What we heard in Delphi was not a single story of crisis, nor a simple narrative of resilience. It was something more complex: a world in which geopolitics, energy, technology, demographics, climate, security and trust are no longer separate challenges, but parts of the same equation. The war in Iran, the future of Ukraine, Europe’s competitiveness gap, the rise of AI, demographic decline, migration, disinformation and the pressure on institutions all pointed to one conclusion — disruption is now structural.

This sense of rupture was echoed by Paolo Gentiloni, former EU Commissioner of Economy (2019-2024) and Prime Minister of Italy (2016-2018), who described the current moment as a fundamental break from the past, marked by the collapse of the old global order and the “weaponization of the world economy”. In such an environment, he argued, Europe must adapt to a far more competitive and unstable reality, warning that “we can’t be the only herbivores in a world of carnivores”.

And yet, the conversation did not remain trapped in alarm. Time and again, speakers returned to a more demanding question: capacity. The capacity of Europe to act with greater coherence; of Greece to turn recovery into productivity; of institutions to rebuild trust; of businesses to innovate without losing sight of people; of societies to protect openness without becoming defenseless.

If there was a thread running through this year’s discussions, it was the need to move from reaction to design. Energy security cannot rely only on emergency measures. Growth cannot rely only on recovery momentum. Technology cannot be treated only as acceleration, without governance, skills and purpose. Defense cannot remain fragmented. Demographics cannot be addressed through isolated benefits. Trust cannot be restored through communication alone.

This is, perhaps, what Delphi does best: it slows the noise just enough for patterns to emerge. In a world defined by speed, it creates space for interpretation. In a moment of fragmentation, it insists on dialogue. And in a year shaped by “The Shock of the New”, it reminded us that the new does not arrive only as threat — but as responsibility: to understand faster, cooperate better and choose more deliberately.

The 11th Annual Meeting of the Delphi Economic Forum leaves us, then, not with certainty, but with direction. The task ahead is not to wait for stability to return, but to build the systems, alliances and habits of mind that allow us to operate within instability — with clarity.

Until we meet again, in Delphi.

Michalis Chrysochoidis, Minister of Citizen Protection, said security has become “the dominant request”, citing changing patterns of violent crime, rising youth violence and organized group attacks. He described domestic violence as deeply alarming, with 100 to 120 daily complaints, 50 to 60 arrests and broader use of police protection tools, while noting that “the positive thing today is that women have been encouraged and are speaking. The positive thing is that there is protection”. Chrysochoidis also highlighted action against organized crime, cigarette smuggling, corruption, sports violence, fraud networks and traffic violations through specialized units and smarter enforcement.

Minister of Tourism Olga Kefalogianni noted that Greek tourism continues to operate amid successive shocks, from economic instability and the pandemic to the war in Ukraine and Middle East tensions but stressed that the sector has shown resilience and maturity. “There is no reason for concern for Greek tourism”, she said, adding that initial demand hesitation has stabilized. Kefalogianni highlighted a shift toward year-round tourism, diversified markets, mountain tourism, and balanced growth, emphasizing “measure and balance” to protect destinations, communities, and long-term competitiveness.

Dimitris Mantzos, Parliamentary Representative and Member of the Hellenic Parliament of PASOK – Kinima Allagis, framed progressive migration policy as rooted in human dignity and the EU’s foundational values, while addressing root causes such as conflict and lack of development. “Migration is not a problem, migration is a phenomenon”, he said. Mantzos emphasized integration, legal pathways, humanitarian and development aid and more effective asylum and return procedures, while warning against rising xenophobia and calling for renewed efforts to educate society.

Director-General for Taxation and Customs Union at the European Commission Gerassimos Thomas argued that Europe’s taxation challenge lies in the mix, not the overall level, noting that “citizens are taxed. Labor is overtaxed”. He said labor provides around half of EU tax revenues, while corporate, energy and excise taxes contribute far less, creating pressure as demographics, debt and defense needs grow. Thomas emphasized tax fairness, VAT gap reduction, green taxation, customs reform and AI-driven institutional adaptation, stressing that “it is the mix that is the problem”.

State of the World
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Positioning Kazakhstan as a strategic transit hub, Alibek Kuantyrov, Deputy Minister of Foreign Affairs of Kazakhstan, noted that 80% of overland trade between China and Europe passes through the country and highlighted development of the Trans-Caspian Middle Corridor. He identified infrastructure, logistics, environmental technologies, fintech, AI, and e-government as key areas for collaboration. Kuantyrov stressed Kazakhstan’s shift toward value-added production and human capital development, adding that “we want Greek companies to work together with us”.
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Responding from the Greek side, Deputy Minister for Foreign Affairs of the Hellenic Republic Harry Theoharis emphasized that strong bilateral economic ties begin with frequent political engagement and structured frameworks. He outlined a path from business missions and forums to vetted joint projects, potentially involving multiple countries given the distance between Greece and Kazakhstan. Theoharis said economic cooperation can progress despite political disagreements — “we can work even if we have political differences” – while stressing that it cannot replace political rapprochement. He urged Greece to expand its presence in Central Asia and choose cooperation over confrontation.
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Assessing the impact of sanctions on Russia, Founder of Open Russia Foundation Mikhail Khodorkovsky argued that some measures have been counterproductive, curbing capital flight and indirectly supporting the war effort. He called for flawed sanctions to be reassessed, saying the sooner mistaken measures are reviewed, the better. Khodorkovsky highlighted Russia’s diversified economy and China’s growing role identified the European energy boycott as particularly effective, and urged talent visas for skilled Russian professionals alongside cultural engagement that excludes pro-regime figures.
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Charles Hecker, Journalist, Author and Geopolitical Risk Consultant, described sanctions as an unprecedented and experimental policy shaped by uncertainty and external factors such as energy prices. He argued that their effectiveness cannot be judged in isolation and stressed the need for a comprehensive approach, particularly targeting energy revenues. Hecker also warned that Europe risks a strategic mistake by failing to integrate skilled Russian expatriates, pointing to their economic value and strong ties to European systems.
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Reflecting on Europe’s role in space exploration, Adrianos Golemis, Astronaut in Training (Greece / ESA) and Lead ESA Flight Surgeon at MEDES for ESA Hellenic Space Center, noted that missions such as Artemis II rely on a European service module to power the US crew module. He said the mission provides insights into autonomy, communication delays, lunar-orbit operations, radiation and microgravity research. Golemis stressed that “we overcome fear through understanding”, calling for stronger awareness, investment and human capital in the space sector.

From Procurement to Strategy

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President of Grant Thornton Consulting Nikolaos Karamouzis opened the discussion by outlining the geopolitical shifts reshaping Europe’s defense landscape and the growing push for strategic autonomy. He highlighted the investment opportunities emerging from Europe’s new defense agenda, framing the discussion around how Greece can strengthen its domestic defense ecosystem and position itself within this evolving architecture.
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Panagiotis Papageorgiou, Executive Board Member of Hellenic Center for Defense Innovation, argued that defense innovation is no longer “wishful thinking” but a distinct investment category backed by long-term demand, de-risking mechanisms and dual-use flexibility. Papageorgiou added that Greece’s main gap is not talent or ideas, but the pathway from prototypes to operational testing, defense planning, interoperability and European buyers.
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Ioannis Kaltsas, Head of Investment Team for Greece and Cyprus at the European Investment Bank (EIB), explained that the EIB can support dual-use and defense-related investments, while noting that purely defense activities without civilian application remain outside its scope. He emphasized support for venture funds, venture debt, bank cooperation to reach SMEs, and financing that can attract foreign investment and know-how to Greece. Kaltsas identified Europe’s fragmented capital markets as a structural barrier, arguing that deeper financial integration is needed for larger-scale security and defense investment.
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On Greece’s defense industrial potential, Costas Papadopoulos, Executive Director South East Europe at Lockheed Martin Corporation, argued that the country can benefit from Europe’s new defense agenda if investments are targeted and strategically planned. He cautioned against urgent procurement without proper preparation. “To go and buy something now simply because we need it now, without planning, is the lazy solution”, he remarked, stressing industrial participation, coordination and know-how transfer.

