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Global challenges in the maritime industry

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The Global Maritime Forum conducted its first Future Maritime Leaders Essay Competition, which gave young people (aged 18-30) a chance for their voice to be heard in the debate about the future – and companies a chance to listen.

Eirini Gerani, Account Executive at American Hellenic Hull Insurance Company Ltd, participated in the competition stating the global challenges facing the maritime industry.

The global maritime industry is currently facing a wide range of challenges stemming from geopolitical changes, the new IMO regulations, technological evolution including Artificial Intelligence, threats to global trade growth and the need for greater sustainability. While the world is undergoing profound transformation, we consider these changes as bringing opportunity, especially from the perspective of sustainability.

Geopolitical changes that must be navigated by the maritime industry are many and various. They include the crisis in the Persian Gulf, instability in the Middle East, the widening of the Suez canal, the situation of states in Latin America, the trade war between USA and China, the rise of extremists in countries important for shipping such as Nigeria, the emergence of new maritime centers such us Singapore with the EU trying to upgrade its presence as a single maritime cluster. These are only some of the developments we currently have to deal with.

In addition, the new regulations introduced by the International Maritime Organization aim to make the shipping industry a sustainable conduit for global trade. The regulations imposing a low sulphur cap for fuel emissions from 01/01/2020, the 50% reduction of carbon emissions by 2050, proposals for slow steaming that are being discussed in the IMO’s working groups, and growing interest in cleaner fuels such as LNG, LPG, MGO and biofuels constitute a historic challenge for the maritime adventure. The transformation of the maritime industry towards a more eco-friendly environment is a path we all must walk.

Meanwhile, it is a fact that the shipping industry is one of the most proactive industries, investing more in new technologies than any other market. Smart technologies are central to many discussions. The maritime industry focuses on investments in technologies such as the Internet of Things (IoT), automation and the new unmanned vessels being trialled in the North Sea, big data analytics and cloud services. Such investments aim to modernize the industry increasing efficiencies and sustainability.

“Facing the 21st century as a “millennial”, it is a fact that our generation wishes to bring innovation that will drive the shipping industry forward. In terms of globalization, we also declare that we need a more sustainable environment. We bet on inclusive growth with a more holistic perspective on the industry and the human well-being. We have the opportunity to set a long – term sustainable economic environment, but hard work globally will be required to achieve and maintain such a goal. The investment in new talent and the safety and protection of the staff is another crucial issue we have to deal with, if we aim to consider ourselves as pioneers in the industry. To gain a more sustainable environment we shall all strengthen the pillars of Environment, Society and Economy”,  mentioned Eirini Gerani.

Furthermore, she underlined: “Personally, I am working in the marine insurance industry, one of the most sustainable industries in the entire maritime adventure. The marine insurance services shall be considered as a commodity serving the maritime industry. American Hellenic Hull Insurance Company provides hull and machinery services to the international maritime industry. My colleagues and I are committed to incorporate social, environmental and business issues into a sustainable holistic strategy towards our insurance business. Working closely and transparently with our clients, we intend to serve the UN Sustainable Development Goals to achieve inclusive growth in our business, and promote at the same time human well-being and talent”.

Read more: The global challenges facing the maritime industry

WMU and AHHIC sealed their cooperation in marine insurance

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The World Maritime University (WMU), founded by the International Maritime Organization (IMO), has widened its focus to include the marine hull and machinery insurance sector for the first time, thanks to a new cooperation with American Hellenic Hull Insurance Company (AHHIC).

On the occasion of Maritime Cyprus 2019, hosted by the Deputy Ministry of Shipping and the Government of Cyprus, the World Maritime University and American Hellenic Hull Insurance Company signed a Memorandum of Understanding on cooperation in the field of marine insurance. The WMU and AHHIC recognize their mutual interest in the field of maritime and oceans, development and expertise and protection of the marine environment. A marine insurance postgraduate diploma, professional development courses, and marine insurance related events were among the areas of agreement between the WMU and AHHIC.

