9th Annual Capital Link Cyprus Shipping Forum
Capital Link hosted the 9th Annual Cyprus Shipping Forum on Tuesday, February 17, 2026, at the Columbia Plaza – Limassol, Cyprus.
The Forum took place under the Auspices of the Shipping Deputy Ministry of Cyprus and the Shipping Deputy Minister to the President and in cooperation with the Cyprus Union of Shipowners, which was also the Lead Sponsor. The event was also supported by the Cyprus Shipping Chamber and the other major stakeholders of the Cyprus maritime cluster.
The event highlighted the significant role of Cyprus as a maritime, energy, and logistics hub and as an investment and business destination. The Forum featured major international speakers & delegates and local leaders offering an exchange of ideas on critical industry topics, such as developments and trends in the major shipping markets and in ship finance, issues pertaining to geopolitical and regulatory developments, and ship management.
The Forum presented a unique opportunity to meet and network with a large, high-caliber audience of ship-owning executives, institutional investors, research analysts, industry experts, commercial and investment bankers, risk advisors, private equity and venture capital firms, high-net worth investors, and media.
For the nineth year in a row, the Conference Chairman of the Forum was Mr. George A. Tsavliris, Principal of Tsavliris Salvage Group, Past Chairman – INTERMEPA (International Marine Environment Protection Association), Chairman – CYMEPA (Cyprus Marine Environmental Protection Association), Member of the Board of Directors of the Cyprus Union of Shipowners and Honorary Chairman – Tsavliris Cultural Foundation.
AGENDA TOPICS
WELCOME REMARKS
• Mr. Nicolas Bornozis, President – Capital Link, Inc.
• Mr. George A. Tsavliris, Principal – Tsavliris Salvage Group; Conference Chairman
Mr George A. Tsavliris, Principal – Tsavliris Salvage Group, Conference Chairman, welcomed participants to the 9th Annual Capital Link Cyprus Shipping Forum, referring to the continuity and consistency that characterize both the Forum and the steady development of Cyprus as a leading maritime centre.
He acknowledged the continued support of the Shipping Deputy Ministry of Cyprus and the important role of the Cyprus Union of Shipowners, under the leadership of Mr Polys Hajioannou, in maintaining stability and cooperation within the industry.
Mr Tsavliris highlighted the importance of generational continuity in Cyprus shipping, noting the active participation of the younger generation alongside established industry leadership.
He also welcomed the participation of Ms Elissavet Vozemberg, whose intervention offered a candid European perspective, addressing current realities without “sugar-coating” the challenges facing the sector, as well as Mr George Pateras, whose frank and outspoken comments contributed to a lively and thought-provoking discussion. Their participation together for the first time added particular interest to this year’s event, and Mr Tsavliris expressed his appreciation for their contribution and welcomed their presence at future Capital Link Fora.
CYPRUS MARITIME CLUSTER IN THE SPOTLIGHT
STRENGTH, RESILIENCE, & GROWTH
KEYNOTE PRESENTATION FOLLOWED BY A 1X1 DISCUSSION
Minister Marina Hadjimanolis, Shipping Deputy Minister to the President – Republic of Cyprus
With
Mr. Nicolas Montanios, Partner – Montanios & Montanios LLC
Minister Marina Hadjimanolis, Shipping Deputy Minister to the President, in her Keynote Presentation, stated: “It is a great pleasure to welcome you once again in Limassol, rightly known as the capital of shipping, and to address the 9th Annual Capital Link Cyprus Shipping Forum.
I would like to warmly thank Capital Link and Mr. Bornozis for their continued commitment to Cyprus shipping, as well as the Cyprus Union of Shipowners for their strong and consistent support. This forum has established itself as a key meeting point for dialogue, ideas, and meaningful partnership within our industry.
I would like also, to particularly welcome Mrs. Vozemberg-Vrionidis for her presence here today with us, participating at this prestigious forum.
We are meeting at a time of continued uncertainty for global shipping. Geopolitical instability, market volatility, and the accelerating green and digital transition continue to test the resilience of the shipping sector. Yet, shipping has always proven its ability not only to adapt, but also to lead.
In this demanding environment, Cyprus shipping has delivered tangible results. Over the past two and a half years, our ship registry has recorded strong and steady growth, with an increase of 23% in gross tonnage, the highest level of the past twenty-five years.
At the same time, the shipmanagement sector, a cornerstone of our maritime ecosystem, continues to demonstrate remarkable dynamism. Between the first half of 2024 and the first half of 2025, its contribution to the national GDP increased by 17%, reaffirming Cyprus as one of the world’s leading shipmanagement centres.