Dual-Use Dilemmas 
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Lauriane Héau, Researcher in the Dual-Use and Arms Trade Control Programme at SIPRI, warned that as universities, research institutes, spinoffs and other organizations become more involved in dual-use research, the risk grows that sensitive technologies may be diverted, leaked, or misused, including in ways that could violate human rights or international humanitarian law. She noted that states are using sanctions, investment screening, export controls and research security tools to manage these risks. Héau stressed that policies promoting dual-use research and policies protecting security remain insufficiently connected.
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Researcher at the University of Liège Veronica Vella noticed Europe’s research funding environment is clearly changing, with rhetoric and politics moving quickly while institutional and practical change may take longer. She remarked that the Commission has proposed a new regulation for the next framework program removing “civilian-only” wording, opening the way for more dual-use research. Vella said the EU is moving fast compared with its 40-year policy history but described the likely outcome as gradual adaptation rather than a total revolution.
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On the changing direction of technological transfer, Georgios Giannopoulos, Acting Director at the Joint Research Centre of the European Commission, said the current shift is from military-developed technologies moving into civilian use to civilian technologies entering the military domain. He identified the threat landscape, the geopolitical environment, and joint procurement or economies of scale as key drivers of dual-use technologies. “Practically all technologies with very small exceptions are dual-use”, he said, adding that the EU needs agreement on a common set of threats to guide development.
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Branislav Aleksic, Head of Foreign Trade Law and Corporate Security Department at Fraunhofer-Gesellschaft, described research institutes as moving toward a dual-use mindset without abandoning their civil mission. He pointed to software, materials, critical components and AI as areas with clear dual-use and military potential. Aleksic identified bottlenecks in export controls, research security, institutional culture and uneven national understanding, noting that Europe’s challenge is whether it can scale dual use comprehensively and with less fragmentation.

A Progressive Migration Policy for Europe  
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Heracles Moskoff, Secretary General for Vulnerable Persons and Institutional Protection at the Greek Ministry of Migration and Asylum, emphasized that the core challenge in migration policy is implementation rather than commitments. He highlighted the need for trained frontline professionals, societal trust, and a less “toxic” political dialogue, while balancing border and human security. Moskoff pointed to successful child protection interventions and stressed public-private cooperation, saying this work cannot be done alone. He also underlined the need for sustainable funding, clear refugee-migrant distinctions, return mechanisms and integration pathways.
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Setting out a framework for humane migration policy, Chairman of European Stability Initiative (ESI) Gerald Knaus outlined four conditions: protecting asylum, ensuring dignity, preventing deaths at sea and maintaining public support. He argued that new EU legislation makes such a model feasible and proposed a coalition of willing states to implement third-country asylum processing, calling it “a game changer”. Knaus criticized the current system as politically toxic and morally catastrophic, arguing that safe external processing could reduce irregular flows while preserving fundamental rights.

A Message From Growth Awards: Bending the Norm 

The Growth Awards institution has consistently highlighted business excellence and creative boldness. This initiative by Eurobank and Grant Thornton honors companies that transform vision into action, innovation into competitive advantage, and challenges into opportunities for sustainable advancement, transforming “Bending the Norm” into their daily routine. These awards reflect the momentum of a Greece that evolves, invests in knowledge and collaboration, and confidently strengthens its role within the international business environment.

Environmental Advocacy in the Age of Denial
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Sophie Daskalaki-Mytilineou, Chair of the Board of UN Global Compact Network Greece, outlined the initiative’s role as a global framework for corporate sustainability, structured around human rights, labor standards, anti-corruption and environmental protection. She emphasized its practical focus on turning commitments into action, particularly on climate, noting that “we help companies turn their words into action” through knowledge transfer and shared best practices.
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Executive Director Corporate Affairs at Nova Greece Martha Kesisoglou described the company’s shift from post-disaster restoration efforts to a broader sustainability strategy, including civil protection tools and support for businesses. She highlighted a new initiative to fund assessments of climate change’s macroeconomic impact on Greece’s GDP, noting that “we entered a ‘walk the talk’ process”. Kesisoglou said technology companies can contribute through digital solutions for emergency response and crisis management, while stressing targeted communication and corporate advocacy.
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Kanella Exarchakou, Head of Cabinet at the Ministry of Education, Sports and Religious Affairs, stressed education’s role in fostering critical thinking and shaping future attitudes toward sustainability. She noted that the goal is not only knowledge transfer but helping students ask the right questions. “The problem requires interdisciplinarity, as climate change is not only technical but also social”, she said, highlighting experiential learning and inclusion as key tools.
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Addressing the gap between science and public acceptance, George Dikaios, Marie Curie Fellow at Leiden University, noted that “it is much harder to convince the broader public that we all need to move toward a more environmentally friendly transition”. He emphasized that Europe’s progress remains insufficient and highlighted youth-led, interdisciplinary initiatives as a way to strengthen participation in environmental decision-making.
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Manolis Plionis, Full Professor in the Department of Physics at Aristotle University of Thessaloniki, argued that climate change is no longer a matter of debate but of how to respond. “It is no longer a question of trust in scientists — it is a fact”, he said. Plionis warned that public trust is undermined when citizens do not see lower everyday costs from the green transition, stressing the need for clearer boundaries between science, policy, and media narratives.

Demography Driven Competitiveness 
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Akis Skertsos, Minister of State for the Coordination of Government Policies at the Presidency of the Government of the Hellenic Republic, described demographic decline as a global challenge shaped by modern social and economic realities. He pointed to the “prosperity paradox”, noting that several high-income countries have fertility rates below replacement level. Skertsos stressed that “the demographic problem is not unsolvable, but requires long-term, holistic policies”, adding that Greece has made it a national priority with €20 billion allocated over nine years.
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Group Chief Marketing Officer of Eurobank Michalis Vlastarakis said the bank began focusing on demographics five years ago, identifying population decline as one of Europe’s greatest challenges. “Greece is shrinking, Europe is shrinking”, he noted, explaining that surveys show younger Greeks rank well-being, career development, relationships, and travel above starting a family. “We commit to pets, we don’t commit to children”, he said. Vlastarakis outlined Eurobank initiatives in border regions, islands, and Evros, including free IVF, family support, remote work, entrepreneurship tools and special mortgages.
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Tomasz Koźluk, Economic Counsellor to the Chief Economist of OECD, described aging as “peculiar megatrend because we actually do know a lot about it”, since fertility rates and life expectancy are broadly predictable. He noted that the ratio of people over 65 to working-age populations has shifted from one in ten in the 1960s to around one in three today and may reach one in two in coming decades. Koźluk warned that aging will pressure pensions, healthcare, labor supply and productivity.
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Addressing how societies can respond to population decline, Professor of Demography at Bocconi University Arnstein Aassve emphasized stronger education systems, welfare reform, and broader institutional adaptation. Pointing to the shrinking size of younger generations, he warned that this creates challenges for political representation and policymaking. Aassve stressed that “today’s welfare states were built for demographic conditions that no longer exist”, making resilience and institutional redesign essential.

