iShipping Copenhagen 2017 was developed by Digital Ship to take a bird’s eye view of the technical and digital developments and drivers we have seen emerging over the last few years.

Across two days of keynote presentations, plenary sessions, panel discussions and round tables, industry leaders came together to discuss how these changes in innovation and digitalisation are transforming the maritime industry.

More than 230 attendees gathered to participate in discussions, roundtable sessions, workshops and various interactive networking events, including a Gala Dinner hosted by global sponsor Marlink.
BIMCO’s Peter Sand opened the conference by looking at the macroeconomic drivers for the shipping industry – and looking at the bumpy road ahead of us – but also reminding us that there is plenty to be positive about.

Troels Blicher Danielsen, Deputy Director General at the Danish Maritime Authority asked if digitisation was the greatest driver for shipping innovation today, while Niels Bruus, Head of Future Solutations at Maersk Line, used the conference to showcase how digital is changing the way Maersk operate their assets.

Other key highlights included throwing the spotlight on the cyber impact on shipping, where the consensus was that leadership buy-in was key to combating the threat. There was also a keen focus on how blockchain is enabling seamless integration of financial, physical and information flows in the supply chain, and discussion around how the shipping industry may explore applicability – and much more besides.

Feedback from some of our speakers:

“The Danish Maritime Authority thoroughly believe that the use and exchange of data carries enormous potentials for shipping in terms of growth, safety and environment. The two days provided us with new valuable insights on digitalization and offered us an opportunity to learn from experts by sharing and discussing ideas about how digitalization can benefit the maritime sector as a whole." Troels Blicher Danielsen, Deputy Director General at the Danish Maritime Authority

Neville Smith, Director, Mariner Communications, chaired the event on Wednesday and had the following to say: "The DigitalShip has always played a key role covering communications and IT. By focusing on the future of shipping, it was able to cover new ground and widen the debate. While it's still going to be a bumpy ride to the future, based on this event, it's going to be fun too."

Anwar Ahmed Siddiqui, Advisor to the CEO, Bahri The National Shipping Company of Saudi Arabia, presented on the topic “Sailing the Big Data Era” made the following comments following the event: “Engagement with Bahri’s peers at iShipping Copenhagen 2017 on how to go from BigData into deep Insight was a very effective one. I am looking forward to seeing the maritime industry sail into the BigData Era in the future”.

Following the great success of Digital Ship iShipping Copenhagen 2017, a number of events concentrating on these and other key topics surrounding technology, digitalisation and business transformation in shipping are planned in other maritime hubs worldwide in 2017 and beyond. View the 2017 events calendar on http://www.events.thedigitalship.com/.

ABOUT DIGITAL SHIP
For 17 years Digital Ship magazine has provided the digital community of the world's maritime industry with the latest news and developments, including satellite communications, software, navigation and electronics, to help keep shipping operating with maximum safety, efficiency and crew comfort.

Golden Ocean Group Limited, announced (14/03) that it has entered into agreements to acquire 16 modern dry bulk vessels in an all-share transaction

where the Company will issue in aggregate 17.8 million consideration shares and assume debt of USD 285.2 million (the "Acquisition").  Of the 16 vessels to be acquired, 14 will be acquired from subsidiaries of Quintana Shipping Ltd. ("Quintana"), and two ice class Panamax vessels will be acquired from subsidiaries of Seatankers, an affiliate of Hemen Holding Ltd. ("Hemen"), the Company's largest shareholder.  The Acquisition will add significant scale to Golden Ocean's operating fleet and contribute to reducing cash breakeven levels. Based on the closing price of the Golden Ocean share on the Oslo Stock Exchange on March 14, 2017 of NOK 61.50, equal to USD 7.14 per share at a USD/NOK exchange rate of 8.6078, the aggregate transaction value is approximately USD 412.4 million.

Birgitte Ringstad Vartdal, CEO of Golden Ocean Management AS, commented:

"We are proud to be in the position to acquire a large number of modern, high quality vessels in an all-share transaction.  This underscores the value the sellers ascribe to our operating platform, management team and corporate strategy. The acquired vessels, averaging 4 years of age, which matches the age profile of our existing fleet, will further enhance our already significant commercial scale and increase our operational leverage to a potential dry bulk market recovery.  Combined with attractive bank financing which includes no fixed debt amortization and soft covenants through June 2019, the transaction should be accretive also in terms of cash breakeven levels. We consider the price obtained to be attractive and expect the transaction to be significantly value-accretive to our shareholders."

As part of the Acquisition, Golden Ocean will acquire Quintana's 14 vessel fleet and assume the fleet's corresponding debt of USD 262.7 million in consideration for 14.5 million shares of Golden Ocean. Golden Ocean has agreed to a USD 17.4 million down payment of the debt associated with the fleet in order to obtain no fixed debt repayments and soft covenants through June 2019. A cash sweep mechanism will be in place for excess cash generated by the fleet. The fleet consists of 6 Capesize vessels and 8 Kamsarmax/Panamax vessels, mainly built in Japan and Korea. The vessels will be owned by a non-recourse subsidiary to Golden Ocean.

Additionally, Golden Ocean will acquire two 2017-built ice class Panamax vessels from affiliates of Hemen in consideration for 3.3 million shares of the Company to fund the equity portion of the acquisition. Hemen will issue a seller credit of USD 22.5 million that matures in June 2019, with no fixed amortization. These vessels will also be owned by a non-recourse subsidiary of Golden Ocean.

Completion of the Acquisition is subject to the execution of definitive loan documents, Golden Ocean raising sufficient new equity to satisfy certain loan conditions, customary closing conditions and regulatory approvals. Closing is expected to be during the second quarter of 2017 and on a vessel-by-vessel basis.

DNB Markets is acting as financial advisor to the Company in connection with the Acquisition.

About Golden Ocean

Golden Ocean, a leading dry bulk shipping company, will after this transaction own or control a modern fleet of 77 vessels and six Capesize newbuilding contracts.  On a fully-delivered basis, Golden Ocean's fleet will have an aggregate carrying capacity of approximately 11.0 million deadweight tons ("DWT") and an average age of less than 5 years on a DWT basis.  Golden Ocean's significant scale is further enhanced by its commercial management platform, which manages 45 additional vessels on behalf of third parties. Golden Ocean is listed on the NASDAQ and Oslo Stock Exchange under the symbol 'GOGL.'

The Board of Directors

Golden Ocean Group Limited

 

 

Nakilat held its Annual General Meeting (AGM) for the financial year 2016 and Extraordinary General Meeting (EGM).

During the AGM, Nakilat’s Board of Directors stated that the company achieved a net profit of QR 955 million compared to QR 984 million for the year 2015. The General Assembly reviewed and approved all its agenda.

The Board of Directors stated that despite the current economic challenges, the decrease in the current oil and gas prices and overcapacity in the shipping industry, Nakilat’s approach to its dividend disbursement would enable the company to continue to maintain a strong balance sheet and stable cash flow to support its debt repayment structure and remain resilient to weather volatile market conditions. This would allow the company to maintain its leading market position in the transportation of liquefied natural gas (LNG) and capitalize on future opportunities that may arise.

