News

November 2009

• London's Christmas tree on its way

  The Norwegian Christmas tree which will adorn Trafalgar Square in London this year was felled in the forest outside Oslo on Tuesday. The 80 year old spruce is 20 metres tall and will be transported by ship to London.
  The tree, the 63rd to cross the North Sea, is Oslo's gift to London and is a gesture of gratitude from Norway to the people of Great Britain who gave valuable assistance to the Norwegian people and its King and government-in-exile in London during the second World War.
  On Tuesday a small group of people attended the cutting down of the 20 meter high spruce. Among those who were present were Oslo's mayor Fabian Stang, the Lord Mayor of Westminster, Councillor Duncan Sandys, and the British Ambassador to Oslo, mr. David Powell. The lights on the Norwegian Christmas tree at Trafalgar Square will be lit on Thursday December 3rd.
  Source: The Norway Post (NRK)

• The export of salmon on the increase

  The export of Norwegian salmon last week reached 14,181 tons, up from 11,824 tons in the same week last year. This is a new record for this time of year and an increase by 11.6 per cent from the week before. The price also remains high, despite a slight 1.1 percent drop from week 46 to week 47. The price averaged NOK 28.20 per kilo, against 26.05 in the same period last year.
  Source: The Norway Post (NRK)
• 

  Greeks return to world stage

  (AFP) Wednesday 18 November 2009
  Greece reached the 2010 FIFA World Cup South Africa™ on Wednesday with a hard-fought 1-0 win over Ukraine in the return leg of their European Zone play-off. Panathinaikos striker Dimitris Salpingidis netted the only goal of the match sending Greece, the shock 2004 European champions, into their second FIFA World Cup finals after a 16-year absence.
  Greece and Ukraine, who were deadlocked at 0-0 after the first leg in Athens on Saturday, struggled to impose themselves early on in a match played on the rain-soaked surface of the half-empty, 50,000-seat Donbass Arena.
  Ukraine skipper Andrei Shevchenko missed a chance to put his team into the lead in the eighth minute, when he failed to send home a rebound after Greece goalkeeper Alexandros Tzorvas deflected Alexander Aliev's shot. The Greeks replied with a seven-metre header from Celtic striker Giorgos Samaras, which went just inches over the crossbar from a well-struck Giorgos Karagounis free-kick.
  Just after the half-hour mark Salpingidis gave Greece the lead. Racing past Ukraine's defenders on a breakaway, he received a razor-sharp through ball from Samaras and slipped his low shot past past goalkeeper Andrei Pyatov and inside the back post.
  After the break, the hosts continued to press under the watchful gaze of Ukrainian President Viktor Yushchenko. But the visitors defended well, stifling the Ukrainian attacks and forcing them into fruitless long-range shots. Oleg Gusev missed Ukraine's last chance to level in stoppage time, his six-yard rebound going wide after Tsorvas deflected Yevgeny Seleznov's shot from the edge of the box.

October 2009

• 28th of October 1940 marks the Hellenic Independence Day from the German invading armies

• Royal Caribbean International took delivery of"Oasis of the Seas"

  MIAMI, October 28, 2009 – After nearly six years in the making, Royal Caribbean International proudly took delivery today of its newest and most revolutionary cruise ship, Oasis of the Seas, from STX Europe in Turku, Finland. Kicking off the 12-day countdown until her U.S. debut into Port Everglades in Fort Lauderdale, Fla. on Wednesday, Nov. 11, 2009, Oasis of the Seas will be departing Turku on Friday, Oct. 30 with Captain William S. Wright at the helm. Her transatlantic crossing will be chronicled on OasisoftheSeas.com as new webisodes are posted daily. A new feature to OasisoftheSeas.com will allow visitors to view a Google Maps application and follow Oasis of the Seas journey. Richard Fain’s "Chairman’s Blog" on OasisoftheSeas.com will provide updates.
  Oasis of the Seas is the largest and most revolutionary cruise ship in the world. An architectural marvel at sea, she spans 16 decks, encompasses 225,282 gross registered tons, carries 5,400 guests at double occupancy, and features 2,700 staterooms. Oasis of the Seas is the first ship to tout the cruise line’s new neighborhood concept of seven distinct themed areas, which includes Central Park, Boardwalk, the Royal Promenade, the Pool and Sports Zone, Vitality at Sea Spa and Fitness Center, Entertainment Place and Youth Zone. The ship will sail from her home port of Port Everglades in Fort Lauderdale, Fla. Additional information is available at www.OasisoftheSeas.com.

August 2009

• DryShips agreement with West LB

  ATHENS, GREECE - August 10, 2009
  DryShips Inc. (NASDAQ:DRYS) (the "Company" or "Dryships"), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced today that it has reached agreement with West LB on waiver terms for $71 million of our outstanding debt. This agreement is subject to customary documentation.
  George Economou, Chairman and Chief Executive Officer, commented: “We are delighted to have reached an agreement with West LB. This facility covers 2 of our drybulk vessels. We continue to have constructive discussions with the remainder of our banks who are all very supportive of the company”.
  About DryShips Inc.
  DryShips Inc., based in Greece, is an owner and operator of drybulk carriers that operate worldwide. As of the day of this release, DryShips owns a fleet of 41 drybulk carriers comprising 7 Capesize, 29 Panamax, 2 Supramax and 3 newbuilding drybulk vessels with a combined deadweight tonnage of over 3.6 million tons, 2 ultra deep water semisubmersible drilling rigs and 4 ultra deep water newbuilding drillships. DryShips Inc.'s common stock is listed on the NASDAQ Global Market where trades under the symbol "DRYS."
  Source: http://www.dryships.com

• Hellenic Seaways Acquires easyCruise

  Thursday, 6 August 2009 - 18:17
  Hellenic Seaways acquired easyCruise Ltd, an official announcement said Thursday. EasyCruise was founded by Stelios Haji-Ioannou in 2005 and the recent years it is present in Greece, operating cruises to the Greek islands and Turkey.
  Except for the cruise ship ´easyCruise Life´, of 574 passengers, Hellenic Seaways also acquired the exclusive license to use the easyCruise brand for all Mediterranean destinations.
  Source: http://english.capital.gr/News.asp?id=790662

• Increased Norwegian crude oil exports

  In July Norwegian exports reached NOK 62.7 billion, while imports came to NOK 31.8 billion. The trade balance reached NOK 30.8 billion, up 39 per cent from June to July this year. Increased crude oil exports contributed to the July result.
  This is shown by fresh figures from Statistics Norway (Statistisk Sentralbyraa - SSB).
  The trade surplus in July increased almost NOK 9 billion compared to June this year. High revenues from exports of crude oil, fish and machines contributed to high exports in July. Imports declined NOK 4.4 billion compared to the previous month. Passenger cars and industrial machinery pulled down the imports in July.
  In July the export value of crude oil came to NOK 23.5 billion, up NOK 4.3 billion from June 2009. The export value of crude oil was 30 per cent lower this year compared to the corresponding month in 2008 because of the low crude oil price. Despite a high number of exported barrels, the highest since January 2009, low crude oil prices pulled the revenues down. The average crude oil price was NOK 416 per barrel in July, down NOK 283 from July 2008 and down NOK 28 from the previous month.
  The total export value of natural gas amounted to NOK 12.2 billion this July, down 22 per cent or NOK 3.4 billion from July 2008. The exported quantity of natural gas in gaseous state came to 7.2 billion cubic metres. This was about the same volume as in July 2008. Compared to June this year however, the exported volume increased more than 12 per cent.
  Exports of goods, excluding ships, oil platforms, crude oil, condensates and natural gas, reached NOK 26.2 billion in July this year, compared to NOK 29.9 billion in July last year.
  Exports of machinery and transport equipment increased more than NOK 1 billion compared to July 2008, ending at NOK 7.1 billion. General industrial machinery doubled its value from July last year and came to NOK 3.1 billion.
  Furthermore, the exported value of fish increased by almost NOK 1 billion – to NOK 3.3 billion. Since September 2008 the exported value of fish has been at a high level, with monthly values over NOK 3 billion.
  Manufactured goods on the other hand, declined NOK 1.8 billion. The export value of these goods came to NOK 5.6 billion in July. As a result of low metal prices, non-ferrous metals pulled down, with a drop of NOK 1.2 billion compared to the corresponding month in 2008.
  The imported value of goods in July, excluding ships and oil platforms, came to NOK 31.8 billion, while July last year ended at NOK 39.8 billion.
  Imports of machinery and transport equipment showed the largest change, down NOK 3 billion from July 2008, ending at NOK 12 billion this July. Within this group, road vehicles, specialized machinery and general industrial machinery declined NOK 797 million, NOK 552 million and NOK 520 million respectively.
  The main group of manufactured goods decreased NOK 2 billion in July compared to the corresponding period in 2008. Within this group, manufactures of metals and non-ferrous metals together dropped NOK 1.4 billion.
  (NRK/Press release)
  Rolleiv Solholm
  Source: THE NORWAY POST

July 2009

• Norwegian/Russian cooperation in the Barents Sea

  Norway and Russia will this month begin a joint mapping of undiscovered natural resources in the Barents Sea and around the Norwegian Arctic archipelago of Svalbard, DN Energi reports.
  The Norwegian Petroleum Directorate (NPD), the University of Oslo (UiO) and the Russian Geological Institute (GIN RAS) will participate in the charting mission.
  In this connection, the UiO has awarded a contract to the Russian research vessel Akademik Nikolay Strakhov which will carry out most of the geological survey for oil and gas as well as general research and mapping.
  NPD research director Sissel Eriksen says to DN Energi that DPN has cooperated with Russia for some time, and that this latest agreement is a continuation of this cooperation.
  She underlines that the main task now is charting the area, and not to explore for oil and gas.
  NPD has earlier estimated that two thirds of Norway's undiscovered resources are to be found in the northern regions.
  (NRK) Rolleiv Solholm
  Source: THE NORWAY POST

