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The \u201c13th Annual Capital Link Greek Shipping Forum<\/strong>\u201d was held with great success and significant attendance at the Divani Caravel Hotel in Athens<\/strong> on Thursday, February 9th, 2023<\/strong>, in cooperation with the New York Stock Exchange<\/strong> and Nasdaq<\/strong>. The Lead Sponsor was Bank of Communications Financial Leasing.<\/strong> <\/strong><\/p>\n With attendance exceeding 800 people, the 13th Annual Capital Link Greek Shipping Forum entitled \u201cStay Calm and Sail On\u201d featured the heads of international shipping institutions as well as the leaders of important economic organizations in Greek and international shipping, and for this reason the forum was rightly labeled as an unofficial Summit of Global Shipping. The significant topics and pressing issues discussed at the forum include the current lack of seafarers, decarbonization, and digitalization, among others.<\/p>\n Capital Link\u2019s 13th Annual Greek Shipping Forum discussed the industry\u2019s main trends and challenges, as well as the opportunities that lie ahead and strategies to compete in an increasingly complex and demanding world. The forum\u2019s distinguished speakers discussed and debated the most pressing issues in shipping, such as geopolitics, energy security, increasing regulation, deglobalization, a slowing world economy, higher interest rates, and the easing covid restrictions in China.<\/p>\n The institutional leadership of global shipping, specifically the Secretary General of the IMO, the heads of four global industry associations: BIMCO, INTERCARGO, INTERTANKO & The International Chamber of Shipping, high level representatives from the European Union, the President of the European Community Shipowners’ Associations, as well as the President of the Union of Greek Shipowners, the Greek Ministers of Shipping and Energy, and representatives from the US Department of the Treasury all attended the forum. These prominent figures include Mr. Kitack Lim<\/strong>, Secretary General – International Maritime Organization (IMO),<\/strong> H.E. Ioannis Plakiotakis<\/strong>, Minister of Insular Policy & Shipping – Hellenic Republic<\/strong>, H.E. Konstantinos Skrekas<\/strong>, Minister of Environment & Energy – Hellenic Republic<\/strong>, Dr. Harry Conway<\/strong>, Chairman – Marine Environment Protection Committee (MEPC) \u2013 IMO, Dr. Martin Stopford, Mrs. Sabrina Chao<\/strong>, President & Chairperson of the Board \u2013 BIMCO; Wah Kwong Maritime Holdings Limited<\/strong>, Mr. Emanuele Grimaldi<\/strong>, Chairman \u2013 INTERNATIONAL CHAMBER OF SHIPPING<\/strong>; President & MD – Grimaldi Euromed SpA<\/strong>; Managing Director \u2013 Grimaldi Group<\/strong>, Mr. Paolo d\u2019Amico<\/strong>, Chairman \u2013 INTERTANKO<\/strong>; Chairman & CEO – d’Amico International Shipping SA<\/strong>, Mr. Dimitris Fafalios<\/strong>, Chairman \u2013 INTERCARGO<\/strong>; President\/Director – Fafalios Shipping S.A.<\/strong>, Mrs. Melina Travlos<\/strong>, President of the Union of Greek Shipowners (UGS)<\/strong>; Chair of the Board of Neptune Lines<\/strong>, and Mr. Philippos Philis<\/strong>, President – European Community Shipowners Association (ECSA)<\/strong>; Chairman & CEO \u2013 Lemissoler Navigation Co Ltd.<\/strong> <\/strong><\/p>\n LUNCHEON & AWARD CEREMONY<\/strong><\/p>\n 2023 CAPITAL LINK GREEK SHIPPING LEADERSHIP AWARD<\/strong> <\/strong><\/p>\n In the context of the forum, Mr. Themistocles Vokos<\/strong>, Founder Member, Honorary Chairman of Posidonia<\/strong>; Founder of Seatrade<\/strong>, received the \u201cCapital Link Greek Shipping Leadership Award\u201d<\/strong>. We recognize Mr. Themistocles Vokos<\/strong> for his long-standing achievements and contribution to the Greek and Global Shipping Industry.<\/p>\n Mr. Nicolas Bornozis<\/strong>, President \u2013 Capital Link<\/strong>, introduced Mr. Themistocles Vokos<\/strong>, Founder Member, Honorary Chairman of Posidonia<\/strong>; Founder of Seatrade<\/strong>. <\/strong><\/p>\n Introductory Remarks<\/strong>:<\/p>\n Professor Costas Th. Grammenos, CBE, DSc<\/strong>, Chairman C. Grammenos Centre of Shipping Trade & Finance – Bayes Business School, City, University of London<\/strong>, and Mr. Gregory Hadjiefelfteriadis<\/strong>, Co-Founder – Eletson Corporation<\/strong>, honored the forum with their presence and delivered Introductory Remarks at the Official Award Luncheon.