Nakilat Managing Director Eng. Abdullah Fadhalah Al Sulaiti said: “Despite the volatile market condition, Nakilat continued to achieve growth and development across our various operations, capitalizing on the strength of our integrated businesses and talents within the organization. We successfully consolidated the management of 4 wholly-owned LNG carriers to our in-house ship management arm, Nakilat Shipping Qatar Limited (NSQL), in the last quarter of 2016, and embarked on an organization-wide cost optimization exercise to further enhance synergies, while upholding the same high safety and quality standards, across our joint venture operations in Qatar. These initiatives together with our sound business strategy have formed a solid foundation for Nakilat to achieve its vision to be a global leader and provider of choice for energy transportation and maritime services.”

Nakilat’s Board of Directors would like to express their deepest gratitude to HH Sheikh Tamim Bin Hamad Al Thani, the Emir of the State of Qatar, for his strong leadership and continuous support that has enabled Nakilat to become an effective contributor towards the diversification of Qatar’s economy towards achievement of National Vision 2030.

The Board of Directors also offers its appreciation to Qatar Petroleum (QP) for its ongoing support of Nakilat’s activities, and to QP Industrial Cities for its co-operation with the Erhama Bin Jaber Al Jalahma Shipyard. We would also like to extend our gratitude to Nakilat’s partners, shareholders, management and employees for their continued dedication and support.

 

Speech by Nakilat Chairman

About Nakilat

Nakilat is a Qatari LNG transport company providing an essential transportation link in the State of Qatar’s LNG supply chain. Its LNG shipping fleet is the largest in the world, comprising of 63 LNG vessels. Nakilat also owns and manages four large LPG carriers. Nakilat operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City via two strategic joint ventures: N-KOM and NDSQ. Nakilat also offers a full range of marine support services to vessels operating in Qatari waters.  www.nakilat.com.qa

Seagull Maritime has just received approval by the Norwegian Maritime Authority (NMA) for an on-board version of their Norwegian Maritime Rules & Regulations course.

 

Seagull Maritime has just received approval by the Norwegian Maritime Authority (NMA) for an on-board version of their Norwegian Maritime Rules & Regulations course. This course is a requirement for all non-Norwegian Masters serving on a vessel flying the Norwegian flag (NIS & NOR). The course, which consists of one e-learning module and a comprehensive workbook, will be an invaluable option for all non-Norwegian Masters wanting to serve on a Norwegian flagged vessel.

Torger Tau, Seagull Maritime’s Senior Instructor explains; “This course has been one of the most popular classroom courses we offer, with officers from all around the world attending the course every year. We were asked by the NMA to adapt the course for on-board training, as this was requested by several ship-owners registering their ships in NIS. Naturally, we were happy to oblige.”
Since its establishment in 1987, the Norwegian International Ship Register has provided the industry with high quality alternatives for registration. Great emphasis has been placed on maintaining a quality register; ensuring vessels operating under the NIS regulations meet the highest level of safety and working standards.

Cost effective

Cost reduction is an essential part of the shipping industry, but that does not mean there should be a compromise on quality. Priced at similar rates to the classroom version, Seagull’s onboard course is a great step towards sustainable management, with on-board certification proving an effective solution to training needs. Dramatically reducing the costs associated with travel expenses, accommodation and the requirement to pay crew-members for training in their leave period, Seagull Maritime’s Norwegian Maritime Rules & Regulations onboard course provides the same high quality education at a reduced cost.

Practical knowledge

The course is designed to meet the Norwegian requirements for service on Norwegian flagged vessels. Giving learners a practical knowledge about scenarios they are likely to find at sea, the assignments and workbook assist seafarers when locating relevant information in the Norwegian Passenger and Cargo ship legislation – all the time using real life scenarios and case studies. For participants who hold appropriate certification and are otherwise qualified in accordance with STCW 1978, successful completion of this course will allow them to apply for endorsement to serve as Master on-board Norwegian flagged vessels. The course is also recommended for all non-Norwegian watch keeping Officers, who are required to have the same knowledge about Norwegian Maritime Rules & Regulations when performing their duties on-board a Norwegian flagged vessel. 

 

Following the tremendous success of Digital Ship's first Cyber Resilience Forum held in Rotterdam in January, we are pleased to announce The Maritime Cyber Resilience Forum Athens.

The cyber threat is growing across all sectors, and in this information era of the connected ship, and with the shipping sector's increasing reliance on technology and remote monitoring, maritime cyber security is no longer optional, but is business-critical.

Digital Ship's Maritime Cyber Resilience Forum will bring advisors, end-users, technology providers and policy makers together, aiming to

 Understand, define and assess the threats and risk of maritime cyber-attack

 Raise awareness of cyber security and risk issues and identify increased cooperation and information sharing mechanisms

 Discuss appropriate regulation and guidelines for clearer standards throughout the industry, and with authorities

The 5 key sessions during Digital Ship's Maritime Cyber Resilience Forum will contain plenary presentations and panel discussions:

Session 1: Facing the Cyber Threat: An Overview of Maritime Cyber Challenges and Focus on Building Resilience

Session 2: Cyber Risks: Identification, Mitigation and Response

Session 3: New Developments in Maritime Cyber Regulations and Guideline

Session 4: Pan-Industry Platforms and Collaboration to Combat Cyber Challenges - Lessons for Maritime

Session 5: Viewpoint: Are We Cyber Ready? Conclusions and Actions

Event Website 

ABOUT DIGITAL SHIP
For 17 years Digital Ship magazine has provided the digital community of the world's maritime industry with the latest news and developments, including satellite communications, software, navigation and electronics, to help keep shipping operating with maximum safety, efficiency and crew comfort.

The Republic of the Marshall Islands (RMI) Registry is pleased to announce the award of Qualship 21 status by the United States (US) Coast Guard (USCG) to 30 bulk carriers owned and operated by Star Bulk Carriers Corp (hereinafter “Star Bulk”).

The Qualship 21 program provides positive rewards to high quality ships and can only be awarded to vessels sailing under a qualifying flag. The RMI Registry is one of only a handful of ship registries to have less than a 1.0\% three-year detention ratio in the US and is the only large commercial flag to maintain Qualship 21 status through 2016.  There were 13 flag administrations that lost Qualship 21 eligibility in 2016 due to their three-year detention ratio exceeding 1.0\%.

In a letter to Star Bulk, Rear Admiral Paul Thomas of the USCG stated, “less than ten percent of all [non-US flagged] ships that operate in the [US] meet the eligibility requirements of this program, putting [Star Bulk’s] qualified vessels in an elite class. This is a remarkable accomplishment and I applaud the efforts of your organization and the master and crew of the qualified vessels for setting such a high standard of excellence.”

Star Bulk’s vessels have been flagged in the RMI since 2007. International Registries, Inc. and its affiliates (IRI) provide administrative and technical support to the RMI Maritime and Corporate Registries and have been actively engaged with Star Bulk through its Piraeus office which is managed by Theo Xenakoudis.

