WOMEN OF INFLUENCE 2024

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Tribute Curation: Efi Kollia

The shipping subscription newspaper Maritime Economies, recognizing the rapid rise of women to leadership positions in Greek business, is presenting a special feature on March 6, 2024, entitled “Women of Influence.” This follows the great success of previous features published in the newspaper on February 21, 2018, February 20, 2019, February 19, 2020, February 24, 2021, March 9, 2022 and March 8, 2023.

 

The questions given for answer are: 

  1. In recent years, three important but also unforeseen events have occurred.
    One is the Covid-19 pandemic, the other is Russians attack on Ukraine and third the war between Israel and Hamas. How much these affect the operation of your business?

  1. What might be the impact on global shipping from the war in Ukraine and in Gaza?

  2. What are the reasons, in your opinion, for increased inflation even in developed countries?

  1. In our days more and more women are in business leadership. Is their leadership successful, so we can have more women in these positions?

 

MARINA HADJIMANOLIS

Shipping Deputy Minister of the Republic of Cyprus

  

  1. The Covid-19 pandemic, the Russian invasion of Ukraine and the continuing hostilities in Gaza, besides the enormous impact they have had on people, have affected the world’s economy and consequently all business sectors.

Shipping was not excluded, and in fact, shipping is an industry directly and immediately affected by these events.

Shipping though has once more proved the ability of the sector to respond to emerging situations and continue operating.

Cyprus shipping, during the COVID-19 Pandemic, has proven to be resilient and most importantly has managed to play a key humanitarian role. Cyprus being one of the first countries that recognized seafarers as key workers, has successfully facilitated the repatriation of 60,000 seafarers worldwide and has implemented a national vaccination program to 40,000 seafarers.

The pandemic had also forced all of us in the international maritime transport sector, on board and ashore, to resort to new working methods and make use of communication technology.  This was a “push” to expedite the utilization of all the available new technologies.

As a result, many of the operating methods used during the pandemic remained in place as they have proven to be efficient.

The Russia – Ukraine war has also had an impact on shipping.

The situation in the Black Sea, with many vessels stranded in Ukrainian ports and with the maritime trade disrupted in the area, has led to the international community to try and find solutions in order to keep shipping and consequently the world trade operating.

The UN-sponsored humanitarian-aimed Black Sea Grain Initiative was in place. Whilst it is very regrettable that Turkey prevented the participation of the bulk carriers flying the Cyprus flag, that decision has not affected the Cyprus flag.

It was unavoidable though for the Cyprus flag to be affected by the EU imposed restrictive measures against the Russian Federation due to the situation in Ukraine. Although the situation has been, since August 2023, stabilized and has started showing a reversal of the trend, a significant number of vessels have left the Cyprus flag.

Over the 60 years of existence of the Cyprus Register of Ships, we have seen ups and downs.

The situation in Ukraine had a negative impact but, as it has happened in the past, the current efforts for recovery of the Cyprus Registry, which has 60 years of experience, the necessary know-how and the expertise to face and overcome any adverse and negative effects, will yield positive results.

  1. The movements of ships in the Black Sea have, since last summer, appeared to have assumed a repeated mode. The port installations of Bulgaria, Romania and along the Danube River, from where you can export Ukrainian grain, are operating to the limits of their capacity.

The sea corridor which Ukraine established as a substitute of the termination of the Black Sea Grain Initiative seems to have been condemned by the news media.

Thus, I would venture to say that as far as the situation in Ukraine, the global shipping industry has absorbed and recovered from the impact the February 2022 Russian invasion had.

Any future impact will be the result of either new EU imposed restrictive measures or changes in the G-7 imposed Russian oil price cap or both.

Whilst the situation in Gaza is regrettable, the important issue, for the maritime transport industry and for the Cypriot consumer is the freedom and the unabstracted navigation through the Strait of Bab El-Mandeb.

The navigational rights and freedoms by merchant vessels, in accordance with international law, must be respected in order to safeguard life at sea and avoid negative impact on humanitarian efforts worldwide.

The present situation with the freedom of navigation being strongly violated in the southern Red Sea and the Gulf of Aden is unacceptable. Houthis attacks on merchant and commercial vessels in the Red Sea undermine not only the navigational rights and freedoms but also undermine the regional peace and security.

