“Operational excellence, which is a concept that must resonate with the industry, but also with society”

Capital Link hosted the “15th Annual Capital Link Operational Excellence in Shipping Forum – Best Industry Practices – Building Long Term Value Through Sustainability”, with great participation and success on Tuesday September 30, 2025, at the Divani Caravel Hotel, in Athens, Greece. The Forum was organized in partnership with ABS & in cooperation with HELMEPA.

Attracting well over 700 people, this year’s conference also, featured prominent figures and senior executives from the shipping industry, who discussed the most pressing issues facing the sector. With a 15-year track record, this Forum stands as the premier event dedicated to showcasing operational excellence in the maritime industry. Best practices in critical areas such as decarbonization in shipping, ship and crew safety, and the digitalization of the industry were the main topics of discussions during the forum.

Mr. Nicolas Bornozis, President – Capital Link, stated: “I have the pleasure to welcome you to the 15th operational excellence in shipping forum. Thank you for being here to kick off another hopefully successful event. Every aspect of operations will be touched upon, and all sectors that are coming together to make shipping work will be represented. This is organized in cooperation with HELMEPA and ABS, and they are great partners”. Mr. Bornozis thanked all the Sponsors, Media Partners & Supporting Organizations for their participation and support to the Forum.”

Ms. Olga Stavropoulou, Director General – HELMEPA, stated: “Today’s forum is about operational excellence, which is a concept that must resonate with the industry, but also with society. In a recent survey conducted in Eastern Mediterranean countries, 41% of people seem to believe that shipping is responsible for 50 – 70% of emissions, while, in reality, it’s more like 3%. We’re talking about a clear gap between perception and reality, a signal that communication hasn’t properly reached the audience. Another notable statistic is that 7 out of 10 seafarers name crew fatigue as their main concern. It is something that should also be taken into account.

We need to sustain the ocean just as the ocean supports our planet and all living things.”

OPENING KEYNOTE REMARKS

Mr. Christopher J. Wiernicki, Chairman & CEO – ABS

Mr. Christopher J. Wiernicki, stated: “Going forward, decisive and clear leadership will be of outmost importance. Compliance cost is soaring, while consensus is lacking. This is not a ‘business as usual’ moment; it demands courage and leadership guided by realism, leadership that’s capable of aligning values with execution. We are in an uncertain and often contradictory landscape, with ambitious targets, limited fuel availability, and complex regulations. Our choices today will shape operational norms for years to come. We cannot rush change without safety and proper infrastructure. It’s a simple truth: safety is not a cost, but rather a condition for progress to be possible. Ambition cannot outpace safety. Speed without alignment, without robust regulation, is a big risk. We need leadership from the IMO and its Member States, ensuring that our strategy balances aspiration with action. We must be careful to avoid safety and economic setbacks and not overlook credible fuels in favor or others that are not scalable or available. Technology is the engine that powers transformation. But without innovation, ideas cannot be turned into solutions.”

CELEBRATING STRONG U.S.-GREECE MARITIME TIES –

THE VIEW FROM THE UNITED STATES

Mr. Joshua Huck, Chargé d’Affaires – U.S. Embassy in Athens, Greece

Mr. Joshua Huck, stated: “We were happy to host minister Kikilias in his recent, very successful visit in Washington. We need cooperation between organizations, the shipping industry and governments. Moreover, just yesterday Ms. Guilfoyle was sworn in as our next ambassador and is getting prepared to coming out here in Greece. For those that haven’t met her, there’s no one more passioned about Greek American relations. Energy and shipping are critical for the US – Greece relationship moving forward. Revitalizing our ship building industry and making American companies competitive globally is a top priority for the current administration. We believe that having a strong and robust maritime sector is a strategic asset. Maybe we lost sight of that in the past, but it is essential. As the Secretary of Interior Doug Burgum said recently, you can’t have national security without energy security, and you can’t have energy security without shipping, which is the backbone of trade and economic growth. The US is proud to stand alongside Greece, one of our closest partners, as we deepen our ties with shipping companies, reducing dependance on our adversaries and ensuring our independence, stability, and growth.”