Dr. Cleopatra Doumbia-Henry, WMU President, hailed the signing of the MoU: “It is an honor for me being here to sign the first MoU of its kind in the field of marine insurance with American Hellenic Hull, subsidiary of the American P&I Club. I am very delighted that we will support each other in terms of education. The WMU is founded by the IMO, with the mandate as an education, research and capacity-building institution for the Maritime and Oceans community. It is very important for us to cooperate with American Hellenic Hull supporting our students to enhance their knowledge in the field of marine insurance. By supporting WMU, AHHIC also supports the IMO in the effective implementation of regulations and compliance in areas of importance.  International conventions must not only be signed and ratified, they must also be effectively implemented in law and in practice. This will ensure that the maritime industry will continue to be the engine to secure and drive the world economy, with 80% of world trade being carried by sea”.

Ms. Natasa Pilides, Shipping Deputy Minister of the Republic of Cyprus underlined: “It is great honour to have you all here special thanks to your participation at the Maritime Cyprus 2019 Conference and Exhibition. We appreciate that American Hellenic Hull is a really important company within the Cyprus maritime cluster. We wish to thank AHHIC for its support of Maritime Cyprus 2019 as a gold sponsor, and its initiative to sign this MoU, within its framework. The Shipping Deputy Ministry places great focus on education and wishes to create an environment in which young executives are nurtured and developed professionally in such a way as to expand the expertise available within our maritime cluster. The MoU signed today will contribute in this direction and we are looking forward to its implementation”.

Mr. Philippos Philis, President of the Cyprus Shipping Chamber, addressed the Signing Ceremony stating at the same time the important role of education and expertise to the young talent who lead the future of shipping.

Mr. Ilias Tsakiris, CEO of American Hellenic Hull Insurance Company, stated: “AHHIC is striving to promote Cyprus as a world center not only for shipping, but also for education and excellence. In cooperation with the American P&I Club, American Hellenic Hull, would like to extend that this cooperation with the World Maritime University will provide a curriculum to young executives that will be the next decision makers in our industry. We wish to facilitate their education as part of the Cypriot Maritime Cluster. Furthermore, we would like to invite WMU to increase its presence in Cyprus, bearing in mind Cyprus’ tradition as a maritime nation. The Minister and the Government are trying to enhance education within the maritime cluster and we wish that the WMU will endorse their efforts for a better global maritime community”.

The MOU shall have a duration of five (5) years

 

 

 

 

AHHIC: Ambassador of the UN Agenda at the Maritime Cyprus 2019

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The Maritime Cyprus 2019 Conference and Exhibition, under the theme “Sea Change” held from 06-09 October 2019, celebrated its 30th anniversary since it was first held in 1989.

American Hellenic Hull was the official ambassador of the UNEP FI – Principles for Sustainable Insurance, during the Maritime Cyprus 2019 Conference and Exhibition.

Endorsed by the UN Secretary-General and insurance industry CEOs, the Principles for Sustainable Insurance (PSI) serve as a global framework for the insurance industry to address ESG risks and opportunities—and a global initiative to strengthen the insurance industry’s contribution as risk managers, insurers and investors to building resilient, inclusive and sustainable communities and economies.

Environmental, social and governance (ESG) issues—or sustainability issues—pose a shared risk to insurers, communities, businesses, cities, government and society at large, providing a strong incentive for innovation and collaboration. Examples of sustainability issues relevant to the marine insurance industry include climate change, ecosystem degradation, pollution, illegal fishing, negative impacts on heritage sites, human rights violations, poor health and safety, lack of transparency, and corruption.

The PSI is the largest collaborative initiative between the UN and the insurance industry. Today, 140 organisations worldwide have adopted the four Principles for Sustainable Insurance, including insurers representing more than 25% of world premium volume and USD 14 trillion in assets under management.

“American Hellenic Hull is the exclusive Cypriot marine insurance company to sign the United Nations agenda and support the UNEP FI Principles for Sustainable Insurance, prioritizing at the same time the Sustainable Development Goals at all levels of the company activity. For the first time since its inception, the Maritime Cyprus Conference and Exhibition, endorses the United Nations agenda, upgrading at the same time the marine insurance services within the Cyprus Maritime Cluster. We firmly support the endeavor of the Deputy Shipping Ministry to enhance Cyprus’ role as an advanced, proactive, competitive maritime nation both in Europe and Internationally”, stated Mr. Tsakiris.