Cyprus is seriously concerned about the threat that these attacks pose to the safety of navigation and mostly to the safety of life at sea, i.e. mainly the lives of our seafarers.

The EUNAVFOR ASPIDES operation has been launched and welcomed by the international shipping community, hoping for positive impacts and results.

However, the best solution is for the Houthis attacks against ships operating or transiting through the Strait of Bab El-Mandeb to immediately cease.

  1. The major events that have occurred, like the Covid-19 pandemic, the Russia-Ukraine war and the Israel-Hamas war, besides adding up to the struggle of the world economy which was overcoming the global economic crisis, have created a complex interplay of economic, regulatory, technological and geopolitical factors which has heavily influenced the world, had significant impact on economies and people, thus increasing the inflection even in developed countries.

The shipping industry was affected by the above serious events, as global economic uncertainty was created, leading to shifts and fluctuations in demand for shipping services.

Disruptions in the global supply chain were created and marine fuel prices have been fluctuating, having a significant impact on shipping costs.

Other reasons for the increased inflection are the changes in the global environmental regulations.

The International Maritime Organization has adopted a Strategy on Reduction of GHG Emissions from ships which sets out the future vision for international shipping and the levels of ambition to reduce GHG emissions.

Compliance with new regulations may require significant investments in new technologies or changes in operating procedures which can again lead to increased inflection.

  1. It is a pleasant fact that women today excel in various business sectors where they hold leadership positions ensuring a balanced representation in executive roles.

A woman’s perspective contributes to a much more holistic approach for strategic planning and problem solving, thus enriching the decision-making process and the organizational culture.

The unique gifts of the female nature like intuition, understanding, empathy and multi-tasking should be embraced, integrated and utilized towards achieving professional success.

Women empowerment in all business sectors is of great importance and especially in sectors which were or might even still be considered as “male dominated,” like the shipping industry.

Witnessing today women progressing and holding high positions in the entire shipping industry, both ashore and onboard, is a very promising outcome. Women achieving these goals are an inspiration and motivation to all women as it proves that leadership is not confined by gender.

Cyprus demonstrates its strong support on gender equality, diversity and women empowerment, by giving equal opportunities to all, despite of their gender, starting from the very beginning of a person’s career orientation.

On the occasion of the “International Day for Women in Maritime” established by the International Maritime Organization (IMO) and celebrated annually on May 18th, Cyprus has also established the “Gender Equality Award in Cyprus Shipping” which will be bestowed annually as part of the celebrations of the International Day for Women in Maritime and as proof of Cyprus’ commitment to the promotion of gender equality.

It is worth mentioning that after the decision of the IMO Council at its 130th Session, the first recipient of the “IMO Gender Equality Award” which will be bestowed in 2024, is Mrs. Despina Panayiotou-Theodosiou.

A great woman leader from Cyprus who embodies the essence of this award, proven through her career path, her work and dedication towards the promotion of gender equality.

 

SOPHIA KOUNENAKI EFRAIMOGLOU

President of the Athens Chamber of Commerce and Industry,
President of the National Chamber Network of Greek Women Entrepreneurs,
Executive Vice President of the Board of Directors of the Foundation of the Hellenic World

 

1. It is true that in the past few years Greek enterprises have faced consecutive crises. They have, nonetheless, shown remarkable resilience and adaptability, supporting, at the same time, the growth of the Greek economy. In the last three years, the country’s GDP has been growing faster than the euro zone average, along with an increase in investment and exports, and a drop in unemployment. This performance is due to the implementation of a series of reforms and interventions, which improved the country’s business environment, as well as to the persistence and capabilities of Greek enterprises and their people, who never stopped trying and taking new initiatives. It is no coincidence that, from 2021 until 2021, there has been a steady increase in the rate of new business formations, based on data from the ACCI’s General Electronic Commercial Register.

Today, the international landscape remains adverse, owing to geopolitical instability, inflation, high interest rates, and stagnation in the euro zone. There are, however, certain factors that offset the external pressures exerted on Greek enterprises. The utilization of resources from the Recovery and Resilience Fund and the NSRF 2021-2027 creates opportunities for the promotion of new investments, while the recent restoration of Greece’s investment grade allows for the gradual improvement of the financing conditions for both the public and private sectors.

