12

akti Miaouli

2016

.

,

Hanjin

Hanjin;

;
. 19-24

NORTON ROSE
FULBRIGHT


;



. 25

: ..

,
... "
",
.

40


,
,
.

. 14-17

. 28

Editorial

[ 12 ]
2016

: , ...............................4
:
"" ............................................................................5
... ...........................................................................................6
..............................................................................7
:
...............................................................8
Market News ...........................................................................................................10
:
T
To ......................................................................................................14
SOLAS:
...............................................................18
Hanjin
.................................................................................19
Hanjin.................................................................................................22
Danaos Shipping
.................................................................................................24
:
5 .............................................................................25
:
..............................................................................26
:
!..................................28
. !.....................................................................................29
:
........................30
ITCM:
.....................................33
:
...........................34
....................................................................................36

Fingers crossed

, ''
'',
,
''''
Hanjin.
,
. Lehman
brothers,
,
. 15
Hanjin
11 . 97 14
, -
-
.


.
Hanjin
COSCO,
.
, -
, .
liners
.
,
Hnjin
.
.

, ,
.
,



, .

, . ''fingers
crossed''.

.................................................................................38
.

-- AKTI MIAOULI PUBLICATIONS I.K.E. : 35-39 - - 18535, : 210

4293101, e-mail: aktimiaoulinet@gmail.com, http//www.aktimiaouli.net : AKTI MIAOULI PUBLICATIONS I.K.E. : . , . ,
, , : - , - Art Director: nilk@otenet.gr
: . 6985718330 - noevagel@yahoo.gr :
SHIPPING HERALD THESEANATION.
, , , , , , . , (.2121/1993) .

\ [ ]

2016

, :
TradeWinds, 15/09/2016: "Piraeus
Bank puts HSW stake up for sale.
Traditional shipping lender is looking
to offload its 40.4% holding in largest
domestic ferry owner."
Lloyd's List, 12/09/2016: "Minoan
posts best ever first-half profits."
TheSeaNation, 12/09/2016: "
Attica Group
."
-
, 07/09/2016: "
"

2016

...

,
,

- ,

-

, '

,
'
,
.

[ ] \

,
'
&
.
:
2009 2015
Attica Group, Minoan
Lines, ANEK, Hellenic Seaways & NEL
( 2014):

12.036.000 8.018.000
1.508.000 771.000
489.000 370.000
XRTC
2009 - 2015
10.000.000
26.000.000 .
2009 2015
,
Attica Group,
Minoan Lines, ANEK & SW ():

1.737.000 909.000
416.000 205.000
303.000 222.000

, 07/08/2016: " ."

2009 - 2015 & :

, 15
,
" , ", XRTC Business Consultants
Ltd
www.xrtc.gr .

-

81 45 .
H 17,4 17,2 .

2009: 51 RO-PAX, 14 HSC, 8 HYDROFOIL,
8 RO-RO

2015: 35 RO-PAX, 07 HSC, 3 HYDROFOIL,
0 RO-RO

& &

HSW, 2009 - 2015:

81 - 340 (2009)
69 - 416 (2010)
89 - 454 (2011)
75 - 405 (2012)
71 - 338 (2013)
67 - 310 (2014)
45 - 199 (2015)

""



.

& 5 ,
2009 - 2015:
42% (2009), 47% (2010), 51% (2011)
53% (2012), 51% (2013), 48% (2014)
38% (2015)


& HSW, 2009 - 2015:
960,06 (2009)
906,00 (2010)
892,53 (2011)
763,90 (2012)
726,14 (2013)
715,35 (2014)
711,00 (2015)

& HSW, 2009 - 2015:
:
- 60% (2009)
- 61% (2010)
- 52% (2011)
- 54% (2012)
- 56% (2013)
- 58% (2014)
- 60% (2015)

:
- 40% (2009)
- 39% (2010)
- 44% (2011)
- 43% (2012)
- 43% (2013)
- 42% (2014)
- 40% (2015)

& HSW (
www.xrtc.gr)

, ,
QE
ESM
.
...
.

, .
ESM

,
, .
,


(
) .
,
20


8 .
,
2017,
.

QE 2017 ( )
.


-

( ) .



.

QE
.


