In partnership with bound4blue, a pioneering developer of wind-assisted propulsion technology, Odfjell will install the innovative eSAIL® system on a chemical tanker, making it the first tanker vessel in the world to harness this groundbreaking technology. 

bound4blue’s eSAIL® system utilizes a cutting-edge wind-assisted propulsion system known as a suction sail. By promoting the use of wind power to propel vessels, this technology significantly reduces fuel consumption and pollutant emissions.

Odfjell has actively pursued decarbonization initiatives for many years, and recently documented a 51% improved carbon intensity compared to the 2008 baseline. The deployment of bound4blue's eSAIL® system represents another significant milestone in the company’s implementation of innovative solutions to increase its fleet’s energy efficiency.

"Since 2020, we have been studying sail technologies as a potential energy efficiency measure for our fleet, and we are excited to now take the next step by partnering with bound4blue to implement their pioneering eSAIL® system on one of our chemical tankers," said Jan Opedal, Manager Projects at Odfjell. “This technology has significant potential to reduce emissions by harvesting the energy on the ship itself and transforming it directly into a forward thrust.”

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Redefining sailing: Merging tradition and innovation on the way to zero emissions

Odfjell's partnership with bound4blue aims to expand access to the eSAIL® technology within the tanker shipping segment and further contribute to the industry's efforts in decarbonization. The decision to collaborate with bound4blue was supported by an extensive study conducted by SSPA, evaluating various Wind Assisted Propulsion Systems (WAPS) for the Odfjell fleet.

“This project marks another leap in our dedication to decarbonization. As the first tanker company to test the suction-sail technology, we demonstrate our innovative capabilities and dedication to a more sustainable shipping sector,” said Erik Hjortland, Odfjell’s Vice President of Technology. “We all have a responsibility to use as few resources as possible, and Odfjell’s long-time efforts in energy efficiency have significantly reduced our fleet’s emissions. The work continues, and we look forward to documenting further improvements with the installation of suction sails.”

“We are thrilled to team up with Odfjell for our first-ever installation in the tanker segment. They are true pioneers in innovation and sustainability, setting the bar for decarbonization in the industry. We are pleased that they have chosen our technology after their thorough analysis, confirming that we are headed in the right direction. Working with their open and collaborative team has been fantastic, and we are confident that our joint efforts will unlock significant value for the industry,” said David Ferrer, CTO of bound4blue."

The pioneer installation will be completed in 2024.

ATHENS, GREECE, August 10, 2023 - IMPERIAL PETROLEUM INC. (NASDAQ: IMPP, the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the second quarter and six months ended June 30, 2023.

OPERATIONAL AND FINANCIAL HIGHLIGHTS 

Fleet operational utilization of 75.4% in Q2 23’ with 28 days of technical off hire and 129 days of vessel repositioning.
 
68.5% of fleet calendar days equivalent to 734 days in Q2 23’ were dedicated to spot activity.

Revenues of $59.0 million in Q2 23’ - up $47.7 million or 422.1% from Q2 22’.

Net income of $16.8 million in Q2 23’ up by $16.7 million compared to Q2 22’.

Adjusted Net income[1] of $26.6 million in Q2 23’ up by $26.5 million compared to Q2 22’ or 26,500%.                                                                                                                                                                                                                
Adjusted EBITDA1 of $30.8 million in Q2 23’ up by $27.8 million or 926.7% from Q2 22’.

Cash and cash equivalents including time deposits of $98.6 million as of June 30, 2023 – a strong cash balance in spite of utilizing within Q2 23’ an amount of $45.9 million for the repayment of all outstanding loans.

As of June 30, 2023 Imperial Petroleum has zero debt on its balance sheet.

In the 1H 23’ the Company generated a Net Income of $52.6 million corresponding to a basic EPS of $3.17.

In the 1H 23’ the Company generated an Adjusted Net Income of $62.6 million corresponding to an Adjusted basic EPS1 of $3.79.

Spin off of two of our four Handysize drybulk carriers to a separate listed entity called C3is Inc. on June 21, 2023.

Imperial Petroleum retains an interest in C3is Inc. through ownership of 600,000 Series A Convertible Preferred Shares of C3is Inc.

In July 2023, the Company sold its Aframax tanker to C3is Inc. for a consideration of $43 million.