Greece as a Defense Cooperation Hub
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Stig Thorgersen, Partner and Global Consulting Government and Defense Leader at EY, argued that Greece would be stronger if it moved from being “a net buyer of defense systems” toward a more balanced position, and potentially a defense exporter. He stressed that no mid-sized or smaller European country can be “totally sovereign”, making alliances essential. Thorgersen said Greece should build an ecosystem linking government, research centers, academia, and industry, while leveraging AI, manufacturing, ports, NATO-related programs, European partnerships and government-to-government cooperation.
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On Greece’s role in Eastern Mediterranean security, Panayiotis Hadjipavlis, Defence Director at the Ministry of Defence of the Republic of Cyprus, emphasized Greece’s legal obligations as a guarantor of the Republic of Cyprus, moral obligations toward Greek Cypriots, and political reasons tied to the region’s strategic importance. He described the Eastern Mediterranean as “VUCA”, referring to vulnerability, uncertainty, complexity and ambiguity, and said Greece’s support demonstrated “resilience and readiness”. Hadjipavlis called for deeper defense cooperation, fewer bureaucratic burdens and a cultural shift, arguing that “Greece should be a smart power”.
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CEO of ICEYE Greece Vasilis Chaloulakos noted that the presence of a young space company alongside major players such as Lockheed Martin showed that “something is changing in defense”. He explained that ICEYE’s radar microsatellites provide “24/7 all weather” imaging with resolution as precise as 25 centimeters, making them highly relevant for defense and intelligence users. Chaloulakos stressed that Greece “cannot afford not knowing what’s happening in its neighbourhood”, while emphasizing speed, engineering talent, interoperability, and cooperation across the local ecosystem.
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Roberth Toth, Business Development Analysis VP of Lockheed Martin Aeronautics USA, described Greece as a long-standing cooperation hub for Lockheed Martin, with ties dating back to 1943 and cooperation with Hellenic Aerospace Industry (HAI) since 1976. He noted that “all of the substructures for the fuselage” of the C-130J — the military transport aircraft — come from Greece, underscoring the country’s role in the production chain. Toth said Lockheed Martin views the C-130J as “the best in class airplane for Greece”, pointing to long-term cooperation, jobs, technology transfer and aerospace and defense opportunities.
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Yannis Maniatis, Member of the European Parliament, Vice President of the S&D Group, and former Minister of Environment, Energy and Climate Change of Greece, warned that Greece lacks a national strategy for engaging with Europe’s evolving defense industrial framework. He argued that combined European funds and national defense budgets could bring defense-related spending to “about 4 trillion euros” over seven years, making it urgent for Greece to define its own strategy and help SMEs participate in European projects. He also emphasized European autonomy and the principle of “design authority”.
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Nikolaos Papatsas, Board Member of EFA GROUP and Vice President of the Hellenic Aerospace Security and Defense Industries Group (HASDIG), identified two main challenges for Greece’s defense industry: institutional and organizational weaknesses, and limited industrial depth. He argued that state-owned defense industries need reform through professional management, discipline and delivery, while private industry has developed high-tech capabilities in C4I systems, sensors, UAS, and AI. Papatsas said Greece should move from being a buyer to “also a producer or a manufacturer”, with investors needing government clarity, firm orders, sustained business and a stable investment profile.

Politics in the Age of Fragmentation 
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Deputy Minister to the Prime Minister and Government Spokesman of the Hellenic Republic Pavlos Marinakis reiterated that national elections will be held in 2027, saying polls capture only a moment while elections judge a full four-year term. Addressing the OPEKEPE case, he acknowledged its seriousness, stressed that guilt or innocence is for the judiciary to determine, and noted that the 13 MPs involved requested the lifting of their own immunity. Marinakis also pointed to 600,000 new jobs and said future economic measures will focus on businesses, SMEs, and the middle class.
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Spokesperson for New Democracy party Alexandra Sdoukou contrasted past campaigns built around central slogans, posters, rallies and balcony speeches with today’s fragmented communication across audiences, ages and regions. She stressed that digital platforms have turned politics from one-way broadcasting into immediate interaction, where messages are instantly challenged or reshaped. Sdoukou described public feedback as useful for correcting mistakes and staying connected to society, but warned that social media also fuels misinformation, toxicity, fake accounts and deepfakes.
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Konstantinos Zachariadis, Spokesperson of SYRIZA – Progressive Alliance, observed that politicians traditionally struggled to gain prominence without mediation from television channels, newspapers and major outlets. He noted that digital platforms such as websites, X and TikTok have disrupted this model, reshaping how political visibility is created. Zachariadis said audiences now consume shorter and faster content, remarking that “if a text is over 700 words, even I cannot read it at night”, while warning that real news is often lost amid information overload, misinformation and agenda-setting.
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Reflecting on the changing nature of political communication, Andreas Spyropoulos, Secretary General of the Central Commission of Panhellenic Socialist Movement – Kinima Allagis, noted that all generations now rely heavily on digital platforms for news, including older citizens using Facebook. He argued that leading news websites also shape narratives through repeated headlines and coordinated messaging. Spyropoulos said daily pressures leave citizens little time for in-depth reading, weakening political analysis in favor of images, headlines and spectacle, and questioned whether public debate should be based on arguments or propaganda.

Next-Gen Politics
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Member of the Parliament for PASOK Manolis Christodoulakis argued that younger generations are shaped by everyday economic pressures, from high rents and rising food costs to expensive energy, which directly influence their political outlook. He stressed that youth disengagement is often overstated, noting that “young people today are not less politicized… they may have looser party ties, but political sensitivity clearly exists”. Christodoulakis added that political participation must become a shared responsibility rather than something “marketed” to citizens.
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Vassilis Koutsoumpas, Digital Policy and AI Adviser at the Office of the Prime Minister of the Hellenic Republic, highlighted the structural conservatism of political systems in adapting to technological change, stressing that policymakers must better understand and prioritize technology. He emphasized the integration of digital tools into governance and the need for continuous learning, noting that “digital humility is required” and that “governments must move against their natural tendency to avoid risk”. Koutsoumpas also pointed to the lack of incentives and exposure discouraging young people from entering politics.
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Addressing youth participation through the lens of economic security, Lefteris Karchimakis, Programme Coordinator at PASOK, argued that meaningful political engagement requires basic needs to be secured first. He noted that “what has been missing from the political scene is an open discussion about issues concerning the 18–40 generation”, and presented proposals on demographic challenges, including public support for fertility services.
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Porfylenia Kanellopoulou, Legal Advisor, pointed to a shift in how younger people engage with politics, stressing that “young people today are not less interested in politics, but have changed the way they participate”. She noted that many now choose channels outside traditional party structures and underlined the need to create more space for youth voices. Kanellopoulou warned that “the new generation will fail in politics if it remains absent and does not turn its voice into presence and participation”.