Bundestag.
2017
( , )

, , .

3,2 - 3,5 , .
(
), (
) .

, ESM.
ESM 12-14
21
,

,

2,8

,
,

( 330
)
.

( Reuters )


2014. ;


( ). ESM, .


,
2,8
, ,
.


.

,

( )

.
,
.

\ [ ]

2016

.

win-win situation,


...

,
,

.
() .

.
win-win situation, ... .

Deutsche Bank

, funds "" , Citigroup

bail out

. -
(
)
.


( ).


: , ,
(, )

K ( )

.




. .
, .
24

.

Deutsche Bank

.
""
,
() Deutsche Bank

.

, Gunter
Dunkel ( / GAPB)
Handelsblatt.
,
. ,
, .
-

( ),
( ), ""
,
.

2016

...
,
,
, .

[ ] \

:


Deutsche
Bank ( 14 $)
( 2 3 $).
Deutsche Bank

.
.
,
""
.
: ( )
.
2017 .
(
- - )
.
.

- -
.

...

, 2016
2015 2017
.

,
( ) 15
2017 - .
(
...)
.
2017 ,

""

.

, ,
,
, .

,

.
, , .
.
,
. ,

, .
,
parking
NPLs, .

funds
,
, . 20 cents 1 euro ,
25 cents
1 euro 1-3 cents 1 euro .

,


, 10-15 . .

,
. ,
,
. funds,
,


.

Index of Economic Freedom,
The
Heritage Foundation The Wall Street
Journal. (138)

, Mostly
Unfree. (137), (136), (135), (134)
(133).

, . (84), (79), (61),
(60), (59), F.Y.R.O.M. (47)
(42). ,
;

,
.

, ,



.
.
, . .

Grimaldi Hellenic Seaways

MINOAN LINES

Hellenic Seaways 40,4%

,

48% Hellenic Seaways .
2016, ,
Hellenic Seaways ,
, .
Hellenic
Seaways, 31/12/2015
133,5 . , .
,
,
0,92
,
31/12/2015.
, , Hellenic Seaways -

.

Hellenic Seaways, .

\ [ ]

2016

2016

:

EBITDA 2016,
156 . , 20% 2015 (130 . ) ,
EBITDA 2016 326 . , ,
, FCC 35% Hydrocracking 12%,
.

,

,

,
(over performance), ,


2016,
104 .
57% 2015, 108 .
.

,

2016, , (2.342 . . 1.113 .
.)
60% ,
,
.

NIOC


, Rosneft,
,

.

, 400. HPF plc 16
2016,

.
, 5%
-

,
.

,
,
.
Brent,
$47/bbl
2016 30%
. ,
,
, ,
1,13 .
H , ,

,
Brent-Urals $1,7/bbl, ,
, .
FCC $4,7/bbl, ($7,3/bbl)
ydrocracking
$5,1/bbl ($5,8/bbl).

, ,
3,9%
2016 2015,

[ ] \

2016
0,4%
1,6 . .
3,1%
.
,
5%, 1%.

,

2015 capital controls, ,

2015.

, &

. (over
performance) .

,
(full
turnaround) 2016.
splitter

. ,

,

.
16 2016 400 .
2016
( 2017 2019),

. 2016
, 2017.

,
1,7 . ,
,

NIOC.
66%

SOCAR,
.

., EBITDA , 107 . ,
35,44% 2015.
3,7
. , 3,9 . , 2,3 . .
84%.

EBITDA 25 .,
.

EBITDA 25 . , 27 . .

, . ,
, EBITDA 12 . .
, EBITDA 14 ..

7 .
, ..
EBITDA Elpedison 6 .,
. ,
,

B / 2016
(
.

B
2015

B
2016

2015

2016

(. )

2.950

4.006

36%

6.565

7.449

13%

1.785

1.693

-5%

3.664

2.940

-20%

EBITDA

144

205

42%

299

334

12%

EBITDA 1

130

156

20%

335

326

-3%

49

72

47%

66

104

57%

39

38

-2%

93

108

17%

2.947

3.607

22%

1.115

1.688

51%

38%

47%

10

\ [ Market News ]

2016

DryShips 2

,
Wilhelmsen
Wallenius. Wallenius
Wilhelmsen Logistics, EUKOR Carriers ,
Roll-on Roll-off Carrier.
, Wallenius Wilhelmsen Logistics, Wilh
Wilhelmsen Wallenius 40% .
,
50 . . 100 . .

