Global Bulk Carrier Segment Director, Lloyd’s Register
144
90
46
106
54
148
ICT Manager Navios Group of Companies,
58
Associate Dean for Employability and Engagement Onassis Associate Professor of Shipping Finance
112
10
16
Regional Decarbonization Specialist, DNV
η
ελληνική ναυτιλιακή
κοινότητα διεθνώς είναι
άμεσα συνδεδεμένη με τη συνέπεια και την αξιοπιστία μας κάτω από οποιαδήποτε συνθήκη.
Οι προκλήσεις
αντιμετωπίζουμε
atsimplakis@naftemporiki.gr
Η
Η
θεωρούνται απαραίτητες και χρησιμοποιούνται ευρέως,
tankers, 887 oil tankers, 169 LNG
πλήρους μονοετούς ή διετούς φοίτησης. Μετά την
Έλπη
Πετράκη
Πρόεδρος
την επίτευξη του στόχου της φυλετικής ισότητας. Ο αυξημένος αριθμός αυτών που ανταποκρίθηκαν είναι μια ευπρόσδεκτη εξέλιξη, που αντανακλά μια αυξανόμενη αναγνώριση της σημασίας να
Αλλαγή κουλτούρας
Για να νιώσουν, όμως, οι γυναίκες πράγματι
ευπρόσδεκτες στο ναυτιλιακό ανθρώπινο
δυναμικό, πρέπει η ναυτιλία να καλλιεργήσει άμεσα και ενεργά συνθήκες εντός των οποίων θα μπορούν αυτές να ευημερήσουν. Αυτό δεν
Βιβή
Κολλιοπούλου
Πρόεδρος
Wista Ηellas
γεωπολιτικά
Ο
Kυβερνοεπιθέσεις:
Οι
τα δεδομένα πλοήγησης (GPS spoofing) για να διαταράξουν κρίσιμα συστήματα ασφαλείας των πλοίων (π.χ., Electronic Chart Display Information System, ship to shore coordination). Στόχος κυβερνοεπιθέσεων είναι επίσης τα λιμάνια και τα σχετικά συστήματα υποστήριξης
λειτουργιών τους (port logistics systems, όπως οι γερανοί, container management software, αρχεία πελατών). Για παράδειγμα, μια
Πάνος
Κουρκουντής
Πρόεδρος MARine
TEChnical Managers
Association - MARTECMA
στόλου, δεν διαθέτουν τρόπο συμμόρφωσης και από το 2028 θα επιβαρύνονται με ετήσιο πρόστιμο, ανάλογο του
ανθρακικού αποτυπώματος του καυσίμου που χρησιμοποιούν. Το κόστος αυτό υπολογίζεται
VLSFO
139 δολάρια/τόνο το 2028 και αυξάνεται στα 510 δολάρια/τόνο το 2035. Εντύπωση προκαλεί
ΑΝΑΚΩΧΗ ΣΤΟΝ
ΕΜΠΟΡΙΚΟ ΠΟΛΕΜΟ
Μειώνονται
(benchmarking)
ανταγωνιστικότητας της ευρωπαϊκής
ναυτιλίας». H ευρωπαϊκή ναυτιλία (Ε.Ε./Νορβηγία)
ναυτιλίας και η διαπραγματευτική
ισχύς της Ελλάδος
ανάγκη ενότητας και ενιαίας δράσης της Ε.Ε.
Οι Ασιάτες
μέτρα, αλλά θέτουν προσκόμματα στις διεθνείς συζητήσεις στα πλαίσια του ΙΜΟ. Παράλληλα, οι ΗΠΑ
έχουν διαχωρίσει τη θέση τους, αφιστάμενες
διεθνή περιβαλλοντικά
Europe, have we become more catholic than the Pope in green transition?).
Γιάννης
Breakwave Advisors Θάνος
Διευθύνων
2
Costamare
Danaos
5
Dorian
πτώση 0,91%, στα 22,01 δολάρια (σωρευτική πτώση 23,68% από τις αμερικανικές εκλογές). Η εταιρεία, με κεφαλαιοποίηση ύψους 916 εκατ. δολαρίων και enterprise value 1,32 δισ. δολάρια, διαθέτει 25 σύγχρονα VLGCs (Very Large Gas Carriers), συμπεριλαμβανομένων 20 ECO VLGCs και τεσσάρων ECO VLGCs διπλού καυσίμου.
Diana Shipping Inc.: Απώλειες κατέγραψε και η ναυτιλιακή εταιρεία Diana Shipping Inc., συμφερόντων του εφοπλιστή Συμεών
Castor
13 πλοία (11 bulk carriers και δύο containerships), ενώ έχει market cap 20,48 εκατ. δολάρια και enterprise value -161 εκατ. δολάρια. Συγκεκριμένα, η τιμή της διαπραγματευόταν στα 2,20 δολάρια (4,76% χαμηλότερα από
11Capital Clean Energy Carriers Corp.: Η Capital Clean Energy Carriers Corp., συμφερόντων Βαγγέλη Μαρινάκη, κατέγραψε πτώση 1,69%,
market
17
OceanPal: H
WALL STREET
21
22
Pyxis
Okeanis
Okeanis
Γιώργος
Ξηραδάκης
Πρόεδρος
Τραπεζικών
δολάρια, ήτοι σχεδόν το 50%.
Σε κινεζικά ναυπηγεία
Οι ελληνικές ναυτιλιακές εταιρείες επί του
παρόντος έχουν υπό ναυπήγηση 602 πλοία, εκ των οποίων σε ποσοστό 67%, δηλαδή τα 404, χτίζονται στην Κίνα, ενώ ο υπάρχων
ελληνικός στόλος αποτελείται από σημαντικό
αριθμό κινεζικής κατασκευής πλοίων. Συ-
γκεκριμένα, το 43% των πλοίων μεταφοράς
χύδην φορτίου άνω των 10.000 dwt, το 23%
των δεξαμενόπλοιων άνω των 10.000 dwt, το 35% των πλοίων μεταφοράς εμπορευματοκι-
βωτίων άνω των 5.000 dwt και το 15% των
πλοίων μεταφοράς αερίου άνω των 3.000 dwt του ενεργού ελληνικού στόλου είναι
σε κινεζικά ναυπηγεία.
ABE
BAIO THTA
Δρ Ιωάννης Κ.
Μουτζούρης Associate Dean for Employability and Engagement
Onassis Associate Professor of Shipping Finance and Sustainability
The Shipping and Energy Research Programme Lead Principal Academic Adviser, Department for Transport, UK
The Costas Grammenos Centre for Shipping, Trade and Finance
Faculty of Finance, Bayes Business School, City St George's, University of London
(Clarksons' SIN, 2025).
(greenhouse gases [GHG]) (UNCTAD, 2023).
αποτύπωμα μέσω ναυπηγικών βελτιώσεων [π.χ. energy saving technologies (EST)], χρησιμοποιώντας ανανεώσιμες πηγές
ενέργειας (π.χ. αιο-
λική πρόωση) για να
καλύψουν μέρος των ενεργειακών τους αναγκών, καταναλώνοντας
καύσιμα με χαμηλότερη εκπομπή άνθρακα
από το πετρέλαιο [π.χ. υγροποιημένο φυσικό αέριο (LNG)] και
βελτιστοποιώντας τη λειτουργία τους (κυρί-
ως μέσω της μείωσης ταχύτητας πλεύσης).
Ωστόσο, η ευθυγράμμιση με τους μακροπρόθεσμους στόχους του IMO θα απαιτήσει
από τα πλοία να μεταβούν από τη χρήση ορυκτών καυσίμων σε καύσιμα με μηδενι-
Existing
Emissions
μόνο 9%-15% υψηλότερα (Moutzouris et al., 2024).
Ταυτόχρονα, παρά τις σχετικά πρόσφατες εξελίξεις στην «πράσινη/βιώσιμη» χρηματοδότηση (green/sustainable finance) όπως τα Poseidon Principles, τα επιτόκια των «πράσινων» δανείων (green/sustainability-linked loans) δεν φαίνεται να παρέχουν επαρκή
κίνητρα για επενδύσεις σε πιο οικολογικά
πλοία. Συγκεκριμένα, βάσει δείγματος 69 ναυτιλιακών δανείων για την περίοδο 20202023, τα green/sustainability-linked loans φέρεται να έχουν χαμηλότερο spread κατά
Clarksons' SIN. 2025. "Clarksons' Shipping Intelligence Network." https://sin.clarksons.net/.
IMO, International Maritime Organization. 2018. "Initial IMO strategy on reduction of GHG emissions from ships." https://www.
imo.org/en/OurWork/Environment/Pages/IMO-Strategy-on-reduction-of-GHG-emissions-from-ships.aspx. IMO, International Maritime Organization. 2023. "2023 IMO Strategy on Reduction of GHG Emissions from Ships." https:// www.imo.org/en/OurWork/Environment/Pages/2023-IMO-Strategy-on-Reduction-of-GHG-Emissions-from-Ships.aspx. IMO, International Maritime Organization. 2025. "Marine Environment Protection Committee, 83rd session (MEPC 83), 7-11 April 2025." https://www.imo.org/en/MediaCentre/MeetingSummaries/Pages/MEPC-83-Summary-Temporary.aspx. Marine Money Deal Database. 2024. https://www.marinemoney. com/deals. Moutzouris, Ioannis C, Nikos C Papapostolou, Malvina Marchese, Michael N Tamvakis, and Yao Shi. 2024. "Determinants of the Price Premium for Eco Vessels." Transportation
Research Part D: Transport and Environment 136:104414. https://doi.org/10.1016/j.trd.2024.104414. Petropoulos, Ted. 2023. "Key Developments and Growth in Global Ship Finance." Petrofin Bank Research, 1-15. https:// www.petrofin.gr/wp-content/uploads/2023/07/Petrofin-Global-Bank-Research-and-Petrofin-Index-of-Global-Ship-Finance-end-2022.pdf. Shi, Yao, and Ioannis C Moutzouris. 2025. "The Economics of Decarbonisation Regulation: The Case of Shipping Efficiency." SSRN working paper available at SSRN: https://ssrn.com/ abstract=5205272 or http://dx.doi.org/10.2139/ssrn.5205272. UNCTAD. 2023. "Review of Maritime Transport." In Towards a Green and Just Green and Just Transition. Geneva: United Nations publication. https://unctad.org/publication/review-maritime-transport-2023.
Δρ
αυξημένο κόστος
δύο επιπρόσθετους περιβαλλοντικούς κανονισμούς.
κατ’ επέκταση
τα έσοδα των πλοιοκτητριών εταιρειών. Η
ερμηνεία της επίδρασης των γεωπολιτικών
εξελίξεων δεν είναι πάντα απλή υπόθεση και
διαφοροποιείται ανάλογα με τον ναυτιλιακό
κλάδο και τον τύπο πλοίου. Για παράδειγμα, η ανακοινωθείσα επιβολή τέλους στα πλοία
κινεζικής ναυπήγησης, όπως και κινεζικής
πλοιοκτησίας ή διαχείρισης, τα οποία προ-
σεγγίζουν τα λιμάνια των ΗΠΑ, ενδέχεται να επηρεάσει αρνητικά τους ναύλους μόνο
των πλοίων.
ΚΑΙ ΠΑΛΙ ΣΤΟ
Του Γιώργου
gfokianos@naftemporiki.gr
Η ΑΓΟΡΑ OFFSHORE ΠΛΟΙΩΝ
Einar Michel:
Erik Grundt:
Κωνσταντίνος Παναγόπουλος Καθηγητής Ναυτιλιακής Οικονομικής Course Leader of Undergraduate and Specific Post Graduate Programmes at the BCA College of the University of West London
1η Ιαν. 2025, και η
τιμή των
μονάδων υποδη-
την ύπαρξη ενός εξαιρετικά ανταγωνιστικού κλάδου, που συμφωνεί με τις απόψεις πολλών ναυτιλιακών
οικονομολόγων, π.χ. Stopford, Schinas, παρά τις υπάρχουσες
απόψεις που ομιλούν
π.χ. Lun, Himola, Goulielmos, Lai, Cheng.
Εφαρμόζοντας το «Shipping Market
Model» του Martin Stopford αναλύσαμε
1
2
3
4
5
6
1.500-2.500
>2.500
=10.000
Gibson Shipbrokers
Daniel Gifford:
Η επόμενη μέρα για τα tankers
Supramax (38 το 2025
έναντι 58 το 2024), PostPanamax (6 έναντι 16)
και Newcastlemax (4
έναντι 15), ενώ σταθερότητα ή μικρές αυξήσεις παρατηρήθηκαν στους
τύπους Panamax (36 από 23), Capesize (16 από 12) και Small Bulkers (13 από 4). Η
αγορά εμφανίζεται πιο
συγκρατημένη, κάτι
που επιβεβαιώνεται και
από τη μείωση ενδιαφέροντος για Handysize και Supramax, που παραδοσιακά διακινούν μεγάλο όγκο πλοίων. Στον τομέα των αγοραστών, παρατηρείται σημαντική μετατόπιση. Η Κίνα, που τα
Kim-Eirik Ovesen
Global Head of LPG|NH3 Clarksons Hellas Limited
να ακολουθούν τον μακρύτερο αλλά ασφαλέστερο διάπλου γύρω από το Ακρωτήριο της Καλής Ελπίδας. Σύμφωνα με εκτιμήσεις της Clarksons Research (Μάρτιος 2025), αυτό το εναλλακτικό δρομολόγιο
atsimplakis@naftemporiki.gr
ανταγωνιστικό-
επιχειρήσεών της και την υποχρέωση
αυτονομίας σε νευραλγικούς τομείς, όπως για
παράδειγμα η ενέργεια.
Μία πολιτική την οποία οι Ευρωπαίοι πολίτες πλήρωσαν πολύ ακριβά με το ξέσπασμα του ρωσο-ουκρανικού πολέμου.
Σήμερα, με την κατάσταση
να
συνοδεύεται από τις αντίστοιχες επενδύσεις
στα λιμάνια. Ένα σημείο ιδιαίτερα σημαντικό για τη ναυτιλιακή κοινότητα, το οποίο θέλω να τονίσω, είναι η διασφάλιση της ασφάλειας στο
πλοίο. Η πράσινη μετάβαση και η μείωση εκπομπών του θερμοκηπίου για τη διασφά-
γενεών
ΝΙΣΤΕ Σ
ΕΦΟΠΛΙΣΤΕ Σ
και 10 φορτηγά
πλοία σε παραγγελία.
Σήμερα οι Έλληνες πλοιοκτήτες ελέγ-
χουν το 22,7% του παγκόσμιου στόλου
Στον
atsimplakis@naftemporiki.gr
μηχανών, τους προμηθευτές
ναυτιλιακού εξοπλισμού
και αναλωσίμων. Παραδοσιακά η ναυτιλία είναι διασυνδεδεμένη
με πολλούς άλλους
κλάδους και με φορείς
εκτός του κλάδου, οι οποίοι καθορίζουν σημαντικές
pstirigotis@naftemporiki.gr
Στον
ptsirigotis@naftemporiki.gr
του έχουν επιλεγεί, έναντι του ανταγωνισμού, από διεθνείς
φορείς και αμυντικές κοινοπραξίες. Επιπλέον, η συνεργασία
ptsirigotis@naftemporiki.gr
ptsirigotis@naftemporiki.gr
εξυπηρετεί. Έτσι, το λιμάνι
της Θεσσαλονίκης μπορεί να
Δρ
της πρόβλεψης συντήρησης καταγράφουν
σημαντική διεθνή απήχηση, χωρίς ωστόσο να διαθέτουν ένα σταθερό
πλαίσιο στήριξης στην εγχώρια αγορά. Επιπλέον, η διεθνής
ptsirigotis@naftemporiki.gr
ptsirigotis@naftemporiki.gr
Γιάννης Θεοτοκάς
δυναμική της Ελλάδας
άλλους παράγοντες
οδηγούν στην επιλογή και υλοποίηση στρατηγικών και λειτουργικών αποφάσεων της κάθε ναυτιλιακής επιχείρησης, όπως για παράδειγμα το ιδιοκτησιακό καθεστώς, η εταιρική
δομές δημιουργούν. Επιβε-
βαιώνεται, δηλαδή, ότι η επένδυση στην
εκπαίδευση από την πλευρά του κράτους, η οποία, δυστυχώς, διαχρονικά, δεν είναι η
απαιτούμενη, αποτελεί επένδυση στη δυναμική ανάπτυξη της ναυτιλίας.
Ταυτόχρονα, η υποστήριξη και μεγαλύτε-
ρη σύνδεση μεταξύ εκπαιδευτικών ιδρυ-
μάτων και των φορέων της παραγωγικής διαδικασίας (ναυτιλιακών επιχειρήσεων, οργανισμών) δημιουργεί τις προϋποθέσεις
για αμοιβαία επωφελείς
υπηρεσιών τηλεπικοινωνίας και
συνδεσιμότητας εν πλω. Μια
εξελιγμένη πλατφόρμα διασύνδεσης επιτρέπει τον συνδυα-
2.
στον κλάδο;
αποσπασματικές πρωτοβουλίες, όπως η δημιουργία της Εθνικής
επιτροπής
homeporting
Seatrade
(Cruise Terminals)
● Ενεργειακή υποστήριξη πλοίων (shore power) για περιορισμό εκπομπών ρύπων στο λιμάνι.
2. Βελτιστοποίηση Διαδικασιών & Λειτουργιών
● Ψηφιοποίηση διαδικασιών: e-check in, ηλεκτρονικά τελωνεία, αυτοματοποιημένος έλεγχος επιβατών.
● Συντονισμός λιμένων με εταιρείες και πράκτορες για έγκαιρη εξυπηρέτηση.
● Αναβάθμιση τελωνειακού/λιμενικού προσωπικού και γρήγορες διαδικασίες ελέγχου.
3. Διασύνδεση με Διεθνή Αεροδρόμια & Μεταφορικά Μέσα
● Συχνές, άμεσες και οικονομικές συνδέσεις λιμανιών με αεροδρόμια (π.χ. shuttle buses, express γραμμές).
● Ενοποίηση εισιτηρίων/πακέτων μεταξύ πτήσεων, ξενοδοχείων και κρουαζιέρας.
● Δημιουργία κόμβων homeporting σε περισσότερα
πλησίον αεροδρομίων (π.χ. Θεσσαλονίκη,
Θεοδώρα
Πρόεδρος
της
διασύνδεση με τις τοπικές κοινωνίες. Το γεγονός ότι
Annex
ισοδυναμώντας
πλοίων. Βραχυπρόθεσμα, οι βελτιώσεις στην ενεργειακή απόδοση μπορούν να μειώσουν την κατανάλωση καυσίμου, περιορίζοντας τις εκπομπές CO2, το λειτουργικό κόστος και
Σπύρος
Ζολώτας
RINA Marine Vice
President South Europe
RINA στην
περιβαλλοντικά και οικονομικά
καύσι-
η αμμωνία, μπορεί
είναι κατάλληλα για ποντοπόρα πλοία και προσφέρουν διαφορετικά επίπεδα εκπομπών και συμβιβασμούς. Ενώ
(Ministry of Enterprises and Made in Italy) και
(Important Projects of Common European InterestIPCEI).
Τέλος, o RINA αξιοποίησε την τεχνογνω-
Συμβούλιο Έρευνας Αγωγών (International Pipeline Research Council), χαρτογραφώντας την τρέχουσα κατάσταση
και τις μελλοντικές ανάγκες μεταφοράς CO2
παγκοσμίως. Η μελέτη υπογραμμίζει τεχνικές προκλήσεις, όπως η διαχείριση μιγμάτων
CO2 και η λειτουργία σε υψηλές πιέσεις, που
αποτελούν κρίσιμα ζητήματα για τη διευ-
κόλυνση της μεταφοράς και αποθήκευσης
άνθρακα σε παγκόσμια κλίμακα. Από τη ναυτιλία στη βαριά βιομηχανία, από την Ευρώπη έως τη Νοτιοανατολική
και λίπανσης γάστρας με αέρα (air bubble lubrication systems), δείχνουν ότι η ναυτιλία
είναι προσηλωμένη στον στόχο να μειώσει το περιβαλλοντικό της αποτύπωμα. Πάνω
από 9.000 πλοία διαθέτουν τουλάχιστον μια
βασική τεχνολογία εξοικονόμησης ενέργειας (ESD), ενώ αναμένεται επιπλέον 2.000 πλοία να λειτουργούν με τέτοιες τεχνολογίες άμεσα. Παραδείγματα πλοίων που χρησιμοποιούν και πιο εξειδικευμένες τεχνολογίες περιλαμβάνουν το ultramax φορτηγό πλοίο M/V Afros, το kamsarmax M/V TR Lady, το VLOC M/V Sohar Max
Δρ Μάνθος
Μαχαίρας
Διευθυντής
Πληροφορικής
της Metrostar Management Corp.
αντιπρόεδρος
της AMMITEC
Secure Notation»
ση δικτύου: Διασφάλιση του ασφαλούς σχεδιασμού και της διαμόρφωσης του δικτύου, συμπεριλαμβανομένων των μέτρων ελέγχου πρόσβασης και προστασίας δεδομένων.
Ασφαλές λογισμικό και υλικό: Χρήση ασφαλούς λογισμικού και υλικού, συμπεριλαμβανομένων τακτικών ενημερώσεων και επιδιορθώσεων.