• Greece and Russia agree in promoting shipping relations

  Greece has signed a bilateral agreement with the Russian Register of Shipping which promotes the two countries shipping relations. Under the agreement the Russian classification society, a member of IACS, is authorised to conduct inspections and issue certificates for ships under the Greek flag.
  After the signing at the Marine, Aegean and Island Policy ministry, the minister, Anastasis Papaligouras, said the agreement "is in line with our desire for the development of free and healthy competition". The Russian Register's director general, Nikolay Alex Resetov, has confirmed the classification society is to open an office in Greece as part of its effort to get "closer to the Greek shipping community". At present there are almost 100 Greek-controlled ships of just in excess of 2m dwt class by the society. Papaligouras noted that Greek/Russian shipping ties go back into the 18th Century and that the presence of the society in Greece "adds further to the Greek shipping cluster".
  The agreement also extends to Greek companies in the context of international treaties, as well as European and national legislation on ship safety and the protection of the marine environment. With regard to the latter, the Russians are said to be considering joining the band of MEPAs -- marine environment protection associations -- insitagted by Greece and actively promoted by Helmepa -- Hellenic Marine Environment Protection Association.
  Filed: 2009-07-28
  Source: www.newsfront.gr

• New $700m fund to target bulkers

  A fund headed by Spyros Laimos is gearing up to acquire modern panamaxes.
  A new private-equity fund launched by one of Piraeus's oldest shipping names is to target the acquisition of bulkers.
  Financier Investment Group (FIG), which has capital of up to $700m to spend on ships, is headed by Spyros P Laimos. In total, it has $1bn under its belt. The main emphasis is on shipping but it is also involved in the real-estate, insurance and hospitality sectors. Laimos says FIG's shipping fund, named Financier Capital Partner I (FCP I), has raised $600m to $700m and is geared for panamax-bulker acquisitions built from 2004 onward.
  Laimos, who spells his name differently in English to his Lemos relatives, has entered the shipping sector from the private-investment industry, where he specialised in exchange-traded funds for the past 15 years. Laimos says the investors that have committed capital to FCP I are clients for whom he has been managing funds for many years. The majority of his clients are European investors, with only a few Greek.
  FCP I has been set up as a closed-end investment fund with a seven-year term for return of investment with an extra three-year option but Laimos is unwilling to reveal details such as the rate of return.
  The fund has opted to build up a core fleet of at least five to seven bulkers of over 70,000 dwt because they are steady earners, he says. The company then plans to diversify into other bulker segments in due course.
  A number of deals are on but bulker prices still remain high, says Laimos. He believes that prices and charter rates are set to fall over the next year. The company has positioned itself to be able to buy during this time and plans to split its fleet work between the spot and long-term charter markets to take advantage of the upside, which Laimos believes will come after the slump.
  "If you lock yourself in a long-term time charter now, you will be laughing for the next year but you will cry the year after," he said.
  The company has already taken UK brokerage Wigham-Richardson on board as its exclusive broker to handle acquisitions and chartering requirements. Laimos says FCP I will not discount buying out whole fleets but it was not set up as a vulture fund with the purpose of targeting distressed sales.
  Laimos has brought in long-time friend Dionysis Slamaris to co-head FIG's new shipmanagement company, Laimos & Partners Shipping. Slamaris has pursued a management career in the insurance industry until now. Both say they decided early in the planning stages of FIG that commercial and technical management of the fleet will be done in-house. The new management company has already established a core team and is in the middle of buying a building in downtown Piraeus to house the operation. Slamaris says technical management will also be done through partnerships with various other Greek owners, who will add their years of know-how into the new set-up. Laimos comes from a long family line of shipowners from the Island of Oinousses. His father, Panagos Laimos, headed UK-based shipping company Laimos Brothers in the 1970s.
  By Yiota Gousas Athens
  Published: 23:00 GMT, 23 Jul 2009 | last updated: 13:47 GMT, 23 Jul 2009
  Source: www.tradewinds.no

June 2009

• Increased investments in the North Sea

  The oil companies engaged in the North Sea say they will increase investments on the Norwegian Shelf both this year and next year, according to information gathered by Statistics Norway (SSB).
  According to the figures, the companies estimate that the investments will amount to NOK 136 billion next year. This is up 16 per cent compared to predicted investments for this year.
  At the same time the estimates for this year's investments have been adjusted upward by 10 per cent to NOK 145 billion.
  (Vaart Land/Aftenposten) Rolleiv Solholm
  Source: http://www.norwaypost.no/content/view/22132/26/

• Foreign Minister agree to continue Nordic cooperation

  At their meeting in Iceland, the Nordic foreign ministers agreed that Nordic countries would continue to cooperate in meeting the challenges in the area of foreign and security policy in the spirit of solidarity.
  The Foreign Ministers of Denmark, Finland, Iceland, Norway and Sweden met in Reykjavik on 8-9 June 2009 to discuss ways to strengthen Nordic cooperation in the areas of foreign affairs and security policy.
  The Ministers emphasize the strong community of values between the five nations. There is a common interest to contribute to stability in the Nordic region and its vicinity. On the basis of common interests and geographical proximity it is natural for the Nordic countries to cooperate in meeting the challenges in the area of foreign and security policy in the spirit of solidarity. Increased Nordic co-operation is in line with every Nordic country’s security and defense policy and complements existing European and Euro-Atlantic cooperation.
  Against this background the Ministers warmly welcome the proposals set forth in the report of Thorvald Stoltenberg, former Minister of Foreign Affairs and Defence of Norway. The Ministers initiated this report at their meeting in Luxembourg on June 16th last year where Thorvald Stoltenberg was asked to prepare a report on how the Nordic countries may strengthen their cooperation to face future foreign- and security policy challenges.
  The Ministers note that some of the proposals lend themselves to more immediate consideration while others will need to be reviewed in a longer term perspective and that some of the proposals are already under consideration by the Nordic countries, sometimes in cooperation with other nations. They underline the importance of involving other nations in Nordic cooperation in this field, not least the Baltic countries.
  The Ministers further agree that enhanced Nordic cooperation should be complementary to existing NATO, EU and OSCE commitments and cooperation. There is also a general understanding that it is only through well-functioning multilateralism, not least the work in the United Nations framework, that transnational challenges can be solved.
  The Ministers note that enhancing Nordic cooperation relating to air surveillance is an important element in the development of practical Nordic cooperation. The Ministers note that Denmark and Norway have already provided operational assistance to Iceland and participated in air surveillance. The Ministers agree to look further into the feasibility of the proposal on surveillance of Icelandic airspace, under Icelandic authority, with regard to phase one and two of the proposal.
  Referring to the proposal on a possible system for civilian maritime surveillance of environmental issues the Ministers note that Norway has invited to share information with the other Nordic countries on preliminary study of such a system (“Barents Watch”). The Ministers also note the extensive international cooperation in the Baltic sea. The surveillance system could benefit from available satellite resources and interested Nordic countries have established a dialogue on how to enhance common efforts in this field.
  The Ministers also agree that increased commercial activity in the Arctic and the High North will call for enhanced presence of Coast Guard vessels as they represent important search and rescue assets. The Ministers note that these efforts should be followed up in cooperation with other nations.
  (NRK/Press release) Rolleiv Solholm
  Source: http://www.norwaypost.no/content/view/22123/26/

• Largest owners are out-running growing Greek fleet

  Over the past few years the Greek-controlled fleet has been growing in capacity, and ship numbers, but the number of companies operating the fleets has been declining. Indeed, a look at the s&p and scrapping scenes reveals at least 13 companies operating ships at the beginning of 2009 are now without any units, reversing a trend of 2007.
  Data collected for its annual mid-year round-up by Naftiliaki Greek Shipping Review reveals a record 57 Greek-controlled operations are running fleets of over 1m dwt. This is four fleets more than at the same time in 2008 and is two more than the previous high of 55 in 2007 and seven more than at mid-May 2006. And the 2009 list of 'tonne millionaires' is one of growth, with none of the former members failing to hold their place, something, Naftiliaki says has not happened for a number of years.
  The study by Naftiliaki, which is from the same publishing stable as Newsfront, notes it was not easy to collect the information as activity picked up in the s&p ring and indeed a number of companies listed in the big league have, in the past few weeks, been active as both buyers and sellers of tonnage.
  Of the 57 largest owners, 16 are listed on the stock exchanges of New York and London. All have used their IPO cash to grow their fleets. US-listed dry bulk operators, Star Bulk Carriers, Eagle Bulk and Safe Bulkers are newcomers to the league while Dimitris Papadimitriou's Liquimar Tankers, re-joins after slipping out last year.
  Newcomer Polys V Hajioannou's vehicle Safe Bulkers, just squeezes in - 13 bulkers of 1.06m dwt, to join cousin Polys L Haji-Ioannou/Polyar Tankers, a longstanding member of the group and now in position 10, with 36 ships of 4.46m dwt.
  As operators of some 153m dwt and 1,642 ships Greece's 'tonne millionaires' run a staggering 87.36% of the estimated 175.49m dwt of trading ships controlled by Greeks and 53% of the units. A year ago the 'tonne millionaires' controlled 140.8m dwt and some 1,499 ships, 85.5% and 50% respectively of the total Greek fleet. In 2007 they controlled 133.528m dwt and 1,425 ships. At the millennium there were 39 'tonne millionaires' operating 88m dwt and just over 1,000 ships, 55.3% of the then total tonnage and just under 30% of the ships.
  John Angelicoussis-controlled energy interests remain the country's largest operation. Maran Tankers Management, formerly Kristen Navigation/Maran Gas has a fleet of 45 ships of just over 10m dwt, all under the Greek flag, four ships and 890,000dwt more than at mid-May 2008. In addition, the Angelicoussis bulk carrier operation, Anangel Maritime Services, has an all Greek-flag fleet of 24 bulkers of 3.95m dwt, making it 12th fleet on the ladder.
  2009-06-09, Greece's 'tonne millionaires'
  Source: www.newsfront.gr, 12 June 2009

May 2009

• May 17th 1814 Marks the Norwegian Independence Day from the neighboring invaders.