Navigating Misinformation
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Dimitris Kirmikiroglou, Secretary General of Communication and Media of the Presidency of the Greek Government, emphasized the need to combat disinformation without slipping into censorship. He framed critical thinking as the first line of defense, invoking “Know thyself”, and highlighted “Parisia” as both the courage and duty to speak truthfully. Kirmikiroglou outlined a national strategy built on state coordination, European regulatory alignment, institutional trust and social resilience, stressing education, media literacy, and cooperation between government, academia, civil society and the media.
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Focusing on the democratic consequences of disinformation, Lamprini Rori, Assistant Professor in Political Analysis at National and Kapodistrian University of Athens, argued that shared factual ground is essential for accountability. Presenting findings from three surveys, she noted that susceptibility is not driven mainly by age, gender, education, or political identity, but by anti-system attitudes, low interpersonal trust, and reliance on alternative or ideologically driven information sources. Rori identified “the lack of trust in the institutions of knowledge” as central, stressing the need to cultivate critical thinking early in education.
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Associate Professor at Vrije Universiteit Brussel Antonis Kalogeropoulos highlighted Greece’s heightened vulnerability to disinformation, citing comparative research and longitudinal data. He pointed to structural factors including widespread social media news consumption, very low trust in traditional media, polarization, and populism. “Greece is simply a country that is quite vulnerable to disinformation compared to other European countries”, he noted, adding that no single trusted media outlet serves as a common public reference point. He urged young journalists to prioritize depth over speed and research before publication.

Delphi Confidential is a special edition pop-up newsletter brought to you by Delphi Economic Forum in collaboration with αθηΝΕΑ.

Το άρθρο “we can’t be the only herbivores in a world of carnivores” εμφανίστηκε πρώτα στο Maritimes.

New York/Lugano, April 2026 – Azra Tech, through its Swiss-based subsidiary Azra Advanced Materials AG, announces a significant milestone in maritime sustainability.

Following the successful application of its advanced, durable, ultra-low-friction, biocide-free hull coating solution across a diverse range of vessel types—serving 25 customers representing a combined fleet of more than 2,500 vessels—the technology has now been deployed on the Diana Shipping Panamax, m/v Crystalia and Capesize, m/v G.P. Zafirakis.

The system has demonstrated measurable performance gains, enabling the vessel to avoid approximately 1,973 tons of CO₂ emissions between June 2024 and January 31, 2026.

hese results validate the coating’s performance under operational conditions and underscore its role in reducing the maritime sector’s environmental footprint.

The Greek market adoption was enabled through exclusive representative Green Navis, further cementing the role of regional partnerships in sustainable innovation.

Post application sea trials demonstrated an outstanding certified 8% reduction in required power at equivalent speeds compared with the newbuilding sea trial and a 2.7% increase in vessel speed—outcomes that led to the issuance and certification of a new EEXI Vref technical file by Class.

Operational data collected over 22 months further confirm an overall fuel efficiency improvement exceeding 10%. Based on this performance, projections from 2024 to 2029 estimate a total CO₂ emissions reduction of approximately 5,660 tons.

Diana Shipping, a key industry player, highlighted the value of Azra Tech’s technology in its 2024 ESG Report:“During 2024, we further enhanced our collaboration with Azratech… Two of our vessels using Azra coatings saved 526Mt of fuel and reduced CO₂ emissions by 1,641Mt”.

Azra Tech’s management stated: “The Crystalia’s EEXI improvement certify by Class represents an outstanding achievement… a meaningful contribution to the United Nations Sustainable Development Goals—particularly SDG 14: Life Below Water—by protecting marine ecosystems while maintaining high operational performance”.

About Azra Advanced Materials AG (azra-tech.com)
Azra Advanced Materials AG, based in Lugano, develops high-performance patented nanotechnology-based coatings. Its technologies, completely free of biocides and already adopted by international shipowners and charters, help reduce emissions in the maritime sector by lowering fuel consumption, operational impacts, and environmental footprint. The company is part of Azra Tech Inc. group, a U.S.-based Industrial Intellectual Property and Technology Holding Company with a global presence in the United States, Europe, and Switzerland. Azra Tech develops advanced materials and additives based on proprietary patented nanotechnologies that enhance the performance of multifunctional coatings and polymers while reducing their carbon impact. Through its innovations, the group supports global decarbonization efforts and promotes more efficient and sustainable industrial practices.

For media enquiries, please contact Azra Tech Communications
Media Contact:
Azra Tech Communications
Email: media@azratech.us. 

About Green Navis Quest (greenavis.com)
Green Navis is an innovative company founded in 2022 by the Moundreas family, acting as the representative of Azra Tech. Emerging from one of Greece’s oldest shipping companies, George Moundreas & Co. S.A., Green Navis was established to address the urgent need for green solutions within the maritime industry. The company’s mission focuses on integrating green technologies that enhance the sustainability of vessels.

       A: 25 Monemvasias str, 15125 Maroussi, Greece 

       T:  +30 212 000 6500

       E:  operations@greennavis.com

       W: www.greennavis.com

Το άρθρο Verified Fuel and CO₂ Savings Achieved with Azra Tech Innovative Sustainable Coating on Panamax Vessel εμφανίστηκε πρώτα στο Maritimes.

The crisis in the Strait of Hormuz dominated the opening day’s agenda, set against a high-level panel moderated by European affairs analyst Yiannis Koutsomitis. Joining Mr. Tsakiris on stage were Professor Sotiris Serbos, Foreign Policy Advisor to the Greek Prime Minister; Stavriana Asprogiannidou, Managing Director Marine at Howden Hellas; Koray Köse, CEO and Chief Analyst of KŌSE Advisory; and Safeen Ghafour, Senior Advisor to the Deputy Prime Minister of the Kurdistan Regional Government.

The discussion centred on the shifting balance in the wider Middle East, the strategic weight of the Strait of Hormuz as a chokepoint for the world’s energy trade, and the fallout already being felt across shipping, crew safety and the international insurance market.

“We’re already looking at 24 confirmed attacks on commercial vessels, 10 confirmed seafarer deaths, and roughly 20,000 seafarers affected across the region,” said Mr. Tsakiris. “At the same time, damage to energy infrastructure is now estimated at somewhere between 25 and 58 billion dollars. This isn’t theoretical risk. The consequences are already here.”

He was equally direct on how quickly geopolitical tension translates into higher insurance premiums and operating costs for shipowners. Insurance markets, he explained, don’t simply react to what has already happened, they price the possibility of what could come next.

“War creates uncertainty, pushes up operational risk and feeds the fear of sudden escalation. That works its way through every part of shipping, freight rates, voyage planning, crew safety and, of course, insurance costs.”

Even with premiums rising sharply, insurance cover remains available in high-risk waters, he noted, though the terms are tighter and underwriters far more selective.

“The question isn’t whether insurance is available. The real question is whether it can be commercially viable.”

On Washington’s proposal for state-backed insurance schemes covering vessels transiting Hormuz, Mr. Tsakiris offered a historical perspective. Such mechanisms, he pointed out, are hardly new.

“Government-backed schemes for war risks have been around since the 1950s, when governments stepped in to protect their national fleets during times of crisis. But those kinds of initiatives are usually about defending strategic national interests, not the international fleet as a whole.”

On the side of the forum, Mr. Tsakiris also referred to decarbonisation, making adding that the green transition is non-negotiable, but that it has to be grounded in what’s actually achievable.

“Decarbonisation isn’t a choice, it’s a necessity. But the transition has to take account of the real conditions shipping is operating under today, geopolitical tensions, shifting trade routes, sanctions, and the shortages in both fuels and infrastructure.”