“Being awarded Qualship 21 status is good news not only for us, but for our charterers as well,” said Nicos Rescos, Chief Operating Officer of Star Bulk. “Our ships have been recognized as well-run and rewarded with limited port State control inspections in the US during their Qualship 21 certification period; fewer inspections means a lower likelihood of unnecessary delays and we’re grateful to the IRI team for all their assistance in the process,” he concluded.

“We believe that ships on the Qualship 21 program gain a significant competitive advantage in the US. While ships registered to other large flag states such as Panama, Liberia, and Singapore do not qualify for Qualship, vessels under the Marshall Islands flag can apply for the scheme,” said Bill Gallagher, President, IRI.

“Star Bulk is the largest US listed   dry bulk operator and we’re delighted that they are one of many RMI flagged shipping companies to have their vessels awarded the certification,” he continued.

“Our Piraeus office along with the other 26 worldwide offices have worked hand-in-hand with Star Bulk to ensure that their vessels meet stringent port State control requirements not just in the US, but globally,” said Theo Xenakoudis, Worldwide Business Operations Manager, IRI. “Much of this is down to our proactive Maritime Safety program; a hands-on approach to help ensure that RMI ships flagged meet the required standards,” Mr. Xenakoudis concluded.

The RMI Registry has been on the USCG’s Qualship 21 program for 12 consecutive years and continues to maintain its status on the White Lists of the Paris and Tokyo Memorandums of Understanding.

 

About IRI
International Registries, Inc. and its affiliates (IRI), with more than 65 years of experience as a maritime and corporate registry service provider, has a network of offices in Baltimore, Dalian, Dubai, Ft. Lauderdale, Geneva, Hamburg, Hong Kong (Harbour Road and Gloucester Road), Houston, Imabari, Istanbul, Long Beach, London, Manila, Mumbai, New York (midtown and downtown), Piraeus, Rio de Janeiro, Roosendaal, Seoul, Shanghai, Singapore, Taipei, Tokyo, Washington, DC/Reston and Zurich, that have the ability to register a vessel or yacht, including those under construction, record a mortgage or financing charter, incorporate a company, issue seafarer documentation and service clientele.  In order to meet higher expectations, IRI has expanded its worldwide coverage to include representation in Chile, Limassol, Oslo, and Port Said. IRI concentrates solely on administering the RMI flag and provides a broad spectrum of registry related services for the shipping and financial services industries.

www.register-iri.com

The climax of the week-long series of high level events during European Shipping Week, was reached during the major Conference, which took place on Wednesday 1 March 2017, at the Steigenberger Wiltcher’s hotel in Brussels, where the key issues currently facing European and Global shipping were discussed.

Our joint participation with Endress+Hauser Group in ESW Conference, has been concluded successfully. Our executives met with attendees from all over Europe, at our collaborative booth and presented them live SetelHellas’ innovative SeeMBox-V© Open Digital Platform integrated with Endress + Hauser’s new generation of Promass mass flow meters. This joint initiative provides a holistic approach on fuel and energy management, thus enabling performance sustainability and environmental compliance.

In a full conference room, we witnessed insightful and constructive panel discussions about Digital Disruption, Decarbonization, Emissions Trading System, European Maritime Transport Policy and Global Trends affecting Shipping. Important keynote speakers participated such as Violeta Bulc., Commissioner for Transport at European Commission, Patrick Verhoeven, Chairman at European Shipping Steering Group, Niels Smedegaard, European Community Shipowners Association (ECSA) President, Mr. Laskaridis, Mr. Veniamis and Mr. Tsavliris representing ECSA and Greek Shipowners, Maritime industry CEOs and Directors.

Photographs from the event are available at the following links:

https://www.facebook.com/pg/SetelHellas/photos/?tab=album&album_id=465362906921117

https://www.flickr.com/photos/esw2015/albums/with/72157680908079765

Dimakis Process Manager Merten Traulsen Head of Global Support E+H

ESWCONFERENCE

Kyriakos Anastasiadis CEO Celestyal Cruises

Smart Ship SetelHellas Endress

 

 

It with great success that Capital Link hosted its 8th Annual Greek Shipping Forum “Opportunities & Challenges” which took place on Wednesday, February 15th, 2017 at the Divani Caravel Hotel in Athens, Greece, in cooperation with NASDAQ and the New York Stock Exchange.

Greek shipping remains important to the maritime economy, constituting approximately 20 percent of the world’s shipping fleet. In spite of the volatile markets and economic downturn, Greek shipping professionals have consistently adapted to changing conditions, seeking out growth and opportunity rather than yielding to their circumstances. The Forum provided a comprehensive review of current trends and outlook of the global economy and the main commodity, energy and shipping markets. It also discussed critical issues and challenges the industry faces, including geopolitical and regulatory developments, technical and commercial fleet management and access to capital. It examined bank financing, capital markets and alternative funding mechanisms and strategies.

 

Our Athens Forum, in its 8th year, attracted more than 1,400 delegates and is known for its large attendance by public and private shipping companies' executives and market participants.  

 

FORUM KEYNOT SPEAKER -  The Internationalization of China & Chinese Shipping

 

Keynote speaker of the Forum was Mr. Zhang Ye, President of the Shanghai Shipping Exchange who discussed “The internationalization of the Chinese Economy and Chinese Shipping”. Mr. Ye was awarded the honor of Shanghai Municipal Leading Talent, Top 10 Finance Leaders in Shanghai and selected as the Top 100 Most Influential People of Shipping Sector by Lloyd's List consecutively in 2010-2013 and 2015. In 2012, he was also awarded the honor of Top 10 Most Influential Shipping People in China. He works as Shanghai Conference Ambassador since 2013.

 

Mr. Zhang Ye stated: “The downturn of world economy and shipping has brought huge challenges to the development of maritime industry, but the growth of China’s economy and trade needs the world maritime service. He will give a quick overview of Chinese shipping industry including the scale of Chinese fleet and shipping enterprises, the port layout and port enterprises, the scale and capacity of Chinese shipyards, the scale of ship financial lease in China, etc. He will share the national strategy of shipping development like 13th Five-year planning, Belt& Road, Free Trade Zone, maritime information, maritime indexes, etc. and analyze possible opportunities and challenges. He will also discuss how China, during its internationalization of economy and shipping, learns the Greek financing and shipbuilding experience as well as the potential market opportunities”.

 

2017 CAPITAL LINK GREEK SHIPPING LEADERSHIP AWARD

 

The "2017 Capital Link Greek Shipping Leadership Award" was presented to Professor Costas Th. Grammenos CBE DSc, LRF Chair in Shipping, Trade & Finance, Chairman, Costas Grammenos Centre for Shipping, Trade & Finance, Cass Business School, City, University of London.

 

Professor Costas Th. Grammenos  was introduced by Dr. Anthony Papadimitriou, President to the Board of Directors of Alexander S. Onassis Foundation and Dr. Nikolas Tsakos, President & CEO, Tsakos Energy Navigation; Chairman, Intertanko.