• Too many East Europeans on the dole

  Per Olaf Lundteigen, MP from the government coalition party Agrarians (Senterpartiet), wants stricter Norwegian regulations for issuing welfare benefits to unemployed from Eastern Europe.
  In Lundteigen's opinion it is unacceptable that workers from Eastern Europe should be able to obtain full NOrwegian unemployment benefits after only six months in this country.
  In just one year the number of Eastern Europeans who receive unemployment benefits is five times higher than earlier.
  Most of them are from Poland, and the National Labour Office (NAV) fear that the growth has just started.
  At the same time the general unemployment in Norway has just doubled, Aftenposten writes.
  Nearly 100,000 foreign workers now hold valid work permits for Norway.
  (NRK) Rolleiv Solholm
  Source: http://www.norwaypost.no/content/view/21839/1/

April 2009

• AHEPA Applauds President Obama's Address to Turkish Parliament

  President Raises Freedom of Religion, Halki, Cyprus to Turkish Parliament
  WASHINGTON, D.C. - Ike Gulas, the national president of the American Hellenic Educational Progressive Association (AHEPA), a leading association for the nation's three million American citizens of Greek heritage, and countless Philhellenes, issued the following statement on President Barack Obama's visit to Turkey and his address to Turkish Parliament today:
  
  "In a speech before the Turkish parliament, President Obama eloquently framed the issue of freedom of religion and expression by explaining how these basic human and civil rights serve to strengthen a democratic and civil society, allowing a nation to realize progress. In this context, we applaud him for specifically citing the reopening the Theological School of Halki as an example of an important step forward that should be taken by Turkey.
  
  "Also, we welcome President Obama raising the importance of realizing peace in the eastern Mediterranean by reuniting Cyprus into a bizonal, bicommunal federation.
  
  "In addressing these longstanding issues, President Obama drew upon examples from American history to demonstrate how the US had met similar challenges and as a result had become a stronger and more enduring democracy.
  
  "To bring these issues directly to the Turkish parliament was courageous and unprecedented, and the American Hellenic community thanks President Obama for his words of support. We hope that these encouraging words translate into a firm commitment by the US and Turkey to resolve these issues in short order. We view a visit to the Ecumenical Patriarchate as a positive next step for President Obama should he plan a future visit to Turkey."
  
  President Obama's Remarks
  
  Excerpts from President Obama's remarks to Turkish parliament on religious freedom, Halki, and Cyprus:
  
  "These achievements have created new laws that must be implemented, and a momentum that should be sustained. For democracies cannot be static -- they must move forward. Freedom of religion and expression lead to a strong and vibrant civil society that only strengthens the state, which is why steps like reopening the Halki Seminary will send such an important signal inside Turkey and beyond. An enduring commitment to the rule of law is the only way to achieve the security that comes from justice for all people. Robust minority rights let societies benefit from the full measure of contributions from all citizens."
  
  "Advancing peace also includes the dispute that persists in the eastern Mediterranean. Here, there is cause for hope. The two Cypriot leaders have an opportunity through their commitment to negotiations under the United Nations Good Offices Mission. The United States is willing to offer all the help sought by the parties as they work toward a just and lasting settlement that reunifies Cyprus into a bizonal and bicommunal federation."
  
  Source: ahepa.org

March 2009

• 25th of March 1821 marks the Hellenic Independence Day from the Ottoman invading armies.

• Dry bulk freight market losing steam

  Tuesday, 17 March 2009. The Baltic Dry Index continued its downward trend on Monday, following the loose market conditions of the previous week. The Index ended at 2,058 points, down by 64 from Friday, when it had concluded a third straight week decline, down to 2,122 points. The week’s total losses has amounted at 4.6%. Monday’s fall was triggered by the Panamax sector, which led losses by shedding 113 points (BPI), down to 2,045 points, while the capesize index followed from a close distance, ending yesterday’s session down by 89 points to 2,365. The only sub-sector "salvaged" was the Handies, which managed to post marginal gains of three points to 799, with the average time charter rates standing at $11,533. According to Baltic’s data, the average rates for capesizes has now fallen at $22,422 (down by $1,122), while for the panamaxes is at $16,374 (down by $919).
  The demand for iron ore shipments to China is showing no signs of life during these past few days, which according to analysts, is the main reason for the market’s ailing picture. Chinese buyers are not opting for more cargoes of iron ore, as the stocks of the raw material continued piling up last week, while steel prices in China have kept falling, therefore eliminating the need for further acquisitions. With the iron ore market being the leading factor for capesize rates, one can justify the latest trend in the sector. On the other hand, the panamax sector was affected by mainly by the easing of demand for grains from Latin America, although it was enough to trigger a 45% rally of panamax rates during the previous 10 days. Capesize forward freight agreements, derivatives used by traders to bet on future shipping rates, rose 2.4 per cent to US$19,000 a day for the second quarter in Oslo. Panamax futures advanced 1.6 per cent to US$13,250 for the same period. The data are from broker Imarex NOS ASA.
  In its latest weekly market report Weberseas said that according to the "old school" having the BDI at over 2,000 points isn’t a bad market, "especially if it does bottom-out around these levels. Nevertheless, no one can be certain if this will be the case due to the large number of newbuilding scheduled to be delivered from 2009 up to 2012 as well as the ongoing financial crisis which has now hit the real economies with unpredictable (so far) implications". The broker also commented on the sale and purchase market by saying that "more and more buyers seem to be adopting the 'cautious cat' approach as we are heading for 2nd quarter. Today’s price levels in connection with the freight market are mainly considered to be viable and generally speaking attractive, but all this will be subject to the freight market remaining at current levels or improve as we go along".
  
  Source: Hellenic shipping news

February 2009

• Aker Solutions, Technip, SBM win Shtokman job

  The Gazprom, Total and StatoilHydro company Shtokman Development AG has awarded a consortium of Aker Solutions, Technip France and SBM Offshore a contract for the concept definition and front-end engineering design, or FEED, for the floating production unit seen developing the world's largest undeveloped gas field, Shtokman, in the Russian Barents Sea.
  The Aker Solutions consortium said the Phase 1 Shtokman contract is worht €25 million.
  The scope of work includes design concept definition, FEED design for the hull, turret and mooring system plus topsides. The work will be performed by an integrated team involving the three partners of the Consortium, with Aker Solutions as leader.
  The consortium will also tender for the full Engineering, Procurement Supply Construction and Commissioning contract in 2010.
  The work will start immediately and be carried out over the next 12 months.
  
  Source: Scandinavia oil and gas publications

• Pirates Grab Greek Ship, but Two Navies Stop Other Pirate Attacks

  Thursday, February 26th, 2009. Greek Authorities Acknowledge Cargo Ship Captured The M/V SALDANHA, a Maltese-flagged bulk cargo ship with a crew of 22 was seized off of Somalia on February 21, 2009. The ship was transporting coal to Slovenia. During January, a Greek captain was killed by pirates as pirates seized another Greek vessel off the coast of Cameroon. Also during January, EU forces foiled a pirate attack on a Greek-flagged crude oil tanker off the coast of Somalia.
  On February 26, 2009, the HDMS ABSALON, a Danish warship, prevented pirates from hijacking a Chinese cargo ship, M/V YANDANHAI, in the Gulf of Aden. Danish sailors found a skiff with seven suspected pirates, armed with a rocket-propelled grenade, four AK-47 assault rifles, two grenades and a knife. Reports say the Chinese sailors fended off the pirates with fire hoses until the navy ship appeared. The pirates were disarmed but not detained. Additionally, a navy helicopter from the Chinese destroyer, HAIKOU, drove off a couple of small pirate boats closing in on an Italian-owned, Liberian-flagged cargo ship by shooting flares at them. The Chinese have three ships patrolling the Gulf of Aden since the end of last year.
  
  Source: international marine news

January 2009

• Norwegian ship attacked by pirates

  By: Rolleiv Solholm (NRK)
  The Norwegian ship "Viking Forcados" was attacked by pirates off the coast of Nigeria in the early hours of Tuesday morning, but the pirates failed in their attempt at capturing the vessel. No one was injured in the attack. The pirates used speed boats, and a few men managed to enter the vessel, but the crew barricaded themselves in the superstructure, and after two hours the pirates left, after having fired a couple of shots through a porthole. However, no one of the 52-men crew was harmed, and the ship was early Tuesday moving out into open waters. "Viking Forcados" was engaged in repairing a pipeline for the company Exxon Mobil in Eastern Nigeria when the pirates attacked. Eidesvik Offshore CEO Jan Fredrik Meling says to NRK that the security in the area has up to now been considered good, but that this will now have to be considered carefully if the ship is to continue its mission there.
  
  Source: http://www.norwaypost.no/content/view/21482/26/

• Prime Minister Stoltenberg congratulates President Obama

  By: Rolleiv Solholm (NRK/Press release)
  Norway's Prime Minister Jens Stoltenberg has sent his congratulations to USA's new President, Barack Obama on his inauguration, saying he looks forward to working with Obama and his administration. “I congratulate Barack Obama on his inauguration as President of the United States of America. The world needs his leadership in dealing with great common challenges such as the global financial crisis, climate change and poverty. I look forward to cooperating closely with President Obama and his administration on these important issues,” says Prime Minister Jens Stoltenberg. “The US is our most important ally, and there are strong ties between our two countries. Our cooperation is based on common values and shared interests. The Atlantic Alliance is key to our security, and we still need to continue the close transatlantic cooperation. The challenges in Afghanistan are a good example of this,” says Mr Stoltenberg. “In order to meet the great global challenges we are facing, we need unifying solutions and an active engagement on the part of the US. This is true for the international financial crisis, the climate challenge, the fight against poverty and efforts to bring about peace and security. We cannot allow the economic downturn to undermine our efforts to help the worlds’ poor, to put in place a new climate agreement and to secure peace and security. In particular, I encourage President Obama to address himself to the Middle East peace efforts with a view to providing new impetus to the process,” says Mr Stoltenberg. The Prime Minister says that the active participation of the US is important in order to put in place a new climate agreement. “It is also vital to get the support of other major emitting countries. I am therefore pleased that President Obama has said that the US will step up its efforts to reduce emissions,” The Norwegian Prime Minister says.
  
