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“13th Annual Capital Link Greek Shipping Forum”/Communication Sponsor MC DIGITAL MEDIA

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“13&omicron ; Ετorσιο Capital Link Greek Shipping Forum”/Χορηγoς ΕπικοινωνΙα ς η MC DIGITAL MEDIA

Conference material (videos, presentations) will soon be available at the link: https://forums.capitallink.com/shipping/2023greece/

The “13thth Annual Capital Link Greek Shipping Forum” was held with unique success and participation in Athens on Thursday, February 9, 2023. The Conference was organized in cooperation with the New York Stock < strong>Exchange and the Nasdaq. The Main Sponsor of the Conference is Bank of Communications Financial Leasing. >

Bringing together more than 800 participants, the “present” at the 13th annual Capital Link-Greek Shipping Forum entitled “Stay Calm and Sail On” was given by the heads of international institutions and associations of the shipping community as well as the leaders and important economic factors of the international and of Greek shipping, and for this reason it was rightly characterized “as an informal summit”. The topics – major challenges discussed, among others, were the Shortage of seafarers, decarbonisation and digital transformation.

In more detail, the Conference was attended by the institutional leadership of global shipping, specifically the Secretary General of the IMO, the heads of the four sectoral international organizations: BIMCO, INTERCARGO, INTERTANKO, & International Chamber of Shipping, senior representatives from the European Union, the President of the European Union of Shipowners, as well as the President of the Hellenic Union of Shipowners, the Ministers of Shipping and Energy of Greece and representatives of the American Government.

The Conference honored with their presence o k. Kitack Lim, Secretary General International Maritime Organization (IMO), the k. Ioannis Plakiotakis, Minister of Shipping and Island Policy, . Konstantinos Skrekas, Minister of Environment and Energy, Mr.. Harry Conway, ChairmanMarine Environment Protection Committee (MEPC strong>) – IMO, the ka. Fotini Ioannidou, Head of Unit, Directorate-General for Mobility and Transport – European Commission, o k. Martin Stopford, Mrs. Sabrina Chao, President & Chairperson of the Board – BIMCO; Wah Kwong Maritime Holdings Limited, o k. Emanuele Grimaldi, Chairman – INTERNATIONAL CHAMBER OF SHIPPING; President & MD – Grimaldi Euromed SpA; Managing Director – Grimaldi Group, o k. Paolo d’Amico, Chairman – INTERTANKO; Chairman & CEO – d’Amico International Shipping SA, o k. Dimitris Fafalios, Chairman – INTERCARGO; President/Director – Fafalios Shipping S.A., n ms. Melina Travlos, President of theUnion of Greek Shipowners (UGS); Chair of the Board of Neptune Lines, and o K. Philippos Philis, President – European Community Shipowners Association (ECSA); Chairman & CEO – Lemissoler Navigation Co Ltd.

LUNCH LUNCH & OFFICIAL AWARD CEREMONY /strong>

2023 CAPITAL LINK GREEK SHIPPING LEADERSHIP AWARD

In the context of the Conference, the “2023 Capital Link Greek Shipping Leadership Award&#8221 was awarded ? to k. Themistokle Vokos, Founder Member, Honorary Chairman of Posidonia; Founder of Seatrade, in recognition of his long-term contribution and achievements in Greek and global shipping.

The m. Themistokle Vokos, Founder Member, Honorary Chairman of Posidonia; Founder of Seatrade introduced and presented by k. Nikos Bornozis, President – ​​Capital Link.

Introduction speech:

O Professor Costas Th. Grammenos, CBE, DSc, Chairman Costas Grammenos Centre for Shipping Trade & Finance, Bayes Business School ( strong>formerly Cass), City, University < strong>of London, and  o K. Grigoris Hatzielefteriadis , Co-FounderEletson Corporationmade the introductory speech of the official lunch.

The “Capital Link Greek Shipping Leadership Award” aims to recognize the “patriarchs” of Greek Shipping, the personalities who through the renowned their long career contributed decisively to the promotion of Greek Shipping to its leading position at the global level.

The «Capital Link Greek Shipping Leadership Award in 2013 was awarded to Captain Panagiotis N. Tchako, in 2014 to k. Pericles Panagospulo, in 2015 in k. Lamproro Barnavidis, Vice Chairman of the Baltic Exchange, Trustee of the Lloyds Register Foundation and Managing Director and Global Head of Shipping RBS 1998, 2016 in k. >k. Nicolas, Giorgos and Andreas Tsavliris strong>, Tsavliris Salvage Group, in 2017 to Professor k. Costa Th. Written, CBE DSc, Chairman C. Grammenos Center of Shipping Trade & FinanceBayes Business School, City, University of London, in 2018 in . PanoLaskarides President, European Community Shipowners Associations; Managing Director, Lavinia Corporation/Laskaridis Shipping Company Ltd. and Athanassios Laskaridis, Chairman and CEO of Lavinia Corporation, Lavinia Enterprises Limited and Laskaridis Shipping Company Ltd., in 2019 to Captain< /strong> Pari Dragni, Chairman & Founder – Goldenport Group, the 2020 to Mr. George Prokoiou , Founder, Dynacom Tankers Management strong>, Sea TradersDynagas, and 2022 in k. Simeon Palio, Founder and Chairman, Diana Shipping.

