Are We Back on Track After The Ukraine Crisis?


The consequences of the invasion of Ukraine and the sanctions imposed on Russia have not yet been fully revealed, according to the president of the Capital Group, Vangelis Marinakis, reports Hellas.

Instead of punishing Russia, we are punishing ourselves

“It’s something we have never seen before and especially with the Ukrainian, a conflict so close to us. Of course, the geopolitical part changed a lot of data, but it also brought challenges in the field of international trade “, he said speaking at the Capital Link conference, in a section attended by other Greek shipowners who took a stand on the challenges facing Greek shipping.

According to Mr. Marinakis, the European community has decided to get rid of Russian gas, but this can not be done overnight. In this context, he expressed the view that the EU instead of finding a solution that will help overcome the problem and the economies in general, it discusses further sanctions and other similar measures.

According to Mr. Marinakis, as a result, we see Russia sending oil to China and India at a discount and then these countries send it back to Europe with high prices and the consumer pays the price.

“Instead of punishing Russia, we are punishing ourselves. “The consequences will be great and politicians will have to work to find a solution.”

In the aftermath of the war in Ukraine, the president of the Capital Group pointed out that “as a company we work with Ukrainians and Russians. “We provided assistance, especially after the invasion of the seafarers from Ukraine and their families.”

At the same time, he referred to the ships where the crew of both nationalities was signed, emphasizing that so far there were no serious problems. But – as he said – as long as the war continues this is a matter of time to happen and the process of separating the mixed crews is in progress.

As for Covid-19, he noted that many measures have been taken to protect sailors, with almost daily tests. In addition, initiatives are constantly taken to stay healthy.

“It is a difficult time and we thank our sailors. “These were unknown waters for us as well, but they gave us the strength to return,” he said characteristically.

Mr. Marinakis stressed that the pandemic forced people to stay indoors and channel their money into the purchase of goods via the Internet, which led to a launch of the Containerships market primarily and the Dry Cargo market secondarily.

The decision to purchase the Skaramaga shipyards is patriotic

Speaking at the Capital Link conference, George Prokopiou, founder of Dynacom, referred to the decision to buy the Scaramanga shipyards, noting that the reason is patriotic. He said he was disappointed to see the facility in this condition and wanted the working people to see the glorious days of the past again.

“It’s a difficult challenge, but I’m a person who likes challenges. There is a saying that if you have itching, do not wait for it to scratch your back. “I want to see Greece again be independent in the shipbuilding sector”, he stressed.

Asked about the pandemic and how it affected the shipping industry, Mr. Prokopiou stressed that on the one hand it was a tragedy for the world, but it also brought opportunities for the market, with a large increase in tonnage.

He spoke in support of the US Alliance, but said that maintaining some independence was important for Iran and Venezuela. “It must be made clear what is legal and what is not because we are constantly sailing in uncharted waters.”

From the side of Dr. Ioannis Koustas, CEO of Danaos Corporation, pointed out that there are more opportunities for those who invest and focus on an industry, while referring to new technologies, he expressed the view that they help a lot, but in case of autonomous navigation, this will be a problem for the Greek shipping, because Greek companies have invested heavily in domestic shipping.

Petros Papas, CEO of Star Bulk Carriers, said that “shipping is the elephant in the transport room”, noting, however, that they do not have a loud voice, despite the fact that if they stop, the people will stop.

According to him, environmental rules will bring many industries closer, but all “players” will have to form alliances for this purpose.

Regarding the detoxification from fossil fuels, he stressed that the shipping should know what the next fuel will be, to find the engine that will work with it, to create the necessary infrastructure, the fuel providers and a sufficient quantity. “It will definitely take a decade for that and in the meantime we will have to follow developments closely.”

Dr. spoke about the ESG criteria, among others. Nikolas Tsakos CEO of TEN, emphasizing that shipping is used to give back to society and the environment and is prepared for the changes that are coming.

“There are many parameters and as John Lennon said, life is what happens to you while you are busy with the future. “Industry is running right now and we can not focus on change.”

George Economou, founder of TMS Group, referred to the dry bulk cargo market, stressing that even now, if he started, he would choose to get involved with Bulk Carriers, as in his opinion, the tanker industry is more difficult in terms of forecasts. Regarding the future, he expressed the view that there are many voices and not a specific direction, noting that those who make decisions should act.

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Source: Hellas


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