

Liberty Manning Services Limited

Maritime Security Award

Al Safina Security

Passenger Ship, Leisure Craft and Yacht builder of the Year

Gulf Craft

Marine Insurer of the Year
General Insurance Corporation of India

Ship Manager of the Year

Bahri Ship Management

Ship Agency of the Year
GAC

Tanker Operator of the Year Award  
Kuwait Oil Tanker Company

Ship Owner/Operator of the Year
Bahri

Classification Society of the Year
DNV-GL

Terminal Operator of the Year
DP World UAE Region

Port of the Year
Abu Dhabi Ports

Shipping Company of the Year
Bahri

Deal of the Year

Abu Dhabi Ports

The Maritime Standard Young Person in Shipping

Amir Mosadeghi

The Maritime Standard Woman in Shipping Award
June Manoharan

The Maritime Standard Excellence in Shipping
Omar Abu Omar

The Maritime Standard Editor's Choice
Richard Briggs

The Maritime Standard Outstanding Achievement Award

H.E. Dr. Abdullah Salem Alkatheeri

The Maritime Standard Personality of the Year Award
Mohammed Al Muallem

The Maritime Standard Lifetime Achievement Award
Sudhir Rangnekar

The Maritime Standard Hall of Fame Award

H.E. Sheikh Talal Al Khaled Al Sabah

 

Image Caption: Amir Mosadeghi, Islamic P & I Club; Clive Woodbridge, The Maritime Standard; Richard Briggs, Hadef & Partners; Omar Abu Omar, Gulf Navigation Holding; Katherine Yakunchenkova, Al Safina Security; Erwin Bamps, Gulf Craft; Ali Shehab, Kuwait Oil Tanker Company; Sudhir Rangnekar, Oman Shipping Company; Capt. B.K. Tyagi, The Shipping Corporation of India; Sachindra Saxena, Drydocks World Dubai; Naser Al Abdulkareem, Bahri; Lara Dutta; H.E. Sheikh Talal Al Khaled Al Sabah, Kuwait Oil Tanker Company; H.E. Shaik Daij Bin Salman Al Khalifa, ASRY; June Manoharan, LUKOIL Marine Lubricants DMCC; Mohammad Abdul Gafour, Kuwait Oil Company; Tarik Al Junaidi, Oman Shipping Company; Alaa Fathi Ahmed, DNV-GL; Johan Thuresson, GAC; Sajan Varghese, General Insurance Corporation of India; Ray Girvan, International Bulk Journal; Capt. Harihar Prasad, McQuilling Shipping Services

About The Maritime Standard

The Maritime Standard (TMS), a wholly-owned subsidiary of Flagship Events LLC, publishes a regular e-newsletter aimed specifically at the shipping and maritime community. It is delivered fortnightly, on the 1st and 15th of every month, and has built up a circulation of more than 40,000 recipients. It delivers the most accurate, up-to-date news about the market and has built up the largest circulation of any shipping-related online newsletter in the Middle East and India. It is also gaining popularity in other major shipping hubs, including Oslo, Hamburg, Singapore, London and Greece. The newsletter includes news and analysis from the shipping and ports industries and related sectors in the Middle East and Subcontinent. Topics that are covered include tanker shipping, container operations, dry and liquid bulk trades, ro-ro, and cruise shipping. In addition there is up to date information about regional terminal operations; port development; classification; ship repair and conversion; shipbuilding; ship agency; finance and insurance; maritime law; and transportation & logistics. The newsletter regularly carries exclusives, analysis and interviews with top executives.

TMS also publishes the very successful TMS UAE Yearbook. The first 2016/17 edition was followed by a second volume covering 2017/18, that was launched in July this year. Covering key developments across the country’s maritime sector, the annual publication aims to publicise the UAE’s achievements both locally and internationally, through in depth articles, researched first hand. These cover all the major sectors of the shipping, ports and maritime industry in the UAE. The articles, on terminals, shipping companies, shipyards, maritime law firms, classification, regulators and inland transport firms, among others, have been well received by the industry as a year round reference point. The Maritime Standard UAE Yearbook 2017/18 is a must-read publication for everyone interested in UAE maritime issues, and can be downloaded by going to: http://www.themaritimestandard.com/uae-yearbook- 2017-18.

The not-to-be missed The Maritime Standard Awards recognise and celebrate success in the shipping, ports and related sectors across the Middle East and Indian Subcontinent. The fourth edition, The Maritime Standard Awards 2017, take place on Monday, 23rd October 2017 at The Atlantis, The Palm, Dubai.

The Awards are now positioned as one of the world's leading shipping and maritime awards gala dinners and are the premier event of their kind in the region. Each of the three events to date have been under the patronage of His Highness Sheikh Ahmed bin Saeed Al Maktoum, and have each attracted close to 700 of the region's elite shipping and maritime professionals, as well as a number of leading figures from overseas. These guests have come from a variety of industry segments, ranging from ports and terminal operators to ship owners and managers, and executives from the worlds of maritime law and finance, classification, ship building and repair and maritime education and training.

