The International Propeller Club of the United States, Port of Piraeus, in collaboration with the U.S. Embassy in Athens, have launched the Annual Hellenic-American Shipping Gala, a prestigious initiative designed to highlight and honor the remarkable cooperation and synergy between Greece and the United States in the shipping sector.
The inaugural annual gala will take place on July 11, 2023, at the scenic “Faros” outdoor area within the Stavros Niarchos Foundation Cultural Center.
The Hellenic-American Shipping Gala will recognize the significant contribution of 27 shipping companies of Greek interests listed on U.S. Capital Markets, showcasing their exceptional quality, transparency and attractiveness to global financial and service providers. These companies symbolize the remarkable symbiosis and systematic cooperation that exist between the two nations.
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The International Propeller Club of the United States, Port of Piraeus, as the organizer, aspires to establish the Hellenic-American Shipping Gala as a premier event on the annual shipping calendar. By hosting this prestigious gathering, the gala aims to acknowledge and appreciate the close ties of Greek shipping and the U.S Capital Markets, the friendship and cooperation between Greece and the U.S in shipping.
Greek shipowners historically relied on loans from European and American banks to finance their capital-intensive maritime activities. However, the pursuit of additional sources of equity capital has long been a goal for many shipowners. While early pioneers like Manuel Kulukundis, Basil Mavroleon and Antonis Angelicoussis achieved this through London and NASDAQ listings, it was the Tsakos Group which made the first modern listing of a Greek shipping company, Tsakos Energy Navigation, on the NYSE in 2002.
Following the Tsakos Group’s lead, numerous Greek shipping groups have embraced listings on the NYSE and NASDAQ, resulting in 26 additional shipping companies of Greek interests joining the U.S. capital markets. This successful partnership between Greek shipping and U.S. capital markets has provided the industry with access to substantial funds and expertise, crucial for fleet expansion, technological investments, environmental sustainability and digitalization.
The Hellenic-American Shipping Gala serves as testament to the high quality, transparency, and attractiveness of shipping companies of Greek interests listed on U.S. capital markets. These companies not only benefit from access to the largest and most dynamic investment community in the world, but also uphold the rigorous compliance standards set by American capital markets. Such qualities make them highly appealing to a wide range of financial and service providers.
Ambassador George J. Tsunis, U.S. Ambassador to the Hellenic Republic, and Honorary President of the International Propeller Club, Port of Piraeus, noted the importance of the Greek shipping community in strengthening the U.S.-Greece relationship, stating: “We honor the important role that the Greek shipping community plays in U.S.-Greece relations by serving as an essential bridge of friendship between our two nations while sustaining global commerce.”
Costis Frangoulis, President of the International Propeller Club, Port of Piraeus and Vice President of the International Propeller Club of the United States, emphasized the significance of this event, stating: “The Propeller Club has always been the direct link between Greek Shipping and the U.S. The presence of Greek shipping companies on U.S. capital markets is important and long-standing. Now the time has come for this cooperation to be highlighted, and this is exactly what we wish to achieve by organizing the Hellenic-American Shipping Gala. We aim to showcase the close friendship between Greece and the United States whilst honoring and celebrating these companies, and the strong synergy they represent.”
The inaugural Annual Hellenic-American Shipping Gala promises to be an unforgettable evening, blending maritime heritage, cultural exchange, and business networking. The event will bring together esteemed guests, including industry leaders, government officials, diplomats, and representatives from the maritime community.
By honoring these companies, the initiative positions them as exemplars of the successful partnership between Greece and the U.S., whilst underscoring the close friendship between the two nations, in an unparalleled setting at the top of the Greek National Opera in a space encased in glass, offering panoramic views of Athens, Piraeus, and the Saronic Gulf, coupled with an unfettered visual connection to the world’s renowned Acropolis hill.
Source: Propeller Club