Εκπαίδευση και ευαισθητοποίηση στην κυβερνοασφάλεια: Παροχή επαρκούς εκπαί-
ptsirigotis@naftemporiki.gr
στρατηγικών κυβερνοασφάλειας, προσαρμοσμένων στις
με CERTs, λιμενικές και ρυθμιστικές
αρχές για καλύτερη ανταλλαγή πληροφοριών και αντιμετώπιση επιθέσεων σε διασυνδεδεμένα συστήματα. Ανάπτυξη εθνικών
•Die Welt, Die Zeit, Frankfurter Allgemeine, Handelsblatt (Γερμανία) • The Guardian, Financial Times (Βρετανία) • The Mayo News (Ιρλανδία)
• De Volkskrant, Trouw, Het Parool (Ολλανδία) • El Periodico de Catalunya (Ισπανία) • Basler Zeitung (Ελβετία)
• Tageblatt (Λουξεμβούργο) • ARA (Ισπανία) • De Tijd, De Morgen (Βέλγιο) • Publico, Expresso (Πορτογαλία) • Politiken (Δανία)
OWNERSHIP - PUBLICATION NAFTEMPORIKI
EDITOR - SHAREHOLDER
George Melissanidis
GENERAL MANAGER
Spyros Ktenas
MANAGEMENT CONSULTANT
Christina Chafousidou
DIRECTOR
Platon Tsoulos
CHIEF EDITOR
Athanasios Adamopoulos
EDITOR IN CHIEF
Panagiotis Kakouris
DESIGN DIRECTOR
Dimitris Nikas
SPECIAL EDITIONS MANAGER
Giannis Sarantopoulos
EDITORS
Ioannis Chiotis, Nikolaos Giannakis, Christos Maravelidis, Georgios Psiachos
REPORTAGE
Antonis Tsimplakis, Paris Tsirigotis, George Fokianos
DISTRIBUTED FREE OF CHARGE TO "N" SUBSCRIBERS PRINTING AISAKOS SA
Setting tomorrow’s course
Shipping remains an industry that ensures the livelihood and prosperity of the global community, even as the world changes at rates often invisible to the naked eye and humanity faces colossal challenges.
This was demonstrated during the pandemic, as even when everything was paralysed, ships continued to sail, despite the odds, transporting everything needed in our daily lives. Shipping, for instance, provides global food and energy security.
To continue to fulfil this pivotal role, shipping needs open seas and unrestricted trade, as well as a global, unified regulatory framework, shaped beyond and far from geopolitical interests and regional expediencies. That is, a framework that is commensurate with the major challenge of the green transition while also being practical, providing security without exploding transport costs, ultimately benefiting consumers.
Another critical issue is human resources. Manning ships with properly trained seafarers, adapted to the new realities of digitisation and green technology, is a prerequisite for the future of shipping.
Everything that was taken for granted until recently is now being challenged. Trade wars, regional measures, even global regulations, too, often act as a deterrent to free navigation. The shipping industry is perhaps the most fragmented in the global economy. When regulations are put in place that double operating costs or impose green penalties as a mandatory solution, while at the same time “punishing” those who pioneered new technology investments, then fundamental free market and competition principles are violated.
Greek shipping, the world’s largest fleet with over 5,800 merchant ships, is leading the way as it continues to invest in new, modern and efficient ships, ensuring the sustainable and safe transport of cargo. As of mid-2023, the number of ships under construction by Greek shipowners remains stable at approximately 600. In spite of an unstable environment, Greek shipowners are responding to the challenges by building the shipping of tomorrow.
An example to follow.
Antonis Tsimplakis
158
Vasilis Kikilias
Minister, Maritime Affairs and Insular Policy
160
Melina Travlos
President, Union of Greek Shipowners
166
Elpi Petraki
President, WISTA International; Secretary General, Hellenic Short Sea Shipowners Association (HSSA)
180
George Xiradakis
President, Association of Banking and Financial Executives of Hellenic Shipping; CEO, XRTC Business Consultants
Professor, Management of Shipping Companies, Department Chair, Department of Maritime Studies, University of Piraeus
212
Lefteris Koukoulopoulos
Regional Decarbonisation Specialist, DNV Maritime
214
Spyros Zolotas
Vice President, RINA Marine, South Europe
218
Nikos Kakalis
Director, Global Carrier Segment, Director, Lloyd’s Register
162
Yannis Xylas President, INTERCARGO
188
George Alexandratos President, Hellenic Chamber of Shipping (NEE)
190
Apostolos Zampelas Partner, McKinsey & Company
194
Su Xudong CEO, Piraeus Port Authority
202
Miltiadis Varvitsiotis
Vice President and CEO, Skaramangas Shipyards
206
Panos Xenokostas President, ONEX
210
Dr Yannis Kokarakis
Technical Director, SEEBA Zone, Bureau Veritas
216
George Koufos Business Development Manager, American Bureau of Shipping (ABS)
168
Geopolitical crisis and the new US policy: Threats to the economy and security of the seas
182
U.S. tariffs & penalties on Chinese ship building and shipping
208
An insight into shipbuilding and Greeks’ moves
Building prospects through planning, consistency and ongoing investment
As an institutional guarantor, the Ministry of Maritime Affairs and Insular Policy will continue to make sure that Greek shipping maintains its dominant position globally
Vasilis Kikilias
Minister of Maritime Affairs and Insular Policy
Owing to its geographical location and the innate seafaring spirit of its people, Greece has been associated throughout time with shipping and maritime commerce. Using maritime routes has been a source of national identity and a timeless competitive advantage since ancient times. The country's location at the crossroads of Europe, Asia, and Africa makes it a vital link in the global transportation network.
In the 21st century, maritime transportation is more important than ever. Ships carry more than 80 percent of global commerce flows, transporting raw materials, energy products, food, healthcare, and industrial and technological commodities throughout the supply chain. Shipping has historically been the most efficient, versatile, and economically viable means of moving large amounts of freight on a global scale.
In this environment, Greek ocean-going shipping holds a leading position, with Greece accounting for approximately 21 per cent of the world's merchant fleet tonnage and 60 percent of European merchant fleet tonnage. These percentages are significantly higher in categories of strategic importance, such tankers, LNG carriers, and bulk
Greek Shipping has responded to global challenges aptly and efficiently, demonstrating its adaptability, organisational skills, and strategic resilience.
carriers, accounting for 30 percent, 25 percent, and 23 percent, respectively. The Greek-owned fleet maintains excellent levels of safety and environmental compliance, with the majority of ships controlled by enterprises based and operating in Piraeus and the wider Attica region.
This global presence is not merely a coincidence. It is the result of years of work, experience, extroversion, and constant adjustment to new realities. The resilience and business acumen of Greek shipowners, the know-how of seafarers and the institutional stability that was formed through the cooperation of the private sector with the state have contributed decisively to the consolidation of Greek shipping on the international scene.
The Ministry of Maritime Affairs and Insular Policy consistently supports the shipping sector, recognising its importance for the country’s national economy and social cohesion. Ocean-going shipping has contributed well over 150 billion euros to the country's balance of payments over the last decade. Its contribution to GDP is estimated at 7.0 percent to 8.0 percent, while approximately 160,000 jobs – directly and indirectly linked to the shipping sector –offer quality employment, high-level training and high salaries. In addition, shipping also
supports a number of other sectors, such as shipbuilding and repair, maritime education, technical services and the provision of specialised professional services, such as legal, shipbroking, settlements and many others.
The past five years have been a period of successive international crises, from the COVID-19 pandemic to the effects of the war in Ukraine and the phenomena of destabilisation in sea lanes, such as the Red Sea. Despite these challenges, Greek Shipping has responded competently and efficiently, demonstrating its adaptability, organisational skills, and strategic resilience.
However, the challenges of the next decade require continued adaptation. The energy transition towards zero emissions and the integration of new technologies and digital systems, as well as the retention and upgrading of human resources, are all critical pillars for the sector's future. An initial agreement has already been reached at the International Maritime Organization (IMO) for the decarbonisation of shipping, aiming at a full transition to clean forms of energy within 25-30 years. The official ratification of the initial measures is expected in the autumn.
The successful implementation of this strategy requires global cooperation and coordinated action. Investments are needed in the production of alternative fuels, development of appropriate port and logistics infrastructure, establishment of safety frameworks for new technologies, and –most importantly – extensive retraining of seafarers. It is estimated that approximately 800,000 seafarers worldwide will need to upgrade their skills to meet the demands of the green and digital transition.
The logic of instant outcomes does not apply to shipping. Its prospects are rather built through planning, consistency, and ongoing investment. Greek shipping has demonstrated that it has the assurances necessary to lead in the new global marketplace. As an institutional guarantor, the Ministry of Maritime Affairs and Insular Policy will continue to make sure that Greek shipping maintains its dominant position and makes a significant contribution to global economic stability, employment, and energy and environmental balance.
Greek shipping, a guardian of global economy
The UGS consistently and resolutely advocates at international decision-making centres for the pivotal role of Greek shipping as a basis for strategic autonomy and resilience
Melina Travlos
President of the Union of Greek Shipowners
In today’s modern geopolitical and economic map, where global dilemmas are becoming increasingly complex, shipping is both a sensitive indicator and an unshakeable constant. Our industry, by nature and position, plays an even more critical role in safeguarding the smooth functioning of the global ecosystem, in spite of the intense and continuous changes in the way it operates. A role that is inextricably linked to global trade and economy.
The reliability of maritime transport, especially in times of instability, goes beyond the dimension of trade and the economic factor and is directly linked to political balance and strategic survival.
Greek shipping, as a leading power, is called upon to function both as a service hub and a catalyst for European and global stability.
Greek shipping’s know-how, experience, and adaptability can provide support for European resilience, as long as the institutional environment remains realistic and competitive enough to allow market forces to operate. The trust that the Greek shipping community has won on a global scale is directly related to our consistency and dependability under all circumstances.
The challenges facing the shipping industry require a coordinated strategy at
The power of knowledge, progress and foresight of our human capital are the driving forces of every strategic transition.
multiple levels, not being and cannot be addressed with fragmented solutions. In fact, the sea routes in the oceans across the five continents are vital for the global economy, and any disruption has an immediate effect on markets and communities. Shipping is called upon to respond to this challenge with flexibility, ensuring its role and sustainability remain intact.
In a rapidly changing world, we must stay ahead of developments and protect our competitiveness. Shipping is continually and purposefully investing in cutting-edge technologies, new business models, and flexible infrastructure networks. Fleet renewal, port upgrading, and investment in modern shipyards and logistics are essential conditions for maintaining the shipping industry's sustainability in a tough and competitive global environment.
At the same time, the energy transition is a matter of strategic importance. On the path to shipping's decarbonisation, we need a regulatory framework that recognises the importance of transitional fuels, such as LNG , fostering investments in new technologies without punitive measures. The recent agreement at the IMO contains positive aspects, in particular the inclusion of the rational “the polluter pays” principle and the shifting of compliance costs to the commercial operator. However, the insufficient support for transitional fuels raises concerns about the sustainability of existing investments and questions about
the realism of achieving the goal of zero carbon emissions. In any case, however, it is imperative that the revenues generated to comply with the measures be directed back to shipping to support decarbonisation efforts.
Human resources, however, are the most powerful driver of evolution, surpassing technologies and regulations. The growth of digital and technical capabilities, as well as ongoing training and engagement of the new generation, are critical to the future of our shipping. The power of knowledge, progress and foresight of our human capital are the driving forces of every strategic transition.
Our guiding principles in a rapidly changing environment are poise, business clarity, speed, and flexibility. We stand engaged and present in every new reality, not only with responsibility but also with direct and effective action. The Union of Greek Shipowners (UGS) consistently and resolutely advocates at international decision-making centres for the strategic role of Greek shipping as a basis for strategic autonomy and resilience, as well as responsible business practices across all fields. Apart from being a national symbol of pride, Greek shipping serves also as a guardian of the European and global economies.
Too many rules open the door to unfair competition
Yannis Xylas, president of INTERCARGO, expounds on decarbonisation, emphasising that global shipping needs to be on the same page so that the energy transition is fair, equitable, safe and efficient for all
By Antonis Tsimplakis atsimplakis@naftemporiki.gr
The actual progress of technology and the availability of the required infrastructure and fuels continue to fall short of expectations for achieving zero emissions from shipping in the coming decades. In particular, for dry bulk carriers – which operate mainly in the so-called tramp shipping as opposed to ships operating fixed routes – represented by the International Association of Dry Cargo Shipowners (INTERCARGO), there are certain operational specificities that require special attention.
As INTERCARGO President Yannis Xylas points out in an interview with “N”, “unfortunately, many decision-making centres often do not have a full picture of these particularities, resulting in regulations being formulated that may be difficult to implement in practice by this specific category of ships, without compromising safety, the economic viability of the entire supply chain and the availability of basic goods”.
In fact, Mr Xylas emphasises that the sector also faces a multitude of regulations that “creates the risk of unfair competition, confusion and operational complexity for shipowners, particularly in the dry bulk sector, which operates on a global basis and serves ports in all geographic regions”.
INTERCARGO thinks that the International Maritime Organization (IMO) should speed up its work and create clear, simple, and practical rules that consider the different abilities of various types of ships, while national and regional efforts should support rather than clash with the international system.
The green transition of shipping raises another major issue, that of retraining approximately 800,000
seafarers worldwide. According to Mr Xylas, “clearly, progress has been made; however, the project requires the coordinated support of states. Governments are called upon to upgrade their maritime educational institutions, establish uniform training standards adapted to the new requirements of the IMO and the international maritime community, and strengthen international collaborations, ensuring that seafarers from all countries will have equal access to the required training”.
INTERCARGO firmly supports the need for continued education and modernisation of human resources, emphasising that without properly trained seafarers, no technology can be implemented safely and effectively. “In this context”, notes Mr Xylas, “we are in the process of developing a special section on the INTERCARGO website to provide members with access to online educational and training programmes.”
Mr Xylas, one of the first, perhaps the first issue, that you brought to the table as the new president of INTERCARGO is the safety of seafarers. The reason for this is obvious: attacks on commercial ships are rampant, and pirate attacks continue to plague shipping, and this is all before the pandemic’s severe negative effects on seafarers have even lessened. My question is, how can the shipping industry step in to guarantee safe sailing for people and ships at all times?
“Seafarers’ safety is not just a priority but a moral and operational obligation for the international maritime community. Seafarers are the backbone of global shipping, ensuring the uninterrupted flow of goods that support national economies and the daily lives of citizens. However, their profession remains highly demanding and, unfortunately, often dangerous. The pandemic has highlighted the importance of recognising seafarers as essential workers. At the same time, modern geopolitical challenges, such as attacks in the Red Sea and the ongoing piracy threats in areas such as the Gulf of Guinea, demonstrate that international cooperation is now imperative. The shipping
Yannis Xylas: The actual progress of technology and the availability of the required infrastructure and fuels continue to fall short of expectations for achieving zero emissions from shipping in the coming decades.
industry, through international organisations and associations such as INTERCARGO, has a duty to be at the forefront of negotiations and decision-making. It must strengthen the dialogue with the IMO, the International Labour Organization (ILO) and national governments, demanding practical measures to protect seafarers.
INTERCARGO welcomed in a special statement the recent decision of the ILO to officially recognise seafarers as essential workers within the framework of the Maritime Labour Convention (MLC). It also called on all ILO member states and maritime administrations to proceed with effective and uniform implementation. Recognition is not enough; rights must be protected in practice, within the framework of each country’s national legislation. The development of updated safety guidelines, effective response to incidents of danger, and support for international missions to ensure safe sea lanes are immediate priorities. At the same time, investment in monitoring and communication technologies enhances the level of safety on board ships. INTERCARGO will continue to defend the rights of seafarers, demanding safe working conditions and respect for human dignity in every maritime region of the world”.
The challenges, however, do not stop there. Beyond the issue of seafarer safety, the global shipping community is also facing the issue of retraining an estimated 800,000 seafarers, based on the new realities introduced by technology and the industry’s green transition efforts. How is the industry responding to this challenge?
The safety of seafarers is not merely a priority but a moral and operational obligation for the international maritime community.
“Technological advancement and the green transition are creating a new environment for shipping, with rising requirements on knowledge, skills, and adaptability. You correctly stated that some 800,000 sailors globally will need to be retrained over the next decade to meet the needs of new propulsion technology, energy management, digital systems, and environmental requirements. The industry is already responding to this challenge by investing in training programmes and forming partnerships with academic and maritime institutions, developing new simulators and digital tools that allow seafarers to train in high-tech environments, and offering training programmes in new fuel and energy efficiency technologies, such as LNG systems, dual fuel, carbon capture systems, and electronic monitoring systems”.
Has progress been made? What is the contribution of states to this effort?
“There is clear progress, but the project requires the coordinated support of states. Governments are called upon to upgrade their maritime educational institutions, establish uniform training standards adapted to the new requirements of the IMO and the international maritime community, and bolster
international collaborations, ensuring that seafarers from all countries have equal access to the required training.
INTERCARGO strongly believes in the importance of ongoing training and upgrading human resources, emphasising that without adequately educated seafarers, no technology can be used safely and effectively. In this regard, we are in the midst of creating a dedicated section on the INTERCARGO website to provide members with access to online education and training programmes.”
With regard to green transition, do you consider that the timetables, as set for the next three decades, correspond to the progress made by both technology and investments in required infrastructure? What are the particularities for dry bulk carriers, represented by INTERCARGO? Have the various decision-making centres understood or realised them?
“Indeed, the green transition represents a huge, unprecedented challenge for shipping. Even though the timelines set by international and European organisations for the next three decades reflect the global community’s ambition to achieve zero emissions, the actual progress of technology and the availability of the required infrastructure and fuels still fall short of expectations. In particular, dry bulk carriers, represented by INTERCARGO and primarily engaged in tramp shipping rather than operating on fixed routes, have specific operational characteristics that require special attention:
These are long-distance ships, which are called
Mr. Xylas notes that the limited available green propulsion technologies and the lack of internationally available alternative fuels in ports, especially in emerging and remote markets, complicate the adoption of new requirements for dry bulk carriers.
upon to serve ports with very different levels of infrastructure.
Bulk carriers are designed to carry heavy and bulky cargoes at relatively low cost, such as iron ore, coal and grain, which are used to support energy and industrial systems worldwide.
The limited available green propulsion technologies and the absence of internationally available alternative fuels in ports, particularly in emerging and remote markets, make the adoption of the new requirements much more complex for dry bulk carriers.
Unluckily, many decision-makers frequently lack a complete picture of these specificities, leading to regulations that may be difficult to implement in practice for this particular category of ships without compromising safety, the economic viability of the entire supply chain and the availability of essential goods. INTERCARGO is working systematically to highlight these challenges in international fora and to propose realistic, safe and implementable measures, which will ensure that the transition is made in a fair and safe way for all”.
Do you think that the IMO will succeed in creating a global regulatory framework that will set a common path for all towards the decarbonisation of shipping? Because the EU has already taken a series of measures, such as the Emissions Trading System and the FuelEU, while the US, as well as China, have left this possibility open at times.
“The IMO maintains its institutional role as the sole responsible international body for the adoption of uniform regulations in shipping. INTERCARGO firmly believes that only through the IMO can a global, fair and enforceable regulatory framework for decarbonising shipping be developed, avoiding fragmented and regional approaches that endanger the coherence of international trade.
However, it is a fact that multi-level legislative mobility is already observed. The EU has already implemented the Emissions Trading System (EU ETS) and FuelEU Maritime, creating a particularly demanding regulatory environment for ships operating within the European market. At the same time, the US and some other countries, even in Africa (e.g., Gabon), have from time to time left open the possibility of establishing their own regulations. This multiplicity of regulations creates a risk of unfair competition, confusion and operational complexity for shipowners, especially in the dry bulk sector, which operates on a global basis and serves ports in all geographic regions.
INTERCARGO believes that the IMO must accelerate processes and proceed with clear, simple and realistic regulations, which will take into account the various operational and technical capabilities of the different categories of ships.
At the same time, national and regional initiatives must complement, not compete with, the international framework. Global shipping needs a single sailing line so that the energy transition is fair, equitable, safe and efficient for all.
National and regional initiatives for decarbonising shipping should complement, rather than compete with, the international framework.
RightShip’s entry into the industry as a ship certification organisation on the charterers’ side has, by all accounts, set some new standards. However, INTERCARGO recently launched a collaboration with RightShip. Can you expound on the goals of this collaboration and how it is developing? I am asking this in light of INTERCARGO’s announcement on the new age limits for bulk carriers, which, as we have seen, were eventually adopted by RightShip.
“RightShip’s presence in the bulk carrier market has created a special dynamic, as it is an organisation that, through the assessment of ships from the charterers’ perspective, has
a significant impact on the charter market and ship management. The development of this practice has undoubtedly created challenges and concerns among shipowners, as the lack of clear, institutionalised limits and the unilateral interpretation of criteria frequently result in disproportionate decisions with significant operational and financial implications.
Recognising RightShip’s importance as a point of reference for many charterers, INTERCARGO chose to launch a formal collaboration with the International Chamber of Shipping (ICS) by co-founding the Dry Bulk Centre of Excellence – not just to participate in the process but also to contribute to restoring balance and establishing clear, transparent, and fair procedures.