THE DEBATE ON NET ZERO – NAVIGATING BETWEEN AMBITION AND REALITY

Moderator: Mr. Christopher J. Wiernicki, Chairman and CEO – ABS

Panelists:

• Mr. Roel Hoenders, Head of Climate Action and Clean Air, Marine Environment Division – IMO
• Mr. Philippos Philis, Chairman & Chief Executive Officer – Lemissoler Navigation Co. Ltd; President – ECSA European Shipowners (2022-2024)
• Ms. Ioanna Procopiou, Managing Director – Prominence Maritime; President Designate – BIMCO; Member of the Board – Union of Greek Shipowners
• Ms. Charis Plakantonaki, Chief Strategy Officer – Star Bulk Carriers Corp. (NASDAQ: SBLK)

Mr. Christopher J. Wiernicki, Chairman and CEO – ABS, stated: “As Minister Kikilias, and chargé d’affaires Huck already mentioned, shipping is a catalyst for national, economic, and energy security. We will talk about decarbonization in shipping, trying to answer questions such as ‘where we are, where are we going, how are going to get there’. This panel will offer us unique insight from within the industry.” 

Mr. Roel Hoenders, Head of Climate Action and Clean Air, Marine Environment Division – IMO, stated: “When we look at energy efficiency, the IMO has already been quite successful. The performance of the global fleet has improved by 30%, and more gains can be made leading up to 2030. Looking back at 2023, the IMO member states unanimously agreed for a net zero target by 2050. We all know that IMO doesn’t just set objectives but also works on finding solutions. There has been quite the number of proposals looking for ways to decarbonize, transform, and digitalize the shipping industry. We’ve carried out an impact analysis, an assessment of all proposals in the industry. Conventional fuels, synthetic fuels, biofuels, all are part of the mix, and no solution is discarded. Our job moving forward is to provide and reinforce certainty to speed up investment decisions and reward first movers. All options and proposals are on the table and will be discussed in upcoming meetings. Lastly, developing countries are also an integral part of the transition, as we try to assist them in ramping up the building of production facilities.”  

Mr. Philippos Philis, Chairman & Chief Executive Officer – Lemissoler Navigation Co. Ltd; President – ECSA European Shipowners (2022-2024), stated: “Regulators and classification societies must remain neutral on fuel selection and not promote specific fuels. I have been personally involved in decarbonization for 15 years. In the west, we missed an opportunity to pass our own proposal at an international level and have been forced to go along with the Asian perspective. The efforts for decarbonization are not at the level one would expect. The IMO 2050 net zero target seems unachievable, given the lack of demand. It’s like a chicken and egg story; for new fuels to be produced, shipping must want to use it, and vice versa. From our side, we’ve tried almost everything. We’ve reduced our energy consumption by almost 42% just from engine and vessel design improvements. But I believe we have exhausted all possibilities.” 

Ms. Ioanna Procopiou, Managing Director – Prominence Maritime; President Designate – BIMCO; Member of the Board – Union of Greek Shipowners, stated: “Regulation should offer feasible solutions with proven benefits. Good regulation can help industries, while bad regulation can destroy them. We need long-term planning, since we’re thinking in terms of 20-plus year cycles. In the past, we used to have invention, then testing, and then implementation. Due to the climate crisis, today everything is happening in reverse! We need the IMO’s global reach and leadership more than ever. For many countries, shipping is the only way at their disposal to connect to the rest of the world. It is also much less energy demanding than both air and land transportation. If we were to decarbonize shipping using green hydrogen, we’d need 70 tons instead of the 1,5 tons available now. Polluting and paying is not a solution.”

