On June 5, various Gulf nations including Saudi Arabia, the UAE, Egypt and Bahrain announced that they were severing diplomatic ties and transport links with Qatar.

As a result, Qatari-flagged and owned vessels have been banned from all UAE and Saudi ports.

Certain ports in the UAE and Bahrain have also banned any vessel travelling from or to Qatar from entering, including Khor al Fakkan and Fujairah which is the key bunkering port in the AG. The diplomatic crisis in Qatar is likely to have little impact on the wider oil market as well as the OPEC production cuts as Qatar is one of the smallest crude producers (around 600 kb/d) in the cartel.

However, the crisis has upended shipping markets as tightened port restrictions are expected to cause logistical complications, disrupting Qatari crude and refined product exports. Fujairah’s ban on Qatari-flagged and owned vessels as well as vessels moving to and from Qatar is expected to weigh heavily on bunker sales in the hub, as well as result in increased costs for owners who have to seek alternative ports for refuelling. On the clean tankers side, owners have been seeking a premium for Qatar-loading cargoes due to increased uncertainty in the region as well as potentially higher bunker costs. Ras Laffan is a key port for condensate and naphtha loading.

Things are a little messier on the dirty tanker side as it is extremely common for charterers to co-load various grades of AG crudes on a VLCC. A lot of uncertainty is currently surrounding the process, with charterers preferring to take preemptive measures as seen from Total replacing the 297,345 dwt DS Venture with the 157,850 dwt Eagle San Juan and 157,737 dwt Nordic Star for a Jebel Dhanna/East and Al Shaheen/East voyage respectively. VLCCs have managed to command a slight premium for now, with rates for the key AG/Japan up by w3 points since 5 June. However, should any issues regarding co-loading come to fruition, charterers are likely to turn to smaller tankers such as Suezmaxes and Aframaxes instead. Another option worth exploring would be STS transfers as well.

Source: OFE Insights

At Nor-Shipping 2017, NYK and DNV GL presented the first results of an ongoing maritime data center pilot project.

At the Nor-Shipping presentation (from L to R): Hideyuki Ando, Senior General Manager, MTI/NYK Group, Trond Hodne, Sales and Marketing Director, DNV GL - Maritime, Svein Steimler, President and Chief Executive Officer, NYK Group Europe Ltd.

The data center collects operational data from NYK vessels on DNV GL’s recently launched Veracity industry data platform, for monitoring vessel performance and condition-based maintenance schemes.

The collaboration between NYK and DNV GL, supported by engine manufacturer MAN Diesel & Turbo, started in November 2015. Over the past 18 months, four NYK container vessels have been uploading operational data to the platform. An extensive amount of engine data has been collected, for use in vessel performance analysis and a condition-based maintenance and survey scheme. The pilot project has been run in several phases. The first phase has been to build the required components, such as data collection and data management. The second phase focuses on testing data quality, security, access rights and curation of data for use in various applications such as predictive maintenance and vessel performance. And the upcoming third phase will look to pilot new digital business models.

“Information & Communication Technology (ICT) is growing rapidly and transforming traditional industries. In the maritime industry, we are now at the beginning of an era to pursue ICT-enhanced technical innovations where industry partners form organic collaborations,” says Tadaaki Naito, President of NYK. “IoT (Internet of Things) data produced by ships in operation is the key to such collaborations. We, NYK, need a secure, reliable, neutral, and competitive open ICT platform to share and utilize our data with industry partners, and proper business rules for accelerating data-driven innovations. The promotion of data sharing brings a new opportunity for talented ICT technicians and data scientists to step into our maritime industry, resulting in a co-evolution of our industry with digital talent that allows us to reach higher. We share such open platform concept with DNV GL and MAN, and are cooperating in the pilot process of proving the validity of the concept and building a real working platform by sharing NYK ships’ operational data with MAN over DNV GL’s Veracity industry data platform.“

“We are honoured that NYK and MAN Diesel & Turbo have entrusted us with their valuable data and worked to explore the future of maritime big data infrastructure, value creation and business models,” says Knut Ørbeck-Nilssen, CEO DNV GL – Maritime. “As a classification society our main role is to assess the condition of the hull and critical components. With this pilot project we are able to test a sensor-based class concept where condition-based surveys may be performed. Furthermore, the project has allowed us to test how Veracity functions in terms of data quality, security and access rights. The pilot project has also been a valuable test bed for data standardisation and data quality, including curation of the data for further use.”