Dayang Euroseas

Rickmers
Rickmers Maritime
.

,

253 .
.

179,7 .

2017
$100 .
2017.


.

Star Bulk:

Genco:

Star Bulk Carriers, .
224 ,

2019.
, 51,5 .

,
2019,
.

15
management Star Bulk, .

Genco Shipping & Trading,

,

,
.
30
Genco,
31 ,
,
14 .

125 .
400
.
,
446 . .

11

Globus

9,1
Dry Ships
.

79,5
2015, 13,2
2016.
34
. , DryShips
75.700 dwt Coronado (
2000) 4,25
.

car carriers:
Wilhelmsen, Wallenius

[ Market News ] \

2016

Euroseas, , Sinopacific Shipbuilding Group.

Euroseas
63.500 dwt bulker Alexandros P, ,
.
,
Dayang Alexandros P,
.
Dayang, 18
ultramax, ,
.

Teekay: M 30%


30%
Teekay. Teekay, ,

. ,
,
, Teekay. ,

8 2016 20-25 .

, (..

) 38
2008 23
2016. ,
60%
2018, 25%
2019, .

H Globus Maritime
2016
6,9 . , 13,6 .
2015.

3,88 . ,
6,9 .
2015. 4.337
.
CEO , .
, :
. , 2016
,
,
,

,
.

TEN:


Tsakos Energy Navigation (TEN),
. 2016
16,4 . , 41,28 .
2015.
, (EBITDA) 51,3
. -
2016 76,3 . . 2015.
TEN .

, , CEO
TEN, .

, ,
, .

DryShips:

8,75 3,5 DryShips - Sifnos
Shareholders. DryShips Sifnos Shareholders
100.000 , . Sifnos
.

: panamax Sunray
panamax
2016 Tsakos Energy Navigation (TEN),
.
Sunray, (74.200 dwt . )
54
78 .
TEN 40,5 .
.

Paragon:
Paragon Shipping, ,
8,375% 2021, .
6 Paragon,
,
.
6 , 2 . ,
14 2016.

12

\ [ Market News ]

2016

2016

[ Market News ] \

50,2 . .
Star Bulk Carriers

Navios Holdings: 70 . .

70 Navios
Maritime Holdings , Navios Maritime
Acquisition.
8,75%
Navios Acquisition, 78,5% Navios South
American Logistics.

Star Bulk Carriers, ,

11.976.745 , 4,30
./.
50,2 . .
Star Bulk, .
Oaktree Capital Management, Caspian
Capital LP
. (CEO Star Bulk)
7.744.480
. , Oaktree,
Caspian , 51,8%,
6,6% 5,8% .

container

,
Drewry.

Drewry 13% 1.403 . 12
(
1.113 . ). 26%

-
.

AP Moller-Maersk

Star Bulk

Hapag-Lloyd: 5.750

Hapag-Lloyd
5.750 (5.000 40 750 20 ),
1.000 .
, .

.

Aframax
Atlas Maritime
Atlas Maritime - .
- 116.000 dwt
Isis (2007) Global United
Shipping 24 . ,
.
Atlas Maritime
aframax 105.000
116.000 dwt VLCC 299.000 dwt.

DryShips
74.200 dwt Oregon (2002),
. 10%
,
. DryShips,

10,8 .

VLCCs
Gener8 Maritime

, Diana
Containerships, .
Diana Royal Bank of Scotland
148 . .
7,6 .
15 2019
8,85 . .
, Diana 50 .
Diana Shipping, 3,35% Libor

2016 2018.
15 2018.
Diana Shipping . . ,
: Diana
Shipping Diana
Containerships
RBS .

.

ECO VLCC Gener8

Maritime, .
Gener8 Perseus,
9 Hyundai
Heavy Industries, Gener8 Oceanus, Gener8
Maritime 12
Hyundai Samho Heavy Industries.
Gener8 43
, 26 VLCCs ( ),
11 suezmaxes, aframaxes panamax.