  Source: http://www.norwaypost.no/content/view/21516/1/

• Golden Ocean abandons Navios 'consolidation' plan

  By: Tony Gray
  A BOLD plan by Golden Ocean to consolidate the dry bulk shipping sector with a move on Navios Maritime Holdings appears to have been scuppered. 
  The John Fredriksen-owned company is now focusing on reducing its newbuilding exposure and securing a financing package in order to help the company survive a possible persistent downturn in the freight market. 
  Golden Ocean has built up a stake of more than 5% in Navios, but the Oslo-listed company is already nursing a substantial paper loss on the investment, and has, for the time being, halted further share purchases. 
  In the company’s third quarter report, Golden Ocean said it had acquired 5.3m shares in Navios at an average price of $9.10, or a total of $48.1m. 
  "The main strategy behind the investment was driven by an attractive valuation but also supported by the possibility for further consolidation," the company said. However, Golden Ocean "has, for the time being, decided not to increase the investment further". 
  The halt on further share purchases reflects the dramatic turn-for-the-worse that has taken place since the initial investment was made: the value of the Navios investment had slumped to $27m at the end of September, and was down to just $9.2m by the end of last week. 
  As a result of the recent freight market collapse, Golden Ocean is now seeking to reduce its $1.6bn newbuilding programme and conserve cash by not paying a third-quarter dividend, even though the company reported more than doubled net income of $118.7m for the three months, up from $52.9m in the corresponding period of 2007. 
  On a per share basis, earnings rose to $0.43 from $0.20. 
  Both quarters were affected by gains on asset sales and losses on freight future contracts, but when these are excluded, net income was still comfortably ahead at $64.5m against $41.1m. Golden Ocean said the fourth quarter would "continue to show positive operating income", based on "strong" charter coverage. 
  However, the company’s main focus would be "to monitor a tight liquidity situation caused by a very weak spot market and a difficult financing environment". 
  Golden Ocean, which has a newbuilding programme of 30 vessels, is discussing with yards "amendments" to its contracts. 
  "The purpose of such a discussion is to reduce, postpone or achieve financing for parts of this newbuilding programme and thereby improve the company’s liquidity position," the company said. 
  "A constructive dialogue has been established with the yards; however, no results have so far been achieved." 
  Golden Ocean said that about 55% of the remaining newbuilding programme had committed financing.
  Of the $385m in capital expenditure payable in 2009, 76% had already been financed. 
  "The company has a good dialogue with the banks in order to achieve a resistant total financing package which can make the company less vulnerable if the market continues to be weak for some time," Golden Ocean said. 
  "Such a package will, however, be dependent on cancellation and/or postponement of part of the newbuilding programme," the company said.
  
  Source: http://www.lloydslist.com

September/October 2008

• 28th of October 1940 marks the Hellenic Independence Day from the German invading armies

• Bank bailout joke confirmed

  No one should be surprised to learn that major banks receiving taxpayer bailouts will use the funds for purposes other than what government officials promised. Just the same, Louise Story and Eric Dash of the International Herald Tribune provide a good account of the carnage to date and the plans that some banks have for these funds.
  
  It might have helped if the strings attached to the funds matched the rhetoric of government officials, the president, and members of Congress who promoted the bailout:
  

  "It is the government's responsibility to set the terms and conditions on this money," said David Walker, the former U.S. comptroller general and now president of the Peter Peterson Foundation. "This is the people's money. They're giving it out with no rules."
  
  Walker noted that the government had yet to put together a board to oversee the Treasury's actions in implementing the bail-out, as was required by Congress.

  
  If the bailout funds are ultimately to be used as promised, taxpayers will have to rely on the sensitivity of banks to public opinion, as the primary regulator for national banks is taking a hands-off approach:
  

  "There is no express statutory requirement that says you must make this amount of loans," said John Dugan, the comptroller of the currency. "But the economics work so that it is in their interest to do so."
  
  Dugan added that he would not examine how the banks use the money, but he said their actions would "be open to the court of public opinion."

  
  Story and Dash note that bank losses have now more than wiped out the supposed, record profits that banks were earning during the salad years and that were the basis for record bonus payouts, as well:
  

  As two financial giants, Citigroup and Merrill Lynch, reported fresh multibillion-dollar losses on Thursday, the industry passed a grim milestone: All of the combined profits that major U.S. banks earned in recent years have vanished.

  
  Further:
  

  For every dollar the banks earned during the industry's most prosperous years, they have now wiped out $1.06.

  
  More specifically:
  

  In the case of the nine-largest U.S. commercial banks — Citigroup, Merrill Lynch, Bank of America, Morgan Stanley, JPMorgan Chase, Goldman Sachs, Wells Fargo, Washington Mutual and Wachovia — profits from early 2004 until the middle of 2007 were a combined $305 billion. But since July of 2007, those banks have marked down their valuations on loans and other assets by just over that amount.

  
  Money is fungible. Some of these funds will eventually make their way via lending back to taxpayers. But some will also be used to pay bonuses to the same executives who made the investment decisions that were the basis for ephemeral profits and have led to a partial nationalization of their businesses, and some will be used to pay dividends to the same institutional shareholders who voted for the same directors who failed in their duties. Or, as Story and Dash put it:
  

  The banks could use the money from the government for any number of things. Some analysts say the banks may use it to acquire weaker competitors. Others say they might use it to avoid painful cost-cutting. And still others say the banks may sit on the capital.

  
  But no one should be surprised by any of this.
  
  Source: http://www.bondmart.com/2008/10/bank-bailout-joke-confirmed.html

• COSCO Pacific to Operate Greek Port

  ATHENS, Oct 14, 2008 (SinoCast China Transportation Watch via COMTEX) -- COSCO Pacific Ltd. (SEHK: 1199) successfully bade EUR 4.3 billion or around HKD 45.2 billion for 35-year construction and operation licenses of the No.2 and No.3 docks of Piraeus Port, Southeast Greece, and both parties recently entered into the preliminary financial agreement.
  The Greek central government takes a 74% stake in Piraeus Port now, so this deal should be approved by local related authorities. COSCO Pacific and Piraeus Port are expected to form a partnership formally in the upcoming one to two months, and it will be the biggest investment Greece receives from foreign investors.
  As one of Europe's top ten container ports, Piraeus Port performed staggeringly on account of inharmonic labor relations in recent years. In the entire 2007, the total volume of its container transshipment business fell 33.7%.
  In addition, the company has aggregately plummeted more than 70% on the Athens Stock Exchange this year, and its market value just stands at EUR 300 million or so, so the Greek central government has to introduce suitable strategic investors into this ailing company.
  COSCO Pacific regards the construction and operation of the No.2 and No.3 docks of Piraeus Port as its important progress in further expansion in the European market, because it still has a lower say in the global container transportation sector in default of its own ports.
  Total throughput of the No.2 dock hit 1.37 million TEUs last year, and the Hong Kong-listed company intends to complete the 1.1-million-TEU No.3 dock before 2015, said the vice general manager for COSCO Pacific.
  Hutchison Whampoa Ltd. (SEHK: 0013), an aggressive peer of COSCO Pacific, ever participated in the public bidding above, with a bid quotation of EUR 4.06 billion, said people with the direct knowledge of the matter.
  In particular, another Greek port started seeking for strategic investors two months ago, and the public bidding charmed six international corporations. COSCO Pacific gave a USD 880 million offer, with a view to conveniently transporting products made in China to Southeast Europe through the northern Greek port and highway in the near future.
  COSCO Pacific, under the wing of Beijing-headquartered container terminal coglomerate China Ocean Shipping (Group) Company (COSCO), went public on the Stock Exchange of Hong Kong in December 1994. It is mainly engaged in container terminal operation, container manufacturing and leasing, as well as integrated logistics.
  Source: http://www.tradingmarkets.com/.site/news/Stock%20News/1940485/

• Krone dives against euro

  Norway's currency, the krone, has been super-strong over the past year, but trading on Wednesday left it at a record low against the euro. Its value against the US dollar also has fallen sharply.
  For the first time since its introduction in 1999, one euro cost more than NOK 9 Wednesday morning. It also cost about NOK 7 to buy one US dollar, compared to NOK 5 just a few months ago.
  International financial unrest is blamed for the sharp fall in the Norwegian krone. The US dollar and the euro are simply more popular than other currencies at present.
  "If you go to a restaurant and are really hungry, you don't order something you haven't eaten before," mused senior economist Shakeb Syed at Handelsbanken Markets to financial news service E24. "You go for the safe and familiar burger. That's what's making investors in the currency markets go for the dollar."
  The krone's sudden dive has just as suddenly made everything from US and European holidays to imports more expensive. On the other hand, US goods were even more of a bargain last spring than they usually are, so prices will comparatively return to more familiar levels.
  The strong krone/crown also caused concerns for Norwegian exporters, like seafood and furniture producers, so now their own goods may seem more competitively priced. Many Norwegian businesses also benefit from a stronger dollar. Shipping rates and commissions, for example, are almost always set in dollars, so more crowns for the dollar can mean higher revenues in local terms for some of Norway's most important industries.
  
  Aftenposten English Web Desk

• Norway won't cut oil production

  Oil prices fell again on Wednesday and OPEC is urging Norway to cut its production. Foreign Minister Jonas Gahr Støre, however, said the country won't go along with the effort to boost prices.
  Støre, who's been hosting his Algerian counterpart in Oslo this week, said Norway has no plans to cut production.
  "Norway makes its own evaluations on an independent basis," Støre said. He said Norwegian officials "of course" consult others, "but it's Norway alone that makes these kinds of decisions."
  OPEC is due to meet Friday to discuss ways to boost prices, with production cuts high on the agenda as a means of cutting supply and thereby boosting demand. Algeria chairs OPEC, of which Norway is not a member.
  Algerian Oil Minister Chakib Khelil has urged Norway, Russia and Mexico to reduce production in line with OPEC. Algeria's foreign minister Mourad Medelci said Tuesday that he doubted Norway would let itself be instructed by OPEC.
  From a high of nearly USD 150 a barrel last summer, oil prices fell by more than USD 3 on Wednesday, to near their lowest level in 16 months. Prices below USD 70 were tied to mounting worries that production cuts by OPEC itself will not be enough to offset lower energy demand.
  Some North Sea crude fell to USD 67.44. "People are just scared that the economy is going down the tube," Tony Nunan, assistant manager of risk management at Mitsubishi Corp in Tokyo, told Reuters. "There is a feeling that we are now going to see problems in the real economy; employment, real estate prices will continue to fall and the big concern now is how much economic growth is going suffer."
  A stronger US dollar means Norway stands to collect higher kroner revenues on every barrel sold, which may offset some of the price decline. There's no question, though, that high oil prices in recent years fueled the strong economy Norway enjoyed until the international financial crisis erupted. Lower prices will mean far less money flowing into state coffers.
  It doesn't seem all that long ago that oil prices were well below USD 20, and the huge jump to well over USD 100 drove up costs for industry and most consumers. The high prices thus were a source of huge concern and complaints, making it almost ironic that the recent decline to a level that's still over three times as high as prices once were, is now sparking concern and complaints as well.
  