Beyond its economic footprint, shipping provides employment to thousands of highly skilled professionals, supporting a diverse and vibrant maritime community.
Our focus remains firmly on quality, resilience, and long-term sustainability. The further development of our registry is guided by clear principles: regulatory predictability, high standards of safety and compliance, continuous improvement of services, and meaningful incentives that support the green and digital transition without compromising competitiveness.
Today, Cyprus stands as a fully-fledged international shipping centre, combining a reputable European ship registry with a dynamic and expanding ecosystem of maritime and maritime-related services. Our strategic location, experienced human capital, stable taxation system, and 24/7 support continue to position Cyprus as a competitive and reliable maritime hub.
Looking ahead, the challenges of decarbonization and digital transformation require pragmatic and global solutions and close cooperation between policy-makers and the industry. Cyprus remains an active and constructive participant in discussions at both the IMO and the EU, consistently advocating for globally aligned, technology-neutral measures that provide clarity and a level playing field for shipowners.
In this context, the Cyprus Presidency of the Council of the European Union is of particular importance. We approach this responsibility with a clear objective: to promote balanced policies that safeguard the competitiveness of European shipping, avoid fragmentation, and support the green and digital transition in a pragmatic and achievable manner.
The future of shipping will be shaped by collaboration, innovation and TRUST. Trust between the public and private sectors, trust in global regulatory frameworks, and trust in our shared commitment to a sustainable future.
I can ensure you that the Government of Nikos Christodoulides remains firmly committed to supporting the shipping industry, strengthening our maritime cluster, further empowering our flag, and ensuring that Cyprus continues to play a meaningful and constructive role in global shipping developments.
Thank you for your presence, your partnership, and your continued confidence in Cyprus shipping. I wish you a successful and productive forum, and I look forward to my upcoming discussion with Nicolas Montanios on the strength, resilience, and future growth of our maritime cluster.”
KEYNOTE REMARKS
EUROPEAN TRANSPORT & MARITIME POLICY AT A TURNING POINT
The Role of Shipping in Europe’s Connectivity, Competitiveness, and Sustainability
Ms. Elissavet Vozemberg-Vrionidi, Chair, Committee on Transport and Tourism – European Parliament
In her Keynote Remarks, Ms. Elissavet Vozemberg-Vrionidi, Chair, Committee on Transport and Tourism – European Parliament, stated: “Good morning colleagues, distinguished guests, and friends.
Let me begin by saying how honoured I am to address you today at the 9th Annual Capital Link Cyprus Shipping Forum, in my capacity as Chair of the Transport and Tourism Committee of the European Parliament.
This event takes place at a particularly important and decisive moment for our Union, as Europe — and the European maritime sector — have reached a turning point.
Before I continue, I would like to thank Mr Nikolas Bornozis, with whom I have enjoyed a long-standing collaboration and friendship, for his kind invitation to deliver the keynote remarks on this unique platform.
Cyprus, beyond being my second home, also feels like the natural place to have these discussions, given its long maritime tradition and its global leadership in the sector.
This forum therefore offers a valuable opportunity to collectively reflect on the shipping sector and exchange on the challenges we face, as well as the opportunities that lie ahead.
Ladies and gentlemen, I do not believe in sugarcoating reality. It is crystal clear that the world around us is changing — and changing fast.
Europe and our maritime cluster are increasingly confronted with emerging challenges that demand our full attention and require innovative and future-proof solutions.
From rising geopolitical tensions and intensifying climate phenomena to unpredictable shifts in global trade dynamics, one thing is clear:
Europe must respond with one voice, and without delay.
We must work together now to ensure that our shipping industry not only remains competitive but continues to thrive and lead at the global level.
While we must acknowledge today’s realities and the obstacles before us, it is equally important to highlight Europe’s unique strengths.
The maritime sector has always been a cornerstone of our Greek, Cypriot, and European identity. Our well-established maritime traditions translate into a significant advantage in technical competence and expertise, and it is imperative that we capitalize on this.
Ladies and gentlemen, the figures speak for themselves. According to a CE Delft study published by the European Community of Shipowners, the European shipping fleet is among the largest in the world, representing 35% of global tonnage.
European shipping controls approximately 30% of the world’s bulk carriers, 44% of container ships, 35% of tankers, and 33% of LNG carriers. These figures clearly demonstrate that Europe remains a global leader in this industry.
Nevertheless, recent years have shown that other nations expand their shipping industries in an increasingly assertive manner.
We have also witnessed how rapidly global supply chains and maritime routes can be disrupted, and how severe the consequences can be.