Given such adverse international conditions, though, there is no room for complacency. The challenge for Greek enterprises is to sustain their resilience and step up their pace. To exploit every new opportunity, in order to upgrade their productivity, boost their international competitiveness, accelerate their green and digital transition. In this effort, the Athens Chamber of Commerce and Industry remains a valuable ally, offering a wide range of innovative information and training, consulting, extroversion-related, international networking, and other services.

2. The shipping industry is, indeed, called to deal with a complex environment of ongoing geopolitical conflicts, as well as environmental challenges. The recent attacks against commercial ships sailing through the Red Sea affect all shipping sectors –predominantly, though, the container sector– jeopardizing the safety of crews, and substantially increasing journey times and costs, with obvious effects on the final price of goods. An equally severe threat, of course, arises from the consequences of climate change. This threat becomes now imminent, as the drought is already affecting the operation of the Panama Canal. These shocks practically, and for different reasons, force the shipping industry to return to sea routes that had been abandoned for centuries.

Given that shipping manages 90% of the global supply chain, the risks spill over to the economy as a whole. The Red Sea is a route through which 15% of total global trade normally passes. The current disruption, especially to the extent that it will affect energy supplies, may lead to a new spike in inflation, with increases in the prices of all commodities.

A lot, of course, will depend on the evolution of geopolitical tensions. In any case, though, I believe that strategies and decisions in the shipping sector will, in the forthcoming years, be determined by the issues of security and sustainability.

3. The rise of global inflation began as a natural consequence of increased demand post-pandemic not matched by a corresponding increase in supply – which was, on the contrary, first affected by the disruption of the supply chain and then by skyrocketing energy costs. Today, despite the relative de-escalation, the active war fronts in Ukraine and the Middle East and, of course, the recent upheaval in the Red Sea, continue to constitute sources of inflationary risks.

Although this is an international problem, its intensity in each country may also be affected by domestic factors. In Greece, in particular, despite the fact that average inflation is lower than in the euro zone, food prices are rising faster that in the other European countries. And this, in spite of the signs of improvement in wholesale energy prices during the first month of the year.

This phenomenon is, to a great extent, related to the fact that our country has historically had a weak productive base and is greatly dependent on energy imports, while competition does not work well in certain markets. To change this reality, we need long-term planning, decisive structural reforms, and the mobilization of more private and public investment, in order to make our economy more productive and competitive.

4. The participation of women in the top ranks of an organization adds substantial value to it. Studies by prestigious agencies, including S&P Global Market Intelligence, McKinsey, and the SKEMA Business School’s Observatory on the Feminization of Companies, demonstrate that the businesses that have appointed women to senior management positions show better results in terms of profitability and stock market performance. In Greece, an ICAP study shows that female-led Greek companies perform better in terms of all profitability ratios.

In Greece, we at the National Chamber Network of Women Entrepreneurs (EEDEGE) demanded the mandatory representation of women in listed company Boards by 25%. That said, there remains a substantial gender gap as regards the positions of Chairperson, Vice-chairperson or Chief Executive Officer. Moreover, despite the fact that our country is ranked first in Europe as regards women’s participation in business, with a 37% ratio, female entrepreneurship tends to be concentrated in low-added-value activities with limited prospects of dynamic growth.

The ACCI is methodically working towards boosting female leadership in business. In this effort, we are joining forces with organizations such as the EEDEGE and the NED Club, offering business and digital skills training programs for women, implementing programs specifically addressed to female startups through the ACCI Incubator, and remain in constant consultation with the state and all stakeholders.

 

ANGELA GEREKOU

President, GNTO

  1. In recent years, three important but also unforeseen events have occurred. One is the Covid-19 pandemic, the other is Russians attack on Ukraine and third the war between Israel and Hamas. How much these affect the tourism sector in Greece and the strategy of the promotion of the country?

This specific impact on Greece’s tourism sector depends on factors such as the duration and severity of these events, the perceived safety of the region, and global economic conditions.

The Greek Government as you must know have implemented several economic measures and strategies to mitigate the impact on tourism and have worked towards the sector’s recovery and especially for the inflation and the price increase in the energy sector (high cost of travelling).

And as it was expected there was a significant reduction in the flow of Russian tourists abroad due to the war.

The impact of the reduced flows during this season affected mainly the European countries of the Mediterranean, including Greece. In the medium-long term, however, there is so far no serious impact on the image of Greece as a tourist destination from the deterioration of relations between the two countries due to the war.