Aegean Marine Petroleum Network

Inc. 15
2016
11.303.031 100
. ,
.
, Aegean Marine,
,
39.403.822 .

2016, Star Bulk Carriers

, 32,9 .
69
, 66
.
EBITDA 1,63 , 6,26
2015. 5,7%,
52,6 , .
, Star Bulk
164.000 dwt Star Monisha (. 2001), Star Aline (76.400 dwt).

AP Moller-Maersk

,
logistics.

,
logistics
Maersk
Line, APM Terminals, Damco, Svitzer Maersk Container
Industry.
Maersk,
Michael Pram Rasmussen, :
logistics
.

.
Maersk ,
.

Dryships:
.

Diana Containerships

Aegean Marine:
O
22%
.

13

RBS:

containerships bulk carriers .
Royal Bank of Scotland
. , Nord LB
fund KKR
1,5 . ., 100 .
Royal Bank of Scotland 2008,
.
. , .
66,4 . 2010
128,3 . 2015. , 2010
83,12%, 2015 63,58%, 14,76%
2010 32,5% .
5,2 . Royal Bank of Scotland
.
2015 8,5 . .,
- Petrofin Research- 5,2 . .
.

Building every day

the most important piece...

Online Shipping News

City Plaza, . 85, 16674,
info(at)pencilteam.com, T. : 212 102 1628

14

\ [ ]

COSCO

business
units .

Capt
Fu Cheng Qiu


COSCO

,

,



Logistics


.

2016

2016

[ ] \

15

..

Capt Fu

.


COSCO ..




.
Capt
Fu COSCO
Managing Director PCT

Capt Fu

.
,
, COSCO.
Capt Fu,

COSCO
. win win
,

.
..

COSCO ,
, . .
. , . (, ) , ,



(..)
.
-

FU Chengqiu
Deng Xiaoli , JI Fengming
(CFO) , LI Jianchun


.

. PCT SA .
, theseanation COSCO


,



.

-
. .

, ,

.

. Wan Min,
.. ( ) COSCO Xu Lirong Director of the
Board, President and Deputy Party Secretary of China
COSCO Shipping Corporation Limited
2016. Wan Min
-

. Wan Min, ..

. Manager of Marketing
Department, Assistant to the General
Manager of COSCO Shanghai International Freight
Co., Ltd. ,Deputy General Manager of Marketing
Department, General Manager of Asia and Pacific
Trade Department, General Manager of America
Trade Department at COSCON. General Manager COSFRE, President
COSCO Americas Inc., Managing Director
COSCO Container Lines Ltd
Ye Weilong, (
.. ) Executive Vice President
Party Committee Member of China COSCO Shipping
Corporation Limited General
Manager Shanghai Ocean International Freight
Company, General Manager COSCO Shanghai
International Freight Co., Ltd, Deputy General
Manager COSCON,
General Manager
COSFRE, Managing Director COSCO Logistics
Co., Ltd, Executive Vice President China COSCO
Holdings Company Limited, Vice President and a
Member of Party Committee COSCO Group
Company.
logistics management

2016.
Boming Feng ( ..
) Non-Executive Director,China Shipping
Container Lines Company Limited
General Manager of the strategic & corporate
management department China COSCO
Shipping Corporation Limited. General
Manager of COSCO Container Hong Kong Mercury
Co., Ltd. (COSCO (Cayman) Mercury Co. Ltd.),
General Manager of management & administration
department China COSCO Hong Kong
General Manager of the administration department
COSCO Container Lines (Hong Kong) Co., Limited
2005, General Manager
Wuhan branch/COSCO International Freight
(Wuhan) Co., Ltd./COSCO Logistics Wuhan of COSCO
Container China Branch 2012
Director of the strategic management

16

\ [ ]

2016

implementation office China Ocean
Shipping (Group) Company/China COSCO
2015. enterprise strategy management,
business
management,
container
shipping and management.
Jianhui Zhu Vice
Chairman, Chairman of Risk Management
Committee Chairman of Strategic
Development
Committee,
COSCO
International Holdings Limited.
Vice Chairman and Executive Director
COSCO International Holdings Limited
2016. . Zhu
Director and President of
COSCO (Hong Kong) Group Limited
director .
Manager China Ocean
Shipping Agency Nantong (Penavico
Nantong), Deputy General Manager of
China Ocean Shipping Agency (Shanghai),
Deputy General Manager of China Ocean
Shipping Agency head office, Deputy
General Manager of COSCO Logistics Co.,
Ltd., General Manager of China Ocean
Shipping Tally Company and General
Manager of Dalian Ocean Shipping
Company.
. Che-Keung Kwong, Gordon,
FCA ( .. ) Partner
Price waterhouseCoopers 1984
1998. Independent
Non-executive Director Agile Group
Holdings Limited (alternative name
Agile Property Holdings Limited)
2005.