He pointed to recent remarks by Melina Travlos, President of the Union of Greek Shipowners, as reflecting the industry’s position. “As the President of the Union of Greek Shipowners said in her statement on April 16, shipping remains firmly committed to the path toward decarbonisation. But that transition can’t be built on ambition alone. It needs realism, technically workable solutions and a common global framework that actually reflects how the market operates.”

“What we need is an international framework that works in practice for the shipping industry. And that conversation becomes all the more important with the IMO meeting coming up on April 27.”

Το άρθρο Ilias Tsakiris: Geopolitical tensions directly translate into higher insurance and operating costs for the shipping industry εμφανίστηκε πρώτα στο Maritimes.

The Chatzikyriakio Foundation, with a 120-year history in child care, welcomed PCT with great joy and pride to its recently renovated building. As part of the activity, the girls of the Foundation, together with PCT employees and under the guidance of the art workshop “Chroma,” designed Chinese ideograms with positive meanings such as peace, love, friendship, and freedom. They then transferred their creations onto fabric tote bags, which they kept as a souvenir of this special day.

For several years, PCT has consistently supported the mission of the Chatzikyriakio Foundation by covering the tuition fees for foreign language learning for the girls. This initiative is part of the company’s broader corporate responsibility program, which includes actions and partnerships with institutions and associations, with a strong focus on education. In this context, PCT has invested more than €250,000 over time, strengthening educational opportunities for the younger generation in the wider Piraeus area.

Nina Argyropoulou, Deputy Manager PR & Sustainability of PCT S.A., stated:
“Knowledge is the most powerful asset we can offer children. For PCT, investing in education is a key pillar of our corporate responsibility. Through initiatives like today’s, we aim to introduce children to a different culture with a long history, such as the Chinese culture, and help broaden their horizons. Our collaboration with the Chatzikyriakio Foundation is a relationship of substance and consistency, reflecting our commitment to supporting the girls it hosts as well as its overall mission.”

About PCT: Piraeus Container Terminal, one of the leading container terminals in the Mediterranean region, is a company founded in Greece, and a fully controlled subsidiary of COSCO SHIPPING Ports Limited (a leading container terminal operator ranked in 1st place in the world). As of October 1st 2009, PCT S.A. has undertaken for 35 years the implementation of the Concession Agreement for Piers II and III, which, following an international tender process, PPA S.A. assigned to COSCO Pacific Limited (now COSCO SHIPPING Ports Limited), to which the tender was awarded. Main activities of PCT S.A. is the provision of loading/unloading and storage services for imported and exported containers moving through the Port of Piraeus, including cargoes that use Piraeus only as a transit station (transshipment cargoes). The strategic location of Piraeus , being the first European Port after Suez canal with direct connection to E.U road and rail network  makes it not only an ideal port-hub for destinations in the Mediterranean and  Black Sea, but a sustainable partner for all stakeholders of distribution and Logistics services in Europe Middle East and Africa.

Το άρθρο PCT: Art Workshop at the Chatzikyriakio Foundation on the Occasion of Chinese Language Day εμφανίστηκε πρώτα στο Maritimes.

Lloyd’s Register (LR) has tested Orca AI’s AI-powered navigation system during a live vessel trial.

The assessment focused on how AI-based computer vision can support human decision-making in real operating conditions, particularly in complex navigation scenarios such as congested waters and reduced visibility.

The trial was conducted on a feeder containership during a five-day voyage through some of the Mediterranean’s busiest shipping lanes, from the port of Gioia Tauro in Italy to Marsaxlokk, Malta. The work tested the system’s object detection performance alongside radar, AIS and visual watchkeeping.

During the voyage, the platform detected close-range and low-signature targets that were not always visible on traditional systems, supporting watchkeepers in challenging scenarios such as non-AIS vessel and small craft encounters and night operations.

LR Ship Performance Specialist Han Beng Koe joined the vessel as the onboard assessor, providing real-time feedback on usability and performance while the system was evaluated against established navigation references.

Koe said: “As the onboard assessor, I observed the demonstrated capabilities of AI-based computer vision within the operational environment. This provides a clear indication of the performance potential and scalable application of emerging technologies in maritime navigation systems.”

Dipali Kuchekar, Product Manager (Marine and Offshore) at LR, said: “This significant project serves as an important reference point for data-driven system evaluations. It reflects our shared commitment to the adoption of novel technologies, at a time when decarbonisation and autonomy are becoming increasingly intertwined.”

Dor Raviv, Orca AI CTO and Co-founder, added: “What this trial shows is that AI-assisted navigation is no longer a future concept, it is already delivering measurable value in live operations. More than 1,200 vessels using Orca AI are evidence that earlier and more accurate detection, lead to more-informed decisions on the bridge, which lead to safer navigation. Trials like this pave the way for broader AI adoption in our industry on the journey towards autonomous shipping.”

The project combined performance metrics with structured human factors input to evaluate both detection accuracy and usability on the bridge. It also introduces a structured approach for evaluating enhanced situational awareness systems, using precision and recall metrics alongside crew feedback to reflect real-world usability. This framework aims to support shipowners, technology developers and regulators as AI becomes increasingly adopted in maritime operations.

The collaboration also included targeted human factors workshops delivered by LR to support Orca AI’s approach to gathering and using crew feedback. The sessions, overseen by Stephanie McLay, Team Lead – Human Factors, LR, focused on best practice in usability research, helping ensure that insights from seafarers operating in demanding conditions are captured, analysed and acted upon effectively.

“From a human factors perspective, it is not just about what the technology can do. It is about how effectively it supports the human operator. These workshops demonstrated how structured feedback and user-centred design can play a critical role in shaping safer and more usable AI-enabled navigation systems,” McLay said.

Trial information:

The evaluation of the Orca AI platform was conducted on a feeder containership sailing from the port of Gioia Tauro in Italy to Marsaxlokk, Malta, by way of Bar in Montenegro. Covering a total distance of 828 nautical miles, it included complex navigation scenarios such as congested waters near ports, the Strait of Messina and the Marsaxlokk anchorage, as well as open-water sailing.

Orca AI’s SeaPod computer-vision units, mounted on top of the vessel’s bridge, features a fixed sensor heads equipped with day and thermal cameras providing up to 360 FOV. The SeaPod serves as digital watchkeeper that detects, classifies and estimates the distance to relevant objects in real time, with the system display positioned centrally in the bridge console.

A total of 98 observations were collected at intervals of roughly 30 minutes in open water, reducing to 5 minutes in heavy-traffic areas. The majority (63%) were conducted under congested conditions. The dataset covered 739 relevant targets including small, unlit or low-Radar-signature vessels that traditional Radar failed to identify. Benchmarking for evaluating detections was provided by ground truth data generated through a combination of the Orca AI system’s screen and recordings, Radar, AIS data via ECDIS and visual observations.

The SeaPod achieved 94% Precision (635 “True Positive” detections out of the 739 targets) and 98.6% Recall, detecting nearly all relevant objects. There was zero system downtime during the voyage.

About Lloyd’s Register

Lloyd’s Register (LR) is a global professional services group specialising in marine engineering, technology and digital solutions. We were created more than 260 years ago as the world’s first marine classification society to improve and set standards for the safety of ships.

Today we are a leading provider of classification and compliance services to the marine and offshore industries, helping our clients design, construct and operate their assets to accepted levels of safety and environmental compliance.

