Ι Volume 6, Number 21. Newsletter, January 2009

Transcription

1 Newsletter, January 2009 Ι Ι Volume 6, Number 21 The memorial statue representing the seafarer s wife waving a goodbye to her sailing husband...galaxidi

2 Newsletter, January 2009 The Propeller Club of the United States, Port of Piraeus January Newsletter 2009 Maritime Salvage & Sovereign Risk by Nicolas A. Tsavliris While it may be right to say that Art. 6.2 of the 1989 Salvage Convention is capable of producing far-reaching consequences, those consequences reflect the strong maritime policy interest in rewarding Salvors. The 1989 Convention is, after all, a well-established and well-known International Convention. There is no unfairness in a state, having enjoyed the benefit of salvage services, becoming bound to pay for them, pursuant to an arbitration agreement to which it is a party. Indeed to require a state in such circumstances to honour an arbitration award, seems to me to involve, in Lord Wilberforce s words neither a threat to the dignity of that state, nor any interference with its sovereign functions. The Hon. Mr. Justice Peter Gross (April 2008) Tsavliris (Salvage) International v. The Grain Board of Iraq By the very nature of emergency response services offered to maritime casualties, Professional Salvors are not often given the opportunity to decide with whom to do business; to select their client. When rushing to the assistance of a laden vessel disabled mid-ocean on fire, sinking, or listing, information regarding ownership of the ship is not always readily available, let alone ownership of the cargo, particularly in multiple bills of lading cases. Thus, the Salvor may become bound by a salvage contract to salve property owned by unknown salved interests. Such is the peculiarity of the Salvage Industry! After conducting a substantial salvage operation, the Salvor may find that the ship is operated by unscrupulous owners and the cargo is either uninsured, or is insured by disreputable insurers. The Salvor takes his chances and may end up without payment for the valuable services performed. A further risk, to which Salvors are exposed, is the sovereign risk and more particularly, the defence (to a salvage claim) of sovereign immunity, rendering the claim unenforceable. Invariably the states involved are, what might be termed, rogue states. The situation is often exasperated when foreign (European) cargo insurers, or re-insurers, take advantage of the situation to likewise avoid payment. It is a risk which Salvors dread, as many state or quasi state agencies engage in mercantile trade, and if successful, the technique enables them to avoid payment. It is a truism that a sovereign state acting in a sovereign or public capacity (imperium) enjoys immunity from the legal, fiscal and executive acts of other states. Thus, a Salvor is not entitled to arrest a warship for salvage, a taxman is not entitled to enforce taxes against an embassy building, and a supplier of goods or services is not entitled to seize crown property. In most jurisdictions, a government (or quasi government agency) engaged in commercial activity, or mercantile trade (fiscus) is not entitled to state immunity. Indeed, a Salvor may arrest salved state commercial property (ship/ cargo/ freight) to secure a salvage claim. Unfortunately, the delineation between imperium and fiscus is sometimes unclear, and gives rise to debate. Moreover, complicated collateral legal issues come into play. eg: Government owned/ operated oceanographic research vessel on public service is deployed periodi cally in a commercial expedition enterprise. Cargo purchased/ imported by state commercial entity (governmental body), is distributed to population as part of a rationing programme. US government aid cargo is donated to needy nation but shipped/ insured by a commercial enterprise. The courts in certain jurisdictions permit an arbitration to go forward to an arbitral award against the quasi state agency, but do not permit enforcement of same against that state s assets. Certain courts may, or may not, permit the enforcement of awards against the assets of a liable autonomous governmental entity, independent of the state. Unfortunately, in cases where a salvage contract (Lloyds Open Form) has been signed by the master of the casualty, binding ship/ cargo/ freight thereto (including the arbitration clause) the sovereign immunity argument is often raised (see box). Clearly, the matter is wholly unsatisfactory/ unjust and should be remedied by universal modifications to the current legal regime. States are expected to perform their international obligations in compliance with public and private international law. When engaged in mercantile trade, they should uphold their commercial commitments. Finally, they should act as respectable honest gentlemen! 2

