31 January 2023 – Singapore, The Global Centre for Maritime Decarbonisation (GCMD) and Olympic Shipping and Management SA (OSM) have signed an Impact Partnership Agreement, committing to a five-year collaboration to accelerate shipping’s decarbonisation across geographies.
Onassis Foundation-controlled Greek owner OSM is the first Greek ship owner and manager to come onboard GCMD as a centre-level partner. OSM’s current fleet comprises 18 crude oil tankers. As an Impact Partner, OSM will provide a cash contribution towards pooled resources for GCMD’s projects, as well as in-kind contributions in terms of technical expertise and data and access to hard assets, in support of GCMD’s existing trials on drop-in green fuels and shipboard carbon capture and new pilots in the pipeline.
George Karageorgiou, President and CEO of Olympic Shipping and Management S.A., said: “Actions are necessary to accelerate the pace of the global energy transition and the decarbonisation of our industry. Actions are better accommodated and achieved through synergies and collaborations. We feel therefore honoured to join forces with GCMD, the global centre that supports its members to meet or exceed the IMO goals. Excited to join the group and work with such a diverse range of knowledge and expertise for viable and sustainable solutions.”
Greece is one of the world’s top shipowning nation in tonnage. With a total of 384 million DWT and 4,870 vessels, Greece alone accounts for about 17.6% of global shipping[1]. Within the EU, Greek shipowners owns about 59% of the EU-controlled fleet[2]. Greece ranks highest in the tanker market with a fleet value of US$56.2 billion, owns the second most valuable LNG fleet worth US$29.1 billion[3] , and is dominant in bulker, tanker, LNG and LPG segments. It is therefore critical for the Greek shipping community to be part of the decarbonisation conversations.
Onassis Foundation President, Antonis Papadimitriou, said: “We are very happy that Olympic Shipping and Management will join the Global Centre for Maritime Decarbonisation. The Onassis Foundation actively supports the aim of Olympic to reach zero carbon on its fleet by 2050 as well as sustainable and responsible shipping”.
Welcoming Olympic Shipping as an Impact Partner, Professor Lynn Loo, CEO of the Global Centre for Maritime Decarbonisation, said: “The Onassis-Olympic Shipping Group brings a recognised Greek brand to the forefront of the global decarbonisation agenda. GCMD’s goal to benefit the maritime sector is aligned with that of the Onassis Foundation to benefit the public. We are proud to have OSM join us as an Impact Partner and are hopeful that this marks the beginning of greater collaboration with the Greek shipping community.”
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1 UNCTAD Review of Maritime Transport 2022.
2 Enterprise Greece, https://www.enterprisegreece.gov.gr/en/news/the-ceo-view/greek-shipping-has-a-vital-role-to-play-in-addressing-the-global-energy-crisis
3 Hellenic Shipping News, https://www.hellenicshippingnews.com/greece-retains-third-spot-among-the-top-10-shipowning-nations-pre-fleet-value/, 2 December 2022.
About the Global Centre for Maritime Decarbonisation
The Global Centre for Maritime Decarbonisation (GCMD) was set up on 1 August 2021 as a non-profit organisation by the Maritime and Port Authority of Singapore (MPA) and founding industry partners BHP, BW Group, Eastern Pacific Shipping, Foundation Det Norske Veritas, Ocean Network Express and Sembcorp Marine. Beyond the seven founding partners, GCMD has brought onboard 14 partners that engage at the centre level, in addition to numerous other partners that engage at the project level. Strategically located in Singapore, the world’s largest bunkering hub and second largest container port, GCMD aims to help the industry eliminate GHG emissions by shaping standards for future fuels, financing first-of-a-kind projects, and piloting low-carbon solutions in an end-to-end manner under real-world operating conditions.
About Olympic Shipping
Olympic Shipping and Management S.A. (OSM) is the continuation of Olympic Maritime, which Aristotle Onassis founded in Paris in 1952. After Onassis’ death, OSM became a part of the Onassis Foundation and is the entity managing the ships ultimately beneficially controlled by the Onassis Foundation. Throughout all these years OSM has built, acquired, and operated a large number of dry bulk and crude tanker vessels. The company’s current fleet comprises of 18 crude oil carriers ranging from Aframax to VLCCs with a carrying capacity of approx. 5m tons DWT. OSM’s objective is the provision of safe, efficient, reliable and sustainable operations along with the best possible service to its customers. What starts out as tireless labour across the seas around the globe, is returned to Greek society through the Onassis Foundation’s continuous public benefit activities in healthcare, education and culture.