<\/p>\n The \u201cCapital Link Greek Shipping Leadership Award\u201d<\/strong> is presented annually to a leader of the Greek Shipping Community who has gained the respect and the appreciation of the international shipping industry and who is also recognized for their wisdom, philanthropy, and contribution to society. The Award aims to recognize the heads of Greek Shipping, those pioneers with a significant contribution to elevating Greek Shipping to its leadership position globally.<\/p>\n Previous honorees were: 2013 – Captain Panagiotis N.Tsakos<\/strong>, Founder & President – Tsakos Group<\/strong>, 2014 – Mr. Pericles Panagopoulos, 2015 – Mr. Lambros Varnavides<\/strong>, Vice Chairman of the Baltic Exchange<\/strong>, Trustee of the Lloyds Register Foundation<\/strong> and Managing Director and Global Head of Shipping RBS 1998, 2016<\/strong> – Mr. Nicolas, George and Andreas Tsavliris<\/strong> of the Tsavliris Salvage Group<\/strong>, 2017 – Professor Costas Th. Grammenos CBE DSc<\/strong>, Chairman C. Grammenos Centre of Shipping Trade & Finance, Bayes Business School, City, University of London,<\/strong> 2018 – Mr. Panos Laskaridis<\/strong>, President of European Community Shipowners Associations<\/strong>; CEO, Lavinia Corporation\/Laskaridis Shipping Company Ltd<\/strong>. and Mr. Athanasios Laskaridis<\/strong>, Chairman and CEO of Lavinia Corporation, Lavinia Enterprises Limited and Laskaridis Shipping Company Ltd.<\/strong>, 2019 – Captain Paris Dragnis<\/strong>, Chairman & Founder – Goldenport Group<\/strong>, 2020 – Mr. George Procopiou<\/strong>, Founder, Dynacom Tankers Management<\/strong>, Sea Traders \u2013 Dynagas<\/strong>, 2022 – Mr. Simeon Palios<\/strong>, Founder and Chairman, Diana Shipping<\/strong>.<\/p>\n LIFETIME ACHIEVEMENT AWARD PRESENTATION<\/strong><\/p>\n Mr. D. John Stavropoulos<\/strong>, Chairman Emeritus – Tsakos Energy Navigation Ltd. (TNP),<\/strong> received the Lifetime Achievement Award<\/strong> in honor of his life-long dedication and incredible contribution to shipping in Greece and on a global scale. Mr. Nicolas Bornozis<\/strong>, President – Capital Link<\/strong>, and Dr. Nikolas P. Tsakos<\/strong>, Founder, Chairman & CEO – TEN Ltd<\/strong>.; Chairman – INTERTANKO<\/strong> (2014-2018) offered introductory remarks for the award presentation.<\/p>\n PANEL & PRESENTATION TOPICS<\/strong> <\/strong><\/p>\n WELCOME REMARKS<\/strong> <\/strong><\/p>\n Mr. Nicolas Bornozis,<\/strong> President – Capital Link, welcomed all participants and stated: \u201cThank you all for being with us in what promises to be an interesting forum covering a wide range of topics. Our guests include the president of the Greek shipowners\u2019 union, all major global institutional leaders, as well as the minister of maritime affairs and the minister of energy. Thank you again for your confidence.\u201d<\/p>\n SETTING THE STAGE \u2013 SHIPPING MARKETS UPDATE & OUTLOOK<\/strong><\/p>\n 9:00-9:20 am<\/strong> <\/strong><\/p>\n Mr. Martin Kjendlie, <\/strong>Managing Director – ViaMar (VesselsValue), <\/strong>stated:<\/p>\n \u201cThank you Capital Link and Nicolas for organizing this event. The shipping community should be proud to be leading the way; other industries are looking to imitate us, which maybe wasn\u2019t the case a decade ago. ViaMar launched in 2011 and now has 9 offices worldwide. Today, global markets are under pressure, as we\u2019re going through a soft recession in Europe and the US, with GDP growth of basically zero per cent.<\/p>\n The under-investment in fossil fuel production in recent year has not been sufficiently covered with green energy investments yet. Therefore, shipowners are using energy saving devices trying to make engines more efficient. Environmental regulations are creating both negative implications and new opportunities.