LIFETIME ACHIEVEMENT AWARD PRESENTATION

O k. D. John Stavropoulos, Chairman Emeritus – Tsakos Energy Navigation Ltd. (TNP), will be honored with the Lifetime Achievement < strong>Awardfor his outstanding contribution to Greek and global shipping. The m. Nikolaos Bornozis, President – ​​Capital Link, and Dr. Nikolaos P. Tsakos, Founder, Chairman & CEO TEN Ltd.; Chairman INTERTANKO (2014-2018) made the introductory speech.

TOPIC PRESENTON & PANEL DiscussOh< /strong>N

INTRODUCTORY COMMENTS – WELCOME:

O strong> Mr. Nikos Bornozis, President – Capital Link, welcomed the attendees and said the following: “Thank you all for your participation in the forum which aims to cover a wide range of important topics. Our speakers include the President of the shipowners' association, all the major institutional leaders of the industry, as well as the Ministers of Shipping and Energy. We thank you all for your trust and especially the sponsors, Communication Sponsors and Support Agencies of the Conference.”

SETTING THE STAGE – SHIPPING MARKETS UPDATE & OUTLOOK

9:00-9:20 am

O k . Martin Kjendlie, Managing Director – ViaMar (VesselsValue), pointed out:

“Thank you to Capital Link and Nikolas for organizing the event. Shipping should be proud to be leading the way. Other industries are trying to emulate us, which maybe wasn't the case a decade ago. ViaMar was founded in 2011 and now has 9 offices internationally. Today, global markets are under pressure, with Europe and the US in mild recession, with GDP stagnant.

Disinvestment in fossil fuel production in recent years has not been adequately offset by green investment towards present. Therefore, ship owners resort to the use of consumption reduction devices to make the engines more efficient. Environmental regulations have a negative impact but also create additional space for opportunities.”

ADDRESSING THE COMPLEXITIES AROUND CII & SEEMP III

9:25-10:05 am

O. Dr. John Kokarakis, Technology and Business Development Director, Southeast Europe, Black

Sea & Adriatic (SEEBA) Zone– Bureau Veritas, pointed out:

“I welcome you to the ultimate panel, with internationally renowned speakers. We will attempt to decipher the measures promoted by the IMO, in this case the CII & SEEMP II. The CII index corresponds to the environmental consequences of emissions for the environment, taking into account social benefits. It's a difficult equation.”

O k. Panos Zachariadis, Technical Director – Atlantic Bulk Carriers Management, Ltd.; Vice Chairman, BIMCO Marine Environment Committee; Member, BIMCO Carbon Clauses Drafting Subcommittee, stressed:

“In my opinion, the EEOI index does nothing more than present random numbers, making any prediction for the evaluation of ships impossible. Charterers must take responsibility. If they did they could require the use of better rated vessels. Today as we speak, a good CII rating guarantees an efficient ship. No is the answer, it is simply a sample of how a ship was used and its compliance over a period of time.”

O k >. Andreas Hadjipetrou, Managing Director – Columbia Shipmanagement, pointed out:

“The industry is trying to comply with the IMO targets for 2030 and 2050. Shipowners have changed their mindset and are focusing on renewing their fleet. In this environment, depending on each company's profile, different methods are chosen. Regarding container ships, discussions are taking place and approaches are being sought to optimize the fleet. This is an example of cooperation between charterers and owners for a common purpose. Philippos Philis, President – European Community Shipowners Association (ECSA); Chairman & CEO – Lemissoler Navigation Co Ltd, stressed:

“At the company we monitor a fleet of highly efficient ships, using artificial intelligence and cutting-edge technologies. Indeed, the saving devices help a lot, as does the fact that the whale has been kept in very good condition. The only additional thing we could do is to move towards biofuels in an effort to achieve even lower emissions.”

O k . Kenneth Aasland, Environmental Services Lead and Managing Director of Maritime Carbon Solutions – IFCHOR GALBRAITHS (IG) , pointed out:

“It is never easy for the legislature to bring in new regulations. For my part, I believe that the CII does not cover the commodity market. After all, geopolitical developments and market laws affect it to a great extent, just as the type of product transported has an impact on the route. In this industry, the shipowner often does not know the final destination from the beginning, he has only been informed about the wider geographical area. Therefore, optimizing the journey becomes more difficult as the final destination becomes known later, with corresponding implications for the CII assessment as well.”