 

Dr. Anthony Papadimitriou, President to the Board of Directors of Alexander S. Onassis Foundation introduced Professor Costas Th. Grammenos by stating “I am particularly glad that Costas Grammenos, a worldwide reference for the economy and the shipping industry, is a member of the Onassis Foundation and also a great friend. Thanks to him, his vision and his character, thousands of young Greeks and non-Greeks expanded their horizons by learning to sail not only in quiet but also in difficult times.

 

I will always admire Costas Grammenos not only for his expertise but also for his broader culture, as besides being a wonderful teacher, an exceptional character and a friend, Professor Costas Grammenos is a true “Homo Universalis”. Theater, music and literature are practically integrated in his personality. His education, allows him to combine in the same sentence both shipping and Aristophanes, proving the value of an open spirit in an extremely important and successful life journey."

 

Dr. Nikos P. Tsakos, Chairman - INTERTANKO; President & CEO - Tsakos Energy Navigation introduced Professor Costas Th. Grammenos by stating “"On my many and long journeys as a businessman and with my Intertanko hat on, I meet Professor Grammenos' former students in top positions all over the world, amongst whom there is a strong feeling of solidarity, camaraderie and networking. But it is not only the level of education and networking possibilities that the Professor oversees, it's his amazing ability to remember every single one of the more than 3,000 students that he has taught. The Professor not only cares about the one or two years you spend on his course, but he considers every one of his graduates to be like family. With this, I want to congratulate Capital Link for their choice and say a big "thank you" to the Professor, on behalf of all shipping people, for his contribution to our industry's profile."

 

ACCEPTANCE SPEECH OF PROFESSOR GRAMMENOS

 

Prof. Costas Grammenos has made a unique contribution to the global shipping industry not only by providing scientific and academic thought leadership through his writings and teachings but also through the establishment of an educational institution that has become the must-attend university for those who aspire careers in shipping,  energy, trade and finance. More than 4.700 alumni belong to a unique network of professionals who today lead the industry to new directions. Costas Grammenos has achieved a uniquely positive and transformational impact on the global shipping industry.

 

In his acceptance speech Professor Grammenos stated:

“I am hugely honored in receiving the prestigious Capital Link Greek Shipping Leadership Award.

I thank Capital Link, I thank Nikolas Bornozis. Both of us have walked a very long way to reach this point. The only difference is that he is a lot younger. I do also thank both Dr. Anthony Papadimitriou and Dr. Nikolas Tsakos for their exceedingly warm and generous introductions. Yes I am a Professor but I admit I have learned a lot from them during our very long friendship. Ladies and Gentlemen it all started 35 years ago when  I joined   the then City University Business School as a full time  Visiting Professor and created the Centre for Shipping, Trade and Finance and the MSc in Shipping, Trade and Finance and later on the MSc in Energy, Trade and Finance. A driving force in recruiting me in 1982 was the then Dean of City University Business School Professor Brian Griffiths, from 1985- 1991 Head of Mrs. Thatcher Policy Unit and now Lord Griffiths and Vice Chairman of Goldman Sacks.

 

I have never forgotten my National Bank of Greece years from 1962 - 1975, where I learned to read and understand the real world of Business and I started my research in Bank Shipping Finance based on well above six hundred loans, six hundred huge confidential files, which I will restructure at University of North Wales in Bangor. There my mind expanded, my way of thinking became broader and very analytical.

The University of Wales Press publishes in early 1979 my book "Bank Finance for Ship Purchase", which will become the book of the year and eventually the flagship of this academic publisher.

 

I should mention that Andreas Tsavliris equally kind and close friend then and now has offered several comments on the first three chapters of my book. It is time to renew my thanks to him.

From the very early period at City University Business School I believed strongly that our academic success will go in hand with the success of both, the Business School and the City University. I clearly followed this holistic approach all these 35 years. That is why you saw a few minutes ago the 50th anniversary video of Cass Business School instead of seeing my own personal photographs from a period of 50 years plus. I strongly believe, Ladies and Gentlemen, in the need of combined efforts and teamwork. When my students ask me for the recipe of success I invariably reply that this recipe has three levels: The first one is hard work; the second one is hard work and the third one is hard work. I have being working hard for very-very many years in my life. Being in a thanking mood I take the opportunity to very warmly thank my wife Anna for her strong support all these 45 demanding, very demanding and very happy years.

 

My wife is an archaeologist -our son is a historian- and as I said 17 years ago, on a similar occasion, at the Guildhall in London she finds me more interesting as I am getting older. Twelve days ago I had a cataract eye surgery. My wife kept reminding me the eye drops. Should you travel by airplane? Ask the Doctor! Do not carry a heavy suitcase, it is very dangerous. It is obvious her view was that I had reached the status of an archaeological object.

 

 Going back to the Centre for Shipping, Trade and Finance I am aware that we created a new way of thinking in Shipping, in International business. Up until that time there was an excellent course in Maritime Studies at Cardiff. It had nothing to do though with Finance, Trade, Commodities, Energy and similar subjects. We added them. We created Shipping Finance as a Totally New Academic Area, Commodities also; and other topics. We created a similar approach for Energy; We added a totally new MSc course internationally the Energy, Trade and Finance in 2003. We teach students, Ladies and Gentlemen, knowledge, new techniques, their application in business. We give them tools for analysis which will become tools for their success. We stay away from politics, from political parties. Our job is to academically strengthen our students, to show them how they can apply theory into practice; to show them ways of thinking; of taking action; of taking decisions; to make them to think for the path of professional success in the tough, small and great world of international business networks. In this process you give and take. In this process you discover, they discover, -many of them- creation, as the ultimate purpose in life.

 

Yes ladies and Gentlemen, This is all about creation that makes life fascinating and worthwhile. I am grateful that I was given the opportunity to share my efforts with our Centre colleagues at Cass Business School, other also academics and 4.700 students from over 160 countries. Grateful indeed. “

 

MORNING SESSIONS

 

Welcome Remarks

 

Capital Link’s President, Mr. Nicolas Bornozis highlighted that the Capital Link Forum manages to attract top level speakers and delegates from Greece and abroad and this is indicative of the respect the global community pays to Greek Shipping. Capital Link's Forum provides an interactive platform to exchange ideas and views on critical industry topics in finance, capital markets, commercial and technical fleet management. He also highlighted that the visit of the President of the Shanghai Maritime Exchange, Mr. Zhang Ye, to Cyprus and Athens, is indicative not only of his role in internationalizing the profile of Chinese shipping and finance, but also of the significance and commitment China pays to Greece and Greek Shipping. And concluded by mentioning the transformational contribution of Professor Grammenos to Greek and global shipping. 

 

TOPICS AND PRESENTATIONS

Throughout the day, there were presentations and panel discussions from the following:

 

Outlook & Opportunities in Shipping

 

Mr. James Frew, Director of Consultancy- Maritime Strategies International presented on “Outlook & Opportunities in Shipping” by stating that “At a time of increased uncertainty in most shipping markets, this presentation will explore the correlations between each of the major shipping markets, how shipyard overcapacity can distort the fundamentals underpinning earnings and what the key drivers of asset prices are. It also touches on possible game changers such as low-sulphur emissions, and provides a data-driven view of the best investment opportunities available in shipping today”.  