By the war in Gaza the tourism to the islands of Rhodes, Kos and Crete was mostly affected as well as the cruise sector.

Cruise lines changed itineraries and suspended calls to ports in Israel and Egypt, leading to disruptions for travelers, travel agencies and tour operators as well as affecting company planning for 2024.

Greece, let’s not forget, is  among Top 3 most preferred destinations for Israelis!

Athens International Airport data recently showed that Greece was among the Top 3 most preferred destinations for Israeli travelers for 2023.

Indicative of the demand for Greece, in the January-August 2023 period, inbound traffic from Israel accounted for the majority of long-haul market arrivals with the number of travelers from Tel Aviv exceeding those from New York.

G.N.T.O as you know is the  Greek National Tourism Organization, a public entity under the auspices of the Ministry of Tourism, responsible for promoting Greece as a tourism destination.

Its role is to encourage travelers to visit and explore the country and help increase awareness for Greece and during several crises we worked hard for the future of tourism!

With 17 offices abroad, GNTO operates in several key markets organizing international Public Relations events, participating in all the iconic tourism exhibitions!

In the GNTO we have readjust our campaigns and promote Greece as a safe country all over the world. It was a difficult task but we manage to increase the popularity and the high demand back to normal.

2 What are the reasons, in your opinion, for increased inflation even in developed countries?

Increased inflation in developed countries can be influenced by a combination of factors such as:

THE Demand-Pull Inflation: If demand for goods and services surpasses the available supply, it can lead to an increase in prices. This can occur due to factors such as increased consumer spending, government stimulus programs, or other economic stimuli.

THE Supply Chain Disruptions: Disruptions in global supply chains, such as those caused by the Covid-19 pandemic, natural disasters, or geopolitical events, can lead to shortages of goods, pushing prices higher.

THE Cost-Push Inflation: When the costs of production for goods and services increase, businesses may pass on those costs to consumers in the form of higher prices. Factors contributing to cost-push inflation include rising wages, increased raw material prices, or higher energy costs.

Also as you know Central banks play a crucial role in managing inflation through monetary policy. If a central bank pursues expansionary monetary policies (such as lowering interest rates or engaging in quantitative easing), it can contribute to higher inflation.

If businesses and consumers expect prices to rise in the future, they may adjust their behavior, leading to self-fulfilling inflationary pressures. This is often referred to as inflation expectations.

It’s important to note that the factors contributing to inflation can vary across different countries and time periods. Central banks governments and policymakers closely monitor these factors and adjust their strategies to maintain stable economic conditions.

  1. In our days more and more women are in business leadership. Is their leadership successful, so we can have more women in these positions?

The success of women in business leadership roles is a complex and multifaceted topic. While it is crucial to avoid generalizations, numerous studies and observations have indicated that diversity, including gender diversity in leadership, can contribute positively to organizational performance.

Women in business leadership may face unique challenges, including gender bias, stereotypes, and a lack of representation. Successful women leaders often navigate these challenges, paving the way for future generations.

Furthermore the success of women in leadership roles is also influenced by the culture of the organization. Inclusive and supportive organizational cultures tend to foster the success of leaders, irrespective of gender.

But diverse leadership teams, including gender diversity, can bring different perspectives, experiences, and approaches to problem-solving. This diversity is often linked to increased innovation and creativity within organizations.

Also Effective Communication: Women leaders are often credited with strong communication skills, empathy, and collaboration, which can contribute to a positive workplace culture and employee engagement.

We know well that successful women in leadership can serve as role models and mentors, inspiring other women to pursue leadership positions. Mentorship programs and initiatives that support the development of women in business can contribute to their success.

It’s important to recognize that success in leadership is individual and context-dependent.

Women leaders, like their male counterparts, can bring a diverse range of skills and leadership styles. The key is to create an inclusive environment that values diversity and provides equal opportunities for all.

Efforts to promote gender diversity in leadership positions often involve addressing systemic barriers, providing mentorship and leadership development programs, and fostering a culture that values diversity and inclusion.

As more organizations and of course men and women, embrace these principles, it is likely that women will continue to contribute significantly to successful leadership in various sectors.

