Tag: Greece

Greek shipping company remains optimistic about the global containership market, Greek shipping company Costamare Inc. (CMRE) will probably continue to grow through new builds and acquisitions and it remains optimistic about the global containership market, a company executive said Thursday."We've recently done some acquisitions and will continue to seek opportunistic buys," Chief Financial Officer Gregory Zikos said, adding that the company has enough cash to buy more ships in future.At Dec. 31, Costamare's cash balances was about $144 million while its undrawn credit facilities were about $153 million. Costamare also issued a public offering of its common stock in March that raised about $100 million."We'll look at everything as long as returns are forthcoming," Zikos said, noting that, historically, the company's return on equity has been close to 30%. The preferred rate of return for shareholders is normally 15%-20%.The company would consider vessels that are much older and have a greater capacity than its existing average fleet, he said. He added that, for new builds, it is important the vessel be debt free towards the end of its charter license as this will help reduce financial risks resulting from volatility in charter rates.Zikos said the outlook for Europe's containership business ...

Costamare Inc. in Greece to sell two vessels and purchase two newer Costamare Inc. (the "Company") (CMRE - News) announced today that it has agreed to sell two 1984-built vessels for demolition. At the same time, the Company has agreed to purchase two 1998-built vessels, which will replace the vessels sold in their respective charters.In particular, the Company has agreed the following:(a) To purchase the 1998-built, 3,842 TEU container vessel Bunga Raya Dua (to be renamed Koroni) (b) To purchase the 1998-built, 3,842 TEU container vessel Bunga Raya Satu (to be renamed Kyparissia) (c) To sell the 1984-built, 2,922 TEU container vessel Gifted (d) To sell the 1984-built, 2,922 TEU container vessel Genius IThe total acquisition cost for the two vessels is approximately US $24.9 million and will be partly funded with debt drawn from a currently committed and undrawn credit facility. The total sale price for the Gifted and Genius I is approximately US $12.3 million.The newly acquired vessels are expected to be delivered within May 2012 and will replace the Gifted and Genius I in their respective charter party agreements. At the same time, the Company has agreed to extend these two charters for period of approximately 18 ...

The Marine Lubricants Division will be headquartered in Piraeus OW Bunker, one of the world's leading suppliers and traders of marine fuel, yesterday announced the launching of a new global Marine Lubricants Division. The company has started cooperation with leading brands in Marine Lubricants to provide a full range of lubricant grades to customers, and will look to target further sales to specific target prospects on a worldwide basis. The Marine Lubricants Division will be headquartered in Piraeus, and lead by Stathis Grafakos, who has years of experience in the lubricants business.Further offices will be rolled out on a global basis over the coming months. The company will provide a full range of quality marine lubricant grades in cooperation with leading brands in Marine Lubricants, including products for main engines as well as synthetic products for special on board applications. OW Bunker will use its technical expertise to provide customers with a complete lubricants solution, focusing on reducing the total cost of lubricant spend, and focusing on providing customers with the right quantity and quality of product to ensure that unscheduled downtime is minimised.The company will also provide an advanced after sales support service mainly through an Oil Analysis Programme, ...

Liberia is the leading independent ship register of choice for Greek-controlled shipping companies "Greece is one of a number of countries in which Liberia is now the fastest-growing fleet," says Scott Bergeron, CEO of the Liberian International Ship & Corporate Registry (LISCR), the U.S.-based manager of the Liberian Registry,Figures just released by the Greek Shipping Co-operation Committee (GSCC) show that Liberia is the leading independent ship register of choice for Greek-controlled shipping companies, second only to the Greek flag itself.In the year ended March 31, 2012, Liberia saw a net increase of 38 Greek-controlled ships aggregating 4.63 million dwt - more than twice the number of vessels secured by any other ship registry. In deadweight terms, seventeen per cent of Greek-controlled ships are now registered with Liberia, compared to 22 per cent flying the Greek flag."Liberia and Greece share a strong maritime history of co-operation and success dating back to the birth of the Liberian Registry," commented Mr. Bergeron. "It is very gratifying to know that, more than sixty years on, Greek owners still value the efficiency, safety and responsiveness of the Liberian flag so highly.Although the Greek-controlled fleet decreased in terms of ship numbers in the year under review ...

Aegean to establish an initial footprint in some of the world's largest ports Major Greek-based international bunker supplier Aegean Marine Petroleum Network Inc has signed a memorandum of understanding setting up a strategic alliance with China Changjiang Bunker (Sinopec) Co (CCBC), a Chinese state-owned enterprise jointly owned by Sinopec Sales and Sinotrans.In a statement Aegean notes that CCBC is one of China's five state-certificated bonded bunker suppliers and among the largest bunker supply companies in China. The strategic partnership, which is expected to become effective during the second quarter of 2012 upon completion of final documentation, is intended to enable Aegean to meet the marine fuel needs of its customers in mainland China.Under the terms of the agreement, CCBC will use its position as one of China's largest bunkering companies to provide comprehensive marine fuel services on behalf of Aegean's customers in strategic ports, including all Changjiang River ports and certain coastal ports such as Nanjing, Zhenjiang, Yangzhou, Taizhou,Changzhou, Jiangyin, Nantong, Changshu, Zhangjiagang, Taiccang, Shanghai(excluding Yangshan), Ningbo, Tianjin, Qingdao (scheduled to open by the end of 2012), Dalian, and others. Aegean will be responsible for the supply and delivery of marine fuels to CCBC's customers in Aegean's network currently covering ...

