Greek Shipping News Cuts
Week 12 - 2007

 

Greek Shipping: Job Openings

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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Title: CAP Coordinator
Ref. Number: # 324
Summary: Our client is a well established Classification Society based in Piraeus. The ideal candidate should be a graduated Marine Engineer or Naval Architect with a Marine background, good training, teaching skills and be a open communicator.You must be able to understand regulations and their effects to the industry. Your English must be excellent since you will work in a multicultural envoirement. The company offers a competitive salary package which includes private health for the family dependents and a performance related bonus scheme.When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Title: Junior Secretary
Ref. Number: # 319
Summary: Our client is a long established Ship Management and Ship Owning Company based in Piraeus and as of June they will relocate their office premises to Glyfada. The ideal candidate would be someone who just graduated and does its first steps in work life or having 1 to 2 years experience as a secretary or assistant within the Shipping and Marine Industry. Your English must be excellent since you will work in a multicultural envoirement. A competitive salary package and good career prospective are offered. When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Title: Marine Superintendent / Port Captain
Ref. Number: # 316
Summary: Our client is a long established Ship Management and Ship Owning Company based in Piraeus and as of June they will relocate their office premises to Glyfada. The ideal candidate would be a ex master mariner or a Chief Officer / 2nd Mate with a BSc or Masters degree, preferable with couple of years shore experience in the same position. Your English must be excellent since you will work in a multicultural envoirement. A competitive salary package and good career prospective are offered. When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Title: Technical Superintendent Tanker and Bulk Carriers
Ref. Number: # 317
Summary: Our client is a long established Ship Management and Ship Owning Company based in Piraeus and as of June they will relocate their office premises to Glyfada. The ideal candidate would be ex Chief Engineer, 2nd. or 3rd engineer, or Graduate with a BSc / MSc in Naval Architecture / Marine Engineering preferable with couple of years shore experience in the same position with tankers and bulk carriers, Gas experience would be an additional asset. Your English must be excellent since you will work in a multicultural envoirement. A competitive salary package and good career prospective are offered. When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Title: Assistant Accountant
Ref. Number: # 320
Summary: Our client is a long established Ship Management and Ship Owning Company based in Piraeus and as of June they will relocate their office premises to Glyfada. The ideal candidate would be a reasoned graduate with a BSC or Masters degree in Economics or Finance. You will be responsible for assisting the accounts department with auditing of financial results, accounting entries, new project evaluation based on discounted cash flows and others. Previous experince in a similar position would be an asset.Your English must be excellent since you will work in a multicultural envoirement. A competitive salary package and good career prospective are offered. When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Title: Executive Management Secretary
Ref. Number: # 321
Summary: Our client is a long established Ship Management and Ship Owning Company based in Piraeus and as of June they will relocate their office premises to Glyfada. The ideal candidate would be a mature individual with minimum 5 years experience in the same position. Your English must be excellent since you will work in a multicultural envoirement, a additional asset will be when you are grown and educated outside Greece in a English speaking environment. A competitive salary package and good career prospective are offered. When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Title: Portfolio Manager
Ref. Number: # 322
Summary: Our client is a long established Ship Management and Ship Owning Company based in Piraeus and as of June they will relocate their office premises to Glyfada. The ideal candidate would be a graduate with BSc, preferable a Masters degree holder in Economics or a MBA in Finance with a Banking Background or Trading Bank background. Foreign education will be an additional asset but is not a must. Your English must be excellent since you will work in a multicultural envoirement. A competitive salary package and good career prospective are offered. When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
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Shipping Recruitment Consultant Firm seeks on behalf of its Client the following:
Ref. Number: # 319
Summary: Our client is a well established Yacht Management Company based in Zurich. Due to recent expansions within the Mega Yacht Sector they seeking for a Yacht Operations Manager. The ideal candidate would be ex Master Mariner or Engineer within minimum 2 to 3 years yachting experience. Your English must be excellent since you will work in a multicultural envoirement. A competitive salary package and good career prospective are offered, which includes private health and relocation to Zurich. When you apply for this vacancy pls make sure that you state the above reference number in order to allocate your application appropriate.
Contact Information: AMB Consulting, Athens, Greece
Source:


Greek pair join forces on dry bulk
---A new shipping outfit called Grand Union is set to be launched in Piraeus and has the backing of at least two established Greek owners.
Stamford Navigation and Newfront Shipping are behind the creation of Grand Union, which appears set to operate in the dry-bulk market.
Sources close to the venture say both companies are committing a number of their bulkers to the new outfit, which will seek to raise money in the capital markets for further expansion.
A number of purchases are also being lined up.
Bulkers from both the Stamford and Newfront fleets are already in the process of changing their names in what appears to be a move to bring them under the umbrella of the new operation.
Michael Zolotas of Stamford and Nicholas Fistes of Newfront were not available for comment but Fistes's office denies the move.
However, sources say the new venture is a done deal.
Stamford, they say, has moved into new premises on Akti Miaouli as part of the arrangement and has earmarked a number of ships for purchase.
It is not clear how many ships will enter the new venture but so far seven bulkers have seen their names changed with the prefix Grand. For Stamford these are the 135,000-dwt Grand Spartounta (ex-Spartounta Breeze, built 1989) and Grand Venetico (ex- Venetico Breeze, built 1990), 76,000-dwt Grand Anemi (ex-Global Trust, built 1988) and 64,000-dwt Grand Panagiotis (ex Panagiotis I, built 1985).
For Newfront the ships are the 71,000-dwt Grand Markella (ex-Santa Markella, built 1990) and 149,000-dwt Grand Ocean (ex-Queen Ocean, built 1990). The seventh bulker, the 151,000-dwt Grand Nike (ex-Nike, built 1995), is listed under a third-entity called Newfront Shipping Asia in Singapore. Prior to this, the ship had been listed with Stamford.
In the past, both Zolotas and Fistes have worked closely with their involvement in the Livanos and Coeclerici Dry Log bulker pool. Newfront has also taken a number of ships that Stamford has sold in the past few years.
Stamford controls another 12 bulkers, while Newfront owns another five modern ones.
Yiota Gousas Athens published: 23 March 2007
Source: www.tradewinds.no


Container ship rates set to rise
---NEW YORK: Solid demand for consumer goods from developing nations should continue to push up container ship rates during 2007, Danaos Corporation's top executive said yesterday.
"Unless something dramatic happens in the world's economies, I can't see any kind of correction happening this year," Chief Executive Officer John Coustas said on the sidelines of a maritime shipping conference in New York.
The Greek container shipping company went public last October and has a fleet of 31 container ships, with 23 more on order for delivery by 2010.
The ships haul containers full of goods from developing nations such as China to consumers in markets including the United States.
Global shipyard order books are full through 2009, but Coustas said that even though a glut of new vessels is scheduled for launch, demand should continue to keep rates stable.
In November Danaos bought three used container ships from A P Moeller-Maersk, which it subsequently leased back to the Danish shipping giant on a five-year charter.
"We expect to see more deals like this," with shipping lines, Coustas said. "But we have to be careful with them because the pricing is very fine." Chief Financial Officer Dimitri Andritsoyiannis said the 23 vessels on order would use up most of the company's $1.4 billion revolving loan facility by 2010 but that would not prevent the company from "drawing on the loan sooner by ordering more vessels." Danaos may also opt for a secondary share offering, but "only if the timing is right and it does not dilute our shareholders' equity," he said.
CEO Coustas said a recent proposal by the Panama Canal to raise fees to pay for an ambitious expansion project will have little impact on shipping.
"The amount is so small that the impact will be negligible."
Source: 24th March 2007, http://www.gulf-daily-news.com/Story.asp?Article=174008&Sn=BUSI&IssueID=30004