 

 

IRENE S. DAIFAS

CEO of Stavros Daifas Maritime Corp. S.A.
General Secretary of Hellenic Marine
Environment Protection Association (HELMEPA)

  1. To my great sorrow and to all the peoples’ of course, there have indeed been three unexpected events, which have caused absolute chaos throughout humanity and fundamental shock in all areas, without any exception. Humanity bears a deep wound, as many peoples lifes have been threatened in various ways and in most cases, the losses were severe.

Since I am of course called upon to expand specifically on the shipping sector, it is necessary to emphasize the fact that shipping is, if not the most important sector, one of the most important sectors for the economy of our country and internationally.

Therefore, everybody understands the severity of the impact on our economy when maritime trade, which is a powerful catalyst in ensuring good economic balance, was restricted and in many cases, forbidden.

All kinds of delays, for example in the customs clearance process, in the process of taking the necessary measures to implement thorough checks on crews, and clearly, the never-ending effort to find solutions and ways out, seeking to balance in unknown and turbulent territory, contributed to the rapid reduction in trade.

Thus, the revenues of the shipping industry were mathematically led to a declining trend during the Covid pandemic as well as in the period of the vast geopolitical changes, due to the two wars.

The restart of the reconstruction process will clearly be the horizon we all look forward to, with great anticipation, hoping for a balanced new normality as soon as possible!

 

  1. WAR is WAR.

And the word alone, could stand as the one and only argument to justify this huge blow to humanity itself and to all businesses worldwide.

Because of the importance of shipping, and considering the fact that maritime trade is the cradle of the Global Economy, the consequences are many and serious.

The consequence of the market decline in trade, is a chain collapse process of economic revenues and interests that has succeeded in causing significant economic losses to many businesses.

Suddenly supply routes were modified, commodity prices soared and trade patterns diversified to unprecedented levels.

In addition, shipping companies had to study in detail the possible outcome and course of these two unpleasant events and change their tactics in order, first and foremost, to protect their crews and employees and, of course, to maintain a balance with their charterers.

The crews of many companies were asked to work in a climate of fear, danger and insecurity.

These unfavorable circumstances have therefore automatically made reaching and attracting seafarers an even greater challenge than ever before, and in many cases insurmountable for many of the destinations.

It is certain, that the confusion and fear caused to the global economy by the increasing geopolitical risks, has developed into an international economic shock.

Therefore, maximum effort had to be made from companies to turn the unattainable into achievable, inventing new ways and tactics. The Shipping Industry, the Global Economy and International Trade have been severely affected and are mostly “sailing in uncharted waters.”

  1. A Developed Country equals to a Developed Economy!

Specifically, it results as a term as long as the tertiary and quaternary sectors of the economy are predominantly and consistently dominant.

The tertiary sector includes all forms of trade and, the maritime on of course.

It is therefore very easy to conclude from the above-mentioned events that a global ‘domino effect’ has been created, with multi-modal consequences, which could not leave the developed countries unaffected.

However, what attracts my interest and what I believe is the heart of the problem, is the Quarterly Sector of these countries’ economies.

In other words, the sector that was created from the very beginning, aiming  to implement economic research in the short- and long-term planning.

Essentially a ‘Coordinator’, as it could reasonably be described, of the other three primary sectors, which in this case was ‘ambushed’ and deemed incapable of ‘giving birth to’ business solutions, bringing as a result the ‘Domino effect’ and its   economic consequences, inevitable.

Nevertheless, the latest conclusions converge that the global economy is far more resilient than expected and that the next few years are likely to be much better in growth and productivity.

  1. Absolutely yes, because women are extremely flexible and adaptable as their very nature dictates!

If you ask me if these two characteristics should be found in a “leader” with longevity, I will answer that not only should they be found, but they should be considered as a requirement!

Women possess in their arsenal this privilege!

Unlike men who seek to be assertive, decisive and highly demanding, women by nature, are more vulnerable and by seeking to be more cooperative and less “aggressive,” manage to gain and maintain control peacefully and, as a result, manage to lead in a better way.

Excellent at being good listeners and driven by a constant desire to be fair, they inspire a desire to their employees to cooperate to the best of their ability and deliver the best possible results,

ensuring a healthy working environment in which productivity can always be increased to the higher level. They always ‘fight’ gender bias in their workplace, by using all their diplomacy, politeness and communication skills.