  New discovery
  Meanwhile, Norwegian oil and gas group StatoilHydro announced a new oil and gas discovery near its Visund field in the North Sea on Wednesday. StatoilHydro said the find in the Pan Pandora prospect was its 20th discovery so far in 2008.
  "The area south of Visund has considerable remaining resource potential," StatoilHydro said. StatoilHydro opeartes the field with partners Total of France, ConocoPhillips of the US and Norway's state-owned Petoro.
  
  Aftenposten English Web Desk

June/July 2008

• GrecoNorsk's international business experience did not go unnoticed by various countries' business development organizations/ministries. For the second time in as many years GrecoNorsk is proud to say various government ministries are cooperating with our group in establishing international business projects. We are confident our new associates/clients will find GrecoNorsk's ability to penetrate specialty markets, impressive. (More details available with password request).

June 2008

• The GrecoNorsk Group is proud to announce the beginning of its official close cooperation with a manufacturer/developer of uniquely manufactured products on a world wide basis. This close cooperation is a result of that manufacturer's confidence in our Group. We are looking forward to world wide implementations not only in the shipping/offshore sectors but in key domestic markets as well. More information is available in our corporate news sections. Please request a passcode for additional information!

April/May 2008

• May 17th 1814 Marks the Norwegian Independence Day from the neighboring invaders.
• The GrecoNorsk Group is proud to be able to claim 4 locations and 22 close associates/associated companies worldwide. The GrecoNorsk Group's international experience stems from its principals' experience which spans 3 decades and 60 successfuly implemented international projects to date.

March 2008

• 25th of March 1821 marks the Hellenic Independence Day from the Ottoman invading armies

• Hellenic ship owners might be leaving London

  It is estimated that foreign nationals inject the astronomical amount of 1 trillion pound sterling every year into the British economy while employing approximately 120,000 workers. London is home to 150 Hellenic ship-owning families which support 100 shipping company offices. Most of these shipping families remained in Lodon during the post-war era and are third generation Greeks who grew up and studied in Britain but remained Greek nationals. These ship owners include some of the most famous and well known names in Hellenic shipping. Their contribution to British economy is over 7 Billion euro every year.
  Tax authorities in Britain are now considering imposing a 30,000 pound tax on each foreign individual, in order to avoid being taxed on income generated abroad. This new law will apply to all non-British passport holders who have lived in Britain for over 7 years.
  Hellenic government authorities are now offering very tempting inventives for relocation to Hellas for those ship owners and for other foreign nationals. This package as presented to the Shipping circles by the Minister of merchant marine of Greece includes the following:
  • Incentives for carrying the Greek flag
  • Subsidies for lower ranking crew
  • Adjustment of officer minimum number requirements
  • Tax incentives for offices ashore
  • Incentives for business development of all 'shipping related' activities
  • Tax cuts on tonnage charges.
  Following a record year of shipping cash influx into the Hellenic economy, Hellenic shipping authorities seem determined to encourage Greek shipping company relocations to Pireas (Number 1 passenger port in Europe and third in the world) and Athens, which holds a leading financial position in the Balkans and Southestern Europe.
  Posted: 14 Mar. 2008
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February 2008

• 2007 Excellent year for Shipping Worlwide

  2007 was another excellent year for International shipping with "dry bulkers" leading the way. Ship prices have reached an all time high as a result.
  Without any doubt, the world economy’s "movers of goods" (90% of all international trade is done by sea) have benefited from the Far Eastern developing economies.
  Based on what indications 2007 has given us, we have every reason to be optimistic for even more returns in 2008.
  On November 30th 2007 the daily charter of an up to 5 years old capsize "bulker" was over 160,000 USD/day! As far as its purchase price: around 150 Million USD.
  On the other hand, tankers are not doing so good, considering an aframax of 5 years to worth 70 Million USD.
  Shipping industry experts indicate the discrepancy between a capsize and an aframax tanker is attributed to the growth difference between the ‘dry market’ (6.3%/year) and the "oil market" (3%/year).
  Based on the Far Eastern markets’ growth, investments in newbuildings have reached astronomical levels with 180 Billion USD in 2007 alone, when during the whole 90’s decade total investment in newbuildings was 200 Billion USD !!
  Total DWT for ships to delivered in 2010 will be 150m dwt when in 2006 ships delivered were just 75m Dwt!
  Along with those increases, however, ships operating costs have increased as well: In 2003 a VLCC would run on 21,000 USD/day while today it needs no less than 49,000 USD/day. Loan interests have also increased from 1.4% to 4.9% in just 4 years too. Increases in fuel costs, crew salaries and inflation adjustments are the explanation for this increase.
  The most spectacular increase happened in the international stock market arenas: In 2004 total dwt of listed shipping companies was 193.8m dwt while today that number has increased to 293.4m dwt. An increase of 51%! This is a positive sign of even better things to come in the future. Posted: 20 Feb. 2008
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• Höegh Autoliners moves back to Norway

  Höegh Autoliners will relocate its ship-owning activity to Norway. Following the move, 43 car carriers will be held by its Norwegian ship owning entity.
  By 2012 Höegh Autoliners plans to have at least 61 car carriers under Norwegian ownership. The new Norwegian shipping tax regime announced at the end of 2007 introduces general conditions in line with those in the EU. This will provide internationally competitive tax rules for Norwegian shipping. Höegh Autoliners has therefore decided to move its ship-owning activities from Bermuda to Norway. "We have decided to move to Norway because the new Norwegian tax scheme is attractive and will provide an even more efficient base for our global business” says Thor Jørgen Guttormsen, CEO of Höegh Autoliners. Key commercial and technical management activities are already located in Oslo with 268 employees. Another 320 employees operate from 30 locations world-wide.“The Norwegian maritime cluster provides a unique base for collaboration with experienced resources in all maritime related fields,” says Guttormsen. “Maritime competency of a very high standard is available here." 22 vessels in Höegh Autoliners’ fleet are registered in the Norwegian International Ship Registry (NIS). All newbuildings are entered into NIS when they are delivered from the yard. In January Höegh Autoliners announced that it acquires a fleet of car carriers from A.P.Moller-Maersk and that the Danish company will become a shareholder in the Norway based company.
  With A.P.Moller-Maersk as a partner, Höegh Autoliners has further strengthened its platform for broad based growth and enhanced customer service. Höegh Autoliners started its Ro/Ro car carrier operation in 1969 and now deploys some 67 vessels in its global trade systems. Vessels already ordered will grow the Company’s carrying capacity by 45 per cent to 85 ships in 2012.
  Main customers are major manufacturers of new cars, heavy machinery and rolling goods. In 2008 Höegh Autoliners expect to carry about 2.2 million car equivalent units (CEU) making close to 3 000 port calls. The Company estimates 2008 revenues of about USD 1.4 billion and a balance sheet of close to USD 3 billion.
  
  Source: The Norway Post 14 Feb. 2008
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January 2008

• Hoegh acquires A.P.Moeller - Maersk's car carriers

  Norway's Höegh Autoliners has entered into an agreement to acquire Danish A. P. Moller - Maersk’s fleet of 18 car carriers (including six newbuildings).
  Höegh Autoliners will commercially operate the combined fleet of about 67 vessels globally from its offices in Oslo and about 30 locations world-wide under the Höegh Autoliners brand. Vessels already ordered by the Company will grow its carrying capacity by 45 per cent to 85 ships in 2012. Closing of the transaction is expected to take place in March 2008 once any applicable regulatory approvals have been received. At the same time Höegh Autoliners and A.P. Moller – Maersk A/S has announced their agreement for A.P. Moller – Maersk A/S to become a shareholder in Höegh Autoliners holding 37.5 per cent of the shares effective from 1 January 2008. Leif Höegh & Co Limited will retain the position as majority shareholder in Höegh Autoliners.
  In doing this transaction, the parties say they will build on their existing tonnage cooperation. The two parties entered a tonnage co-operation agreement effective from 1 February 2007 whereby A. P. Moller - Maersk entered its fleet of 12 car carriers into a commercial operation controlled by Höegh Autoliners. This has worked to both parties satisfaction adding valuable capacity to Höegh Autoliners’ operation in a period when customers’ transportation requirements are growing.
  With A.P. Moller - Maersk as a shareholder, Höegh Autoliners say they will strengthen their financial and strategic position for further growth and its ability to provide increased capacity and enhanced services to meet customers’ requirements. A. P. Moller - Maersk is well recognized as a world leading company within shipping, logistics, port operations and port to port efficiency.
  "We welcome A.P. Moller – Maersk as shareholder in Höegh Autoliners," says Westye Høegh, Chairman of the Board. "When my father, Leif Høegh, ordered his first vessel, M/T Varg from Odense Staalskibsværft in 1927, Mr. A.P. Møller took a stake in the vessel. That was the start of a prosperous voyage, and having A.P. Moller – Maersk on board again makes a strong company even stronger and well positioned for exciting developments in challenging waters ahead."
  "Through the shareholding in Höegh Autoliners we are looking forward to moving from being a tonnage provider in the car carrier market to participating directly in a world class car carrier liner operation. We find the outlook for the industry attractive as car manufacturing increasingly takes place in Asia and as new markets in India and China develop. We believe in Höegh Autoliners’ strategy and believe we can contribute positively to the cooperation based on our Group’s capabilities within liner shipping and logistics" says Søren Skou, Partner & Member of Group Executive Board of A. P. Moller - Maersk.
  "With A.P. Moller – Maersk as a partner we have secured a platform for continued growth and enhanced our position for further strengthening our services," says Thor Jørgen Guttormsen, CEO of Höegh Autoliners. "This improves our ability to meet our customers’ current and future requirements for services and transportation volume and strengthens our strategic implementation capacity."
  Source: The Norway Post 31 Jan. 2008
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• Greek Archbishop Christodoulos Passed Away