As part of the pilot project, a hierarchical data model is developed, creating a digital twin, which links sensor signals from equipment on board the vessels to support both simple queries and advanced analytics. Machine learning algorithms evaluate the data quality in terms of uniqueness, completeness, and a variety of other parameters. By drilling down into the data, the ship manager can see if all sensors on board the vessel are working properly and easily identify non-performing sensors which may lead to low data quality or missing data during a voyage.

 

About NYK

NYK is one of the world's leading transportation companies. At the end of March 2017, the NYK Group was operating 799 major ocean vessels, as well as fleets of planes and trucks. The company's shipping fleet includes 372 bulk carriers, 111 car carriers, 97 containerships (including semi-containerships), 70 LNG carriers (including those owned by equity method affiliates), 63 tankers, 43 wood-chip carriers, one cruise ship, and 42 other ships (including multipurpose and project cargo vessels). NYK's revenue in fiscal year 2016 exceeded $17 billion, and as a group NYK employs about 36,000 people worldwide. NYK is based in Tokyo and has regional headquarters in London, New York, Singapore, Hong Kong, and Sao Paulo.

About DNV GL

Driven by our purpose of safeguarding life, property and the environment, DNV GL enables organisations to advance the safety and sustainability of their business. We provide classification, technical assurance, software and independent expert advisory services to the maritime, oil and gas, and energy industries. We also provide certification services to customers across a wide range of industries. Operating in more than 100 countries, our professionals are dedicated to helping our customers make the world safer, smarter and greener.

About DNV GL – Maritime

DNV GL is the world’s leading classification society and a recognized adviser for the maritime industry. We enhance safety, quality, energy efficiency and the environmental performance of the global shipping industry – across all vessel types and offshore structures. We invest heavily in research and development to find solutions, together with the industry, that address strategic, operational and regulatory challenges. For more information visit www.dnvgl.com/maritime.

Commerzbank AG on Thursday announced significant steps in its effort to shed its 4.5 billion euro ($5.05 billion) portfolio of distressed shipping loans.

The German bank said it had returned its regulatory license to issue ship Pfandbriefe or covered bonds, which are securities backed by shipping mortgages.

Commerzbank also said it would be able swap out the shipping loans underlying these covered bonds with other publicly issued bonds more swiftly than would normally be allowed.

Under usual circumstances, the German regulator BaFin requires a phasing out of the underlying securities. But Commerzbank has negotiated an exception to the rule, which it said would give it "additional flexibility for the onward downsizing of its discontinued ship financing business."

Commerzbank, which was hit hard by the financial crisis and bailed out by the German government, is restructuring itself to get back on a firmer footing.

It and other German banks were greatly exposed to the shipping industry, which has been suffering from a glut of vessels and sluggish global trade.

Commerzbank has already made significant progress in exiting shipping. As of the end of March, Commerzbank had 4.5 billion euros in shipping loans on its books. That is down from 20 billion euros in September 2012.

The bank wants to sell the 4.5 billion euro portfolio in loans over the next two years.

 

($1 = 0.8914 euros) (Reporting by Tom Sims. Editing by Jane Merriman)

source:reuters.com

Supramax Index Weekly

Resistance – 8,950, 9,794, 10,034

Support –6,934, 6,680, 5,769

Support has been broken on the Supramax index, and we are now trading below the 200 and 50 period MA’s on the weekly chart.

We maintain are near term bearish view on the index due to the lower high that formed on the 21-4-17, on the back of a bearish divergence with the stochastic.