But this should not discourage us — it should rather motivate us, because despite growing global uncertainties, Cyprus and Greece have continued to stand as leaders and champions of global shipping.
Our nations have repeatedly demonstrated their resilience to external pressures, showcased the sector’s essential value to the European economy, and emphasized its direct contribution to our security, competitiveness, and connectivity.
For this reason, in the face of ongoing change, I firmly believe that shipping — and the broader maritime cluster — must be recognised not only as an economic asset.
It must be understood as a critical geopolitical asset of strategic importance for the future of our Union.
Dear friends, allow me to start by stressing that no sector operates in isolation. To sustain a strong and effective shipping industry, we must ensure resilience across the entire maritime value chain.
This includes, among other elements, a robust European shipbuilding sector, competitive port services, the widespread availability of clean fuels, and a skilled workforce equipped with both digital and green skills.
For this reason, I very much welcome the European Commission’s forthcoming European Ports Strategy and Industrial Maritime Strategy.
Together with the recently published Sustainable Transport Investment Plan, these initiatives will help shape a maritime sector that is stronger, more competitive, and more sustainable than ever before.
During the last mandate, the TRAN Committee had actively worked on an own-initiative report on “Building a Comprehensive European Port Strategy”, focusing on foreign influence, security, the energy transition and the competitiveness of ports.
I am glad to see that our work had a real impact and prompted the Commission to start working on a European Ports Strategy, which we are expecting in the coming weeks.
This strategy positions ports as drivers of growth and innovation, recognizing their central role not only for shipping and trade, but also for the overall security of our Union.
At the same time, the upcoming Industrial Maritime Strategy also presents a valuable opportunity to enhance the competitiveness of European shipping and better prepare it for the future.
It aims to reduce dependencies, reinforce European production, and strengthen manufacturing capacity for sustainable technologies within Europe.
This is not merely a matter of market leadership. It is a matter of Europe’s strategic autonomy and security.
Ladies and gentlemen, let me now turn to the core of my intervention, focusing on what I call the three major “C’s” of transport: connectivity, competitiveness, and climate neutrality.
These three pillars lie at the heart of our work in the European Parliament’s Transport and Tourism Committee and are highly relevant to today’s discussion.
Let me begin with connectivity. This is a defining feature of shipping and a positive force in today’s interconnected world, because connectivity means unity and strength.
For example, short-sea shipping, including maritime transport between EU ports, plays a strategic role in maintaining the connectivity of insular, peripheral, and remote regions.
As such, connectivity also has a very clear social dimension, helping ensure social and territorial cohesion across the Union. More particularly, it enables communities in remote and distant areas to access essential goods and services.
Therefore, the role and importance of shipping in performing these essential functions cannot be overstated. It is a vital component of a well-functioning and cohesive European Union.
Let me now turn to what I deem the most important objective of the current mandate, namely Competitiveness. This has been one of my core priorities for the transport sector since the beginning of this mandate and will remain so in the years to come.
A competitive European maritime sector depends, first and foremost, on a genuine level playing field at the international level. In order for European shipping companies to remain competitive, non-European competitors must operate under comparable conditions.
This is crucial if we want shipping companies to remain established in Europe, continue investing here, and contribute to our economic strength and strategic autonomy.
Competitiveness also depends on people and skills. We must not underestimate the importance of workforce upskilling in strengthening the shipping sector, particularly at a time marked by rapid digitalisation, automation, and the increasing use of novel technologies such as artificial intelligence.
Here, the path forward is clear. We must invest in education and training to ensure that seafarers and maritime professionals are equipped with the digital and green skills needed for the successful accomplishment of the twin transition.
That is why I am also looking forward to attending the Informal Ministerial Meeting in Lefkosia this April, where a central item on the agenda will be securing the endorsement of the Lefkosia Declaration.
This political initiative places people at the heart of this industry and highlights our Union’s collective commitment to its seafarers.
At the same time, enhancing our competitiveness is not only about additional action. It is also about removing obstacles that hinder and constrain the sector’s performance.
In particular, we must reduce unnecessary administrative burdens that overwhelm businesses, create bottlenecks, and undermine efficiency.
Simplification is therefore one of my top priorities for the coming years and an essential step in our shared effort to restore and strengthen Europe’s competitiveness.
Let me now turn to the third and final “C”: climate neutrality and sustainable transport.
Ladies and gentlemen, our work must be driven by ambition, but it must always remain grounded in realism and pragmatism.
The Draghi report clearly recognises shipping as one of the hardest sectors to decarbonise, accounting for almost 13.3% of total CO₂ emissions from EU transport. This underlines the scale and complexity of the challenge before us.