3 The International Propeller Club Newsletter, January 2009 TRIBUTE PAID TO THE SEAFARERS WIFE On the occasion of the World Maritime Day and as a parallel event, a memorial statue was unveiled by the Greek Minister of Merchant Marine, Aegean and Island Policy, Anastasis Papaligouras and the Secretary General of the International Maritime Organization (IMO) Efthimios Mitropoulos. The unveiling took place on the 20th of September 2008, as a tribute long overdue to the unknown seafarer s wife, in the small town of Galaxidi, hometown of Mr. Efthimios Mitropoulos who was the inspirer of the whole idea. The bronze statue is an excellent creation of the Greek sculptor Costas Ananidas and represents a seafarer s wife clutching her children and waving a goodbye to her sailing husband. The memorial is situated at the end of a mole, where it will be seen by any vessel entering or leaving the port of Galaxidi. Honorary guests of this glamorous event were nineteen seafarers wives, seven of whom were flown from China, Denmark, India, Italy, Norway, Turkey and the United Kingdom, courtesy of Captain Vassilis Constandakopoulos, an active member of our Club and sponsor to many of our past events. In the center the memorial sculpture of the seafarer s unknown wife. Minister Anastasis Papaligouras (right) and IMO Secretary-General Efthimios Mitropoulos (left) 3

4 Newsletter, January 2009 International guests were treated to a tour of the temple at Delphi and in the evening at a celebratory dinner at the estate of Deputy Minister of Merchant Marine, Aegean and Island Policy, Panos Kammenos who comes from Galaxidi. Below is an excerpt from Mr. Mitropoulos speech at the unveiling: We honor all the Wives of the Seafarers from all over the world; and, through them, we say a big Thank you to those not present here today-while sending, at the same time, a strong message to their seafarer husbands, wherever they may be around the world, whichever seas they may be sailing in at this moment, that the maritime community as a whole bows before their wives, he said. He paid a special tribute to the wives of seafarers attending the ceremony from many maritime nations as mentioned before,who were joined by fellow seafarers wives from all over Greece: Andros, Galaxidi, Ithaca, Kassos, Lefkada, Messinia, Oinousses and Vrontados - all women united with each other by the same strong bong: that of persons who have been nurtured by the sea and the matured by its salt water, Mr. Mitropoulos IMO Secretary-General Efthimios Mitropoulos addressing the participants Mr.Papadakis Vice President of the International Propeller Club added, we thank all those who had contributed towards a special fund,crated two years ago, to meet the cost of the Memorial and the other expenses associated with their ceremony. The International Propeller Club of the United States, International Port of Piraeus, contributor to the cost of the event, was represented by the President,Nicholaos Tsavliris, the first Vice President, Nicky Pappadakis, the General Secretary, Debby Foros - Tsirozidis, the International Second Vice President, Marcos Foros, the Treasurer Antonios Stamos-Faraklas, the Regional Vice President for Europe and South Africa, Apostolos Doucas and the Board members, Theodoros Kontes and Dimitris Zorbalas. 4