Not only did the sponsors and investors both get what they were looking for, but in so doing they have taken a major step forward in creating a foundation for the shipping asset class in the US markets, helping investors to see shipping just like any other yield-generating asset class, incorporate it into their portfolios, and periodically look for new deals.
At the same time, like Ship Finance International and Seaspan, Danaos Corporation provides a source of equity to public and non-public shipping companies alike in its role as a lessor. Danaos has already exercised this capability with the purchase and long-term charter back of three containerships to AP Moller-Maersk in a deal strikingly similar to one done between Seaspan and Maersk
Ultimately what the deal showed, however, was that with the right combination of structure, sponsor, and yield, it is possible to do a clean shipping IPO and to make all parties happy. John Coustas raised around $200 million for his company while retaining a take of more than 80%. The stock priced to yield a little over 8% initially and has since traded upwards. The vessels are on long-term charters with strong counterparties, and while the fleet on average is not young, 16 vessels are currently on order to be delivered through 2010.
Investors have visible yield, visible cash flow, and visible growth, while Dr. Coustas retains significant control over his fleet and, free from the requirements on cash flow distribution that an MLP structure would impose, will be able to retain the income necessary to make strategic vessel or newbuilding acquisitions if and when management deems them appropriate, such as those done with Maersk.
To review the deal briefly, Danaos consists of 27 existing containerships that average 11.4 years in age along with nine vessels currently under construction. Merrill Lynch and Citigroup ran the books on the deal, with Dahlman Rose, Jefferies, Fortis and Nomura also acting as underwriters.
The IPO came to market with an EV/EBITDA valuation of 9.5x and a price/book value of 3x. We have not performed a charterfree valuation of the fleet nor do we think it is the appropriate technique for valuing this company. Planned quarterly dividends of $0.44 per share provided an initial yield at $21 per share of 8.4%; that yield has since lowered to around 7% as the stock traded up to $24, indicating the comfort level investors feel with the company.
Source: Marine Money Magazine February/March 2007


Marinakis Returns
---Despite concerns that the multitude of shipping IPOs in 2004 and 2005 would ultimately turn investors away from shipping just as the high yield bond issues of the late 90s did, almost the opposite has happened. In March of 2007, there are more public shipping companies than ever before, with new ones coming to market faster than old ones can be bought up or consolidated. The IPO frenzy of 2004 ultimately, though not gracefully, educated a world if investors about shipping and world of shipowners about public investors. Investment bankers faced over and over with the fundamentals of the various shipping sectors meanwhile began to dream up more creative ways of packaging the industry attractively for investors.
Now that he has returned to these markets, this time with Merrill Lynch and UBS, he has not so much a shipping company to sell, but an investment product. The shipping company Capital Maritime will remain privately held, but it has put eight product tankers with medium to long-term charters into a limited partnership that will be sold to the public. The tankers will pay an 8% yield to shareholders, and growth prospects are good as Capital Maritime has contracts for seven more newbuildings in place that it will sell to the MLP Capital Product Partners upon delivery.
Valuation
The new company is set to generate EBITDA of $56.4 million over the twelve months ending March 31, 2008 and $75.3 million over the 12 months ending March 31, 2009, as more of its newbuildings come online. Assuming midpoint pricing and no use of the overallotment option, this would price the company at 8.3x and 6.2x EV/EBITDA, respectively. To put this into context, according to Jefferies NY-listed yield-oriented tanker companies trade at an average 2007E EV/EBITDA of 10.4x and a 2008E EV/EBITDA of 10.2x.
As the table shows [ in Freshly Minted on page 1,2,3 - March 22, 2007 ] this is within range for other tanker yield companies. However, the value we used assigns no credit to either the charters the ships are on or the newbuildings the company has committed to purchase and thus most likely overstates any premium.
The fact of the matter is, though, that in this situation NAV is only tangentially relevant. We provide it here only as a rough guideline of the value of the assets investors will be getting. It is not typically the assets, however, that draw MLP investors, but the projected yield. The visible earnings out through 2010 support Capital Product Partners forecast minimum quarterly yield of $0.375, equating to 8% based on midpoint pricing. The Shipping MLP & Trust Yields table, which groups IPOs of MLPs, synthetic MLPs and Singapore shipping trusts, shows that this is exactly in line with comparables, which particularly in the US typically trade up after IPO to yield less, significantly less in the case of companies like Teekay LNG.
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Source: www.marinemoney.com, Freshly Minted weekly online, VOLUME 3, ISSUE 12