\u201d <\/strong><\/p>\n ADDRESSING THE COMPLEXITIES AROUND CII & SEEMP III<\/strong><\/p>\n 9:25-10:05 am<\/strong> <\/strong><\/p>\n Dr. John Kokarakis<\/strong>, Technology and Business Development Director, Southeast Europe, Black<\/p>\n Sea & Adriatic (SEEBA) Zone– Bureau Veritas, <\/strong>stated:<\/p>\n \u201cWelcome to the mother of all panels, with distinguished participants. We are hoping to demystify the measures promulgated by the IMO, in this case CII & SEEMP II. CII represents the damage done to the environment due to the different emissions, while simultaneously considering societal benefits, which is not an easy equation to solve.\u201d <\/strong><\/p>\n Mr. Panos Zachariadis, <\/strong>Technical Director – Atlantic Bulk Carriers Management, Ltd.;<\/strong><\/p>\n Vice Chairman, BIMCO Marine Environment Committee; <\/strong>Member, BIMCO Carbon Clauses Drafting Subcommittee<\/strong>, <\/strong>stated:<\/p>\n \u201cIn my eyes, EEOI is nothing more than a random number generator, making it impossible to predict the ranking of the ships. Charterers need to assume their own responsibilities. If that were to happen, then it would be fair for them to demand better-rated ships. As of now, does a good CII score necessarily mean an efficient ship? As a matter of fact, no, it just shows if the way the ship was operated during a specific period was compliant to what is currently being asked.\u201d <\/strong><\/p>\n Mr. <\/strong>Andreas Hadjipetrou, <\/strong>Managing Director – Columbia Shipmanagement<\/strong>, <\/strong>stated:<\/p>\n \u201cThe industry is trying to meet the IMO\u2019s 2030 and 2050 targets. Shipowners have changed their mindset and are focusing on renewing their fleets. In this environment, depending on the profile company, people select different methods. On the container side, we discuss jointly and try to choose and approach to tackle fleet optimization. It is a case of charterers and owners working together towards the same goal.\u201d <\/strong><\/p>\n Mr. Philippos Philis, <\/strong>President – European Community Shipowners Association (ECSA); <\/strong>Chairman & CEO \u2013 Lemissoler Navigation Co Ltd<\/strong>, <\/strong>stated:<\/p>\n \u201cWe\u2019ve been internally monitoring a fleet of very efficient ships, using AI and the latest available technology. Indeed, ships equipped with all energy saving devices are very highly efficient, also thanks to the fact that the hull has been maintained in great condition. The only additional thing more we could do is change fuels and move towards biofuels, to achieve even lower emissions.\u201d <\/strong><\/p>\n Mr. Kenneth Aasland, <\/strong>Environmental Services Lead and Managing Director of Maritime Carbon Solutions – IFCHOR GALBRAITHS (IG)<\/strong> , <\/strong>stated:<\/p>\n \u201cIt is never easy for any legislator to bring forth new regulations. From my point of view, the critical thing is I don\u2019t see how CII caters for the commodity market. Geopolitical events and market fundamentals are affecting things significantly, and the commodity that is being transported affects the chosen route too. Moreover, in the crude market the owners don\u2019t usually know exactly where they\u2019re going from the beginning, as they\u2019ve been given a large geographical region as the destination. This makes achieving voyage optimization more difficult, the exact destination being defined late in the game, and of course it affects the CII score.\u201d <\/strong><\/p>\n Dr. Harry Conway, <\/strong>Chairman – Marine Environment Protection Committee (MEPC) – IMO<\/strong>, <\/strong>stated:<\/p>\n \u201cThank you for inviting me to discuss this interesting issue. I believe our industry needs data to rely upon for shaping regulations. At the IMO we are currently receiving proposals with ways to face the concerns that have been raised. You, the members of the industry, should provide us with the necessary data. That way, regulations will not be based on conjectures or speculations. Debating different topics is the way to reach better solutions, and we remain flexible for modifications if the data so indicates.\u201d <\/strong><\/p>\n Mr. Andrea Olivi, <\/strong>Head of Wet Freight Shipping \u2013 Trafigura<\/strong>, <\/strong>stated:<\/p>\n \u201cFor me, the main issue with the current format of CII, is that is has the potential to promote bad behavior instead of contributing to its elimination. Regarding ballast, the current system definitely needs to change. EEOI as an index works much better, although it is not perfect either. If we tweak CII accordingly, maybe we\u2019d achieve results. Lastly, CII should not be seen as the holy grail that will help us decarbonize shipping, but rather as one of the tools offered to both shipowners and charterers.