 

Panel discussion - Bank Finance & Shipping

Moderator:

Mr. Jasel Chauhan, Partner - Holman Fenwick Willan

Panelists:

Mr. Gust Biesbroeck, Managing Director, Global Head of ECT Transportation Clients - ABN AMRO Bank NV

Mr. Philipp Wuenschmann, Head of Shipping – Berenberg Bank

Mr. Frans van de Bospoort, Managing Director and Co-Divisional Head of Shipping Finance, Eastern Hemisphere – DVB Bank

Mr. Shreyas Chipalkatty, Managing Director – Citigroup’s Global Shipping

 

Mr. Jasel Chauhan, Partner - Holman Fenwick Willan moderated this year's bank finance and shipping panel discussion and saw the banking panel – with representatives from ABN Amro, Citibank, DVB Bank and Berenberg Bank – exchanging views on the activity of the past year and the outlook for 2017. After a year of historic lows for charter rates and vessel values, the panel discussed the chances for recovery as well as the potential threats. The panel also discussed sale and purchase activity in the Greek market and how ship finance would develop in the coming years – bearing in mind the economic and political influences around the world.

 

"One Belt - One Road" - The New Silk Road and How it Will Affect Shipping

 

Mr. Georgios Teriakidis, Regional Business Development Manager - DNV GL – Region South East Europe & Middle East presented on "One Belt - One Road" - The New Silk Road and How it Will Affect Shipping. The presentation was giving a high level understanding of the Chinese project: One Belt One Road. This Chinese backed project goes through a large number of countries with the intention to create a virtual path from East to West and back. The plan includes the creation of important hubs along a land route as well as a sea route. These hubs can potentially change the regional trade and shipping routes, since they will become centres of transhipments. The implications of such a project are enormous and the intention of the presentation is to inform all about the potential benefits for shipping.

 

Financing and Operating Leasing Opportunities via Chinese and Japanese Leasing Institutions

 

Mr. Fedon Tomazos, Managing Director - Cass Technava presented the concept of the Financing and Operating Leasing Opportunities via Chinese and Japanese Leasing Institutions. Mr. Tomazos expressed the opinion that the Chinese and Japanese lessors can fill in the existing funding gap in ship finance. Mr. Tomazos shared part of the experience that Cass Technava has gained from the latest leasing transactions conducted between Chinese leasing companies and Greek owners. The asset class, the structure, the timing, the leverage and the cost of funding under leasing transactions were topics that were analyzed.

 

Panel discussion - Alternative Finance

Moderator:

Mr. Robert Wilkins, Partner - Reed Smith

Panelists:

Mr. Nino Mowinckel, Principal - Breakwater Capital

Mr. Martin Hugger, Managing Director - Meerbaum Capital Solutions

Mr. Alexis Atteslis, Managing Director - Oak Hill Advisors (Europe), LLP

Mr. John Hartigan, Senior Investment Manager - Northern Shipping Funds

Ms. Barbara Richter, Investment Professional – Varde Partners

 

Mr. Robert Wilkins, Partner - Reed Smith presented the panel to the audience and stated that “In light of the difficulties of obtaining traditional bank debt in the current market, Rob Wilkins, Partner – Reed Smith, will chair a panel which will discuss the alternative options available to ship owners to raise capital, either to refinance existing indebtedness or make new counter-cyclical investments. This will include alternative credit platforms, mezzanine debt structures, sale and leaseback financing, Chinese leasing, funds and private equity”.

 

Mr. Martin Hugger, Managing Director - Meerbaum Capital Solutions said that “In the current regulatory environment, it is increasingly difficult for banks to provide financing to shipping. This makes access to leverage challenging even for larger companies, but this is especially the case for smaller traditional owners active solely in shipping or for mid-size companies expanding their value chain into shipping. Alternative finance providers have looked into this situation and provide conservative funding for the acquisition of quality vessels. They are willing to base such funding on the owner’s competence, the asset quality and the ships value”.

 

Panel discussion - Capital Markets

Moderator:

Mr. Robert Lustrin, Partner - Seward & Kissel

Panelists:

Mr. Karl Fredrik Staubo, Managing Director - Clarksons Platou Securities

Mr. Todd Wilson, Senior VP of Maritime - Jefferies LLC

Mr. Larry Glassberg, Managing Director - Maxim Group

Ms. Isabella Schidrich, Senior Managing Director - NASDAQ

 

Mr. Robert Lustrin, Partner - Seward & Kissel moderated an expert panel on « Capital Markets » and started a lively panel discussion by summarizing the general state of the US capital markets for shipping companies.  He then led the panel’s discussion into a sector-by-sector analysis of capital raising opportunities, including which financial products/structures are most marketable today.  Mr. Lustrin then focused the panel on rising opportunities for shipping companies to conduct an IPO on the major US stock exchanges, and the elements necessary for success.  Finally, the panelists gave their individual views on the availability of capital for shipping in both in the US and overseas capital markets.

 

Mr. Karl Fredrik Staubo, Managing Director - Clarksons Platou Securities state that Clarksons Platou Securities has been the most active investment bank in raising capital for publically listed shipping companies from 2013 to date, having raised approx. USD 9bn of equity for public entities. Clarksons Platou Securities is present in the Norwegian and US markets, but cover investors globally. The Oslo Stock Exchange has been characterized by attracting capital at market troughs whilst companies have migrated their listings to the US stock exchanges as rates improves and markets mature to provide for better stock liquidity and build market cap.

 

Ms. Isabella Schidrich, Senior Managing Director – NASDAQ stated that “The US capital markets are viewed as the destination of choice for companies and investors alike. They provide for unparalleled access to capital, to a large and diversified investor base, and select sectors enjoy higher valuations. US listed shares can be used as acquisition currency and a US listing helps to increase the visibility / branding of a company and position its products and services to a wider audience.

 
Despite very positive IPO returns of 23\% - and the outperformance of major market indices, like the Dow Jones and the S&P 500, which appreciated by 15.24\% and 11.24\% respectively, the US markets saw 133 IPO/new listings (including SPACs and REITS), which raised just over USD 22bn, in 2016. This is approximately one third less by number of IPOs/new listings and capital raised to the prior year, where US markets welcomed 194 IPOs, which managed to rise just over USD 34bn.

 
Last year’s disappointing IPO activity was initially driven by the high level of the VIX, which does not allow for pricing certainty and from June onwards by political events – given the Brexit vote in the UK and the presidential elections in the US – which added to the environment of uncertainty.

For 2017, the demand of companies for equity financing continues to be strong. There were 16 IPOs in the US to date, which raised about USD 5bn; in addition 80 companies filed with the SEC publicly, signalling to IPO at some point. In addition, we see an amazing level of listing activity on our Nordic Markets, led by Nasdaq Stockholm. Here, we welcomed last year more new listings (a total of 94 companies) and raised more capital (EUR 7.8bn) than on any other European market, including the London Stock Exchange. The pipeline remains strong and Nasdaq Nordic expects an active first quarter.