O Dr. Harry Conway, Chairman – Marine Environment Protection Committee (MEPC) – IMO, emphasized:

“Thank you for the invitation to discuss an interesting topic. I believe our industry needs reliable data on which to base proposed regulations. At IMO we welcome suggestions to better address the challenges. You, the people in the industry, need to give us the necessary data. Thus, the regulations will not be based on guesswork or hypothetical scenarios. Consultation on various topics is the way to achieve better results, and we remain flexible to bring about changes where necessary.'

O k. Andrea Olivi, Head of Wet Freight Shipping – Trafigura, he pointed out:

“Personally, I think the main issue with the way the CII currently works is that it potentially rewards bad behavior rather than helping to eradicate it. Regarding water ballast, the current system definitely needs to change. The EEOI indicator works much better, but it's not perfect. If we modify the CII appropriately we may get the desired results. Finally, the CII index should not be seen as the holy grail that guarantees the decarbonisation of shipping, but as one more tool at the disposal of shipowners and charterers.”

ALTERNATIVE PATHWAYS TO DECARBONIZATION – TECHNOLOGY & FUELS

10:10-10:50 am

O k . Michalis Pantazopoulos, General Manager Greece – Liberian Registry (LISCR Hellas), stressed:

“I am delighted to return to this distinguished conference. We are still in the middle of the recovery process from Covid-19 and the Russia-Ukraine war. Shipping has shown adaptability. Our industry has adopted new technologies and is moving towards the use of new fuels. What shipowners need to succeed are practical and realistic solutions.”

O k Georgios Plevrakis, Vice President, Global Sustainability – ABS, stressed:

“When it comes to alternative fuels, each road has specific challenges and opportunities. However, the discussion quickly turns to the need for standardization, which we are still a long way from. Of course, some solutions are already ripe. LNG for example, while methanol is also on the rise. We are a fragmented industry – no one solution is a panacea. For the industry to flourish in the future, production must be scaled up using green energy, which of course also requires the corresponding infrastructure. . Konstantinos Stampedakis, Co-Founder & CEO – Erma First, stressed:

“Human activity has clearly affected the environment, as evidenced by increasingly extreme weather events. Shipping is not responsible for a large percentage of C02 emissions, only 2-3%, but we must take our share of responsibility. As a company, we believe that every case is unique and there is no one-size-fits-all approach. In the long term, we do believe that green fuels and hybrid solutions, including electric propulsion, are the future. However, fossil fuels will remain a major energy source at least until 2035 to 2040.”

O k. Gregory Nakos, EY Greece Partner, Consulting Services – EY, stressed:

“We have to be able to make quick and considered decisions. The new IMO rules are based on the measurement and recording of certain indicators. Thus, shipowners must be able to make informed decisions, both in the short term and in the long term. What are the options available? In addition to using less emitting fuels, some technical adjustments can improve the flow of water around the whale, although they tend to be expensive. An alternative solution is to change the vessel operation, by clearly assigning ships to specific routes and ports. Finally, data can prove to be a valuable ally for better performance, especially if weather conditions or sea depth are taken into account. These elements offer a better understanding. Claire Wright, General Manager Commercial Shipping & Strategy – Shell International Trading and Shipping Company, highlighted:

“The ultimate goal must be to produce zero-carbon fuels for all shipping. One pathway, synthetic, relies on continued investment in research and development of carbon sequestration technologies. The other path goes through the use of hydrogen or ammonia. There, the challenge is to guarantee the safety of the crew. Understanding the end goal, and what it entails, is important.” 

SHIP FINANCE – ADAPTING TO A NEW MARKET, REGULATORY, GEOPOLITICAL & ESG LANDSCAPE

10:55-11:35 am 

O k. Jasel Chauhan, Partner, Head of International Finance – Hill Dickinson, pointed out:

“Capital Link coordinated another excellent conference this year, which took a lot of organization. One question that arose from the previous panel is “who pays”. We are probably the best suited to answer it, in a time of regulations, war, sanctions, and energy crisis. Anastassia Tcherneva, Global Head of Shipping – ABN AMRO, emphasized:

“As a bank actively involved in the sector, we see ESG standards becoming increasingly important, given both geopolitical tension and heightened awareness.

< p>There are many options for alternative financing, in Asia for example, with advantages and disadvantages. Europe on the other hand has traditionally supported the industry. Therefore, these banking institutions have the corresponding ecosystem, know the trends, and already have staff with expertise. Climate change has created disruption, but also new opportunities.”

O k. Vasilios Maroulis, Managing Director, Global Industry Head, Shipping, Logistics & Offshore – Citi, he emphasized:

“The shipping portfolios had good returns throughout last year. Of course, banks have to deal with some individual cases, for which it is good to be prepared. I remain modestly optimistic about this year. But the war in Europe is raging – that's the big question mark. That is, if it will be limited, it will continue as it is, or, in the worst case, if it will escalate.”

O k. Evan Cohen, Managing Director & Group Head of Maritime Finance – CIT, emphasized:

“I am always impressed with the adaptability of shipowners, especially in Greece. May the bankers and financiers do just as well. Bulk carriers have had a good time, and now it's tankers' turn.

