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Monthly Shipping Review ELNAVI is the greatest and most respected Greek shipping magazine.

It is published on a monthly basis promoting the most important shipping events in the Greek and global maritime industry. ELNAVI was established in 1974 and today has around 3,000 subscribers and a strong and dedicated readership group. ELNAVI magazine is focused on Greek shipping developments, market reports, interviews of important maritime personalities and marine environment & culture issues. Elnavi has developed an online e-paper version of the magazine, available at www.elnavi.gr and free of charge only to Elnavi’s subscribers & advertisers. In July 2015 ELNAVI published its 500th anniversary edition, a milestone which was marked with an anniversary reception.

20/10/2026

Ιστορική εισαγωγή της Capital Maritime Finance στο Euronext Athens
Ζήτηση-ρεκόρ €1,1 δισ. και άντληση €300 εκατ.

Μία νέα εποχή για την ελληνική κεφαλαιαγορά και την ποντοπόρο ναυτιλία ανέτειλε στ ο Χρηματιστήριο Αθηνών, καθώς ολοκληρώθηκε με απόλυτη επιτυχία η δημόσια προσφορά και η πρώτη αποκλειστική απευθείας εισαγωγή της Capital Maritime Finance Corp. (“CMF”) στη Ρυθμιζόμενη Αγορά της Euronext Athens.
Η ανταπόκριση της επενδυτικής κοινότητας υπήρξε πρωτοφανής, καθώς η συνολική αξία των προσφορών άγγιξε το €1,1 δισεκατομμύριο, καθιστώντας την έκδοση την πλέον επιτυχημένη των τελευταίων ετών για την εγχώρια αγορά.

Πρωτοφανής ζήτηση και Cornerstone Επενδυτές

Η δημόσια προσφορά της CMF προσέλκυσε εντυπωσιακό ενδιαφέρον από διεθνή θεσμικά χαρτοφυλάκια, Έλληνες θεσμικούς επενδυτές, αλλά και από χιλιάδες Έλληνες ιδιώτες επενδυτές. Για την εγχώρια λιανική αγορά, η έκδοση λειτούργησε ως μια μοναδική ευκαιρία άμεσης συμμετοχής στον πλέον εξωστρεφή και εμβληματικό κλάδο της ελληνικής οικονομίας, την ποντοπόρο ναυτιλία.
Παράλληλα, ως cornerstone investors συμμετείχαν ορισμένοι από τους μεγαλύτερους επιχειρηματικούς ομίλους της χώρας (Βαρδινογιάννης, Μυτιληναίος, Περιστέρης, Κόκκαλης), επενδύοντας συνολικά €70 εκατομμύρια.
Ως αποτέλεσμα της ισχυρής αυτής ζήτησης, η εταιρεία αναβάθμισε την προσφορά της, αντλώντας συνολικά κεφάλαια €300 εκατομμυρίων (προ αφαιρέσεως των δαπανών έκδοσης).

Αρχική τιμή μετοχής και δημιουργία υπεραξίας

Παρά τη δυνατότητα που παρείχε η υπερκάλυψη για τη διαμόρφωση της τιμής στο ανώτατο όριο του εύρους (€7,68 ανά μετοχή), ο Όμιλος Capital Maritime, συμφερόντων του κ. Ευάγγελου Μαρινάκη, επέλεξε να ορίσει την τιμή διάθεσης στα €7,50 ανά μετοχή.
Η απόφαση αυτή ελήφθη συνειδητά ώστε να αφεθεί περιθώριο ανόδου και υπεραξίας για τους νέους μετόχους. Σύμφωνα με αναλυτές, η κίνηση αυτή ενισχύει τη μερισματική απόδοση της μετοχής στο ~6,80%, επίπεδο σημαντικά υψηλότερο από τις ομοειδείς εισηγμένες ναυτιλιακές εταιρείες διεθνώς.