The stochastic has now entered into oversold territory, however we remain USD 750 away from the next support level. Upward moves that fail between the USD 8,500 – USD 8,950 resistance zone would indicate downside continuation. A weekly close below the USD 6,934 support would be below the major pivot low from the 10-2-17 and confirm a long term change in the trend bias to bearish.

Bullish candles above the USD 8,934 support level would attract short term technical buyers. This would leave the index with a lower high and higher low, and suggest we have entered a period of consolidation within the Index.

 

Supramax Q3 17 Daily
Resistance– 7,855, 8,310, 8,455, 9,215,

Support –, 6,965, 6,396, 6,165

We mentioned last week that price action is the lead indicator over the stochastic in this technical, and this has proved to be the case, resulting in a USD 1,000 downward move so far.

The trend remains bearish due to the lower high and lower low, and price action remains the lead indicator over the stochastic at this point.

Technical support can now be found at USD 6,965. If support holds we could see a counter trend upward move targeting the USD 7,855 level. However this would be regarded as a higher risk trade as it is against the trend.

Technical sellers looking to go with the trend should be looking for upside failure at the USD 7,855 resistance level.

 

Supramax Cal 18 Daily
Resistance – 8,495, 8,625, 8,940

Support –, 7,974, 7,800, 7,570

The Cal 18 futures remain in a bearish trend, and support levels have been broken. Price action remains bearish due to the lower highs and lower lows.

The stochastic remains oversold due to the bearish nature of the trend. We maintain our view that market buyers need to see a higher low before entering the market, unless looking for short term upward swings in the market.

USD 7,974 is the 200 period MA support, price rejection from this level could see a near term move up to the USD 8,500 level. However this is a counter trend trade and carries higher risk.

Technical sellers need to see an upward swing towards the resistance level before looking to enter from the sell side, to avoid selling into potential support.

Technically bearish, sellers need to see a mean reversion before entering from the sell side. A higher low should have market shorts looking to tighten risk.

 

Supramax Q3 V Cal 18 Daily
Resistance– (-670), (-465), (-237),

Support – (-800), ( – 870), (- 1,1000

The bullish divergence spectacularly failed last week and the downside move continued.

The first technical resistance can be found at USD -670, however the more important resistance is around the USD – 465 level. Upside moves that fail at this resistance should attract fresh technical sellers to the market.

Market buyers should look for a higher low before entering the market due to the bearish nature of the trend.

The stochastic is oversold, but the trend is technically bearish. This would suggest the more reliable signals should come from the sell side on the stochastic. However it is worth keeping an eye out for market divergences as they can give early signals of price change especially if followed by strong upward price thrusts.

 

Source: FIS

Athens Exchange Group (ATHEX Group) publishes its AξIAnumbers Derivatives Monthly Statistics Bulletin®.

Summary of basic statistical information of Derivatives Market for May 2017:

• The number of Active investors’ Accounts reached 38,559 (previous month: 38,507).
• The number of Trading Active investors’ Accounts reached 2,012 (previous month: 1,623).
• Total number of open interest was 518,182 increased by 15.80\% compared to the previous month (447,375 open interests).
• Participation of foreign investors in total open interest of Derivatives Market reached 0.40\% in Positions.
• Participation of foreign investors in Futures’ open interest reached 0.40\% in Positions.
• Participation of foreign investors in Index Futures’ open interest reached 90\% in Positions.
• Total traded volume reached 2,589,433 contracts increased by 148.60\% compared to the previous month (1,041,562 contracts).

 Investors’ Participation in Derivatives Market

The participation of greek investors in total open interest of Derivatives Market was 99.60\% in Positions at the end of May 2017 while the previous month reached 99.20\%. The participation of foreign investors in total open interest of Derivatives Market was 0.40\% in Positions at the end May 2017 while the previous month reached 0.80\%.

Greek investors in May 2017 made 99\% of the trading activity in Derivatives Market (number of contracts) while the previous month made 98\%. Foreign investors in May 2017 made 1\% of the trading activity in Derivatives Market while the previous month made 2\%.