We also provide advisory services and digital solutions, supporting fleet and voyage performance and optimisation.  Through OneOcean, LR delivers integrated digital solutions supporting voyage planning, optimisation, compliance, training and fleet performance across more than 30,000 vessels globally. 

In the race to zero emissions, our research, advisory and technical expertise and industry-firsts are supporting a safe, sustainable maritime energy transition.

Lloyd’s Register Group is wholly owned by the Lloyd’s Register Foundation, a politically and financially independent global charity that promotes safety and education.

www.lr.org

About Orca AI

Orca AI is the leading maritime operations platform utilizing artificial intelligence and computer vision to achieve the most significant change across the shipping industry in centuries. The Orca AI platform empowers shipping companies to maximize operational efficiency and voyage safety for ships and fleets. With Orca AI, crew can now make rapid, data-driven decisions in congested waters or low visibility conditions, while fleet managers and operators gain unprecedented insights into their fleets’ performance.

Orca AI brings autonomous mobility to the shipping industry, having powered the world’s first commercial autonomous voyage in 2022, in partnership with Designing the Future of Full Autonomous Ships (DFFAS) and The Nippon Foundation.

Headquartered in London, UK, Orca AI is trusted by global leaders including Maran Tankers, MSC, Seaspan and NYK. The platform is installed on more than 1,200 vessels worldwide and 500 more in pipeline.

https://www.orca-ai.io/

Το άρθρο Lloyd’s Register assesses AI navigation technology in live vessel trial with Orca AI εμφανίστηκε πρώτα στο Maritimes.

Lifting appliances play a vital role in cargo handling and ship operations, yet their limited structural redundancy has long posed safety risks for crews and vessels. To address these hazards, the International Maritime Organization (IMO) has introduced new mandatory requirements for the design, construction, installation, testing, examination, marking, maintenance, inspection and operation of lifting appliances under the SOLAS Convention. These regulations entered into force on 1 January 2026 and aim to prevent failures that have previously resulted in fatalities, injuries, lifting appliances loss and ship damage.

The new SOLAS regulations apply to all new lifting appliances installed on or after 1 January 2026, and to existing lifting appliances and associated loose gear no later than the first renewal survey on or after that date. Regulation II-1/3-13 introduces requirements for classification of standard design and construction, periodic load testing and thorough examinations for both new and existing lifting appliances.

IACS strongly supports the inclusion of lifting appliances within the SOLAS Convention, recognising the substantial improvement this brings to maritime safety. In support of this new framework and to facilitate consistent global implementation of the SOLAS regulations, IACS has developed a comprehensive Recommendation on Onboard Lifting Appliances, providing guidance on, for example:

Distinguishing between new and existing lifting appliances;
Application of SOLAS regulation II-1/3-13 to lifting appliances with a safe working load below 1000 kg;
What information is the prerequisite to account for existing lifting appliances and loose gear that enters into the SOLAS regime (certificates, load test and thorough examination);
Examples of loose gear to which the application of SOLAS regulation II-1/3-13 should be considered and for where it should not and the documentation required for the consideration of existing loose gear in the SOLAS regulation II-1/3-13 regime;
Appliances serving as launching appliances for survival craft or rescue boats and as lifting appliances for cargo handling (dual use);
Necessary documentation and certification procedure for equipment with modification or alteration of major character;
Survey and testing regimes and timeframes, including alignment with the Harmonized System of Survey and Certification (HSSC);
Date of the initial verification of compliance with SOLAS regulation II-1/3-13 regime.

Commenting on the new Regulation, Robert Ashdown, IACS Secretary General, said:

“As the new SOLAS requirements take effect, close cooperation among classification societies, Flag State Administrations and industry stakeholders will be essential. IACS remains committed to providing clear, practical guidance and supporting the maritime sector in achieving safer lifting operations worldwide, and the new IACS Recommendation will help ensure the consistent application of the SOLAS rules and reduce the risks to crew and vessels of lifting appliance failure.”

The new IACS Recommendation builds on the SOLAS regulations by providing detailed reference to relevant aspects of SOLAS and the scenarios relating to the various modes of application of lifting appliances. It also clarifies the classification of lifting appliances to which SOLAS II-1/3-13 applies, as well as clear examples of lifting appliances to which SOLAS II-1 Reg 3-13 May or may not apply.

The Recommendation follows on from prior work by IACS to enhance lifting appliance safety. IACS had already issued a new Unified Interpretation (UI SC310, July 2025) – also published by IMO as MSC.1/Circ.1696 – which introduces a ‘factual statement’ template confirming testing and examination of non-certified existing lifting appliances in accordance with MSC.1/Circ.1663.

The new IACS Recommendations builds on this by suggesting the use of ‘Factual Statements’ and highlights the critical importance of the nomination of a Safe Working Load (to the satisfaction of the Administration), in line with UI SC 310 (MSC.1/Circ.1696), for existing lifting appliances without valid certificates of test and thorough examination.

IACS also published Recommendation No. 191 in 2025 for lifting appliances involved in personnel handling operations.

Full details of the ‘Recommendation on Onboard Lifting Appliances’ can be found on the IACS website at https://iacs.org.uk/resolutions/recommendations/181-200/rec-198.

About IACS
Dedicated to safe ships and clean seas, the International Association of Classification Societies (IACS) makes a unique contribution to maritime safety and regulation through technical support, compliance verification and research and development. More than 90% of the world’s cargo carrying tonnage is covered by the classification design, construction and through-life compliance Rules and standards, including Unified Requirements, set by the twelve Member Societies of IACS.

More information about IACS can be found by visiting www.iacs.org.uk and in our Annual Review available online at https://iacs.org.uk/about-us/annual-review.

Το άρθρο IACS publishes Recommendation on Onboard Lifting Equipment εμφανίστηκε πρώτα στο Maritimes.

The formal recognition means owners can adopt Methanol Superstorage with confidence that it meets the exacting standards for safety, performance, reliability and compliance required for Type Approval by one of shipping’s leading class societies. RINA awarded Approval in Principle (AiP) status to Methanol Superstorage in March 2025.

Methanol has emerged as a strong contender as an alternative fuel for marine and offshore applications, given its ability to reduce greenhouse gas (GHG) emissions by up to 95% compared with heavy fuel oil (HFO). Ethanol also produces significantly lower greenhouse gas, SOx and particulate emissions than HFO, while being easy to handle and commercially available.

However, both methanol and ethanol also require approximately two times more storage volume than HFO.

To protect the tank from external fire and mechanical impact, and to provide leakage mitigation, conventional shipboard fuel storage tanks feature cofferdams which separate their inner and outer shells. While effective and necessary, the cofferdam is typically a minimum of 600mm-wide and occupies valuable onboard space.

Methanol Superstorage overcomes the space challenge by creating a tank with a sandwich-structure using SPS Technology’s Sandwich Plate System (SPS). The SPS comprises a 25mm solid elastomer core, fully enclosed between two steel plates rated to A60 equivalence. The elastomer acts as a load-transferring, energy-absorbing and sealing layer that creates an oxygen-free atmosphere between the plates, preventing hidden corrosion without the need for the through-life manual inspections required of conventional cofferdams.

The SPS’ fully bonded interface ensures shear transfer and structural continuity while forming a third containment barrier to prevent leaks and emissions. The solid elastomer helps to prevent local buckling and distributes impact and pressure loads effectively while maintaining safety levels equivalent to the prescriptive arrangements for conventional cofferdams, as outlined in IMO MSC.1/Circ. 1621.