By making positive public relations, contacts, and using creatively their femininity, they often manage to be preferred by male businessmen as the most ‘correctly and intelligently positioned’ interlocutors.

Women entrepreneurs face their working future with optimism and take slow but steady steps towards conquering every difficult professional peak with absolute confidence!

MYLADIE STOUMBOU

Regional Director, Microsoft –
Chair, Women in Business Committee,
American-Hellenic Chamber of Commerce

 

  1. In recent years, the world has experienced several unforeseen events. First Covid-19 pandemic, then the geopolitical turbulence, on top the overall economic challenges and the climate crisis. How much do these events affect the operation of your business?

Recent global events, such as the Covid-19 pandemic, geopolitical tensions, economic challenges, and the climate crisis, have had profound effects on businesses worldwide. Specifically, the technology industry has seen an unforeseen acceleration as the dynamic of these crises called for more resilience and agility in various sectors of the economy.

The pandemic accelerated remote work and digital transformation, creating increased demand for collaboration tools, cloud services, automation, and cybersecurity solutions. Supply chain disruptions and economic uncertainties impacted technology companies, leading to a reevaluation of resilience plans and investment decisions.

Changes in consumer behavior, with a shift towards e-commerce and digital services, disrupted business models and supported the evolution of niche players with value added services in that space. The climate crisis prompted a greater focus on sustainability in technology operations, driving efforts to reduce carbon footprints.

On top of all this, the evolution of artificial intelligence is now a catalyst for stronger acceleration as most companies are already experiencing the benefits of the streamlined and automated decision making powered by AI.

In navigating these dynamics, businesses demonstrating agility, innovation, and a commitment to sustainability are better positioned for success in this evolving environment. And technologies such as AI, can offer a beacon of hope, providing unprecedented opportunities for innovation, efficiency, and resilience, shaping a brighter future for sustainable growth and progress.

  1. In recent years we have experienced increased inflation in developed countries with many factors contributing to this challenge. First, Covid-19 pandemic led to supply chain disruptions, labor shortages, and increased production costs. The rapid rebound in demand as economies reopen further intensifies these challenges, creating imbalances between supply and demand.

Fiscal and monetary policies, including extensive government stimulus measures and low-interest rates, also play a role in driving inflation. These policies, while crucial for economic recovery, can contribute to increased consumer spending and rising prices.

Regional factors, such as the geopolitical tensions in Europe and Middle East, as well as the international trade disruption from the crisis in the Red Sea, and also global factors such as rising commodity prices, and supply constraints add to the inflationary pressures.

The energy crisis and supply chain bottlenecks, coupled with increased demand for goods and services, contribute to higher costs for businesses.

Finally, the shift towards more sustainable and resilient supply chains, coupled with technological advancements, may lead to increased production costs in the short term.

While we are amid a complex and multi-faceted inflationary environment, we should remain steadfast in our belief that collective resilience, innovative solutions, and global cooperation will pave the way for a more stable and prosperous economic future.

  1. The increasing presence of women in business leadership is usually associated with numerous positive outcomes for the organizations.

Today, several studies, including those by McKinsey & Company, consistently demonstrate a correlation between gender diversity in leadership and improved financial performance.

Companies with more women in leadership positions tend to exhibit better decision-making processes, excel in innovation, and outperform their counterparts.

The diverse perspectives brought by women in leadership contribute to creative problem-solving and enhance organizational cultures.

Beyond financial success, organizations are increasingly prioritizing diversity and inclusion to create more successful, innovative, and resilient workplaces.

As the new leadership paradigm shifts from the obsolete “command and control” to a more “people-centric” approach, women leaders can play a big role.

Having women in leadership positions should become the norm, not the exception.

Companies with gender diversity on executive teams are more likely to embrace employee-friendly policies and programs, to champion gender equality, to retain and attract talent. Women leaders more often take a public stand for gender equity at work, they’re more likely to mentor and sponsor other women, they act as role models, they inspire, they empower.

Businesses benefit from improved talent retention and recruitment, as gender-diverse companies are more attractive to top talent.

Today, women are made for science, for technology, for business, for service. Women are fit to lead. Women are proving that career and family can go together.

Women must be at the center of recovery for economies and societies.

It matters for us and for our daughters, it matters for our future.

