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(L-R): “These longer voyages expose vessels to Ilias Tsakiris also explored the changing risk
Τhe CEO of Heraklion Port unfamiliar waters and less developed ports, landscape as a result of geopolitical tensions.
Authority, Minas Papadakis, which heightens the risk of damage and “Underwriters are increasingly cautious when it
the CEO of Minoan Lines,
Loukas Sigalas, the delays. The lack of salvage and repair facilities comes to vessels with connections to high-risk
President of the Board on these alternative routes means that even regions”, he said. “Past experiences in conflict
and Managing Director minor incidents can escalate into significant zones, particularly around the Red Sea, are play-
of SYMMETOCHES LIMENOS
IRAKLEIOU S.A., Paul claims”. ing a larger role in risk assessments”.
Kyprianou, the President In addition to the operational risks, Mr Tsa- He explained that sanctions and geopolitical
and CEO of Grimaldi Euromed kiris addressed the environmental toll of these strain had made insuring vessels with ties to
S.p.A., Emanuele Grimaldi,
the Minister of Economy and rerouted voyages, noting that with longer dis- countries like the US, UK, and Israel more com-
Finance, Kostis Hatzidakis, tances come increased fuel consumption and plex. “Risk selection is becoming more selec-
the Minister of Maritime higher emissions. tive. Insurers are closely examining both the
Affairs and Insular Policy,
Christos Stylianides, the “Whilst, the CII rating may seem improved, physical and political risks involved”.
CEO of HRADF, Dimitris ships are burning more fuel as they take these
Politis and the First Vice longer routes, which directly impacts the MARTECMA ANNOUNCES ITS RECENT
President of the Hellenic
Parliament, Giannis industry’s carbon footprint. This is a serious ELECTIONS RESULTS
Plakiotakis. concern as we work towards reducing emis- The results of the elections were announced on
sions in line with international targets. We need Friday, 13 September, by the Marine Technical
Credit: ATHENS - MACEDONIAN to find solutions that not only meet regulatory Managers Association (MARTECMA).
NEWS AGENCY / requirements but also genuinely reduce the Those elected are listed in descending order
Nikos Chalkiadakis
carbon impact of global shipping”. based on the votes they secured:
1. Takis Koutris (Roxana Shipping)
2. Fotis Belexis (Star Bulk Carriers Inc.)
3. Antonis Georgantzis (Latsco Marine
Management)
4. Panos Kourkountis (Sea Traders S.A.)
5. Stavros Hatzigrigoris (Zodiac Maritime
Ltd./ Advanced Engineering Services)
6. Panos Zachariadis (Atlantic Bulk Car-
riers Management Ltd)
7. Andreas Spertos (Maran Gas Maritime)
8. Charalambos Giantzikis (Arcadia Ship-
management)
9. Fotis Dalmyras (Mr Dalmyras was the
CEO of Andriaki Shipping Co. Ltd. at
the time of the elections)
10. Nikolas Vaporis (Capital Shipmanage-
ment Corp.)
11. George Kriezis (Neptune Lines)
Mr Kourkountis will maintain his position as
Chairman.

NEW ERA OF GROWTH FOR THE PORT
OF HERAKLION
The acquisition of a majority stake of 67% in
the share capital of the Heraklion Port Authority
S.A. (HPA S.A.) against a fee of €80 million,
by the consortium consisting of the Grimaldi
Euromed S.p.A. and Minoan Lines S.A., was
completed on 18 September.
The signing of the agreement for the acqui-
sition of the majority stake took place at the
premises of HPA S.A. in Heraklion, Crete, in
the presence of the Minister of Economy and
Finance, Kostis Hatzidakis, the Minister of
Maritime Affairs and Insular Policy, Christos
Stylianides, the First Vice President of the

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