Ms. Charis Plakantonaki, Chief Strategy Officer – Star Bulk Carriers Corp. (NASDAQ: SBLK), stated: “The demand and supply of green fuels is not yet meeting the 2030 requirements. For demand to be in place, shipowners need to be offered more incentives. Today there is no regulatory clarity and at the same time, important pieces of the puzzle are missing. The price gap when comparing fossil fuels to green fuels is a big issue. It is important to note that methanol and ammonia have much lower energy density than fossil fuels, and even though we cannot predict the exact prices, we estimate them at four times the current cost, even if we solve all other issues, such as safety. What will be the decisive factor for the success of regulations is incentivizing shipowners to make investments. Otherwise, owners will keep on trying to pass the cost down to the charterers, they in turn will try to do the same down the supply chain, and at the end of the day, nothing has been done to protect the environment, we’ve just created more inflation. With our current means we can reduce greenhouse gas emissions only to a certain extent. Carbon capture storage feels like an interesting tool that needs to be explored more.” 

ARTIFICIAL INTELLIGENCE & MARITIME TRANSFORMATION

Moderator: Mr. Spyridon Zolotas, Vice President, South Europe, Marine – RINA

Panelists:

• Mr. Gary Lloyd, Chief of Architecture and Strategy – 90 Percent of Everything (90POE)
• Mr. Alex Hadjipateras, COO – Dorian LPG Ltd. (NYSE: LPG)
• Ms. Eleni Polychronopoulou, President – ERMA TECH GROUP; BoD Member – HELMEPA
• Mr. Tim Ponath, CEO – NSB Group
• Mr. Theo G. Baltatzis, General Manager – Technomar Shipping

Mr. Spyridon Zolotas, Vice President, South Europe, Marine – RINA, stated: “The most important thing everyone hears at shipping conferences is the effort to reach net zero, through decarbonization and new fuels. Certainly though, one thing that can be done in the short term is efficiency, helping us get closer to our targets. Digital technologies are a key part of that process and AI will play a crucial role. I did actually ask AI to give me ideas about what I could say during the panel and its responses were on point.” 

Mr. Gary Lloyd, Chief of Architecture and Strategy – 90 Percent of Everything (90POE), stated: “We are in the midst of fundamentally reshaping our shipping operations. We try to practically and directly support profitability, safety, and competitiveness, while simultaneously facing unprecedented challenges. Better decisions lead to better outcomes. Route optimization, minimizing fuel consumption, and analyzing emission data all help us to better comply with regulations and reduce emissions. I’d like to underline a crucial point, which is that technology is designed to support people, not replace the experience and knowledge of our employees. We need to achieve a smooth transition, with clarity about what’s changing and why, as well as what are the outcomes we are trying to achieve. Naturally, people are worried about losing their jobs, and that fear can be translated into being apprehensive about adopting new technology. It should be about using context-sensitive information to make better decisions, not having artificial intelligence take over the human element.” 

Mr. Alex Hadjipateras, COO – Dorian LPG Ltd. (NYSE: LPG), stated: “As a general statement I believe that it is great to see AI play pivotal role in shipping, an industry which is traditionally a lagger in terms of adopting new technologies. AI voyage optimization and routing are already able to help in reducing consumption. Looking forward, more sophisticated technology in new buildings will provide advice to the crew, and assist with data collection, which is an exciting part of the future that looks bright. AI will also be useful in risk management and claims analysis. Furthermore, it can provide situational awareness and eyes on board, on the bridge or inside the engine room, complementing human personnel. Seafarers can even wear devices that are transmitting their metrics on shore in real time, to better manage fatigue and other issues.” 

Ms. Eleni Polychronopoulou, President – ERMA TECH GROUP; BoD Member – HELMEPA, stated: “Six years ago, we began investing in new tech. We used analytical models and machine learning at a time when AI seemed to still be far away. Then chat GPT came along and made us realize that we need to move much faster. Of course, larger companies have more money to invest, therefore they can be more advanced in this area. It’s a global race that is happening right now. We’ve been using co-pilot for texting and emailing and other AI-generated solutions to distribute correspondence, write transcripts, help with follow-up tasks, send automated replies, manage HR systems for CV analysis, offer marketing assistance, create content, and more. Digitalization and tech are moving so fast that we can’t afford to stay behind. Quality and availability of data will play a major big role. I would advise the audience to choose solutions with integrated platforms, allowing you to build more efficient partnerships.” 