The recently published Sustainable Transport Investment Plan confirms that achieving climate neutrality in shipping will require unprecedented levels of investment, combining both public and private financing to bridge this gap.
As demanding as this transition may be, scaling up the production of clean fuels and innovative maritime technologies in Europe is a major strategic objective. It is not only a climate priority, but also an industrial and competitiveness imperative.
As policymakers, our responsibility is clear. We will support the sector through targeted incentives, effective support mechanisms, and a coherent, fair, and predictable regulatory framework at both European and international level.
I would like to conclude by saying that during these critical times, strong leadership is essential. Leadership grounded in expertise, guided by ambition, and sustained by commitment.
This is why it is particularly important that Cyprus has assumed the Presidency of the Council of the European Union as of January 2026.
I have every confidence that it will rise to the occasion, deliver concrete results, and together, advance our shared objective: building a shipping industry that stands where it belongs — at the top.
Ladies and gentlemen, distinguished guests, and dear friends, allow me to end with this:
Connectivity. Competitiveness. Climate neutrality.
While this may be our greatest challenge yet, if approached with ambition and dedication, it presents an opportunity we must seize to ensure that our shipping industry continues to lead.
So let me assure you that delivering on these three pillars is of utmost importance to the Transport and Tourism Committee of the European Parliament.
As such, I look forward to working closely and systematically with all of you throughout this mandate to turn our shared vision into reality.
That is our duty; that is our commitment.
Thank you very much.”
CAPITAL LINK LIFETIME ACHIEVEMENT AWARD PRESENTATION
Honoree: Mr. Acis Montanios, Chairman of the Board & CEO – Montanios & Montanios LLC
NET ZERO – REGULATORY UPDATE
Presented by:
Mr. Theo Kourmpelis, Global Business Director for Tankers – Lloyd’s Register
THE DEBATE FOR NET ZERO – IMPLICATIONS ON FLEET RENEWAL
Navigating Through Commercial & Regulatory Uncertainty
Moderator: Mr. Vassilis Dimoulas, M&O EMA Technology & Innovation Director – Bureau Veritas Marine & Offshore
Panelists:
· Mr. Antonis Faraklas, Managing Director – Charterwell Maritime S.A. and Chartworld Shipping Corporation
· Dr. George D. Pateras, Deputy Chairman – Contships Management Inc.; Former President – Hellenic Chamber of Shipping (2016-2025)
· Capt. Eberhard Koch, Chairman, CEO & Partner – Österreichischer Lloyd Shipping Group (OL Shipping)
· Dr. Loukas Barmparis, President – Safe Bulkers, Inc. (NYSE: SB)
SHIPPING IN THE AI ERA – OPTIMIZING THE COMMERCIAL & OPERATIONAL LANDSCAPE
Moderator: Mr. Joe Woods, Senior Vice President, Business Development – ABS Consulting
Panelists:
· Mr. Konstantinos Vlachos, COO – CASTOR
· Mr. Dimitris Vastarouchas, Chief Operating Officer & Vice President – Danaos Corporation (NYSE: DAC)
· Mr. Konstantinos Stampedakis, Co-Founder & Managing Director – ERMA TECH GROUP
· Mr. Vasileios G. Petousis, Energy & Sustainability Manager – Seanergy Maritime Holdings Corp. (NASDAQ: SHIP)
SHIPMANAGEMENT – WHAT’S NEXT?
Safety, People, & Performance in a Changing Maritime Landscape
Moderator: Mr. Nicos Attas, Marine Manager – RINA Cyprus
Panelists:
· Mr. Basil Sakellis, CEO – Alassia NewShips Management, Inc.
· Capt. Franck Kayser, COO – Asyad Shipping Company
· Mr. Andreas Hadjipetrou, Chief Commercial Officer – Columbia Group; Managing Director – Columbia Shipmanagement
· Mr. Dieter Rohdenburg, CEO – InterMaritime Shipmanagement Ltd.
Mr. Nicos Attas, Marine Manager – RINA Cyprus, stated: “The discussion focused on the expected impact on traditional shipmanagement in respect to the changing maritime landscape, and the ambitions to NZF, while the main query to the panelists was how shipmanagement will need to transform to meet new challenges and opportunities in managing safety, performance and people.
Panelists stressed out that to maintain ship safety and good performance amidst stricter Port State Control (PSC) , requires high quality assets, along with implementation of new innovative technologies embraced by Artificial Intelligence. Safety management includes also apportioning part of this “keep the ship safe” responsibility to crew members, in recognition of the vital role they have on board. Merely, the key to ensuring safety remains the proactive approach – addressing issues before escalation—and remains the gold standard.