The 2017 TMS Awards event, which will be hosted by the well-known actress and model, Lara Dutta, will see 21 general awards presented, following the recommendations of an elite, independent judging panel, as well as a number for special individual awards recognising the contributions made by high profile industry leaders and innovators. The Awards have set a benchmark within the industry and have become an eagerly anticipated meeting place for top executives from across the business, where they can meet, network and create new opportunities. Website: www.tmsawards.com  

TMS organises two market leading one day conferences: The TMS Tanker Conference and the TMS Ship Finance and Trade Conference. The second TMS Tanker Conference will take place on 24th October 2017 at the Grosvenor House Hotel, Dubai. Presentations will be given by many of the region's leading tanker owners and operators, as well as experts in related fields. Attendees will include key decision makers and opinion formers who will be given a unique insight into the challenges and opportunities that exist, not just for ship owners and operators active in the tanker markets, but those delivering products and services to this sector. For more information about the 2017 event, please go to the website: www.tmstankerconference.com

The third TMS Ship Finance and Trade Conference will take place at the Sheraton Abu Dhabi Hotel and Resort, on November 8th 2017, building on the success of the first two events, in 2015 and 2016 respectively. The Conference will bring together experts from the fields of shipping, ports, banking, finance, trade and maritime law, among others, to discuss and debate the key issues and trends facing the shipping business, and trade, in the Middle East and the Indian Subcontinent. They will share their insights and knowledge through a series of presentations and panel discussions, signposting the way forward. Attendees will have a unique opportunity to hear from a high level panel of speakers about the key challenges ahead, as well as the significant opportunities that exist. For more information please go to: www.tms-shipfinanceandtrade.com

 

In a spirit of close cooperation, Greece and Cyprus presented their positions during an international gas forum organized by the Hellenic Association for Energy Economics (HAEE) on Thursday 19.10.2017, that took place in the European Parliament in Brussels.

The integration of natural gas into the European energy environment and its methods of exploitation was highlighted during the event. The keynote speakers, Maria Spyraki, Member of the European Parliament and representative of New Democracy and Nikolas Papadopoulos, leader of  DIKO party and candidate for the presidency in the upcoming elections in Cyprus, underlined the necessity of expanding the use of natural gas and its promotion from the Eastern Mediterranean region to Europe, with the cooperation of Greece and Cyprus and through the well-known projects that are supported by the Commission, such as the East-Med pipeline and the LNG terminal in Alexandroupolis.

 

The fact that Greece is the only country in Europe to impose excise duty on natural gas when used as feedstock than as a fuel was the main message addressed. This excise duty, which was imposed solely on the use of natural gas and not to other energy resources, is in contrary to the principle of competition advocated by the European Union, even though nowadays the country is trying to assist its economy by the development and rationalization of its industrial fabric. The detailed analysis of the unique Greek problem for Europe was made by presenting the study "The Excise Duty on Natural Gas when used as Feedstock" by Filippos Ioannidis, PhD candidate of Aristotle University of Thessaloniki. During the presentation, the economic and legislative aspect of the issue, which creates conditions of unfair competition at the expense of the Greek economy, was thoroughly analyzed.

Mr. Ioannidis pointed out that the taxation of natural gas for industrial uses when used as feedstock creates additional obstacles and puts extra pressures on the hard-tested Greek economy and does not assist economic recovery. Specifically, it was reported that from 2010 to 2015 the economic activity in the industrial sector underwent a drastic contraction of 27\%. In Greece, an excise tax was levied on natural gas in 2011, without foreseeing any exemptions or discounts, based on usage or consumption volumes, and in addition he stated that the specific excise duty is in contract with the EU Directive 2003/96/EC and undermines the competitiveness of the Greek industry by significantly increasing production costs.

According to the above study, the Global Competitiveness Index which was recently announced by the World Economic Forum ranks Greece last in terms of competitiveness compared to the rest EU members and 87th in the world among 138 countries. At the same time, industrial consumers in Greece pay 19\% more than Europe's average purchase price of natural gas. According to the survey, the foremost reason why Greece is at the bottom line in rankings is the increased taxation rate that acts as a barrier to businesses in Greece and at the same time prevents new investments. A characteristic example of the relevant market distortion is the case of the use of natural gas in the production of fertilizers. Given that natural gas is used as a raw material for the production of ammonia, it is estimated that between 2011 and 2016 the Greek fertilizer industry was burdened by more than 40 million euros due to the excise duty. Additionally, absurd is the fact that it was chosen to tax only gas consumption, although it is the most environmentally friendly energy resource for ammonia production. The Greek fertilizer industry that utilizes natural gas during the production process is unable to compete with similar European industries that do not have the same tax burden.

 

Next, a discussion followed which was introduced and chaired by Dr .Kostas Andriosopoulos, Professor of Finance & Energy Economics in ESCP Europe Business School and President of HAEE. Initially Panagiotis Skarlatos General Manager of the Hellenic Association of Chemical Industries, agreed with the above findings and supported the request to abolish the relevant taxation on natural gas when used as raw material. Furthermore, Michal Wendolowski, Manager of Market Analysis of Fertilizers Europe, remarked favorably on the Greek industry's request to abolish the relevant tax and recalled that the ammonia production industry is one of the main ones that is protected by the European Union against carbon leakage. In addition, he stressed that 60\% of ammonia production in the European Union is based on the use of natural gas, while most of the 36 European factories with which the Greek fertilizer industry has to compete use natural gas without paying any excise duty. He underlined that, it is unfair to burden natural gas in Greece in this way.

Ashutosh Shastri, BoD member of the Global Gas Center - World Energy Council, described the situation in Greece as "abnormal" since the high taxation on natural gas consumption in fertilizers has devastating effects on the market due to unfair competition. He noted that fertilizers is an important product involved in the food chain. For instance, in India where there is even a Fertilizer Minister, the price of natural gas for fertilizer production is subsidized instead of being penalized as it is the case in Greece. From a legal point of view, Konstantinos Adamantopoulos, legal adviser in Brussels on taxation issues, stressed that apart from Greece, all European countries exclude natural gas used as raw material from an excise duty imposition. The legal framework in Greece is contrary to the basic principle of EU law that prohibits negative discrimination. The imposition of excise duty on natural gas used as a feedstock thus contradicts not only the law but also the spirit of Directive 2003/96/EC, as well as to Articles 107 and 110 of the Treaty of the formation of the European Union.