Η τελετή έναρξης διαπραγμάτευσης και οι δηλώσεις των πρωταγωνιστών

Το καμπανάκι της έναρξης της διαπραγμάτευσης κήρυξε η κα Ειρήνη Μαρινάκη κόρη του ιδρυτή του Capital Group κ. Μαρινάκη σηματοδοτώντας επίσημα την είσοδο της CMF στο ταμπλό.
Τον λόγο πήρε ο Νίκος Κοσκολέτος επιτελικός διευθυντή χρηματοοικονομικών σχέσεων με εκδότριες CFO εκπροσωπώντας τον πρόεδρο του Euronext Athens ο οποίος σημείωσε ότι πρόκειται για την 1η απευθείας εισαγωγή ναυτιλιακής εταιρείας (χωρίς δευτερεύουσα εισαγωγή), η οποία γεφυρώνει τη δυναμική διεθνώς αναγνωρισμένων τομέων όπως η ναυτιλία, διευρύνει τις επιλογές των επενδυτών και αποτελεί ενεργό μοχλό ανάπτυξης.
Ο Διευθύνων Σύμβουλος της εταιρείας, κ. Γεράσιμος Καλογηράτος, έκανε λόγο για μια ιστορική Αρχική Δημόσια Προσφορά IPO αποκλειστικά στην Αθήνα, η οποία προσέλκυσε σημαντικά κεφάλαια και αντικατοπτρίζει τη δομημένη στρατηγική ανάπτυξης του Ομίλου. Αφού ευχαρίστησε τις συμμετέχουσες τράπεζες, τη διοίκηση της Επιτροπής Κεφαλαιαγοράς και του Χρηματιστηρίου, τόνισε χαρακτηριστικά: «Η πραγματική δουλειά ξεκινάει τώρα».
Η Πρόεδρος της Επιτροπής Κεφαλαιαγοράς, κα Βασιλική Λαζαράκου, υπογράμμισε ότι διαχρονικός στόχος είναι η εξέλιξη και η σύνδεση της Ελλάδας με την ποντοπόρο ναυτιλία, σημειώνοντας πως η CMF, έχοντας ήδη εκδώσει εταιρικά ομόλογα, προχωρά τώρα σε μια ουσιαστική επιλογή που προσελκύει νέες αγορές με διαφάνεια και διασφάλιση των συμφερόντων των επενδυτών.

Ανάδειξη της Αθήνας σε Περιφερειακό Ναυτιλιακό Hub

Η επιτυχία της Capital Maritime Finance ξεπερνά τα όρια της ίδιας της εταιρείας. Συνεισφέρει τα μέγιστα στη διεθνή προβολή του εγχώριου χρηματιστηρίου, αναδεικνύοντας το Χρηματιστήριο Αθηνών ως ένα περιφερειακό ναυτιλιακό hub ικανό να προσελκύσει σημαντικά μέλη της διεθνούς επενδυτικής κοινότητας.
Ο Όμιλος Capital, αποτελεί ηγετική δύναμη στη διεθνή ναυτιλία, διατηρώντας στρατηγική παρουσία στις κορυφαίες κεφαλαιαγορές του κόσμου. Πέραν της ιστορικής εισαγωγής της Capital Maritime Finance στο Χρηματιστήριο Αθηνών (Euronext Athens), ο Όμιλος ελέγχει την Capital Clean Energy Carriers Corp. (CCEC) —τη μετεξέλιξη της CPLP— η οποία είναι εισηγμένη στο Αμερικανικό Nasdaq με εστίαση σε υπερσύγχρονα πλοία μεταφοράς LNG και ενεργειακών προϊόντων. Παράλληλα, τον Μάρτιο του 2026, ο Όμιλος πραγματοποίησε τη μεγαλύτερη ναυτιλιακή άντληση κεφαλαίων στην ιστορία του Νορβηγικού Χρηματιστηρίου με την εισαγωγή της Capital Tankers Corp. (CAPT) στο Euronext Growth Oslo επιβεβαιώνοντας την πολυδιάστατη χρηματοδοτική του υπεροχή και την παγκόσμια επενδυτική του ακτινοβολία.

Historic listing of Capital Maritime Finance on the Euronext Athens
Record €1.1bn Demand and €300m Raised

A landmark era for the Hellenic capital market and ocean-going shipping launched at Euronext Athens with the successful initial public offering and exclusive direct listing of Capital Maritime Finance Corp. (“CMF”). Marking a major milestone, total demand reached an unprecedented €1.1 billion, making it the most successful market listing in recent years.

Unprecedented Demand and Cornerstone Investors

The public offer attracted strong interest from international and domestic institutional investors, alongside thousands of Greek retail investors gaining direct investment access to the nation's premier export industry. Major Greek corporate groups (Vardinoyannis, Mytilineos, Peristeris, and Kokkalis) participated as cornerstone investors, contributing a combined €70 million. In response to the extended oversubscription, CMF expanded its offering, raising €300 million in gross proceeds.

Strategic Pricing and Value Creation

Despite room to price at the top of the range (€7.68/share), Capital Maritime Group, led by Evangelos Marinakis, consciously set the offering price at €7.50 per share to leave upside potential for new shareholders. This strategy yields an attractive dividend yield of ~6.80%, outperforming global peer averages.