DryShips, Inc. Continues Its Fleet Expansion and Renewal
---March 21, 2007 March 21, 2007 Athens, Greece, DryShips, Inc., (NASDAQ:DRYS) a global provider of marine transportation services for drybulk cargoes today announced that it has entered into the following agreements with unaffiliated third parties:
* To purchase a 1997 built, 71,685 dwt Panamax bulk carrier, to be renamed "MV Menorca", for US$ 41million, scheduled to be delivered charter free in the second quarter of 2007
* To purchase a 2000 built, 72,561 dwt Panamax bulk carrier, to be renamed "MV.Marbella", for US$ 46million, scheduled to be delivered charter free in the second quarter of 2007
* To sell the 2002 built, 48,040 dwt Handymax bulkcarrier, "MV Alona", for US$39.5million to an unaffiliated third party with delivery to the new owners scheduled to take place during the second quarter of 2007. DryShips expects to realize a book gain on this sale of approximately US$7million,
* To sell the 1988 built, 68,676 dwt Panamax bulkcarrier, "MV Lanikai", for US$26.1million to an unaffiliated third party with delivery to the new owners scheduled to take place between the second and third quarter of 2007. DryShips expects to realize a book gain on this sale of approximately US$9million, and
* To enter its 2002 built 76,623 dwt Panamax bulk carrier "MV Mendocino", into a time charter for a period of approximately between seven and nine months that commenced on March 5, 2007, at a daily rate of US$37,500.
Following the latest acquisitions of the two Panamax bulk carriers and the disposal of Alona and Lanikai, DryShips will have a fleet of 34 vessels with an average age of 9.3 years well below the industry average of 12.6 years and a combined tonnage of approximately 2.9 million dwt.
Mr. George Economou, Chairman and CEO of DryShips Inc., commented "We are pleased to continue with our strategy of fleet expansion and renewal, taking advantage of the current robust rate environment. Our strong results underscore our ability to continue our growth strategy aimed at maximizing shareholder value over the long term. Upon delivery of these two additional vessels, DryShips will expand its total fleet operating days and further enhance its earnings potential. Our aim is to take full advantage of what we consider the strong fundamentals of the dry bulk industry with our modern fleet."
About DryShips
DryShips Inc., is an international provider of drybulk carriers. Headquartered in Athens, Greece, DryShips owns and operates a fleet of 34 drybulk carriers comprising 5 Capesize, 24 Panamax, 3 Handymax and 2 newbuilding Panamax vessels, with a combined deadweight tonnage of approximately 2.9 million.
Source: www.dryships.com


Euroseas - Expanding Fleet to 10 Vessels
Fleet Profile is available at: http://www.euroseas.gr/press_releases.html?irp=pr2&relid=44963
Source: Press Release


Eletson Tanker Grounds
The incident occurred on March, 17 as the ship was embarking crew members off the Port of Gibraltar.
The Greek-flagged ship has sustained damage to its nos 1, 2 and 4 starboard water ballast tanks, together with an ingress of water.
Eletson said the ship, which was carrying 44,100 metric tons of fuel oil loaded in Libya, suffered no pollution or injuries to the ship's crew.
// SeaNews, 19.03.2007
Source: Eletson Corp's 46,538-dwt products carrier Samothraki (built 1989) has touched bottom off the Port of Gibraltar, reports TradeWinds.


Demand to double Omega fleet within 3 yrs - CEO
---By Nick Carey and Edgar Ang
NEW YORK, March 23 (Reuters) - Oil product tanker company Omega Navigation Enterprises Inc. (ONAV.O: Quote, Profile , Research) aims to double its fleet within three years on rising demand for refined product shipments, the company's top executive said on Friday.
"We believe that the fundamentals are right for expansion," Chief Executive Officer George Kassiotis told Reuters on the sidelines of a maritime shipping conference in New York.
"We are seeing refined products hauled in greater quantities and hauled longer distances," he added. "This represents an opportunity for us."
With limited growth in oil refinery capacity in the United States and western Europe, growing volumes of refined products are being shipped to these markets by tanker from refineries around the world.
Piraeus, Greece-based Omega recently ordered two tankers, which will boost its fleet to eight vessels. The contract for the tankers includes an option to buy another two vessels.
"If we don't find a better offer, then we will exercise that option," Kassiotis said.
Chief Financial Officer Gregory McGrath said Omega may either extend its loan facility or turn to a secondary share issue to finance expansion beyond the ships it has on order.
"Going to the equity market is probably not an option right now as we feel the stock is too undervalued," McGrath said. "If the markets cooperate, then that will become a definite possibility."
Omega was up 1.14 percent at $15.05 in early afternoon trade on Nasdaq on Friday, above its 12-month low of $12.75 but still below its $17 initial public offering price on April 5, 2007.
Source: Fri Mar 23, 2007 2:08pm ET, http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2007-03-23T180829Z_01_N23286120_RTRIDST_0_OMEGANAVIGATION-FLEET-INTERVIEW.XML