Managing people onboard and ashore requires re-thinking: Modern crew management has shifted from “payroll-only” to a focus on mental health, welfare, and work-life balance. About future maritime training, while the maritime industry in general records gaps in the crew training and syllabus in respect to new technologies, the panel could not fully agree on this – instead it was emphasized that the younger generation excels in digital monitoring and systems management over traditional manual repairs.
The performance and optimization of ship operations was thoroughly discussed, and the panel stressed the importance of these services to shipowners, which are necessary to maximize operational profit, efficiency and to reduce downtime, which would result in considerable reduction in emissions and mitigation of ETS penalties.
Shipmanagement has invested a lot in new digital technologies to remain close to the ship owners, and is also looking into pragmatical future fuel compliance solutions, ie CCS concepts. However, owners are only willing to pay the extra cost of the additional ship management services only if they see a real added value in profit and operations.
As a conclusion statement – the panel stressed out that new challenges create always new opportunities but success in this changing landscape depends on moving beyond transactional service toward investing in strategic partnerships and working always in close cooperation with the ship owners.”
Mr. Basil Sakellis, CEO – Alassia NewShips Management, stated: “Technological advancements—such as ship–shore integration, digitalization, advanced analytics, and connectivity—offer significant opportunities to improve energy efficiency, enhance predictive maintenance, and optimize overall fleet performance. I strongly believe that ship managers stand to benefit enormously from these developments, particularly if we also embrace artificial intelligence not merely as an advanced search engine, but as a practical tool that actively supports and automates parts of our daily operational, technical, and managerial tasks.
At the same time, while improved connectivity has enabled shore-based personnel to assume control over many onboard functions, I believe that ownership of certain processes —especially surveys, inspections, audits, and vettings—should increasingly be returned to our seafarers. Empowering crews to take responsibility for both the preparation and the outcome of such audits fosters motivation, professional growth, and accountability, while shore teams continue to provide structured guidance and continuous support.
This empowerment is especially critical in today’s highly interconnected operating environment. Events onboard a single vessel no longer remain isolated; adverse outcomes such as a PSC detention can have far-reaching commercial and reputational consequences across an entire fleet and its management company. Strengthening onboard ownership therefore directly supports both operational resilience and corporate risk management.
Beyond technological change, the industry is also facing a growing body of environmental and regulatory requirements. Early adoption of emerging trends, combined with more specialized training, can better prepare seafarers for regulatory frameworks before they become mandatory, reducing disruption and improving compliance outcomes.
With respect to decarbonization, the maritime sector—due to its fragmented and highly competitive nature—has demonstrated a strong ability to improve energy efficiency. While ambitious environmental regulation is generally well intentioned, its long-term effectiveness depends on being grounded in sound technical feasibility and economic realism.
Ultimately, the convergence of technological innovation and regulatory complexity is making the role of ship managers increasingly demanding. I view this evolution not as a challenge, but as an opportunity: it transforms ship management into a more strategic, value-adding profession than ever before—one that combines technology leadership, human empowerment, and responsible stewardship of assets and people.”
CAPITAL AT SEA: THE STATE OF SHIP FINANCE
Moderator: Mr. George Zambartas, Head of Ship Finance – Limassol – Hill Dickinson LLP
Panelists:
· Dr. Nikolaos Kagkarakis, Shipping Finance Senior Relationship Manager – Alpha Bank S.A
· Mr. Nicholas Pavlidis, Head of Shipping – Bank of Cyprus
· Mr. Philipp Wünschmann, Head of Shipping – Berenberg
· Mr. Aris Patounas, Head of Shipping – Eurobank Ltd.
· Mr. Jan William Denstad, CEO & Founding Partner – Sole Projects Ltd.
Mr. George Zambartas, Head of Ship Finance – Limassol – Hill Dickinson LLP, stated: “It was a pleasure to moderate a first-rate ship finance panel at the Capital Link Forum in Limassol on 17th November representing both shipowner and lender’s interests, who provided valuable and positive insights on the current state of ship finance and what may lie ahead, bearing in mind the current sustainability agenda. Some of the main take aways were the importance of relationships and mindset , the ability to adapt to change and the many more alternative finance options available to shipowners than was the case 10 years ago. The forum itself was the 9th held in Cyprus and was very well attended and received by the audience and included many high-profile panellists including Ms. Marina Hadjimanolis, the shipping deputy minister to the president of the Republic of Cyprus and Mr. Michael Damianos the minister of energy, commerce and industry of the Republic of Cyprus. George Zambartas, head of finance, Hill Dickinson, Limassol. Hill Dickinson’s continued global sponsorship of Capital Link forums represents an investment into the firm’s growing international finance practice, underpinning its offering across key shipping markets.”