\u201d <\/strong><\/p>\n ALTERNATIVE PATHWAYS TO DECARBONIZATION \u2013 TECHNOLOGY & FUELS<\/strong><\/p>\n 10:10-10:50 am<\/strong> <\/strong><\/p>\n Mr. Michalis Pantazopoulos, <\/strong>General Manager Greece – Liberian Registry (LISCR Hellas) , <\/strong>stated:<\/p>\n \u201cIt\u2019s good to be back at this highly regarded conference. We are still in the recovery process from Covid-19 and the Russia-Ukraine war. Shipping has shown adaptability to the challenges. Our industry is well on her way in terms of implementing new technologies and moving towards new fuels. What shipowners need in order to be able to do so, are practical and attainable solutions.\u201d <\/strong><\/p>\n Mr. Georgios Plevrakis, <\/strong>Vice President, Global Sustainability \u2013 ABS<\/strong>, <\/strong>stated:<\/p>\n \u201cWhen talking alternative fuels, each path has unique challenges and opportunities. However, the discussion quickly reaches the need for standardization, which is not there yet. Of course, there are solutions that are more mature; LNG has been here for a while, while methanol has seen an uprise recently. We are a segregated industry \u2013 one size does not fit all. For us to flourish in the future, we need production to scale up, using renewable power, which then leads to the need to build the equivalent infrastructure.\u201d <\/strong><\/p>\n Mr. Konstantinos Stampedakis, <\/strong>Co-Founder & CEO – Erma First<\/strong>, <\/strong>stated:<\/p>\n \u201cHuman activity has visibly affected the climate, as we\u2019re seeing more and more extreme weather phenomena. Shipping is not contributing that much to C02 emissions, only 2-3%, but we do have our share of responsibility. As a company, we believe that patterns are unique and there is no single path for everyone. In the long-term, we strongly believe that green fuels and hybrid solutions, including electric propulsion, is the way to go. However, fossil fuels will still be a main source of energy at least until 2035 to 2040.\u201d <\/strong><\/p>\n Mr. Gregory Nakos, <\/strong>EY Greece Partner, Consulting Services \u2013 EY<\/strong>, <\/strong>stated:<\/p>\n \u201cWe need to be able to make quick and educated decisions. New IMO rules require indexes to be measured and reported upon. Hence, owners and operators need to be in a position to make informed calls for the short and long term. What are the available options? Apart from using fuels with lower emissions, technical adjustments can optimize flow water around the hull, although they can be relatively expensive. An alternative approach would be to change the way vessels operate and match specific ships with routes and ports. Data can be a significant ally in the need for improved performance, especially if considering the weather conditions or the depth of water. These things lead to a better global understanding.\u201d <\/strong><\/p>\n Mrs. Claire Wright, <\/strong>General Manager Commercial Shipping & Strategy \u2013 Shell International Trading and Shipping Company<\/strong>, <\/strong>stated:<\/p>\n \u201cThe endgame is to come up with the zero carbon fuels that we need in shipping. One pathway to that goal, the synthetic one, is to keep investing in R&D for carbon capture. The other pathway passes through the utilization of hydrogen or ammonia; the challenge there is the safety of crew on board the vessel. Understanding the end goal, and what exactly it entails is important.\u201d <\/strong><\/p>\n SHIP FINANCE \u2013 ADAPTING TO A NEW MARKET, REGULATORY, GEOPOLITICAL & ESG LANDSCAPE<\/strong><\/p>\n 10:55-11:35 am<\/strong> <\/strong><\/p>\n Mr. Jasel Chauhan, <\/strong>Partner, Head of International Finance – Hill Dickinson, <\/strong>stated:<\/p>\n \u201cCapital Link produced another amazing event this year, that took a lot of organization. One question that emerged in the previous panel was \u2018who pays\u2019, so no better panel than this one to attempt to answer it, especially given the current context of regulations, war, sanctions, and the energy crisis.