OSG fined US$27, with US$10m more to come
---MAJOR US-based tanker company Overseas Shipholding Group has pleaded guilty to a string of deliberate pollution offences and has been fined US$27m. Whistleblowers, 12 current and former OSG crew members, have been awarded US$437,500 each.
In addition to the fine, OSG was sentenced to serve a three-year term of probation during which it must implement and follow a stringent environmental compliance program that includes a court-appointed monitor and outside independent auditing of OSG ships trading worldwide. In January, OSG pleaded guilty to additional charges in Beaumont, Texas, and is awaiting sentencing in that case for which it has agreed to pay another $10 million. The total US$37m plea deal is the largest-ever involving deliberate vessel pollution.
The charges involving 12 OSG oil tankers range from June 2001 to March 2006 and include violations of the Clean Water Act as amended by the Oil Pollution Act of 1990, the Act to Prevent Pollution from Ships, conspiracy, false statements, and obstruction of justice. The offences came to light because crew members reported the illegal discharging of oily water.
Source: www.mgn.com, Thursday, 22 March 2007


Bulkers damaged in S Af gales
Source: www.fairplay.co.uk, Daily News, 20 Mar 2007


Hellenic seafarers to benefit from new laws
---A new series of laws are in the process of the making after a relative initiative undertaken recently by the Ministry of Mercantile Shipping, according to local media reports. The new decrees already in progress have been approved by the Council of Merchant Navy. Among the issues to be addressed is the determination of the terms and process under which the first class diplomas obtained through Technical Educational Institutions, can be fully fledged with the ones obtained through the Higher Public Universities for Mercantile Navy.
Also, another measure will aim to improve the benefits received by unemployed seafarers, through the House of Seafarer. According to the new proposals, the period of providing health coverage will be extended from six to twelve months, applied to all unemployed seafarers enlisted to the unemployed catalogues of the Employment Office.
Source: Nikos Skenderoglou, Hellenic Shipping News, 19-03-2007


Metalworkers determined to have repair law annuled
---Within hours of the Greek parliament passing new legislation covering the shipbuilding and shiprepair industry in the Piraeus/Perama zone, one of the zone's three largest unions voted to "do all in its power to get the law annuled". "We will make it inactive, simply by not obeying it," declared Sotiris Poulikoyiannis, president of the Metalworkers Union.
March 14, a general meeting of the metalworkers voted to bring all work in the shiprepair zone to a halt March 29, declaring that "the right of the workers in the zone have been infringed upon by the new law". At the same time, shipowner clients, the Union of Shipbuilders and Shiprepairers, the region's health and safety committee and members of the mechanical workers union were welcoming the new law.
"This represents the first time a government has got involved in the problems of the zone and done something about them," said Dimitris Metaxas, president of the shipbuilders and shiprepairers of the zone. However, he said "this does not mean the circle is closed".
Manolis Tsakalakos, of the health and safety committee said: "After seven years of struggle the state has seen the shipbuilding and shiprepair sector of Piraeus and Perama with a different eye." Tsakalakos said the legislation opens the way for the sector to become more competitive. He said it is hoped the number of ships now in the area for repair will soon be doubled.
Hellenic Chamber of Shipping president, George Gratsos, noted Greece has many advantages and should be a major repair area. He believes the new law will help achieve this. "The shipping offices are here, the geographic location is ideal, the climate is also ideal for painting and other works. The new law simplifies workshop and other registration procedures and requiries less capital cost and there is less bureaucracy." He said the previous law was just too detailed.
The new law abolishes the need to register companies in the zone and provides the opportunity for a vessel's crew to undertake work onboard. The last government introduced the need for companies to register, but most found the criteria too difficult to meet, primarily on required turnover and permanent workforce, and thus either operated illegally or closed down, leaving many out of work.
The opposition Pasok party, with former Marine minister George Anomeritis to the fore, attacked the new legislation, saying that what had been built since 1995 has been dismantled in favour of "those workshops which are not proper established companies". Opponents say the bigger, better organised companies have been penalised and will be undercut by smaller, less organised and professional companies.
Poulikoyiannis, and the Metalworkers Union, are especially opposed to ships' crew carrying out repair work onboard. Poulikoyiannis said: "We believe this law abolishes order in the zone and will return it to one where chaos again rules." He said: "Allowing crew to work onboard means there will be a 'black labour market' and will lead to efforts by shipowners to try and abolish altogether collective agreements on employment".
Source: www.newsfront.gr, 23 March 2007 Vol. 8 / No. 11