Six Months 2023 Results:

Revenues for the six months ended June 30, 2023 amounted to $124.5 million, an increase of $108.0 million, or 654.5%, compared to revenues of $16.5 million for the six months ended June 30, 2022, primarily due to the increase in the average number of our vessels and improved market conditions resulting in higher rates particularly in the spot tanker market.

Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2023 were $36.1 million and $13.9 million, respectively, compared to $4.9 million and $5.1 million, respectively, for the six months ended June 30, 2022. The $31.2 million increase in voyage expenses is mainly due to the increase in the spot days of our fleet by 1,009 days (458.6%). The $8.8 million increase in vessels’ operating expenses was primarily due to the increase in the average number of vessels in our fleet by approximately six vessels.

Drydocking costs for the six months ended June 30, 2023 and 2022 were $1.3 million and nil, respectively. This increase is due to the fact that during the six months ended June 30, 2023 two of our Handysize drybulk carriers underwent drydocking.

General and administrative costs for the six months ended June 30, 2023 and 2022 were $2.5 million and $0.5 million, respectively. This rise is mainly attributed to $1.1 million of stock-based compensation expense along with a rise in reporting costs related to our spin off project.

Depreciation for the six months ended June 30, 2023 was $8.7 million, a $3.8 million increase from $4.9 million for the same period of last year, due to the increase in the average number of our vessels.

Interest and finance costs for the six months ended June 30, 2023 and 2022 were $1.8 million and $0.5 million, respectively. The $1.8 million of costs for the six months ended June 30, 2023 relate mainly to $1.3 million of interest charges incurred up to the full repayment of all outstanding loans concluded in April 2023 along with the full amortization of $0.5 million of loan related charges following the repayment of the Company’s outstanding debt.

Interest income for the six months ended June 30, 2023 and 2022 was $2.1 million and $0.04 million, respectively. The increase is attributed to our time deposits during the period at favourable time deposit rates.

Impairment loss for the six months period ended June 30, 2023 stood at $9.0 million, and related to the spin-off of two of four drybulk carriers to C3is Inc. The decline of drybulk vessels’ fair values compared to one year ago when these vessels were acquired resulted in the incurrence of impairment loss.

As a result of the above, the Company reported net income for the six months ended June 30, 2023 of $52.6 million, compared to a net income of $0.3 million for the six months ended June 30, 2022. The weighted average number of shares outstanding, basic, for the six months ended June 30, 2023 was 15.9 million. Earnings per share, basic and diluted, for the six months ended June 30, 2023 amounted to $3.17 and $2.78, respectively compared to a loss per share, basic and diluted, of $0.81 and $0.81 for the six months ended June 30, 2022.

Adjusted Net Income was $62.6 million corresponding to an Adjusted EPS, basic of $3.79 for the six months ended June 30, 2023 compared to adjusted net income of $0.3 million, or $0.81 loss per share, basic, for the same period of last year.

EBITDA for the six months ended June 30, 2023 amounted to $60.9 million while Adjusted EBITDA for the six months ended June 30, 2023 amounted to $71.0 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

An average of 10.9 vessels were owned by the Company during the six months ended June 30, 2023 compared to 5.0 vessels for the same period of 2022.

As of June 30, 2023, cash and cash equivalents including time deposits amounted to $98.6 million and total debt amounted to nil. During the six months ended June 30, 2023 debt repayments amounted to $70.4 million.

Fleet Employment Table 

As of August 10, 2023, the profile and deployment of our fleet is the following: 

 CEO Harry Vafias Commented

Within the first six months of 2023 our company managed to generate an adjusted net income of $62.6 million corresponding to a Basic Earnings Per Share of $3.79 which is well above our current share price. Compared to the first six months of 2022 our increase in net income was in the order of 20,500%. Our strong performance is unquestionable but so is the fact that we are significantly undervalued. We have a fleet   valued at about $225 million, zero debt and about $100 million in cash. The outlook for the tanker market remains favourable whereas there might be opportunities in the dry bulk sector as dry ship values are dropping. We will continue to capture this favourable momentum generating strong results while growing our Company further. 

Conference Call details: 

On August 10, 2023 at 11:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook. 