Some traditional banks are withdrawing but there is no shortage of capital as it flows in from other sources. There are even platforms that ensure easier accessibility for smaller companies. All the incremental changes of recent years boil down to one big difference: increasing efficiency is the smartest choice, and from an economic point of view, as the same tank ends up getting you further.”

O k. Christos Tsakonas, Head of Global Shipping – DNB, stressed:

“If we wanted to have a quiet life, we wouldn't be in shipping. We are used to cycles and extreme events, and in these adverse conditions we manage to do well. Orders have remained low due to the energy transition. The two axes we need to focus on are maintaining the balance between supply and demand, observing how the need for less emissions will change the business model in the coming years. Today, Western banks have plenty of cheap capital for shipping, but this cost is expected to rise.” 

KEYNOTE SPEECH

< 11:40-11:50 am . Melina Travlos, President – Union of Greek Shipowners (UGS), Chair of the Board – Neptune Lines, pointed out:

“Historically, regardless of the challenges facing shipping, its people manage to cope with the particularities of each era, protecting the way the global ecosystem works. Greek shipping is synonymous with reliability and know-how, as is the case now, with the energy transition. Our commitment to decarbonisation, for example, is a fact. However, there are two conditions: firstly, energy producers, providers and shipyards must offer sustainable, turnkey solutions, globally. And secondly, safety must be a priority so that both our seafarers and the environment are not at risk.

Climate change requires global solutions, and the IMO is the only body that can to offer them. Our shipping must remain calm and look ahead, for the well-being of our own planet.”

KEYNOTE ROUNDTABLE DISCUSSION

11 :50-12:20 pm

O k. Ioannis Chiotopoulos SVP, Regional Manager SE Europe, Middle East and Africa – DNV, emphasized:

“I am honored to welcome you, the audience, and of course our distinguished speakers, whom you already know. Much has already been said about the transformation of our industry, so I look forward to hearing from the Minister and the Secretary-General as they make the decisions that will enable us to continue to achieve success.”

O k. Kitack Lim, Secretary General – International Maritime Organization (IMO) , emphasized:

“We faced the difficulties of the pandemic for three years, which affected shipping as a whole. We worked together, as we did when the military involvement in Ukraine began last February.

Our green initiatives enjoy the support of the United Nations, and the IMO offers technical advice and support. These are policies for the future, with benefits for our children's generation. Continuation of our activities is necessary, but that alone is not enough: We must continue to sail at the right speed and in the right direction. That is why events like today's are important. I believe that the strategy of the industry should be readjusted with a focus on decarbonisation.

I would like to thank the Member States and the industry for supporting the IMO and its efforts, but also for participating in discussions on the implementation of the respective measures. Shipping really deserves all the credit.”

O k. Ioannis Plakiotakis, Minister of Maritime Affairs & Insular Policy – Hellenic Republic, stressed:

“We live in turbulent times, there's no doubt about that. The pandemic and more recently the Russian invasion have altered our priorities due to increased uncertainty. Key challenges include decarbonisation, digitalisation, cyber security, and most importantly in my opinion, the lack of skilled staff. As politicians we need to work together at the IMO level and multilaterally. International operations need international rules, while ensuring the competitiveness of the industry.

Greece promotes adaptability. We fully support the implementation of the IMO strategy to reduce greenhouse gas emissions. I have said many times that in order to achieve our goals the sufficiency of alternative fuels must be ensured. It should also make things more predictable, making long-term investments easier.

The progress made in maritime safety is undeniable. The number of accidents has decreased, while the global fleet is growing. Now, the challenge is to integrate new technologies without losing sight of the crucial importance of safety.”

STAY CALM & SAIL ON – LEADING THE INDUSTRY THROUGH TRANSFORMATION &

INNOVATION

12:25-1:05 pm

H ka. Alexia Hatzimichalis, Partner, Athens Office Head – WFW, highlighted:

“Our panel shares the same title as the overall conference. This fact, as well as the fact that our speakers represent international institutions, makes me hopeful for a fruitful discussion. I believe that the leadership of the people sitting next to me will be decisive in the successful transformation of shipping. Sabrina Chao, President & Chairperson of the Board – BIMCO; Wah Kwong Maritime Holdings Limited, stressed:

“Our priority is to use our regulatory knowledge to offer practical tools to our members, facilitating their businesses in this ever-changing environment. We also aim to raise the awareness of other industries on important issues with a direct or indirect impact. At the moment, we are working a lot on decarbonisation regulations, but also on ship recycling and port efficiency. We also focus on providing educational programs and webinars for better information.”

O k. Dimitrios Fafalios, Chairman – INTERCARGO; President/Director – Fafalios Shipping S.A. , emphasized:

“Our organization aims to fulfill the wishes of our members and represent them in international forums. Through collective actions we try to make everyone's everyday life better. The safety of the vessel and crew is high on our priorities. Health, safety, and staff availability are issues that concern all large groups. Concerns are still being expressed about incidents of piracy and crew members being trapped due to unilateral actions by regional authorities.”