ADVANCING ENERGY SECURITY: THE VERTICAL CORRIDOR AND US-CYPRUS COOPERATION IN THE NEW ENERGY LANDSCAPE
Moderator: Ms. Dorothea Ioannou, Chief Executive Officer – American P&I Club
Panelists:
· Minister Michael Damianos, Minister of Energy, Commerce and Industry – Republic of Cyprus
· Dr. Daniel E. Mangis, Chargé d’ Affaires ad interim – U.S. Embassy in Nicosia, Cyprus
At the 9th Capital Link Cyprus Shipping Forum, Minister of Energy, Commerce and Industry, Michael Damianos, outlined Cyprus’ strategic vision for energy security, highlighting the Vertical Energy Corridor – linking Greece with Ukraine via Bulgaria, Romania and Moldova – as a pillar of Europe’s new energy architecture.
The Minister stated that the war in Ukraine and subsequent EU efforts to reduce dependence on Russian gas have fundamentally reshaped energy geopolitics in Southeastern Europe. He described the Vertical Corridor as a critical diversification route enabling northbound LNG and Caspian volumes to reach Central and Eastern Europe – one that operationalises European solidarity by reversing historic southbound flows and strengthening bidirectional capacity.
Beyond infrastructure, he stressed, the Corridor constitutes a geopolitical risk-mitigation platform that integrates Balkan and Black Sea markets into the EU energy acquis and transatlantic supply chains. He further remarked that shared infrastructure reduces escalation risks by creating interdependence.
The Minister also underlined the central role of shipping in this vision, noting that LNG cargoes can be redirected according to market demand, ensuring flexibility. Expertise in vessel management and compliance, he added, supports LNG trade through Greek terminals such as Alexandroupolis FSRU, which feeds into the Corridor.
Referring to Cyprus’ role, Minister Damianos described the country as a stabilising guarantor, noting that it controls one of the largest merchant fleets in the EU by tonnage and offers a well-established maritime legal and services ecosystem. He further explained that, as an EU Member State in the Eastern Mediterranean and an active participant in frameworks such as the East Mediterranean Gas Forum and the Union of the Mediterranean, Cyprus connects the Eastern Mediterranean basin to EU markets, while operating firmly within EU governance structures.
Concluding, the Minister emphasised that the Corridor’s success depends on aligned governance, bankable long-term demand and secure maritime operations, requiring timely political and commercial commitment to anchor the project contractually and financially, thereby transforming it from aspiration into a stabilising force for Europe’s energy future.
SHIPPING AT THE INTERPLAY OF GLOBAL COMMERCE, REGULATIONS, & GEOPOLITICS
Moderator: Mr. Andreas Papachristodoulou, Partner – Stephenson Harwood
Panelists:
· Mr. Mark O’Neil, President & CEO – Columbia Group; President – InterManager (2020-2024)
· Mr. Spyros Vlassopoulos, Managing Director – Ionic
· Mr. Filippo Fabbri, CEO – Lockton P.L. Ferrari
· Ms. Eman Abdalla, Founder & Managing Partner – SeaThrew
Mr. Andreas Papachristodoulou, Partner – Stephenson Harwood, stated: “The session brought together senior industry leaders to explore how geopolitical developments, regulatory fragmentation and shifting trade policy signals are reshaping commercial decision-making across the maritime sector.
The discussion examined the impact of sanctions regimes and less transparent trading patterns on operational risk, safety standards and environmental compliance, highlighting the increasing complexity faced by shipowners, operators and insurers. Panelists also addressed the growing uncertainty surrounding global and regional regulatory frameworks, including emissions-related measures and how this affects long-term fleet investment, alternative fuel strategies and overall competitiveness.
A key theme throughout the session was the evolving geopolitical landscape and the extent to which shipping is increasingly influenced by broader strategic and economic considerations. The panel explored how changing trade routes, heightened compliance expectations and market fragmentation are influencing commercial planning and risk appetite across the industry.
Despite these challenges, participants emphasised the resilience and adaptability of the maritime sector, noting that collaboration across stakeholders remains essential to maintaining safe, efficient and sustainable global trade flows. The discussion provided valuable insights into how industry participants are navigating a rapidly evolving environment while continuing to identify opportunities for growth and innovation. Stephenson Harwood remains committed to supporting industry participants through expert legal guidance and innovative solutions tailored to the evolving needs of the maritime sector.”