The goal is to provide a technically sound, objective, and industry-accepted assessment system that reflects the current conditions and capabilities of dry cargo ship management. This project, of course, requires the active and practical involvement of all stakeholders, including charterers, ports, shipping or-
According to the INTERCARGO president, “many decision-making centres often do not have a full picture of bulk carrier particularities, resulting in regulations that may be difficult to implement”.
ganisations, and so on. At the same time, RightShip’s recent endorsement of INTERCARGO’s well-documented proposal for bulk carrier age limitations, as well as the formation of regular discussions between the two organisations on matters affecting our members, represents a promising first step in this direction. It exemplifies how systematic and institutional representation can address inequities in practices that had developed without enough openness and institutional monitoring.
Of course, many steps remain to be made, but this initiative is a daring and effective start. INTERCARGO is committed to continuing this debate with the goal of protecting the shipping community, preserving business logic, and increasing openness in the bulk carrier evaluation process”.
Since the INTERCARGO interim conference took place in China, you have also placed particular emphasis on that country. Why is China so important, and to what extent can it boost the dynamics
INTERCARGO places emphasis on cooperation and mutual understanding, avoiding involvement in commercial or geopolitical confrontations.
of INTERCARGO and the dry bulk industry in general?
“China is one of the most important pillars of global shipping and trade activity, particularly in the dry bulk sector, as it is the largest importer of key raw materials, such as iron ore, coal and grain. This year, we chose the city of Guangzhou to host the INTERCARGO interim conference, reflecting the strategic importance we attach to the region and our commitment to maintaining open and constructive channels of communication with all major markets and economies. INTERCARGO is an international organisation with more than 270 members from 30 countries and certainly the most important representative of dry bulk
shipowners, managers and operators from around the world, including both China and the United States – two countries that play a decisive role in the global dry bulk trade. In this context, INTERCARGO places particular emphasis on maintaining balance, cooperation and mutual understanding while avoiding any involvement in commercial or geopolitical confrontations.
China can strengthen INTERCARGO’s momentum through the active participation of Chinese companies and entities in technical and institutional fora, the exchange of experience and know-how, and its contribution to the formation of common standards that respond to the sector’s global challenges – from safety and technical management to the green transition and sustainability. INTERCARGO remains committed to its role as a neutral institutional interlocutor that defends the interests of all its members, regardless of geographic origin, with the aim of maintaining a free, open and fair framework for dry bulk shipping at a global level”.
INTERCARGO firmly supports the need for continuous training of human resources, stressing that without properly trained seafarers, no technology can be implemented safely and effectively.
Women’s inclusion a structural need for shipping
The IMO-WISTA Women in Maritime Survey shows the way for women's advancement in the shipping sector through the undertaking of essential actions that will improve the conditions prevailing across the entire spectrum of the industry, on land and at sea
Elpi Petraki
President, WISTA International; Secretary General, Hellenic Short Sea Shipowners Association (HSSA)
At a time when national and corporate policies for diversity and inclusion are being questioned or their significance is being underestimated due to general turmoil in the geopolitical/economic arena or at the governance level, the importance of initiatives such as the IMO-WISTA Women in Maritime Survey 2024 and the vital information it provides must be properly considered. The survey’s findings provide an in-depth analysis of female representation, highlighting the changes that have taken place since the survey was first conducted. The report presents data collected from IMO member states and the wider maritime industry (from all segments and continents) through two questionnaires, offering insights into leadership, human resource participation, policies and training in the private and public sectors.
The research is a product of synergy between the IMO and WISTA International and was conducted for the second time in the second half of 2024. The initial findings of 2021 provided important insights and documented the substantial efforts to improve the position of women in many sectors of shipping over the past three years. The original survey was designed to provide real data on the employability of
Collaborative and collective efforts by all stakeholders and a culture change are key factors for a remarkable change in the shipping sector, at all levels.
women in all sectors of shipping and guidance on issues requiring special attention, as well as a trigger for further initiatives by states, businesses, and organisations. And, finally, to highlight the need for coordinated and targeted collective action. The new 2024 survey builds on this initial edifice and further contributes by demonstrating the progress made by IMO Member States and the private sector towards achieving the goal of gender equality. The increased number of respondents is a welcome development, reflecting a growing recognition of the importance of highlighting and eliminating gender discrimination in shipping.
Survey findings
Reading the survey’s findings, the first impression one may get is that they show uneven and unequal results in the efforts of some sectors of shipping to improve female representation, while others even recorded a decrease. However, some newer sectors, such as ESG, decarbonisation, and technology, recorded significant growth. With this in mind, the results showed that attracting, retaining and promoting women in both shipping offices and on ships is an issue that needs to be considered very carefully, building on past experience and utilising current tools. Maritime education is a key focus of the survey, with new data added to make a clear distinction between graduates of state maritime academies (specialising in training seafarers) and maritime universities (offering degrees in naval architecture,
maritime law, marine engineering, oceanography, etc.). Some IMO member states have reported a notable increase in female graduates.
The survey’s data also demonstrate the persistence of historical barriers, such as gender stereotypes, security in the work environment, lack of family-friendly employment policies, and the persistent gender pay gap.
Implementing policies and corporate strategies plays a critical role in gender representation. Out of the 88 IMO member states surveyed, 72 provided information on inclusion policies or initiatives implemented by maritime organisations in their workplaces. Although 17 of the 73 organisations surveyed did not report having official policies, 35 member states had implemented five (5) or more policies/initiatives, 55 member states had established policies on sexual harassment, 28 provided training on gender inclusion, 39 offered flexible working hours, and all but four (4) member states provided child-friendly workplaces. In the private sector, too, the number of companies and organisations that implemented policies to enhance diversity increased from 59 in 2021 to 67 in 2024. As many as 157 companies and organisations reported that they do not have gender equality policies in their hiring
and promotion procedures, highlighting the need for further improvements in this area.
Women's representation
Compared to IMO member states, there are fewer women employed in private sector shipping – and even fewer than the original survey had found. Women make up just over 16 percent of the total workforce in shipping. This is significantly lower than the 29 percent recorded in the first survey.
The representation of women on boards and executive bodies of companies varies considerably from country to country. The sectors with the highest female representation in senior/top positions are maritime organisations/associations/NGOs, ship and crew management companies, and port operations companies.
Despite any progress, however, women remain underrepresented in middle management with a lower percentage of up to 20 percent, compared to 39 percent in 2021. We also observed a decline in specialised or technical positions and support roles. However, sectors such as crew agencies and maritime training centres for crews and maritime education in general saw an increase in women representation in positions of responsibility.
The maritime service sector is one that raises concerns. Women seafarers are extremely under-represented, accounting for only 1.0 percent! The ship's working environment lacks safety, equal opportunities for progress, and an appropriate national or international regulatory framework. Nonetheless, women have shown comparable skill levels to their male colleagues. In my opinion, this is also attributable to gender discrimination stereotypes in professions and education, as well as the invisible dread instilled by the environment in general.
More effective strategies
The second takeaway from the research findings is that there is an obvious need for more rigorous efforts to improve female inclusion in shipping. By looking at issues such as recruitment and career development, as well as the jigsaw that the research findings form, it appears that companies/ organisations can build more successful strategies and cultivate a more inclusive environment in shipping.
Collaborative/collective efforts by all stakeholders, as well as cultural change, are critical variables in effecting significant change in the shipping sector at all levels. These findings directly concern shipping, but, looking at the big picture, we see that they indirectly concern society as a whole.
If what is required of all states and all social groups is the equal and fair treatment of their members, provision of equal opportunities, respect for gender diversity and acceptance of inclusion, then the work environment, which is a microcosm of society, is the second level of application of these rules after the family.
If family and work accept and pursue the aforementioned goals, strong foundations for a just and equal society are laid. If family and work accept and have as their goal the aforementioned, then strong foundations are created for a just and equal society. However, history and experience have demonstrated that simply recognising a problem is not enough. As intelligent people
on Earth, we must take real action that yields observable results.
To give women the prominence they deserve, we must expand initiatives beyond public recognition of gender equality. Maritime organisations from across the industry, as well as the private sector, must take action to address systemic hurdles impeding and/or preventing women's advancement in shipping. Of course, men's collaborative role in achieving this goal cannot be underestimated.
Culture change
For women to truly feel welcome in the shipping workforce, shipping must directly and actively cultivate the conditions in which they can thrive. This is not merely a recommendation but a structural necessity for a sustainable future for our industry as a whole. We all have a duty to make our industry more accessible and inclusive, not only for future generations but also for today’s workforce.
I hope that the findings of the Women in Maritime research will lead to action and initiatives that must be undertaken at the level of organisations, businesses and institutions in order to bring about the expected and necessary cultural change.
Maritime organisations from across the industry, must take action to address systemic hurdles impeding or preventing women's advancement in shipping.
IMO-WISTA Women in Maritime Survey 2024, shows that women make up just over 16% of the workforce in the private shipping sector, compared to 29% in the 2021 survey, while female seafarers make up merely 1.0%.
THREATS TO THE ECONOMY
AND SECURITY OF THE SEAS
Athanassios Platias, Professor of Strategy, University of Piraeus; President of the Council for International Relations
Angelos Pantouvakis, Professor and Dean, School of Maritime and Industry, University of Piraeus
The eight challenges for the shipping ecosystem, which is the backbone of global trade, transporting over 80 percent of goods internationally and over 70 percent in value of goods
By Angelos Pantouvakis and Athanasios Platias
“For me, the most beautiful word in the dictionary is the word 'tariffs', and it's my favorite," President Trump declared at the Economic Club of Chicago on October 15, 2024, and upon his coming to power, he proved that he meant it. And he added so many other "favorite" words and phrases, such as "war" and "greatness", as well as "Panama" and "Greenland", with the apparent reason being the (re)claiming of the dominant global role of the US, which seems to have been gradually but steadily threatened over the last decade, mainly by China.
Do these phrases and policies have any meaning for the global economy, but also how much do they affect shipping and maritime transport, which constitutes the backbone of global trade, transporting over 80 percent of goods internationally and over 70 percent in value of goods? How much is the global economy truly affected by the unimpeded and safe passage of merchant ships, the security of infrastructure, and freedom of navigation in sea lanes and chock points?
And, finally, what challenges, threats, and opportunities does the geopolitical competition between the Oceanic (USA, EU, Japan) and the Eurasian (China, Russia, Iran) coalition present for the maritime ecosystem?
Eight of the probably most significant issues and risks to the maritime ecosystem as a result of geopolitical competition are briefly discussed below:
1. Attacks on ships and ports.
2. Marine zones in unstable regions.
3. Cyberattacks.
4. Sanctions.
5. Trade wars and protectionism.
6. Reorganization of supply chains.
7. Protectionism in the shipbuilding industry.
8. Melting ice in the Arctic Circle.
1 Attacks on ships and ports: The seas
Black Sea
In recent years, commercial shipping has become a target of attacks to achieve geopolitical goals. The war in Ukraine, a proxy war between two warring blocs, the Oceanic and the Eurasian, is a classic example of how states such as Russia and Ukraine have deliberately attacked commercial ships and maritime infrastructure to achieve strategic goals. Russia, by attacking passing ships and Ukrainian ports in the Black Sea (Odessa, Mariupol, Nikolaev), caused damage to ships and destruction of port infrastructure, resulting in serious disruption of maritime trade in the region. This situation, among other things, prevented the unhindered transport of goods, mainly wheat, and led to a food crisis in vulnerable countries in the Middle East and Africa, with unpredictable political and social consequences in these states. Ukraine, on the other hand, during the period when its maritime trade in the Black Sea was obstructed, was forced to use alternative routes (road and rail network and the Danube river route), but with increased transportation costs, and on the other hand, it also attacked Russian ports and ships and placed sea mines to hinder Russian naval operations, thus creating a dangerous environment for navigation. For the above reasons, the war in Ukraine made the northern side of the Black Sea dangerous for commercial shipping, resulting in the rearrangement of trade flows of both Russia and Ukraine using alternative routes.
Red Sea
A second “red” maritime zone that is a target of attacks is the Red Sea. Through the Red Sea, about 12 percent of world trade is transported, and these attacks have adversely affected global supply chains, and consequently the global economy. From November 2023 to January 2025, the Houthis - allies of Iran based in Yemen - have attacked over 190 ships in the Red Sea and have destroyed 30 of them. The main targets are ships were associated with the US, the UK and Israel. US intelligence agencies claim that Russia has supplied the Houthis (via Iran) with weapons systems and that Russia and China have provided them
with information useful for attacks on commercial ships of US interests. This brings the Red Sea to the center of the geopolitical competition between the two warring rival coalitions.
The Houthi attacks have been effective enough to disrupt 75 percent of maritime trade in the Red Sea, forcing ships - mainly the largest ones carrying containers - to avoid the Suez Canal and change course. This has caused serious problems in the traditional supply chains, mainly those that benefit from the Suez Canal, but also the Egyptian economy, with unpredictable political and social consequences, since Egypt’s revenues from the passage fell from 9 billion euros in 2023 to 3.5 billion euros in 2024, according to data provided by the Suez Canal Authority.
At the same time, the consequent change in ship itineraries with the choice of the route bypassing Africa - via the Cape of Good Hope - for ships departing from Southeast Asia towards the countries of the European continent, has increased the duration of the journey by approximately 10 days (adding 1,400 nautical miles), and, correspondingly the cost of the journey. It has been calculated that the fuel cost alone for such a bypass can amount to one million dollars per journey, and to this must be added the operational and other costs of the ship, which - for this category of ships - can reach up to one million more, which is ultimately borne by the consumer.
Red Sea: The Houthi attacks have been effective enough, forcing ships to avoid the Suez Canal and change course.
2
The geopolitical minefields
Persian Gulf
Tensions in the Persian Gulf over Iran’s nuclear program are raising serious concerns about the security of maritime trade in the region. Tehran has warned that it could close the Strait of Hormuz, a critical passage through which about 30 percent of the world’s seaborne oil trade passes, if attacked. With US President Donald Trump giving a two-month ultimatum to reach an agreement on Iran’s nuclear program, the threat of a military conflict between Iran and the US and Israel is becoming increasingly visible. Such a development would have far-reaching consequences: it could cause a sharp disruption to oil and LNG flows, skyrocketing freight rates, increasing insurance costs for ships in the region, and redirecting trade flows via longer and more expensive routes. This instability would not only affect energy markets, but would disrupt global trade and supply chains more broadly.
The Gulf region is certainly not the first time it has been in the spotlight due to attacks on ships. We recall that it was previously (1981-1988) a battlefield where 411 ships were targeted (60 percent of which were tankers, and that is why it was called the “tanker war”) in the context of the Iran-Iraq war. This war cost the lives of more than 400 sailors and damaged the reputation of the shipping industry.
South China Sea
The South China Sea, through which 30 percent to 40 percent of global maritime trade (about $5 trillion) passes through, is a field of intense confrontation between China and neighboring countries, such as Vietnam, the Philippines, Malaysia and Brunei.
China claims almost 90 percent of the area (nine-dash line) and tries to impose its sovereignty through the militarization of artificial islands, a naval presence, and the use of a “maritime militia”, i.e., a fleet of fishing boats that operate in addition to the coast guard and the navy. This hybrid strategy has led to ongoing tensions with almost all neighboring countries in the region. China’s neighbors react by turning to the US for protection. For example, the Philippines’ defense alliance with the US increases the risk of Washington becoming involved in a
potential crisis, with unpredictable consequences for shipping. The US is reacting on the ground to China's attempt to control the South China Sea, which is the most important maritime trade route, which means that the geopolitical competition between China and the US will be a constant threat to strategic stability in the region.
For the US, what is at stake in the South China Sea is freedom of navigation, as China interprets the Law of the Sea (UNCLOS) in a way that restricts the passage of foreign warships and potentially commercial vessels. Thus, the US - and its allies - regularly conduct military Freedom of Navigation Operations (FONOPs) to effectively challenge Chinese claims of sovereignty, which often leads to dangerous confrontations. In short, the South China Sea is a geopolitical minefield that threatens to detonate maritime trade and global supply chains.
East China Sea
The East China Sea, through which 20 percent of seaborne trade passes through, is also a source of tension, mainly as a result of territorial claims between China and Japan. At the same time, the growing tension between China and Taiwan creates the risk of a naval blockade or military operation, which could lead to direct US involvement, causing serious disruptions to global trade. China's military drills in the region are seen by Washington as preparation for a possible air blockade of Taiwan, as was seen in August 2022 with the intense military activity that followed the visit of the then-Speaker of the US House of Representatives Nancy Pelosi to the island. Trouble in maritime trade may also arise from China's use of hybrid warfare tools (gray zone tactics), where a naval blockade of Taiwan (quarantine) is carried out by coast guard vessels in cooperation with the maritime militia.
Tehran has warned that in the event of a military conflict, it may seal off the Strait of Hormuz (30% of seaborne oil trade).
South China Sea: China claims almost 90% of the area and is trying to impose its sovereignty by militarizing artificial islands.
China's military drills in the East China Sea are considered by Washington as preparation for a possible air blockade of Taiwan.
3 Cyberattacks: An invisible war
Because of the shipping industry's reliance on digital systems like GPS, AIS, and communication networks, cyberattacks can spoof navigation data (GPS spoofing) and disrupt critical ship safety systems (e.g., Electronic Chart Display Information System, shipto-shore coordination).
Ports and related support systems (port logistics systems, such as cranes, container management software, customer records) are also targeted by cyberattacks. For example, a cyberattack by Russian hackers against Maersk in 2017 affected the operations of 76 ports around the world, at a cost exceeding $300 million. Cyberattacks have also been targeted at both American and Iranian ports (Los Angeles in 2022, Port of Shahid Rajaee in 2020), as well as Chinese companies such as COSCO Shipping Lines (2018).
4 Sanctions: The restrictions
Sanctions by the US and its allies on key energy markets such as Russia, Iran and Venezuela have reshaped trade flows, increasing costs and risks for shipping companies. They have also led to the development of a parallel network of “shadow shipping”, where an estimated 700-1,400 tankers – almost 10 percent -20 percent of the global crude oil fleet – are involved in transporting cargo to markets where restrictions apply. These ships, often old and poorly maintained, circumvent international regulations, disable their monitoring systems and carry out shipto-ship transfers, increasing the risk of accidents and environmental disasters. To date, over 50 serious incidents have been recorded, including fires, mechanical failures and oil spills. In addition, “shadow shipping” causes market distortions, increasing costs for legitimate shipping companies.
5 Trade Wars: Defense or offense?
The United States’ decision in early 2025 to impose import tariffs on a vast range of products from key trading partners, including Canada, Mexico, China and the European Union, has already begun to disrupt global shipping flows. The trade war that began with the tariff hike has led to a reduction in maritime transport between the US and China, with a direct impact on supply chains. Trade between the US and China, the world’s two largest economies, has virtually been reduced to a minimum. The US has imposed tariffs of 145 percent on Chinese products, while China has imposed tariffs of 125 percent, which is tantamount to an embargo.
Trade wars traditionally reduce trade volume, increase trade volatility and costs, and at the same time increase bureaucracy and customs costs (congestion at ports, storage fees), which lead to delays. In such trade war conditions, ships are not used efficiently, with costs for the entire shipping ecosystem (underutilization and inefficient repositioning).
Cyberattacks can falsify navigation data (GPS spoofing) to disrupt critical ship security systems.
US sanctions have led to the development of a parallel "shadow shipping" network.
The US has imposed tariffs of 145% on Chinese products, while China has imposed tariffs of 125% on US products, which is tantamount to an embargo.
6
Reorganization of supply chains
The strategy of decoupling Western economies from China is causing significant changes in shipping. The US and its allies are promoting new production chains through onshoring (transferring production within their countries), nearshoring (transferring to neighboring countries such as Mexico) and friendshoring (transferring to friendly countries such as India and Vietnam). This rearrangement of supply chains is changing sea routes, as movement towards alternative markets is strengthened, while cargo movement towards China is reduced. At the same time, the complexity of logistics is increasing, which requires new infrastructure, port modernization and investment in new trade routes. Geopolitical changes are shaping new trade hubs, while traditional centers are losing their significance.
The combination of tariffs and restructuring of supply chains is leading to significant rearrangements in global maritime trade, changing the flows of goods and shaping new balances in the international shipping market. It is understood that the change, or rearrangement of logistics chains towards neighboring countries of consumption favors the use of smaller and more environmentally modern ships, since distances are getting shorter, but also the requirements and transport regulations are multiplying.
7
Shipbuilding: The old and new countries
One form of protectionism affecting shipping has to do with shipbuilding. The US has essentially abandoned the shipbuilding industry, which is now dominated by China. For example, the largest Chinese shipyard (China State Shipbuilding Corporation) built more merchant ships (in tonnage) in 2024 than all US shipyards combined since World War II. In 1999, China's market share in merchant ships was just 5 percent, while it has now exceeded 50 percent.
The trend is even more positive for China: American shipyards have only received 0.2 percent of new orders, compared to 59 percent for Chinese shipyards.