20 methane and gas tankers ordered in China and South Korea For months the shipyards of South Korea and China have been besieged by Greek shipping companies expecting to see global demand for liquefied natural gas (LNG) and liquefied petroleum gas (LPG) rise sharply and who are therefore looking to diversify their fleets and invest in the acquisition of large methane tankers for LNG and gas ones for LPG. Experts in the shipping agencies sector (as recently noted by the Greek daily Kathimerini) estimate that over the past 10 months Greek shipping companies have ordered over 20 large methane and gas tankers from Chinese and South Korean shipyards for a total cost of about 535 million euros.If one factors in the option for possible extra orders that the shipping companies may make, the number of ships rises to 30 and the overall investment to about 687 million euros. Among the Greek shipping companies who have chosen to boost their fleets with the new carriers of liquefied gases there is the Angelicoussis group, the Logothetidis family and the Vafias group. The orders have for the most part been placed with the South Korean shipyards Hyundai and Daewoo and the Chinese ones ...

Order of LNG carrier for delivery in the first quarter of 2015 Tsakos Energy Navigation Limited announced the order of one plus one state-of -the-art LNG carrier for delivery in the first quarter of 2015 at a major South Korean yard. The vessel is of the new tri-fuel design, enabling the ship to run on fuel oil, marine diesel/gas oil and natural gas, offering attractive alternatives to charterers.Discussions for long-term contracts have begun, and management is confident that such employment will be secured well before the first delivery in early 2015.Concurrently with this order, the company also announced the commencement of the previously announced four-year charter for its LNG carrier Neo Energy to a major international entity and a repeat employer of the vessel at an accretive rate, reflective of current market conditions."We are particularly pleased with this order, as it expands our presence in this exciting field," said John Stavropoulos, Chairman of the Board. "LNG operations require a particular set of discipline and commitment in order to gain credence with the sector's premier charterers, and we are proud to have met the challenge."Source: Tsakos Energy Navigation Limited

Iran stopped shipping oil to Greek refiners Iran stopped shipping oil to Greece and may halt supplies to Royal Dutch Shell PLC (RDSB.LN, RDSA, RDSB) over unpaid bills, Iran media said Friday, as the impact of sanctions widens. The news suggests a decline in Iranian oil exports last month may accelerate as banking sanctions add to an upcoming European ban on Tehran oil. That could lead to upward pressure on oil prices, which have recently surged to a four-year high.The Mehr news agency said that, due to unpaid bills, Iran stopped deliveries to Greek refiners Hellenic Petroleum (ELPE.AT) and Motor Oil (MOH.AT). Greece has long been the European Union country relying the most on Iranian oil--sometimes for as much as a third of its supplies.A spokesman for Motor Oil confirmed it had stopped buying Iranian oil and had found replacements.The Mehr agency said Tehran may also cut shipments to Anglo-Dutch giant Shell because it hasn't paid for consignments equivalent to 8 million barrels since the beginning of 2012. It said Shell has already halved its Iran oil shipments to 100,000 barrels a day."If the situation continues, Iran could cut oil exports to Shell as it has to the Greek companies ...

ceanSaver's first contract for the Mark II BWT system in Greece Ballast Water Treatment (BWT) system manufacturer OceanSaver has gained market share in the MR tanker sector with a Mark II BWT system contract for a Greek owner.The company is to fit a Mark II BWT system each on board two chemical tankers owned by CMM, a Greek-owned tanker company. The vessels will be built in South Korea.This agreement with CMM represents OceanSaver's first contract for the Mark II BWT system in Greece and also the company's first contract in the chemical/products tanker sector.Kostas Vlachos, CMM COO, said: "The Mark II's small footprint, affordable price, safe operation, reliability and low maintenance costs were important considerations for CMM. We have had good experience with Norwegian suppliers in the past and are confident that OceanSaver will meet our expectations."Together with CCM, OceanSaver technicians solved the challenges of submerged ballast pumps integrated into the company's BWT loop.Tor Atle Eiken, OceanSaver's senior vice president, sales & marketing welcomed CMM to the growing OceanSaver customers operating vessels in the 35,000 to 80,000 dwt tonnage range. "Over the past six months, new technology Mark II has emerged as a strong competitor in the medium sized vessel ...

Despite the country's economic woes, Greek ship owners look likely to emerge