PINELOPI KASSANI

Governance, Risk and Compliance Partner|
Chartered Accountants Moore Stephens S.A.

  1. One thing that all three of these events had in common is that they were largely unforeseen.

COVID was unchartered territory in the sense that it posed a global-scale survival threat as well as tested infrastructures and societies to a great extent.

In the case of the wars in Ukraine and Israel, even if one could sense the tension building up, the magnitude of the impact could not have been anticipated in any realistic business plan that considers both the likelihood and magnitude of risks materializing.

This is why agility is vital for companies to navigate through turbulent times, especially when events unfold that could not have been safely predicted.

Greek shipping is known to be a world champion in this field of constant change and we, at Moore Greece, have been observing and learning along with our clients, how to navigate these waves of change.

The COVID pandemic meant that all our teams had to work remotely, away from our clients and away from the office.

And while in-person interaction cannot be substituted by any electronic means, we very quickly transitioned to a fully remote client servicing model, because we had already developed the means to do so, utilizing the available technology and building our teams capabilities and trust.

Even more so, we had tested the remote work environment by servicing clients that are located outside Greece for the past few years.

Working remotely also had an unforeseen side-effect: by eliminating time and energy lost in commuting and between assignments, our day became more productive.

It was during the COVID pandemic  that we designed and implemented new services like the Maritime Accounting Software (MAS) and the Financial Reporting Masterclass.

The wars in Ukraine and Israel affected the maritime sector significantly, but for us, as professional services providers, not much has changed for our operations, as we did not have any business that was affected.

Having said that, we are regularly updating our policies and procedures in the areas of new client onboarding and due diligence as well as sanctions to ensure we always comply with the regulatory requirements in our profession.

  1. Many analysts are quick to state the obvious: that wars and other major events that disturb the usual trading routes making them last longer, inevitably lead to an increase in rates and benefit the maritime sector in that respect.

While this may be so, one should not forget that the wars also increase running costs, insurance, and other expenses. Inevitably, wars create premia that transfer themselves along the supply chain and are eventually borne by the consumers.

The impact of the wars in Ukraine and Israel is already felt by consumers.

More importantly, wars impose significant threat to the health and safety of crew onboard vessels in the affected areas.

Seafarers, having achieved ‘key worker’ status during the pandemic for their vital role in maintaining the global food and energy supply chains going, are now faced with yet another threat, when working in areas affected by war.

Good crews are not easy to find or retain, hence the wars create another challenge for maritime companies.

Longer routes also mean higher consumption of carbon-based fuels leading to increased emissions and an overall increased negative environmental impact, over- and underwater.

  1. Inflation is affected by many factors and not all of them are fully observable. I believe that the inflation that we are currently experiencing is mainly due to a chain of events and their interrelations.

COVID led millions of people to stay at home for a long time. Production was disrupted. Shortages and delays were observed. Then, consumer habits changed.

People could not go out to dinner, not go on vacation. They now spent on different products and services.

This put pressure on ‘just-in-time’ production models and inevitably the demand led to increased prices.

After COVID, the war in Ukraine increased the energy prices further, which in turn fueled price increases throughout the supply chain of food and energy.

Inflation was further affected by fiscal and monetary stimuli as well as by the self-fulfilling expectations of an improved post-pandemic labor market.

 

  1. We read about women assuming leadership positions in organizations, institutions and even governments, almost every day. I find that very inspiring, acknowledging the amount of effort, dedication and skill that is required to lead as chairperson.

At the same time, I feel fortunate to have been raised with the belief that I can study and pursue the career of my choice and that I then worked for organizations that trained and empowered women not only to succeed, but to lead others to succeed as well.

Not all women are as fortunate and I believe we have a lot of ground to cover and many stereotypes to crush, as a society, before we can claim gender equality.

However, I believe that the time will come when a woman becoming CEO will no longer be ‘big news.’ And that fact will in fact BE the ‘big news.’

ANGELIKI CHOMATA MARGETIS

MJur Oxon
Vice Chairman
Margetis Maritime Consulting

Shipping is one of the fundamental pillars of international trade.

Any negative impact on the shipping industry, like the domino effect, directly affects the economy, cumulatively all the chain supply, and finally our lives.

The COVID-19 consequences as well as the aftermath of COVID-19 have been deeply elaborated.