5 The International Propeller Club Newsletter, January 2009 ATHENS SEMINAR The unveiling was part of a threeday celebration of the IMO s 60th anniversary. During the first day (September 19) a seminar and panel discussion was held in Athens at the Evgenidion Foundation. Theme of the seminar was IMO in service of the shipping. Many leading personalities from the shipping industry participated in the panel and expressed their views on the past, present and future of IMO. Prime Minister, Kostas Karamanlis, opened the seminar and addressing the audience referred to IMO s achievements and its contribution to prevent our pollution by reducing nitrogen emissions from shipping operations. IMO Secretary-General Efthimios Mitropoulos addressing the seminar noted the significance of the year 2008 for IMO, marking as it does a number of key milestones and anniversaries for the Organization.March 6, 2008 was the 60th anniversary of the adoption of the IMO Convention by a conference held in Geneva in 1948 under the auspices of the United Nation. March 17th was the 50th anniversary of that Convention entering into force in 1958 and June saw the 100th session of the IMO Council the 40-member executive body of the Organization, which supervises its work between sessions of the Assembly. Minister of Merchant Marine, Anastasis Papaligouras addressing the participants expressed his country support for IMO s role in enacting regulations for the international shipping and pointed the rapid and successful response to the needs of the shipping industry and the demands of the times, particularly in relation to the development and adoption of realistic solutions affecting the human element, the protection of the marine environment, safe transportation by sea and the challenge of climate change. Other speakers who participated in this seminar were: Mr. Spyros Polemis, Chairman of the International Chamber of Shipping and President of the International Shipping federation, Mr. David Cokroft, General Secretary of the International Transport Workers Federation, Mr. Philip Embiricos, President of BIMCO, Mr. Nicky Pappadakis, Chairman of INTERCARGO, Mr. Nicholas G. Fistes, Chairman of INETRTAR- GO, Mr. George Gratsos, President of the Hellenic Chamber of Shipping, Mr. Nicos Efthimiou, President of the Union of Greek Shipowners and Mr. William Azuh, Chairman of the IMO Club of Maritime Attaches. Cpt. Vassilis C. Constantakopoulos, Chairman of INTERMEPA and HELMEPA, also addressed the participants and pointed out that the unveiling of the International Memorial to the wife of the Seafarer, aimed to recognize the contribution of the wife of the seafarer to the overall mission of shipping and the welfare of the mankind. In the afternoon, a round-table discussion took place focusing on safety, security, the environment, legal issues, efficiency and technical cooperation, chaired by former Lloyd s List editor Michael Grey. Participants included: Mr. Neil Ferrer, Chairman Maritime Safety Committee IMO, Rear Admiral Brian M. Salerno, U. S. Coast Guard, Mr. Andreas Chrysostomou, Chairman, Marine Environment Protection Committee IMO, Professor Lee-Sik Chai, Chairman, Legal Committee, IMO, Mr. Ben Owusu Mensah, Chairman, Technical Cooperation Committee IMO AND Mr. Charles Abela, Chairman, Facilitation Committee IMO. Mr.E.Mitropoulos, IMO Secretary General and Mr.P.Ioannidis, Honorary Vice President of A.Onassis Foundation. 5

6 Newsletter, January 2009 Membership Luncheon Keynote Speaker Mr.Spyros Capralos The International Propeller Club of the United States, Port of Piraeus organized a membership luncheon with guest of honor and speaker, Chairman of the Athens Exchange SA, Spyros Capralos. Topic of his speech: The Greek Shipping Industry and its Prospects on the Greek Stock Market. Keynote speaker Mr. Spyros Capralos answering questions by the audience During his speech he referred to the financial crisis as one of the most violent of all times and he added that no small part of the crisis is due to the greed for quick and easy profits by a large number of traders in banks, hedge funds and other intermediaries. He also referred to the efforts of the United States Government and the European Countries to rescue the financial system by providing liquidity for the system. He further explained that it is extremely difficult for shipping companies to finance further their activities especially for expansion and new buildings. The above mentioned reasons lead Shipowners either to cancel new orders for new-buildings or to self-finance them. Ending his speech Mr. Capralos said: Despite the current financial crisis we are planning ahead and we strongly believe that during recession periods shipping companies should evaluate the possibility to restructure their balance sheets and to issue equity instead of debt The Athens Exchange has taken the necessary steps in order to make itself attractive to the shipping industry. Present were the President of the Propeller Club Nikolaos Tsavliris, the Deputy Chief of mission of the American Embassy, Deborah McCarthy, shipowner captain Vassilis C. Costantakopoulos, Iraklis Prokopakis of the sponsor company DANAOS Shipping Co. Ltd, the International second Vice President Markos Foros, the Chairman of European Navigation Mr. Karnessis, Angelos Roupas of the Deutshe Sch.Bank, the General Secretary of the Propeller Club, Port of Piraeus Despina Foros-Tsirozidis, members of the Board of the Propeller Club, Theodore Kontes, Demetrios Zorbalas, George Dikeos, Christos Kokkinis Director of Department of Shipping Business of Alpha Bank and 2nd Vice President of Propeller Club, former President Vlassis Katrantzos, Managing Director of Bureau Veritas Francois Teissier, representatives of UBS, Merrill Lynch and many others from the shipping and banking community. EXCLUSIVE SPONSOR DANAOS SHIPPING Co. Ltd. President of the Propeller Club, Nicholaos Tsavliris, extending greeting to our members 6