 

Investors’ Participation in Futures

The participation of greek investors in Futures’ open interest was 99.60\% in Positions at the end of May 2017 while the previous month had reached 99.20\%. The participation of foreign investors in Futures’ open interest was 0.40\% in Positions at the end of May 2017 while the previous month had reached 0.80\%.

In Index Futures the number of Positions Accounts reached 313 accounts, increased by 13.80\% compared to the previous month (275 clearing accounts). Greek investors in May 2017 made 95\% of the trading activity in Index Futures (number of contracts) while the previous month made 94\%. Foreign investors in May 2017 made 5\% of the trading activity in Index Futures while the previous month made 6\%.

Also, the participation of foreign investors in open interest was 17.9\% which is increased compared to the previous month that was 22.3\% (Chart 1).

Chart 1

 

 

In Stock Futures the number of Positions Accounts reached 3,756 accounts, increased by 0.50\% compared to the previous month (3,737 clearing accounts). Also, the participation of greek investors in open interest reached the level of 99.80\% compared to the previous month which was at 99.60\%, while the participation of foreign investors in open interest was at the level of 0.20\% compared to the previous month which was at 0.40\%.

 

Following the decision of the United States to withdraw from the Paris Climate Agreement, the European Community Shipowners' Associations (ECSA) and the International Chamber of Shipping (ICS) encourage the intentions of the European Union and the People's Republic of China to intensify cooperation in achieving a global climate deal for shipping.

Indications of such cooperation materialised during the 19th EU-China Summit held in Brussels last week. At the Summit, EU and Chinese leaders reaffirmed their commitment to implementing the Paris Agreement on climate change. EU and Chinese leaders also looked forward to co-hosting, along with Canada, a major ministerial gathering in September to advance the implementation of the Paris Agreement and accelerate the clean energy transition.

"The withdrawal of the United States from the Paris Climate Agreement should not jeopardise an ambitious global strategy to reduce the CO2 emissions of shipping", said ECSA Secretary General Patrick Verhoeven, "We are therefore pleased that the EU and China appear to be working towards reinforced co-operation on delivering a climate agreement for shipping at the International Maritime Organization."

Discussions on the IMO greenhouse gas (GHG) reduction strategy will start in a few weeks' time, at the 71st session of the IMO Marine Environment Protection Committee (MEPC). The IMO aims at establishing an initial strategy in 2018, which is to be finalised in 2023, after real-time data on CO2 emissions of global shipping have been collected and analysed. Ahead of the MEPC meeting, the global shipping industry, represented by four international shipowner organisations, submitted a proposal to keep total global CO2 emissions below 2008 levels, and then progressively cutting annual total emissions from the sector by 2050, by a percentage to be agreed by IMO.

“We call upon the EU and China, and indeed all IMO Member States, to support the industry proposals", said ICS Secretary General Peter Hinchliffe, "The priority of governments should be to focus on the development of alternative, fossil-free fuels and IMO should assess whether holding CO2 below 2008 levels can be achieved with technical and operational measures alone.”

ECSA and ICS continue to express concern about unilateral measures that the EU, China and other regional powers may be contemplating. The European Parliament is notably pushing for the unilateral inclusion of shipping in the European Emission Trading Scheme (ETS).

'"We remain firmly opposed to a patchwork of regional schemes that would distort international shipping markets while doing little to tackle the reduction of the global industry’s actual emissions", concluded Patrick Verhoeven and Peter Hinchliffe, “Imposing regional solutions will be counterproductive. It will anger developing nations that have agreed to participate in the IMO process despite their concerns about the implications for their economic development, making the prospect of a global agreement on truly meaningful CO2 reductions far more difficult if not impossible."

                                                                                                                                                                                  

The industry submission to IMO concerning CO2 emissions reduction from international shipping has been made jointly by ICS, BIMCO, INTERCARGO and INTERTANKO.  It will be considered by IMO Member States at a meeting in London at the end of June which will commence the development of an IMO strategy on CO2 reduction by shipping in order to match ambition of the Paris Agreement.   