Ringing the Bell and Executive Statements

The opening bell was rung by Erini Marinaki, daughter of founder Evangelos Marinakis. Nikos Koskoletos, CFO representing the President of Euronext Athens, described the transaction as a historic first direct shipping listing bridging vital global sectors. CMF CEO Gerasimos Kalogiratos emphasized that the successful IPO reflects the group’s structured growth, stating, "The real work begins now”. Hellenic Capital Market Commission Chair Vasiliki Lazarakou praised the listing for enhancing market evolution and transparency.

Athens as a Regional Maritime Hub

This landmark listing solidifies Athens as a dynamic regional maritime financial hub. Capital Group continues its global capital markets leadership, backed by Capital Clean Energy Carriers Corp. (CCEC) on Nasdaq and the landmark listing of Capital Tankers Corp. (CAPT) on Euronext Growth Oslo, which completed a record $500 million equity raise.

16/10/2026

Ομιλία για την Ελληνική Κρίση Χρέους 2009 -2015 στη Ναυτιλιακή Λέσχη Πειραιώς

Σε κλίμα ιδιαίτερου ενδιαφέροντος πραγματοποιήθηκε στη Ναυτιλιακή Λέσχη Πειραιώς, υπό τον συντονισμό του Προέδρου της, κ. Πάρη Ξαναλάτου, η ομιλία των διακεκριμένων δημοσιογράφων Βικτωρίας Δενδρινού και Ελένης Βαρβιτσιώτη. Οι δύο δημοσιογράφοι, συγγραφείς του βιβλίου «Η Τελευταία Μπλόφα» και δημιουργοί του ντοκιμαντέρ «Στο Χιλιοστό», μοιράστηκαν με το ναυτιλιακό κοινό τις εμπειρίες τους από το «μάτι του κυκλώνα» των Βρυξελλών και της Ουάσιγκτον.
Η ομιλία επικεντρώθηκε στις δραματικές πτυχές της ελληνικής κρίσης χρέους, η οποία, όπως τόνισαν, υπήρξε το μεγαλύτερο γεγονός της καριέρας τους. Μέσα από 100 και πλέον συνεντεύξεις με πρωταγωνιστές σε όλα τα κέντρα λήψης αποφάσεων, αναδείχθηκε το πώς η Ευρώπη «υπνοβατούσε» απέναντι σε μια πρωτοφανή κρίση. Η Ελλάδα αντιμετωπίστηκε ως «πειραματόζωο» από θεσμούς και ΔΝΤ με μη ρεαλιστικές προβλέψεις, ενώ η έλλειψη εθνικής συνεννόησης και «ιδιοκτησίας» του προγράμματος επέτεινε το αδιέξοδο, φέρνοντας τη χώρα ένα μόλις χιλιοστό από το Grexit.
Ωστόσο, η ελληνική περιπέτεια λειτούργησε ως «μαμή» για την Ευρώπη, οδηγώντας στη δημιουργία ευρύτερης Τραπεζικής Ένωσης και μόνιμων μηχανισμών διάσωσης. Σήμερα, παρά την εντυπωσιακή δημοσιονομική προσαρμογή της Ελλάδας, παθογένειες όπως το πελατειακό κράτος και το δημογραφικό παραμένουν, ενώ το διεθνές περιβάλλον επανακαθορίζεται από νέες γεωπολιτικές προτεραιότητες.
Την εκδήλωση τίμησαν με την παρουσία τους ο Πρόεδρος του Ναυτικού Επιμελητηρίου Ελλάδος (ΝΕΕ), κ. Γιώργος Αλεξανδράτος, και ο πρώην Υπουργός Ναυτιλίας και Διευθύνων Σύμβουλος των Ναυπηγείων Σκαραμαγκά, κ. Μιλτιάδης Βαρβιτσιώτης. Χορηγοί της εκδήλωσης ήταν η Minimar (εκπροσωπούμενη από τους κ.κ. Μιχάλη και Γιώργο Βουρλίδη), η Navigator (με την κα Δανάη Μπεζαντάκου, Πρόεδρο του Propeller Club) και η Vernicos Tugs (εκπροσωπούμενη από τον κ. Νίκο Βερνίκο).
Βιογραφικό Σημείωμα Δημοσιογράφων
Βικτωρία Δενδρινού: Έμπειρη δημοσιογράφος με μακρά θητεία στο διεθνές ρεπορτάζ. Εργάστηκε ως ανταποκρίτρια στη Wall Street Journal και το Bloomberg στις Βρυξέλλες και την Ουάσιγκτον, καλύπτοντας την ευρωπαϊκή οικονομική κρίση, τις διεθνείς οικονομικές εξελίξεις και την αμερικανική πολιτική σκηνή.
Ελένη Βαρβιτσιώτη: Καταξιωμένη δημοσιογράφος με ειδίκευση στα ευρωπαϊκά θέματα. Διετέλεσε επί σειρά ετών ανταποκρίτρια της εφημερίδας «Η Καθημερινή» και του ΣΚΑΪ στις Βρυξέλλες, ενώ σήμερα είναι ανταποκρίτρια των Financial Times, καλύπτοντας την ευρωπαϊκή πολιτική, την οικονομία και τις θεσμικές μεταρρυθμίσεις της Ε.Ε.