The design eliminates key hazards such as asphyxiation, toxic exposure, falls, entrapment and vapour accumulation during inspections. It also reduces structural risks by lowering stress concentrations and fatigue cracking, removing large internal surfaces prone to corrosion/coating breakdown and maximising resistance to high impacts and punctures.

Type Approval demonstrates a class society’s high level of trust in the system’s capabilities. Pino Spadafora, Marine Market Development Vice President at RINA, commented: “SRC Group’s Methanol Superstorage is a practical, space-efficient solution with the potential to accelerate the adoption of green methanol as a marine fuel, delivering increased storage capacity of conventional tank designs while maintaining equivalent safety.”

A range of case studies confirm that vessels incorporating Methanol Superstorage would store nearly twice the volume of methanol or ethanol as would be possible using conventional tanks. Simpler by design and with fewer parts, the solution also removes the need for regular inspections and gas-freeing procedures, thereby extending its service life.

As a scalable solution, Methanol Superstorage is suited to all vessel types, from small workboats and tugs to offshore support vessels, yachts, ferries, cruise ships, tankers and cargo vessels.

Type Approval will make it easier for flag states to issue project-specific approvals for the system, at a time when forecasts suggest a surge in demand for methanol-powered vessels: by 2030, methanol ships are expected to account for nearly 20% of the global order book.

Methanol Superstorage has also obtained AiP from IACS members Lloyd’s Register and ClassNK, as well as from the Panama Maritime Authority. The solution also earned SRC Group the Royal Institution of Naval Architects’ Maritime Innovation Award in 2025.

Alex Vainokivi, Innovation Manager, SRC Group, said: “Obtaining Type Approval from RINA is great news, and an important step forward in building industry-wide confidence in Methanol Superstorage. It provides ship owners with clear validation as they evaluate methanol as a long-term clean fuel that can support their decarbonisation targets, covering a wide range of vessel types.”

About SRC Group

Founded in 2001, SRC is a multi-regional company with 25 years of experience in managing marine & offshore projects that require tailored solutions and short lead times. The company offers EPCI (Engineering Procurement Construction Installation) solutions – design and engineering, technical, electrical and interior refit services in maritime and offshore sectors.

With the successful completion of more than 5,000 projects worldwide, SRC has established an extensive network of dependable collaborators (affiliates, associates, partners) and subcontractors. Its completed projects range from small repairs to major EPCI retrofits with up to 1,000 workers.

SRC Group is a private capital company with offices in Estonia, Italy, Norway, the US and the Netherlands.

Το άρθρο RINA grants Type Approval to SRC Group’s Methanol Superstorage system εμφανίστηκε πρώτα στο Maritimes.

Monday, April 20, 2026

Everllence has announced the successful Factory Acceptance Test (FAT) of its first ammonia-burning engine built by licensee, Engine & Machinery of Hyundai Heavy Industries (HHI-EMD) in South Korea. The dual-fuel Everllence B&W 6G60ME-LGIA (-Liquid Gas Injection Ammonia) type is slated for a vessel for Singapore-based, Eastern Pacific Shipping (EPS) currently under construction at HD Hyundai Heavy Industries (HHI) in Korea. The engine also comes equipped with HPSCR (High Pressure Selective Catalytic Reduction) technology.

This milestone also marks an important step forward for EPS’s ammonia programme. The Very Large Ammonia Carriers (VLACs) under construction at HHI – with first delivery scheduled from October 2026 – will be the first in the world to be equipped with the Everllence 6G60ME-LGIA ammonia engines, positioning them at the forefront of low-carbon propulsion development.

An FAT is a quality-assurance process where newly manufactured equipment is rigorously tested to ensure it meets all specifications, making it ready for installation and operation on the customer side.

Ole Pyndt Hansen – Senior Vice President, Head of Two-Stroke R&D, Everllence – said: “This is a huge milestone that places our ammonia engine on the very brink of its commercial debut. This engine sets new benchmarks in zero-carbon propulsion and digitally connected performance, and has attracted great interest since development began. The speedy execution of this FAT is just the latest step in what we anticipate will be a largely seamless journey from lab to ocean. It stands testament to Everllence’s unique ability to deliver just what the market needs. Bringing new fuels to market is not just innovation – it’s imperative for zero-carbon shipping.”

Everllence first introduced the ME-LGIA at a two-day event in Copenhagen in November 2025. Using the Diesel principle and the well-known, dual-fuel Liquid Gas Injection concept, the engine has many of the same merits as Everllence’s existing ME-LGIM and ME-LGIP units that, respectively, run on methanol and LPG. The new engine also has many, extra safety features such as containment systems, sensors, system ventilation and double-walled piping developed especially for ammonia’s characteristics as a fuel.

Christian Ludwig – Vice President, Head of Global Sales & Promotion, Two-Stroke Business, Everllence – said: “The ME-LGIA successfully completed its FAT in all operation modes and we can report that the engine is stable and running very well. Special thanks go to HHI-EMD for its central role in the production of this engine, and for its stellar collaboration during testing and the FAT itself. This new success comes off the back of an intense testing programme stretching back three years where safety has always been the prime consideration. Combined with the knowledge we will gather from a number of other pilot projects we are currently engaged in, we are confident that this will ultimately deliver the gold-standard in ammonia engines.”

Everllence reports that the full sales release of the ME-LGIA will initially feature G50, S50, S60, G60, G70 and G80 bore sizes; retrofit options will also be made available as part of the full sales release.

Το άρθρο Ammonia Engine Passes “Huge Milestone” en Route to Commercial Debut εμφανίστηκε πρώτα στο Maritimes.

Even though Iran and the US formally agreed to keep the Strait of Hormuz open, the reality on the water tells a different story. Iranian forces have reasserted tight control over transit, while the ongoing US naval blockade continues to intercept and deter vessels, with ships being turned back or even seized during passage attempts . The result is a clear disconnect between political statements and operational reality: rather than a functioning corridor, the Strait remains effectively constrained, with both sides’ actions reinforcing a de facto closure despite the official narrative of reopening. What is particularly notable in the current environment is that, in contrast to the volatility seen in energy markets, the dry bulk sector is exhibiting a fundamentally different dynamic—one driven less by geopolitics and more by underlying demand resilience. The Baltic Dry Index’s climb to 2,484 points, marking nine consecutive daily gains and the highest level since December 2025, reflects more than just a cyclical rebound. It signals tightening conditions, especially in the Capesize segment, where strong Brazilian iron ore exports and firm Chinese demand are combining with constrained vessel availability to push rates higher. At the same time, the synchronized strengthening across all major indices reinforces the depth of this recovery, with the BDI reaching its highest level since 8/12/2025 (2,694 points), the BCI since 10/12/2025 (4,284 points), and the BSI since 09/12/2025 (1,419 points), highlighting a broad-based tightening across vessel classes rather than an isolated segment-driven rally.