Online Registration: 

Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

https://register.vevent.com/register/BI77731313e63f47b6b978bda7d8b7ca62

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.      

About IMPERIAL PETROLEUM INC.         

Imperial Petroleum Inc. is a ship-owning - company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of nine vessels; five M.R. product tankers, two Suezmax tankers and two Handysize dry bulk carriers with a total capacity of 628,000 deadweight tons (dwt). Imperial Petroleum Inc.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP”, respectively.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the impact of any lingering impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, performance of counterparty to our vessel sale agreement, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission. 

Fleet Fleet Deployment                                          

For information on our fleet and further information:

Visit our website at www.ImperialPetro.com 

Fleet Data:

The following key indicators highlight the Company’s operating performance during the periods ended June 30, 2022 and June 30, 2023.

1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.

3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.

4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.

5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.

6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.

7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period. 

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net income before impairment loss and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, and share based compensation.

Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries.  In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

Imperial Petroleum Inc.

Unaudited Consolidated Statements of Income

(Expressed in United States Dollars, except for number of shares)

Imperial Petroleum Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

Imperial Petroleum Inc.

Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars

[1] EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

[2] Adjusted retroactively to reflect the 1-for-15 reverse stock split effected on April 28, 2023.

Registro Italiano Navale, Fondo Italiano d’Investimento and RINA S.p.A have announced a new agreement aimed to allow the Italian fund to become a shareholder in RINA S.p.A., a multinational company based in Genoa, Italy.

The deal is expected to be completed in the autumn of 2023 and will involve an injection of up to 180 million euros in capital in the form of equity. After the deal’s completion, the ownership structure will see Registro Italiano Navale maintaining the majority stake, Fondo Italiano d’Investimento and other co-investors holding a minority stake of up to 33%, and the company's management participating with a 2.5% stake.

Fondo Italiano d’Investimento SGR will operate through an innovative structure that includes investments from Fondo Italiano Consolidamento e Crescita (FICC), Fondo Italiano Consolidamento e Crescita 2 (FICC 2), and, for the first time, a group of leading co-investors coordinated by Fondo Italiano. This transaction marks the first investment made by FICC 2, the second edition of the fund dedicated to supporting the growth and consolidation of Italian companies, which on this occasion also carried out, just one month after its launch, a first closing for a total of 245 million euro with cornerstone investors CDP Equity, Fondazione ENPAM, Intesa Sanpaolo, UniCredit, and other leading investors.

The capital injected by Fondo Italiano into the multinational based in Genoa, RINA S.p.A., is aimed at providing additional support for the company's growth, both organically and inorganically, as well as its international expansion. RINA S.p.A. has diversified significantly worldwide over the last twenty years, establishing itself as a brand in the fields of engineering consulting and Testing, Inspection & Certification (TIC).

In 2022, RINA S.p.A. reported pro-forma revenues of over 700 million euros, and it is on track to achieve growth objectives of nearly 800 million euros in 2023.

The Chairman and CEO of RINA S.p.A., Ugo Salerno, commented: “We have found the most suitable partner in Fondo Italiano d’Investimento to share our growth path and the realization of ambitious goals we have worldwide. It is a high-level institutional partner, Italian like us, with whom we will embark on a new phase for RINA and who will allow us to fully implement our strategic plan. Based on ESG principles, we will continue to expand our digital services and processes in favour of ecological transition: a journey that involves significant investments, made possible also thanks to the commitment of Fondo Italiano d'Investimento”.

Davide Bertone, CEO of Fondo Italiano d’Investimento, said: “Today, we announce the first closing and, at the same time, the first investment of the second edition of FICC, our flagship fund dedicated to promoting the development of national and global champions in strategic sectors of the Made in Italy. RINA represents Italian excellence, with a global presence, and leadership, as well as significant ambitions for further growth and innovation not only in the shipping sector but also in the energy transition and infrastructure sectors. I am extremely pleased with the partnership we are entering into today and the trust given to us by Registro Italiano Navale and Engineer Ugo Salerno, with whom we are delighted to collaborate in building another phase of development”.

To facilitate this agreement, RINA S.p.A. was advised by Lazard as the financial advisor, Banca Akros as the co-financial advisor, and PwC for financial Due Diligence and Studio Legale Gattai, Minoli, Partners as legal advisor.