The Membership of ECSA and ICS represent over 40 national shipowners’ associations representing all sector and trades and over 80\% of the world merchant fleet.

Oldendorff Carriers, one of the world’s leading Owner/Operators of dry bulk carriers has appointed Verifavia, the world’s leading emissions verification company for the transport sector (aviation and shipping), to verify its fleet of vessels in line with the European Union’s Monitoring, Reporting, and Verification (EU MRV) regulation.

Verifavia Shipping will provide EU MRV services to Oldendorff, including the assessment of monitoring plans and verification of carbon emission reports according to the ISO 14065 standard and regulation 757/2015.
 
Christopher Fee, Projects Manager, Oldendorff Carriers, commented, “With our modern fleet of eco-ships coupled with the ongoing efforts of those working on our dedicated Green Ship Programme, Oldendorff remains committed to ensuring that the impact of our operations on the environment is minimised as much as is practically possible. Working with Verifavia ensures that we are on track to meet and exceed our EU MRV responsibilities and to achieve timely compliance with the requirements mandated by this environmental regulation.”



He continued: “Our experiences thus far with Verifavia have been very positive and we are certainly convinced of their knowledge, capabilities, and professionalism. The team’s extensive previous experience in aviation speaks volumes and we have no doubt that, as an independent verifier, Verifavia will be responsive and efficient in working with us to achieve regulatory compliance."
 
Implemented on 1^st July 2015, the shipping MRV regulation is now a pressing reality for more than 12,000 vessels visiting EU ports, with the first regulatory deadline on 31^st August 2017. Ship owners and operators of vessels exceeding 5,000 GT and operating in the EU have less than four months to prepare and submit their ship-specific monitoring plans to monitor and report carbon emissions, fuel consumption, and associated transport work.  
 
Julien Dufour, CEO, Verifavia Shipping, said: “Verifavia Shipping remains committed to helping ship owners and operators around the world navigate the complexities of this new environmental regulation confidently, competitively, and smoothly. Working with a leading bulk carrier such as Oldendorff is a privilege and testament to the knowledge, flexibility, and quality that Verifavia offers as an independent verifier. With the addition of Oldendorff’s ships, Verifavia is now exceeding 300 ships under contract for EU MRV verification and assessment.”



One of the first verifiers to be accredited, Verifavia Shipping has achieved accreditation from both the United Kingdom Accreditation Service (UKAS), and France’s national accreditation body, Cofrac, making it the first globally accredited verifier to receive dual accreditation under the ISO 14065 standard and regulation 757/2015. This allows Verifavia Shipping to assess or verify any ship anywhere in the world, regardless of country of ownership, flag state, or class. It also ensures a future-proofed EU MRV verification service that will not be impacted by any political repercussions caused by Britain’s exit from the EU.

About Verifavia Shipping:
                                                                                                                                                 
Verifavia Shipping, and Verifavia Shipping Hellas which serves the Greece and Cyprus-based shipping market, strives to be the maritime industry’s first choice for the provision of efficient, competitive, and flexible emissions verification information and services worldwide.
 
By combining its innovative approach and streamlined procedures with the technical expertise and industry knowledge of its team, Verifavia Shipping provides a top-class service that ensures its customers experience a smooth verification journey.
 
For more information about Verifavia Shipping, please visit http://www.verifavia-shipping.com. For up-to-date information and news about the MRV Regulation, follow us at http://twitter.com/VerifaviaMarine.  
  
About Oldendorff Carriers GmbH & Co KG:

Oldendorff Carriers is a family owned dry bulk shipping company normally operating a fleet of over 600 vessels. The fleet ranges in size from Handysize (35,000 tdw) up to Newcastlemax (210,000 tdw). In 2013, the company embarked on a newbuilding program with over 50 eco-ships under construction or recently delivered.
Website: www.oldendorff.com.

