Sustainability of Thenamaris Investment Strategy Success and Difficulties Prof. Phoebe Koundouri Vasileios Lampropoulos – Chief Operating Officer Thenamaris (Ships Management) PHOEBE

Thenamaris Ships Management at a glance: Sustainability of Thenamaris Investment Strategy Success and Difficulties Thenamaris Ships Management at a glance: 46 Years experience in ship management 82 Vessels under management (Tankers, Bulk Carriers and Containers) 2,800+ Seafarers and 300+ Shore-based employees 51M tons of oil shipped in 2016 18M$ Invested from 2009 in fleet upgrades 31M$ Save Integrated management with specialized individuals Constantly benchmarking against Industry

Sustainability of Thenamaris Investment Strategy Success and Difficulties Vessel Design Optimization Design Condition @ 14knots 78.2Mt vs 63.2Mt every 24h

Sustainability of Thenamaris Investment Strategy Success and Difficulties Thenamaris 2014 Bunker Consumptions (tons/kNm) vs. Shipping Industry Benchmark VLCC* Overall MR Aframax Suezmax Ballast Average Laden Average Source: BCG Shipping Benchmarking Database 2015 Comparing consumptions of 32 of Thenamaris managed tankers to 227competitor vessels * VLCC’s based on BCG Shipping Benchmarking Database 2014 Comparing 2 of Thenamaris managed tankers to 12 competitor vessels

Sustainability of Thenamaris Investment Strategy Success and Difficulties Regulations Timeline

Sustainability of Thenamaris Investment Strategy Success and Difficulties Non holistic assessment of the impact of regulations (to environment and people) Adoption of regulations is based on immature or non existent technologies Lack of experience collection providing feedback to the regulatory bodies Different approach from regulatory bodies (Milestones – Requirements – Standards) Shifting compliance standards and requirements Extensive and specialized training needed with high impact on failures Lack of commitment for creating the conditions for adoption and compliance Lack of information for selecting very intensive in capital and impact installations Short implementation timeframe and lack of phase out approach

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