The US, for geopolitical reasons, wants to bolster this industry. Without a shipbuilding industry, it will not be able to maintain its dominance of the seas. At the same time, it wants to prevent the further strengthening of the Chinese shipbuilding industry. An increase in the power of the Chinese navy is inextricably linked to the rapid development of Chinese shipyards (military-civilian fusion) and this is precisely why their weakening is sought. Thus, the US plans to impose entry fees on ships built in China, the amount of which already amounts to $50/tonne, with the intention of increasing to $80/tonne from April 2026. Such regulations are expected to cause further serious realignment both in the shipbuilding industry in favor -possibly- of the US and its Oceanic allies, as well as in maritime transport (mainly in containerships and tankers), since the pool of
TOTAL ANNUAL GLOBAL SHIPYARD OUTPUT (China and the rest of the world 1970-2025)
Compensated Gross Tonnage
In
ships that can be chartered to the US will be practically limited. Such geopolitical expediencies will affect the availability of ships, their freight rates and values. In any case, they will increase the costs and complexity of maritime transport.
Geopolitical changes are shaping new trade hubs, while traditional centers are losing their significance.
Rest of world
1999, China's market share in commercial ships was only 5%, while it has now exceeded 50%.
The Arctic Sea Route allows China to connect to Europe through a corridor that is not controlled by the US Navy.
8
Melting Ice
In the Arctic, the gradual melting of ice is creating new sea routes, such as the Northern Sea Route and the Northwest Passage, which connect the Pacific with the Atlantic Ocean and reduce transport time between East Asia, Europe and the US. At the same time, the Arctic Sea Route allows China to connect to Europe through a corridor that is not controlled by the US Navy. This is changing the geopolitical balance and has caused competition between the US,
on the one hand, and Russia, supported by China, on the other. Both sides are strengthening their military presence in the region and investing in infrastructure and icebreakers. The US interest in acquiring Greenland from Denmark reflects the US intention to consolidate its position in this strategic region and control the new sea routes.
The gradual melting of ice in the Arctic makes the Northern Sea Route a strategic route that could facilitate maritime trade in the coming decades. Shortening the route reduces travel time by 40 percent, allowing for faster delivery of goods and fewer days at sea.
At the same time, the shorter sailing time means lower fuel consumption, reducing both transportation costs and emissions. However, the strategic value of this route makes the Arctic a potential geopolitical minefield.
The new "opportunities"
The geopolitical competition between the US and its allies with the Eurasian alliance of China-Russia-Iran has created zones that are either risky for maritime trade (Black Sea, Red Sea), or potentially risky (Persian Gulf, South and East China Sea, Arctic). It is no coincidence that these disputed and dangerous maritime zones are located on the perimeter of Eurasia (rimland), where the maritime alliance (US, EU, Japan) meets with Eurasian powers (China, Russia, Iran). This geopolitical competition has exposed maritime trade to unprecedented risks, manifested in attacks on merchant ships and maritime infrastructure. The current Cold War 2.0 has focused on maritime zones around Eurasia - in contrast to the land-based Cold War 1.0 (1945-1991), and this has serious implications for maritime transport. A second dimension of geopolitical competition affecting maritime transport has to do with the trade war and the realignment of supply chains that are diversifying the costs, complexity, volatility and risks for ocean-going shipping.
However, the crisis that creates risk also creates opportunity for those who take advantage of it. For example, imposing a US entry fee on Chinese-built ships along with changing the place of manufacture of the goods they intend to make (e.g., from China to Mexico) could give provide life to Greek and European shipyards, mainly in building modern smaller ships (handysize or panamax). At the same time, it is likely to allow the further privileged involvement of Greek shipping in the transport network, since the shadow -illegal- fleet will be significantly reduced (perhaps by over 1,500 ships) due to the change in supply lines and the implementation of increased restrictions. Consequently, the demand for transport services for Greek or Greek-owned ships that meet specifications will correct - but also redistribute - the transport work that is likely to be reduced due to the possible exclusion of Chinese-built (or Hong Kong-built) Greek-owned ships, which are estimated by the authors at 1,528 ships out of a total of 4,796 or approximately 31 percent, according to Clarksons Research’s database.
In conclusion, shipping, particularly Greek-owned shipping, having the characteristics of insight and flexibility, has proven that it can correctly assess geopolitical risk, and is capable of once again confirming in practice Mao Zedong's saying “great turmoil, wonderful situation”, as it has done so many times in the past, either in economic cycles or in major geopolitical upheavals (e.g., 1956, 1973, 1979, 1985, 2008, etc.).
Portfolios of $148 bln managed by Chinese leasing firms
The effects on shipping finance by the evolving environmental regulations, the requirements introduced by Basel IV, and trade tensions between Washington and Beijing
George Xiradakis
President, Association of Banking and Financial Executives of Hellenic Shipping; CEO, XRTC Business Consultants
The shipping industry is undergoing significant economic transformations in 2025, driven by evolving environmental regulations, technological advancements, and a changing economic setting. These fundamental changes are reshaping the way the shipping community addresses challenges facing modern shipping. From the rise of carbon markets and new tax policies to inflation-based operating costs, each development emphasises that it requires strategic adaptation. Understanding and addressing these changes is essential to maintaining the industry’s competitiveness.
The recent decision by the US administration to impose new port tariffs and boost its shipping industry has raised concerns in international maritime transport.
The new tariffs are expected to mainly affect container shipping, as most products subject to tariffs are transported via containers. Such changes could lead to an increase in freight rates and a reallocation of trade flows, with potential impacts on demand for ships.
The US strategy to disengage from China and the goal of upgrading American shipping infrastructure may affect the competitiveness of European shipping companies.
ESG criteria
At the same time, shipping finance is undergoing a period of significant change, with a focus on sustainable and green financing, which is gaining increasing importance, with new environmental regulations influencing lending strategies and investment in sustainable technologies. These changes are forcing financial institutions to adapt to stricter criteria, affecting the availability of capital for shipping.
The European Union’s Green Transition Plan, which links financing to borrowers’
The EU must act to protect European and, by extension, Greek shipping.
environmental, social and governance (ESG) performance, and the implementation of the Basel IV framework by European financial institutions show the path and practises that shipping companies must adopt in order to access bank financing.
Stricter criteria
Banks and investors are prioritising projects that align with the IMO ’s decarbonisation goals, while the implementation of Basel IV introduces new challenges to banks’ risk management and capital requirements. Many European banks will need to review their capital requirements calculation methodology and adjust their internal processes, which is likely to lead to higher margins for shipping loans.
As ship financing tends to receive a higher risk weighting due to the volatility of ship revenues and the volatility of a ship’s market value, European banks and financial institutions are adjusting their practises, introducing stricter lending criteria and risk assessments of shipping companies. Some may cut shipping exposure more, and some banks may withdraw from shipping finance.
To a large extent, with the implementation of Basel IV, banks will target larger shipping companies, which offer better
credit ratings and an opportunity to crosssell other banking products. These shipping companies enjoy more favourable financing terms, as well as reduced interest rates.
Basel IV will have an even greater impact on small- and medium-sized shipping companies that traditionally rely on bank financing. These changes also come at a time when their capital needs are increasing due to carbon-neutrality targets that they can only achieve by investing in ships with sustainable fuels and energy-efficient technologies. Failure to meet emissions standards can lead to loan rejections or higher costs. At the same time, the EU Emissions Trading System (EU ETS), in which the EU has included shipping, makes it more difficult and expensive to manage their ships.
Sustainable alternatives
However, the reduced availability of traditional bank financing is not new to the shipping market. It began as a result of the 2008 financial crisis and the introduction of Basel III.
Since then, other, alternative financial institutions and products, such as Asian banks, Chinese leasing and private equity, have started to fill the gap as viable alternative sources of financing for shipping.
While we cannot deny the important role played by Asian leasing companies in recent years, we can also observe the impressive growth of the shipping portfolios of Greek banks, which now strongly support Greek shipping.
Traditional bank loans are no longer the only way to finance ships. New models are emerging to meet the requirements of a rapidly changing industry, the role of which, as well as the variety of products, is likely to increase even more as a result of Basel IV. Alternative forms of financing have now become much more popular. Over the past 10
years, leasing companies have been filling the financing vacuum left by banks as they have withdrawn from the market.
Leasing models with bareboat charter agreements offer liquidity to shipowners, who additionally retain operational control of their ships.
These models are widely used in ships under order and building in Asia.
The role of private equity is also expected to become even more significant, and, as a result, financing structures may increase in complexity to broaden credit exposure, with UK and European banks providing highly leveraged financing to equity funds, which, in turn, will provide financing to shipping companies.
The questions raised by the trade tensions between the US and China also directly concern shipping finance. According to the plan to impose new port fees presented by the Office of the US Trade Representative (USTR) directly targets Chinese-built and -owned vessels. Chinese-built vessels will have lower fees, but vessels owned and/or operated by Chinese interests will be subject to a $50
Small- and medium-sized shipping companies will be even more affected by Basel IV.
net fee per tonne, with a gradual increase to $140 by 2028.
Ships financed by Chinese leasing companies are owned by them but managed by Greek shipowners. If the above measures are eventually implemented, it is likely that the existing leasing financing structures will change, and shipping companies will turn to traditional bank financing. Of course, this is not easy, given the fact that Chinese leasing companies’ shipping portfolios total some $148 billion, i.e., almost 50 percent of the total.
Chinese shipyards
Greek shipping companies currently have 602 ships under construction, of which 67 percent, or 404, are being built in China, while the existing Greek fleet consists of a significant number of Chinese-built ships. Specifically, 43 percent of bulk carriers over 10,000 dwt, 23 percent of tankers over 10,000 dwt, 35 percent of containerships over 5,000 dwt, and 15 percent of gas carriers over 3,000 dwt of the active Greek fleet are built in Chinese shipyards.
In conclusion, developments in the area of shipping finance, as well as the entire shipping market, will depend on the escalation or not of trade relations between the planet’s two superpowers.
In this climate, Europe cannot remain uninvolved and must act immediately to protect European and, by extension, Greek shipping.
What is certain is that the disruption of the shipping and trade balance can have serious repercussions on the global economy in a period when stability and cooperation are required.
The existing Greek fleet consists of a significant number of Chinesebuilt ships.
U.S. TARIFFS & PENALTIES ON CHINESE SHIP BUILDING AND SHIPPING
The momentum of Greek shipping and Greek ship finance is not expected to be seriously adversely affected
The numerous geopolitical adversities for the global economy and international trade in 2024 were being faced by Greek shipping and had not undermined Greek owners’ confidence. This was demonstrated by the increased Greek orderbook across all types of vessels, including eco / dual fueled vessels.
The above resilience and relative calm have been shattered by Trump’s tariffs and penalties of an unprecedented nature against US allies and economic rivals, as it seeks to change the prevailing low tariff global order, curb Chinese dominance in shipping and ship building, conditions that have so much assisted Greek shipping over to grow over the last decades.
For Greece, as a maritime leading force which has developed close ties with Chinese investment, the effects of such drastic policies constitute a significant fallout that affects the shipping industry in practically all its facets: ship building, ship finance, trade routes, operations etc.
Moreover, the manner in which such tariffs were announced and then rescinded or renegotiated and / or increased, created a climate of heightened instability. This led to a slowdown in global growth and, most importantly, international trade, whose
China is by far the preferred shipbuilding country for Greek owners, holding 65.8% of the total Greek orderbook, a month after 'Liberation Day', or the day the tariffs were announced.
US TARIFFS ARE HIGHEST IN A CENTURY, GLOBAL TARIFFS ARE ALSO RISING SHARPLY
Additional after April 2
Additional up to April 2
future direction will be determined by whether such tariffs will be eased via bilateral trade deals or not.
The intense and antagonistic tariffs between the US and China, as well as various South East Asian countries, such as Vietnam, have ground most of the bilateral trade to near zero awaiting the results of possible renegotiations.
More recently, the US announced severe penalties on Chinese owned / operated / built vessels calling with cargo into the US, clearly focusing on stemming the increased Chinese dominance in both shipping and newbuildings. Some hope is in place because of the 180-day moratorium before the above penalties shall become effective.
As such, there is a belief that the eventual penalties might be reduced, as part of further deals among nations with the US.
The timing of all the above US measures coincided with the EU nations having on average relative weak growth (most importantly Germany) and when local exporters need to be supported and the economy boosted in order to avoid a recession.
Furthermore, the US is reported to have abandoned a nuclear umbrella and unquestioned military guarantees for its NATO allies, which has forced Europe and the UK to boost their military
expenditure at a fast pace, adding to the borrowing requirements of NATO members.
Economic growth forecasts are being revised, in view of the trade tariffs, with the latest showing a bleak downward trend for the US and uncertainty for world growth and individual country outlook. IMF drastically reduced the US economic forecast for 2025 from 2.7% to 1.8%.
Global growth was also downgraded from 3.3% to 2.8%. There projections are based on the expectation of trade agreements being reached within the next few months and of the avoidance of an outright trade war. Should the latter take place, then recessions are expected in key advanced economies.
China, though, is still expected to show some growth, as it fiscally and monetarily supports its economy to withstand the adverse impact of US tariffs and its own counter tariffs.The emphasis
has also shifted away from green energy issues, at least by the US abandoning all such policies and withdrawing from IMO. Whereas the EU and the rest of the world are still seeking to progress with lower emissions targets and penalties for less efficient vessels, undoubtedly, the green goals are being reexamined, as they would need colossal funds at a time of expected weaker growth and a rise in defense spending.
The above may also affect the offshore and renewables sector and already there has been a flight away from green investments and investor support in such funds.
The whole spectrum of the shipping industry, for example, legal, insurance, chartering, shipyards, etc. are impacted upon and are seeking ways to adapt to the new environment. The prospects of trade will undoubtedly be affected with many vessels avoiding calling in the US and or seeking ways to distance themselves from ‘Chinese links’.
To put the tariffs in perspective, the IMF analysis depicts their history going back to the early 1900s when the whole world had tariffs. Gradually though, the world’s average tariffs were reduced to historically low figures over the last 80 years via global reductions.
On imports to the US On US exports World average
by Ted Petropoulos, Head of Petrofin Research
The Effects on Greek Shipping
In Graph 1, China’s dominance of global newbuilding orders is apparent. China alone accounts for most vessels on order compared to all other ship building nations, with only South Korea as a relatively close rival. In this context, the US focus on China is self-evident. Chinese orders currently stand at over 3,800 vessels. Whether US policies will have a positive effect on US economy is open to doubt. Clearly, the US has neither the competitiveness nor the capacity to match China’s shipbuilding industry (other than naval vessels) and the restrictive / punitive measures against China will only assist South Korea, Japan and other smaller shipbuilding nations.
The
Greek orderbook
The Greek orderbook has seen a significant growth over the last year, bringing its total to 624 vessels (57.4m DWT), as of end April 2025 (Source: Clarkson’s). As seen in Table 1, China is by far the preferred shipbuilding country for Greek owners, holding 65.8% of the total Greek orderbook, a month after ‘Liberation Day’, or the day the tariffs were announced. The top 3 ship building countries together, China, South Korea and Japan, hold 97% of the total Greek orderbook in DWT terms.
However, when looking into the orders made very recently, between January and April 2025, South Korea comes out a winner with 21 Greek orders, as opposed to China, whose 13 reported Greek orders do not go further than February (Table 2). Chinese shipyards continue to be very busy with local owners, but it becomes evident that some hesitancy exists for other nations to order. Very recently it was reported in the Greek press that Prokopiou just placed an order of two 159,000 DWT tankers with a Chinese shipyard, showing a vote of confidence in the future Greek-Chinese relationships. In any case, there are types of vessels that do not call in US ports, due to their trading routes, such as Capes. Building such vessels in China does not pose a threat to the US. However, Containers, Car Carriers and Product Carriers are most vulnerable to the implementation of tariffs.
Talking to Chinese industry players (lenders, shipyards and analysts), they all report a slowdown, especially from non-Chinese owners. This can be explained in part by the tariffs, but also by the current market conditions, such as relative high prices and long deliveries for newbuildings. Chinese owners have, on the whole, shrugged off the effects of tariffs and are expecting that by 2027/28, when new orders shall be delivered, the whole US policies may well have changed.
The most notable absence has been the US quoted public companies which have adopted a ‘wait and see’ attitude towards Chinese newbuildings with some switching their interest to South Korea. Most Chinese owners are picking revised trade routes bypassing the US, which, they expect, will diminish as a leading trading nation, especially if the tariffs
are implemented. Looking into the bigger picture and uncertainty notwithstanding, we envisage that a two-tier chartering market will develop with the US imports being serviced primarily by non-Chinese vessels and the rest of the world by the remaining fleet. Bilateral treaties of zero tariffs between China and the EU, UK, Canada and other nations may well augment the switch towards non-US port calling and should embolden Western owners to resume Chinese orders. In this, the support of Chinese leasing is deemed to be paramount.
The Chinese global leasing portfolio continues its upward trend over the past years, having reached over US$160bn financing the global fleet. Chinese leasing is very competitive and capable of financing on a lease basis multiple vessel orders. The continuation of Chinese leasing will depend in part on whether owners will wish to trade to the US, as the owner of the vessels remains the Chinese Leasing company for the duration of the Sale and Leaseback Agreement. If so, should the port penalties continue, then, as an alternative, loans on a ship mortgage basis will be needed, something that would require complex regulatory requirements in order to obtain Chinese state approval and, furthermore, the Chinese banking to develop further their market on ship mortgage financing. The impressive performance of Chinese leasing may be affected by the tariffs and Chinese officials expect a drop in leasing with main competitors emerging from Japan and South Korea.
Large Chinese orders may be affected by the above uncertainty as Chinese Leasing focuses only on Chinese built vessels.
As such, any decrease in Chinese orders will impact on new leasing requirements and put a burden on traditional bank finance. Western banks may have limited capacity to absorb huge additional amounts to finance large fleets.
At present, the US and China are engaged in a ‘tug of war’ with unclear results. A compromise is expected, but this is by no means a certainty. Nor is it beyond the scope of the US to impose yet additional restrictions or to seek to impose further its will on international trade and for China to reciprocate.
China has invested in the infrastructure of many Asian, African and South American companies. It has substantial status in international ports globally with an emphasis on shipping.
It also has the single minded will to pursue state policies, whilst there is no internal opposition, opin-
TABLE 1
(as of end April 2025)
GREEK CHINESE-BUILT ORDERBOOK BY VESSEL TYPE TO BE DELIVERED IN 2025-26
TABLE 2
TOP 3
BUILDER COUNTRIES
(for period Jan - Apr 2025)
BY
ORDER/CONTRACT DATE
GREEK CHINESE-BUILT ORDERBOOK BY VESSEL TYPE TO BE DELIVERED IN 2025-26
ion polls or dissent. In addition, it can support its most affected industries to weather the storm and, as such, any agreement with the US is likely to be on an equal basis or none at all.
The US tariffs and penalties are most likely to affect product carriers, container vessels and car carriers. However, it should be noted, that as far as the global second-hand market is concerned, there is already a sharp decline in the order of 58% in Chinese built bulkers has already occurred in the first quarter of 2025 (Source: Veson Nautical).
When looking at the Greek fleet, Graph 2 shows the composition of the current Greek fleet built in China by vessel type, whereby the above most affected sectors only account for 8.8% (4.9% Containers, 3.8% Product Carriers and 0.1% Car Carriers).
Graph 3 depicts the same breakdown in terms of Greek newbuildings to be delivered by China in 2025 and 2026. The percentage of the most affected sectors here rises to 31.7% (Product Carriers at 28.8%, Containers 2.5%, Car Carriers 0.4%). Car Carriers formulate a very small percentage of the Greek fleet. On the other hand, dry bulk and crude tankers are
not expected to be affected significantly and these constitute the majority of the Greek fleet built in China. As the Product Carrier fleet is expecting an addition of 58 orders built in China in the next two years, something that will almost double this sector’s fleet, it remains to be seen how the trading of these vessels develops.
In conclusion, the US tariffs for EU countries are relatively low compared to China and Asia and are expected to be whittled down after a US-EU anticipated agreement. The Greek economy, as a result, is not likely to be significantly affected. Greece’s underlying credit rating has been improving as its economic policy has produced solid GDP growth and a reduction in the country’s debt/GDP ratio over the last years. The Greek banks are supported by Greece’s improved ratings and have shown good performance and resiliency.
Their knowledge of shipping and their Greek clients is second to none and there is still good additional capacity to grow. Greek owners, although wary of developments, are not on the whole ordering more new vessels from China but this is expected to
improve if some compromise emerges or alternative non-US trading grows to levels strong enough to justify Chinese orders.
Shipping charter rates, though low, have not collapsed, despite the uncertainty and weak growth expected in international trade and on the whole are still able to service debt and operating expenses.
Greeks, lacking a big home economy in terms of shipping requirements, are cross traders and will trade wherever there exist opportunities and will seek to exploit any suitable requirements unburdened by politics. On the whole, therefore, existing orders that are expected to be delivered in 2025 and 2026, as they have not all obtained finance yet, the question remains whether some may still opt for Chinese leasing or seek bilateral finance. It is unlikely that there will be more orders for this period due to shortage of shipyard slots.
The momentum of Greek shipping and Greek ship finance is not expected to be seriously adversely affected by the US tariffs and penalties, unless a full trade war erupts, which, for now, is not the dominant scenario
Source: Clarkson’s
Shipyards: The only thing owners have to do is to be patient and wait for an inevitable correction.