Read more: The PSI and the marine insurance industry (October 2019)

AHHIC supports the UNEP’s Finance Initiative Principles for Sustainable Insurance

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American Hellenic Hull Insurance Company is among the leading signatory companies to the Principles for Sustainable Insurance (PSI) and a member of the global community of banks, insurers and investors of UN Environment Finance Initiative (UNEP FI).

Endorsed by the UN Secretary-General and insurance industry CEOs, the Principles for Sustainable Insurance (PSI) serve as a global framework for the insurance industry to address environmental, social and governance (ESG) risks and opportunities—and a global initiative to strengthen the insurance industry’s contribution as risk managers, insurers and investors to building resilient, inclusive and sustainable communities and economies.

As a marine insurer, American Hellenic Hull Insurance Company provides hull and machinery services to the international shipping industry that is currently called upon to adapt to a wide range of challenges. Not least among these are new requirements deriving from the International Maritime Organization’s regulations aimed at reducing industry’s impact in the environment and new risks related to sustainability.

“At American Hellenic Hull, we fully support the UNEP FI Principles for Sustainable Insurance, aiming to incorporate the social, environmental and business emerging issues into our sustainable and holistic approach, while working together with the insurance industry and the United Nations. In addition, we acknowledge that signing the PSI is a concrete example of sustainability leadership and commitment and we stand ready to adopt all four of the Principles for Sustainable Insurance.

Since inception, our company has sought to be a leader within our sector in offering greater transparency, responsiveness to clients, greater reliability and more awareness of risk to the shipping market. We are prioritizing Sustainable Development Goals at all levels of company activity. Safety, security and sustainability are at the heart of our underwriting and claims processes.” stated Mr. Ilias Tsakiris, CEO of AHHIC, to the Board Members of the PSI initiative.

AHHIC believes in being proactive to achieve a more sustainable future. This is particularly important in the marine insurance sector, given the essential role of insurance and the pivotal role that maritime transport plays in global sustainability.

Ilias Tsakiris in “The Investor Greece 2019”

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American Hellenic Hull and its Chief Executive Ilias Tsakiris are featured in The Investor Greece 2019, a special edition published by The Investor, the leading business guide.

“We are the fastest growing hull and machinery insurance company in the world,” Mr Tsakiris told The Investor in an interview, describing some of the company’s goals and milestones achieved since the launch of the new insurer in 2016.

The company’s target “is to become an A-rated leading marine underwriter which will help us towards our goals of providing insurance to over 10,000 vessels and generating income of more than €100 million in a few years’ time”, he stated.

Readers of The Investor are informed of AHHIC’s background as a joint venture with the American P&I Club and its status as the first marine insurance company licensed in Cyprus under the requirements of the Solvency II directive.

“We are operating from scratch combining the best of the American, Greek and Cypriot approaches,” said Mr Tsakiris. “The company was an immediate success and has been accepted worldwide. Today, we offer insurance to nearly 2,500 vessels.”

Discussing the reasons for the company’s impressive start, Mr. Tsakiris emphasized its different approach as a marine hull insurer and management’s background within the shipping industry.

“Insurance is a commodity and we differentiate ourselves by a bespoke approach based on trust with our clients,” he told the magazine. “Personally, I started as a seafarer serving on board ships from the age of 17. We speak exactly the same language as our clients, we have a strong knowledge of shipping and we understand shipowners.”

According to Mr Tsakiris, AHHIC has also invested heavily in technology from the beginning, enabling it to grow quickly while offering the same quality of service. It emphasizes speed of response, from providing quotations within 24 hours to settling claims faster than the industry average.

The company’s centers of operation are in Cyprus and Greece and it is steadily expanding internationally. “The fact that the company is based in Limassol, Cyprus, with an affiliated office in Piraeus, among other locations, is a great competitive advantage as AHHIC can offer a global footprint while having a privileged understanding of the local market,” Mr. Tsakiris said.

“We are the only real marine underwriter in the region and I hope we can have more players based locally in the future.” Mr. Tsakiris underlined his belief that Greece as a major shipping nation could establish itself as a leader in maritime services as well, including playing a more important role in the marine insurance sector.