15/10/2026

MARINE MONEY SHIPFINANCE FORUM 2026
Smart Investing for Future Gain

The Annual Marine Money Ship Finance Forum brought together international shipowners, financiers, and maritime executives to address strategic investments, geopolitical shifts, and evolving capital markets. Opening the conference, Mia Jensen, Director Greece & Events at Marine Money, set the theme "Smart Investing for Future Gain," reflecting a shipping industry that remains resilient and liquid despite ongoing global trade disruptions.

Navigating Disruptions

Delivering the keynote presentation, Apostolos Zampelas, Partner and Leader of Shipping Practice at McKinsey & Company, presented a detailed analysis of the macro environment reshaping maritime trade pointing out:
- Over $1 trillion worth of cargo trades annually through the Strait of Hormuz. The global energy system remains highly interdependent, directly impacting oil market supply and production.
- - Artificial Intelligence is actively reshaping trade engines, with AI-related goods accounting for 37% of global goods-trade growth in 2025, while China and ASEAN continue to restructure manufacturing value chains.
- 23% of global trade faces critical dependencies, creating vulnerabilities amplified by marine chokepoints, supplier concentration, and geopolitical distance.
- Approximately 95% of the global population lives in regions dependent on fossil-fuel imports, making fleet adaptability and route diversification essential.

Navigating 2026 and Market Expectations

In a discussion moderated by Hugh B. Eden (Jefferies LLC), industry leaders reflected on market confidence amid geopolitical volatility in Venezuela, the Middle East, and the Black Sea:
Leon Patitsas (Atlas Maritime Ltd.) stressed the central role of tankers in the global energy agenda, predicting continued strength due to depleted inventories. He highlighted that expanding AI data centers will drive long-term energy demand, while advising owners to maintain readiness for market corrections and potential "black swans."
Stratos Desypris (Navios Maritime Partners) noted that a new global trade architecture has bolstered charter rates, supporting disciplined investments in newbuildings with secure charter coverage.
Aristides Pittas (Euroseas / Eurodry / Euroholdings) expressed caution regarding rising orderbooks, though noting that global tonnage grew at only ~2% annually between 2015 and 2025. He cited persistent inflation, rising interest rates, and trade recession as key risks, urging strong balance sheet management.
Jerry Kalogiratos (Capital Tankers Corp.) highlighted fleet aging and shadow fleet risks, expecting market equilibrium to restore as unmaintained, sanctioned vessels go for scrap during upcoming market corrections. He also emphasized human capital and crew safety at sea.
Michael Kourtesis (SeaHawk Group) raised concerns over crew safety in volatile zones like the Black Sea and the Strait of Hormuz, while confirming optimism for growing energy demand and opportunities in the secondhand asset market.

Capital Markets & The Growing Role of Euronext Athens

A dedicated session moderated by Lillian Georgopoulou (Euronext Athens) explored how European financial markets—specifically Euronext and the Athens Exchange—are providing alternative equity and bond solutions to complement traditional bank debt.
Alexandros Argyros (AXIA Ventures Group Ltd.) emphasized the potential of the Athens Stock Exchange to become a major European financial hub, noting that successful listings require critical mass, a compelling investment thesis, and deeper integration with European financial markets.
Nikos Kalapotharakos (Capital Clean Energy Carriers Corp.) discussed asset-specific capital strategies, pointing out how Norway (Oslo) caters to energy, the US (New York) to gas, and Athens to European infrastructure, noting strong retail investor interest in shipping bond offerings and dual and exclusive listings like Capital Maritime Finance.
Spyros Capralos (Star Bulk Carriers Corp.) explained Star Bulk’s secondary listing in Athens, aiming to mitigate geopolitical risks associated with pure US listings while establishing Athens as a maritime finance center akin to Oslo.
Alexandros Giannakas (Seanergy Maritime Holdings Corp.) praised Athens as one of Europe's top-performing stock markets, highlighting Seanergy's successful €100 million bond issuance and the value of an investor base that understands shipping cyclicality.
Konstantinos Adamopoulos (Safe Bulkers Inc.) noted how Safe Bulkers' pioneering dual listing paved the way for other shipping entities to access flexible capital beyond standard bank finance.