In essence, a company which is looking to raise capital should not only evaluate the US markets but also our Stockholm market”.

 

Panel discussion - Restructuring

Moderator:

Dr. Stefan Rindfleisch, Partner – Ehlermann Rindfleisch Gadow

Panelists:

Mr. Evan Cohen, Partner & CEO - DC Maritime Partners

Mr. Christoph Geck-Schlich, Chief Investment Officer – Offen Group; Managing Director – Crystal Ocean Advisors

Mr. Axel Siepmann, Managing Director – NAVES Corporate Finance

 

Mr. Evan Cohen, Partner & CEO - DC Maritime Partners stated that “DC Maritime Partners (“DCMP”) has had an active and successful first year of providing advisory and restructuring advice to a number of Ship Owners.  The Partners of DCMP have a unique and trusted background in supporting ship owners in their discussions with their Lending group.  Among the critical factors in a successful restructuring is the ability to act as a “translator and intermediary” between the Ship Owner and its financing banks/institutions.  DCMP understands the individual and changing requirements of the shipping banks and the respective bankers, and has implemented successful restructurings on behalf of their clients”.

 

Mr. Christoph Geck-Schlich, Chief Investment Officer – Offen Group; Managing Director – Crystal Ocean Advisors stated that "The German Landesbanks economically control the world’s largest fleet of thousands of vessels. A large portion of this fleet is stuck in non-performing loans, with continued need of write-downs and depreciations. This need together with the strategic decision of some banks to exit the ship financing market leads to great opportunities for buyers of tonnage. Key success factors for a good deal with German banks are (a) maintaining an extensive network within the banks and (b) understanding how German banks operate and which rules and processes they subject to".

 

Mr. Axel Siepmann, Managing Director – NAVES Corporate Finance stated that “There are two key success factors in a restructuring: The first is that ship owners need to understand, what the agenda of other side (i.e. the lenders) is and what limitations exist, as it is useless to ask for concessions, that the other side is simply unable to grant. The various lenders have completely different agendas, depending on e.g. the fact whether they are financially strong, whether they have decided to exit from ship financing or in how far lenders are constraint by regulatory requirements. The second is that ship owners self critically have to ask themselves, what they bring to the negotiations that are useful to the lenders. A successful restructuring concept addresses both issues.”

 

Panel discussion - Private Equity

Moderator:

Mr. Stuart McAlpine, Partner – Clyde & Co. LLP

Panelists:

Mr. Costas Karagiannis, Operating Partner - Apollo‎ Management International

Mr. George Elliott, CEO - Naftilia Asset Management

Mr. Rolf Wikborg, Partner - Sino Energy Capital Management, Hong Kong

Mr. Fredrik Falch, Head of Shipping Corporate Finance – Arctic Securities

 

Mr. Stuart McAlpine, Partner – Clyde & Co. LLP presented the panel to the audience and stated that 'The Private Equity session will address recent developments and trends in PE/alternative investors in the shipping/offshore industry.  Acknowledging that there is no 'one size fits all' category, the panellists will provide their perspective on the investment strategies which have been pursued to date and how these might change going forward. Have the alternative investment funds fallen out of love with shipping/offshore or will they simply change direction in terms of their investment strategy? Are shipping/offshore industry players now more open to participation in their capital structures by alternative investors?'

 

Mr. Fredrik Falch, Head of Shipping Corporate Finance – Arctic Securities explained how there has been a re-pricing of publicly listed shipping stocks, moving from steep discounts to NAV to, in many instances, significant premiums. Although equity issuances in last year’s poor pricing environment diluted many existing shareholders, the result was improved and more flexible loan agreements. Investors participating in these restructurings have seen returns of 50-100\% over the last 6 to 12 months. With the reprising and enthusiasm in shipping capital markets, we have already seen successful growth capital issuances, private initiatives and the likelihood of successful near-term shipping IPOs seems high - a welcomed thought, given the absence of IPOs in Norway in the past two years.

 

AFTERNOON SESSIONS

 

Panel discussion - Regulatory Developments & Geopolitical Factors Affecting Shipping

Moderator:

Mr. George Paleokrassas, Partner - Watson Farley Williams

Panelists:

Mr. Clay Maitland, Managing Partner - International Registries; Founding Chairman - NAMEPA; Chairman – NYMAR

Mr. Anastasios Papagiannopoulos, President Designate - BIMCO; President - Common Progress Company

Mr. John Platsidakis, Chairman – INTERCARGO; Managing Director - Anangel Maritime Services Inc.

Mr. Nikos P. Tsakos, Chairman - INTERTANKO; President  & CEO - Tsakos Energy Navigation

 

Mr. George Paleokrassas, Partner - Watson Farley Williams started his speech by stating that “The shipping industry has historically been viewed as being resistant and slow to react to change - what is the shipping industry (and the organizations you represent) doing to address and shape the regulations (BWTS, Sulphur cap, sustainable scrapping and other environmental regulations etc.) affecting the industry?

 

Who has borne the cost of complying with all regulations to date and who should do so in the future? If we accept that the increased regulatory framework creates barriers to entry, will this also result in fewer, and larger, companies in the future and greater scrapping?  Will the increased regulatory framework benefit owners who embrace and adopt the regulations (by being preferred by oil majors/traders/other charterers and also having greater access to finance with financiers paying greater scrutiny to levels of compliance with regulations and environmental compliance)?

 

The effect of sanctions on shipping and whether you expect sanctions to be extended in the coming years - how has this affected the industry and how you do consider it will affect the industry in the future? The effect on shipping of the backlash against globalization and the increased support for protectionism (as evidenced by the election of President Trump, last year’s referendum in Britain resulting in Brexit and a key theme in the forthcoming elections in the Netherlands, France and Germany) The pressure from the EU for a change in the existing tax framework applying to Greek shipping “

 

Mr. Anastasios Papagiannopoulos, President Designate - BIMCO; President - Common Progress Company stated that “In the last few years the International Economy and the International Trade are suffering by growth rates below their historical trends. International Shipping is the more sensitive factor bearing the stress and the instability of the International Trade. As the destabilizing impact of the geopolitical changes, Brexit, uncertainty in US foreign policy, war in Syria, create an economic environment of negative trends. The nations which have developed through free trade and the International Shipping Organizations must coordinate their efforts to defend the fundamental principles and rules of free trade and economic development. This task is not going to be easy and certainly will require patience, skills and concerted efforts of all interested parties”.

 

Dr. Nikos P. Tsakos, Chairman - INTERTANKO; President & CEO - Tsakos Energy Navigation responded to the question on regulatory changes in the shipping industry that owners need time to respond responsibly. Ships are very expensive assets, built for 20 or 25 years, and when you have structural changes to an asset in the middle of its useful life, it is not always easy for an owner to respond quickly to new regulations. If you take for example the design of a tanker vessel from a single hull to a double hull, it was accomplished without any subsidy and it was done responsibly. Mr. Tsakos added on the costs of new regulations, that ships are an easy target to put all the burden on and that if you look at freight rates over the last 30 years, they are on a flat line, and really on a negative line if you consider inflation, whereas operating expenses have more than tripled from that time paid by the ships.

