Fafalios Shipping

Athens-based shipowner and operator Fafalios Shipping SA, led by Dimitrios Fafalios, recently made a significant acquisition, purchasing the 2010-built kamsarmax bulk carrier 82K DWT MV Oasea from Stamatis Tsantanis’s Nasdaq-listed United Maritime Corporation, a spinoff of Seanergy Maritime Holdings Corp (SHIP). Fafalios Shipping SA acquired the vessel, which was constructed by Tsuneishi Zhoushan, for approximately $20 million. This purchase marks a pivotal moment for Fafalios Shipping SA, which has largely remained inactive in fleet expansions for several years. The activity resumed in February 2024 when the company sold two of its bulk carriers. Today’s acquisition of MV Oasea represents Fafalios Shipping SA’s second most modern addition to its fleet, following the sales of the supramax bulk carrier MV Nueva Fortuna and the panamax bulk carrier MV Amazon. Dimitrios Fafalios, who also serves as the chairman of Intercargo since 2019, is steering the company through a phase of rejuvenation and strategic growth. This move not only revitalizes Fafalios Shipping SA’s operational capabilities but also enhances its competitive stance in the global shipping market. The Fafalios family’s maritime lineage began in the mid-19th century as Master Mariners and Owners of sailing vessels, establishing a strong foundation in the shipping industry. Their expertise has been honed over several generations, leading up to the formation of Fafalios Shipping SA in 1968. Before establishing this flagship company, the family owned and operated several other maritime enterprises, including Nea Tyhi Maritime in Piraeus, Fafalios Ltd. in London, Meandros Ship Stores Ltd. in Cardiff, and Homeric Maritime in New York. The extensive experience garnered from these diverse maritime ventures has been seamlessly integrated into the current operations of Fafalios Shipping SA. Today, the company leverages this rich heritage to offer sophisticated ship management services, reflecting its deep-rooted history and sustained expertise in the global shipping sector. 11-June-2024


Bangladesh has initiated seafarer restrictions due to the global spread of monkeypox, making it the first confirmed country to do so. Chittagong Port has implemented measures including barring shore passes for all crew members unless there’s an emergency, and mandating health checks for crew members signing off. Other Asian countries like China and India are also considering strengthening their entry protocols as concerns about the disease’s spread increase. Meanwhile, the World Health Organization (WHO) announced on Monday that it does not foresee the current monkeypox outbreak leading to a new pandemic. The WHO also mentioned that it is currently unclear whether asymptomatic infected individuals can transmit the disease. As of May, more than 300 suspected and confirmed cases of monkeypox have been recorded globally, primarily in Europe. Monkeypox is generally a mild illness that is transmitted through close contact and can cause flu-like symptoms along with pus-filled skin lesions. The response of port authorities in denying shore leave amid another viral outbreak is causing concern among seafarers, especially as the shipping industry continues to grapple with the impacts of what Intercargo chairman Dimitrios Fafalios refers to as “long COVID.” Dimitrios Fafalios, who also leads Athens-based shipowner and operator Fafalios Shipping SA, remarked that the shipping sector is still dealing with the prolonged effects of COVID-19. According to Fafalios, seafarers worldwide are facing significant challenges related to crew changes, port entries, and evolving vaccination requirements. Dimitrios Fafalios, chairman of Intercargo, expressed frustration with the current situation, stating, “New waves of infection continue to affect ports, and we are witnessing local authorities interpreting the rules in their own way.” He emphasized that this trend is prevalent in ports globally and criticized governments and administrations for seemingly failing to learn from the past two years as they transition to a post-COVID agenda. 29-April-2022