7 The International Propeller Club Newsletter, January 2009 AMVER AWARDS DINNER Hosted by the International Port of Piraeus Mr. Nicholaos Tsavliris, president of the International Proppeler Club of the United States-International Port of Pireaus, extending greetings to the participants Once more the International Propeller Club of the United States, Port of Piraeus in cooperation with the American Embassy and the United States Coast Guard organized the AMVER Awards Dinner. The ceremony took place on the 23rd of October at the Intercontinental Hotel. During the event 120Greek shipping companies received 836 awards on behalf of their vessels which participate in the AMVER system. For second year Greece was No.1 in number of awards. It is worthy mentioning that this year the AMVER System celebrates 50 years of Search and rescue cases around the world. It was a glamorous event which brought together shipping community executives. Mr. Nikolaos Tsavliris President of the International Propeller Club of the United States, International Port of Piraeus, after he extended special greeting to all representatives of shipping companies, he invited to the podium Deputy Minister of Merchant Marine P. Kammenos who addressing the participants stressed in details the significant role of the AMVER program and 7

8 Newsletter, January 2009 he urged the representatives of the shipping community to register their vessels in the AMVER System. Mrs. Deborah McCarthy, Charge d Affaire of the American Embassy,addressed the participants and made favourable comments about AMVER System and congratulated the Greek Shipping Community for their numerous participation in this system. Mrs. Debbie Foros -Tsirozidis, General Secretary of our Club addressing the attendees explained that all proceeds of this event will be used to support Greek needy students coming from shipping families to attend further studies. Before the presentation of the AM- VER Awards, Mr.Nicholaos Tsavliris presented special rescue awards certificates to: -TSAKOS SHIPPING and TRADING S.A on behalf of captain and his crew of M/V PARTHE- NON for saving 4 crew members of the S/V SUN CHASER on September 29, ARCADIA SHIPMANAGEMENT Co.Ltd on behalf of the crew of ship AEGEAN ANGEL for saving 11 crew members after their ship sank off the coast of Venezuela, on April 16, MARMARAS NAVIGATION Ltd on behalf of the crew of Greek vessel IOANNIS K for saving 14 Phillipine sailors at the Phillipine sea on February 11, The crew of Greek Ship OMEGA LADY SARAH of the OMEGA NAVIGATION ENTERPRISES Inc. for saving the life of a sailor whose sailboat sunk near Antigua on January 3, OSG SHIP MANÁGEMENT (GR) Ltd and the crew of M/T OVERSEAS FULMAR for saving 21 members of the Chinese M/V WORLDWIDE SHANGHAI on November 10,2007. Deputy Minister of Merchant Marine, Aegean and Island Policy addressing the representatives of shiping companies The AMVER Awards were presented by the Deputy Minister of Merchant Marine, Aegean & Policy Islands,Panos Kammenos, Deborah McCarthy, Deputy Chief of Mission of the American Embassy,by Rear Admiral Theodore Rentzeperis Commandant of the Greek Coast Guard and Captain John Koster, representative of the U.S Coast Guard. SPONSORS: 1.Gold sponsors - OLYMPIC SHIPPING AND MANAGEMENT SA - TSAKOS SHIPPING and TRADING SA 2.Silver Sponsors - SEANERGY 3.Bronze sponsors - DET NORSKE VERITAS SA - OSG SHIP MANAGEMENT (GR) LTD - EASTERN MEDITERRANEAN MARITIME LTD - CHARTWORLD SHIPPING CORP - EURONAV - BUREAU VERITAS - ATLANTIC BULK CARRIERS - HELLENIC LLOYD S SA - TSAVLIRIS SALVAGE 4.Media Sponsor - NAFTEMPORIKI 8