Captain of Industry, A Conversation with Harry N. Vafias

In an exclusive interview conducted by Chris Vartzis (Stephenson Harwood), Harry N. Vafias—Founder and CEO of StealthGas, Imperial Petroleum, and Non-Executive Chairman of C3is Inc.—shared insights from overseeing a combined fleet of 105 vessels across Nasdaq-listed entities and private management companies (Brave Maritime & Stealth Maritime).
Highlighting that the group operates with zero bank leverage, Mr. Vafias explained that eliminating debt accelerates decision-making, improves fleet valuation, and provides structural safety during market downturns.
Reflecting on the 2008 downturn, he cited the importance of fixing long-term contracts during peak markets and thoroughly analyzing new projects rather than making hasty decisions.
Outside of shipping, Vafias discussed his investments in real estate and ventures sourced through Dragons' Den, noting that commercial discipline applies universally across business sectors.

The SHIPS for America Act

Brian Maloney, Partner at Seward & Kissel LLP, delivered an update on the proposed SHIPS for America Act, detailing US efforts to expand its commercial maritime presence:
The act seeks to expand the internationally trading US-flagged fleet from roughly 80 vessels toward a target of 250 vessels.
Proposed Strategic Commercial Fleet payments outline escalating annual funding: $150 million in FY 2026, scaling up to $1.0 billion in FY 2030 and $2.1 billion by FY 2035.
Senate consideration remains pending, with ongoing deliberations regarding funding allocations for the Maritime Security Trust Fund.

Fleet Renewal & Financing

The final panel, of the morning session moderated by Jerzy Majewski (NorthCape AS) and introduced by Theo Kourmpelis (Lloyd's Register), focused on Greek shipowners commanding nearly half of all global vessel orders currently placed at shipyards.
Costas Delaportas (DryDel Shipping Inc.) outlined DryDel’s focus on eco-friendly newbuildings built to high specifications in Japanese yards, noting that newbuilds offer superior engine performance and operational efficiency compared to inflated secondhand prices.
Andreas Giakoumelos (Venergy Maritime Ltd.) described the current bank financing environment as a "honeymoon period" for CFOs, with plentiful liquidity enabling favorable terms despite long-term uncertainty around alternative fuels.
Theo Kourmpelis (Lloyd's Register) confirmed that crude and product tanker orderbooks spiked due to structural fleet aging and geopolitical rerouting around Ukraine and Hormuz, reaffirming that underlying demand fundamentals support Greek renewal programs.
Simos Spyrou (Star Bulk Carriers Corp.) discussed Star Bulk’s balanced approach using M&A, resale deliveries, and targeted divesting of older assets to hedge against long delivery lead times. He emphasized maintaining strong cash reserves to navigate market cycles and competitive lending conditionns.

Diverse Finance Sources & Chinese Leasing Dominance
Navigating Capital Options

A panel moderated by Alexia Hatzimichalis (Watson Farley & Williams LLP) evaluated Q4 2026 financing trends.
Alexis Stephanou (Goldenport Group) highlighted that improved corporate credit profiles allow owners to optimize pricing, stressing that capital sources must be tailored to specific project characteristics.
Sakis Voudris (Neptune Maritime Leasing Ltd.) described the advantages of leasing as a flexible tool for mid-sized shipowners, and marked tha Neptune’s solutions are backed by institutional investors Costamare and Latsco.
Symeon Pariaros (Euroseas / EuroDry / EuroHoldings) noted that while liquidity is abundant, pricing is secondary to structure, flexibility, and alignment with ESG criteria.
Nicholas Petrakakos (Alantra) and Mathias Børresen (NRP Maritime Asset Management) observed that while commercial bank debt remains dominant for newbuildings, corporatization is opening doors to alternative credit funds and structured equity.