Mr. Tim Ponath, CEO – NSB Group, stated: “We are primarily managing vessels, but we are also trying to build a bridge between shipowners and suppliers. Investments have always been divided between hardware and software. Installing CCTV cameras for example is nothing new, but if you add recognition software with built-in alerts from AI in case of a specific incident, you get the best of both worlds. We are already building hybrid teams, comprised of human agents and AI bots, in departments such as procurement, giving us the opportunity to task our personnel with more meaningful things, and leave the rest for our digital tools.

I have noticed a fear of missing out within the industry, as people struggle to get on board the AI train. Case in point, 45% of CEOs do not believe their companies can survive in the next decade without changing their activities significantly. In an industry that was always considered more traditional, thinking about the passage of time in vessel life cycles, that is really saying something.” 

Mr. Theo G. Baltatzis, General Manager – Technomar Shipping, stated: “AI represents a big opportunity for our fleet. The demand from charterers is at an all-time high. On top of that, the use of digitalization in daily operations is becoming a must, and we’ve seen great investment in this area. The largest amounts of money are spent on energy-saving vessel devices, followed by performance data analysis tools. Regulatory compliance is coming in third, creating a need for stable IT infrastructure across the fleet. Last but not least, AI is used to train our people both on shore and on our vessels.

Technology should not and does not eliminate people. They remain very much needed but they must integrate AI insights to create a more consistent approach to safety. However, as with all great tools, you must treat it with respect. To give you an analogy, if one day someone gives you a supercar to replace your older vehicle, it’s a great gift, but you’re going to have to be cautious and learn to drive it properly.” 

CHARTING A COURSE FOR OPERATIONAL EXCELLENCE:

BALANCING SAFETY, SUSTAINABILITY, AND EFFICIENCY

Moderator: Mr. Leonidas Karystios, Regional Business Development Manager – DNV Maritime

Panelists:

• Mr. Stylianos Psillakis, Technical Director – Columbia Shipmanagement Greece
• Mr. Dimitris Vastarouchas, Chief Operating Officer & Vice President – Danaos Corporation (NYSE: DAC)
• Mr. Evangelos Sfakiotakis, Chief Operating Officer – Diana Shipping Services S.A.
• Mr. Dimitris Patrikios, Managing Director – V.Ships Greece 

Mr. Leonidas Karystios, Regional Business Development Manager – DNV Maritime, stated: “We are moving on to a very interesting panel, which will offer us the opportunity to explore how to achieve operational excellence, which is a broad concept, and manage to maintain the balance between safety, sustainability and efficiency.” 

Mr. Stylianos Psillakis, Technical Director – Columbia Shipmanagement Greece, stated: “The need to adopt higher speeds or cut costs elsewhere may fall under the ‘optimization’ category, but it may compromise both safety and sustainability. On the other hand, with the ongoing geopolitical conflicts around the world, we have seen safety requirements negatively affect the quality of operations. We need balance is what I’m trying to say, and to find the appropriate path to better suit our needs. At Columbia, we have invested in predictive analytics, AI assisted decision-making, and training. The shipping industry is very complex: it involves port terminals, shipyards, owners, managers, etc. The legal framework in terms of compliance is vast, and when everyone along the value chain tries to retain profitability, this can be a factor that holds us back.” 

Mr. Dimitris Vastarouchas, Chief Operating Officer & Vice President – Danaos Corporation (NYSE: DAC), stated: “The gradual decarbonization and optimization of our companies is a big issue for everybody. But first, we need to build solid plans for the future. Let’s say we decide to invest in green technology. What if it fails or there is a leakage of toxic materials? Then we have a financial disaster and a safety emergency on board. What about our seafarers? Can they cope with the needs this transition requires? These issues need to be addressed in a detailed manner. The real opportunity for the future I believe lies in the development of a thorough blockchain. However, if different departments in shipping companies are moving at different speeds in terms of their digitalization, this will simply not be possible.”

Mr. Evangelos Sfakiotakis, Chief Operating Officer – Diana Shipping Services S.A., stated: “We are focused in coming up with an effective way of managing our vessel, according to the industry standards. We think that it is important to highlight that we don’t see vessels as mere assets, but as representatives of Diana Shipping Services all across the world.