9 The International Propeller Club Newsletter, January 2009 At the end of the ceremony Nicholaos Pappadakis, President of Intertanko and 1st Vice President of the Propeller Club, Port of Piraeus presented a commemorative plague to Captain John Koster on the occasion of the 50th anniversary of the AMVER System. Present at the dinner were George Gratsos President of the Greek Chamber of Shipping, Ioannis Halas,General Secretary of P.N.O.,shipowner Nikos Tsakos and his wife Mrs.Sylia Tsakos, shipowner Evan J. Breibart, Markos Foros International Second Vice President of the Propeller Club of the United States, Vassilis Logothetis of Empros Lines, Ioannis Platsidakis of Anangel Maritime Services, Mr. Pavlos Stratis Andreadis of the Commercial Trading and Discount Co., Mr. Costis Constantacopoulos of Costamare, Mr. George Prokopiou CEO of Dynacom Tankers, Mr. Marcos Tripolitis of Majestic International Cruises, Alexandros Tourkolias, General Director of Corporate and Investment of NBG, Demetrios Vassilakos, Director of Department of Shipping Business of NBG, Mr. Antonios Stamos, Faraklas of the Chartworld Shipping Corp., Despina Foros-Tsirozidis, General Secretary of the Board of Governors of the Propeller Club, Ìr. Iakovos Perantinos of Atlantic Bulk Carriers, John Kalafatides of Chevron FAMM Hellas, Demetrios Zorbalas, members of the club, members of the Board of Governors, representatives of the shipping, banking community and press. From the left: Deputy Minister Panos Kammenos, Mr. Haralambos Hatzimicheal, General Director of TSAKOS SHIPING AND TRADING S.A. and ship owner, Nicholaos Tsakos Deputy Minister Panos Kammenos presenting the AMVER Award to Captain Demetris Eliopoulos, on behalf of the OLYMPIC SHIPING AND MANAGEMENT S.A. Mrs.Deborah McCarthy, Charge d Affaires of the American Embassy, addressing the audience 9

10 Newsletter, January nd INTERNATIONAL CONFERENCE AND CONVENTION baltimore, 7 october 2008 The Baltimore Propeller Club hosted a very successful Convention attended by 172 full registrants, including 12 Europeans. In addition a significant number of local people attended the various social functions during the Convention period. The social functions were the president s reception at the national aquarium, a very interesting place, a luncheon at the world trade center, with a fantastic view, a crab feast at a local restaurant, where we were taught how to really eat crabs. On Friday there was a luncheon at the new Hilton Baltimore and at night the gala dinner / dance at the Renaissance Hotel. There were prominent speakers in the various panels dealing with interesting topics of world and American shipping. A new Propeller Club was established in Dubai. The new International President of the Organization is Mr Ralf Marshall, partner of K+L, Gates Law Firm of Washington DC. Mr John Angus will continue his duties as interim Chief Operating Officer. The next Convention will be held in Seattle October 6/ The Propeller Club Port of Piraeus was awarded a citation for outstanding service rendered, in furthering the objective of the Organization for the highest member increase. Snapshot from the 82nd International Propeller Club Convention. From left: Mr. Savas Kalafatides - former president of the Propeller Club Port of Pireaus -, Mrs. Litsa Enepekides and Mr. Apostolos Doukas, Regional Vice Presidents for South Europe and Africa. Best Regards to all Apostolos Doucas Regional Vice President for Southern Europe and Africa 10