  Late Archbishop Christodoulos, who breathed his last on Monday dawn after a seven-month battle with cancer, will receive a funeral befitting a head of state at Athens’ First Cemetery on coming Thursday. Church bells have been tolling since early in the morning, while flags in public buildings and schools have been flying at half mast throughout Greece. Christodoulos’ mortal remains have been lying in state at the Athens Cathedral. A joint ministerial decision singed by the Ministers of Interior, Finance, Health, Education and National Defence, declared a four-day period of national mourning, while the day of his funeral all public agencies and schools will remain closed. A vote will take place on Thursday, 7 February to decide on Christodoulos’ succession.
  Source: http://news.ert.gr/en/c/1/30473.asp, 28 Jan. 2008
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December 2007

• Shipping: Order world's largest roll-on roll-off carrier

  The vessels will be built in Japan at Nagasaki yard for delivery in 2011 and 2012.
  The new ro-ro carriers will have a cargo volume of 138 000 cubic metre, close to 10% more than the WW/OW partnership’s most recent ro-ro carriers.
  WW and OW have through good collaboration with MHI developed tomorrow’s ro-ro design featuring greater cargo capacity and more efficient operations. Recently a Protocol of agreement was signed.
  The new generation of ro-ro vessels will be employed in WW and OW’s joint venture Wallenius Wilhelmsen Logistics. They will be designed for efficient transportation and handling of high and heavy cargo (H&H), non-containerised cargo (NCC) and cars.
  The vessels will be unique on the basis of major innovative design criteria such as high ramp capacity, deck strength and height, low fuel consumption, good transportation economy and safe cargo handling.
  Environmental consideration has been in focus on this new generation of ro-ro vessels. Particular attention has been paid to hull lines development in order to reduce fuel oil consumption and exhaust gas emissions. The exhaust gas energy will also be recovered to generate the entire electrical need at sea. In addition an advanced ballast treatment system, will be installed to reduce harmful transfer of micro-organisms between different ecosystems.
  "This will further strengthen our unique position in the market and also contribute to our continuous need to expand the fleet," says group chief executive Ingar Skaug at Wilh. Wilhelmsen.
  Lone Fonss Schroeder, president Wallenius Lines adds: "This order will add further capacity to satisfy our customers need and secure our position in emerging markets. "
  In order to ensure new and modern tonnage, WW and OW are pursuing an extensive newbuilding programme. This currently comprises some 43 vessels to be delivered up to 2012.
  Founded on 1 October 1861 in Tønsberg, Wilh. Wilhelmsen now ranks among Norway’s most global enterprises. The head office at Lysaker outside Oslo is one of the leading Norwegian centres for international maritime expertise.
  Source: The Norway Post, 23 Dec. 2007
• Det Norske Veritas (DNV) has entered into an agreement with the national Polytechnic Institute of the University of Athens for research and development.
  As a result of this agreement, DNV is to create a “research and innovation” center in Athens, early 2008.
  The purpose of this joint venture is to tap-in the long standing experience of both distinguished institutions so they can mutually develop new initiatives aimed to produce better results in research and development. The center of this cooperation will be in the maritime sector and specifically in the naval architect and marine engineers sector of the University. Two of the immediate goals are improvements in ship designs and better and more efficient cargo transport methods at sea.
  Elisabeth Harstad, manager of Research and Development for DNV says: "DNV has focused on research and development for over 50 years now. Along with strategic partners from the private sector as well as educational institutions, DNV has introduced new technology to the sector. By this close cooperation between the oldest and most recognized educational institution of Hellas and DNV we aim to share and transfer knowledge for the benefit of the shipping sector in general.
  This is the third such venue for DNV following a long-term cooperation with the 'Norwegian University of Science and Technology' in Trondheim and a more recent one with Ohio State University in the US."
  As DNV’s Regional manager for the shipping sector in Southern Europe said:"It is commonly known that this branch of the University of Athens enjoys international acclaim, while the shipping business in Hellas is a leader in both numbers of vessels and DWT as well as in terms of experience. DNV has been a long standing strategic ally of the shipping sector in Hellas and I am confident that all of us will use innovation and new research for our mutual success in the future. This new venue and the new center to be created aims towards this goal"

November 2007

• Aker American to build seven tankers

  Aker American Shipping has entered into an option agreement to build 13 product tankers at Aker Philadelphia Shipyard. The contract is worth USD 1.3 billion, or NOK 7 billion. Three of the product tankers will be delivered in 2007, while the others will be delivered up to 2011. The Board of Directors of Aker American Shipping has decided to implement a split of the company’s business activities into a shipowning company and a shipyard.
  Source: The Norway Post, 28 Nov. 2007

• Aker Yards to build more offshore vessels for "K" Line

  Aker Yards has signed a contract with "K" Line Offshore AS for building of four Platform Supply Vessels of Aker Yards design. The total value of this contract is approximately NOK 1,4 billion.
  Delivery of the four Platform Supply Vessels is scheduled between fourth quarter of 2010 and third quarter of 2011.
  "K" Line is one of the world's largest ship owners/operators, mainly focusing on Container, Car Carriers, Bulk, LNG and Tankers. "K" Line will now enter into the offshore market and this order on four PSV`s will together with the order for two Anchor Handlers of Aker AH 12 design earlier this autumn make a solid platform for this entrance.
  The hull for the vessels will be built at Aker Yards in Romania and outfitted at Aker Yards in Norway. Source: The Norway Post, 2 Nov. 2007

October 2007

• 28th of October 1940 marks the Hellenic Independence Day from the German invading armies
• An International Friendship Football Cup is organized and sponsored by GrecoNorsk. This tournament includes the youth teams of the Norwegian Football Champion of 2007 as well as other top teams including the most popular Club of Hellas. GrecoNorsk is proud to be sponsoring this cultural/athletic event and is looking forward to many more in the future. Additional details can be obtained by contacting us, using our contact form.

September 2007

• Odense Steel Shipyard to build bulk carriers for Carras Hellas Group

  Odense Steel Shipyard Ltd. (Odense Staalskibsv?rft A/S) has concluded contracts with Carras Hellas Group, Greece, for a series of newbuilding Capesize bulk carriers. This new 180.000 dwt design has been developed between Odense and Carras with deliveries commencing in 2009.
  These orders, which will be built in the largest dock at the Shipyard will, together with existing orders, fill up the capacity of Odense Steel Shipyard into 2010.
  "This marks a significant move into the bulk sector of the market by Odense and we are delighted to be developing a relationship with this leading Capesize operator." says Managing Director Finn Buus Nielsen.
  Contact person: Managing Director Finn Buus Nielsen, Odense Steel Shipyard Ltd., telephone +45 6397 1000.
  Source: Odense, 30th August 2007, http://www.oss.dk

• Greeks back stong freightmarket to invest $5.6bn in newbuilds

  Greek shipowners continue to brush off rising ship newbuilding prices and in August some $4.74bn was committed to contracts involving 58 ships. In the first week of September, orders for another 16 ships worth almost $900m emerged as fleet renewal gains even more momentum.
  In the first six months of 2007, some $16.7bn was invested in 307 ships, mostly bulk carriers and this trend continues.
  And the orders just contiunue to roll in. No sooner had newbuilding specialists reported some $4.74bn was committed by Greek interests to newbuilding projects involving 60 ships in August, than orders for another 16 ships worth $880m surfaced.

August 2007

• Unique invitation by GrecoNorsk to Norwegian Athletic Club, signals the beginning of a cultural/athletic relationship between Hellas and Norway. As a result of this invitation, Norwegian youth team players and coaches visited Athens as guests of GrecoNorsk. Visits to Olympic facilities and historic sites, top professional Clubs’ academies and interaction with top professional players with worldwide recognition were all organized by GrecoNorsk for the benefit of its guests.
  Norwegian youth and amateur teams stand to benefit by interacting with top European Clubs of Athens. For further details please contact GrecoNorsk’s administration by e-mail using our contact form.

Source: http://greekmilitary.net

• First Greek hydrogen submarine

  Air Products, in partnership with Hellas Air Pro, has supplied hydrogen for a new submarine belonging to the Hellenic Navy, in Skaramanga, Greece.
  The HDW class 214 submarine has a fuel cell-generated power supply that allows it to operate fully on hydrogen, which has a number of benefits.
  The fuel cell, which produces electrical energy from oxygen and hydrogen, allows the submarine to cruise under water for weeks without resurfacing, while the battery power in conventional diesel-electric submarines typically depletes after a few days cruising under water.
  In addition, Air Products said that the fuel cells do not emit any noise or noticeable exhaust heat, making the submarine virtually undetectable.
  The fuelling technology is based on Air Products' cryogenic hydrogen compressors (CHCs), which are used in conventional hydrogen supply systems.
  The submarine was built by Hellenic Shipyards, part of ThyssenKrupp Marine Systems. The shipyard plans to build more fuel cell-powered submarines for the Hellenic Navy under a HDW license, and conventionally-powered vessels will also be fitted with hydrogen-powered fuel cells.
  Source: The Engineer Date

• Greeks hold 22% slice of investment in new tonnage

  The first six months of the year has been marked by big spending on big bulk carriers.
  According to shipbroker Clarkson, $31.5bn has been spent by the world's shipowners on bulkers so far this year and the value of the dry-bulk orderbook could surpass last year's record set by the tanker sector.
  Clarkson's sums reveal the lion's share of the investing in bulkers has gone on capesizes with 187 orders placed in the period. In the first six months of 2006 the 'popular choice' the tanker saw $23bn invested, a year that went on to see record ordering in this sector. But, in the second half of 2006, another $30bn was spent on tankers, for a total $53bn.
  However, July has been a good month for capesize bulker orders and with prices rising past $100m a unit the tanker record of 2006 is in danger.
  But, there has been renewed interest in small bulkers as the panamax and handy fleets are now being renewed. Still the prices of the smaller ships will require a huge increase in orders to balance the loss should capes lose their appeal. Also, the new yards in China which are now finding their feet building bulkers are expected to switch their interest to other ship types as they become more experienced in the art of shipbuilding.
  The investment in newbuildings is more than matching that of 2006, when $116.6bn was spent on new ships of all types. In the first half of 2007, $75.8bn was spent on new ships.
  As soon as there are reports that building berths are full new capacity comes on line,so capacity does not appear to be the problem it was once considered to be. Further, both builder and shipowner are more willing to now accept longer lead times in newbuilding contracts and now a four year lapse between contract placement and delivery is becoming more acceptable.
  Clarkson estimates the current value of the orderbook at $304bn. Research head Martin Stopford said: "[This], to put it into perspective, is about the same as Greece's gross domestic product. Not bad for an industry that 10 years ago thought it was on death row."
  As reported in July 6, Greek owners ordered just over 300 ships worth $16.83bn in the January/June period. Greeks presently account for over 22% of the total investment in new ships.
  The total number of outstanding orders worldwide for Greek account on June 30 was close to 700 units roughly divided into 310 tankers, 280 bulkcarriers, 45 container ships, 32 LPGs and 33 ship types. This listing will soon change as tankers were previously ordered and now being delivered whereas bulkers are being ordered in great numbers.
  The newbuilding activity of first six months compares to the whole of 2006, which "at the time was a record". The broker concludes that "if we adopt the method of projection to the end of the year, the 2007 total may be double that of 2006" while the investment, because "of the gradual increase in shipbuilding prices may prove to be even higher".