“We have always believed in the potential of the Greek shipping sector. Even though Greek shipowners own 20% of the world’s shipping capacity, Greece and Cyprus didn’t have a single local insurance provider specialized in this sector”, he pointed out.

Read More: Ilias Tsakiris in “The Investor Greece 2019”

 

AHHIC renews support for the Greek Shipping Hall of Fame

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Prestigious industry event honours historic shipping personalities as well as strongly supporting children’s charity Hellenic Hope

American Hellenic Hull Insurance Company was once again for 2019 among the leading supporters of the annual Greek Shipping Hall of Fame Induction Ceremony & Dinner.

The Hall of Fame dinner, one of the most prestigious events in the maritime calendar, honours the historic greats of the Greek shipping industry and each year two new Inductees are unveiled, based on the votes of the organisation’s distinguished Academy of members.

As a Premium Sponsor of the event, which also supports the worthy Greek children’s charity Hellenic Hope, American Hellenic was acting as one of the strongest supporters of the event for the fourth straight year.

“We are proud to be a leading supporter of the Greek Shipping Hall of Fame,” said the company’s Chief Executive Officer, Ilias Tsakiris. “Our management roots are in Greek shipping, a business community that for many decades has played a lading role in global seaborne transportation.

“The Hall of Fame honors the personal commitment, imagination and expertise of some of the industry’s historic personalities, who have helped Greek shipping adapt over the years to remain at the forefront of the maritime adventure,” he continued.

“The maritime industry never stands still and American Hellenic’s team provides a personal, innovative and experienced service that meets the evolving needs of shipowners,” Mr Tsakiris added.

About 650 guests including many leading shipowners together with their business partners from Greece and overseas participated in the glittering event at Megaron, the Athens Concert Hall.

The event concluded with the announcement of the latest Inductees to the Greek Shipping Hall of Fame – George S. Coumantaros (1922-2016) and John P. Goulandris (1907-1950). The two past giants of the industry bring to 30 the number of Inductees now in the Hall of Fame, which was launched in 2007.

The event raised a total of Euros 44,000 for the children’s charity Hellenic Hope. The Greek Shipping Hall of Fame has partnered with the charity for the last six years.

 

Attached photo: American Hellenic Hull Chief Executive Officer Ilias Tsakiris being interviewed at the Greek Shipping Hall of Fame Induction Ceremony & Dinner 2019 in Athens

 

 

 

AHHIC flies the flag for Greece, Cyprus and marine insurance at WMU

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The World Maritime University (WMU), founded by the International Maritime Organization (IMO), has widened its focus to include the marine hull and machinery insurance sector for the first time, thanks to a new cooperation with American Hellenic Hull Insurance Company (AHHIC).

AHHIC and WMU sealed their cooperation with a highly successful joint event held at the university’s headquarters in Malmo, Sweden, on Wednesday, April 3.

At the event, AHHIC’s Chief Executive Officer Ilias Tsakiris shared his knowledge and experience in marine insurance with WMU students, who are seen as future key maritime decision-makers in numerous countries across the world.

Mr Tsakiris’ presentation followed a fruitful debate, during which the students raised questions on the future of the marine insurance market and the emerging issues related to IMO’s new regulations.

Mr Tsakiris’ visit to the university included a meeting with Prof. G. Theocharidis and WMU President Dr. Cleopatra Doumbia-Henry that enabled them to discuss concerns related tο new trends in shipping and marine insurance, as well as details of the future cooperation between AHHIC and the WMU.

As the sole cooperation of its kind between a marine hull insurance company and the WMO, American Hellenic Hull’s initiative is considered important for greater understanding of the marine insurance sector as well as underlining the status of the Piraeus and Limassol maritime service clusters.

 

Please see event’s highlights in the below video link:

AHHIC at the World Maritime University

 

 

 

Ilias Tsakiris in the 3rd Capital Link Cyprus Shipping Forum

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In February Capital Link organized its third annual Capital Link Cyprus Shipping Forum at the Columbia Plaza in Limassol. The event, held under the auspices of the Republic of Cyprus and Maritime Cyprus, was a huge success drawing delegates from abroad as well as from the local Cyprus shipping community, including major shipowners, government officials, shipmanagers, financiers and other leading industry participants.