Since succeeding John Platsidakis as chairman of the International Association of Dry Cargo Shipowners (INTERCARGO) in 2018, Dimitris Fafalios has actively addressed the critical challenges faced by his shipowner membership, including the pandemic, environmental regulations, and the recent conflict in Ukraine. Dimitrios Fafalios, who also leads Athens-based shipowner and operator Fafalios Shipping SA, participated in the Slide2Open Shipping Finance conference in Athens last month, where he discussed the impending wave of green regulations, particularly those emanating from Brussels. During the conference, INTERCARGO chairman Dimitris Fafalios reassured attendees that the upcoming Energy Efficiency Existing Ship Index (EEXI) regulation was financially manageable. However, he expressed concerns about the Carbon Intensity Indicator (CII), which will be implemented concurrently and is expected to pose greater financial challenges. He highlighted that the transition from phase II to phase III of the Energy Efficiency Design Index (EEDI) for new building bulk carriers had already been “financially quite challenging.” For existing ships, implementing the EEXI from 2023 will incur costs typically ranging from $50,000 to $100,000 per ship, which Fafalios considered manageable. However, he warned that the costs associated with the CII are likely to be much higher and difficult to quantify. In the bulk tramp sector, where time charters predominate, the CII rating of bulk carriers will primarily depend on the charterer rather than the shipowner. Consequently, the vessel’s time charter description will need regular adjustments, despite the development of a BIMCO (Baltic and International Maritime Council) CII clause aimed at addressing this issue. Dimitris Fafalios also commented on the European Union’s (EU) marine emission reduction strategies, including the integration of shipping into the EU Emission Trading Scheme (ETS) and the new FuelEU Maritime rule. He noted that these measures would impose significant bureaucratic burdens, particularly on small- and medium-sized shipowners and operators. The dramatic increase in the price of European emissions allowances in 2021 has further compounded these challenges. Fafalios cautioned that without a freight premium, smaller shipowners might avoid EU ports altogether. In conclusion, Dimitris Fafalios emphasized that the financial burdens of decarbonization should be shared among all maritime stakeholders, not just shipowners and operators. This includes charterers, fuel suppliers, cargo shippers, and receivers, as well as financiers, insurers, shipbuilders, and equipment manufacturers. He stressed that regulating shipowners alone will not achieve the desired environmental outcomes. 19-April-2022




A resolution spearheaded by the Cyprus shipping deputy ministry (SDM) to implement a global seafarers vaccination program has been endorsed by the International Labour Organization (ILO). This initiative includes a mapping exercise to ascertain the required number of vaccines for seafarers across key maritime nations. However, the slow deployment of this global vaccination effort is creating significant challenges for the shipping industry. Many shipowners, operators, and charterers are now stipulating that they will only employ crew members who have received both doses of a COVID-19 vaccine. The situation is exacerbated by a surge in COVID-19 cases in India, leading to international restrictions on crew changes for individuals with recent travel history to the country. This has added complications regarding crew availability. In response to these challenges, InterManager, an association representing third-party ship managers, has committed to independently securing COVID-19 vaccines to address the urgent needs of seafarers. Despite the United Nations (UN) designating seafarers as essential workers, only 58 countries have prioritized seafarers for vaccinations, which is crucial for their mobility and operational roles on vessels. The lag in vaccination rollouts is particularly acute in developing countries, where many seafarers hail from, due to limited vaccine availability. Dimitris Fafalios, chairman of the International Association of Dry Cargo Shipowners (INTERCARGO) and head of Athens-based Fafalios Shipping SA, has expressed frustration over the vaccination “lottery” that seafarers face. In a March 31 release, he criticized the emerging requirement for vaccine passports and the preference for specific vaccine brands by certain port states. Fafalios highlighted that such demands could disrupt global commodity shipments if enforced rigorously, noting that several port states have proposed that all crew members must be vaccinated with a particular brand as a precondition for port entry. However, he did not disclose which port states have imposed these specific requirements. 27-April-2021


RightShip and the International Association of Dry Cargo Shipowners (INTERCARGO) have jointly unveiled a new quality standard for the dry bulk sector named DryBMS. This initiative will be overseen by a newly established Non-Governmental Organization (NGO) set to be formed later this year. The development of DryBMS aims to enhance safety within the dry bulk segment, reflecting a collaborative effort following the integration of expertise from both organizations in August of the previous year. Supported by significant industry bodies, including the International Chamber of Shipping (ICS) and the Baltic and International Maritime Council (BIMCO), DryBMS represents a comprehensive set of best practices and key performance indicators designed for widespread industry adoption. Dimitrios Fafalios, chairman of the International Association of Dry Cargo Shipowners (INTERCARGO) and leader of Athens-based shipowner and operator Fafalios Shipping SA, emphasized the significance of this initiative. He stated, “This is an important step, not only for the shipping industry, but for the sector as a whole. We are all collaborating in a scheme that is being developed by the industry and for the industry, which will deliver a truly robust standard with the buy-in of those that the industry relies upon to implement and support it.” This statement underscores the collective commitment to fostering a safer and more efficient operational environment in the dry bulk shipping sector. 20-January-2021


