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Members’ Luncheon – Keynote Speaker Chairman of the Athens Exchange SA, Mr. Capralos Spyros

The International Propeller Club of the United States, Port of Piraeus organized a membership luncheon with guest of honor and speaker ,Chairman of the Athens Exchange SA, Mr. Spyros Capralos. Topic of his speech:’The Greek Shipping Industry and its Prospects on the Greek Stock Market’.

During his speech he referred to the financial crisis as one of the most violent of all times and he added that no small part of the crisis is due to the greed for quick and easy profits by a large number of traders in banks, hedge funds and other intermediaries.

He also referred to the efforts of the United States Government and the European Countries to rescue the financial system by providing liquidity into the system.

He further explained that it is extremely difficult for shipping companies to finance further their activities especially for expansion and new buildings. The above mentioned reasons lead shipowners either to cancel new orders for new-buildings or to self-finance them.

Ending his speech he said: ‘Despite the current financial crisis we are planning ahead and we strongly believe that during recession periods shipping companies should evaluate the possibility to restructure their balance sheets and to issue equity instead of debt.The Athens Exchange has taken the necessary steps in order to make itself attractive to the shipping industry’.

Present were the President of the Propeller Club Nikolaos Tsavliris, the Deputy Chief of mission of the American Embassy, Deborah McCarthy, shipowner captain Vassilis C. Costantakopoulos, Iraklis Prokopakis of the sponsor company DANAOS Shipping Co. Ltd ,the International second Vice President Markos Foros, the Chairman of European Navigation Mr. Karnessis, Angelos Roupas of the Deutshe Sch.Bank, the General Secretary of the Propeller Club, Port of Piraeus Despina Foros-Tsirozidis , members of the Board of the Propeller Club, Theodore Kontes, Demetrios Zorbalas, George Dikeos, Christos Kokkinis Director of Department of Shipping Business of Alpha Bank and 2nd Vice President of Propeller Club, former President Vlassis Katrantzos, Managing Director of Bureau Veritas Mr. Francois Teissier, representatives of UBS, Merrill Lynch and many others from the shipping and banking community.

Mr. Capralos’ Speech

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