Our mission as a company is to be at the forefront of transitioning shipping into a sustainable future. Decarbonization and use of alternative fuels are important pillars for that, but to be honest with everyone here, some things are beyond our control at the moment. Digitalization on the other hand, and the use of bots and AI, is something that is in our hands. Everybody is anxious to see what that looks like in the future and what opportunities it could entail.”

Mr. Dimitris Patrikios, Managing Director – V.Ships Greece, stated: “Last week, in Greece, a 20-year-old sailor died. I have a son the same age as him. All of us share the responsibility to protect life at sea and battle against systemic failures. As leaders in our organizations, we must protect lives at all costs. Greece is trying, both at the private and government level, to attract seafarers, but stories such as these make it very difficult.

As ship managers, we operate ships that are not ours and try to do so safely. Our success lies in having satisfied clients, meeting their expectations. For me personally, the holy grail of operational excellence is continuous improvement. We are a fearless organization, and we are a learning organization. Transparency is key: not only with our clients, but with ourselves as well. We are doing our best to train and mentor the younger generation. We don’t want heroes; we want capable seafarers working in good conditions. We must prepare ourselves for the future, to meet requirements and exceed expectations. Company culture is not just ticking boxes; it is something deeper and embedded in each company’s DNA.”

KEYNOTE REMARKS

Minister Vasilis Kikilias, Minister of Maritime Affairs and Insular Policy – Hellenic Republic

Minister Vasilis Kikilias, Minister of Maritime Affairs and Insular Policy – Hellenic Republic, stated: “The current momentum represents a huge opportunity for growth in the shipping industry, as evidenced by my fruitful visit to the United States, for which I’d like to thank the US Embassy in Athens. We have common interests in terms of job creation and energy sovereignty, which are tightly linked to shipping. The US extracts and exports LNG and combining that with the global force that is Greek shipping can create exciting opportunities. It’s nice to see US shipyards on both coasts building and repairing new ships once more, under Donald Trump’s leadership. To be able to jumpstart an industry, funding is of course necessary, but I see that things in DC have changed, and the mentality is becoming more practical, oriented more towards achieving prosperity for the middle class, both in Greece and the United States.

In recent years we’ve had a war in the heart of Europe, a war in the Middle East, a conflict between India and Pakistan, and more, and all of them are actively destabilizing the world. I’m happy to see that President Trump is pushing for peace. Furthermore, I look forward to Ambassador Guilfoyle joining us soon. Our shipowners produce, they are innovative, they own 20% of the global fleet and 60% EU fleet. Let’s not forget that 90% of all goods are moved by sea. We are proud of this community, and the current Greek administration will take advantage of shipping’s dominant position. Energy-wise, the pipeline in Alexandroupolis and the LNG terminal station in Revithoussa have put northern Greece back on the map, and we hope that there will be more investments to come. The private and public sector will continue working together, sharing the common will to see our citizens prosper in a secure environment.”

FROM DATA TO DECISIONS: THE ROLE OF INTELLIGENT SOFTWARE IN MARITIME OPERATIONS

Presented By: Ms. Staci Satterwhite, Chief Executive Officer – ABS Wavesight

Ms. Staci Satterwhite, Chief Executive Officer – ABS Wavesight, said: “I’m going to talk to you about something that is quietly transforming our industry: software. We are at a critical juncture for shipping, with CII and EU ETS already in place, operational costs rising and fragmented and isolated data across ships, teams and systems slowing down our response times. Every day, the margin for error in your business is shrinking, as small inefficiencies can have huge consequences. So we need tools that help us make smarter decisions. The role of software in shipping is to demystify complexity and turn knowledge into action. Software can have an immediate and scalable impact, reducing the risk of non-compliance. At ABS, we have a platform called Wavesight Advantage. It has a digital connection to ABS certification, emissions benchmarking and “People buy software to achieve results, not in theory, but in practice. They want something that gives them a competitive advantage. To give you an example, saving 1% in fuel thanks to software efficiency offers a five times faster payback than retrofitting.”