On the other hand, Fondo Italiano d’Investimento was supported by BCG for business due diligence, Legance for legal due diligence, New Deal Advisors for financial due diligence, KPMG for tax due diligence, ERM for ESG due diligence, Marsh for insurance due diligence, and E&Y Parthenon for tech due diligence.

The completion of the transaction is subject to customary conditions, including regulatory approvals.

RINA S.p.A. is the first Italian certification and engineering company, providing a wide range of services in the Energy, Marine, Certification, Real Estate, Infrastructure, Mobility, and Industry sectors. With revenues reaching 664 million euros in 2022, the company operates in 70 countries with 5,300 employees and 200 offices worldwide.

Registro Italiano Navale, the majority shareholder of RINA S.p.A., is a private non-profit organization whose mission is to contribute to the safeguarding of human life, property, and the environment for the collective interest. Its Board of Directors includes representatives of the key categories connected with the undertaking and with its subsidiaries.

Fondo Italiano d’Investimento SGR was established in 2010 with the initiative of the Italian Ministry of Economy and Finance (MEF) and is participated by CDP Equity, Intesa Sanpaolo, UniCredit, Fondazione ENPAM, Fondazione ENPAIA, ABI, Banco BPM, and BPER Banca. The fund's main objective is to manage closed-end investment funds dedicated to channelling capital to excellent Italian companies, combining return on investment goals in line with international benchmarks and supporting the development of the Italian production system. Fondo Italiano manages 16 closed-end investment funds reserved for qualified investors, with assets of over 3 billion euros, and operates through both direct and indirect investments (fund of funds). The fund considers sustainability as a fundamental value and is committed to integrating environmental, social, and governance (ESG) criteria into its investment activities.

Global container shipping leader joins coalition to support cross-industry collaboration and accelerate use of net zero fuels at scale 

LONDON, UK / GENEVA, SWITZERLAND [3 AUGUST 2023]: SEA-LNG, the multi-sector industry coalition established to demonstrate the benefits of the LNG pathway as a route to shipping’s decarbonisation, today welcomes MSC Mediterranean Shipping Company, the world-leading shipping company, as its latest member.

In recent years, MSC Mediterranean Shipping Company has made investments in LNG-fuelled vessels in the different sectors it operates within. In 2022 MSC saw its first five newbuilding dual-fuel LNG capable container vessels in operation. MSC is committed to maintaining a modern fleet that will advance progress towards net zero decarbonisation by replacing conventional fuel vessels with dual-fuel capable vessels in the short term, including those fuelled by LNG. In the cruise sector, the company has launched MSC World Europa and MSC Euribia, whose maiden voyage was powered by bio-LNG.

Bud Darr, Executive Vice President, Maritime Policy & Government Affairs MSC Group, said: “We are committed to catalyzing the development, accessibility and uptake of net zero fuels and believe we have found another excellent partner to help continue to drive the industry in this direction. We look forward to working with SEA-LNG to further assess and collaborate on the exciting long-term prospects of bio-LNG, and particularly renewable synthetic LNG, as mainstream marine fuel molecules.

“In alignment with our net zero commitments by 2050, we view fossil-based LNG as a fuel in transition, and fully expect bio and renewable synthetic LNG to be a key part of our longer-term multi-fuel strategy for deploying net zero fuels.”

As the world’s largest ocean carrier, MSC endeavours to be a steward of the world’s oceans and has invested substantially in ship design, cutting-edge technologies and digital applications to improve energy efficiency. The company continues to focus on improving energy efficiency and is taking actions today to properly support meeting its target of complete net decarbonisation by 2050.

MSC is actively exploring a range of alternative fuels and propulsion solutions that will help the business move even closer towards net zero, and the vessel operator sees cross-industry collaboration as crucial to scaling these solutions for the maritime industry. MSC expects to operate its vessels on a range of fuel options in the future, particularly looking at those that might become available at scale within a small number of years. MSC is also an active partner and member of the Methane Abatement in Maritime Innovation Initiative (MAMII) and the Society for Gas as a Marine Fuel (SGMF).

Peter Keller, Chairman of SEA-LNG, commented: "As one of the world's leading shipping companies, MSC's decision to work with our coalition of companies across the LNG value chain demonstrates its confidence in the LNG pathway as a viable solution for flexibly advancing shipping along its decarbonization journey.”