The Power of Chinese Lease Finance

Moderated by Christoforos Bisbikos (Watson Farley & Williams), panelists Niovi Iasemidi (Capital Tankers Corp.), Dimitris Glynos (TMS), and Geoffroy Gunet (G Shipbrokers S.A.) analyzed why Chinese leasing maintains a strong foothold.
They mentioned as Key Advantages the High Loan-to-Value (LTV) ratios, predelivery financing, long tenors, and rapid market adaptability make Chinese leasing highly attractive for large-ticket newbuilding projects.
Panelists noted trade-offs including lack of direct asset ownership, exposure to global geopolitical shifts, and untested performance during severe market downcycles. In contrast to European banks operating with selective client criteria, Chinese leasing continues expanding aggressively across asset classes.

The New Generation, Future Leadership in Shipping

Moderated by Nick Daskalakis (Alpha Shipping Advisors Ltd), a panel of next-generation maritime executives discussed family legacies, technology, and strategic direction.
Diamantis N. Pateras (Contships Management Inc.), representing the seventh generation in shipping, stressed that the new generation must build upon core family values while adapting to stricter international regulatory frameworks and prioritizing corporate resilience.
Eirini Pitta (Euroseas / EuroDry / EuroHoldings) emphasized earning industry trust through technical competence. On decarbonization, she noted LNG currently offers a viable transition pathway while technology matures, advising against passive waiting.
Philippos Tsangrides Panagopoulos (Magna Marine) highlighted the value of operating a debt-free fleet, viewing shipping as a marathon. He advocated acquiring high-specification, Japanese-built secondhand vessels to navigate market cyclicality.
George Vranopoulos (Marine Plus SA) highlighted the transformative role of AI and holistic technical design in maximizing hull and engine efficiency, emphasizing long-term partnerships and business ethics.

8pSmart Investing for the Next Five Years
In the final closing panel moderated by Prof. Christos Sigalas (The American College of Greece), executive CFOs Harrys Kosmatos (TEN Ltd.), Nikos Gkezepis (Neptune Lines), Yiannis Kourkoulis (Armi Shipmanagement / SPM Energy Shipping), and Christos Zenios (Atlas Maritime Ltd.) outlined core strategies for the next five years such as Balancing conventional high-efficiency designs with optionality for alternative fuels.
Channeling targeted capital into AI and digital performance tools optimize fleet operations and fuel consumption.
Maintaining robust liquidity reserves and conservative leverage to withstand market volatility seize counter-cyclical growth opportunities.

06/10/2026

16th ATHENS CAPITAL LINK FORUM
Greek Shipping Drives the Future in Operational Excellence, Fleet Renewal, and Sustainability

The 16th Annual Capital Link Operational Excellence in Shipping Forum brought together industry leaders, executives, and maritime experts under the theme "Best practices - Building Long Term Value through Sustainability”. Opening remarks were delivered by Mr. Nicolas Bornozis, President of Capital Link, Inc., followed by an opening keynote address from Dr. Elias Kariambas, Vice President of Regional Business Development for Southern Europe at ABS.
The discussions focused on navigating operational uncertainty, the expanding role of artificial intelligence, strategic fleet renewal, and the enduring resilience of Greek shipping.

Strategic Decision-Making in an Era of Uncertainty

Moderated by Mr. Angelos Minakis, Business Development Manager for Greece at ABS, the opening panel addressed how fleet operators must balance geopolitics, decarbonization, cyber security, and seafarer retention.
Mr. Andreas Hadjipetrou, CEO of Columbia Group, emphasized that modern shipmanagers must act as trusted partners in energy transition and digital transformation, leveraging technology and crew management optimization to create value across diverse operating cultures.
Mr. Antonis Georgantzis, Chief Operating Officer of Latsco Marine Management Inc., highlighted that safety remains the absolute priority while managing increased operating expenses and bridging different seafarer mentalities through steady supplier relationships. On propulsion choices, he noted that while vessels are built with dual-fuel capabilities, current operations rely primarily on traditional bunkers based on charterer demand.
Mr. Mark Pearson, Managing Director of Maran Tankers Management Inc., pointed to the clear benefits of LNG as a marine fuel to meet environmental requirements. He stressed the importance of design flexibility in bunker procurement and continuous crew training to successfully navigate geopolitical crises and evolving decarbonization mandates.
Mr. Nicos Rescos, COO of Star Bulk Carriers Corp., detailed how the company achieved fleet renewal through seven major mergers, targeted investments in retrofits, and recent newbuilding agreements to optimize overall performance.