“Stories of Greek hospitality” Will Immerse Passengers in the Renowned Aromas, Flavors, Sounds and Icons of Greece for the 3rd Consecutive Season

Celestyal Cruises’ Greek Summer Festival begins June 2017 with the first series of themed events on board the company’s cozy ships. “Stories of Greek hospitality” will immerse passengers in the renowned aromas, flavors, sounds and icons of Greece for the third consecutive season. Celestyal Cruises invites passengers on the Celestyal Olympia and the Celestyal Nefeli to enjoy firsthand the Celestyal Inclusive Experience. From June through August on 3-, 4- or 7-day cruises, passengers will delight in genuine Greek entertainment and authentic Greek Enogastronomy while experiencing the singular beauty of the Aegean.

On Celestyal Cruises’ music-themed summer cruises, popular Greek contemporary artists, in cooperation with Lampsi Radio 92.3, will have passengers endlessly singing and dancing on board. On 23rd June during the 3-day Iconic Aegean sailing to Mykonos, Kusadasi, Patmos, Rhodes, Heraklion and Santorini, popular singer and Greek X-FACTOR 2017 judge Giorgos Papadopoulos will take the stage on the Celestyal Olympia for a special live performance. In 30th June Lampsi Radio 92.3 DJ Nikos Markoglou will entertain passengers with contemporary Greek hit music; on 10th July, vocalist Nikiforos will perform for passengers on a 4-day Idyllic Aegean cruise visiting Syros, Cesme, Kos, Ios, Santorini and Lavrion. Celestyal passengers will also be treated to a performance by singer Eirini Papadopoulou and popular rapper BO, who attended this year’s Greek SURVIVOR.

Αgain this season, Celestyal Cruises brings successful Greek composer and bouzouki-legend, Thanasis Polykandriotis to its stages: Mr. Polykandriotis will enchant passengers with his renditions of traditional Greek music on 2nd June, 18th August, 25th August and 28th august on 3- and 4-day Iconic Aegean cruises on the Celestyal Olympia, on 16th June on the 3-day Euphoric Aegean cruise, and on 17th and 31st July during the 4-day Idyllic Aegean cruises on the Celestyal Nefeli.

One of the pillars of the Celestyal Cruises’ is the participation of the internationally-renowned Lyceum Club of Greek Women, which is devoted to preserving traditional Greek culture through performances that take audiences back to a bygone Greece. The Lyceum Club of Greek Women will don traditional folk costumes and take the stage on 9th June during the 3-day Euphoric Aegean and again on 21st July, 28th July, 11th August and 14th August during 3- and 4-day Iconic Aegean cruises.

As summertime in Greece is full of warm nights and magical full moons, Celestyal Cruises has organized incredible Full Moon Parties, replete with delicious cocktails and wonderful music, beneath the dazzling starlight of the Aegean sky. On 7th July during the 3-day ‘Idyllic Aegean’ cruise, passengers will enjoy an unforgettable night of lounge music with DJ Nikos Garavelas of GRadio – on 7th August, during the 4-day Iconic Aegean cruise, Evi Sidiropoulou of Best Radio 92.6 will be our “star” DJ.  

Celestyal Cruises will also host Science Festivals on 16th June and 14th July on its Iconic Aegean cruises. Passengers will be able to undertake their own experiments using common, everyday ingredients, and the view the starry sky with a new, scientific mindset. Finally, the themed cruise Stories of Greek Heritage – Culture & Enogastronomy, a feast of Greek flavors and aromas, will again be held during September, October and November 2017.

 

 

About Celestyal Cruises

Celestyal Cruises is one of the only cruise lines based in Greece. The company’s main ports of call are the Greek Islands and Cuba, where it sails 7-day cruises year-round.  Celestyal Cruises operates five mid-sized vessels, each one cozy enough to enable its crews to provide genuine and highly-personalized service to the company’s passengers. The foundation of the company’s philosophy is the ‘destination’: every cruise is focused on true cultural immersion and the provision of authentic, lifetime experiences, both on board and onshore. 

