Minute Summaries

Welcome and Introductory Remarks

Mrs Despina Travlou, Conference Organizer, IEEE Standards Association Maritime Ambassador; Concept Founder & SG, AI IA NPO; Managing Director, Slide2Open Communications, welcomed us to the 8^th Shipping Finance Conference, held today, 22 January 2025, in Athens, and gave us a glimpse of what will follow next, culminating in the signing of a MoU between IEEE and IMarEST.

Mr Leonidas Dimitriadis-Eugenides, Chairman of the Advisory Board; IMO Ambassador in Greece; President, Eugenides Foundation, noted that the MoU to be signed reflects not just a shared vision of the two organisations, but sets the groundwork for profound advancements in maritime engineering, electrification, sustainability and decorbanisation.

Mr Angelos Roupas Pantaleon, Conference Chair; Greek Representative, EUROMAR; Founder, Second Wind & Partners, welcomed participants and marked that the word “geopolitics” seems to be the keyword for shipping in 2025.

Dr Thomas Coughlin, Conference Guest of Honor; 2025 IEEE Past President; President of Coughlin Associates, welcomed participants and gave some first hints on the collaboration efforts for the electrification of ports.

Greeting speech

Mr Christos Stylianides, Minister of Maritime Affairs and Insular Policy of the Hellenic Republic, in his video message, stressed that shipping is in the DNA of Greeks. To ensure the sustainability of the maritime sector, it is crucial to tackle a series of challenges, including decarbonization, digitalization, support of human capital and securing a safe geopolitical landscape. 2025 will be crucial for delivering the IMO mid-term measures. A constructive mindset and flexibility are required. A GHG pricing mechanism can be supported to the benefit of all for the years to come. At the same time, safe and affordable low or zero carbon fuel is needed. We all need efficient, sustainable and thriving shipping!

Greeting addresses

Innovation Overture: A Visionary Prelude

In her keynote address, Prof. Kathleen A. Kramer, 2025 IEEE President & CEO; Professor of Electrical Engineering, University of San Diego, presented the core purpose of IEEE, which is to foster technological innovation and excellence for the benefit of humanity. The organization counts more than 460.000 members in more than 190 countries and 39 separate technical societies, while they have developed 1.144 active standards and have more than another 1.000 standards under development. The size, expertise, contribution and leadership of IEEE is undisputable.

In his keynote presentation Mr Chris Goldsworthy, Chief Executive Officer, Institute of Marine Engineering, Science and Technology (IMarEST), noted the importance of shipping in Greece, Europe and globally and gave an overview on IMarEST, which has been active for more than 130 years, and has more than 12.500 members in 120 countries. The immense scale of maritime operations makes the shipping industry crucial to sustainability and is interconnected with the urgency to innovate, despite the undeniable efficiency of the shipping industry. It is therefore time to step up and deliver efficient, sustainable solutions for a future-ready shipping industry. Collaboration and Communication, the 2 Cs, are in the heart of setting new standards for the maritime sector.

MoU Signing on Sustainability in Shipping between the IEEE and the IMarEST

Collaboration is at the heart of shipping and this was proven in the Live On-Stage Signing of a Memorandum of Understanding for Maritime Sustainability between the Institute of Electrical and Electronics Engineers (IEEE) and the Institute of Marine Engineering, Science and Technology (IMarEST). This landmark agreement showcases their shared commitment to advancing sustainability in the maritime industry, with a focus on collaborative initiatives in key areas such as:
• development of standards/rules on sustainable maritime sector, ship and port electrification, offshore plant installations
• development of training material, books, tutorials, seminars, webinars
• supporting and accrediting educational activities CPD, MSc courses
• organization of events, webinars, workshops, conferences
• Assisting international policy organizations in technical issues, IMO, European Commission

The MoU was signed by Prof. Kathleen Kramer, 2025 IEEE President & CEO; Professor of Electrical Engineering, University of San Diego, and Mr Chris Goldsworthy, Chief Executive Officer of IMarEST and witnessed by Mr Leonidas Dimitriadis-Eugenides, IMO Ambassador in Greece; President of Eugenides Foundation, Dr Thomas Coughlin, 2025 IEEE Past President; President of Coughlin Associates, Prof Christopher Hodge, OBE FREng HonFIMarEST, Chief Electrical Engineer at BMT, Prof. John Prousalidis, Professor of Marine Electrical Engineering, ΝTUA; Vice-Chairman, IEEE-MSCC and Member, IEEE/EPPC Working Group on Energy, Head of the Industrial Connection Activity Sustainable Maritime of ΙΕΕΕ; Chairman of IMarEST Marine Electrical Special Interest Group (MESIG), Mr Alpesh Shah, Managing Director, IEEE Standards Association, and Mr Peter Sheppard, Head of Technical & Policy, IMarEst.