Keller further emphasised the advantages of LNG, stating: “LNG is available at scale for deep sea shipping today. Existing LNG infrastructure can accommodate bio-LNG and renewable synthetic LNG as they become increasingly accessible, lowering investment barriers. Waiting is not an option; the LNG pathway offers immediate decarbonization benefits and a route to net-zero shipping.”

The SEA-LNG coalition spans the entire shipping value chain and remains committed to sharing and developing credible, fact-based analysis of the LNG pathway.

About SEA-LNG
SEA-LNG is a UK-registered not-for-profit collaborative industry foundation serving the needs of its member organisations committed to furthering the use of LNG as an important, environmentally superior maritime fuel. SEA-LNG has members across the entire LNG value chain including providers of the product, users, engine and asset suppliers, and class societies. SEA-LNG is already recognised as an international leader in LNG matters. Each member organisation commits mutually agreed human resources, data analysis and knowledge sharing in support of SEA-LNG initiatives and activities and financially contributes via a membership fee. SEA-LNG is guided by a board, which is led by chairman Peter Keller, who was elected as Founding Chairman in 2016.

About MSC
MSC Mediterranean Shipping Company, headquartered in Geneva, Switzerland, is a global leader in transportation and logistics, privately owned and founded in 1970 by Gianluigi Aponte. As one of the world’s leading container shipping lines, MSC has 675 offices across 155 countries worldwide, with the MSC Group employing over 180,000 people. With access to an integrated network of road, rail and sea transport resources which stretches across the globe, the company prides itself on delivering global service with local knowledge. MSC’s shipping line sails on more than 260 trade routes, calling at 520 ports, and is targeting net zero decarbonization by 2050.

PPA S.A. is pleased to announce the successful completion of today’s (2 August 2023) Ordinary General Meeting of Shareholders, conducted through a teleconference, in accordance with the prescribed procedure and with a quorum of 79.99%.

During the General Meeting the Shareholders were informed about the company’s progress and current developments, while they expressed their satisfaction with the company’s remarkable financial performance of the previous year.

It is noted that all items on the agenda were approved by a majority vote, including the Annual Financial Statements and the Dividend Distribution to the company’s shareholders for the fiscal year 2022 (from 01.01.2022 to 31.12.2022). The dividend amount, following the proposal by the Board of Directors, amounted to 1.04 euros per share, representing 65.6% increase compared to 2021.

It should be noted that the key figures of the Annual Financial Report for the year 2022 relate to the company turnover, which amounted to 194.6 million euros, indicating an increase of 26.2%. Profits before taxes amounted to €74.7 million showing an increase of 51.7%. Profits after taxes amounted to €52.9 million, indicating an increase of 43.9% and the cash reserves recording an increase, reaching 171.5 million euros. 

PPA S.A. Chairman Mr. Yu Zenggang who presided over the General Meeting of Shareholders expressed sincere thanks to the shareholders for their trust and recognized the company management and employees for their unwavering commitment and dedication. He highlighted “the historic high performance of the previous year demonstrates the effectiveness of our value driven strategy for all stakeholders. We are committed to pursuing our systematic efforts in this direction, guided by our well-defined plans and strategy for a greener and more sustainable future, while continuously supporting and serving the society”.

About PPA S.A.
Piraeus Port Authority S.A. is an Athens Stock Exchange listed company engaged in the management and operation of Piraeus port, Greece’s largest port and one of the largest integrated harbours in Europe, providing a complete range of services. Some of the company’s activities involve cruise, coastal (ferry/passenger), container and car terminal services, as well as ship repair, logistics and free zone services. The main shareholder of Piraeus Port Authority S.A., with a stake of 67 percent, is COSCO SHIPPING, one of the largest maritime companies in the world.

Over the last decade the company has experienced a remarkable growth in all port activities, which is still underway, largely contributing to the country’s economy, while driven by green development and increased digitalization, alongside a people-first approach and a spirit of giving back to the society.
PPA holds the ''EcoPort'' PERS status, is included in the Athens Stock Exchange ESG index and is one of the “Most Sustainable Companies in Greece 2022”.
For more information please visit: https://olp.gr