O k. Paolo d’Amico, Chairman – INTERTANKO; Chairman & CEO – d’Amico International Shipping SA, stressed:

“In addition to the general problems of our industry, we have other operational issues to deal with because of the special requirements of the business. Regulations are one of them, while visas are also a problem. Our seafarers must be considered essential workers worldwide so that their movements are facilitated and vaccinated as a priority. The pandemic was something completely unexpected that forced us to change some things and better prepare for similar crises in the future.” Emanuele Grimaldi, Chairman – INTERNATIONAL CHAMBER OF SHIPPING; President & MD – Grimaldi Euromed SpA; Managing Director – Grimaldi Group, stressed:

“Our sailors suffered a lot during the pandemic. They were not given the necessary care and were mistreated. Today, we face a large shortage of personnel, which was estimated at 100 thousand people already before the Russia-Ukraine war, in which two countries that accounted for a large percentage of the workforce are participating. We see shortages in most countries, including Greece and Italy.

On the other hand, carbonization should be treated as a long journey into uncharted waters. Different types of fuel are emerging, options that must remain open and available, but understanding that while shipowners have shown responsibility and pragmatism, so must legislators, manufacturers and refiners.

Finally, I am concerned about the emergence of a new protectionism. Some politicians need to re-read the laws of liberal economics as explained by Adam Smith.”

INFLATION, CENTRAL BANKS, RECESSION THREATS, ENERGY CRISIS…TOUGH CHALLENGES NAVIGATION IN 2023?

1:10-1:25 pm 

O k. Hendrick Ketchemen, Director, Structured Solutions – Leonteq Securities, stressed:

“Leonteq has close relations with shipping and Greece in particular. We are a fintech bank from Switzerland with a global network and have received over 70 awards since our foundation. We offer personalized service and easy access to transactions, thanks to our unparalleled expertise.

2023 is a year of intense uncertainty, due to commodity and energy crises, with adverse consequences for European and developing countries, exacerbated by the war in Ukraine. When supply chains will return to a normality remains to be seen. Rebalancing the labor market and reducing inflation are the main political priorities.

As in shipping, one's ability to navigate will be decisive in the financial markets.”

LUNCH LUNCH & OFFICIAL AWARD CEREMONY /strong>

2023 CAPITAL LINK GREEK SHIPPING LEADERSHIP AWARD

O k . Themistocless BocossFounder Member, Honorary Chairman of Posidonia; Founder of Seatrade, emphasized:

“Thank you all for your kind words. I feel like I am among friends and family, fortunate to have been part of the maritime community for sixty years. Greece's long history in shipping perhaps explains how it managed to break into this unpredictable industry, becoming a global superpower. The people I met in the shipping industry inspired me to believe that anything is possible. I have a deep respect and love for the sea, as I believe it unites people from different countries and cultures, instead of dividing them.

I share this award with my colleagues. My career has given me a lot, and if there was a price, I managed not to pay it, as I am lucky enough to have a wonderful wife and much-loved children by my side.”

O k. Nikos Bornozis, President – ​​Capital Link, emphasized:

“I would once again like to thank the sponsors of the conference. Olga and I feel lucky to have been able to organize this event, achieving the maximum both in terms of the number of people and in terms of their quality.

The event is also an opportunity to honor a unique person. Of course, we all know Posidonia, but the activity of Mr. Vokos does not stop there, as the long list of his achievements demonstrates.”

O Professor Costas Th. Grammenos, CBE, DSc, Chairman Costas Grammenos Center for Shipping Trade & Finance, Bayes Business School (formerly Cass), City, University of London, stressed:

“I would like to thank the Bornozi family for giving me the opportunity to talk about a great business mind, Themis Vokos. He founded the magazine Seatrade, which always had interesting articles, but also other publications for the Chinese market. Themis Vokos has always built bridges. In addition, the presence in Posidonia remains a given for all actors of the shipping industry.

Mr. Vokos is a special person, with a clear vision and unlimited creativity. I congratulate him.”

O k. Grigoris Hatzielefteriadis, Co-Founder – EletsonCorporation, stressed:

“A review of the career of my dear friend Themistocles makes the Encyclopaedia Britannica seem short in comparison. Everyone has naturally associated him with the Poseidonia, an institution with roots as far back as 1969. Poseidon, the god of the seas, is said to have fathered many children. If such a thing is true, then surely Themistocles is one of his best children. He deserves this award and I congratulate the organizers for choosing to honor him.”

KEYNOTE ADDRESS – SHIPPING IN THE ERA OF CHANGE

3:10-3:30 pm 

The Dr. Martin Stopford, pointed out:

“The transition to zero carbon emissions has numerous aspects. We need to be careful with the timing, assessing the potential of green fuels in shipping, finding new ways to reduce emissions, investing in alternatives. Zero emissions is a distant goal, there can be no expensive planning.