Entering cruise schedules offers multiple benefits
By Stathis Kousounis - Kathimerini
Greece is one of the most attractive cruise destinations in the Mediterranean, but does not reap the benefits it deserves from one of the most rapidly developing tourism industries in the world, says the president of the Hellenic Tourism and Travel Agencies (HATTA), Yiannis Evangelou.
Speaking to Kathimerini, Evangelou suggests that at least 70 destinations in this country could attract cruise ships. It is encouraging that this season, besides the entry of cruisers that have included Greece in their schedules, six cruise companies (including three Greek ones) will make return cruises to Greek destinations.
The European Cruise Contribution predicts that by 2010 investment in the cruise sector in Europe will reach -12.7 billion, while 17 million tourists will visit European destinations every year. Cruise passengers in the last decade have increased by as much as 252 percent.
Cruising internationally attracts more than 14 million tourists every year. Some 3.2 million of them come from the European market. The main source of cruise tourists is the US, whose market has reached 9.1 million people per year. In Europe the biggest market is the British one, which has exceeded 1 million tourists per year. In Greece, though, cruising ranks low in people's preferences as only 14,000 Greeks choose cruising as their preferred form of tourism.
US data
A recent survey has shown that the contribution of cruising to the US economy in 2005 came to $32.4 billion. The sector supported more than 330,000 jobs on a national level and paid $13.5 billion to US citizens employed in the sector.
Cruise companies (including passengers and crews) consumed a total of $16.2 billion in US goods and services. Direct spending supported about 143,000 jobs and secured $5.2 billion in salaries paid. Sector data show that 19 companies in North America will this season operate a total of 43 cruisers. All these companies will ship 700,000 passengers to the Mediterranean.
Palma de Majorca is one of the main cruise ports in Spain. Over the course of the last decade it saw an increase of visiting cruise passengers from 167,000 to 860,000, a 413 percent rise, while its revenues from cruising exceeded -70 million in 2005. Barcelona only had 133,000 visitors from cruises, and in 2005 it reached 1,222,000 visitors - a staggering 920 percent rise.
Evangelou suggests that the cruising sector is an economic activity that is emerging as a major source of income for a great number of professionals, such as port agents, travel agents, guides, taxis, shops, museums, wholesale traders etc. The HATTA president explains that for every average-sized cruise ship (with 800-1,000 passengers) the mooring costs come to -8-10,000, while at islands such as Santorini, where the assistance of small boats is required, the costs double.
Some 40-45 percent of passengers go on guided tours costing between -10,000 and -12,000. Another 40-45 percent tour the destinations privately, spending directly on the local economy, as do passengers in organized activities. The average personal spending at ports by each of those passengers comes to -20-30 for Europeans and -90-100 for Americans. Other revenues include spending by the crews and supplying cruise ships with drinkable water and fresh products.
Besides the flow of revenues for every local economy when a cruise ship approaches, there are also indirect benefits for destinations.
Very often, cruise passengers return to the ports they have visited in the context of a cruise to spend vacation in some of the places they liked and also recommend those places to others.
The entry of a destination on an international cruise schedule automatically brings advertising exposure in the most important tourism markets, paid by the cruise company.
Furthermore, permanently making a destination part of international cruise schedules also makes ports attract other profitable forms of sea tourism, too.
Source: http://www.ekathimerini.com/4dcgi/news/content.asp?aid=81475


Greece to invest 2.5 billion euros in renewable energy sources by 2010
---03-20-2007 09:19
Greek Development Minister Dimitris Sioufas on Monday signed a ministerial decision on licensing of electricity production from renewable energy sources and high-performance heating electricity co-production in the country.
The Greek minister said the decision was another step towards implementing a new energy policy and offering more access to renewable energy sources in the country's energy balance. The decision also introduces, for the first time, production licenses for hybrid power stations, of particular importance to Greek islands.
Sioufas said the number of renewable energy sources projects which began operations in the last two years accounted for 50 percent of all projects launched in the previous decade and underlined that investments in renewable energy sources projects would total 2.5 billion euros (3.35 billion U.S. dollars) by 2010.
Editor:Li Yang
Source: http://www.cctv.com/program/bizchina/20070320/100874.shtml, Source: Xinhuanet