The reactions of the Greek shipowners about the path of Green transition in Maritime Cyprus 2025 Conference

Paliou, Prokopiou, Martinos, Hatzigiannis, Coustas

The proposed greenhouse gas emissions charges and the future of shipping in relation to the requirements of the International Maritime Organization (IMO) formed the core of an intense and revealing discussion during a panel discussion within the framework of the Maritime Cyprus 2025 Conference (Cyprus, 6 - 8 October 2025), where leading Greek and foreign shipowners put on the table the parameters for the energy transition of the sector.

George Prokopiou, the president of the Cyprus Shipowners' Association, Andreas Hatzigiannis, Thanasis Martinos, Semiramis Paliou and Dr. Ioannis Coustas analyzed the challenges and paradoxes of the current strategy, expressing strong concern about the transformation of shipping into a tax collection mechanism, without any substantial environmental impact.

At one point in his statement, George Prokopiou spoke about the classification societies that made "kolotoumpa" - as he said the word in Greek - and now oppose the way the IMO wants to implement measures for the complete decarbonization  of shipping by 2050, as soon as Donald Trump turned against the International Maritime Organization, opposing these measures.

In fact, at the end of the discussion, when the coordinator, George Mouskas, who is a shipowner and vice-president of the Cyprus Shipowners' Association, told the Secretary-General of the International Maritime Organization, Arsenio Dominguez, who was present, that we had heard the views of the Greek shipowners, who essentially expressed concerns and disagreements, he commented pointedly: "Some shipowners. Because there are others who have a contrary view to them.".

George Prokopiou: Speed ​​reduction as a solution – The need for realistic policies and investments in carbon capture technologies

Experienced shipowner George Prokopiou opened the discussion with a particularly sharp and realistic tone. He emphasized that reducing the speed of ships by two knots can lead to up to a 50% reduction in emissions , noting that he had already proposed this solution in the past, which was then rejected by the shipping community of Northern Europe: “Back then, 80% of the audience — especially our Northern European friends — were against it. Now, years later, we see that classification societies are constantly proposing speed reductions.”

For politicians, he made a clear distinction between them and businessmen/technologists. His comment highlights the difference between wishful thinking and realism. More specifically, he stated:

" Politicians promise the desirable, because they have a time horizon of a few months or years . We, businessmen and technicians, must talk about the feasible because we are constantly active."

This means that, according to him, politicians often make promises without considering the practicality or feasibility of the measures they propose. On the contrary, those active in the market (such as shipowners) must rely on realistic, workable solutions.

Mr. Prokopiou stressed that the real common goal of shipowners and environmentalists is to reduce pollutants , which is achieved through the consumption of less and cleaner fuels and not through the imposition of taxes. With 103 ships under construction, he pointed out that shipowners are constantly investing in the most advanced technology, when it is available.

"Taxes and fines do not reduce pollution. They simply turn shipping into a tax collection mechanism ," he noted. At the same time, he suggested that time be given to develop real solutions, such as solid carbon capture, and not to advance policies that are not applicable.

At one point in his speech, he spoke about the classification societies that were making a fuss and opposing the way the IMO wants to implement measures for the complete decarbonization of shipping by 2050, after Donald Trump turned against the International Maritime Organization by opposing these measures.

Andreas Hatzigiannis

The president of the Cyprus Shipowners' Association pointed out that shipping's share of global anthropogenic emissions is negligible — on the order of 1 part per million.

He noted that there are still no alternative fuels available on a global scale, while the use of nuclear energy in commercial shipping is practically impossible, due to the regulatory and political environment.

He strongly criticized the European Emissions Trading System (ETS), saying that it only increases costs without delivering real environmental progress. On the contrary, shipping has invested in efficiency for decades , as it operates under conditions of perfect competition, where fuel savings are necessary for survival.

Semiramis Paliou

Ms. Semiramis Paliou spoke about the high cost of the energy transition and expressed strong concern about the lack of clarity in the plans of the regulatory authorities . She stressed that the aim of the decarbonization plans is to reduce the price difference between fossil and clean fuels, but it remains unclear how this will be done in practice.

She raised a series of critical questions: Who will manage the tax revenues? How will they return to shipping? Will they actually be used for investments? The lack of answers is worrying, especially when considering the possibility that revenues will be lost in bureaucracy or end up outside the industry.

He placed particular emphasis on the global competitive landscape: "A global regulation for decarbonization is essential. Regional regulations will be disastrous, causing asymmetric burdens on shipowners and undermining the equal functioning of the market."

Dr. Ioannis Coustas

Dr. Ioannis Coustas has strongly criticized the European ETS, stressing that the policy is being formulated without taking into account the opinion of experts in the field. As he said characteristically: “It’s like telling a doctor how to do a heart transplant — it doesn’t work that way.”

He cited the example of his own company, which paid €7 million into the ETS on September 30, with none of that money going back to shipping. He raised serious issues of transparency and fairness, noting that ships pay for emissions even when they travel outside the EU.

" Ships that are only in European waters for 10 days pay for 90. This is not fair . The cost is ultimately passed on to the European consumer," he said, while expressing his pessimism that tax revenues will actually lead to a reduction in emissions: "The most likely thing is that in five or ten years we will be at the same point."

Thanasis Martinos then took the floor, highlighting the social and economic consequences of decarbonization policies and the need to support Greek shipping and industry.

Thanasis Martinos, a leading Greek shipowner, intervened in the discussion on emission reduction policies in shipping, emphasizing that any transition plan must take into account the social, fiscal and economic impacts – not just the environmental ones.

“We cannot ignore what such a transition means for businesses,” he stressed. “When huge investments and capital expenditures are required, policy cannot be punitive. There must be provision to ensure that the benefits of these policies return to local industries and strengthen the national economy — not be channeled abroad.”

Mr. Martinos highlighted the injustices of the European Emissions Trading System (ETS) , giving specific examples:

"A 100,000-ton tanker that starts in the Arabian Gulf and arrives in Europe travels for 90 days in total. Of these, only 10 are in European waters. Nevertheless, the ship is charged taxes for the entire journey. The same happens with ships traveling to Africa, Asia or America – we pay for emissions that do not occur in Europe."

This, he said, distorts the market and creates a competitive disadvantage for European and Greek shipping companies. “This is an unfair and inefficient system,” he said, referring to “a policy that could turn into a disaster if it is not revised.”

Referring to Greek participation in new technologies and decarbonization initiatives , he emphasized that there has been significant mobilization in collaboration with the SNFCC (Stavros Niarchos Foundation Cultural Center for Energy Strategy), while many Greek companies are already actively working on relevant programs.

“The participation is real and strong. Most Greek companies, whether tankers or bulk carriers, have already entered a trajectory of innovation and improvement,” he said . However, as he clarified, for these investments to proceed, a stable and fair regulatory environment is needed, which strengthens the effort — not strangles it.

source: newmoney.gr