Nuclear propulsion is promising, but will likely not be commercially available before the early 2030s. On the other hand, the commitment carbon is feasible but quite expensive.”

INVESTING IN SHIPPING

3:35-4:15 pm

O k. Robert E. Lustrin, Counsel, Transportation Industry Group– Reed Smith, emphasized:

“I am delighted to be at this great event. Our topic today is shipping investment, which is quite broad, but hopefully we'll learn more about the industry. The energy transition will require a lot of funds, and our speakers will give us an idea of ​​how these will be raised.” 

H Ms. . Christa Volpicelli, Managing Director & Head of Maritime Investment Banking – Citi, stressed:

“Capital markets recorded losses in most sectors. However, the dynamic and structural fundamentals have a positive sign in some sub-cases. Companies that record profits and reward their shareholders are favored. The private capital and infrastructure market is developing, while several mutual funds and credit funds have emerged. In any case, the majority do not need to raise funds for now, as there is enough liquidity.”

O k James Cirenza, Managing Director – DNB Markets, highlighted:

“Institutional funds saw more cash in September and October than they have in the last twenty years. We are coming off a year where everything connected to energy did great. In addition, it seems to be only the beginning of a long cycle. In the US, groups that make ESG criteria a priority recorded some losses. On the contrary, in Europe the resilience was greater. We worked a lot with liquefied natural gas last year, as I reiterate that everything related to energy is on a positive trajectory. . Ghigo Ravano, Executive Chairman – IFCHOR GALBRAITHS (IG), emphasized:

“We are coming to an extremely interesting crossroads, despite the frantic volatility of the last two years. The investment prospects for the next 2 to 5 years look excellent. We see strong buying interest and limited concern. It is not often that one finds oneself in a context where all shipping industries offer such a variety of investment opportunities.

I think we should wait for more investors, it's a very promising time, including in the offshore wind sector.”

O k. Christian Rychly, Managing Director, Maritime – MPC Capital, highlighted:

“We are a large investor in container ships, which places us closer to the consumer. We have the ability to mitigate the risk of investing in new technologies.

When it comes to the energy transition, our thinking must be long-term in nature. Don't forget that it will require a huge amount of energy. Let's start by making the best possible use of the ships already at sea today.”

O k. Paulo Almeida, Chief Investment Officer – Tufton Investment Management, stressed:

“All our funds prefer to follow diversified strategies. Our portfolio consisted of 50% containerships two years ago, but we have gradually moved away from the sector.

For us, capital redeployment is important and depends on a number of factors. On decarbonisation, we are thinking of getting an investment position in alternative fuel vessels, or perhaps a new large fund with investors that will focus exclusively on this sector. This is, in general, a great time to invest in shipping.”

ASSET BASED & PROJECT FINANCE OPTIONS

4:20-5:00 pm

Ms . Dora Mace-Kokota, Partner – Stephenson Harwood, pointed out:

“Really excellent conference today. In this particular panel, we will discuss financing options for assets as well as projects, as our speakers represent the financing space that until now we considered and called alternative.

O k. Timothy Soe, Managing Director – Ascension Finance, highlighted:

“We structure our loans to simulate bank loans, but with increased flexibility. As a rule, our customers are small and medium-sized ship owners. We have invested $225 million in the last 18 months. Our clients are willing to pay slightly higher costs in case they do not have access to banks, or their assets are considered old for ESG reasons. If your priority is speed, perhaps our cooperation will turn out to be profitable. George Fikaris, Managing Director – Entrust Global, stressed:

“We started 7 years ago, taking advantage of the exit of the banks. Our team includes fifteen investors who specialize in shipping, having invested $4 billion through approximately 70 transactions. Our specialty is finding opportunities, whether they involve securing credit or equity capital, and aggressively strategizing once they arise. We are not restricted by conditions, we are simply looking for good business moves.

When you work with bad managers, you will lose money. We expect our partners to be as committed as we are. Support and trust must be two-way.”

O k. Harris Antoniou, Founder & Managing DirectorNeptune Maritime Leasing Ltd, he pointed out:

“We offer leasing services for shipping companies, financing both assets and owners. We have leverage flexibility, which depends on a number of factors. Our experienced teams are always ready to serve you in Greece, Switzerland and the Netherlands.

The process of setting up a new company has become more complicated due to regulations. Big funds are chasing the already established players, which account for a small percentage of shipowners. Thus, we come to complement the audience by addressing the new, more ambitious generation.”

O k. Paulo Almeida, Chief Investment Officer – Tufton Investment Management, stressed:

“We often work with smaller shipowners. Although our involvement in project finance is limited, our advantage is that we understand the industry in depth. In fact, most of our funds come from large funds, giving us the opportunity, sometimes, to quickly sign checks for large amounts if the right deal comes along.”

