The Shipping Ministers of Greece and Cyprus, Mr. Vasilis Kikilias and Mrs. Marina Hadjimanolis, and Dr. Nikolas P. Tsakos, Founder & CEO – TEN LTD (NYSE: TEN) ; Chairman – INTERTANKO (2014-2018), participated in the following highly interesting KEYNOTE DISCUSSION, titled «SHIPPING IN A NEW ERA: ALIGNING AMBITION, REGULATION, & REALITY», which was part of the agenda of the 17th Annual Capital Link Shipping & Marine Services Forum, that was held with great success and participation, on Tuesday, September, 16, 2025 in London, in cooperation with ABS and in the context of the «London International Shipping Week 2025».
Minister Vasilis Kikilias, Minister of Maritime Affairs and Insular Policy Hellenic Republic, stated: “60% of European fleet, 70% of European commerce and of course, there’s the IMO, there’s a big family and these two must be compatible to serve common goods. It cannot be any other way. We have explained numerous times, since the Draghi report, that it’s a big opportunity for Europe. Europe cannot lose European shipping. Competitiveness and being able to catch up in the pace, regulated by the USand China. Europe has to show its advantages and European shipping is and will play a key role in terms of that.
So, I don’t see any reason that all this cannot be compatible in a way to be able to offer best possible opportunities for the industry and opportunities, also, for governments to create new job opportunities, to create more wealth for Cyprus, for Greece, for all European member states. And in terms of the IMO, to be able to secure a deal – because I want to be clear and honest – I discussed with the General Secretary of the IMO here in London, on the side of this great institution. We support the framework, but we feel that there should be a lot of things that should be better calibrated and we have this ,next month, to be able to do that.
In terms of the correct treatment of LNG, since we have to be realistic and see that we don’t have fossils of the future yet, not for the total world fleet, so be realistic and see what the steps are. Support small and medium companies, also, which need that. And the industry respects the name of the game and understands what taxation is all about, but taxation should not be a penalty. Taxation should lead to somewhere. So, if you do not have the fossils yet, you should take it one step at a time and give the right momentum, in terms of the adjustment of the deal. And that being said, we’re not alone in that.
I’m very, very happy that Greek ship owners and the Greek industry are well respected. We do what we can in terms of crisis. Remember what we did during the COVID crisis. I was Minister of Health in Greece. Means of personal protection were distributed, mainly, through our ships globally. It’s a big example of when there’s a big need, what the industry can do.”
Minister Vasilis Kikilias, also made the following statements to the media: “Greece, with 20% of the global fleet, serves international trade and global prosperity and Greek shipping is present everywhere, worldwide, striving to help shape developments in the sector. Within this framework, we are today at an important event such as Maritime Week, during which we have already met with the Secretary-General of the IMO, senior officials of the British Coast Guard and the Ministry of the Interior – and later in the day – with the Deputy Minister of Transport, responsible for maritime affairs.
As I said, Greek shipping must be everywhere and we will travel all over the world to support our interests and strengthen the sector, which is very important for the development of the Greek economy, for new jobs and for the prosperity of the country.
Minister Marina Hadjimanolis, Shipping Deputy Minister to the President – Republic of Cyprus, stated: “As an island nation with a proud maritime tradition, Cyprus has always been deeply connected to the sea. Today, we are home to one of the world’s largest fleets and a vibrant shipping cluster that brings together global expertise and innovation. Our strategic location at the crossroads of three continents, combined with a robust regulatory framework and our growing role in the energy sector, has established Cyprus as a trusted maritime hub and a forward-looking partner for the global industry.
We are living through decisive moments for international shipping. Aligning ambition, regulation, and reality requires honest dialogue and a shared commitment to practical, scalable solutions. For Cyprus, this means actively contributing to the discussions at the IMO and the EU, while maintaining close cooperation with shipowners and industry stakeholders. Our goal is to advance decarbonisation, digitalisation, and competitiveness in parallel, as well as ensuring that the green transition strengthens, rather than weakens, the resilience of the maritime sector.
Investing in people is equally critical. The future of shipping depends on the next generation of seafarers and professionals, equipped with the skills needed for alternative fuels, automation, and digitalisation. In Cyprus, we are proactively supporting upskilling and reskilling initiatives, while promoting inclusion and diversity, so that our maritime workforce remains strong, adaptable, and globally competitive.
Ultimately, shipping thrives on collaboration. Whether through joint innovation, harmonised incentives, or shared best practices, governments and industry must work hand in hand. Cyprus is committed to playing its part as a bridge between regions, as a voice for pragmatic solutions, and as a partner in shaping a more sustainable and resilient future for global shipping.”
Dr. Nikolas P. Tsakos, Founder & CEO – TEN LTD (NYSE: TEN); Chairman – INTERTANKO (2014-2018) stated: “Traditionally, London is where the heart of shipping beats. This year, the Tsakos Group celebrates 50 years in this city. My father first set up base here in the 1970s, and we have continued to evolve since then.
Close to 200 Greek shipping companies used this city as a base from the 1960s till the 1990s. Greece and London are closely tied together.
However, in recent times, other shipping hubs have developed like Singapore, Geneva, and the prettiest of them all, the Athens Riviera.
The UK authorities must make extra efforts to attract major concerns in order to uphold London’s pre-eminence.
On the topic of green shipping, while I fully endorse the need for uniform global decisions, I still wish for realism to be part of the decision making. Shipping carries 80% of the world’s goods and contributes less than 3% of global carbon emissions, yet it still operates under the radar screen, and I believe it deserves more respect for its vital role. It is important to take into consideration the industry’s concerns and ensure that policymakers are informed of the practical obstacles of day-to-day operations.”
Ms.
Elina Papageorgiou, Global Strategic Growth Director & Vice President, Greece & Cyprus – Lloyd’s Register, stated: “It was a great honour to moderate a panel with the Greek Minister for Maritime Affairs and Insular Policy, Vasilis Kikilias, Marina Hadjimanolis, Shipping Deputy Minister to the President of Cyprus, and Dr. Nikolas Tsakos, Founder and CEO of Ten Ltd and Chairman of Intertanko.
All speakers agreed that to succeed in a new era and achieve the industry’s decarbonisation goals, cross-government and industry collaboration is essential. Only by addressing the challenges globally can we successfully decarbonise our future, and panelists pointed to European regulations as successful examples of a working strategy that is delivering results.
The panel also considered the broader sustainability issue of ensuring there are enough seafarers to support global trade in the medium term, noting that we must create an industry where people want to work, where they can develop skills and have fair living conditions.
Also addressed were challenges around training for zero- near-zero fueled-vessels that will be required if we are to meet IMO targets. All acknowledged that this is key to safe and efficient voyages in what will be a new era for our industry.
Finally, panelists agreed that whilst events such as LISW are a great opportunity for stakeholders to get together and discuss these issues, the message must be taken to a wider audience to educate the world on the importance of shipping, which in turn will support the industry’s efforts to decarbonise.”
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The Forum presented a unique opportunity to meet and network with a large, high-caliber audience of ship owning and offshore executives, institutional investors, research analysts, industry experts, commercial and investment bankers, risk advisors, private equity and venture capital firms, high-net worth investors, and financial media. The event was open to the buy and sell side communities as well as the media. By attending, participants gained a deeper understanding of the current state of the shipping and marine services industry, the subsequent effects on their investments, and a clear focus on the opportunities and challenges ahead.
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