Corporate Responsibility

Celestyal Cruises is deeply committed to sustainability and ethical business practices. The company actively supports the local communities in the destinations it visits, particularly in the field of education. Since 2015, more than 1,200 students on the Greek islands of Milos, Patmos and Ios have enjoyed a ‘journey to knowledge’, by attending specialized educational programs, initiated by Celestyal Cruises. Additionally, Celestyal Cruises supports cultural NGOs; while promoting youth entrepreneurship, marine student development and child welfare.

ISO Certification 

The entire spectrum of Celestyal Cruises’ ship management, including technical, hotel and crew management, and offices, are certified in accordance with ISO 9001/14001 standards. The certifying authority is DNV-GL, which is widely recognized as the largest and most respected rating agency in the marine industry.

Awards & recognition

In 2017 Celestyal Cruises received four Cruisers’ Choice Awards from Cruise Critic, the world’s largest online cruise community: ‘Best’ in the mid-sized category, for ‘Embarkation’, ‘Entertainment’, ‘Shore Excursions’ and ‘Value’. At the Greek Tourism Awards 2017 the company won five awards, an indication of its dynamic presence in the cruise sector and the great value it provides its customers. Specifically, the company won the Gold Award in the following categories: ‘Tourism Season Expanding Initiatives-Greek Tourism Product Enrichment’, ‘Guest Service Excellence’, ‘Gastronomic Tourism’ and ‘Corporate Identity-Corporate Reputation Management-Branding’; the company also won a silver award in the ‘Integrated Marketing Campaign’ category.

Connect with Celestyal Cruises:

Facebook, Instagram, Twitter, LinkedIn

 

SetelHellas, is thrilled to announce that it has entered into a new strategic partnership with Furuno Denmark.

Furuno Denmark A/S is headquartered in Hvidovre in Copenhagen, Denmark and is responsible for not only the Danish market but also Iceland, the Baltic states, Ukraine, West Russia and the states around the Caspian Sea. Furuno Denmark has their own subsidiaries in Russia, Poland and Sweden. Through its service department Furuno Denmark is a reputable provider of service to the shipping community globally.

This partnership will combine SetelHellas’ business expertise as an international provider of market leading Maritime ICT solutions, with Furuno Denmark’s expertise over provision of Solutions, Services, IT consulting, and communication systems that are built for today’s increasingly demanding maritime environment. Through such partnership, among many significant business values, SetelHellas’ find another agile and prestigious Partner in North Europe.

Companies do already celebrate their first common installation in Denmark which integrates VSAT services, provided by Furuno DK, with SmartBox-V™ Network Intelligence Device, delivering a complete suite of Business and Crew Welfare features. Both Companies foresee a bright future in their cooperation.

Mr. Eythimios Chaldeakis, Sr. Strategic Accounts Manager at SetelHellas S.A. said: “We, at SetelHellas are proud to engage in such a relationship with Furuno Denmark. We believe that is a perfect fit for our International customers that need to increase their profitability in the rapidly changing and challenging marine environment. We are looking forward into strengthening and developing this partnership further towards achieving common goals”.

Mr. Peter Svan, Product Sales Manager at Furuno Denmark quoted: “We are excited about the opportunities and prospects anticipated from working with SetelHellas. The demand for internet access and purposeful connectivity, both from business and HR perspective, is growing exponentially and a competent solution to monitor and secure the communication link is essential. In our opinion, the products of SetelHellas is ideally suited for our sat-com solution and will provide a versatile tool to enhance our offer to current and future client requirements.”

As SetelHellas continues to grow and expand, wants to offer more business value to its customers. To that extent, it became abundantly apparent that SetelHellas, together with Furuno Denmark, are committed to achieve higher customer satisfaction through intensive technology research and system enhancements according to the trend of the maritime industry. Both companies are engaged to keep the whole shipping community always up to date.