11 The International Propeller Club Newsletter, January 2009 THANKSGIVING DINNER Our Club and the American Hellenic Chamber of Commerce organized the Thanksgiving dinner at the Ledra Marriott Hotel on November 27, It was a very pleasant night and everyone enjoyed the traditional menu under the sound of live music. The President of the American Hellenic Chamber of Commerce Yanos Gramatides welcome the members of both organizations and immediately after he invited Ambassador Daniel Speckhard to the podium who extended warm greetings and then he briefly referred to the background of the day. Mr. Stefanos Costopoulos, member of the Board of Governors of the International Propeller Club of the United States, International Port of Piraeus, representing the board referred to the meaning and history of the American Thanksgiving day. He said Although we associate Thanksgiving holiday with the first settlers in the New World, they are not the originators of the tradition. The history of Thanksgiving goes much further back, than Plymouth and In fact, people across the world from every culture have been celebrating by praying and giving for thousands of years As most of the New World settlers came from Europe and they were familiar with thanksgiving traditions, it was only natural to continue them, as we all know, in the New World, in Massachusetts His Excellency U.S. Ambassador, Mr. Daniel Speckhard Today, we celebrate Thanksgiving at a get together traditional dinner with family and friends, where we express thanks to God for all the goods that He brings to our lives, while; we reinforce the love and bonds we share for each other The General Secretary of the Propeller Club, Mrs. Foros-Tsirozidis with the U.S. Ambassador Mr. Stefanos Costopoulos, member of the Board of Governors of the Propeller Club 11

12 Newsletter, January 2009 EGYPT: CAIRO SHARM EL SHEIKH ST. CATHERINE Dear Sir/Madam, We would like to thank you for using our services. Regarding your trip to Egypt, between 21-25/03/09, kindly find our offer as below: Flight details: Hotels Location Category Per person Per person Meals in Double in Single GRAND HYATT MARRIOTT CAIRO SHARM. 5* 5* HB Accommodation: Hotels Location Category Per person Per person Meals in Double in Single GRAND HYATT MARRIOTT CAIRO SHARM. 5* 5* HB Including: Air tickets on economy seat with Egypt air route: Athens Cairo Sharm El Sheikh Cairo Athens. All transportation as per program 01 Nights accommodation in Grand Hyatt hotel in Cairo in Nile view rooms 02 Nights accommodation in Marriott hotel in Sharm El Sheikh in Sea view rooms. 01 Night accommodation in St Catherine village Hotel 5* - in standard rooms. Meals as per program Guided Tours as per program Entrance fees Our group leader Insurance Egypt entry visa Tips Not Including: Airport s taxes 135 Drinks & beverages Any personal expenses 12

13 The International Propeller Club Newsletter, January 2009 EGYPT: CAIRO SHARM EL SHEIKH ST. CATHERINE / Day by day program 21/03/09 Day 1: ATHENS - CAIRO Deaparture from Athens International arrival in Cairo. Meet with our representative and assist with formalities. Transfer to Giza area, visiting Pyramids, and Sfinx. Transfer to Cairo domestic flight airport and flight to Sharm El Sheikh. Transfer to hotel, check in, dinner at hotel and overnight. 22/03/09 Day 2: SHARM EL SHEIKH Breakfast at hotel. Glass bottom boat cruise in Sharm El Sheikh bay where you will admire the corals. Free time in the afternoon where you can swim or relax at the hotel. Dinner in the evening time in a local restaurant. Return to hotel and overnight. 23/03/09 DAY 3: SHARM EL SHEIKH ST. CATHERINE Breakfast at hotel. Check out and transfer by coach to St. Catherine Monastery ( 2 hours trip). Guided tour inside Monastery. Check in at Hotel, dinner & overnight. You can optionally visit the Holly Top at night. 24/03/09 Day 4: ST. CATHERINE - CAIRO Breakfast at hotel. Check out and transfer to Cairo through the desert (6 hours trip). On the way we will visit the Coptic Monastery in Faran Oasis. Crossing through Suez Channel, arrival in Cairo, check in at hotel. Free time and overnight. You can optionally have dinner at Nile Maxim s restaurant including folklore show, belly dance and live band, on 2 hours sail into Nile river. Price per person 35 Euro. 25/03/09 Day 5: CAIRO - ATHENS Breakfast at hotel. Transfer to Cairo airport and flight to Athens. REMARKS: - All tours do not include visits to local markets. - Divers can book a dive through the hotel in Sharm El Sheikh. Announcements January Mr. Timagenis, member of the Board of Governors of the International Propeller Club of the United States, International Port of Piraeus, was reappointed Chairman of NAT following Ministerial Decision issued by the Minister of Mercantile Marine. February Mr. Markos Foros, International Second Vice President of the International Propeller Club of the United States, International Port of Piraeus, was elected as a President in the Association of Passenger Shipping Companies. -Mr. Theodoros C. Kontes, member of the Board of Governors of the International Propeller Club of the United States, International Port of Piraeus, was elected as a Treasurer in the Association of Passenger Shipping Companies. 13