Independent Non-Executive Director of
China COSCO Holdings Company Limited
2011 Independent
Non Executive Director of Henderson
Land Development Co. Ltd., 2004.
. Sing Chi Ip Executive Director of
Hutchison Port Holdings Management
Pte Limited,Hutchison Port Holdings
Trust Group Managing Director
Hutchison Port Holdings Limited
at Hutchison Whampoa Limited
2014. Managing Director
Hongkong International Terminals
Limited. 30

. Director
Hutchison Ports (UK) Finance PLC
2014, Non-Independent Non-Executive
Director of Westports Holdings Berhad
2013, Independent Non Executive
Director of China Shipping Development
Company Limited 2014
Cosco Pacific Ltd. 2012, Executive
Director of Hutchison Port Holdings
Management Pte Limited, Executive
Director of Hutchison Port Holdings
Management Pte. Limited at Hutchison
Port Holdings Trust 2011.
Director of Hyundai Merchant Marine
Co. Ltd. 2005. Founding
Chairman Hong Kong Container
Terminal Operators Association Limited
2000- 2001.
Hong Kong Logistics Development
Council and Chairman of the Shipping
& Port Operations Group of Employers'
Federation Hong Kong.

1957.
. London Scholl of Foreign Trade City of London
Polytechnic, London, U.K. 1980
FENTON STEAMSHIP CO Hellenic
lines LTD,
( .. 1984-2010) VISTA MARITIME &
LOGISTICS ltd 2010 .
2000,
.. , ... (
) ..
. 2006 - 2012. 2013 .. .
...

, ... .., , .....
.

, ,
logistics.

, .
Rostock Universitt
(Diplom Ingenieur
conom) .
, Logistics
.
, ( ),

().

[ ] \

2016

COSCO - : 5
2018

35% COSCO 2018 . Fu Cheng Qiu,
Reuters.
. Fu, , COSCO,
, 5.000.000
20 .
, . Fu, , ,
.
, , 30 -

,

.
Reuters COSCO

.

PCT,
,
880.000 2010, 3,3 .
.

400.000 3,7 .
20 .

.
,
. .

.
.
.

1968 .


.
22 . 20
Marketing ,
. 2011
.
2012 Super League.
..
.

()

2016

2016,

( 28 - ).
:
5,6% 12,7 .
12,04 . 2015. 5,2% ( 48,7 . 2015
46,2 . 2016),

.

.
, ,
4,8% ( 45,2 .
43,1 . ). 8,7%
.
1,6 . , ,
.
.

17

()
,

2016. ,
1,7% , 2,8%
.

(-1,1% ,

)
(+0,3%),
.
,

,
, .
2017 ,

1,8% 3,1% 3,6%
.

,

. ,
, .

2,2% 2016.
, 2016
15

1 1,
.
,
,
.
,

, -


Brexit.

18

\ [ ]

2016

[ ] \

2016

,

.

, .
, ,
(VGM),
500 kg containers
20 2,5% containers 20 .
, container
.

A


,






container

.
,
, 1912.
, 1914,
. ( )
1929, 1948 1960.

,
1974,
SOLAS (Safety Of
Life At Sea). ,
, 1 2016,
(VGM) ,
.

,

container ,
,
,

. ,
, ,
container ,
,
. , ,
.
SOLAS
,
,
. ,
-

container
, FMCG, ,
. ,
. ,
,
container

, VGM penalty.


, penalty.


SOLAS,
.
, ,
,
VGM, ,
, , ,

.

container, JOC.
Hanjin, ,
. .

11 12
, .
,

mega ships .

: World Economic Forum

19

20

\ [ ]

2016

2016

,
;

,
.