• Shipping sector forging ahead

  Greek orders for more than 600 new vessels expected to further boost the key industry’s potential
  The Greek shipping industry’s global standing is continuing its robust growth, having recorded a 3.6 percent increase in its total 2006 deadweight tons (dwt) compared to 2005 figures. In addition, the average age of ships was reduced from 15.3 years in 2005 to 14.3 years in 2006, according to data included in the 2006-2007 annual report compiled by the Greek Shipowners’ Association (EEE). The report is aimed at providing information on the fundamentals and prospects of shipping, Greece’s strongest industry.
  In spite of a reduction in freights in 2006, foreign exchange inflows rose 3.3 percent year-on-year (or –453 million), to reach –14,324.7 million. Net revenue from sea transportation accounts for 4.23 percent of GDP and contributes significantly to reducing the country’s trade deficit. Foreign exchange inflows from the shipping industry have been steadily swelling since 2000, when the figure stood at $7,914 million, rising to $12,493 million in 2003.
  The expansion of activities of Greek oceangoing shipping contributed to an increase in the total fleet capacity by 3.6 percent, while at the same time retaining its leading global position, representing 16.9 percent of global capacity in dwt.
  Data in the EEE’s annual report show that Greek interests manage 19.7 percent of the global fleet of chemical and product carriers (crude oil) and 23.2 percent of the global fleet of bulk cargo carriers in dwt. In terms of the European Union shipping industry, Greek-owned vessels account for 48.2 percent of total capacity in dwt.
  Moreover, Greek shipowners have been especially active in shipbuilding operations. According to official data up to the end of February 2007, orders for new vessels of Greek interests stood at 612 ships of total capacity 47.9 million dwt, up an incredible 86 percent compared to 2006 figures. Most of the 612 vessels are expected to sail under the Greek flag, 340 of them tankers, representing 19.8 percent of total global newly built vessel capacity.
  Data show that the average age of ships is constantly improving, i.e. dropping, with the age of foreign-flagged Greek-owned vessels in 2006 falling to 14.3 years from 15.3 years in 2005. With regard to Greek-flagged ships, the average age dropped to 11.1 years from 11.7 years in 2005.
  Significantly, Greek-flagged vessels are featured on the so-called “White List” of the International Maritime Organization (IMO) for the fifth consecutive year, meaning their quality is deemed by IMO to be in full and complete compliance with the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW).
  Employment, competitiveness
  The domestic fleet management industry is operated by more than 1,150 shipping companies, offering employment to more than 11,500 people, primarily of Greek nationality. In addition, National Bank of Greece data show that as many as 160,000 jobs have been created in the country’s shipping industry, with 50,000 of these accounted for by seamen.
  Measures adopted by the Merchant Marine Ministry (YEN) in early 2007 to bolster the domestic shipping industry’s competitiveness, are expected to attract many newly built and existing vessels sailing under foreign flags to operate in local waters.
  Commenting on the ministry’s measures, EEE president Nikos Efthymiou said they are expected “to further boost the Greek shipping register and create even more jobs for Greek seamen and officers,” adding that the majority of the more than 600 vessels to be delivered within the next few years are expected to sail under the Greek flag.
  “Such measures will enhance the hub of shipping activities based in the port city of Piraeus, maximizing the Greek economy’s benefits from shipping,” Efthymiou added.

July 2007

• Greeks commit $24bn to fleet renewal

  Greek interests committed $16.7bn to ship newbuilding projects in the first six months of the year. In all, 307 ships were ordered, a staggering 12 ships and an investment of $642m a week.
  During the first 26 weeks of 2007, Greeks invested over $7.3bn on some 228 ships in the secondhand market.
  In comparison, in the January/June period in 2006, some 118 new ships were contracted for an investment of $6.6bn. It's interesting to note that an average $54.397m was invested per ship in 2007 compared to the $55.9m invested on average in each ship in 2006, reflecting perhaps that in 2007 bulk carriers dominate the ordering whereas in 2006 energy ships were being ordered.
  And rather than slowing down, the ordering of new tonnage is increasing. According to newbuilding broker George Moundreas & Co, last month 25 different companies ordered a total of 75 ships worth $4.375bn. This is also interesting for while bulk carriers dominated the ordering — 44 bulkers were booked — the average investment per ship was $58.3m, reflecting the rising price per unit. In June, 2007, Greeks also invested $1.5bn in the s&p market buying 46 ships, an average of $32.6m a ship.
  Moundreas says that "despite the uncertainty of the freight market up ahead", $1.193bn was committed to 25 energy carrying ships in June, indicating Greek owners, at least, "believe in the market's future" though the broker notes most of the investment was made in product and chemical tankers. Six LPG carriers were ordered, worth $344m.
  The investment in dry bulk ships seems, says Moundreas, to point to owners believing the present boom in freights will continue "despite the looming inbalance between supply and demand".
  The Piraeus-based broker maintains its belief that secondhand ships are expensive though they are immediately available, and says "newbuilding still represent the cheapest solution".
  Source: GrecoNorsk research

• 2007 Investors Guide: The Exchange That Launched 1,000 Ships

  With little fanfare, Greece has become one of Europe's best-performing economies and stock markets.
  Greece, birthplace of the Olympics and home of ancient relics and honeymoon hideaway isles, is noteworthy for another reason. Over the past ten years its gross domestic product has grown at an annual rate of 6%, putting this economy far ahead of three of the largest European Union economies (Germany, France and Italy).
  In 2000 Morgan Stanley (nyse: MS - news - people ) Capital International, which tracks global stock markets via hundreds of indexes, promoted Greece out of the emerging-market category. The catalyst for this change: Greece's 2001 entry into the eurozone, which had imposed strict fiscal and monetary policies. The MSCI Greece stock index has a 12-month total return of 42%, a tad ahead of 41% for the MSCI Europe index.
  Greece can now capitalize on its central Mediterranean location, says Harris Siganos, a managing director at Alpha Asset Management in Athens. One way is with ships. Over the past four years Greek shipping companies have benefited from increased trade with China and India, and freight rates have more than doubled. Today the shipping industry leads tourism in fund inflows from abroad. Greece has 3,800-plus ships of 1,000 tons or more, the largest fleet in Europe and the fifth largest in the world. Helped by cheap bank financing, shippers have at least 260 new vessels on order.

• Italy, Greece, Turkey sign gas pipeline deal

  Italy, Turkey, and Greece have signed an agreement to build a pipeline to bring natural gas from the Caspian and the Middle East to European markets, Italy's Edison gas company said Thursday.
  "The gas pipeline will go into operation in 2012. It will help diversify gas supply sources, while promoting competition," a company spokesman said, adding that it is of strategic importance.
  The agreement comes after months of negotiations on shipping natural gas from the Caucasus to Western Europe through Turkey and Greece.
  The Turkish-Greek section is expected to begin operating in late August, while construction on the Greek-Italian link, owned by Italy's Edison and Greece's DEPA, should begin next year.
  The pipeline will include a 212-kilometer undersea connector from Greece to Italy, worth an estimated 300 million euros, and should carry some 11 billion cubic meters of gas a year to Greece. - RIA Novosti

June 2007

• Greek Newbuilding spree tops $1.47bn in a week.

  In the past week shipyards in South Korea and China have received orders for 24 ships worth $1.47bn from Greek shipowners. Not for the first time, Greece's largest owner, John Angelicoussis is leading the way, adding six more bulkers to a bulging ongoing newbuilding programme.
  AMS is investing over $400m in two 180,000dwt capesize bulkers at Daewoo S&ME in South Korea and four 114,500dwt bulkers at China's Shanghai Shipyard. AMS' orderbook now stands at 14 capesizes, four aframaxes and four panamax bulkers. The 171,000dwt Explorer is set for delivery from Daewoo next month.
  The new Daewoo ships are to deliver in 2010 and are reportedly costing $85m each. Shanghai are slated for delivery in 2010, two ships and the second pair in 2011. They are costing around $58m each.
  Angelikousi’s ships on order at Daewoo Mangalia HI in Romania, STX Shipbuilding in South Korea, SWS in China and Hudong-Zhonghua Shipbuilding in China.
  An order for four 180,000dwt bulkers for Chios Navigation has been placed at Hyundai Samho Shipbuilding for delivery in 2010. No price has been given.
  Nasdaq-listed Omega Navigation Enterprises (ONE) has contracted five 37,000dwt product tankers at Hyundai Mipo Dockyard in South Korea at $44.2m a ship. The IMO II/III-type ships are to deliver between March 2010 and early 2011. Omega boss George Kassiotis said it is not only interest in newbuildings and Omega "continues to actively monitor potential accretive opportunities in the secondhand sale-and-purchase market".
  LPG specialist Naftomar has ordered two firm and one option 16,500cumtr semi-refrigerated ships at Dayang Shipbuilding in China for an investment of $50m a ship with delivery in 2010.
  Phoenix Navigation has gone to Hyundai as it continues to renew its fleet. Two 180,000dwt bulkers have been booked at around $86m each with delivery in 2009 and 2010. Chios Navigation has ordered four 180,000dwt bulkers at Hyundai Samho Shipbuilding for delivery in 2010.
  Meanwhile, newbuilding brokers say Trojan Maritime is the owner behind a $192.9m order for four 81,000dwt kamsarmax bulkers announced some weeks back by STX Shipbuilding of South Korea. To be built at STX's new China facility the ships are set for delivery first half of 2010.
  Source: GrecoNorsk research