Mr Angelos Roupas-Pantaleon, lightened the serious moment by intervening and saying that they will all be judged by how pragmatic they have been!

Turning to the Human Side of Shipping, Mrs Elisabeth Calbari, Neuropsychologist, Executive Leadership Consultant, and Founder of Self Balance, engaged in a thought-provoking discussion with Mr Costas Th. Kontes, Chief Commercial Officer at Navilands Management Holdings S.A., and Mrs Maria A. Korkontzelou, Crew Manager at Seanergy Maritime Holdings Corp., on “The Development of Safety Culture: A Sonata for Resilience.”

Mrs Calbari posed a fundamental question to the participants: How does culture influence the lives of those at sea? Is it truly a shared value?

Mrs Korkontzelou acknowledged that safety culture is a critical yet complex issue. While it is challenging to establish, companies can adopt various strategies to enhance crew engagement on board. Mr Kontes emphasized that safety culture is fundamentally about the human element. Non-compliance introduces significant risks, and it is imperative that all stakeholders recognize this reality.

A crucial first step is conducting an assessment to understand the crew’s mindset, ensuring that both seafarers and shore-based teams speak the same language and share a common understanding. Training should not merely fulfill a checklist or enforce a protocol—it must go deeper, fostering a safety-first mindset, encouraging engagement, and promoting teamwork in its implementation.

Leadership and communication, Mr Kontes pointed out, are often the “Achilles’ heel” of this effort, as open dialogue is frequently lacking. However, technology can play a vital role. Advancements in IT and AI are already contributing to safety culture by monitoring crew compliance with safety equipment usage and preventing accidents, such as collisions.

Mr Kontes underscored the necessity of zero tolerance when it comes to safety. Mrs Korkontzelou added that empowering the crew to provide feedback is crucial in identifying inconsistencies, addressing concerns, and ultimately preventing injuries and fatalities.

The discussion was followed by a presentation by Dr Philip Sotiriades, Founder & CEO at Telematic Medical Applications, on “A symphony for Wellness: Telematic Applications in Shipping”. Given the significance of crew well-being, enhancing maritime healthcare and ensuring that all seafarers have access to medical support, leads to a safe and successful voyage. According to a survey, 20% of deviations concerned cases that could have been prevented and solved on board. Currently telematics help bridge this distance. Dr Sotiriadis presented NoAH, which has integrated AI features, giving vital health measurements and can be combined with a series of advanced kits and medical equipment (thereby providing from basic medical services up to services offered by primary healthcare clinics). Wearables, real-time health monitoring and remote healthcare capabilities help in closing the gap between onboard medical needs and onshore expertise.

The first panel discussion was moderated by Mr Panagiotis Korakas, Head of Cultural Heritage and Blue Synergies, Naftika Chronika and Isalos.net, who, together with Prof. Ioannis Golias, Governor of Eugenides Foundation; Emeritus Professor, National Technical University of Athens; f. Caretaker Minister of Transport and Infrastructure of the Hellenic Republic, Mr Makram Daouk, Business Director, Crossworld Marine, Mrs Venetia Kallipolitou, Tsakos Group Maritime Training and Education Advisor, Tsakos Columbia Shipmanagement SA, Mr John Platsidakis, Costamare Shipping Company SA and Capt. Nikos Tsoulis, Director at Merchant Marine Academy of Macedonia had a lively discussion on “Who is transforming who: Technology, GenZ and Shipping”.

GenZ (those born between 1997 and 2012) are entering the work market, also shipping. How can the maritime community train and guide GenZ? Mr Platsidakis noted that the Greek shipping education is in an acceptable status. But there is no holistic approach to the Greek shipping education. We need to know where we are and where we want to go, in order to plan ahead. Greek seamen are of a good quality and what makes the difference today is that they have “filotimo”. This ensures about 50% of the part of engagement with the ship and the company and this makes the difference. The objective of the Hellenic Maritime Day, a day of celebration of the Greek merchant maritime world, is to present the industry to the greater public. Discontinues because of covid-19, it is coming back in 2025: respect of the past and presentation of the present.

