Greek orderbook targeted by global registries

The Bahamas open Piraeus office during Posidonia 2014
and Virgin Islands announce plans for 1st Greek office by 2016

7/6/2014

As the Greek fleet expansion programme continues unabated, the world’s vessel registries are vying for the attention of the Greek owners and a slice of the 370 vessels deliveries they expect by 2016.

A total of 28 vessel registries participated at Posidonia 2014, the world’s largest and most prestigious shipping exhibition, hoping to attract the attention of Greek maritime decision-makers by showcasing their competitive offerings. One of them, the Bahamas Maritime Authority (BMA), chose Posidonia week to launch its first ever offices in Greece, designed to help it get closer to the Greek maritime community.

“Through our new offices in Piraeus we hope to add more Greek tonnage in the portfolio of the Bahamas flag. The new office will also benefit the BMA’s efforts to maintain international shipping standards”, said Mr. Capt Dwain E. Hutchinson, Master Mariner Deputy Director of the Bahamas Maritime Authority.

“The Bahamas Government has long cherished the goal of a Greek office and the closeness that exists between the two countries has now been cemented with the opening of this new office. It is quite a momentous occasion and fittingly, it coincides with one of the world’s greatest maritime events – Posidonia”, he added.

“We decided to open these offices a few days before Posidonia in order to put the Bahamas in the centre of attention of the Greeks. Posidonia gives us many opportunities for deals, as it is a huge market in shipping sector and it is the home show of the Greek shipowners”.

For the Virgin Islands, its consistent presence at Posidonia has to do with its ambition to diversify its already successful business in yachts, super yachts and mega yachts industry by extending its profile to cargo ships. It plans to do so by gradually building its network before it launches its own offices in Greece on time for Posidonia 2016.

John Samuel, Director of Virgin Islands Shipping Registry said: “At Posidonia this year, we tried to make contacts and deals and enter the cargo ship industry. This time is a learning process and is better than the last time. We are building relations and getting ready to open our offices in Greece by 2016.

“We had many contacts with shipping companies and ship owners who expressed interest in our flag admitting that ours is a quality flag. We offer a favourable regulatory framework, and depending on the ship owners the advantages can be variable. We have not entered the commercial market yet, but we would like so and through Posidonia we are making initial contacts”, he added.

And while the palm-tree-lined Caribbean island nations are trying to make inroads into the Greek owned ocean going fleet, at the other side of the world, Africa’s Liberian Registry is - with the exception of the Hellenic Registry - the world’s top flag administration in terms of Greek –owned vessels.

“At this point in time, we service 678 ocean-going vessels belonging to Greek interests and in March alone, 17% of the Greek tonnage that entered Greek fleet portfolios selected the Liberian flag, further boosting our market share”, said Senior Vice President Michalis Pandazopoulos.

Liberia has enjoyed a head start over the BMA and other competing brands with its first ever vessel back in 1949 coming from a Greek client. Its Piraeus office is well established since it first opened in 2000 and today it employs a team of 13 which is growing even during the Greek economic recession.

The Liberian Registry is participating for a seventh consecutive time at Posidonia and according to Pandazopoulos, its presence is a no brainer: “The market commands our presence in this great occasion for the worldwide maritime community”.

However, competition for Liberia is growing stronger and is coming from the unlikely suitor of the Marshall Islands’ registry, headquartered in Mazuro the capital of this Pacific Ocean nation between Hawaii and Papua New Guinea.

According to Theo Xenakoudis, its Greece-based Business Operations Officer, the Marshall Islands Registry was the first flag choice for Greek shipowners for the year 2013. “Between 40% to 45% of the tonnage and the vessels purchased by Greek shipowners within 2013 came to Marshall Islands flag. This is the result of the very strong office that we have in Piraeus manned by 15 professionals. Quality and access to services drive Greeks shipowners to our flag”, he said.

The Marshall Islands Registry last year added 123 ships from the Greek shipowners and more than 6 million gross tonnage. Greek shipowners account for more than 25% of the flag administrator’s total business. Recently, the Marshall Islands reached the 100 million tones milestones bringing it in the third position globally.

“Our office in Greece has been offering flag services for the last 15 years. Posidonia is very important to us because it is the biggest shipping exhibition in the world,” he said.

Also present at Posidonia 2014 was Panama Ship Registry, one of the oldest and the world’s largest.

Posidonia 2014 is sponsored by the Greek Ministry of Shipping, Maritime Affairs and the Aegean, the Municipality of Piraeus, the Hellenic Chamber of Shipping, the Union of Greek Shipowners, the Greek Shipping Co-operation Committee, the Hellenic Shortsea Shipowners’ Association and the Association of Passenger Shipping Companies.

Posidonia Events, press release