China once again sits at the center of this recovery narrative. The 11% year-on-year increase in iron ore imports is reflected in total volumes rising from 345 million tonnes to 353.5 million tonnes, a +2.5% increase, further strengthening its already dominant position and lifting its share of global imports from 73.7% to 74.4%. On the supply side, Australia continues to lead, increasing exports from 258 million tonnes in 2025 to 267 million tonnes in 2026, a +3.5% rise, with its global share moving from 55.2% to 56.3%. Brazil followed with a more modest increase from 98 million to 98.4 million tonnes, broadly maintaining its 21% share. These figures confirm that the iron ore trade remains not only stable but structurally anchored, with incremental growth reinforcing existing trade patterns rather than reshaping them. Coal trade flows, however, reveal a more differentiated picture. Indonesia, the largest exporter, saw volumes decline sharply from 143 million tonnes to 132.8 million tonnes, a -7.1% drop, reducing its global share from 37.2% to 34.6%. In contrast, Australia increased exports from 90 million to 94.7 million tonnes, a +5.2% rise, lifting its share from 23.4% to 24.7%. On the demand side, China reduced imports significantly from 103 million tonnes to 88.3 million tonnes, a -14.3% contraction, lowering its share from 26.7% to 23%. India also recorded a decline from 74 million to 69.7 million tonnes (-5.8%), while Japan moved in the opposite direction, increasing imports from 42.4 million to 45.7 million tonnes (+7.8%), signaling stronger resilience in non-Chinese demand pockets.

Overall, the market appears to be transitioning into a more structurally driven phase. The easing, but not disappearance, of geopolitical risk provides some short-term visibility, yet it is the steady, differentiated growth in commodity flows, combined with tightening fleet dynamics, that is increasingly shaping a more resilient and fundamentally supported outlook for the dry bulk sector.

Dry S&P Activity:

On the Newcastlemax sector, Chinese buyers acquired the “RTM CARTIER” – 205K/2012 HHIC and the “RTM ZHENG HE” – 205K/2012 HHIC for excess USD 90 mills each. Moving down the sizes, the Post-Panamax “OHSHU MARU” – 92K/2011 Namura was sold for USD 16.2 mills, while the Panamax “ALEXANDROS PETRAKIS” – 76K/2008 Shin Kasado sold for region USD 13.3 mills to Chinese buyers. In the Ultramax sector, two resales the “NEW DAYANG NDY1315” and “NEW DAYANG NDY1316” – 64K/2027 New Dayang changed hands at USD 36.5 mills each. On the Supramax segment, the “SUNNY ROYAL” – 59K/2011 Kawasaki was sold for USD 18.5 mills with SS/DD due 2028/2030, while the “HONOUR” – 57K/2010 Cosco Zhoushan sold for USD 13.3 mills to Chinese buyers. Additionally, the OHBS “PHOENIX K” – 55K/2007 Oshima was sold for USD 14 mills. Finally, in the Handysize sector, Vietnamese buyers acquired the “STRADION” – 37K/2011 HMD and the “DORYSIA” – 37K/2010 HMD enbloc for USD 25.5 mills.

Tanker S&P Activity:

On the VLCC sector, Chinese buyers acquired the “KASAGISAN” – 302K/2006 Mitsui for USD 58 mills. On the LR1 segment, the “CAPE TAMPA” – 74K/2009 New Times was sold for low/mid USD 20s, and the one-year older “CAPE TAFT” – 74K/2008 New Times was sold for low USD 20s. Additionally, the “PAN CAKE” – 73K/2006 Dalian was sold for USD 19 mills. In the MR2 sector,  the “OPTIMAL ACE” – 50K/2006 STX changed hands for USD 16.5 mills, while the “GT FREEDOM” – 46K/2003 Shin Kurushima was sold for USD 8.5 mills. On the MR1 sector, Greek buyers acquired the “EASTERLY CANYON” – 37K/2009 HMD for USD 19 mills. Finally, in the small tanker segment, the sister vessels “BRO NISSUM” and “BRO NUUK” – 17K/2008 Chinese built were sold enbloc for USD 12 mills each. The stainless steel “GINGA SAKER” – 20K/2003 Shin Kurushima was also sold to Chinese buyers for USD 10.8 mills.

Το άρθρο [xclusiv] S&P Report 20th April 2026 εμφανίστηκε πρώτα στο Maritimes.

A new collaboration between Lloyd’s Register (LR) and Pusan National University (PNU) Hydrogen Ship Technology Center aims to create the first internationally recognised joint performance evaluation and certification framework for liquid hydrogen carriers and onboard systems.

The partnership was formalised through a memorandum of understanding (MOU) agreed  by PNU President Jae-Won Choi and LR CEO Nick Brown in Seoul.

While hydrogen continues to attract attention as a potential zero-carbon fuel option, progress in the maritime sector has been slowed by a lack of agreed standards for testing and verification. Liquid hydrogen presents specific technical challenges, requiring storage at around –253°C and placing extreme demands on materials, containment systems and safety design.

The new framework is intended to provide a consistent, globally applicable basis for evaluating performance, safety and reliability, helping to reduce uncertainty at the design and approval stages of projects.

The collaboration combines LR’s maritime classification and assurance expertise with PNU’s research capabilities in cryogenic engineering, to deliver a structured certification regime covering containment systems, materials and onboard infrastructure for liquid hydrogen storage and transport. The framework is expected to support early-stage vessel and containment projects moving from concept design towards approval and construction.

Under the agreement, the two organisations will jointly evaluate the cryogenic and insulation performance of storage tanks and associated piping systems, verify structural integrity under operational loads, and carry out detailed safety and risk assessments for onboard storage and transport systems.

The collaboration will also define testing methodologies and certification procedures tailored specifically to marine environments, with the aim of informing future class rules and international regulatory development.

Claudene Sharp‑Patel, Global Technical Director at Lloyd’s Register, said: “As pressure mounts on shipping to decarbonise, the introduction of a clear and technically robust certification pathway for liquid hydrogen systems is expected to accelerate project development and reduce barriers to entry. By aligning testing, verification and certification under a recognised framework, our partnership with PNU aims to provide the level of assurance required for shipowners, yards and regulators to advance liquid hydrogen from concept to commercial reality.”

Dr Jae-Myung Lee, Director of the PNU Hydrogen Ship Technology Center, said: “This agreement effectively designates PNU’s Hydrogen Ship Technology Center as a liquid hydrogen performance evaluation and certification institution by Lloyd’s Register, the world’s leading classification and technical certification organization in the maritime sector. It marks the establishment of the world’s first certification body in the liquid hydrogen field.”

The collaboration builds on an existing programme of joint research between LR and PNU into cryogenic engineering for liquid hydrogen carriers and technical knowledge exchange between specialists from both organisations.

About Lloyd’s Register    

Trusted maritime and energy sector advisors, partnering with clients to drive performance across the ocean economy.

Lloyd’s Register (LR) is a global professional services group specialising in marine and offshore engineering, technology and digital solutions. We were created more than 260 years ago as the world’s first marine classification society to improve and set standards for the safety of ships.

Today we are a leading provider of classification and compliance services to the marine and offshore industries, helping our clients design, construct and operate their assets to accepted levels of safety and environmental compliance.

We also provide advisory services and digital solutions, supporting fleet and voyage performance and optimisation.  Through OneOcean, LR delivers integrated digital solutions supporting voyage planning, optimisation, compliance, training and fleet performance across more than 30,000 vessels globally.

In the race to zero emissions, our research, advisory and technical expertise and industry-firsts are supporting a safe, sustainable maritime energy transition.

Lloyd’s Register Group is wholly owned by the Lloyd’s Register Foundation, a politically and financially independent global charity that promotes safety and education.

For more information, go to www.lr.org

Το άρθρο Pusan National University and LR to establish first global certification framework for liquid hydrogen shipping εμφανίστηκε πρώτα στο Maritimes.