THE NEW ENERGY LANDSCAPE & SHIPPING

5:05-5:50 pm

Keynote Remarks: O strong> H.E. Konstantinos Skrekas, Minister of Environment & Energy – Hellenic Republic, stressed:

“It is my pleasure to be at this important conference. For the last 3.5 years, the government of Kyriakos Mitsotakis has led us safely through troubled waters. Shipping is the key to ensuring the energy sufficiency of the country. With this goal, LNG carriers are bringing gas to Revythoussa, allowing us to reduce our dependence on Russian gas. After all, shipping is going to transport 50% of the fuel required for the green transition. This transition is our only option to offset the risk arising from geopolitical instability and the climate crisis. Enhancing diversification guarantees our autonomy. We want to diversify our energy mix and phase out coal-fired power plants by 2028, while at the same time aiming to triple our renewable generation capacity by 2030.

Natural gas has an important role to play as a transition fuel. We are also launching ambitious projects for green hydrogen, multiplying electrical interconnections with neighboring countries, and finally investing almost 1 billion euros in the energy upgrade of our buildings.

I am proud of the fact that Greece has taken the 2nd place in the ranking for the ability to attract investments in renewable energy sources, while at the same time it is considered one of the most resilient countries in terms of managing the energy crisis as a whole.”

O k. Panagiotis Mitrou, Global Gas Segment Director – Lloyds Register, emphasized:

“I will be happy to moderate this panel on the topic of the new landscape in energy. We will comment on the regulations as well as how geopolitical developments affect shipping. Energy security is multifaceted, with investments at the right time ensuring an adequate supply of renewable resources.”

O k . Sveinung Stoehle, Deputy CEO – Angelicoussis Shipping Group, stressed:

” The result of the ban on Russian refined oil products is predictable: they will end up in Asia, thereby driving up prices.

As a group we have a wide range of ships in terms of age and the technology they use, so our approach has to be all inclusive. At the moment, we are seeing a boom in orders for containerships and LNG, which means that prices for newbuildings will increase. The war in Ukraine also has significant consequences for existing vessels. Of course, since our industry operates on a cyclical basis, we must have capital available at the edge to be invested when the conditions are right.”

O k . Christian M. Ingerslev, CEO – Maersk Tankers, stressed:

“We're going through an interesting time for containers, recovering from the pandemic. Geopolitical challenges are added to the mix, so we are already seeing problems in the supply chain. The new sanctions will result in longer distances and even tighter supply.

For tankers, the propulsion system remains a question mark. Some banks already consider an investment in a ship that runs on fossil fuels unprofitable.”

O Dr. Nikolas P. Tsakos, Founder, CEO & President, TEN Ltd.; Chairman – INTERTANKO 2014-2018, stressed:

“We are going through a decade full of surprises, which proves the inherent uncertainty of our industry . All of us are trying to get to the next day after so many changes. We offer a service that happens to be rated more expensive at this particular time. Of course, I would prefer a slower market in a peaceful environment.

In a speculative environment, it is best to avoid many new orders. Ships are built for a 20 to 25 year life, so we can still take advantage of the quality of the previous generation.”

O k . Bruce Paulsen, Partner – Seward & Kissel LLP, pointed out:

“Economy has always been a foreign policy tool, since the time of ancient Athens and Pericles. Our clients are concerned about the sanctions against Russia because of the invasion of Ukraine. These sanctions continue the long tradition in other countries, such as North Korea, Cuba, or Iran. Sanctions which may be directed against banks, importers, or include other prohibitions, such as the list of specially marked citizens, for oligarchs. Other players chose to voluntarily exit the market. In conclusion, the compliance of shipping agents is crucial.'

O k. Erik Grossman, Senior Compliance Officer, Office of Foreign Assets Control (OFAC) – U.S. Department of the Treasury, stressed:

“We have a very detailed list of instructions for the products affected by the price ceiling imposed on petroleum products. I encourage you all to read them, and don't hesitate to contact us if you have any questions. These measures concern anyone who provides a service related to maritime transport, as long as the underlying product is affected.”

LIFETIME ACHIEVEMENT AWARD PRESENTATION

O k. D. John Stavropoulos, Chairman Emeritus – Tsakos Energy Navigation Ltd. (TNP), stressed:

“I first came to Greece in the 70s, when I was working for the National Bank of Chicago. London followed, and then Latin America. When I returned to Chicago I became manager of the real estate department, and later director of the commercial department. Words are poor to describe how much I enjoyed working with Tsaku Group: I am very glad to have been part of the company. Thank you all for honoring me.”

O k. Nikos Bornozis, President – ​​Capital Link, pointed out:

“Today we are honoring an amazing Greek-American success story. Mr. Stavropoulos was born in the south of the USA, in the state of Mississippi. He worked at the National Bank of Chicago for thirty years. Later, he was appointed by President George H.W. Bush as a permanent member of the economic advisory committee. He is an excellent financial analyst, who was, among other things, president of Tsakos Energy Navigation. He managed to infuse the banking sector with his ethics, excellent corporate governance and vast experience.”