Captain Tsoulis stressed that the main difference is the increased reliance of GenZ to electronics, which is done in a fast track approach. Educational culture has changed over the past two decades, young people tend to move away from the book and the “theory”, which, nevertheless, is crucial. As regards Career Days, young participants are interested in the very good salary and the zero unemployment rate. However, duties and responsibilities are important and quite often the families do not want their children to work at sea. The Greek public Marine Academies try to keep up with technological advancements. The public sector has to identify changes that have to be make and then implement them, which is difficult, as the economic factor is very crucial. Donations and European funds are of essence in these endeavours. On the positive side, Greek shipping companies hire and promote graduates of the Greek public Marine Academies.

Ms Kallipolitou gave an overview of the Tsakos maritime training and education, which has evolved throughout the years and has culminated in the Merchant marine Academy, inaugurated last September under the Cypriot accreditation (navigation watch and engine watch). GenZ should probably be called “Gen Flash”, where everything happens too fast. A holistic approach is needed and training programmes, skillful tutors, meaningful examination systems are required – and this applies to all professions. Lifelong learning is a shared responsibility of the company and the seafarer.

Mr Daouk believes that GenZ has good knowledge and are tech adaptable. They identify all across the world, like citizens of the world, but they are very demanding, impatient, rather arrogant and “high maintenance”. These lead to lower loyalty and this does not help in the crewing market, which has gaps. They are very dependent on the office – it is impossible to have them disconnected. And companies are not always ready. Academies around the world have followed different curricula, which means that some are very tech savvy, sometimes creating a gap between the skills of the graduate and the reality of the company or the ship. Technology sometimes makes people over-relying on it and people do not know what to do without it.

Prof. Golias noted that the challenge is related to the new generation and new technologies. One has to be competent to what is coming to the near future and this means that one has to have the ability to learn throughout one’s professional life. GenZ is different in the way they behave and they collaborate and the Eugenides foundation pays attention to the fact that the students have to learn how to learn. Digital transformation can show the maritime industry as more attractive, e.g. the “book” is now “interactive training material”. As regards skills, a balance is needed between soft and hard skills and, in his view, the significance of hard skills is going to increase in the years to come. Collaboration, communication and team work are not of minor importance, which means a new model of education is needed, which combines both sets of skills.

Mr Angelos Roupas-Pantaleon, in his humorous mood again, noted that GenZ will push us all out of the market! Remuneration in the shipping industry is enough to entice people entering the profession.

In his presentation, Mr Anastasios Manos, Chief Executive Officer, HEDNO SA, noted that, the maritime world is very strongly connected to the decarbonization effort. Cold ironing is an obvious way ahead and HEDNO is proactively working towards this direction. Mr Manos stressed that, considering the time limitations as well as the eligibility criteria for funding, both Ministries of Energy and Environment as well as that of Maritime Affairs and Insular Policy have approved, in principle, this engagement which will facilitate the project of shore side electricity in a centralized and thoroughly studied manner for the entire country. In addition, in this way, Greece will be able to exploit the available funding schemes.

12:15     Coffee Break

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Mr Nikos Kogios, ICT Security Services Senior Manager, OTE Group, gave an interesting presentation on “Smart Shipping, Resilient Security: Navigating Cyber Threats in a Digitized Maritime World”. More specifically, Mr Kogios elaborated on the types of hackers and the types of attacks – with a recent example of 1.000 ships that were held “hostage” to a cyberattack. Last year 3bn were paid in ransom! Shipping is a high value target and should be protected as such. Operational and time challenges are of essence and OTE has Offensive and Defensive Security Services to offer.

In his presentation, Mr Themis Vagiakos, Director/Global Sustainability, American Bureau of Shipping (ABS), explained the importance of Building Resilience. He started with the 3 steps in the Decarbonisation path, the energy transition, technology improvements and operational efficiency. The funding gap, the performance gap, interdependencies and the lack of accumulated experience are of essence. Mobilising new sources of funding and new operational models are required to tackle challenges and move ahead. In ABS, they walk the client through the complexities of this transformation and provide a 360 approach, building capabilities together.

