Energy, shipping and the next day

The important role of international –and especially Greek shipping– during the war was highlighted in his intervention by the president of Capital Maritime & Trading Corp., Evangelos Marinakis. As noted, Greek ship-owners control more than 32% of the world tanker fleet and more than 22% of the LNG fleet. Indeed, if, as he underlined, “we analyse the positions we have in the West, we may exceed 50% of the available tonnage carrying oil on this side of the planet.”

As Mr Marinakis pointed out, Greek shipping guarantees safety and stability, as the transport of energy by ship is not affected by the political risk, for example, of a pipeline in the event of war. Moreover, all the time it would take to build a pipeline, which is also subject to geopolitical risks, is not required. He particularly stressed the advantage that Greece ensures, within the framework of the EU and NATO, to have the power provided by such large tonnage, which is a catalyst for developments in this new era. “As a result,” he explained, “we are much less –or perhaps not at all– dependent on gas and oil from Russia.”

Referring to the other current major issue, the impact on the environment, the founder and president of Capital Maritime & Trading said that, if we add together all the shipments that are transported daily around the world, ships are responsible for only 3% of global pollution. And this, he said, is something that perhaps many have not realised on a global level.

Encouragement

Regarding the geopolitical developments in the wider region, following the Russian invasion of Ukraine, Mr. Marinakis expressed the expectation, “to see politicians in Europe take more initiatives to find a peace solution.” This is because, apart from the obvious humanitarian reasons, “the world economy is suffering –we are seeing record prices in gas and oil– and this cannot last much longer.” It is therefore essential that drastic steps be taken immediately to start the peace process.

Asked to comment on what the President of Ukraine, Volodymyr Zelensky, had said earlier at the same conference about the quantities of Russian oil transported by Greek ships, after clarifying that “all oil coming from Russia to European countries is legal, based on deadlines set by the European Union by the end of the year,” Mr. Marinakis stressed that “independence from Russian oil cannot be achieved overnight” and therefore “what Greek ships carry is oil that is already covered by contracts and has been approved by the EU and our countries desperately need it. So, we’re not breaking any laws or embargoes. It is necessary and, thank God, we are here to ensure this stability.”

China

Regarding the chapter of “China,” which Evangelos Marinakis also addressed into the discussion, after clarifying that “in my view what shipowners do is unite the world, through trade relations with China or shipbuilding in the country,” he pointed to the change that has taken place more globally in the last fifteen years internationally in relations with China, which, as he clarified, “does not only import, but is now increasingly exporting.”

Grains

When asked, finally, how quickly the shipping sector can contribute to the transport of Ukrainian cereals, if the situation allows, Mr. Marinakis replied that when the ports open “we can proceed immediately.” Mrs Frangou’s comment on the food crisis was also relevant. She stressed that “there is the capacity, there are the ships to carry the grain. However, the issue is political. Shipping can provide a solution to instability and can do so quickly.”

Approaches

Finally, Mr. Marinakis, on the occasion of the previous statement of Mr. Pompeo, described it as a political and, at the same time, business realistic approach: “This is what we need, a pragmatic approach from our politicians today. Because there are many problems around the world and we need leadership. And the point is that, as time passes, instead of seeing better leaderships in Europe and the US, we see a lack of them.”