Intelligence and AI

In a specialized presentation, Mr. Steen Lund, CEO of RightShip, examined the intersection of vetting, risk management, and data intelligence. He noted that RightShip's intelligence platform assists in crew preparation and vessel safety by drawing critical connections between disparate data signals rather than simply accumulating metrics.
This theme continued in a dedicated technology panel moderated by Mr. Spyridon Zolotas, Vice President of South Europe Marine at RINA, who emphasized that digitalization serves as a core pillar alongside fleet safety:
Mr. John G. Pateras, Chief Technical Officer of Contships Management Inc., noted that artificial intelligence successfully increases productivity and analyzes performance reports, but must act as an advisory tool to support human decision-making rather than being trusted blindly.
Mr. Michalis Pantazopoulos, Senior Vice-President of LISCR Hellas (Liberian Registry), explained how AI streamlines time-intensive tasks such as screening vessels for sanctions, dark fleet activities, and port state control compliance, underscoring that class societies, registries, and operators share collective responsibility.
Mr. Vasileios G. Petousis, Energy & Sustainability Manager of Seanergy Maritime Holdings Corp., highlighted internal applications including AI-driven virtual technical superintendents and psychological adequacy evaluations to support crew mental health and team suitability.
Mr. Theo G. Baltatzis, General Manager of Technomar Shipping Inc., described a conservative approach where AI tools are utilized individually to analyze vast datasets, reassuring that professional expertise and human judgment remain essential and irreplaceable.
Mr. Roine Ahlquist, Chief Commercial Officer of Wilhelmsen Ship Management, echoed the necessity of proper governance, noting that while AI unlocks significant value, operations must never become overly dependent on automated systems.

Fleet Renewal Decisions and Alternative Fuels

Moderated by Mr. Panos Mitrou, Senior Vice President of Shipping Strategy at Lloyd’s Register, industry leaders evaluated shipyard capacity, capital allocation, and propulsion pathways:
Mr. Jerry Kalogiratos, CEO of Capital Clean Energy Carriers Corp. and Capital Tankers Corp., stated that shipyard capacity is less of an immediate hurdle than vessel employment strategy amid forward uncertainties. He outlined Capital’s constructive focus on efficient LNG and LPG-ready vessels designed with dual-fuel flexibility to maximize commercial optionality.
Mr. Alex Hadjipateras, COO of Dorian LPG Ltd. and Managing Director of Dorian LPG Management Corp., emphasized alignment with customer requirements against the backdrop of increasing Chinese shipyard capacity, keeping a close watch on International Maritime Organization (IMO) net-zero regulatory outcomes.
Mr. Thomas Lister, CEO of Global Ship Lease, Inc., pointed to pressing container ship sector demand for accelerated fleet renewal, balancing fundamental industry drivers with the flexibility needed to adapt to shifting trading patterns.
Dr. Loukas Barmparis, President of Safe Bulkers, Inc., highlighted the importance of timing, noting the delivery of 24 newbuild vessels over recent years at favorable asset prices, alongside ongoing fleet efficiency upgrades and investments in methanol-ready designs.

A Strategic Asset for Europe and the Global Economy

Moderated by Ms. Maria Kyratsoudi, Director of Business Development for Greece at ABS, a prominent panel of Greek shipowners explored competitiveness, regulatory challenges, and the broader macroeconomic impact of the Greek maritime cluster.
Mr. Antonis Kanellakis, Executive Director of Alpha Bulkers, Pantheon Tankers, and Alpha Gas, addressed the complex trading environment in the Black Sea and anticipated an exceptionally strong market over the coming year, driven by voyage optimization and technological integration.
Mr. Aristides J. Pittas, Chairman & CEO of Euroseas Ltd., EuroDry Ltd., and Euroholdings Ltd., stressed that Greek shipping manages roughly 80% of the European tanker fleet and 70% of its bulker fleet, serving as a vital strategic asset for Europe. Addressing fleet dynamics, he argued that historical under-construction and aging global fleets will naturally lead to higher charter rates for modern vessels as older tonnage exits. He urged regulators to exercise caution regarding premature decarbonization mandates.
Mr. Harry Vafias, Founder of Stealthgas, Imperial Petroleum, and C3iS Inc., noted that while traditional Greek shipping success is rooted in well-timed asset plays, recent high-priced newbuilding orders reflect a departure from historical norms. He cautioned that consumers demanding zero-emission transport must ultimately absorb higher freight costs.
Mr. Petros Pappas, Managing Director of Star Bulk Carriers Corp., emphasized that the true competitive advantage of Greek shipping lies in human capital, the entrepreneurial intuition of shipowners, and the supportive framework of the tonnage tax. He praised collaborative initiatives within Greek shipping, highlighting Capt. Panagiotis Tsakos’s nautical academy in Chios and Irene Notias "Adopt a Ship" program for inspiring the next generation of seafarers.
Across the panel, leaders called for the Greek flag to modernize its regulatory framework and offer greater flexibility regarding seafarer employment to meet contemporary operational demands.