The second panel discussion focused on Alternative Fuels and Maritime Electrification. Moderated by Mr Manos Agaoglou, Business Development Manager, South Europe, Advisory Services, Lloyd’s Register, panelists included Prof. Christopher Hodge, OBE, FREng HonFIMarEST, Chief Electrical Engineer at BMT, Mr Spyros Paschalis, Managing Director, Sea Ahead Marine, Mr Vasileios G. Petousis, Energy & Sustainability Manager, Seanergy Maritime Holdings Corporation, Mr Alexander Prokopakis, Executive Director, International Bunker Industry Association (IBIA) , Prof. John Prousalidis, Professor of Marine Electrical Engineering, ΝTUA; Vice-Chairman, IEEE-MSCC and member, IEEE/EPPC Working Group on Energy, Head of the Industrial Connection Activity Sustainable Maritime of ΙΕΕΕ; Chairman of IMarEST Marine Electrical Special Interest Group (MESIG), Mr Rudi Schubert, Director, New Initiatives at IEEE Standards Association and Mr Peter Sheppard, Head of Technical & Policy, IMarEst.

Mr Agaoglou started by introducing the panelists and asked Prof. Prousalidis about shore side electrification. According to Prof Prousalidis, there are a few challenges towards this direction. Electricity could resolve the decarbonization effort, but the ports are not ready and this requires a lot of time. Also, ships are not the same, which means that flexibility is required in terms of systems used. Finally, the energy market, at least in Europe, is not a vertical facility and rules have to be followed. As regards the “all electric ship” idea, he explained that a big source of power is required, e.g. nuclear reactors in the ship. Mixed solutions have been used and we need to produce electricity and have it there. Collaboration is not a means of itself; it requires open-minded people, willing to work together.

Prof. Hodge noted that electric propulsion is an attractive solution, but electric propulsion cannot be more effective than a mechanical system and there is no such need for bigger vessels, e.g. container ships. In this case hybrid propulsion solutions can be explored. However, there is a wide range of ships that can benefit from electric propulsion. As regards nuclear reactors and whether they are viable for commercial shipping, he noted that the complex regulatory environment makes it difficult to adopt this solution, though there exists an agreement that emissions have to be reduced. Complexity brings cost and the more the countries are involved, the more complex the situation. He believes that collaboration must improve.

Mr Prokopakis said that for now we are fuel agnostic. There are steps that need to be implemented on the way toward alternative fuels and it seems that now things are not progressing as fast as they should. The timeline is known and he does not believe that there exists today one universal fuel. There are no incentives for the banking sector to invest. The bunkering industry supports the shipping industry, but they do not make the decision. He closed his intervention by saying that collaboration is essential, but at the end of the day the governments make the decisions.

Mr Paschalis, talking about ferries, explained that there are different sizes, they reach different speeds and operate in different regions. This complexity makes it difficult to choose the next alternative fuel to be used. But it seems that 3 fuels will prevail in ferries: electricity, LNG or methanol. Funding is a challenge ahead and, without it, the up taking will be slow in the ferry industry. The cost of retrofitting is high, and new vessels that meet specific criteria will enter the market. More collaboration is required between the Ministry of Environment and the Ministry of Shipping, in order to have a common understanding of challenges ahead.

Mr Petousis explained that the most critical factor in investing in alternative fuels is the protection of stakeholders, which is ensured by making pragmatic choices. This means that each investment has to be financially sustainable. LNG is considered a transitional fuel. They are retrofitting vessels to use hydrogen and take slow steps towards solutions that can be financially sustainable and remain on the top tier of best practices. The balance between financial burden and regulatory compliance is very difficult. Efficiency on vessels, efficiency in operations, efficiency excellence is the only competitive advantage in order to be more competitive. The “rules of the game” have to be more clear to all.

As regards key areas that need standardization, Mr Schubert noted that the more we electrify, the more we have to move on: from the vessel, to the port, to the grid. There are a lot of standards, but energy storage will be the next challenge. Standards are not developed specifically for the maritime sector and this is something that has to be examined. Interoperability of all ships in all ports all over the world poses a new challenge. A lot of people can bring in their expertise in the development of standards, even if they never thought of working for the maritime industry in the past. This is how building collaboration and expertise can be fruitful to the benefit of all.