Recent developments in the newbuilding & secondhand markets
Challenges and investment opportunities in dry cargo, tankers and containerships
Discussion in recent months has centered around the slowdown in newbuilding orders for bulk carriers and product tankers. While it would be convenient to attribute this slowdown to the recent announcements on port fees and tariffs by the Trump administration, the reality is that this slowdown started much earlier, around October-November 2024. Amidst deteriorating earnings for owners, yards were asking for ever-increasing prices, with available slots being pushed further and further into the future, all while the orderbook had already grown to an alarming level. Therefore, it should not be a surprise that owners have chosen to take a step back. According to our data, in Q1 2025 there have been newbuilding orders for about 3m
DWT worth of bulk carriers, a -74 percent drop compared to the 11.5m DWT worth of orders placed in Q1 2024. On tankers, in Q1 2025 we recorded 4.3m DWT worth of orders, a -76 percent drop compared to the 18m DWT figure recorded in Q1 2024.
Since most shipyards have bookings that extend until late 2027 at the earliest, they have not yet experienced immediate pressure to lower prices. We would only expect drastic price cuts once their available slots are around 18 to 24 months away. The yards can certainly afford this, as they have been operating at historically high profit margins for the past few years. The only thing owners have to do is to be patient and wait for an inevitable correction.
When it comes to containerships, things could not be more different from above.
Secondhand - Dry: Τhe divergence in pricing between Chineseand Japanese-built ships is more than the typical ~10 percent difference.
Secondhand - Wet: Α renewed sanctions push by the US has seen more than 21 million DWT worth of tankers sanctioned in Q1 2025.
Major liners are still placing massive orders, mainly for larger sizes, and the yards that are fortunate enough to be in the containership newbuilding business are pleased to oblige them.
Secondhand - Dry
For the past few years, the main point of discussion in the dry market across all sizes and sectors has been the lack of available sales candidates when it comes to modern/ eco ships. This has kept asset prices elevated, sometimes despite depressed freight markets, with owners frequently highlighting the mismatch between asset prices and expected earnings. The lack of sales candidates has also been a factor in pushing owners to place orders for newbuildings instead, especially when it comes to kamsarmaxes and ultramaxes, which are the only dry segments with a double-digit orderbook (13.4 percent and 11.4 percent, respectively), with most deliveries expected in 2025 and 2026.
A more recent trend in the market is the increasing divergence in pricing between Chinese- and Japanese-built ships, exceeding the typical ~10 percent difference in secondhand pricing that has historically been observed, with some recent transactions indicating a much wider gap. As an example, a 10-year-old Japanese handy recently sold for around USD 18 million, whereas a same-age Chinese-built vessel was committed for USD 14.5 million, a difference of 24 percent. It remains to be seen whether this will perhaps turn into an intriguing buying opportunity for
those looking to acquire quality Chinesebuilt ships at what might turn out to be a temporary discount, before the differential eventually returns to historic norms.
Secondhand - Wet
Since the start of 2025, the United States has stepped up the pressure on the so-called "shadow fleet" by sanctioning hundreds of ships, mainly crude tankers. In doing so, the US is effectively taking ships out of the market at a time when freight earnings and asset prices are still incredibly healthy. We estimate that a renewed sanctions push by the US has seen more than 21 million DWT worth of tankers sanctioned in Q1 2025. To put this number into perspective, the record for tanker scrapping in the past decade was in 2018, when 20.4 million DWT worth of ships were recycled.
Secondhand - Containerships
Major liners have continued acquiring secondhand ships at a steady pace. In the last few years, MSC alone has purchased over 400 ships. Yet, the pricing of secondhand containerships reveals a clear lack of long-term optimism. Vessels aged around 10-15 years are being sold at a small premium over two years' worth of charter earnings plus their scrap value, suggesting that market participants are not very optimistic about the future of this segment. However, the numbers are quite interesting, and the prospect of recouping one's investment in just two years has attracted more and more Greek buyers to this segment in recent months.
Since most shipyards have bookings that extend until late 2027 at the earliest, they have not yet experienced immediate pressure to lower prices.
Secondhand - Containerships: Τhe pricing of secondhand containerships reveals a clear lack of long-term optimism.
Survival of Greek shipping depends on domestic seafarers
In an interview with “N”, the new president of the Hellenic Chamber of Shipping (NEE), George Alexandratos, outlines plans for the development of Greece’s shipping cluster
By Antonis Tsimplakis atsimplakis@naftemporiki.gr
“We need to build a comprehensive ecosystem of services around shipping, the so-called ‘Maritime Cluster’”, the new president of the Hellenic Chamber of Shipping (NEE), George Alexandratos, told “N” in an interview while referring to the further development of the Greek shipping cluster.
Mr Alexandratos highlights that a new framework will be developed initially to track the cluster’s performance through indicators (KPIs) “so that we can prove our progress with numbers” in order to make our nation, which has the largest fleet of merchant ships in the world, a measurable figure on an international scale.
In order to make Greece a point of reference for ship shipownership as well as services, strategic partnerships with international bodies, chambers, and organisations will also be pursued. Mr Alexandratos delivers a clear message regarding the main problem of Greek seafarers and the notable shortfall that was seen today: “Greek mariners are a prerequisite for the survival of Greek shipping”. He nevertheless suggests that “we should all focus on what realistic steps can be taken for the benefit of our national shipping, our compatriots, a better life and the good of our country”.
It is true, Mr Alexandratos, that Greek shipping interests own the world’s largest fleet. At the same time, shipping offices in Piraeus and the wider Athens region have established the world’s largest ship management centre. Nevertheless, despite the existing potential, our nation has not yet reached a competitive level of development in its shipping cluster.
“There has always been a Greek shipping cluster. As long as the idea of shipping has been around, that is.
George Alexandratos: “According to the most recent studies, more than 250,000 people are directly and indirectly employed in Greece’s shipping and related sectors”.
However, the official Greek shipping cluster, Maritime Hellas, was founded not long ago by the Union of Greek Shipowners, the Piraeus Chamber of Commerce and Industry, and the Hellenic Chamber of Shipping.
Indeed, there are vibrant clusters in shipping nations like Norway, Japan, the United Kingdom, and others. In comparison to the size of their shipownership, some of these nations have clusters that are excessively huge. They provide services, technology, and goods for international shipping.
I am confident that the Greek shipping cluster will
gain the momentum it deserves year after year, eventually emerging as a leader, at least in the European reality. It goes without saying that there has been a lot of mobility in recent years. Greek-based shipbrokers, insurance brokers, maritime lawyers, marine equipment manufacturers, workshops, academics, and shipbuilders have penetrated the international market. And this trend is rising.
High-tech products, such as software, automation, and desulfurisers, as well as conventional technology such as safety equipment, cables, chains, etc., are competitive and of high quality at an international level and have succeeded in gaining significant market shares. At the same time, the revival of the shipbuilding and repair sector presents optimistic prospects”.
As the new president of the Hellenic Chamber of Shipping, which is one of the co-founders of Maritime Hellas, as you have confided to me, you want to further develop this sector. Can you describe your goals? Specifically, how will Greece develop into a quantifiable international centre for offering services to the shipping industry?
“The goal of all of us, of course mine as well, is to strengthen this initiative and expand it.
Our country has a unique advantage: its maritime heritage and the largest fleet in the world. But this alone is not enough. We need to build a comprehensive service ecosystem around shipping – the so-called “Maritime Cluster”. How can we achieve this? By supporting and developing sectors such as:
Our ports, which can function as logistics gateways and know-how hubs.
Shipyards require a redesign that incorporates ad-
vanced technology and green infrastructure.
Third-party management companies, which can attract international clients.
Equipment manufacturers can become competitive if they receive appropriate support.
Marine tourism and marinas, which offer huge revenue and branding potential.
In this context, I would like to present the strategic axes that we plan to develop:
1. Certification and Statistical Recording: Creating a new framework for monitoring cluster performance through indicators (KPIs) so that we can demonstrate our progress with numbers.
2. Internationalisation & Alliances: Seeking strategic alliances with international bodies, chambers, and organisations to make Greece a point of reference not just for ship ownership but also for services”.
Have you considered which scientific or technical studies can lead to a professional career in shipping? What is the employment rate in the sector, and what is the potential for growth?
“The rapid development of new technologies and systems requires the appropriate staffing of ships and management companies. Who could have imagined two decades ago that shipping would employ experts in cybersecurity, complex electronic systems, ESG, LNG/LPG carrier specialities, GDPR, and various inspections and procedures? Modern shipping requires a wide range of specialised executives with the necessary knowledge and soft skills to function effectively. Regardless of their studies, anyone who loves the sea and shipping can get involved. According to the most recent studies, shipping and related industries in Greece employ over 250,000 people directly and indirectly, with the potential to exceed 350,000 in the coming years if the appropriate policies are introduced.
To achieve this, here are some ideas:
Bridging the market with education, with more internships, professional programmes and specialised certifications.
Promoting awareness in schools and universities about new careers in shipping – not only at sea, but also on land.
We are creating regional maritime innovation hubs in cities with a tradition in shipping in order to keep talent in Greece. My dream is for each prefecture to have its own shipping ambassadors, as long as we all use the same objective and true language about shipping opportunities”.
Maritime education and recruiting young people to the maritime profession is a distinct category. It is a major concern for Greek and international
“A shortage of seafarers is indeed a global phenomenon. According to research by the International Chamber of Shipping, this comes to some 90,000 officers, corresponding to 10% of the needs of the world fleet”.
shipping. International authorities have long issued an alarm about the huge human resource shortages that could occur in the following years. What is NEE’s proposal?
“Regretfully—and this is not surprising—very few Greeks are aware of the opportunities that the maritime industry offers. Indeed, the lack of seafarers is a worldwide issue. A survey conducted by the International Chamber of Shipping (ICS) found that there is a 90,000 officer deficit, which accounts for 10 percent of the global fleet’s requirements.
In addition to publishing an informational pamphlet that will be distributed to some 300,000 youths in schools, the NEE also shares short videos of seafarers from various specialities on social media, which are wellliked by young people. The Ministry of Maritime Affairs and other organisations have also taken similar action. I also feel more hopeful and confident for the day ahead since this issue is a top priority for the Union of Greek Shipowners and its president, Mrs Melina Travlou, whom I thank for all of our excellent cooperation.
The survival of Greek shipping depends on Greek seafarers. In the hypothetical scenario that Greek-managed ships were staffed exclusively by Greek officers, the additional foreign exchange that would flow into the country would be 4.5 billion euros annually.
We no longer need to waste time on discussions about what went wrong but rather focus on the realistic steps that can be taken for the benefit of our national shipping, our compatriots,a better life, and our country in general”.
The renewal of the nation’s coastal shipping fleet is a matter that the Hellenic Maritime Chamber has taken very seriously. Despite the fact that a relevant study has already been carried out, no steps seem
to have been taken, at least for the time being, even though the fleet’s green transition timeframe is narrowing. What is your position on that issue as the state’s institutional advisor?
“In 2017, the NEE, under the chairmanship of Dr. Georgios Pateras (whom I would like to take this opportunity to thank for the cooperation we had and his contribution), took the initiative to renew the coastal shipping fleet, commissioning studies from recognised organisations, which we made available to state bodies.
At the same time, we collaborated on the development of a financing and regulatory framework. There is some progress considering the lack of infrastructure (e.g., electric power/charging, port facilities) and finding the appropriate sustainable technical solutions, such as fuel type, technology, fuel availability, distribution network, cost, financing, etc.
The green transition will take time. However, a significant number of ships currently being built will be fitted with systems that can reduce greenhouse gas emissions.
I should note that Greek shipping companies have placed a significant portion of these ship orders.
It appears that the Carbon Capture Storage System (CCS), which can be installed on existing ships using oil, has an advantage, provided that issue regarding the removal and storage of residues is resolved.
For short-haul ships, electric charging is a possible option, as is hydrogen for certain types of ships”.
As president of the Hellenic Chamber of Shipping and a member of the Greek shipping industry, what is your opinion regarding the regional policies being developed for the green transition of shipping, especially at the EU level? How much do regional measures affect the competitiveness of the European fleet?
“In shipping, the necessary regulations are of a worldwide scope, introduced by the IMO to ensure fair competition. Timetable realism is also needed so that the green transition does not turn into a missed opportunity. Shipping regulations certainly affect competitiveness, not only for the European fleet but mainly for the European Union economy.
A single atmosphere and interacting seas cover the planet, where shipping operates.
Therefore, implementing regional measures cannot make climate policy formulation effective.
I believe that there will be revisions as the measures’ economic effects on the nations’ economies become apparent. In any case, the quality European fleet, particularly the Greek fleet, which accounts for 60 percent of the total European fleet, is adaptable and flexible. Shipping businesses choose course and speed when there is a “storm”, just like ships do in bad weather”.
Greece’s $18bln growth opportunity
McKinsey & Company partner Apostolos Zampelas tells "N" about the financial and social footprint of Greece’s ocean-going shipping, recommending several initiatives for the industry’s continued growth to maintain its leading position in the global arena
By Antonis Tsimplakis atsimplakis@naftemporiki.gr
Greece’s shipping industry has the potential to enhance the nation’s economy by $4 billion annually, expanding the supremacy of Greek ocean-going shipping while also creating thousands of jobs, according to a study conducted by McKinsey & Company in collaboration with the Union of Greek Shipowners (UGS).
The study shows that ocean-going shipping and the activities it supports (investment and social contributions) currently contribute approximately 14 billion dollars to the Greek economy annually, with significant room for further growth. Apostolos Zampelas, Partner at McKinsey & Company and one of the study's key authors, proposes three pillars of interventions that might raise shipping's contribution to the Greek economy by 18 billion euros. These include fleet management services (shipmanagement), the broader shipping cluster, and maritime education, which could increase the number of Greek seafarers and their employment opportunities.
According to a recent McKinsey & Company study, Greece’s ocean-going shipping is comparable to Germany's automotive industry.
“Ocean-going shipping is indeed an important pillar of the Greek economy, much like the automobile industry in Germany or the watchmaking industry in Switzerland. Greece, which accounts for less than
0.3% of world GDP, controls nearly 20% of global ocean-going shipping, indicating its dominance in the international shipping business. The success of Greek
ocean-going shipping can be attributed to several factors, including the country's long tradition, technological expertise, the business acumen of its shipowners, and its strategic geographical location. The sector's revenues are nearly completely derived from foreign activity, with an average projected turnover of $40 billion to $50 billion each year, depending on market conditions. It is Greece's largest and most extroverted economic sector, trailing only transportation, real estate, tourism, and retail, all of which rely on the domestic market for revenue.
At the same time, with a strong presence in international financial markets, counting over 20 listed companies on foreign stock exchanges and a total capitalisation that currently exceeds 9 billion dollars, Greek shipping Greek shipping demonstrates its worldwide potential.
Equally important is its contribution to the domestic economy, which has a $14 billion economic footprint and supports about 150,000 highly trained and well-paid job positions in the broader maritime ecosystem as well as other important sectors of the domestic economy. In fact, it is estimated that Greek shipowners reinvest approximately $1.4 billion annually in other sectors of the Greek economy, such as real estate, energy, tourism or sports, while also providing significant funds estimated to exceed $400 million annually in social solidarity actions”.
Apostolos Zampelas: “Ocean-going shipping is indeed an important pillar of the Greek economy, much like the automobile industry in Germany or the watchmaking industry in Switzerland”.
Let's look at the specific actions proposed by McKinsey to see how this margin for a $4 billion increase in the economic footprint came about.
“In an ever-changing environment driven by geopolitical dynamics, energy transition, and digitalisation, Greek seagoing shipping must evolve and adapt in order to preserve its global leadership and strengthen its contribution to the Greek economy. In this regard, the McKinsey & Company study highlights several interventions that could significantly contribute not only to maintaining but also to strengthening its position, increasing the sector's domestic footprint by 3 billion dollars to 4 billion dollars per year, a 20%-30% increase over current levels. We can distinguish these interventions at three levels: fleet management, further strengthening the maritime cluster, and an emphasis on maritime education, with the aim of increasing the number of Greek seafarers”.
Greece is already an established shipping power, with a significantly developed fleet management services sector. What additional measures do you believe we can implement in this field?
“Greece is indeed a strong maritime power and therefore can exploit more opportunities that will allow the sector to maintain its competitiveness worldwide and ensure the long-term sustainability of
Greek shipping.
One step in this direction would be an effort to bolster Greece's status as an international ship management hub. Currently, Athens is already the world's largest ship management centre, handling almost 5,000 ships. However, Greek ship ownership accounts for 90 percent of the fleet, with the remaining 10 percent, or 500 ships, controlled by foreigners.
At the same time, there are shipping centres that manage a clearly greater international portfolio. One example is Singapore and Hong Kong, where more than 70 percent of the ships controlled by maritime corporations are from other countries. The corresponding rate in Germany, a vibrant fleet management hub with extensive engineering support expertise, is 65 percent in German-owned ships and 35 percent foreign-owned ships.
Creating a larger fleet management ecosystem in Greece by improving the business environment, digitising docking processes, and promoting maritime technology could attract more ships, both Greek and foreign. This initiative alone could boost the sector's
economic footprint in the domestic economy by $100 to $200 million”.
It seems that this is a move that could have an impact on the entire shipping cluster.
“That is correct. Further strengthening the ecosystem of shipping fleet management companies is a strategic move that will propel the entire shipping cluster into a new growth cycle, as our study estimates an increase in the shipping cluster's economic impact of $1.9 billion, coming primarily from the repair sector and technology companies”.
Which areas of the shipping cluster present the greatest potential for growth?
“In our study, we explore opportunities in areas ranging from services and financing to repairs and the registration of more ships under the Greek flag. Starting with services, an increase in the number of ships managed in Greece would create incentives for shipping companies to collaborate with local service providers, such as lawyers, brokers and other professionals. Such a development could enhance the economic impact of Greek shipping on the national GDP by $100 million, while the impact of attracting international insurance providers to the Greek market is estimated to be an additional $100 million.
The scope for interventions in the shipping cluster
The economic impact of the shipping cluster could increase by $1.9 billion.
Creating a larger fleet management ecosystem in Greece, according to Apostolos Zampelas, could boost the sector's economic footprint in the domestic economy by $100 to $200 million.
also includes proposals related to providing incentives for more ship registrations under the Greek flag. This area could generate an additional $100 million to Greece’s GDP, with moves related to simplifying and accelerating ship registration procedures, as well as the flexibility of their management thereafter.
In such a scenario, Greek banks can capitalise on the newfound momentum by expanding financing to maritime businesses and broadening their product offerings in the realm of flexible and "green" financing. We expect this new deal to moderately impact Greece's GDP by $200 to $300 million.
Increasing the capacity of Greek shipyards, combined with the adoption of existing digital solutions, adds to McKinsey's ideas, with the move expected to boost the Greek economy by $500 million to $800 million. This will allow for the absorption of labour from Greece and neighbouring countries while also reinforcing the industry with specialised workers, hence strengthening the country's standing in the global maritime community. The following plans have an estimated impact of $1.3 billion, and there are two more areas: cluster-related technologies and marine education and employment”.
How can we advance naval technology, and what is Greece's potential in this field?
“Supporting startups and investment funds focused on shipping, combined with a friendly environment for innovation, can transform Greece into a maritime technology hub.
Maritime technology is an area that could further drive the industry’s growth, which is also linked to the need for its digital transformation. Technological developments are changing many areas of shipping, such as ship design, repairs and strategic fleet positioning. In fact, venture capital is already exploring investment opportunities in the field of maritime technology, looking to invest in solutions that could be patented. There is therefore a growing activity in this sector, with significant potential for Greece. So far, approximately 2.0 percent of the world’s maritime technology startups have been founded in Greece. Given the country’s deep maritime roots and the specialisation that characterises the sector, the technology sector, as we are discussing it, could be a major area for further
strengthening, a move that could generate an additional $500 to $600 million in Greece’s GDP”.
The final pillar pertains to education. What are the preconditions and the needs in this area, and what impact do they have?
"An in-depth review of the amount of $4 billion that we examine in the study reveals that about 50 percent of this economic boost is achieved through the training and employment of Greek seafarers.
According to the findings, increasing the number of Greek seafarers, and especially high-ranking officials serving on Greek-owned ships, could boost the country's GDP by $1.9 to $2.1 billion annually, with direct and indirect positive effects on both employment and regional development.
This move concerns an increase in the number of Greek officers to 40 percent or 50 percent of the crews serving on Greek-owned ships. To achieve this goal, approximately 8,000 to 9,000 new Greek seafarers will be needed, which in turn could support the creation of 20,000 to 25,000 additional jobs in the Greek economy.
However, the domestic supply of seafarers is steadily declining. According to the study, Greek seafarers working on ocean-going vessels of Greek interests are limited to approximately 18,000, out of a total of crew members exceeding 200,000 on these vessels. The implementation of this growth perspective involves not just numerical considerations but primarily requires strategic interventions on two levels: (a) upgrading maritime education and (b) changing attitudes towards maritime professions.