2026 Capital Link Maritime Sustainability Award

The forum concluded with the presentation of the 2026 Capital Link Maritime Sustainability Award to HELMEPA in recognition of its institutional leadership in advancing maritime sustainability. Ms. Semiramis Paliou, Chairperson of HELMEPA & INTERMEPA and Director & CEO of Diana Shipping Inc., accepted the award on behalf of the organization.

The Operational Edge

Continuing the discussions at the 16th Annual Capital Link Operational Excellence in Shipping Forum, subsequent sessions shifted focus toward the direct link between operational performance and commercial advantage, the evolving demands placed on the maritime workforce, and a landmark tribute to seafarer education and training.
Moderated by Mr. George Andreadis, M&O Director for Greece, Malta, and Cyprus at Bureau Veritas, this session examined whether superior operational performance translates directly into commercial power and charterer preference.
Mr. Basil Sakellis, CEO of Alassia NewShips Management, Inc., emphasized that operational excellence is a baseline requirement in modern shipping, noting that seamless reliability and rigorous safety standards are fundamental to maintaining long-term trust with industry partners.
Captain Stylianos Dimouleas, CEO of ALMI TANKERS S.A., highlighted that consistent adherence to high safety and quality benchmarks directly protects asset value and enhances a company’s reputation in competitive chartering markets.
Mr. Matt Caddock, General Manager of Marine Supply and Trading Europe at Chevron, and Mr. Robert Schreve, Senior Freight Trader at Olam Agri, offered the charterer perspective. They stressed that energy majors and trading houses increasingly evaluate vessel performance, emissions tracking, and operational reliability when selecting tonnage, turning safety and efficiency into distinct commercial differentiators.
Mr. David Finch, Chief Commercial Officer of RightShip, discussed how objective vetting metrics and environmental scoring assist charterers in filtering operational risk, proving that transparent data directly influences commercial outcomes.
Mr. Jonathan White, Senior Charterer at Trafigura, reinforced that charterers look for proactive technical management and transparent communication, particularly as cargo owners face tightening regulatory scrutiny over supply chain emissions.

Building a Safe, Skilled, and Sustainable Workforce

As ships adopt advanced automation and alternative fuels, the industry faces an unprecedented transformation in human resource management. Moderated by Dr. Marina Papaioannou, Regional Maritime Academies Manager Southeast Europe at DNV, this panel tackled the pressing challenge of attracting, training, and retaining talent.
Ms. Katerina Elikonida Maroudi, Regulatory Manager at BIMCO, outlined how shifting international regulations require a parallel evolution in training standards, ensuring crews are legally and technically prepared for complex environmental mandates.
Captain Panagiotis Drosos, Managing Director of Capital Ship Management Corp., emphasized that bridging the gap between traditional seamanship and modern digital tools requires continuous onboard training programs and strong safety cultures.
Ms. Metaxia Psalti, COO of Neda Maritime Agency Co. Ltd. and Vice Chair of INTERCARGO, addressed the administrative and operational pressures on crews, stressing that industry stakeholders must prioritize seafarer wellbeing and mental health to sustain a healthy talent pipeline.

The Voice of the Seafarer

Offering a vital frontline perspective, this session brought officers and cadets from the Tsakos Group to the stage for a candid discussion on life on board. Moderated by Ms. Venetia Kallipolitou, Maritime Training and Education Advisor for the Tsakos Group and Retired Commander of the Hellenic Coast Guard, the panelists shared personal insights into the rewards and challenges of modern seafaring, discussing how digital transformation and alternative fuel technologies are reshaping daily responsibilities on the bridge and in the engine room.
The Tsakos Group officers and cadets, many of them have studied in TEENS Academy in Chíos island, referred to the challenges of the maritime profession such as the importance of teamwork, the way of life when you start a career at sea cooperating with different nationalities and cultures
, their ambitions and aspirations, the role of an ETO and the position of the woman in the seafaring profession.

The 2026 Capital Link Maritime Sustainability Award to the Tsakos Group & The Maria Tsakos Foundation

The afternoon program culminated in a prestigious presentation honoring The Tsakos Group and The Maria Tsakos Foundation. The 2026 Capital Link Maritime Sustainability Award was presented in recognition of their enduring, multi-decade commitment to maritime education, rigorous seafarer training, professional development, and overall crew welfare—cementing their legacy in securing a sustainable future for the global maritime profession.

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