Mr Sheppard sees that the infrastructure on shore and safety of alternative fuels are the two biggest challenges. Proper training of all staff and seafarers is required. Moving forward requires collaboration within the maritime industry and across economic sectors. This future increased electric capacity is also a point of interest for other industries. Collaboration has to be facilitated among interested parties, and this should not be limited to the maritime sector.

Q & A

1. Mr Angelos Roupas-Pantaleon intervened by posing a topical question: Are we going to use the use of alternative fuels in our lifetime? The panelists seemed to agreed that yes, we will witness it.
2. Mr Prokopakis, in answering a question on ammonia-fueled vessels and safety considerations, noted that we need better education of seafarers. Mr Petousis stressed the need for modernization of ships and procedures, in order to go better and safer.
3. Prof. Prousalidis noted that a holistic approach is always required for all problems. In terms of the internationalization of problems, IMO tries to provide global solutions, but there are many exceptions. Readily available solutions for tomorrow do not yet exist, but training can help make people thinking and relying too much on AI is not a solution – we need to keep on thinking.

14:00     LUNCH BREAK

Geopolitical and Regulatory Landscape – Prelude to Transformation: Lento Sostenuto

In his greeting speech, Mr George Sp. Alexandratos, President of the Hellenic Chamber of Shipping, General Manager, Apollonia Lines SA, noted that the maritime industry faces a wide range of challenges that have to be faced. He greeted the signing of the Memorandum of Understanding between IEEE and IMarEST and the invaluable collaboration that will evolve through it, while he praised the previous President of the Hellenic Chamber of Shipping Mr Pateras for his ethos! He assured participants that the doors of the Chamber are open and it will keep on supporting the competitiveness of Greek shipping which, combined, supports more than 100 categories of jobs.

The third panel discussion was moderated by Mrs Despina Travlou, IEEE Standards Association Maritime Ambassador and Managing Director, Slide2Open Communications. Panelists Mr Stratis Apergis, Co-founder and CEO, Levante Ferries, Newsphone Hellas; Vice President of Coastal Shipping of the Association of Passenger Shipping Companies (SEEN), Mr Leonidas Dimitriadis-Evgenidis, IMO Ambassador in Greece, President of Eugenides Foundation, Dr Dimitrios J. Fafalios, President/Director, Fafalios Shipping SA, Secretary of the Board of Directors, Union of Greek Shipowners, Honorary Chairman, Intercargo, Mr Alpesh Shah, Managing Director, IEEE Standards Association, and Prof Costas Synolakis, Professor of Engineering Technology and Civil and Environmental Engineering, University of Southern California, had a lively discussion on “Overture to Complexity: Addressing Geopolitical Challenges and Regulatory Shifts in Shipping”.

Prof Synolakis talked about climate change and the need to decarbonize, IMO’s target for reduction of emissions and the need to move towards alternative fuels. The EU emission trading system is now expanding to cover the shipping industry. Prof Synolakis stressed that it is extremely important for the shipping industry to work proactively with the scientific community; all, speaking in one voice, can reach a realistic solution.

Mr Dimitriadis–Evgenidis started by explaining current hypocrisies in shipping and how international steps are required. For IMO, a top priority is the dark fleet, followed by the issue of piracy. The IMO cannot do much, it is a matter of international law and enforcement. He stressed the importance of collaboration (a win-win case) and gave an example of a collaboration that they had with the University of Southampton, which brought very impressive results.

Dr Fafalios noted that Intercargo represents the dry bulk sector, however these vessels do not have a fixed itinerary and this poses a huge challenge: where are they to find safe, alternative fuel? Over the past years, shipping has become more efficient, without a single piece of environmental regulation. Regulators have to understand how shipping works; retrofitting can be great in one trade and very bad for another, and this is not always understood. COP28 is good to follow, but not really connected to shipping. We have to remember that we all try to reach a common goal. We may have different roads and different vehicles towards reaching this common goal, but we have to make sure that a particular solution cannot be imposed on all. Regulators have to be educated, so that they fully understand.

Mr Shah said that the purpose of a standard is to address a real problem; when everyone has a common understanding of the problem, then a solution can be found. For a standard to be adopted, the market has to embrace it. It is really important that all the right actors are involved and for that an open system is required. Having the policy makers and regulators help to create a closed loop, thereby reducing inefficiencies. Finally, all the actors that have a stake have to have a common understanding – everyone is affected.

