Niche Athens brokerage Ariston Commercial Services has hired a former Cargill man to help expand its footprint as it moves into specialised finance.
Kyriakos Attikouris took up the post as director of structured deals and business development on 1 February.
Attikouris used to originate such deals for Cargill. As a member of its assets and structuring desk, part of his job was to design and negotiate structured, alternative transactions in dry bulk shipping, involving bareboat lease financing and long-term employment.
This makes him “the ideal person” to facilitate acquisitions and debt restructuring for existing assets on behalf of Ariston, managing director Nikos Nikiforos said.
Nikiforos set up Ariston in 2008 alongside Christina Karalaki after they split from Petros Pappas' Oceanbulk, which appointed the new venture as its exclusive cargo-booking agent.
This cooperation ended in 2011 when Ariston began working exclusively for Maxima Shipping.
Shifting gears
According to Nikiforos, Ariston has been approaching shipping as a portfolio management exercise, combining vessels, cargoes and forward freight agreements (FFAs) under a unified framework and risk-management monitoring process.
Attikouris’ appointment is meant to respond to a new trend. “The shipping industry is shifting gears as it places more emphasis on vessel performance, digitalisation and sustainability,” Nikiforos said.
“New regulations around carbon emissions will have a profound effect on how charterers and banks prioritise their clients and conduct their business,” he said, adding that carbon credits will soon become a staple instrument of trade alongside vessels, cargoes and FFAs.
According to Nikiforos, traditional roles will dissolve in such an environment as owners, charterers and financiers collaborate further to manage risks and seek opportunities.
As such, cross-functional specialists are needed to arrange deals. “One such person is Kyriakos,” Nikiforos said, adding that the new hire’s job will be to “design deals, which combine financing and employment under the same structure to support new acquisitions or refinancing existing assets”.
Attikouris' experience in the maritime industry includes a senior position at the shipping team of business consultants and accountants EY Greece and as a chief risk and finance officer at Diana Shipping.