May 2007

• May 17th 1814 Marks the Norwegian Independence Day from the neighboring invaders.
• Hellenic-Norwegian buyouts and joint ventures in shipping:
  Bergesen Worldwide Gas has signed a cooperation agreement with Maran Gas of Greece. Maran has 5 LNG carriers including a recently acquired under construction newbuilding of Golar Lng; 3 LNG carriers of 145,000 c.m. along with an under construction 145,700 c.m. LNG in Daweoo.The agreement with Bergesen gives them 50% ownership in 4 additional VLGCs Maran is building in Daweoo and said to be delivered between May 2008 and May 2009. Bergesen Worldwide Gas will manage the vessels while Maran Gas will provide all technical support.
• Norwegian chemical tanker shipping group Stolt-Nielsen has been rumored to have been considering acquiring Stealthgas according to Reuters. The current share price would value all of Kifisias, Greece-based Stealthgas at around $230 million. Unnamed sources close to Stolt-Nielsen said a move into gas shipping would be consistent with a long-term aim of Chief Executive Niels Stolt-Nielsen. Stealthgas CEO Harry Vafias said: "We are traders at heart, so if we see a very generous offer we would take it to our board". Stolt-Nielsen's Oslo-traded shares closed down 0.8 percent at 181 Norwegian crowns and its Nasdaq-listed stock dropped 1.9 percent to $30.42. "The process has advanced to the point that Stealthgas management has instructed masters in its 30-unit fleet of (liquefied petroleum gas) carriers to allow Stolt-Nielsen surveyors on board for due-diligence inspections, sources indicate,"

April 2007

• Hellenic ship owners have 600 newbuildings on order as of the beginning of April. This marks the first time the average age of their fleet is below the world’s average of 14.5 years. The need for advanced IT systems, marine automation systems and modern technology has increased, making it an ideal environment for Norwegian technology companies to enter the Greek shipping market.
  The president of the Hellenic ship owners organization has announced the world wide percentage of Greek owned vessels nears 20%.
  In Europe, that percentage nears 40% and indicative of the size of the Greek fleet is the fact that 50% of dry goods and more than 60% of all wet imports to China have been handled by Hellenic owned vessels this past year.

March 2007

• 25th of March 1821 marks the Hellenic Independence Day from the Ottoman invading armies
• Greco-Norsk will try and include a wider variety of shipping news in this section, in order to better inform its customers about the goings on in shipping between Hellas and Norway, traditionally the two biggest powers in shipping worldwide.

February 2007

• Greco-Norsk considers the interest of some local business development councils as recognition of its efforts and the results these efforts have produced on a wider scale. Greco-Norsk would like to thank such smaller councils for their interest. Greco-Norsk, however, can only work with business development councils or ministries on a nationwide and international scale. Official government agencies have manifested their interest and support in the past and Greco-Norsk is currently examining various cooperation scenarios with these national and international organizations.

December 2006/January 2007

• Greco-Norsk concludes its most successful year to date, as defined by number of orders and new customers for the companies it represents in its markets. Our goals for the Hellenic ship market have been surpassed and Greco-Norsk ranks as one of the most successful companies in its field.
• Greco-Norsk has strengthened its presence in its 2 key markets of Norway and Hellas by increasing both its manpower and its physical locations.
• New contracts have been negotiated and new lines of products and services have been added to Greco Norsk's offerings.
• Greco-Norsk is currently considering offers for cooperation by official government organizations.

December 2006/January 2007

• Greco-Norsk concludes its most successful year to date, as defined by number of orders and new customers for the companies it represents in its markets. Our goals for the Hellenic ship market have been surpassed and Greco-Norsk ranks as one of the most successful companies in its field.
• Greco-Norsk has strengthened its presence in its 2 key markets of Norway and Hellas by increasing both its manpower and its physical locations.
• New contracts have been negotiated and new lines of products and services have been added to Greco Norsk's offerings.
• Greco-Norsk is currently considering offers for cooperation by official government organizations.

October 2006

• Greco-Norsk welcomes to Norway a group of business people from Hellas for a series of meetings with local Norwegian business development agencies. Very positive results of these meetings were achieved and Greco-Norsk made the local printed press.
• Greco-Norsk has by now way over 200 vessels as customers since May 2006, aiming for 300 by year’s end.
• Greco-Norsk is currently examining new business opportunities for the Hellenic shipping market. New announcements could be made as early as January.

September 2006

• Greco-Norsk organizes a trip to Norway by some long established figures in the industrial circles of Hellas. This is a direct result of its effort of the past months and it signals the beginning of a project which will benefit both the Hellenic and Norwegian economies.

August 2006

• Greco-Norsk welcomes to Athens a senior figure of the local business development councils of western Norway. The successful initial negotiations mark the beginning of a major project in western Norway, said to commence January 1st, 2007. Greco-Norsk has been working on said project since late 2005.
• Even though July and August are considered vacation months, Greco-Norsk succeeds, through its constant and persistent presence, in its field of work: Having 2 major shipping companies with worldwide recognition assign major projects to the manufacturers Greco-Norsk represents.

July 2006

• Greco-Norsk Group of Cos. through one of its companies signs its first contract with one of the Norwegian Authorities’ business development councils for western Norway.
  It is the result of Greco-Norsk’s hard work and successful outcome of its effort in representing Norwegian companies in the Hellenic shipping circles. This hard earned recognition signals a new era for Greco-Norsk. It also gives us additional incentives for working even harder in order to prove ourselves worthy of such recognition.

June 2006

• Greco-Norsk attends "Posidonia" exhibition [http://www.posidonia-events.com] held in Athens 5-9 June 2006, co-participating with one of its customers and attending by special invitation various seminars.

May 2006

• May 17th 1814 Marks the Norwegian Independence Day from the neighboring invaders.
• Greco-Norsk records its most successful month by obtaining orders/commitments for over 100 vessels in Hellas for its customers.

April 2006

• Greco-Norsk group and said manufacturer in Hellas agree in principle to jointly pursue the Scandinavian market.
• Greco-Norsk and the largest supplier of F&S plans in Scandinavia in its field, jointly present various new rules and regulations to Hellenic shipping in Athens and Pireas.
• New F&S plan symbols regulations as per DNV-Norway:
  
  1. Vessels with date of Keel-layed on or after 1st. of January 2004 SHALL carry the new symbols mentioned in IMO A23/Res. 925.
  
  2. Older vessels may continue to carry the old symbols mentioned in IMO Res. A 654(16). However, the time for changing from old (654) to new (925) is set principally by the flag stats.
  
  3. Until now the only flag state who’s taken this decision is Cyprus. Also USCG has started giving remarks if they find old symbols in the F & Safety Plans.
  
  4. DNV would not give any remarks this SOLAS period if everything else is OK, but for the new SOLAS period, things will change.

March 2006

• 25th of March 1821 marks the Hellenic Independence Day from the Ottoman invading armies

January 2006

• Greco-Norsk enters negotiations with one of the 4 largest companies in its field in Europe, serving both the Maritime and Domestic sectors. Said company is based in Greece, well established for many decades and is looking forward to establishing itself in Scandinavia with our help.

November 2005

• Greco-Norsk attends the well known Maritime "IT Exhibition 2005" in Athens.
• Greco-Norsk signs multi-year deal for Greece and Cyprus with a Norwegian company, which specializes in Maritime specialty products and services. It is the largest supplier of such products and services in Scandinavia in its field, and one of the largest in the world.

October 2005

• 28th of October 1940 marks the Hellenic Independence Day from the German invading armies

July 2005

• Greco-Norsk orchestrates a deal between one of the world's top maritime software developers and a Norwegian customer of Greco-Norsk, leading to the creation of a new entity, by the 2 companies, destined to serve all of Scandinavia.

June 2005

• Greco-Norsk participates with a major Norwegian specialty software developer in "Nor-Shipping 2005" in Lillestrom, Norway.

May 2005

• May 17th 1814 Marks the Norwegian Independence Day from the neighboring invaders.

March 2005

• 25th of March 1821 marks the Hellenic Independence Day from the Ottoman invading armies
• Greco-Norsk signs a multi-year contract with a major Norwegian specialty software developer and Maritime Integrator.

February 2005

• Greco-Norsk signs pro-forma agreement with the president of a well established association of specialty maritime professionals in Greece, for his future employment in the Group.

January 2005/December 2004

• Greco-Norsk establishes local IT associates in Greece.

November 2004

• Greco-Norsk participates in the well known Maritime "IT Exhibition 2004" in Athens.

October 2004

• 28th of October 1940 marks the Hellenic Independence Day from the German invading armies

August 2004

• Greco-Norsk signs pro-forma agreement with one of the biggest innovators of its kind in Norway, specializing in Marine Automation Systems.

July 2004

• Greco-Norsk signs pro-forma agreement with a major Norwegian specialty software developer, who develops unique and very advanced specialty software.
• Greco-Norsk signs agency agreement with its first Greek-based company for representation in Norway and Scandinavia.
• Greco-Norsk attends Posidonia 2004 in Pireas, Greece.

June 2004

• Portugal 0-1 Greece

  Greece pulled off one of the biggest shocks in football history to beat Portugal in the Euro 2004 final.
  Angelos Charisteas scored from the Greeks' first corner after 57 minutes, heading in an Angelis Basinas cross. And the Greek defence then stifled the hosts' flair in a tense second half, led by the inspired Traianos Dellas. Portugal surged forwards and came close through Cristiano Ronaldo, Maniche, and Luis Figo but Greece goalkeeper Antonios Nikopolidis stood firm.
  The hosts were frustrated from the start by a superbly-drilled Greek side, pulled together by coach Otto Rehhagel.
  It was disappointment for Portugal coach Luiz Felipe Scolari, who failed to add the European crown to the World Cup he won with Brazil two years ago.
  The Greeks made it a double over Portugal after beating them 2-1 in the opening game of the tournament.
  And few could begrudge them their joy after they also beat holders France and the free-scoring Czech Republic.
  As a matter of fact Greece was the only team in Uefa Euro history to beat both the previous title holders and the hosts!

May 2004

• May 17th 1814 Marks the Norwegian Independence Day from the neighboring invaders.

March 2004

• 25th of March 1821 marks the Hellenic Independence Day from the Ottoman invading armies

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