To address the first requirement, i.e., to upgrade maritime education, reforms are needed in the curricula of Merchant Marine Academies so that they reflect the sector’s modern requirements, while maritime schools should also be upgraded so that they can compete with the leading institutions abroad. The second requirement can be achieved by getting young people interested in shipping again by adding maritime jobs to school career programs, improving maritime courses in vocational secondary schools (EPAL), and organising student trips to ships and shipyards, which can help young people connect with the shipping industry”.
bln dollars annual revenues from ocean-going shipping
ships managed by Athens, which makes it the largest management centre in the world
Greek seafarers employed on ocean-going ships of Greek interests
of global ocean shipping is controlled by Greece
bln dollars capitalisation of shipping companies listed on foreign stock exchanges
Piraeus’ remarkable resilience in an unstable geoeconomic setting
Su Xudong, CEO of the Piraeus Port Authority, tells “N” about the strategies shaping the future of the country’s largest port in the sectors of cruises, coastal shipping, and freight transport
By Paris Tsirigotis ptsirigotis@naftemporiki.gr
PPA’s partnerships with global players, such as Cosco Shipping, strengthen the port’s international network, which operates vertically integrated and multifunctionally, with unified management of cargo, coastal shipping, cruises, and shipbuilding and repair, CEO of the Piraeus Port Authority S.A. (PPA) Su Xudong told “N” in an interview.
According to the CEO of PPA, significant projects, including the improvement of container Pier I, the comprehensive expansion of the Car Handling Station, and the subterranean link to the former ODDY (Public Material Management Organisation) site, all add to the port’s operational flexibility and efficiency.
Additionally, he notes that the Southern Expansion of the Cruise Passenger Port is a strategic investment that is anticipated to transform the Mediterranean’s marine tourism landscape. He highlights that the safety of employees and passengers has always been the highest priority for PPA, while noting that investing in human resources is a strategic choice for the company, as a substantial portion of its workforce is from nearby areas.
What strategies do you have for further developing the Port of Piraeus in the coming years, specifically in the cruise, coastal shipping, and freight transport sectors?
“Today, both domestically and globally, Piraeus is a major player in maritime trade and tourism. This dynamic is coincidental; it is the outcome of a strategy that is consistently carried out and combines long-
term investment in technology, infrastructure, and human resources with vision and consistency.
In full alignment with national priorities, PPA aims to maintain the public benefit, emphasising environmental sustainability, infrastructure resilience and connections to market needs, which are constantly evolving.
With a consistent rise in the homeporting rate, Piraeus has already cemented its status as a significant port for major cruise lines. The year 2024 was a milestone with a record-breaking number of guests. This development is not a coincidence; rather, it is
the outcome of the company’s careful planning and targeted partnerships.
Furthermore, the continuous increase in passenger and vehicle transport in the coastal shipping sector, along with the continuous improvement of infrastructure, clearly reflects the importance of the Port of Piraeus for the daily life of citizens and the interconnection of the islands with the mainland.
In freight transport, Piraeus has demonstrated remarkable resilience in an unstable geo-economic environment. Despite international turmoil—such as the pandemic and the recent crisis in the Red Sea— the port has maintained its growth momentum.
Our goal is clear: to maintain and improve the high positions we have achieved globally in all business sectors”.
Which investments do you consider most critical for the future of the port, and how will they enhance its competitiveness?
“The investments currently being launched by PPA are long-term in scope. Their common denominator is competitiveness, which is based on the triptych: technological modernisation, sustainability and diversification.
In the cruise sector, a strategic investment implemented for the Southern Expansion of the Passenger Port is expected to change the map of maritime tourism in the Mediterranean. The construction of two new piers, capable of accommodating new-generation ships up to 400 metres long and with a capacity of 7,000 passengers, makes Piraeus a first-class homeport.
Su Xudong: The investments currently underway by PPA are of a long-term scope.
The new infrastructure’s operation is anticipated to boost the country’s economy by attracting more tourists while also fortifying ties with the Greek market and small and medium-sized businesses, providing a substantial boost to the region’s added value.
Additionally, major projects, such as an underground connection to the former ODDY site and a comprehensive expansion of the Car Handling Station, as well as the upgrade of Container Pier I, contribute to operational flexibility and efficiency.
In addition to the aforementioned projects, a substantial upgrade of the Perama Shipbuilding and Repair Zone stands out. With interventions in technical infrastructure and enhancement of production capacity, the Zone is strengthening its role in the Greek shipping industry and at the same time contributing to the maintenance and enhancement of employment in a sector with a long tradition in the country.
Also of key importance is the dredging of the central port—a project that combines navigation safety with respect for the environment.
This specific project aims to maintain the operational depth of the port, ensuring the safe entry and exit of ships. At the same time, the project, in full compliance with environmental legislation, contributes substantially to the protection of marine biodiversity, prevention of pollution and improvement of water quality”.
PPA is consistently investing in technology, efficiency, green transition and transparency in governance.
In what ways do you handle competition from other ports in the Mediterranean region?
“Our strategy leverages the comparative advantages of the Port of Piraeus: its geographical location, connectivity with other means of transport, developed infrastructure, operational readiness and experience in managing complex flows. We are consistently investing in technology, efficiency, a green transition, and transparency in governance.
Our partnerships with global players enhance the port’s international network, while our participation in projects such as “Climedports” and “Arsinoe” supports the sustainability and resilience of Piraeus.
Piraeus operates as a vertically integrated, multifunctional port with unified management of cargo, coastal shipping, cruises, and ship repair. Our infrastructure, i.e., deep-draught piers, international standard cruise terminals, and modern loading and unloading facilities, offers flexibility and enhances our international competitiveness.
In 2024, we achieved historically high revenues, as
well as net profits and the largest dividend distribution in the company’s history, demonstrating the dynamics and stability of our business model, even in a fluid and demanding environment”.
What are the initiatives you have taken regarding environmental protection and achieving sustainable development of the port? Are there any actions to reduce the port’s energy footprint and enhance the use of renewable energy sources?
“An essential component of our business planning is PPA’s environmental policy. For us, sustainability is a strategic decision rather than merely a duty. Piraeus, with its Eco Port designation and ISO 14001, ISO 50001, and PERS certifications, is the largest port in the Mediterranean and demonstrates our dedication to methodical environmental management.
Through the “Ealing” and “Ciport” initiatives, we are putting ship electrification infrastructure into place.
We are also investing in the installation of photovoltaic systems and improving waste management systems. We link all of this with plans for pollution prevention and ongoing environmental monitoring.
To make the shift to a low-emission, energy-efficient, and technologically advanced port, the corporation actively participates in European co-funded projects”.
“Piraeus today plays a leading role in maritime trade and tourism, not only regionally but also internationally”.
Security has always been the top priority
The Minister of Maritime Affairs and Insular Policy, Vassilis Kikilias, has made safety one of the top priorities. What measures are being taken to improve safety for both workers and passengers?
“The safety of employees and passengers has always been our top priority. We implement a certified Port Security System, fully aligned with the requirements of the International Ship and Port Facility Code (ISPS), while we systematically invest in upgrading our infrastructure with cutting-edge technologies. We have high-tech access control systems, such as X-ray scanners, a network of CCTV cameras, and complete perimeter security control, which ensure constant surveillance and risk prevention.
We organise regular preparedness exercises and training programmes for staff to ensure operational readiness and effective management of any potential crisis. At the same time, we are pursuing technical interventions that enhance the safety of the facilities, such as upgrading lighting with energy-efficient LEDs, redesigning access points, and optimising internal traffic in the terminals.
We prioritise employee health and safety policies because they incorporate best practises and promote a high level of protection and care in the
workplace. We prioritise employee health and safety policies because they incorporate best practises and promote a high level of protection and care in the workplace.
Our approach is holistic, focusing on both prevention and continuous improvement. Annual sustainability reports accurately and transparently record our performance, including measurable indicators that increase accountability and stakeholder trust.”
What initiatives are you taking to enhance passenger services, and do you have any plans to upgrade the port’s infrastructure?
Investing in human resources is PPA’s strategic choice and the foundation of sustainable
development.
“The infrastructure is being upgraded on a constant and multi-level basis. The Port of Piraeus was distinguished in 2024 as “Ferry Shipping Port of the Year” and remains the largest passenger port in Europe, with approximately 19 million passengers. We are implementing targeted investments to upgrade passenger terminals, both in the cruise and coastal shipping sectors. The interventions focus on safety, accessibility and functionality, with the aim of improving the overall passenger experience. In fact, within the framework of our company’s broader strategic plan, we recently completed a series of major interventions aimed at improving safety and service at the Passenger Port. We renovated infrastructure, installed covered waiting areas and seats, and proceeded with
the installation of smart parking systems while also strengthening security measures.
Our cooperation with the Ministry of Maritime Affairs and Insular Policy has been decisive, reflecting our shared commitment to continuously upgrading the passenger experience. Every day, thousands of people pass through Europe’s largest passenger port, and we must ensure a quality experience and, primarily, their safety - especially during peak periods”.
What professional development opportunities do you offer to young people in the Piraeus area?
“Investing in human resources is a strategic choice for us and a foundation for sustainable development. A significant percentage of our colleagues come from neighbouring municipalities, as the PPA is one of the largest employers in the wider region. Through partnerships with higher education institutions, we strengthen the Organisation’s connection with the academic community and the new generation. On a regular basis, we host students and pupils from educational institutions in Greece and abroad, and we extensively present the Organisation’s activities and offer guided tours of the port facilities.
At the same time, PPA actively participates in educational and professional forums and events aimed at the new generation, strengthening the connection with the labour market and the port of the future.
PPA provides a stable working environment and social benefits and emphasises the upgrading of the digital and technical skills of young employees through targeted educational programmes, with the aim of creating a modern, competitive port that functions as a hub of development and opportunities for the new generation”.
“Despite international turmoil, such as the pandemic and the recent crisis in the Red Sea, the port maintains its growth momentum”.
“The investment being implemented through the Southern Expansion of the Cruise Passenger Port is expected to change the Mediterranean’s tourism landscape”, says the CEO of PPA.
Greece’s dynamics as a shipping centre
Business model diversification and quality human resources of Greek-owned shipping companies are the two dominant factors which create conditions for further development of Greece as a maritime cluster
Ioannis
Theotokas Professor of Management of Shipping Companies, Department Chair, Department of Maritime Studies, University of Piraeus
For decades, the dynamic growth of Greek shipping enterprises has made the greater Athens-Piraeus area the foundation of an equally actively developing shipping and maritime cluster.
As shown by research, domestic demand is a major driver contributing to the growth of firms active in a cluster. As a result, the domestic demand generated by shipping firms is one of the factors promoting such development, while shipping businesses gain from the cluster and its businesses’ growth.
At the same time, domestic demand serves as the foundation for variables such as innovation, which further enhance the cluster’s firms’ competitive advantage in overseas markets. This finding is supported by the recent establishment of several new enterprises in Greece that have gained a competitive edge, particularly in the sector of new technologies. Strong and competitive firms in the shipping cluster create additional conditions for the competitiveness of shipping enterprises that draw products and services from them.
The business model
In all previous years, the above conditions were favoured by the dominant business model of Greek shipping companies. An integral element of the strategy and organisation in this model has been the focus on cost control through the internal development of all the company’s operations and the exploitation of the advantages offered by operating from the country’s shipping centre.
Obviously, the reference to the business model should also include a number of other factors that lead to the selection and implementation of strategic and operational decisions of each shipping company,
Recently, there has been a trend towards the establishment of agency offices in Athens and Piraeus by shipping companies that are not connected to Greek interests.
such as the ownership structure, corporate strategy, and the scope of activities. For the purposes of this analysis, however, the focus is on the field of organising companies’ operations.
Recently, there has been a trend towards the relocation or establishment of agency offices in Greece by shipping companies that are not linked to Greek interests. These companies hold a dominant position in their industry and prefer to be close to their potential clients, either as ship charterers or as ship managers.
This trend further boosts the Greek shipping centre’s attractiveness and competitiveness. What are the changes that have led to the emergence of this trend? There are several factors that can provide an answer to this, but two stand out. The first refers to diversifying shipping companies’ business model, while the second refers to quality human resources.
Differentiating factors
We have argued on other occasions that the business model of the younger generation of Greek shipowners has been constantly diversifying in recent years. One of the differentiating factors is the approach to organising shipping operations and the choice between internal development and outsourcing.
That is the choice between developing the organisation of the company so that all its operations are implemented by its executives and the assignment of specific functions to independent ship management companies through the strategy of outsourcing. This differentiation appears with two trends:
The first trend refers to the decision to outsource business operations to independent management companies.
The second refers to treating outsourcing as a condition that creates opportunities for business activity, such as joint ventures with already established companies or new businesses that aim to attract customers from Greek-owned and international shipping.
Greek-owned shipping is considered an ideal market for implementing a market penetration strategy for those companies already active in Athens and Piraeus or for implementing a market development strategy for those who wish to create a business base here to enter the Greek market but also to tap into the advantages that our country offers in the field of shipping management, such as access to know-how and quality human resources, to make their services attractive in other shipping markets.
Attracting third-party managers
Considering the factors mentioned above, we should anticipate that new companies will enter the market soon, which will likely lead to intense competition for market con-
trol between established third-party managers and new entrants. This could potentially encourage more Greek shipping companies to embrace the outsourcing approach.
The shift in the business model largely explains the appeal and expansion of third-party managers. However, this alone does not clarify why large shipping corporations have opted to set up agency offices in our country using an internal organisation approach. This is where the human resource component comes into play.
Quality human resources
Quality human resources have played a significant role in the growth of Greek shipping enterprises and the Greek shipping cluster. The presence of quality human resources fosters the reproduction and extension of our country’s shipping know-how, and it is a factor that draws new shipping businesses to establish operations in Greece. In the global shipping industry’s talent war, Greek shipping companies benefit from their access to this quality aspect of production that determines competitiveness.
However, this component did not arise as a result of a miracle. Universities established this component through a concerted effort and a dynamic interaction with the
shipping industry. Scientific executives trained in Greek universities and polytechnics gain a combination of top scientific knowledge and, during their studies, come into contact with high-value practical knowledge as well as the culture that characterises the shipping industry thanks to institutions that educational establishments themselves implement and are increasingly supported by shipping companies.
This dynamic interaction with the shipping industry also explains why there are many employment opportunities available to graduates abroad.
Investing in growth
Many studies have found that support for
the development of strong educational and research structures is one of the most important variables influencing a shipping centre’s competitiveness and attractiveness. As a result, such systems attract enterprises and organisations that depend on access to the human resources that these structures generate. Namely, the evidence confirms that the state’s investment in education, which is sadly not always what it should be, is an investment in the dynamic development of shipping.
At the same time, increased support and connection between educational institutions and maritime companies and organisations create the conditions for mutually beneficial relationships for both the educational institutions themselves and the Greek maritime centre’s businesses and organisations of the business model they implement.
To summarise, the shifting business model of Greek-owned shipping enterprises, as well as the availability of quality human resources, create conditions for the shipping centre’s further growth. The dynamic interaction framework between shipping activity and education promotes the renewal and advancement of ship management knowledge, as well as the enhancement of innovation.
The framework of the dynamic interaction between university education and maritime activity enhances ship management know-how and innovation.
Greek-owned shipping is considered an ideal market for the implementation of a penetration strategy by companies already active in Athens and Piraeus or for the implementation of a growth strategy by companies wishing to tap into the shipping management advantages offered by Greece.
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Skaramangas Shipyards’ new and dynamic route on the global shipbuilding map
Vice President and CEO Miltiadis Varvitsiotis tells “N” about the strategy mapped out by the management of the Mediterranean’s largest shipyard following acquisition by shipowner George Prokopiou
By Paris Tsirigotis ptsirigotis@naftemporiki.gr
“Skaramangas Shipyards is charting a new, dynamic course on the international shipbuilding map, a sector where competition, especially from Asia, is fierce”, vice president and CEO of the shipyard and former minister Miltiadis Varvitsiotis told “N” in an interview. He points out that the administration is drawing up a strategy based on technological specialisation and innovation, with the aim of competing with low-cost mass production but also to stand out in projects of high complexity and defence importance. “We are constantly investing in infrastructure, human resources and new technologies, with the aim of transforming Skaramangas into a centre of excellence in the Mediterranean. At the same time, we emphasise international cooperation and the development of green technologies, responding to modern environmental requirements,” adds Miltiadis Varvitsiotis.
He also adds that strong private investment has been a catalyst for the shipyard’s revival in a Europe that is called upon to shape a new strategy for its shipbuilding self-sufficiency. “With vision, a plan and faith in our capabilities, we are building the future of the Greek and European shipbuilding industries. Investment in innovation and human capital is, for us, the key to success. At the heart of each of our projects lies a commitment to quality, responsibility and sustainable development,” says the CEO of the largest shipyards in the Mediterranean.
What is the strategy of Skaramangas Shipyards in the face of competition from the Mediterranean and Asia?
“Our strategy is based on three axes: technological
Miltiadis Varvitsiotis: Our vision is to make Skaramangas Shipyards a centre of excellence in the Mediterranean, focusing on innovation, quality and environmental sustainability.
specialisation, orientation to highly complex projects and international partnerships with an emphasis on the defence sector. We cannot – and should not – compete with Asian shipyards at the level of low-cost, mass commercial shipbuilding. In Greece, especially at Skaramangas Shipyards, we have the human resources and necessary know-how to offer solutions in special shipbuilding and repair: warships, LNG carriers, green technology retrofits, and modern large-scale repairs. At the same time, we have a large dock in operation, capable of accommodating
ships up to suezmax, which gives us a commercial comparative advantage. At the same time, with the planned activation of the shipyard’s second tank, the largest in the Mediterranean (422m x 75m), we will have the opportunity to participate in mega projects and repairs of energy transport ships and oversized units, which will contribute decisively to the competitiveness of the Skaramangas Shipyards within the context of the shipbuilding and repair activity of the Mediterranean region”.
What do you consider the key advantages of Asian shipyards that make them so competitive?
“Asian shipyards, especially in China, South Korea and Japan, combine huge state subsidies, economies of scale, flexible workforces and vertical integration of production. Chinese shipbuilding groups have everything, from steel mills to their own electronic systems providers, while Korean and Japanese shipyards have been investing for decades in automation and R&D, a model that refers to shipbuilding units or organisations that focus on research and development of new technologies, methods, and designs in the field of shipbuilding. The EU – and Greece – cannot reproduce this model. However, we can specialise in fields such as the building of warships, ship conversion to implement environmentally friendly technologies that significantly reduce emissions, and high-precision repairs and customised solutions. These are our areas of competitive advantage”.
Do you believe that the European Union sufficiently supports the shipbuilding sector to retain its competitiveness?
“The answer is no! Not at least at the level required by today’s geopolitical competition. Asian countries use their shipbuilding and repair industry as an arm of national strategy. The EU still functions more as a regulator than as a strategic investor. The European Defence Industrial Development Programme (EDIDP) and the small progress towards the European Defence Fund (EDF) are steps in the right direction, but they are just not enough. If Europe wants strategic autonomy in defence, it should finance the co-production of warships, bolster supply chains and create incentives for investment in technology and human resources. Let us not forget that the EU itself, with its decisions from time to time, essentially has dramatically shrunk the shipbuilding sector.
In 2000, 57 percent of ships were built in Europe, while in 2025 this rate dropped to 5.0 percent. The exclusion from European funding and strict state aid policies aimed at strengthening domestic competition irreparably damaged the sector to the benefit of the Asian shipbuilding industry”.
Would it be possible – or even necessary – to
Investing in innovation and human capital is, for us, the key to success.
create a single European framework for the protection and/or strengthening of shipyards?
“This is absolutely necessary and completely feasible, as long as there is political will. Already, in France, Italy and Spain we see cases of state intervention and protection of shipyards within a European framework, especially through joint ventures such as Naviris (Naval Group - Fincantieri collaboration). This new shipbuilding map should not exclude Greece.
The establishment of a new platform, which would create a European alliance with common standards, facilitate the sharing of know-how, and implement mutual certification programmes for subcontractors, could foster growth in the sector. This would provide critical mass and reduce the fragmentation of the European market”.
Can you expound on the current situation of Skar-
“At Skaramangas Shipyards, we are planning new investments for the further development of the merchant ship repair units while also proceeding with the revival of the warship and submarine building units,” Miltiadis Varvitsiotis tells “N”.
amangas Shipyards and the vision for the future?
“Skaramangas Shipyards has recorded significant activity, welcoming more than 49 ships for repairs since February 2024, including suezmax tankers, aframax , container ships and mega yachts.
Our vision is to make Skaramangas Shipyards a centre of excellence in the Mediterranean, focussing on innovation, quality, and environmental sustainability by offering the shipping community reliable services and products at completely competitive prices. There are plans for further investments that include:
Infrastructure upgrade: Continuation of work to modernise and upgrade the shipyard’s facilities and E/M equipment.
Expansion of activities: Further development of the merchant ship repair units by becoming active in the repair sector of liquefied gas carriers (LNG carriers) and warships. At the same time, we are proceeding with the revival of the warship and submarine construction unit to support the goals and needs of the National Defence and we are also examining the design and construction of unmanned vessels.
Increase in human resources: Recruitment of staff at all levels to support increased activity.”
Rapid upgrade after acquisition by Mr Prokopiou
What is Skaramangas Shipyards’ ranking on the international shipbuilding map today?
“Skaramangas Shipyards, following its acquisition by Mr George Prokopiou, has been repositioned on the international shipbuilding map. The reopening of the shipyard’s commercial activity after approximately 15 years of complete interruption and the upgrade of Dock-4, allowed the servicing of larger ships, such as suezmax tankers, bolstering the shipyards’ position in the Mediterranean and attracting international customers”.
What do you think of the role of private investment in the development of the shipyard?
“Private investments have played a decisive role in the regeneration of Skaramangas Shipyards. The acquisition and investment by Mr. Prokopiou led to the modernisation of the infrastructure and the restoration of the shipyard’s functionality. The private initiative allowed the rapid implementation of infrastructure upgrade projects and the attraction of new customers, contributing to the competitiveness of the shipyard”.