-,
30%. ;
(..: T ,
,
.)
14
,
Hanjin.
bulk carriers,


, ..

,

.
, ,
.
Hanjin Shipping
31 ,

.

,
Hanjin


.
.

.

,
.
-

2009, container 20
.

.
,

Hanjin, .
Hanjin
CKYHE - China
COSCO, Yang Ming Marine Transport
Corp Evergreen Marine Corp Taiwan
Ltd .
, ,

,
.

Hanjin .
;

Hanjin.

,
, .
- .
Hyundai Merchant Marine, , 13
,
Hanjin,
carriers ,
Reuters.
,

.

- 50% 40
.
,
, , 27% Busan ,
47% Busan .


, .
,
.
, ,

.
,

.


.

21

22

\ [ ]

2016

2016

Hanjin

,

Adjusters.
.

Lehman Brothers Hanjin Shipping

5,4 ,
29 , CEO Seaspan Corp., Gerry Wang,

.
Hanjin
Shipping



liner,
2,9%

Garry
Wang,


,

- .

Hanjin Shipping
. Hanjin Shipping
liner,
2,9%.
63 , 1,7 -
- 39 -

23

Hanjin
.


Hanjin ,
, "

".

,
.

containerships, 18 bulker,
. ,
78 .
,


Hanjin,
,

. ,
Hanjin 51
26 .

Hanjin
Group
90,5 .
.
Hanjin Group, Cho Yang
Ho, 35,6 .
, . Hanjin
Shipping,
,
.

,

,


.

,


.

Hanjin

2016

Hyundai Merchant Marine Co. ()

. ,

Hanjin.
, HM
Korea Marine Transport
Co., Sinokor Merchant Marine Co.
Heung-A Shipping Co.,
- 15 -
. ,
Moodys,
Hanjin credit positive
.
Maersk Line, Hapag-Lloyd CMA
CGM.
, Hanjin
Shipping credit negative

, .
,

Hanjin
2016.
,
42%
- 39% -.
,
,
,
,
,
.

Plan b

,
Samsung,
8 ,
38 .
, Hanjin.
Samsung 16
,
8,8
. ,
.
, - -
50% , ,
.
World Container
Index (WCI),
40%.
.

Hanjin
Shipping ;

Hanjin Shipping ;

;

Hanjin
- (sub-chartered)
time-charter basis voyage-charter basis
,

.
charterers

// .
, ,
hire

(In the event of loss of time
from deficiency and/or () detention by the arrest of
the Vessel, (unless such arrest is caused by events for
which the Charterers, their sub-charterers, servants,
agents or sub-contractors are responsible), or
detention () the payment of hire and overtime, if any,
shall cease for the time thereby lost)
Hanjin


sub-charterers
charter-party .
subcharterer ( voyage)
(freight prepaid)
subcharterers
.
,
,
Hanjin,
, P&I Clubs

(insolvency of charterers)
.
, Loss of hire,
off-hire

,
deductible 14 .
Loss of hire
hull & machinery .
Hanjin

off-hire
Loss of hire insurers
.

24

\ [ ]

2016

Danaos Shipping

Danaos, .

,
1 ,






Hanjin

Danaos

Danaos
Shipping Hanjin
: .
Danaos

2016
2017
,
.
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Hanjin,

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Maritime Partners
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Street, .
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.

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25

, ,
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. ( 2023) 2,8 . ., 30 2016.

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.
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.

NORTON ROSE
FULBRIGHT

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.
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,
.
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.
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92%.
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Norton Rose Fulbright
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.

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, 35%

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.
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,
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.
,
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,
.
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.

.



, , .

. ,
,
,
, .

26

\ M [ ]

2016

2016

. ,

.

&
OnLine Data,


Logistics

(SSS)

, .




by pass.
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,
logistics
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: 6984465555
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28

\ [ ]

2016

2016

status quo

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30

\ [ ]

2016

2016

, :

,

.
,

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2016
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.

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32

\ [ ]

2016

2016

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34

\ [ ]

2016

2016

, ,
. ;
;
, .

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.
;

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;
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36

\ [ ]

,
. , , berth allocation systems,
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38

\ [ ]

2016

2016

[ ] \

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