Mr. Filippo Fabbri, CEO – Lockton P.L. Ferrari, discussed how the marine insurance market is navigating an increasingly complex global landscape shaped by geopolitical tension, regulatory uncertainty, and the rise of shadow trading. He emphasized that even fully compliant operators are feeling the impact of non‑compliant activity, particularly through heightened requests for documentation, disclosure, and reporting—factors that increase cost, friction, and uncertainty. More importantly, he noted that shadow trading is creating intricate claims and liability scenarios that challenge the insurance market’s traditional reliance on clarity and predictability.
Despite these pressures, Fabbri observed that there has been limited evidence of market‑wide pricing changes directly attributable to shadow trading. P&I rates have seen only modest upward movement, hull and machinery pricing continues its downward trend, and war risks insurance remains priced opportunistically on a case‑by‑case basis. Instead of broad pricing shifts, the market response has focused on deeper scrutiny, including increased vessel monitoring, AIS‑related clauses, and enhanced sanctions‑compliance provisions—measures that primarily safeguard compliant operators from more restrictive exclusions.
On emissions and decarbonisation, Fabbri noted that regulatory uncertainty has not yet been clearly or consistently reflected in insurance pricing. He highlighted the market’s generally supportive stance toward green technologies, with nearly half of newbuildings now alternative‑fuel capable, and no clear signs of adverse selection or increased premiums. Similarly, there has been little pricing pressure applied to high‑emission vessels, even as insurers collect emissions data across their portfolios. Current regulatory frameworks, such as EU ETS and FuelEU, have had limited direct implications for insurance structures, underlining the need for further product innovation to support owners in this evolving context.
Addressing the wider geopolitical environment, Fabbri stressed that insurance exists to absorb risk. He underscored the responsibility of insurers and brokers to understand clients’ risk appetite, communicate the limits and volatility inherent to products such as war risks insurance, and promote complementary solutions—including contingent war cover. In closing, he reaffirmed the industry’s commitment to supporting global shipping by providing informed guidance and resilient risk solutions in an increasingly unpredictable world.
Ms. Eman Abdalla, Founder & Managing Partner – SeaThrew, stated: “Shipping today sits at the crossroads of geopolitics, regulation, and capital markets. Every voyage now carries political, environmental, and reputational risk alongside traditional commercial risk. The rise of shadow fleets linked to sanctioned trade has created two distinct markets: a transparent, financeable one that continues to attract capital, and a high-risk opaque one that is becoming increasingly difficult to insure, finance, and trade. As a result, compliance is no longer just a legal requirement, it has become a core operational capability that directly impacts earnings quality and cost of capital.
Regulatory fragmentation is also reshaping competitiveness across the industry. The interaction between global IMO frameworks and regional regimes such as EU ETS and FuelEU is forcing owners to manage carbon exposure, fuel strategies, and cost allocation across multiple jurisdictions at the same time. Those operators who have invested in digital emissions tracking, automated compliance systems, and clear contractual structures are already gaining a structural advantage over those relying on manual processes. Regulation is no longer simply a reporting exercise; it is actively influencing relative performance and financing terms.
Geopolitical disruption has further accelerated the shift from efficiency-driven supply chains to resilience-focused ones. Recent rerouting around key maritime chokepoints has shown how reliability, route flexibility, and financially strong counterparties are becoming strategic priorities for cargo owners and lenders alike. Tonnage that can absorb disruption while maintaining compliance and predictability is increasingly being rewarded in both employment and financing.
Across all these developments, one theme stands out: visibility. The operators and investors who can measure risk in real time across compliance, emissions, and geopolitics, will be best positioned to attract capital, outperform through cycles, and manage volatility. In today’s market, transparency and digital readiness are no longer optional; they are fast becoming the defining competitive advantages of modern shipping.”
CHARTERERS’ INSIGHTS: IS THE COMMODITY RALLY FUELING THE HOT CAPESIZE MARKET FOR THE RESTOF 2026?
Moderator: Mr. Polys Hajioannou, CEO – Safe Bulkers, Inc. (NYSE: SB); President – Cyprus Union of Shipowners
Panelists:
· Mr. Tim Barrett, Capesize Global Trading Manager – Cargill Ocean Transportation
· Mr. Carl Andrew Dacombe, Head of Capesize Trading – Mercuria Shipping Pte Ltd.