Have you targeted specific collaborations with international or domestic partners?
“Yes, indeed, Skaramangas Shipyards has initiated collaborations with international and domestic partners. We are currently in consultation with all the major shipyards in Europe regarding different programmes. Only after successful negotiations can we make announcements about these collaborations. As for the domestic market, we are in close collaboration with both marine equipment manufacturers and specialised contractors, with whom we have already developed a close relationship. At Skaramangas Shipyards, we have set as our main goal the overall development of the country’s shipbuilding and repair industry, seeking to add jobs rather than take jobs away from others”.
What role do innovation and technology play in contemporary shipyards?
“Innovation and technology are key pillars of the strategy of Skaramangas Shipyards. An agreement has been signed for the development of a maritime innovation centre, aiming to promote advanced technologies, such as autonomous and unmanned vessels. Investing in cutting-edge technologies enhances the competitiveness and ability of the shipyard to meet the modern requirements of the shipbuilding industry. However, we are also waiting for the appropriate
financial tools from the government to strengthen these investments”.
The acquisition and investment made by Mr Prokopiou have played a decisive role in the revival of Skaramangas Shipyards.
What is your policy for attracting and retaining qualified personnel?
“Attracting and retaining specialised personnel is a priority for Skaramangas Shipyards. Today, our young people have not realised and do not utilise the possibilities that exist in the technological sector, particularly in the shipbuilding industry. Thus, the offered potential is not sufficient to meet the ever-growing needs of the industry. We create working conditions that encourage employees to stay, such as stable competitive salaries, private insurance benefits and a safe working environment”.
Are there any training programmes for young technicians and engineers?
“We have not yet organised such a department. We are in the phase of searching for a suitable partner to proceed with the development of training programmes for young technicians and engineers in collaboration with educational institutions and technical schools. These programmes will include theoretical education and practical training, with the aim of acquiring the necessary experiences and skills necessary for work in the shipyard”.
What action do you take to address environmental challenges in the shipbuilding sector?
“Skaramangas Shipyards places particular emphasis on environmental protection. By fully implementing the ISO 14001:2015 standard, we have adopted environmentally friendly practices, such as waste management and the use of materials with a low environmental footprint.
We only apply the water blasting process, while, if required, sandblasting is only done in specially sheltered and environmentally controlled areas to avoid atmospheric pollution. You will not see dust clouds at the shipyard like elsewhere. In addition, we have established monitoring and control procedures to ensure compliance with the requirements of environmental legislation”.
Do you have any plans to adopt green technologies?
“Yes, we do. Skaramangas Shipyards is planning to adopt green technologies, with the aim of reducing the environmental footprint and promoting sustainable shipbuilding. In addition to what I said earlier, we aim to gradually rationalise our energy needs through the replacement of the electric lighting system and the modernisation of the facility’s electrical equipment. Simultaneously, we are considering installing renewable energy sources (RES) that will help reduce the electricity needed for the facility’s operation. However, these investments also require institutional protection from the state to provide the possibility of disposing of excess electricity produced to the national power system”.
Mr Varvitsiotis (R) says the acquisition of Skaramangas Shipyards by Mr Prokopiou (L) and the facility’s subsequent reopening following a period of about 15 years of total shutdown strengthened the firm’s position in the Mediterranean and drew in international clients.
Our Heritage Lives Our Legacy Speaks
The meeting point for the Greeks of Black Sea (Pontus Euxinus), Asia Minor, Constantinople, Cappadocia, Ionia & the Hellenism of Diaspora
History – Culture – Communities
Syros and Elefsina shipyards rising up to int’l competition
ONEX President Panos Xenokostas tells “N” about the growth prospects, implemented and new investments, dealing with trade wars and geopolitical tension challenges, and recommending a single institutional framework for the sector
By Paris Tsirigotis ptsirigotis@naftemporiki.gr
Expounding on the further development and growth prospects of Greece’s two major shipyards, ONEX president Panos Xenokostas told “N” in an interview that “the two shipyards in Syros and Elefsina are now in full operation as they have been upgraded by major investments valued at more than 130 million euros”. He underlined that despite the US-China trade war, the two Greek shipyards have responded well to market challenges.
Mr Xenokostas outlines that the deal for the building of Greece’s first commercial coastal vessel is proceeding normally, while the shipyards expect the development of a planned tugboat building line. At the same time, he proposed the establishment of a single institutional framework for the operation of shipyards in close collaboration with the government and relevant ministries.
What are the two shipyards’ strategic priorities for the coming years and their existing personnel numbers and infrastructure?
“ONEX Shipyards in Syros and Elefsina are in full operation and have been upgraded through major investments valued at more than 130 million euros.
On Syros island, the shipyard services some 80 to 120 ships annually, while direct and indirect jobs have increased from 180 to 550.
In the Elefsina site, we brought a shipyard back into operation, whose debts neared half a billion euros, creating over 1,500 jobs, equivalent to those on Syros. In comparison to previous years, repair activity has grown by 250%.
Our strategic priorities focus on enhancing com-
petitiveness and sustainability, including increasing conversions -scrubbers, retrofits- and building complete ships, as well as a new tugboat building line. We
also focus on additional investments in infrastructure and technology -not forgetting that we received the shipyards in scrap condition- and further boosting human resources. Finally, our strategic priorities also focus on the full utilisation of the capabilities of our shipyards, which are fully prepared to undertake shipbuilding of any type of defence ships, including frigates, but also any other type of heavy industry projects, either concerning energy or the country’s critical infrastructure”.
How is your shipyard responding to the growing challenges of international competition following the US-China trade wars, and does expanding to new markets outside the Mediterranean remain among your goals?
“ The US-China trade wars and geopolitical tensions have created an uncertain and competitive environment for the shipbuilding industry.
We have managed to respond to these challenges, maintaining our viability and strengthening our position in the market. Greece’s strategic location, in addition to the specialised personnel and the quality of our services, makes Greek shipyards competitive at an international level, offering lower costs by 10 percent to 15 percent compared to other European shipyards.
Our goal is to diversify our markets and expand to new ones outside of the Mediterranean region by bolstering our international partnerships and leveraging our know-how and capabilities”.
Given the international conditions for reducing gas emissions and environmental impacts, what
Panos Xenokostas: Our goal is for the green transition not to translate into additional costs for the customer, but to be financed through European funds.
initiatives have you adopted for sustainability and green shipping?
“We have adopted various initiatives to reduce our environmental footprint and contribute to the green transition, such as the development of floating offshore wind turbines, the use of alternative fuels, e.g., methanol, the development of waste management systems and the domestic building of ships with green technologies. We are also working on the energy transition through innovative solutions that reduce gas emissions, contributing to the sustainability of shipping”.
You recently announced that you would proceed with an agreement with a coastal shipping company for the construction of a 100-metre-long passenger ferry, fuelled by methanol, as part of the modernisation of the rest of the coastal shipping fleet. What progress has been made in this programme and the tugboat building line?
“This ship will be a model for green coastal shipping, and our deal with the shipping company for its construction is underway.
We also expect the necessary European initiatives in this direction, as our goal is for the green transition not to translate into additional costs for the customer but to be financed through European resources. In the meantime, we are in advanced discussions with the company regarding the technical details and the project schedule.
At the same time, we continue to invest in the development of the tugboat building line. We have already signed agreements with leading companies in the industry, while the shipbuilding programme
Our objective is to diversify our markets and expand to new ones outside of the Mediterranean region, by bolstering our international partnerships.
is progressing normally. The first metal cutting is expected in the following months, and new order contracts will be announced shortly”.
Are you planning any further investments for the shipyard’s maintenance and expansion in the upcoming years?
“We are implementing a new investment programme valued at more than 150 million euros within the framework of the Major Industrial Investment Programme. These include upgrading infrastructure, enhancing productivity and adopting new technologies that will help us make us pioneers in the industry”.
How do you address workforce management issues, and what strategies do you implement to train and retain your skilled employees in view of
the green transition of shipping?
“Our human resources are our most important asset. We are our people. Our shipyards are our people. We systematically invest in creating a positive and safe working environment, with equal opportunities for all.
Our collaboration with the Public Employment Service (DYPA) has already led to the creation of technical training schools specialised for the needs of the shipping and shipbuilding industries. We are attracting new talent through targeted study incentives and are also planning the establishment of an Academy of Technical Maritime Professions, which will ensure a specialised workforce for the future”.
What impact do government policies and the regulatory framework have on your activities, and what are the proposed measures to enhance the industry’s operating environment?
“Government policies have aided our efforts with legislative initiatives that encourage investment in the field. However, further institutional shielding of the Greek industry is required to avoid distortions, such as unfair competition, both within Greece and in Europe and internationally”. Our recommendation is the formulation of a single institutional framework for the operation of shipyards, in close cooperation with the government and the competent ministries (specifically, with the ministries of Development, Labour and Social Security, Maritime Affairs and Island Policy, and National Defence), aimed at enhancing our cooperation with the Hellenic Navy and the overall upgrade of the institutional framework governing the sector”.
The two ONEX shipyards in Syros and Elefsina are now fully operational as they have been upgraded by major investments valued at more than 130 million euros.
AN INSIGHT INTO SHIPBUILDING AND GREEKS’ MOVES
Signs for the newbuilding market are so far optimistic, according to data by Gibson Shipbrokers, showing that, despite slightly subdued momentum, particularly in bulkers, tankers and LPGs, the sector is demonstrating signs of resilience, with strategic deals and renewed investment interest
By George Fokianos gfokianos@naftemporiki.gr
Newbuilding activity for bulkers, tankers and LPG carriers remains relatively stagnant, although some reduced tanker orders continue to be placed, mainly due to uncertainty around the green transition and alternative fuel technologies, but also due to the increase in overall orders and historically high prices, Daniel Gifford, Newbuilding/Projects Ship Broker at Gibson Shipbrokers (Hellas) Ltd., told “N”.
Large price reductions, Gifford noted, were widely expected as a result of the slowdown in activity; instead, shipyards remain saturated until 2028, while a new wave of orders for mega containerships and feeder containerships has increased demand at key shipyards.
At the same time, the orders placed this year for VLCCs, suezmaxes, LR2s and MR2s (many of which were from Greeks) were sufficient to establish a benchmark for prices.
In this context, Gifford said, as shipowners are still in a position of strong liquidity, it is unlikely that there will be a significant reduction in the prices of newer secondhand ships (or there will be more supply for sale); therefore, interest is expected to rekindle in bulker and tanker newbuildings as an alternative investment option.
Furthermore, especially for tankers, the slowdown in decarbonisation and the adoption of alternative fuels (e.g., conventional engine choices) may remove barriers for some interested parties to place new
orders. At a geographical level, according to Gibson data, Greece dominates the new tanker market, with an estimated 30 percent of the worldwide orderbook, while China maintains a 15 percent share, maintaining a more conservative strategy.
The Greek orderbook
Greek shipowners continue to dominate the newbuilding market, with 609 ship orders propelling them to the top of the global rankings.
According to data made available to “N” by the shipping brokerage house Xclusiv Shipbrokers, Greek shipowners’ presence in tankers is particularly robust, with 292 orders, confirming once again their traditional and strategic role in this segment. At the same time, bulkers, which are likewise a segment with a rich Greek tradition, reach 169 orders.
Interest in the LNG and LPG segments is gradually increasing, with 48 and 50 ships, respectively. While these numbers may be smaller, they demonstrate Greeks’ willingness to adapt to the new needs of transporting energy cargo in a period when the energy transition is increasingly affecting shipping planning. In containerships, the Greek presence is more limited (50 orders), confirming the long-term focus on the dry and wet cargo sectors.
Taking a closer look at ship sizes in the dry cargo sector, panamax, kamsarmax, and post-panamax orders stand out with 93 units, followed by handymax, supramax, and ultramax ships with 51 units, as
ORDERS BY THE "GREEKS"
Daniel Gifford: “Greek shipowners remain steadfast in their values, but do not hesitate to invest smartly and promptly in new technologies and markets”.
these options offer flexibility and operational adaptability. With regard to tankers, Greeks are heavily investing in suezmaxes (75), aframaxes/ LR2s (83), and panamaxes/ LR1s (38), demonstrating their preference for large cargoes.
A well-thought-out entry into the gas transportation market is demonstrated by the steady expansion of Greek carriers in the LNG and LPG markets, which includes 44 orders in the 141k–200k CBM category, and 27 VLGCs orders.
In containerships, neopanamaxes, with 34 orders, are a choice fit for the demands of contemporary freight transportation, followed by smaller feeders with nine orders.
Overall, the profile of Greek orders shows strategic consistency and the ability to accurately predict future developments. Greek shipowners remain steadfast in their values but do not hesitate to invest smartly and promptly in new technologies and markets, always focusing on the future of shipping.
S&P activity
Regarding the secondhand market for bulkers, tankers and LPG carriers, significant sluggishness is recorded – at least during the first quarter of the year – with transaction volume significantly reduced compared to a year earlier.
As Gifford noted, this is primarily due to the unprecedented political uncertainty in the US (Trump administration, Bill 301, tariffs, etc.), combined with geopolitical instability (wars in Ukraine, Israel, etc.), and concerns about historically high ship price levels.
However, the buying demand has now returned, as the world has largely adjusted to these events and has accepted the consequences of the US Bill 301 on Chinese-built ships (port fees). At the same time, oil and gas are making a strong comeback, as oil companies and traders reinvest, while shipowners remain financially strong due to their high revenues in recent years (starting during the pandemic).
In individual sectors, according to Gibson’s S&P director, tankers in particular are at the moment enjoying favourable rates. At the same time, there are still global recession risks due to trade tensions with the US, but there is also the prospect of a partial resolution with China.
The challenge, Gifford added, is that there continues to be a chronic shortage of modern ships for sale. Those that are available are highly valued and attract strong buying interest. As a result, most transactions in tankers and bulkers are focused on older ships of an age of over 12 years, with China being a particularly active buyer
Decarb impeded by reluctant investing
Dr Yannis Kokarakis, Technical Director, SEEBA Zone, Bureau Veritas says production and distribution of green fuels are costly, and building new ships and upgrading existing ones to use alternative fuels requires high investments, while only a small number of ports have refuelling facilities
By Paris Tsirigotis ptsirigotis@naftemporiki.gr
The currently small number of ports with refuelling facilities makes green transition challenging, believes Dr Yannis Kokarakis, Technical Director, SEEBA Zone, Bureau Veritas, noting that governments, shipping firms, fuel suppliers, and port authorities must coordinate in order to achieve decarbonisation. He also observes that even though 2050 draws near, the shipping sector is taking its time updating its fleet because of the lengthy ship life cycles and the restricted supply of green fuels.
What do you consider the biggest challenges to decarbonising the shipping industry today?
“Decarbonising the shipping industry presents substantial hurdles due to the sector’s reliance on fossil fuels and its global scope of operations. Addressing these difficulties requires a concerted effort in innovation, financing, and international cooperation. The most significant challenges are:
Most ships use fossil fuels, which produce high CO₂ emissions. The transition to alternative fuels requires significant investments in infrastructure and new technologies.
The development, production and distribution of green fuels are costly. Building new ships and upgrading existing ones to use alternative fuels requires high investments.
The global availability of ports with bunkering facilities for green fuels is limited, complicating the transition.
Despite the initiatives taken by the International Maritime Organization (IMO), such as the target to reduce emissions by 100 percent by 2050, imple-
Dr Yannis Kokarakis: Many technologies, such as fuel cells or carbon capture on ships, are in an infant stage of development and are not yet economically viable on a large scale.
menting stricter regulations and global harmonisation are still challenging.
Many technologies, such as fuel cells or carbon capture on ships, are in an infant stage of development and are not yet economically viable on a large scale.
Shipping is a global industry, and decarbonisation requires coordination between governments, shipping companies, fuel suppliers and port authorities, which is difficult to achieve.
The shipping industry is traditionally conservative,
and many companies are hesitant to invest in new technologies without clear proof of their profitability”.
How feasible are the goals set by the IMO for zero emissions by 2050?
“IMO’s zero emissions targets by 2050 are theoretically achievable, but achieving them requires close collaboration, massive investment, and rapid technological scaling. Progress depends on governments, companies and international organisations committing to coordinated and decisive action. For now, the industry is moving in the right direction, but the pace is slower than needed.
Alternative fuels (hydrogen, ammonia, biofuels) and technologies such as fuel cells, small ship electrification, and carbon capture are all progressing. If research and scaling up continue, these technologies could become viable by 2050. The IMO has introduced measures that encourage corporations to cut emissions, such as the Energy Efficiency Existing Ship Index (EEXI) and the Carbon Intensity Index (CII). Carbon taxes and emissions trading systems (ETS) can help speed up the shift. Customers, investors, and governments are all pushing for greener practices, urging shipping businesses to invest in clean technology. Many companies have already begun testing zero-emission ships (such as hydrogen or ammonia ships). Companies can scale up these efforts if they prove successful.
The year 2050 is only 25 years away, yet the shipping industry exhibits slow fleet renewal cycles (ships last between 20 years and 30 years). Replacing or upgrading millions of tonnes of ships in such a short time is extremely difficult. The transition to green
fuels and technologies requires trillions of dollars in infrastructure, research and development. Smaller companies and developing countries may struggle to respond without significant financial support.
Global production of green fuels is still limited. For example, the production of green hydrogen requires huge amounts of renewable energy, which is not yet available.
Shipping is a global industry, and achieving the goals requires coordination between all nations and companies. Different national policies and interests can slow down progress. Some technologies (e.g., ammonia as a fuel) are not yet fully safe or commercially viable. If their development is delayed, the goals may not be achieved”.
How does the French classification society adapt to IMO requirements regarding emissions monitoring and certification?
“The French classification society (BV) is one of the leading ship classification societies worldwide and a member of the International Association of Classification Societies (IACS). It adapts to IMO requirements for monitoring and certifying emissions through a series of technical, administrative, and digital processes in accordance with international regulatory provisions, such as the MARPOL Annex VI Convention.
As a recognised organisation, BV facilitates ship compliance with MARPOL Annex VI Regulation 22A, which requires the collection and reporting
The IMO has introduced measures that encourage corporations to cut emissions, such as the Energy Efficiency Existing Ship Index (EEXI) and the Carbon Intensity Index (CII).
of fuel consumption data for ships over 5,000 GT engaged on international voyages. BV provides verification services for the data submitted by shipping companies, ensuring that they meet IMO requirements. Following verification, BV issues the Declaration of Compliance and uploads it to the IMO database.
It reviews and approves the SEEMP plans (Parts I and II), which describe the fuel consumption data collection methodology and reporting procedures. Furthermore, it ensures that SEEMP Part II complies with the IMO requirements for fuel consumption monitoring and annual data reporting.
BV assists shipowners with the measurement and certification of EEXI, which evaluates the energy efficiency of existing ships. The classification society conducts technical assessments and issues the International Energy Efficiency Certificate (IEEC), ensuring compliance with IMO requirements.
BV also helps monitor and certify the CII, which measures the carbon intensity of ships (CO₂ per unit of transport work). It provides data verification services and issues certificates of compliance while
The shipping industry is traditionally conservative, and many companies are hesitant to invest in new technologies without clear proof of their profitability.
supporting companies in improving their CII score through technical and operational measures”.
What are Bureau Veritas’ most important actions?
“It has developed digital tools to simplify emissions monitoring and reporting. For instance, platforms such as Veristar Green allow shipowners to register fuel consumption data, monitor CII performance and generate reports that comply with IMO DCS and European regulatory requirements (e.g., EU MRV). These tools reduce administrative burden and improve data accuracy.
BV acts as a representative of flag states for the issuance of certificates under IMO conventions such as SOLAS and MARPOL. It carries out inspections and audits to ensure that ships meet the requirements for NOx, SOx and CO2 emissions, as well as for the use of low-sulphur fuels. It actively participates in the development of unified interpretations of IMO regulations through IACS, ensuring consistent implementation worldwide.
BV promotes the transition to low- or zero-emission fuels (e.g., hydrogen, ammonia, LNG) through the certification of dual-fuel ships and the verification of compliance with IMO requirements for new technologies. It provides technical assessments and design approvals for ships using these fuels, contributing to the IMO’s emission reduction goals. France, as a major member of the IMO, supports initiatives to reduce emissions, and Bureau Veritas plays a central role in implementing these policies”.
Energy efficiency as a driver of sustainable shipping
Energy efficiency plays a fundamental role in reducing fuel consumption, CO2 emissions, and operating costs while facilitating the transition to low- and zero-carbon fuels
Lefteris Koukoulopoulos
Regional Decarbonisation Specialist, DNV Maritime
The shipping industry is at a critical point in terms of decarbonisation.
We are all aware that the International Maritime Organization (IMO) and the European Union (EU) have implemented stringent measures to cut greenhouse gas (GHG) emissions. At the MEPC 80 session (June 2023), ambitious targets were set for complete carbon neutrality by 2050, with intermediate targets of 20 percent emissions reduction by 2030 and 70 percent by 2040 (base year 2008). In the EU, the Emissions Trading System (EU ETS) came into effect in 2024, imposing a cost on ships’ carbon emissions. In 2025, the FuelEU Maritime initiative will introduce requirements for the intensity of greenhouse gas emissions from energy use on ships, with financial penalties for noncompliance. While today’s burdens may not be enough to drive major investments, they are expected to increase in the future, pushing the industry to take further action.
