Container ship party: Evangelos Marinakis will have more reason than most to celebrate at Posidonia this year. Having watched his football team Olympiacos lift the UEFA Europa Conference League trophy in the past week, he is also believed to be lining up a $1bn plus investment in container ship newbuildings in China.
Buying new: Marinakis has been one of the key players as Greek shipowners have amassed a world-leading newbuilding orderbook. George Procopiou and George Economou have also been key catalysts in compiling the $40bn worth of newbuildings present in Hellenic hands.
Fresh territory: A familiar Greek shipping name in the salvage and tanker business is now getting into dry cargo ownership. Brothers Dimitris and George Vernicos have set up a new firm called Nautilus Management, which has made its first move with the purchase of a handysize ship.
Home comforts: Greek bankers could also be in fine form at Posidonia. In an industry awash with cash, for the first time four of the world’s five biggest traditional lenders to Greek shipping are homegrown.
Forrest in action: Australian giant Fortescue, backed by billionaire Andrew Forrest, is working on a newbuilding plan, intriguingly called Project Consul. It involves bulk carriers and very large ammonia carriers worth almost $900m.
Drought over: Seaspan is also opening its chequebook for fresh boxship tonnage. Having spent three years away from shipyards, it has a 10-ship deal in play in China that could end up costing $1.6bn.
Trading ace leaves: Golden Ocean Group chief executive Lars-Christian Svensen, a one-time professional poker player, collected his cards this week. He is departing the bulker owner after a short spell in the hot seat.
Dark arts: The UK has raised the threat of jail and large fines if shipbrokers fail to stop sanctions-busting sales deals for tankers that end up in the Russian trade. The government’s trade ministry listed 19 potential red flags that brokers should look out for that would suggest secondhand tankers are likely to end up hauling Russian crude and products. The maximum penalty for breaching the rules was 10 years in prison and an unlimited fine.
Trump adds to tension: Knut Ugland has outlined the uncertainty facing shipowners today. The chairman of Grimstad bulker and offshore vessel owner JJ Ugland said: “At present, the world is not in a good place. The war in Ukraine continues. Israel was attacked by Hamas and is vengeful to a new and unforgiving extent. Terrorists are attacking the merchant fleet in the Red Sea. Tension between the world’s superpowers is worrying, and Trump is lurking in the ornamental bushes of the White House.”
Attacks intensify: The Houthi rebel group is stepping up its attacks. While some of its acts appear to be more bluster than substance at the moment, one incident this week was particularly notable for its intensity. The 82,300-dwt Laax (built 2012), controlled by Grehel Shipmanagement of Greece, was targeting by five missiles in an incident that damaged the vessel.
Time for a long read: When it comes to Greek shipping tradition, few names carry as much weight as the Carras family. With a history going back to the 19th century, the clan is active in Piraeus through Carras (Hellas) — a bulker company led by Tatiana Petalas, the granddaughter of legendary founder John M Carras. In a rare interview granted to TradeWinds, Petalas describes her company’s environmental strategy as one of striking the right balance between sustainability and operational efficiency. “The lack of clarity regarding both the preferred fuel and its reliable supply poses significant risks in terms of amortising additional costs,” she said.
Wavelength podcast: This week we look at the Greek orderbook as big names go big with their wallets ratcheting up both secondhand purchases and newbuilding orders ahead of Posidonia. Houthi attacks on a bulk vessel, Laax send shock waves around the insurance market. Weather damages US navy pier in Gaza halting shipments of humanitarian aid to Gaza.