14 Seanergy Maritime Holdings Seanergy Maritime Holdings Corp. (Seanergy) is a Marshall Islands company with its principal offices in Athens, Greece. Seanergy owns and operates a fleet of six dry bulk carriers, comprised of two newly-built Supramax, one Handymax, one Handysize and two Panamax vessels with a combined cargo carrying capacity of 317,743 dwt and an average fleet age of approximately 10.5 years. The Company s common stock and warrants trade on the NASDAQ Global Market under the symbols SHIP and SHIPW respectively. Seanergy was originally formed as a blank check company for the corporate purpose of acquiring a business in the maritime shipping industry. This was accomplished on May 20, 2008, when the company entered into agreements to purchase six dry bulk vessels, including four secondhand vessels and two newly-built vessels, from companies associated with members of the Restis family; the transaction closed on August 26, 2008 after securing shareholder approval. Seanergy has brought together two of Greece s most prominent business families, the Koutsolioutsos and the Restis families. Both are well known as market leaders in their respective fields, retail for the Koutsolioutsos family and shipping for the Restis family. The Koutsolioutsos family has a significant amount of public company experience, having managed and operated multiple publicly listed companies. The Restis family has over a 40 year track record in the shipping industry, with experience in owning, managing and operating over 60 vessels which comprise one of the largest independent shipowning and management groups across all sectors of the shipping industry. Within less than one month since completing the business combination on August 28, 2008, and well ahead of the contractually contemplated closing dates, Seanergy Maritime took delivery of its fleet of six dry bulk carriers and commenced operations. All six vessels are chartered for the period of one year to South African Marine Corporation S.A., a Restis family affiliate. Seanergy also has subcontracted the technical management and commercial brokerage of its fleet, including crewing, maintenance and repair, to Enterprises Shipping & Trading Company and Safbulk respectively, both also affiliates of the Restis family. Seanergy s objective is to create a solid foundation which will enable the company to become a leading player in the global shipping industry capitalizing on its know-how, resources and network. Seanergy intends to grow prudently, taking full advantage of the fundamentals of the dry bulk shipping sector and other segments of the industry. Newsletter Vol.6, No.21 Owner The International Propeller Club of the United States, International Port of Piraeus 87 Akti Miaouli Str Piraeus, Greece Tel: / Fax: [email protected] Website: This issue is published with the kind support of Hellenic Post Bank and EFG Eurolife Asfalistiki

15 INTERNATIONAL PROPELLER CLUB MEMBERSHIP APPLICATION Date: I,, hereby apply for Regular Membership in The International Propeller Club, Port of Piraeus, Greece, and agree, if elected, to abide by the Constitution of the Club and to assist in ways open to me in furthering its policies and objectives. My business or profession is as outlined below: Company Name Company s Business Position Street Number City Zip Company Phone Company Fax Cell Phone Address Home (optional) Street Number City Zip Home Phone Check address to be used for mail: Home Address Company Address Sponsored by: Signature of Applicant MAIL TO: The International Propeller Club Port of Piraeus 87, Akti Miaouli, 3 rd floor GR Piraeus Fax Number: [email protected] For board use only: Received: Approved by: Date Approved: Notified: 15

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