Criticism in the EU for the sanctions against Russia by Greek shipowners

Criticism of the European Union policy on the way it manages the existing need for independence from Russian oil and gas was exerted yesterday by some of the largest Greek shipowners, in the context of the 8th Capital Link Maritime Leaders Summit. The shipowner Vangelis Marinakis and George Prokopiou expressed their opposition to the speed with which the sanctions were imposed instead of finding substantial solutions to complete the detoxification, intensifying the problem in European economies and of course households.

“It is 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”, said Mr. Marinakis and added that the European community decided to get rid of Russian gas, however this can not be done overnight. 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,” he added.

On the same line, speaking at the Capital Link conference, George Prokopiou, founder of Dynacom, said: “” The EU is shooting itself in the foot and the only winners are China and India, “adding:” Sanctions have never worked. “Iran came out stronger and in Venezuela the people were hungry while the elite was having a good time.”

As for the Scaramanga shipyards, he stressed 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 is a difficult challenge, but I am 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 said.

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.

The question, not of one in 100 million and what would the shipowner Nikos Tsakos, CEO of TEN, give the following answer: “$ 100 million is a small amount with today’s data. Are you buying 2/3 of a VLCC or ½ an LNG “while he mentioned 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 as long as you are busy with the future. The industry is running right now and we can not focus on change.”

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 voyage, 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 and raised four key ideas such as the need to know about new alternative fuels, and the creation of ships with suitable machines for them, the need for storage infrastructure as “to supply a container ship with green methane will require facilities of 85,000 square kilometers. Consider that Mykonos is 89,000 square kilometers” while he estimated that “it will take a decade for that and we need to keep a close eye on developments. ”

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 the decisions should act. Regarding the new environmental rules, he said: “You are asking me if the environmental regulations are fair for shipping. I do not think life is fair. We have to move like sailing considering the winds and their changes, the sea currents the damage “However, it is not possible to ask a shipowner who built ships with engines that burn diesel in three years from the receipt to put electric motors”.