 

Panel discussion - Optimizing Technical Management & Fleet Performance

Moderator:

Mr. Michalis Pantazopoulos, Managing Director – LISCR (Hellas) S.A

Panelists:

Mr. Andreas Hadjipetrou, Managing Director - Columbia Shipmanagement

Ms. Despina Panayiotou Theodosiou, Managing Director - Tototheo Group of Companies

Mr. Theo G. Baltatzis, General Manager – Technomar Shipping Inc.

Mr. Marcos Vassilikos, Managing Director - Eurobulk

 

Mr. Michalis Pantazopoulos, Managing Director – LISCR (Hellas) S.A stated to the panel that “Optimizing technical and safety management has always been a challenge in good or in difficult market conditions.  The asset protection (ship), the crew and its safety, the protection of the environment as well compliance with ever developing regulations are fundamental components that drive shipping operations today.  These components affect the technical and operational expenses of the ship that is require to show a profit from operations even in today’s hard markets.  Various tools that ship managers use to attain optimization not only in terms of cost and savings but also in safety and key performance indicators were presented and discussed.   As shipping operations involve many stakeholders the demand for optimizing contribution in a cost-effective way is and will always be a driver in decision making and risk control assessment”.

 

Mr. Andreas Hadjipetrou, Managing Director - Columbia Shipmanagement in Limassol, Cyprus referred to the various measures implemented by Columbia Shipmanagement for optimizing the fleet performance of their clients. Mr. Hadjipetrou referred to the different requirements of their clients which may vary significantly depending on their geographical location, type of vessel and employment strategies of their ships. Mr. Hadjipetrou highlighted that the definition of “fleet optimization” very much depends on the respective characteristic of each client and explained that the role of the 3rd party manager is to satisfy these diversified needs thus keeping a close link with clients is perhaps the most important ingredient of a manager’s success.

 

Ms. Despina Panayiotou Theodosiou, Managing Director - Tototheo Group of Companies stated that “The last few years we have seen a shift to advanced operations and a growing receptiveness and adaptability to new technologies by shipping operators. The trend towards VSAT usage for the following years is an indication that current data is critical for the operations of shipping companies and that ship Intelligence is going to be the driving force that will determine the future of our industry. Shipping companies must use these capabilities to their advantage, to differentiate themselves from competition and to lower costs, improve efficiency and meet growing commercial demands”.

 

Panel discussion - Analyst Panel

Moderator:

Mr. Nicolas Bornozis, President - Capital Link, Inc.

Panelists:

Mr. Herman Hildan, Shipping Analyst -Clarksons Platou Securities

Mr. James Jang, Senior Analyst, Vice President, Equity Research – Industrials and Maritime – Maxim Group LLC

Mr. Michael Webber, Senior Analyst, Managing Director, Shipping, Equipment Leasing & Marine MLPs, Equity Research - Wells Fargo Securities

 

Mr. Nicolas Bornozis, President - Capital Link, Inc. said that there were mixed views on the outlook of the various shipping segments. There was optimism for LNGs as global liquefaction capacity is expected to increase. Higher refining capacity and diminishing fleet growth are positives for the product tanker sector, while higher fleet growth for crude tankers poses some concerns for the sector. Views on the dry bulk sector were mixed. For dry bulk, the diminishing orderbook is a positive along with potentially higher commodity prices. MLPs received positive reviews and it was highlighted that some of them have the lowest cost of capital. Access to capital markets is selective and new IPOs do not seem to be imminent. We could see more consolidation among shipping companies and possibly consolidation into publicly listed entities.

When it comes to value, it is currently as cheap as it has ever been to acquire ships. The concept of NAV was discussed, and it was agreed that NAV should not be the definitive factor in determining value. Finally, there was debate as to use of cash for dividends versus investing in assets and the panel was more of the opinion that in current market conditions capital should be focused on investing on assets as opposed to dividends. In summary the sentiment expressed towards the shipping industry was one of “constrained optimism.”

 

PARTICIPATING COMPANIES & ORGANIZATIONS

ABN AMRO Bank NV • Alexander S. Onassis Foundation • Anangel Maritime Services Inc. • Apollo Management International • Accuritas Global Solutions • Artic Securities • Berenberg Bank • BIMCO • Breakwater Capital • Cass Business School • Castlelake • Clay Maitland • Citigroup’s Global Shipping • Clarksons Platou Securities • Clyde & Co LLP • Columbia Shipmanagement • Common Progress Company  • Offen Group • Crystal Ocean Advisors • DC Maritime Partners • DNV GL - Region South East Europe & Middle East • DVB Bank • Ehlermann Rindfleisch Gadow • Eurobulk • EY • Holman Fenwick Willan International LLP • INTERCARGO • INTERTANKO • Jefferies LLC • Liberian Registry • LISCR (Hellas) S.A. • Maritime Strategies International • The Marshall Islands Registry  • Maxim Group LLC • Meerbaum Capital Solutions • MSI • Naftilia Asset Management • NAMEPA/NYMAR • NASDAQ • NAVES Corporate Finance • New York Stock Exchange • Northern Shipping Funds • Oak Hill Advisors (Europe), LLP • Reed Smith • Seward & Kissel • Shanghai Shipping Exchange • Sino Energy Capital Management, Hong Kong • Technomar Shipping Inc • Cass Technava Shipbroking • Tototheo Group • Tsakos Energy Navigation • Varde Partners • Watson Farley Williams • Wells Fargo Securities LLC

 

IN COOPERATION WITH: NASDAQ • New York Stock Exchange

GLOBAL LEAD SPONSOR: TSAKOS ENERGY NAVIGATION LTD

LEAD SPONSOR: ALEXANDER S. ONASSIS FOUNDATION

GLOBAL GOLD SPONSORS: Clay Maitland • Columbia Shipmanagement • DNV GL • DVB • EY • The Marshall Islands Registry • Tototheo Group

GLOBAL SPONSORS: Citi • Clarksons Platou Securities • CLYDE & CO • Jefferies • MSI • Reed Smith • SEWARD & KISSEL LLP • Watson Farley & Williams

EVENT SPONSΟRS: ABN AMRO • BERENBERG • Crystal Ocean Maritime Assets • EHLERMANN RINDFLEISCH GADOW • Holman Fenwick Willan • Liberian Registry • MAXIM Group • NAVES Corporate Finance • Wells Fargo Securities

SUPPORTING SPONSORS: Accuritas Clobal Solutions • The American Club • Cass Technava • FLOTT & CO. PC ATTORNEYS • Lloyd’s Register • NIKI • Northern Shipping Funds • Seanergy • Singhai Marine Services

BREAKFAST & REFRESHMENTS SPONSOR: Bermuda Business Development Agency

COCKTAIL SPONSOR: NYMAR

COFFEE SPONSOR: Illy Iperespresso - Capsule System • E.J. Papadopoulos SA

 

