Greek shipowners voiced strong support for decarbonization in the first day of Maritime Cyprus 2025 Conference that opened on October 6, in Limassol, but warned that the current pace of regulation risks prioritizing taxation over real progress.
Mr. George Procopiou, Chairman of Dynacom Tankers Management Ltd. called for “doable, not desirable” measures, including slower steaming, carbon capture, and greater technical efficiency, while Ms. Semiramis Paliou, CEO of Diana Shipping Inc. emphasized that shipping’s share of global emissions remains small and that excessive costs will ultimately reach consumers.
Dr. John Coustas, President & CEO at Danaos Corporation cautioned that regional measures such as the EU Emissions Trading System threaten competitiveness and urged closer consultation between the IMO and industry. Mr. Thanassis Martinos, Managing Director at Eastern Mediterranean Maritime Ltd. criticized the EU’s framework as “unfair and disruptive,” arguing that it penalizes ships for voyage segments outside European waters.
The second day of the Maritime Cyprus 2025 Conference on October 7 brought together international industry leaders for discussions spanning insurance, ownership and chartering trends.
Four shipowners were invited to express their views on how they are adapting to uncertainty around decarbonization, regulation and technological change.
Mr. John A. Xylas, President and CEO at Ariston Navigation Corp. reaffirmed the industry’s support for a single global regulatory framework under the IMO, describing it as essential for predictability and fairness.
Mr. Polys V. Hajioannou, CEO, Chairman & Director at Safe Bulkers cautioned that the cost of compliance inevitably passes through the supply chain, reiterating that shipowners remain willing to adapt but require realistic timelines and balanced measures.
Mr. Filippos Efstathiou, CEO at Efnav Company Ltd stressed the importance of operational efficiency and prudent investment, warning that acting prematurely on unproven technologies risks “investing against a moving target.”
Capt. Stephanos E. Angelakos, CEO at Angelakos (Hellas) S.A. emphasized that seafarers remain the backbone of the industry, calling for sustained investment in training, welfare and retention.
Mr. Themis Papadopoulos Ex-Vice Chairman of the International Chamber of Shipping, Ms. Karin Orsel, President of ECSA, Ms. Ioanna Procopiou, President Designate of BIMCO, and Mr. Joe Kramek, President and CEO of the World Shipping Council, highlighted the need for a single global regulatory framework under the IMO to prevent overlapping regional schemes.
Speakers urged regulators to reinvest revenues from carbon measures into decarbonization projects and to prioritize achievable, technology-neutral solutions.
Ms. Procopiou warned that penalizing early adopters of LNG fueled vessels “sends the wrong signal” to innovators, while Mr. Kramek stressed that “investment capital likes opportunity, but it also likes certainty.”
