PRAGMATIC GREEK OWNERS RENEW FLEETS ASSISTED BY BANKS

Asset play opportunities, normally the lifeblood of the Greek shipping market, are not going to be as significant in the 1990s as they were in the 1980s. So says one young shipping executive who wants his company to be known as a pioneer in Greek shipping and a front runner of change.

“There have been some good developments,” Vassilis Kertsikoff of Eletson Corp. said. “More corporate entities are emerging with proper structures and procedures.”

The pioneer-minded Eletson executive explained that the move toward a more corporate-minded ethos in Greece goes hand-in-hand with the perceived need to be more self-sufficient, reducing international exposure particularly in London, and stepping up to meet the challenges that have been brought about by trends of the trade – trends especially demanding in the tanker trade.

“To go forward, fleet renewal is the answer,” Kertsikoff said. Today, the focus of the international shipping community is on marine safety and pollution. This has forced Greek owners, described by one banker as “ruthlessly pragmatic,” to do a reality check. Thus, Greeks, normally the gurus of the secondhand S&P market, are now looking to newbuilding.

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