According to recent data from the International Association of Dry Cargo Shipowners (INTERCARGO), chaired by Dimitrios Fafalios, over 300,000 seafarers are currently stranded at sea beyond their contractual terms due to stringent global travel restrictions prompted by the coronavirus pandemic. Last month, an agreement was reached requiring governments to resolve the crew change dilemma by today. Despite this, there is still a lack of global uniformity on how to safely return crew members home. In response to this situation, both the International Transport Workers Federation (ITF) and the International Maritime Employers’ Council (IMEC) last month urged governments to promptly adhere to the International Maritime Organization’s (IMO) guidelines on crew changes. They warned that failing to meet the deadline could jeopardize the commercial viability of ship operations. While some progress has been noted, particularly in Hong Kong and Canada, the overall global response remains fragmented. The International Transport Workers Federation (ITF) has recognized that most employers are making considerable efforts, but governments continue to adopt protectionist policies. Consequently, the IMEC anticipates a shift in governmental approaches soon. The ongoing crisis has already led to several instances where crews, driven by desperation, have diverted their ships towards their home countries. With the union agreement expiring tomorrow, similar actions are expected to increase. Dimitris Fafalios, also the head of Athens-based Fafalios Shipping SA, highlighted the severe human impact of the situation. Dimitris Fafalio described it as an “invisible humanitarian crisis” where seafarers, having completed their contractual terms, are desperately trying to return to their families. “Today, an invisible humanitarian crisis is unfolding around us, with more than 300,000 seafarers trapped at sea, desperate to return to their homes and families,” stated Dimitris Fafalios. This crisis underscores the critical need for coordinated international action to address the welfare of stranded seafarers globally. 13-June-2020


Athens-based shipowner and operator Fafalios Shipping SA, led by Dimitrios Fafalios, has recently acquired its first bulk carrier of the year, marking a notable development for the company, which primarily operates supramax and panamax vessels. Currently, Fafalios Shipping SA manages a fleet consisting of four bulk carriers, each averaging 14 years of age. The latest addition to their fleet is the 2011-built 61K DWT MV Nord Crest, the first bulk carrier built after 2010 to join Fafalios Shipping SA. The company invested approximately $19.5 million in the supramax bulk carrier MV Nord Crest. This acquisition occurred just one month after Fafalios Shipping SA sold another long-standing member of its fleet, a bulk carrier that had been with the company since 2001. In early August, Fafalios Shipping SA completed the sale of the vintage panamax bulk carrier MV Alkyon for about $9.7 million, a move indicative of ongoing fleet renewal efforts. Founded in Piraeus in September 1968, Fafalios Shipping SA has a long-standing specialization in managing dry bulk carriers ranging from 8,000 to 130,000 DWT. Over the years, Fafalios Shipping SA has overseen the construction of more than 20 new bulk carriers, from forest product carriers to panamax bulk carriers. Today, under the leadership of Dimitrios Fafalios, the company continues to specialize in the management of dry bulk carriers, offering a comprehensive array of services. The Fafalios family, now in its 6th and 7th generations, remains deeply engaged in the shipping industry. Many family members are active in various industry organizations, including classification societies, the Baltic Exchange, the International Chamber of Shipping (ICS), the Union of Greek Shipowners (UGS), the Greek Shipping Co-operation Committee (GSCC), Protection & Indemnity (P&I) Clubs, and others, demonstrating their continued commitment to the maritime sector. 5-September-2018


Greek shipowner and operator Fafalios Shipping SA bought 2009 Japanese built panamax dry bulk carrier 82K DWT MV Nord Venture for around $18 million. In July 2016, Greek shipowner and operator Fafalios Shipping sold 1993 built dry bulk carrier 65K DWT MV Despina for demolition for around $3 million. 3-December-2017