Regarding the commercial and financial components of decarbonisation, demand for sustainable shipping practises is increasing throughout the supply chain. Shippers are pushing for cleaner solutions, while financial institutions, through initiatives such as the Poseidon Principles, align shipping investments with decarbonisation goals. At the same time, insurance companies are adjusting cargo insurance criteria, encouraging the adoption of low-emission technologies. One quick and affordable way to cut emissions is through energy efficiency. The DNV Maritime Forecast to 2050 report states that energy efficiency gains could cut emissions by as much as 16 percent, which equals to decarbonising 55,000 smaller ships or 2,500 larger ones. In the short term, improvements in energy efficiency can reduce
The shift to a more sustainable future is being accelerated by regulations, business needs, funding, and societal expectations.
fuel consumption, CO₂ emissions, operating costs, and the financial burden of regulations such as the EU ETS. Even more important are its long-term benefits, as reducing the consumption of future fuels – which are predicted to be more expensive with some certainty – makes the transition to them more affordable. Thus, by reducing their cost, the investment model for green fuels becomes more attractive. The industry already has many energy efficiency solutions, including the following categories:
Operational measures
Improvements in propulsion systems and hull design.
Energy improvements of engines and systems in the engine room.
Improvements to energy-intensive consumers.
Alternative propulsion technologies, such as wind-assisted propulsion systems.
With the ever-increasing need for investments in the means to improve the energy efficiency of ships, the need for reliable data becomes crucial in order to document the performance of technologies and support investment and strategic decisions of shipping companies. The need for reliable and verifiable data is fully aligned with DNV’s role and mission as an independent certification body. Although the importance of measures to improve the energy efficiency of ships and their contribution to the successful adoption of alternative fuels in the future are crucial, they
alone are not sufficient for full compliance with the new FuelEU Maritime regulations and the IMO’s Global Fuel Standard (GFS), as these are mainly based on the carbon footprint of the fuel used. Even though alternatives are becoming increasingly popular, their availability and cost are significant challenges. According to DNV’s Alternative Fuels Insights (AFI) platform, around 8 percent of the global fleet already operates on unconventional fuels. However, their high cost and limited production restrict their widespread use. Despite the fact that approximately 50 percent of the gross tonnage of new ship orders concerns ships capable of using alternative fuels, many of them remain dual-fuel, and are even using conventional fuels. The incentives behind the decision to proceed with an alternative fuel ship order are, in many cases, not only regulatory but also commercial. We see cargo owners increasingly interested in reducing CO₂ emissions from the fleet they have chartered, and this is reflected in both shipowners and management companies. Biofuels are emerging as a viable alternative for newly built ships equipped with conventional fuel engines, allowing these ships to extend their operational life by an additional 15 to 20 years. Properly introducing biofuels, taking into account factors such as timing, blend variety, and proportion of the quantity supplied, can keep a ship within regulation even in its final years of operation. However, from a production perspective, biofuels require sustainable sources that may be limited, and the total supply is unlikely to meet global demand, especially when other sectors compete for their use. Moving on to alternative fuels, there are already engines available on the market suitable for using LNG and/or methanol, with others, such as ammonia engines, being tested and be available in the market in the coming years. There are technical challenges, but these will be addressed through trials at sea and during their initial operational period. Therefore, while the ships will be technically equipped to use these fuels, the main uncertainty concerns their future availability. Energy efficiency is a fundamental element of the path towards decarbonisation. However, it is not the only solution. The transition to low- and zero-carbon fuels is essential, although its implementation requires significant investment and time. Until these fuels become fully available, energy efficiency could provide the necessary emissions reduction and act as a catalyst for the sustainable development of shipping. With regulatory pressures intensifying and commercial and financial agents prioritising sustainability, energy efficiency is not merely a short-term solution – it is a strategic factor for long-term decarbonisation.
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RINA, leading the way to “net zero”
Shipping must move rapidly towards decarbonisation while maintaining safety, efficiency, and the global supply chain
Spyros Zolotas
RINA Marine Vice President South Europe
As the urgency to address climate change (or climate crisis) intensifies, the shipping sector is at a critical juncture. Shipping, which accounts for approximately 3 percent of global greenhouse gas emissions – a minor amount when compared to the transport work it provides – must move rapidly towards decarbonisation while maintaining safety, efficiency, and the global supply chain.
RINA, as an international testing, inspection, certification and engineering solutions consultancy firm, is at the forefront of this transition. While the company’s roots are directly linked to maritime expertise, RINA is leading a wider decarbonisation movement across industries, fuelled by research, innovation, and global collaboration.
RINA ’s strategic vision for decarbonising shipping is based on the principle of efficient energy use and integrating advanced technologies in line with the regulatory framework. Among the most promising developments is the use of artificial intelligence to support ships’ energy optimisation. In collaboration with the shipping company Grandi Navi Veloci (GNV), RINA has successfully tested machine learning and predictive modelling on a new-build passenger ferry to optimise energy use, minimise emissions, and reduce operating costs. This approach represents the next step in energy-efficient ship operation and is expected to deliver measurable environmental and economic benefits.
Alternative fuels, such as LNG , hydrogen, methanol, and ammonia, may be suitable for oceangoing vessels and offer different levels of emissions and trade-offs. While the green fuel infrastructure remains
Among other actions, RINA promotes research into the long-term potential of nuclear propulsion in shipping.
limited, LNG serves as a viable transitional option. It can also be converted on board, using steam, into hydrogen for use in engines or fuel cells— avoiding the need for hydrogen storage—and CO2 for delivery to shore. This approach leads to a gradual reduction in emissions, helping ships remain competitive beyond 2050.
At the same time, hybrid propulsion systems can be key solutions. An example is the “Sikania II Hybrid”, a new Ro-Ro passenger ferry built in Greece, designed by CTE Perdikaris under supervision by RINA. Designed specifically for the Mediterranean region, the ship incorporates electric propulsion technologies to reduce emissions, which are mainly used during the ship’s stay in port while maintaining high operational flexibility. This project reflects RINA’s commitment to supporting domestic shipbuilding capabilities with high-performance designs, ready to face the needs and challenges of the future.
Another important initiative is the “Engimmonia” project, funded by the EU’s Horizon 2020 research and innovation programme, coordinated by RINA, which is currently in its final phase. “Engimmonia” is investigating multiple clean energy technologies in a real marine environment. It focuses on low-carbon solutions, such as ammonia-based fuels, and integrates a wide range of technologies on different commercial vessels—a ferry, a containership, and a
multipurpose vessel.
These include photovoltaic panels, advanced exhaust gas aftertreatment systems, an organic Rankine cycle for waste heat recovery and a digital energy management system. The project has already received several awards for its innovation and environmental impact, providing a tangible roadmap for integrating alternative fuels and clean energy systems into the current maritime fleet.
In the field of Research and Development, RINA also participates in the “SEASTARS” project, also funded under “Horizon 2020”, aimed at promoting decarbonisation and energy efficiency in the maritime industry. The project leverages Model-Based Systems Engineering (MBSE) and a phased assembly-to-order approach. The “SEASTARS” programme will deliver eight innovative ship designs –four optimised retrofits and four new builds – tailored to the various needs of shipping. With a consortium of 19 partners from eight countries, including specialists in shipbuilding, alternative fuels, emission monitoring and ship retrofit solutions, RINA is the only classification society participating. The programme has a budget of €9.85 million and commenced on January 1, 2025, with a 36-month timetable.
RINA also promotes research into the long-term potential of nuclear propulsion in shipping. In 2024, RINA became a founding member of the Nuclear Energy Maritime Organization (NEMO ), established to support governments and international bodies in updating the regulatory framework for nuclear ships and floating nuclear power plants (FNPPs). The objective is to create a comprehensive regulatory framework by 2030. RINA published the Guide for Nuclear Installation on Board of Marine Units in 2023 and will soon issue a white paper on megayacht nuclear propulsion.
While public sentiment in some regions, including Greece, remains cautious, the technical community increasingly sees nuclear propulsion as a viable low-carbon option – especially for long-haul shipping.
RINA is working with stakeholders, including Fincantieri, Newcleo, Ansaldo, and the Italian Navy, to assess safety, economic viability, and technical specifications for nuclear installations at sea. Early development scenarios may include approvals for specific ports and voyages, such as green corridors used for alternative fuels.
Extending the goal of decarbonisation to all industries
Although RINA focuses on the shipping
industry, its decarbonisation strategy also includes other sectors through projects related to carbon capture, clean fuel production and digital energy management.
Carbon Capture, Utilisation and Storage (CCUS) has emerged as a key pillar. RINA is currently involved in five of the 15 largescale public CO2 transport trials underway worldwide, all of which are scheduled to be completed by the end of 2025. In Italy, the company is collaborating on the development of the Ravenna CO2 storage hub, which is set to become the largest in the Mediterranean and one of the largest in the world. Internationally, RINA is active in projects in Malaysia, the United States, the United Kingdom, Switzerland and India, providing technical services for carbon capture facilities and CO2 transport pipeline systems.
The know-how developed in the oil and gas sectors is being repurposed to support the new goal for CO2 capture to reduce emissions, not just improve production. While conventional amine-based capture remains prevalent, RINA is exploring alternatives offering improved economic performance and lower environmental impact. The company also advises waste-to-energy plants and cogeneration systems for CO2 capture while conducting studies on pow-
er-to-X solutions, such as the conversion of electrical energy into ammonia or methanol—carriers that are suitable for storage or fuel use.
This is complementary to our participation in advanced research projects such as “Poseidon”, which focuses on the production of synthetic methanol for marine propulsion, and “Captus”, which develops CO₂ conversion technologies for industrial use.
Furthermore, with innovation as a key pillar of its development, RINA is working on the creation of open innovation hubs in strategic markets. These hubs serve not only as technical centres but also as incubators, where startups and existing companies can collaborate with RINA’s specialised staff to test and scale innovative decarbonisation solutions. By providing access to testing, certification, and specialised guidance for the industry, these hubs are designed to transform the ecosystem, supporting both local and global climate change goals.
RINA’s “Hydra” project demonstrates its commitment to next-generation clean energy by exploring hydrogen technologies and their integration into industrial systems. As an open research and innovation initiative led by RINA, “Hydra” aims to decarbonise the steelmaking process through hydrogen-based technologies. The project
is supported by the European Commission and the Italian Ministry of Enterprises and Made in Italy and is part of the Important Projects of Common European Interest (IPCEI).
Finally, RINA leveraged its expertise to lead a 2024 study for the Pipeline Research Council International (PRCI), mapping the current status and future needs for CO2 transport worldwide. The study highlights technical challenges, such as handling CO2 mixtures and operating at high pressures, which are critical issues in facilitating carbon transport and storage on a global scale.
From shipping to heavy industry, and from Europe to Southeast Asia, RINA’s decarbonisation activities are both diverse and ambitious. Its initiatives in shipping are based on both realistic and innovative solutions and are supported by a network of strong market players. Its cross-sectoral projects are aimed at laying the foundations for low-emission economies supported by proven technologies and future-orientated regulations. Drawing on its extensive expertise in engineering, certification, and applied R&D, RINA supports industries around the world in addressing the climate challenge, not only through incremental steps but also through transformative changes.
RINA’s strategic vision for shipping decarbonisation is based on the principle of efficient energy use, incorporating advanced technologies.
ABS: Promoting pioneer solutions for shipping’s green transition
George Koufos, Business Development Manager of
the American
Bureau
of
Shipping
(ABS), tells “N” about the organisation's role and initiatives to promote green shipping and achieve zero net emissions
By Paris Tsirigotis ptsirigotis@naftemporiki.gr
The American Bureau of Shipping (ABS) supports the shipping industry's energy transition through technical guidance, crew training, and analysis of energy efficiency technologies and alternative fuels, George Koufos told an interview with “N”. He added that in April 2025, ABS will release a report on dual-fuel solutions, focusing on methanol, ammonia, and LNG, which will provide important guidelines for ship owners.
Mr Koufos further comments that the ABS welcomes the IMO's work towards the objective of zero emissions by 2050; however, he emphasises that sustained assistance from enterprises, through white papers and technical solutions, is required.
He further mentions that, on a technical level, methanol is regarded as easier to manage, whereas ammonia and hydrogen necessitate extra safety precautions and technological adaptations.
“ABS collaborates with shipping firms to provide customised solutions for the ship's whole life cycle, from evaluation and design to performance monitoring. Special emphasis is placed on the capabilities of digitalisation, such as artificial intelligence and digital twins, which enhance operational efficiency and accelerate decarbonisation," notes the ABS executive.
He also emphasises that, with regard to certifications, methanol and ammonia have already been integrated into international regulatory frameworks, with a growing understanding of safety requirements, while noting that familiarity with the new fuels is ex-
pected to increase as the industry seeks low-emission solutions in the future.
In what ways are ABS regulations and policies changing to comply with green shipping standards and reach the zero emissions target?
“ABS supports the industry’s energy transition and the journey towards a net zero carbon footprint, providing a wide range of guidance and advice, from
regulatory updates to technical documentation for all types of energy efficiency and alternative fuel technologies, including crew training for the new operating environment the industry has entered. To this end, in April of this year, ABS published the report "Dual-Fuel Solutions for Newbuild Vessels," which examines alternative fuels and dual-fuel propulsion options, focusing on hydrocarbon-based fuels in combination with liquefied natural gas (LNG), methanol, and ammonia. The report provides an in-depth analysis, informing shipowners on what to consider and where to pay particular attention when designing new ships”.
What is ABS’s position on the implementation of the IMO framework for net zero emissions by 2050?
“The progress made by IMO member states towards a long-term framework to achieve the goal of net zero emissions has taken another step, but ABS will keep helping the industry comprehend its effects.
The importance of the advisory directives, guidance and white papers published by ABS on energy-saving technologies, ship retrofits and the use of new fuels will continue to grow as the process progresses”.
What are the key technical issues related to the use of fuels, such as ammonia, hydrogen, or methanol?
“Technical difficulties differ greatly depending on
George Koufos: “ABS has designed a comprehensive approach to supporting ships throughout their lifecycle”.
fuel type. Methanol is closer to petrol oil in terms of its properties and hazards, although it poses a much lower risk to the marine environment. Ammonia is highly toxic and requires additional safety methods for handling, transport and storage. Hydrogen requires the most technically demanding approach, given the cryogenic storage requirements and the risk of explosion. There is interest in future projects, but currently the main emphasis is on methanol and ammonia”.
How does ABS work with shipping companies on the adoption of new fuels and technologies?
“ABS provides technical guidance, white papers and advice that impartially inform shipowners about the options available to them and the associated risks and benefits. The same applies to energy efficiency technology. Because many of the concepts are new, ABS seeks to understand the potential of these technologies and support shipowners in their choices. ABS has designed a comprehensive approach to supporting ships throughout their life cycle. Our process involves benchmarking ships against industry standards and identifying tailored options for operational efficiency, technological developments and alternative fuels. Finally, we provide monitoring solutions designed to track key performance indicators, prioritise areas for improvement, and produce comprehensive reports for key stakeholders.
The sustainability services we offer are designed with shipowners in mind so that the elements that
In April of this year, ABS published the report “DualFuel Solutions for Newbuild Vessels”, which examines alternative fuels and dual-fuel propulsion options.
require immediate attention are identified, and the way forward for the ship's future environmental compliance can be planned.
ABS also recognises that the digitisation of the global fleet could play a significant role in the broader journey towards decarbonisation. Advances in connectivity, visualisation, artificial intelligence, machine learning, vessel digital twins, and simulation offer the potential to improve efficiency and reduce costs throughout a ship’s lifecycle. These emerging technologies can also help enable autonomous and remotely handled operations, which could further optimise systems.
These specific technologies represent significant changes in the industry, requiring a different approach: future fuels and energy sources, design and manufacturing approaches that reflect digital processes, software that enhances human resources, and analytics that feeds back into the design and production phases. These changes require us to approach them with a new mindset and new tools, putting our industry on a clear path towards the zero net carbon footprint through the use of new technologies”.
Alternative fuel certification challenges
What are the key challenges facing ABS regarding the certification of ships using alternative fuels?
“To date, methanol has been certified by IMO under the International Code of Safety for Ships Using Gases or Other Low-flashpoint Fuels (IGF Code) as a low flashpoint fuel; therefore, there are regulatory guidelines that allow its use and specify safety requirements on board ships. Amendments to the IGC Code have also been adopted to enable the use of ammonia as a fuel, and interim guidelines for the use of ammonia as a fuel have been adopted.
The operational safety requirements for both fuels are now becoming more widely understood. In particular, methanol as a fuel has been proposed for both newbuildings and retrofitted ships, with simple additional requirements compared to gas oil.
As ammonia-powered ships begin to enter the market, we would expect to see familiarity with this fuel type increase as shipowners, managers and their crews seek alternative fuels with lower carbon emissions”.
“ABS recognises that the digitisation of the global fleet could play a significant role in the broader journey towards decarbonisation”.
Sailing toward “net zero”
On the route to “net zero,” the maritime sector has met just 30% of the 2030 target and is striving to achieve the goal set
Nikos
Kakalis
Global Bulk Carrier Segment Director, Lloyd’s Register
Shipping, the hidden power that drives 90 percent of global trade, is at a crossroads today. According to the Global Maritime Trends (GMT) 2025 Barometer by Lloyd’s Register (LR), the industry’s transition to cleaner energy is proceeding at a moderate pace. With the shipping sector having only met 30 percent of its 2030 target, the question of how ocean-going shipping can meet the decarbonisation requirements remains more pressing than ever.
The sector is already making great progress; by 2024, orders for ships that can run on alternative fuels are expected to rise by 50 percent. Nonetheless, the supply chain is still in its infancy, and, in the case of ships engaged in tramp shipping, it is essentially nonexistent. Such evidence supports the conclusion that there isn’t a “miracle fuel” but rather an energy mix that will power ships in the future.
Due to its availability and preexisting infrastructure, LNG has so far accounted for the majority of the market, with major ports having already constructed ship supply infrastructure, while the number of orders for ships using LNG as fuel has significantly increased (350 orders by 2024). Methanol is in second place with 119 new orders, followed by ammonia with 22 new orders, despite the difficulties caused by its toxicity. At the same time, biofuels are a “plug and play” solution that makes use of existing infrastructures and doesn’t require any upgrading - provided their availability is safeguarded - while electric propulsion appears to be the ideal option for short distances.
Winning the energy transition wager also necessitates other solutions in the quiver that can produce results more quickly in the medium term, helping to lessen the environmental impact of shipping since the supply chain for the mass transition to zero or near-zero emission fuels is still in its infancy.
There is more to the decarbonisation wager than just the environment; it is a strategic investment in the future and competitiveness of shipping.
Shipping’s commitment to reducing its environmental footprint is demonstrated by technologies such as special hull components (e.g., Mewis ducts), advanced hull coatings, waste heat recovery systems, and more specialised systems such as wind-assisted propulsion systems and air bubble lubrication systems. Over 9,000 ships have at least one basic energy saving device (ESD) installed, with an additional 2,000 ships planned to use such technologies in the near future.
Examples of ships using more specialised technologies include the ultramax cargo ship M/V Afros, the kamsarmax M/V TR Lady, and the VLOC M/V Sohar Max with 4, 3 and 5 rotor sails installed, respectively. However, the availability of shipyards for the installation of such technologies is limited. With fewer than 200 shipyards having relevant experience and with new orders generally being preferred over retrofits, the race is intensifying.
When it comes to prospective engine retrofits for alternative fuels, there are currently just 26 shipyards with a maximum capacity of 300 such retrofits per year. This is another issue that highlights not only the importance of thorough examination before making any investment decision but also the progressive development of know-how in shipyards. New prospects are also expected to open up for carbon capture and storage (CCS) technologies. The Greek company Blue Planet Shipping recently installed such a system on the cargo ship M/V Alkimos, despite it being in its early stages. The building of a 40,000 cbm liquefied carbon dioxide (LCO2) ship by Capital Group, at the HHI shipyards, whose
design was approved by LR, also contributes to the development of the carbon supply chain.
At the same time, digital technologies can act as a catalyst for the sector’s energy transition. By adopting digital tools that allow the collection, processing and analysis of data in real time, the operational profile of ships is optimised depending on weather conditions and the route they take, significantly contributing to the reduction of fuel consumption and therefore pollutants. Another example is the so-called “Just in time arrival”, which aims at optimising speed and reducing waiting time at ports.
The success of the energy transition depends largely on the human factor, the driving force behind any technological or operational change. Both industry executives, in general, and ship crews are called upon to put new technologies into practise and safely manage new fuels. Their proper education and training is not a necessity but a prerequisite. This presents an important opportunity for the country’s Merchant Marine Academies to redefine their role and develop appropriate training programs that will prepare the next generations of crews for the future.
There is more to the decarbonisation wager than just the environment; it is a strategic investment in the future and competitiveness of shipping. With conditions constantly changing due to the complexity of the geopolitical environment, the regulatory framework, and the market’s uncertainty, shipping companies are called upon to meet these challenges and seize every opportunity.
Within this volatile setting, LR, with its upgraded team of consultants and a dynamic presence in Greece, assists companies in translating these challenges into opportunities that will not only ensure compliance with future regulations but will also set them on a path of long-term growth and competitiveness.