KEYNOTE ROUNDTABLE DISCUSSION

Moderator: Mr. Christopher J. Wiernicki, Chairman and CEO – ABS

Panelists:

• Mr. Paolo d’Amico, Chairman – INTERTANKO (2018-2024); Chairman – d’Amico International Shipping S.A. (BIT:DIS; OTCQX: DMCOF)
• Mr. Dimitrios Fafalios, Chairman – INTERCARGO (2019-2024); President / Director – Fafalios Shipping S.A.; Secretary of the Board of Directors – Union of Greek Shipowners
• Ms. Karrie Trauth, Executive Vice President Shipping and Maritime – Shell plc; Vice President – UK Chamber of Shipping

 Mr. Christopher J. Wiernicki, Chairman and CEO – ABS, stated: “We are fortunate this morning to bring you the A-team of shipping, a group that has accomplished a lot. There’s so much horsepower here, capable of bringing forth substantial change. This is a new world for us, and we’re going to try to bring together all the different variables that our panelists think about when called upon to make hard decisions.”

Mr. Paolo d’Amico, Chairman – INTERTANKO (2018-2024); Chairman – d’Amico International Shipping S.A. (BIT:DIS; OTCQX: DMCOF), stated: “For the first time in the history of the shipping industry, rules are arriving first, and technology is arriving later. We know theoretically what fuels to use, but the economy of scale is not there, people are not investing because there is no demand. Also, we need to train our people so that they can face new problems and handle new systems. 2030 targets concern the existing fleet on the water today, running on conventional fuels. Short-term efficiency adjustments can be made, but not much more. 2050 on the other hand, is a different issue altogether. By then, the majority of the 70.000 ships that exist today will have to be replaced, but even in a 25-year period, I do not know if that is possible.” 

Mr. Dimitrios Fafalios, Chairman – INTERCARGO (2019-2024); President / Director – Fafalios Shipping S.A.; Secretary of the Board of Directors – Union of Greek Shipowners, stated: “Our biggest challenge is that we have a specific aspiration to fulfill, without the means to get there. We must understand reality and become more

sustainable in a way that is practical and respects shipping’s proven business models. We have to work with our regulators to provide the most effective path from where we are to where we need to be. People often forget that core demand for green fuels will be shore-based, not maritime-based. There are many sectors amidst the fleet that have already met IMO’s 2030 goals. We have to remain optimistic; from 2008 to 2024 greenhouse emissions have fallen by 15%, while global trading has multiplied. And, if we look at our history, shipping has improved its carbon efficiency by 20 times without a single piece of carbon regulation forcing us to do so.” 

Ms. Karrie Trauth, Executive Vice President Shipping and Maritime – Shell plc; Vice President – UK Chamber of Shipping, stated: “In 2021, a study about the health of our seafarers estimated that by 2026 we could have a shortage of 90 thousand credentialed seafarers worldwide. As shipping becomes more visible, I’m worried about attracting, recruiting, educating and retaining our people. Without the demand signal, it becomes difficult for a provider to start working on a specific fuel. For 2030, thanks to the advancements we’ve made in shipping design, the goals shouldn’t be a problem. For 2050 though, things are more complicated, because LNG will not be enough, we will need significant biofuel blends.

When I’m asked about nuclear, I think about how the US navy does it, which spends years training and upskilling people. I have also spoken with the director of the Maine maritime academy, that does have a nuclear training program. My feelings have evolved in this issue, and maybe we could find a feasible way with a true capacity development program designed specifically for seafarers in the civilian world.” 

AWARD CEREMONY

Presentation of the

“2025 CAPITAL LINK MARITIME SUSTAINABILITY AWARD” 

The “2025 Capital Link Maritime Sustainability Award” was presented to Mr. Paolo d’Amico, Chairman – INTERTANKO (2018-2024) ; Chairman – d’Amico International Shipping S.A. (BIT:DIS; OTCQX: DMCOF), and

Mr. Dimitrios Fafalios, Chairman – INTERCARGO (2019-2024) ; President / Director – Fafalios Shipping S.A. ; Secretary of the Board of Directors – Union of Greek Shipowners.