Athens to host agenda-setting global maritime convention Prestigious Propeller Club’s annual event

This year’s International Annual Convention and Conference will be held in Athens this September in front of hundreds of delegates from around the world who will converge to the Greek capital to attend one of the most significant gatherings of the International Propeller Club, of the United States, amidst a backdrop of challenging global geopolitical and economic conditions.

Attica Group inaugurates the 3 new AERO Highspeed vessels

ATTICA HOLDINGS S.A. ("Attica Group"), member of Marfin Investment Group (MIG), celebrated the delivery of its 3 state-of-the-art vessels, “AERO Highspeed 1”, “AERO Highspeed 2” and “AERO Highspeed 3” at an inauguration event held on Thursday September 8, 2022 at the Port of Piraeus in the presence of distinguished guests, representatives of the Authorities, partners and friends.

Key Developments and Growth in Global Ship Finance

Main findings 

1. The Petrofin Index for Global Ship Finance which commenced at 100 in 2008 is up by 1 point (from 62 in 2021 to 63), showing a rise for the first time in eleven years.
2. Top 40 Banks’ lending to shipping in 2021 is higher at US$290.12bn from $286.9bn in 2020.
3. Asian and Australian banks (APAC) show the only growth, from $100.85bn to $114.75. APAC increased their share of the Global Portfolios from 35% to 39.5%. European banks’ share declined further by US$9.78, 5.8% yoy.
4. Within Europe, the big decline continues by German banks although the trend has slowed down. Greek banks showed a yoy growth of 14.2 %, whilst Scandinavian banks continued their overall decline deemphasising lending in favour of use of their services to shipping.
5. According to Petrofin Research ©, we can provide a cautious, indicative figure for global shipfinance, including all forms of lending, leasing and alternative providers, of approx. US$500bn. The total global bank lending of all banks, including local banks, amounts to approx. US$340bn, i.e. approx. 2/3 of the global ship finance total.
6. There is increasing evidence that due to the Russian invasion of Ukraine, together with the high energy prices, geographical sanctions, higher interest rates, slowdown in global growth and concerns over an incoming recession, bank lending in 2022 has been disrupted as caution prevails amongst banks. The Chinese selective lockdowns and economic slowdown has added to the above concerns and is having a temporary impact on Chinese leasing as well.

China is struggling to find its pacing

China is struggling to find its pacing among the great volatility of the worldwide economy. On one hand the energy crisis and the inflationary surge and on the other hand the real estate sector crisis along with the economy lockdowns against Covid, are a brake on China's economic growth & development.

Capes kept the general index but the drop of the dry bulk cargo market remained

Iakovos (Jack) Archontakis
Comial MTMC MARITIME CO.

Fotios-Evangelos Karlis
Chartering Department TMC MARITIME CO.

We saw a borderline raise regarding the dry bulk cargo market the past week.

CELESTYAL CRUISES announces further easing of COVID-19 protocols

Celestyal , the award-winning, number one choice for travelers to the Greek Islands and the Eastern Mediterranean, has announced a relaxed COVID-19 policy. For all sailings from August 26th, 2022, all guests 12 years of age and above must continue to be fully vaccinated including proof of a booster for those of 18 years old and above (if their original vaccine course was completed more than 270 days prior to embarkation).