SUPPORTING ORGANIZATIONS: Association of Banking and Financial Executives of Hellenic Shipping • BCA College • CASS Business School • Hellenic Shortsea Shipowners Association • Greek Shipping Co-operation Committee • Hellenic Chamber of Shipping • Hellenic Ship Suppliers & Exporters Association • Hellenic Shipbrokers Association • HELMEPA • INTERMEPA • Piraeus Association for Maritime Arbitration • Piraeus Marine Club • Port Captains Club • The International Propeller Club • Wista Hellas

 

INTENATIONAL MEDIA PARTNERS: AllAboutShipping.co.uk • Lloyd’s List • The Maritime Executive • Ship2Shore • TradeWinds • Worldoils

GREEK MEDIA PARTNERS: Economia • www.efoplistesnews.gr • Elnavi • Huffpost Greece • www.maritimes.gr • Naftemporiki • naftemporiki.gr • Naftika Chronika • Nafsgreen.gr • Shipping International Monthly Review

 

TARGET AUDIENCE

Capital Link attracted institutional investors, analysts, bankers, financial advisors, financial media, and other qualified investors who are interested in enhancing their knowledge of shipping across all sectors. With an average of roughly 1400 participants, attendees had the opportunity to participate at an informative networking Forum connecting them to the shipping industry’s key players, including influential members in the financial community, such as commercial and investment banks.

 

FOR MORE INFORMATION

Please visit: http://forums.capitallink.com/shipping/2017greece/index.html

 

For further information, please contact:

NEW YORK // Mrs. Olga Bornozi & Mrs. Eleni Bej

Tel. +1 212 661 75 66 - Email:This email address is being protected from spambots. You need JavaScript enabled to view it.  

ATHENS // Mrs. Eleni Kouroubali

Tel: +30 210 610 9800 - Email: This email address is being protected from spambots. You need JavaScript enabled to view it.  

 

ABOUT CAPITAL LINK

With its headquarters in New York and presence in London, Athens and Oslo, Capital Link has been active since 1995 in the field of Strategic Advisory, Investor Relations and Financial Communication with main focus on the maritime sector, among other. Capital Link’s activities include Investor Relations and Advisory, the Organization of Investment Conferences and Introductions to Strategic Business Partners and Capital Providers. Capital Link organizes 14 large scale conferences annually in New York, London, Athens, Limassol and Shanghai focusing on its main field of activity. (www.capitallinkforum.com). The Capital Link Forums feature industry leaders and are recognized for their rich informational content coupled with extensive marketing and networking opportunities. 

Capital Link's efforts and its President, Nicolas Bornozis, have been recognized by several organizations including the Greek Shipping Lloyds Awards, the Intercontinental Finance Magazine, the International Propeller Club of the United States and the AHI-American Hellenic Institute.

 

Bureau Veritas, the leading international classification society, has gained accreditation from United Kingdom Accreditation Services (UKAS), in their pilot scheme, to carry out assessments and verifications for compliance with the European Union’s Maritime Monitoring, Reporting and Verification (EU MRV) regulation.

The regulation, part of the EU’s commitment to reduce greenhouse gas emissions, requires operators to monitor and report on CO2 emissions based on ship fuel consumption. It applies to all merchant ships of 5,000 GT or above on journeys that call at an EU port.

Reporting is on both a per-voyage and an annual basis, and emissions monitoring plans and reports must be verified by an accredited verifier. Ship operators must achieve a number of milestones before the first monitoring period begins in 2018.

Patrick Le Dily, Vice President, Legal Compliance & Regulatory Management, Bureau Veritas said:

“As a leader in both regulatory compliance and environmental performance services for the marine industry, Bureau Veritas has a deep understanding of EU MRV and the challenges it brings.

UKAS accreditation combined with our worldwide organization and network of EU Maritime MRV Verifiers enables us to help clients meet the deadlines for compliance through timely approval of monitoring plans and future verification of monitoring reports.”

Bureau Veritas will act as a UKAS accredited EU Maritime MRV Verifier in accordance

with accreditation for ISO 14065:2013 certification scheme. Verification activities cover review and approval of emissions monitoring plans (2017), assessment of reports and issuing Documents of Compliance (both from 2019).

 

About Bureau Veritas

Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has around 66,700 employees located in 1,400 offices and laboratories around the globe. Bureau Veritas helps its clients improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.

Bureau Veritas is listed on Euronext Paris and belongs to the Next 20 index.

For more information, visit www.bureauveritas.com/marine-and-offshore

Marine client portal www.veristar.com

Following an extensive audit by the United Kingdom Accreditation Service (UKAS), LRQA has been accredited to globally deliver services for the assessment of monitoring plans and verification of emissions reports for maritime transport that is subject to the MRV Regulation. This latest accreditation has been awarded with immediate effect.

Regulation (EU) 2015/757, monitoring, reporting and verification of carbon dioxide (CO₂) emissions from shipping activities, also known as MRV Regulation, came into force on 1st July 2015 and is a significant feature of the European Union’s commitment to reduce Greenhouse Gas (GHG) emissions. From 1st January 2018, the regulation will require ship owners and operators, to annually monitor, report and have verified CO₂ emissions and related data for all vessels larger than 5,000 gross tonnes that are calling at any EU or EEA (Norway/Iceland) port.

LRQA is in the first group of verification bodies to receive accreditation against the international management system standard for GHG validation or verification - ISO 14065 - to globally deliver assessment and verification services related to GHG emissions and specifically, the MRV Regulation. This is an extension to LRQA’s existing accreditation to ISO 14065 - under which related schemes are delivered.

Ged Farmer, Sustainability Technical Manager at LRQA, commented: “MRV Regulation represents a significant change in the way ship owners and operators will be required to monitor, report and have their CO₂ emissions verified. The achievement of accreditation to ISO 14065 will allow LRQA to deliver a range of assessment and verification services to our many clients that operate within shipping, ensuring that they are well prepared and all relevant ships are compliant.”

For more information around our range of MRV Regulation services, email This email address is being protected from spambots. You need JavaScript enabled to view it. or visit lrqa.gr/mrv

 

About Lloyd's Register (LR)

Lloyd’s Register (LR) is a global engineering, technical and business services organisation wholly owned by the Lloyd’s Register Foundation, a UK charity dedicated to research and education in science and engineering. Founded in 1760 as a marine classification society, LR now operates across many industry sectors, with some 8,000 employees in 78 countries.

LR has a long-standing reputation for integrity, impartiality and technical excellence. Our compliance, risk and technical consultancy services give clients confidence that their assets and businesses are safe, sustainable and dependable. Through our global technology centres and research network, LR is at the forefront of understanding the application of new science and technology to future-proof our clients’ businesses.

About LRQA

LRQA is a recognised, world leading professional assurance services organisation. We specialise in management systems compliance and expert advice across a broad spectrum of standards, schemes and business improvement services including customised training and assurance programmes. We are recognised by almost 50 accreditation bodies and deliver our services to clients in more than 120 countries.