SHIPOWNERS IN ACTION
INVESTING, OPERATING, & COMPETING IN A CHANGING MARKET
Moderator: Mr. Leonidas Karystios, Regional Business Development Director & Global Fleet Technology Director – Gas Carriers – DNV Maritime
Panelists:
· Mr. Andreas Hadjiyiannis, CEO – Cyprus Sea Lines / Hellenic Tankers;
Former President – Cyprus Union of Shipowners
· Mr. Aristides J. Pittas, Chairman & CEO – Euroseas Ltd. (NASDAQ: ESEA) ; EuroDry Ltd. (NASDAQ: EDRY); Euroholdings Ltd.
· Mr. George Mouskas, President – Olympia Ocean Carriers; Vice President – Cyprus Union of Shipowners
· Mr. Polys Hajioannou, CEO – Safe Bulkers, Inc. (NYSE: SB); President – Cyprus Union of Shipowners
CLOSING REMARKS
Mr. George A. Tsavliris, Principal – Tsavliris Salvage Group ; Conference Chairman
In his Closing Remarks, Mr. George A. Tsavliris, Principal – Tsavliris Salvage Group, Conference Chairman, thanked the speakers and all participants for their valuable contribution to the 9th Annual Capital Link Cyprus Shipping Forum, highlighting once again the continuity and cooperation that characterize the Cyprus maritime community.
Reflecting on the discussions, Mr Tsavliris made special reference to the initiative of Mr Polys Hajioannou, who brought to the Forum active charterers directly involved in the markets, enriching the dialogue with first-hand market insight and practical industry perspective.
He noted that the combination of institutional support, experienced leadership and active market participation remains one of the key strengths of Cyprus shipping as it navigates an increasingly complex global environment.
Mr Tsavliris also expressed his sincere appreciation to Mr Nicolas Bornozis and Ms Olga Bornozis, as well as the entire Capital Link team, for their excellent organization and continued dedication in creating a high-level platform for meaningful industry dialogue.
He concluded by expressing his confidence that the exchange of views during the Forum will contribute positively to the continued growth and international standing of Cyprus as a leading maritime centre.
THE FORUM WAS ORGANIZED:
UNDER THE AUSPICES OF: the Shipping Deputy Ministry of Cyprus and the Shipping Deputy Minister to the President
LEAD SPONSOR: Cyprus Union of Shipowners
GLOBAL GOLD SPONSORS: Columbia Shipmanagement • DNV
GLOBAL SPONSORS: ABS • Bureau Veritas • Hill Dickinson • Stephenson Harwood
SPONSORS: Alpha Bank • The American Club • Bank of Cyprus • Berenberg • ERMATECH Group • LR • EUROBANK • Lockton PL.Ferrari • Montanios & Montanios LLC • RINA • Safe Bulkers • Sole Shipping
SUPPORTING SPONSORS: Danaos Corporation • EuroDry LTD. • Euroseas LTD.• Flott & Co. PC • Seanergy • Sanghai Marine Services • Tsavliris Salvage • United Maritime
DINNER SPONSOR: Safe Bulkers
COCKTAIL RECEPTION SPONSOR: Columbia Shipmanagement
SUPPORTING ORGANIZATIONS: BCA • CIFA – Cyprus Investment Funds Association • CYMEPA • Cyprus Master Mariners Association • Cyprus Marine Club • Cyprus Maritime Academy • Cyprus Shipping Association • CSC – Cyprus Shipping Chamber • Institute of Chartered Shipbrokers, Cyprus Branch • Cyprus Investment Promotion Agency – Invest Cyprus • Young Ship Cyprus, SEA- LNG
MEDIA PARTNERS: All About Shipping Co. UK • Athens – Macedonian News Agency • Cyprus News Agency – ΚΥΠΕ – CNA • efoplistisnews.gr • Elnavi • The Japan Maritime Daily • Kaiji Press • maritimes.gr • Marine Circle • The Maritime Executive • MC Digital media • Maritime News • Naftika Chronika • Nafs • OMEGA TV • Robban Assafina • Shipping International Monthly Review • WorldOils • Xinde Marine News
ORGANIZERS
Founded in 1995, Capital Link is a New York based investor relations, financial communications and advisory firm with a strategic focus on the maritime, commodities and energy sectors, MLPs, as well as Closed-End Funds and ETFs. In addition, Capital Link organizes 18 high quality Investment Forums, webinars and podcasts, focusing on maritime transportation and U.S. investment products in 11 countries in the United States, Europe and Asia, in key industry centers, such as New York, London, Oslo, Hamburg, Athens, Limassol, Shanghai, Singapore, Tokyo, Hong Kong and Dubai, all of which are known for combining rich educational and informational content with unique marketing and networking opportunities. Capital Link is a member of the Baltic Exchange. Based in New York City, Capital Link has presence in London, Athens & Oslo.
