Posidonia 2024 Sees Wave of New Business Deals in Shipping

Business was booming during the 28th edition of the biennial Posidonia shipping exhibition that took place at the Athens Metropolitan Expo Center during June 3-7.

According to organizer Posidonia Exhibitions SA, the prestigious shipping event saw major maritime industry players coming together to finalise significant deals.

“Posidonia has once again proven to be a crucial platform for business deal-making, fostering connections and collaborations that drive the maritime industry forward,” Posidonia Exhibitions SA Managing Director Theodore Vokos said.

Deals made during the exhibition included the Atlas Maritime order for another pair of Suezmax vessels to DH Shipbuilding in South Korea in a move that will bring Leon Patitsas’ current orderbook above the $2 billion mark.

ONEX Group signed an agreement with leading international tug design company Robert Allan for a production line of 30 tugs worth 280 million euros, with at least 20 of them to be completed by 2026, in a strategic cooperation slated to change the landscape in the Greek market, as the exclusive rights for the construction of a specific series of tugs in the country are granted to the ONEX Group.

Two South Korean companies, KR and HD Hyundai signed a MoU to collaborate on the pilot project of a cloud-based next-generation smart ship solution (ISS 2.0) developed by HD Hyundai. This project aims to equip and demonstrate next-generation smart ship solutions on vessels. KR plans to conduct technical reviews based on classification rules as well as domestic and international regulations, verifying the suitability of the next-generation smart ship solutions

Also, Evangelos Marinakis, founder of Capital Maritime & Trading Corp, celebrated an order for six LNG dual-fuel-capable Very Large Crude Carriers (VLCCs) with the Chinese shipyard CSSC. This move highlights his significant investment in dual-fuel technology, positioning Capital Maritime as a leader in environmentally friendly shipping solutions.

Also at Posidonia 2024, classification society Lloyd’s Register and Guangzhou Shipyard International (GSI) signed a joint development project for the design of the world’s largest very large ammonia carrier (VLAC). Carrying capacity of 100,000 cu m, the vessel will feature an independent IMO type B tank for the safe storage of ammonia which is expected to optimise its operational efficiency.

In addition, Athens-based Franman announced its appointment by Saudi Arabia’s International Maritime Industries (IMI) as the exclusive agent for Greece and Cyprus. This agreement makes Franman the sole agent responsible for promoting IMI’s Maintenance, Repair & Overhaul (MRO) business to potential clients based in the two markets.

Saudi Arabia’s SIRC and Hellenic Environmental Center S.A. (HEC) signed an agreement to strengthen SIRC’s commitment to sustainability in marine management.

Classification society DNV and Artemis Technologies Ltd signed a new memorandum of understanding (MOU) on the development, certification, and operation of electric foiling vessels, while Lloyd’s Register (LR) and Guangzhou Shipyard International (GSI) signed a joint development project (JDP) for the design of the world’s largest VLAC (Very Large Ammonia Carrier) with a carrying capacity of 100,000 cbm.

ABS also signed an MoU with HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (HD KSOE); HD Hyundai Heavy Industries, Co., Ltd. (HHI); and the Liberian International Ship & Corporate Registry (LISCR) to collaborate on the application of artificial intelligence (AI) to eliminate ship safety blind spots.

MAN Energy Solutions signed a MoU with Eastern Pacific Shipping (EPS) on the development of crew training for the handling of ammonia as fuel on vessels.

And CAPITAL GAS, ERMA FIRST, and BABCOCK have signed a Letter of Intent (LoI) for the installation of an innovative Carbon Capture and Storage (CCS) system, CARBON FIT, on four new liquefied carbon dioxide (LCO2) transport ships.

The 28th edition of the biennial Posidonia Exhibition came to an end on June 7. The organiser saw an increase of some 4 percent in exhibiting companies compared to the previous edition and a significant rise of over 10 percent in the number of visitors to over 30,000.

Posidonia 2024 was organised under the auspices of the Ministry of Maritime Affairs & Insular Policy, the Hellenic Chamber of Shipping and the Union of Greek Shipowners and with the support of the Municipality of Piraeus and the Greek Shipping Co-operation Committee.