Arcadia Shipmanagement Co Ltd became the first company to receive verification from classification society DNV GL for compliant monitoring plans for their whole fleet under the new EU MRV regulation.

DNV GL - Maritime’s George Teriakidis, Business Development Manager, DNV GL – Region South East Europe & Middle East (left) and Andreas Pagalos, Senior Vice President and Area Manager for East Mediterranean (right), present Mattheou Dimitrios, Managing Director of Arcadia Shipmanagement Co Ltd. (middle), with the certificate.

The company was presented with a certificate recognizing the achievement at DNV GL’s Piraeus office.

“We are very proud to be the first shipping company to have been awarded the verified EU MRV management plans, for our fleet, by the world’s leading classification society, DNV GL”, said Mattheou Dimitrios, Managing Director of Arcadia Shipmanagement Co Ltd. “This verification marks the first milestone for smooth compliance with the EU MRV regulation.”  

“At Arcadia we are committed to providing safe and reliable transportation of oil by sea and continue to broaden the values and ideas that build safety and environmental excellence, applying effective management systems to comply with incoming regulations to consistently achieve reliable and environmental incident-free performance,” Dimitrios added.

The EU MRV (Monitoring, Reporting, Verification) regulation entered into force on 1 July 2015, and it requires ship owners and operators to annually monitor, report and verify CO2 emissions for vessels larger than 5,000 gross tonnage (GT) calling at any EU and EFTA (Norway and Iceland) port. Data collection takes place on a per voyage basis and starts 1 January 2018. The aggregated ship emission and efficiency data will be published by the European Commission by 30 June 2019 and then every consecutive year.

“We would like to congratulate Arcadia Shipmanagement for being the first to receive EU MRV management plan verification, for their whole fleet, by DNV GL. It demonstrates their willingness to ensure that their vessels are out in front of the market in terms of compliance and in their sensitivity to the environment,” said George Teriakidis, Business Development Manager, DNV GL – Region South East Europe & Middle East. “The EU MRV is the first of many regulations that will require more of the shipping industry in terms of data collection and sharing. We have invested in developing our competence and services for this new regime, including putting in place a set of digital solutions that will make compliance as simple and transparent as possible for our customers,” he adds.

 

About Arcadia Shipmanagement

Arcadia Shipmanagement Co Ltd manages a modern fleet of 15 oil tankers (seven Suezmax and eight Aframax), with four of the Suezmaxes being delivered by Hyundai Heavy Industries in 2016 and 2017. The company and all fleet vessels are conforming to the requirements of ISO 9001, 14001, 50001 and OHSAS 18001. Arcadia is a member of Helmepa and Intertanko, is a “Green Award” certificate holder, and in 2007 was given the Lloyd’s List “Tanker Company of the Year Award”.

The company is dedicated on delivering the highest quality management service, focusing on safety and environmental friendly operations, aiming on cost effectiveness, continuous improvement and sustainability. To achieve these, Arcadia is dedicated to develop and extend a strong working relationship with all parties involved in international oil trade, based upon mutual trust and reliability.

By setting and achieving tougher voluntary standards, the company continues the efforts towards the reduction of identified environmental impacts to air, sea and land and the conservation of energy and materials through recycling and waste reduction programs.

About DNV GL

Driven by our purpose of safeguarding life, property and the environment, DNV GL enables organizations to advance the safety and sustainability of their business. We provide classification, technical assurance, software and independent expert advisory services to the maritime, oil & gas and energy industries. We also provide certification services to customers across a wide range of industries. Operating in more than 100 countries, our professionals are dedicated to helping our customers make the world safer, smarter and greener.

About DNV GL – Maritime

DNV GL is the world’s leading classification society and a recognized advisor for the maritime industry. We enhance safety, quality, energy efficiency and environmental performance of the global shipping industry – across all vessel types and offshore structures. We invest heavily in research and development to find solutions, together with the industry, that address strategic, operational or regulatory challenges. For more information visit www.dnvgl.com/maritime