\u201d <\/strong><\/p>\n Mrs. Anastassia Tcherneva, <\/strong>Global Head of Shipping – ABN AMRO<\/strong>, <\/strong>stated:<\/p>\n \u201cAs a bank that is active in the industry, we\u2019re seeing ESG getting more interesting given the geopolitical tension and increased awareness. ESG will function as a lens for capital allocations, stakeholders and our societies at large demand it.<\/p>\n There are various options for alternative financing, available also in Asia, with advantages and disadvantages. Europe has historically supported the sector; as a result, institutions have a shipping ecosystem, are familiar with trends, and have an already built in-house know-how. The climate transition is a disruption, but it also represents new opportunities.\u201d <\/strong><\/p>\n Mr. Vasilios Maroulis, Managing Director<\/strong>, Global Industry Head, Shipping, Logistics & Offshore \u2013 Citi<\/strong>, <\/strong>stated:<\/p>\n \u201cShipping portfolios performed strongly across all sectors last year. Banks have to deal with some black swan events though, so one needs to be prepared for everything. I remain cautiously optimistic for this year. We do have a war in Europe – that remains the big question mark. Will it be contained, will it continue as is, or, in the worst-case scenario, will it escalate.\u201d <\/strong><\/p>\n Mr. Evan Cohen, <\/strong>Managing Director & Group Head of Maritime Finance \u2013 CIT<\/strong>, <\/strong>stated:<\/p>\n \u201cI\u2019ve always been impressed with the adaptability shipowners have shown, especially in Greece. Hopefully bankers and financiers manage to do the same. Bulk carriers had their moment in the sun, now it\u2019s the tanker owners\u2019 turn.<\/p>\n Some traditional banks are pulling out but there\u2019s no lack of capital, as it\u2019s been flowing from different spaces. There are platforms that are making access easier for smaller owners. All the incremental changes of the past years are making a big difference: becoming more efficient is also the smart thing to do economically, as it ends up taking you much further on the same tank of gas.\u201d <\/strong><\/p>\n Mr. Christos Tsakonas, <\/strong>Head of Global Shipping \u2013 DNB<\/strong>, <\/strong>stated:<\/p>\n \u201cIf we wanted a quiet life we would not be in shipping. We are used to cycles and extreme events, and in these adverse circumstances we manage to thrive. The order book has been kept low due to the energy transition. The two axes we should focus on is keeping the supply and demand balance in check, and observing how lower emission requirements will affect the business model in the coming years. Right now, western banks provide an abundance of cheap capital for shipping companies, but cost will likely go up soon.\u201d <\/strong><\/p>\n KEYNOTE SPEECH<\/strong><\/p>\n 11:40-11:50 am<\/strong> <\/strong><\/p>\n Mrs. Melina Travlos, <\/strong>President – Union of Greek Shipowners (UGS), <\/strong>Chair of the Board – Neptune Lines, <\/strong>stated:<\/p>\n \u201cHistorically, no matter what the challenges shipping faces are, its people manage to deal with them successfully in each era and protect the functioning of our global ecosystem. Greek shipping is synonymous with accountability and expertise, including during the current energy transition. Our commitment to decarbonization, for example, is a fact. However, two prerequisites need to be taken into account: firstly, energy producers, suppliers, and shipyards have to create sustainable fit for purpose solutions, which will be globally available. And secondly, safety must be a top priority, so that our seafarers and the environment are never put at risk or jeopardized under any circumstances.<\/p>\n Climate change requires global solutions, and the IMO is the only body with the authority to set the standards. Shipping must indeed stay calm and sail on, for the very prosperity of our planet.\u201d <\/strong><\/p>\n KEYNOTE ROUNDTABLE DISCUSSION<\/strong><\/p>\n 11:50-12:20 pm<\/strong> <\/strong><\/p>\n Mr. Ioannis Chiotopoulos <\/strong>SVP, Regional Manager SE Europe, Middle East and Africa – DNV, <\/strong>stated:<\/p>\n \u201cIt is an honor to welcome all of you and our distinguished panelists, which need no introduction. We heard a lot about the transformation of our industry so far, that\u2019s why I\u2019m interested in the insights that the minister and the secretary general have to offer, setting the stage for us to be able to continue thriving.\u201d