The Forum highlighted the Cyprus shipping industry and the Cyprus flag which has been recognized internationally as a quality flag. It also focused on the island’s significant role as a maritime, energy and logistics cluster and more generally as an attractive investment and business destination.

Sponsorship of the event was led by the Cyprus Union of Shipowners and included support from the Bank of Cyprus and a number of leading companies, drawn from various sectors. Sponsors included the American P&I Club, represented by Ilias Tsakiris, CEO of American Hellenic Hull Insurance Company.

Participating as a conference panelist, Mr. Tsakiris analysed the current state of the marine insurance market and the emerging trends in marine insurance industry.

American Hellenic Hull’s market forecast in 2018 for marine insurance premiums rise was more than accurate, as Mr. Ilias Tsakiris reaffirmed increase in premiums commenting on market’s performance for 2019. He underlined that the degree of the rate increases will also depend on whether new capacity enters the market in other parts of the world in response to the more favourable rating environment.

In addition, Mr Tsakiris elaborated on pricing of the risks deriving from new IMO regulations, mainly on IMO 2020 emission regulations, and their effect on the marine insurance market. “Diligent and prudent Owners should have no fear in any increase of insurance rates following the implementation of IMO2020 as they will be adequately prepared”, he mentioned.

“However, we fear that vessels will be exposed to potential engine damages, which may result to hull damages from groundings or collisions as a consequence of loss power or claims for salvage assistance. In general, all marine insurance related products/rates could also be adversely affected due to increased claims’ activity”, Mr. Tsakiris told the conference.

Please read Press Release or visit http://forums.capitallink.com/shipping/2019cyprus/

 

 

Launch of cooperation with the World Maritime University

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American Hellenic Hull has proudly launched its cooperation with the World Maritime University (WMU) based in Malmö, Sweden.

The World Maritime University was founded by the International Maritime Organization and its aim is to help the IMO and IMO member states to ensure safe, secure, and efficient shipping on clean oceans through education, research, and a network of graduates who will build the capacity of maritime administrations around the world.

Our welcome reception for WMU’s students visiting Greece for their field study program, was held on Friday, March 8th at the premises of the Piraeus Marine Club.

The joint event, that included AHHIC’s presentation on Marine Insurance, marked the start of an effort to develop better links among WMU’s graduates, American Hellenic Hull Insurance Company and the marine insurance industry.

Mr. Ilias Tsakiris, CEO of AHHIC, will introduce Marine Insurance to all WMU’s students in Malmö, Sweden, on Wednesday, April 3rd at 15:00,  delivering a lecture under the title: “Current and Future Challenges for Shipping in the Realm of Marine Insurance”.

Please see event’s highlights in the below link:

First lending library in Arkoi’s school by AHHIC

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Enhancing education in the most remote areas.

Greek-American marine insurance company American Hellenic Hull (AHHIC) and its CEO, Ilias Tsakiris, have made one Arkoi student inhabitant’s dream a reality.

Arkoi is a small island in the Aegean that is the location of the smallest primary school in the European Union. It currently has only one student. AHHIC’s sponsorship has enabled the establishment of the island’s first lending library. The library already counts more than 1,000 books donated mainly by Greeks living abroad, and there are many more to come before the summer period.

The key person in the success of the project is the teacher Ms. Maria Faedra Tsialera, recently honored by the Academy of Athens, Greece’s National Academy, both for her daily struggle to keep the island’s school open and for her consistency in performing her duties. Her efforts include trying to attract new habitants to the island, especially children.

A joint venture of the American P&I Club and Hellenic Hull Management, American Hellenic Hull covers hull and machinery and war risks for most classes of vessel, including general cargo vessels, dry balk carriers, all types of tanker, container ships, gas carriers and passenger vessels.

Read full article in English: American Hellenic Hull Donation to Arkoi’s primary school hosting a single student_newmoney.gr

Read full article in Greek: American Hellenic Hull: Δωρεά στο σχολείο των Αρκών με τον έναν μαθητή_newmoney.gr