O Dr. Nicolaos P. Tsakos, Founder, Chairman & CEO – TEN Ltd.; Chairman – INTERTANKO (2014-2018), emphasized:

“It is my honor to preface the dear President. Yannis Stavropoulos is a mentor to me and my family. With the exception of my very close relatives, he had the biggest influence on me than anyone else, he really inspired me. We started the company when I was much younger, and he set us on the right path to grow and become who we are today. Mr. Stavropoulos, on behalf of my father who is here with us spiritually, I would like to thank you for the advice and friendship of so many years.”

THE CONFERENCE WAS ORGANIZED:

u>

IN ASSOCIATION WITH: NASDAQ • New York Stock Exchange

MASTER SPONSOR: Bank of Communications Financial Leasing Co. Ltd.

GLOBAL MASTER SPONSOR: TEN (TSAKOS ENERGY NAVIGATION) LTD p>

GLOBAL GOLD SPONSORS: Columbia Shipmanagement • DNV • EY

GLOBAL SPONSORS: ABS • Ascension Finance • CIT • Citi • DNB • Hill Dickinson • Lloyd's Register • Reed Smith LLP • RMK Maritime • Seward & Kissel • Stephenson Harwood • Vessels Value • Watson Farley & Williams

GOLD SPONSOR EVENT: Ifchor Galbraiths

SPONSORS ORGANIZATION: ABN Amro Bank • Bureau Veritas • Clarksons Securities • Entrust Global • ERMA FIRST • Global Ship Lease • Liberian Registry-LISCR (Hellas) Ltd. • MPC Container Ships • Neptune Maritime Leasing Ltd. • Stifel • Tufton

SPONSORS SPONSORS: Eurobank • Flott & Co. PC • GeoServe • Seanthesis

SPONSOR DINNER SPEAKERS: Hill Dickinson

SPONSOR WIFI: Idwal Marine

SPONSOR LANYARDS: Oceanic Services p>

SPONSORBREAKFAST: V Group Environmental

SPONSOR COFFEE: The Marshall Islands Registry

SPONSORS strong> REFRESHMENT: Illy Iperespresso • PAPADOPOULOS S.A.

SPONSOR COCKTAIL: Leonteq

BODIES SUPPORT:Association of Banking and Financial Executives of Hellenic Shipping • With the support of the International Center for Shipping, Trade and Finance – Bayes Business School, City, University of London • BCA College • British Hellenic Chamber of Commerce • Piraeus Chamber of Commerce & Industry • EENMA (Hellenic Shortsea Shipowners Association) • Greek Shipping Co-operation Committee • Hellenic Society of Maritime Lawyers • Hellenic Chamber of Shipping • Hellenic Maritime Law Association (HMLA) • Hellenic Committee of Lloyd's Brokers' Associates • Hellenic Shipbrokers Association • HELMEPA • The International Propeller Club, Port of Piraeus • Piraeus Association For Maritime Arbitration

MEDIA PARTNERS:All About Shipping • Actualidad Maritima y Portuaria • Athens – Macedonian News Agency • Economia • Efoplistis Shipping Magazine • www.efoplistesnews.gr • Elnavi • Marine Circle • MC Media • www.maritimes.gr • Naftika Chronika • NafsGreen.gr • MEGA • To Vima • Ta Nea • in.gr • OT – Economic Post • Ship Management International • Shipping & Finance • Shipping International Monthly Review • WorldOils • XD – Xinde Marine News

For more information, please contact:

NEW YORK //Ms Olga Bornozi & Mrs. Eleni Bei

Tel: +1 212 661 75 66 – Email: obornozi@capitallink.com; ebej@capitallink.com

ATHENA //Mrs. Athena Kosmadaki

Tel. +30 210 6109800 Email : athensoffice@capitallink.com

Or visit:

https://forums.capitallink.com/shipping/2023greece/

www.capitallink.com

www.capitallinkforum.com

THE IDENTITY OF CAPITAL LINK

< em>Capital Link based in New York has been active since 1995 in the field of Investor Relations and Communication ( Investor Relations & Financial Communications) providing financial communications and business advisory services with a strategic focus on shipping, commodities and energy, MLPs, Closed_End Funds as well as ETFs. In addition, Capital Link annually organizes a series of Conferences and webinars, which focus on in the shipping sector, in the USA, Europe and Asia, in the largest shipping centers worldwide such as: New York, London, Oslo, Hamburg, Athens, Limassol, Shanghai, Singapore, Tokyo, and Hong Kong and all are renowned for providing a unique combination of informational content, marketing and networking opportunities. Capital Link is a member of Baltic Exchange . Headquartered in New York, Capital Link has a presence in London, Athens and Oslo.

Source: eurokerdos.cyprustimes.com

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