Mr Apergis explained that, for passenger shipping, the current situation is like driving a car, approaching a dead-end, we cannot stop, have to select a different road, maybe change cars, but all alternative roads require money and nobody knows which alternative road is the best. The GDP of islands will be heavily affected if the cost is passed on to passengers. Greek companies are willing to invest, but there is no clear picture on what will happen next. As for passenger shipping, it is crucial in supporting the insular character in Greece and collaboration is required towards this end – which, unfortunately, is not always obvious.

The Spotlight on Maritime Miles shone on Mr Konstantinos Oikonomou, CEO Marine Tours Group of Companies and Angelos Roupas-Pantaleon, Greek Representative, EUROMAR and Founder, Second Wind and Partners, who discussed “Maritime Travel Trends: Advancing Sustainability in Crew Mobility”. In greater detail Mr Oikonomou explained that a sustainable travel programme can be an investment (it promotes business, gives satisfaction and helps the crew feel safe and taken care of). A travel policy can envisage and include the company’s ESG goals; it should be communicated within the company, as it is an internal investment in the company. Very serious geopolitical challenges ahead (the course of which cannot be predicted), regulatory changes, a potential new pandemic: these are issues that have to be discussed and travel has to be a part of an educated discussion among stakeholders.

Financial Crescendo: Composing Sustainability in Maritime Venture

The fourth panel discussion, “Adapting Ship Financing to Evolving Industry Demands – Symphony of Sustainability: Navigating Financial Currents” was moderated by Mr Angelos Roupas-Pantaleon, Conference Chair and Founder, Second Wind and Partners, who posed intriguing questions on lending, sustainable financing and profitability to Mr Alexandros Damianidis, Partner, Assets and Structured Finance Group, Watson Farley & Williams, Mrs Zefi Gritza, Claims and Insurance Manager at Allseas Marine SA, Mr Alexis Stephanou, Chief Financial Officer, Goldenport Group, Mrs Ann-Crtistine Stucke, Sustainability Expert Corporate Banking ABN AMRO Bank N.V., and Mr Yiannis G. Timagenis, Partner, Timagenis Law Firm.

The first question concerned banks: are they ready to finance sustainably and make a profit? Ms Stucke gave a positive reply and noted that companies are interested in sustainable investment and that KPIs are very helpful and help companies improve their sustainability performance. She believes that the ecosystem that has developed in Europe will not change much in the years to come and that European banks will keep their commitments under Poseidon principles. Mrs Gritza noted that if she had to advise her principals, she would go for sustainability incentives.  As for AI, it seems it will take some time to work properly, but it is taking away the chance of the younger to prospect in the field. Mr Damianidis noted that there is no overregulation when it comes to sustainable finance – though there is too much regulation when it comes to shipping. He believes that banks in the EU are incorporating compliance considerations that are already in effect in shipping. AI solutions are being explored and so far, available solutions in the market are too expensive.  Mr Timagenis explained that Greek banks are very competitive, and one may even see terms out of the market, in favour of the borrower. The banks take into account who the borrower is, and this shows the value that the bank attributes to the client. He went on saying that if a ship is not able to approach European or Asian ports, because it is not compliant with the principles, will a US bank be able to provide a loan? Probably not. AI is expensive and premature; we can have this discussion again in 5 years. Mr Stephanou believes that things have changed over the past decade with the emergence of alternative capital providers (who are rather less regulated and cost-wise more expensive).

Panelists agreed that effective, efficient and sustainable shipping finance requires strong collaboration among stakeholders. In the regulatory front, it would be helpful if the increasing burden in terms of documentation would be simplified, maybe in terms of uniformity; though there are no signs that this will happen.

Turning to a review of the market, the “Market Sonata: Trends Shaping the Shipping Industry” session focused on geopolitical shifts, fleet dynamics, regional trade patterns and resilient valuations. Mrs Semiramis Assimakopoulou, SVP of Sales at Signal Group, presented the Annual 2024 Market Review. Geopolitical shifts have a direct impact on the market and, typically, the market benefits from such events. Fleet dynamics determines the market and the worrying effect of the ageing fleet is a big consideration. For the time being decarbonization does not have an impact on scrapping activity and this will possibly continue over the next few years.

The global fleet growth has been significant and China has driven demand, the dry market is more stable, while the tankers market has had fluctuations. Geopolitical events will have an impact on shipping and new trading patterns will most probably evolve.

