By Paris Tsirigotis

 

Greek shipping companies listed on the US stock exchange showed improved performance in terms of Environment, Society and Governance (ESG) in 2022.

 

According to a survey by “Naftemporiki” on the ESG reports of listed Greek shipowners, the great majority managed to optimize the environmental profile of their fleets, lowering the Annual Efficiency Ratio (AER), but also the Operational Energy Efficiency Index (EEOI).

 

Important steps have also been taken in the field of workforce inclusion and diversity. The role of women is steadily strengthened in shipping companies’ offices, increasingly assuming positions of responsibility either on the boards of directors or as heads of specific departments. Of course, women still remain at lower levels compared to those of men, while the number of women employed on ships is quite limited. This, however, may be connected to the reduced attractiveness of the maritime profession to the young generation.

 

It is noted that almost all listed companies greatly increased their potential in crews, as a result of the significant expansion of their fleets.

 

The list compiled by “Naftemporiki” includes the 15 companies that published reports for 2022, out of a total of 26 traded on the US stock exchange until the end of 2023.

 

The right recipe at the right timing

 

 

The CEO of Centrofin Management, Yannis Prokopiou, pointed out, in an interview with “Naftemporiki”, that he welcomes the decisions of the International Maritime Organization (IMO), which is the only truly competent global body.

 

At the same time, however, he emphasized that various green solutions are tested, but the final outcome of this effort is still unknown.

 

As for the opportunity, he attributed it to the right “recipe” at the right timing.

 

“The companies that will have the right timing (not necessarily the first) in applying the right “recipe” to their ships will have a comparative advantage, at least for a while,” he pointed out.

 

He also underlined the basic rule of shipping, that is, the one that also determines shipping contracts.

 

“Markets in our industry have always been governed by one basic rule: supply and demand – hence the famous circularity of the freight market.

 

On good days (like today) ships are ordered and only a few are retired, little by little the global fleet increases, until a supply-demand imbalance is created. From then on, orders gradually decrease and ships begin to be withdrawn.

 

Because both shipbuilding and retirement are time-consuming processes and cannot be done overnight, it takes time (unfortunately usually years) to rebalance, and then the cycle repeats itself.”

 

Prokopiou also referred to another very serious issue facing the shipping industry and concerning seafarers.

 

“The global shortage of seafarers is a reality exacerbated by various factors, such as the pandemic, piracy and various new risks, the different perception of the new generation about the profession and the opportunities that are gradually being given for sustainable careers on land. We hope that with the programs we are already running, we will be less affected than other companies.

 

Syros and Elefsis shipyards are moving into a new era.