The spotlight shone on Industry Makers and their “Rapsody in Blue” in the form of an engaging dialogue between Mr Costas Delaportas, President & CEO, DRYDEL SHIPPING and Mr Angelos Roupas-Pantaleon, Founder, Second Wind and Partners. More specifically, Mr Delaportas said that they have already placed 15 new buildings in Japanese shipyards, which are the best shipyards in the world. They are using conventional fuel, as nobody knows what fuel will finally prevail, while their ships are very competitive. Also new buildings are always better looked at by insurance and P&I. He is optimistic about the dry market and he believes that after six months the price of scrapping will come down. The market has dropped a lot and everyone is worried about the new tariffs, as announced by the new US Administration. Finally, Mr Delaportas noted that he is optimistic about 2026 and that the industry has to stop running older ships, over 20 years old, with huge emissions.

The fifth panel discussion focused on talent and indeed “Shipping has Talent”. Mr George Laios, Vice President, Association of Banking and Finance Executives of Hellenic Shipping, Deputy CEO, Intermodal Group moderated the discussion among Capt. Dimitrios Kokkinis, Founder and CEO of Proteus Social Innovation & Development, Co-Founder Regen Retreats, Insurance, Claims and Crews Engagement Manager, United Overseas Management (Hellas) Ltd., Mr Theocharis V. Terzis, Director, Queensway Navigation Co. Ltd, CEO, Vsltec, Mr  John Theodorakis, Principal, SwissChemGas and Mrs Eirini Veniamis-Mangos, Director, Golden Union Shipping Co. SA

Mr Laios introduced the panelists and started by asking Mrs Veniamis-Mangos about cooking! She explained that her cooking course was instrumental in helping her build a career in shipping. Her learning how to cook impressive and delicious meals was the quickest way to marry a shipowner. In all seriousness, she looks back at the course and she sees significant parallels between the high caliber of the cooking course and the shipping industry. However, her most aggressive competitors were fellow Le Cordon Bleu students, which prepared her for competition in shipping, to become creative and overcome difficulties. As for art and real estate, the value of art is both subjective and sentimentally driven – art prices are volatile. The same applies to shipping: one must trust one’s instinct and not blindly follow what the market is saying. In the real estate market, there are a lot of taxes, but still people opt for that because bricks and mortars are tangible. Shipping is a dynamic and fascinating industry that binds the whole world together.

Mr Terzis noted that they invest a lot in technology, and they believe that technology will be the key in the future. He went on saying that a typical Greek traditional shipping company needs to have a competitive edge and for them this is technology, as it gives them the odds to compete with the big players. When working in a traditional shipping company where different generations mingle together, respect is of essence and try to make the best of the combination of the experience of the older generation and the appetite of the new. Basically no one is doing traditional “shipping”: it is a combination of different industries and shipping is the backbone of all that.

Mr Theodorakis presented SwissChemGas and explained that they are trading lpg and the balancing of the market is happening through ships (thereby the most important aspect of the market is shipping). One big challenge that they faced is the domination of big trading houses. It takes time to build a sound track record and it is very easy to make a mistake and ruin it. Another big challenge was building a sound trading team, which took time and required investment in people. Finally, trading is not static at all, and this requires a specific mindset.

Capt. Kokkinis explained how he took a deep dive into the rabbit hole of shipping and the professional orientation programme they run in Andros. Various projects have evolved, and they still try to implement innovative projects on the ships, be close to the crews, cut down the distance gap between ship and on shore operations. Shipping companies can balance business goals and a positive social impact as this is combined in the creation of wealth, in its holistic definition and approach. People, the S in ESG, are the infrastructure to continue and maintain the know-how. The value goes beyond making money and we must start seeing the shipping industry in a different view. He stressed that we need to know where we came from and where we want to go. Every generation has to be a creator, and this is an element of success for the future, based on and respecting the past.

Mr Dimitriadis-Eugenides intervened to note that “succession” is not a prerequisite for one to enter the shipping industry and thrive.

The day ended with a breathtaking performance by the Maritime Muse, Mrs Katerina Polemi, while Melodic Prelude in the Foyer by Soul n Passion, Mrs Rallia Fafalios (violin) and Mrs Iliana Koretsi (cello) which accompanied the closing dinner.

The end