A new reality has been introduced, a new era of business has been inaugurated, and the maritime community has been forced to face new challenges.

Digitalization, innovation, automation, green transformation, long-distance procedures, and manuals are dominating all discussions regarding the future of shipping.

While dealing with the aftermath of COVID-19, the Ukrainian and Gaza wars burst out, bringing new turbulence to global shipping dynamics.

As per the position of Smedley Butler, “War is a racket,” meaning that in every armed conflict, new opportunities arise for the stakeholders. Possibly because there is no other way than to handle the new reality and find a vital solution.

The delays in the transportation of goods between Europe and Asia, the increased shipping costs, the difficulties in energy resource transit, particularly natural gas, through pipelines and ports due to the Ukraine war and its implications for access to the Black Sea, and at the same time the necessity for increased security and safety measures and precautions in route planning to avoid pirate attacks, because of the Hamas war, require urgent measures.

Trade routes may be reevaluated, with some regions experiencing increased trade while others face disruptions.

The insurance and chartering business may be reconfigured by reexamining all insurance clauses, charter party clauses, P&I coverage, and freights.

The shipowners’ interests are under the scope of facing the above geopolitical changes, the fluctuations in energy prices, and reducing their footprint on the planet and sailing to the green transition, which, due to the war’s impact on the energy supply routes, leads them rapidly to invest in greener technologies and alternative fuels to become sustainable and more efficient.

Notwithstanding the above, the supply chain is oriented towards sustainability.

Due to the pandemic, the above geopolitical tensions, and notably the impact of energy prices on production costs and transportation expenses, particularly oil and gas, we witnessed a noticeable surge in inflation rates.

Quite an expected consequence, as the supply chains have been disrupted, the market is distorted, the freights are increased, and the dangers in goods’ transportation led to shortages, a lack of labor forces, and increased wage demands.

All these consequences led to an increase in prices to cover demand-supply imbalances.

The shipping market to offset losses raised prices for consumers, but as I read in a McKinzie report, “if price increases are not executed thoughtfully, companies can damage all the supply chain and radically the customer relationships, depress sales, and hurt margins.”

All the above raises concerns among policymakers, economists, and the general public.

It is important to understand and track the elements that trigger price increases and adopt effective strategies that address both short-term issues and long-term structural factors to achieve sustainable economic stability.

Given those changes, we are obliged to adjust our business, by focusing on new opportunities, revising the new rules, regulations, and directives coming into play (e.g., quarantine protocols, renewed safety guidelines, remote monitoring), and exploring the new needs and demands.

At Margetis Maritime Consulting, we digitalized our processes, expanded our surveying and reporting processes and procedures to meet the environmental requirements, by undertaking environmental audits, revised the new trends and their impact on the maritime industry i.e. the green technologies and alternative fuels, trained our team to the social and governance pillars of the shipping chain.

We are constantly alert to eco-friendly practices, we update our internal processes to contribute, in a viable, realistic, and sustainable way, to the green transition.

To navigate complex challenges and foster a more inclusive corporate culture, diverse leadership is necessary. Male or female, the leader should be the person who meets the qualifications, has the skills to lead, inspires the personnel, and leaves a positive footprint.

Women gain leadership positions due to their skills, personalities, and performances, not their gender.

That is the reason that women maintain their positions in the long run and improve the financial performance of the company.

I experienced positive and negative male and female leadership, therefore, as far as I am concerned, both men and women need to exercise their roles with empathy, and a spirit of collaboration, and not be afraid to share their vision with their colleagues, train them, empower them, and recognize their value to the company.

DANAE BEZANTAKOU

CEO Navigator Shipping Consultants Ltd

  1. While Navigator Shipping Consultants does not directly trade in the specific regions impacted by the Covid-19 pandemic, the Russian attack on Ukraine, and the conflict between Israel and Hamas, the effects of these events on the global economy are noteworthy. The Covid-19 pandemic led to disruptions in supply chains, port closures, and fluctuations in demand for certain goods, all of which indirectly influenced operational costs for businesses in the shipping industry.

Similarly, geopolitical tensions and conflicts can disrupt trade routes, lead to increased insurance premiums for vessels passing through affected regions, and potentially cause delays or rerouting of shipments. While the direct impact on Navigator Shipping Consultants may be minor due to not trading in these specific areas, the broader implications on global trade undoubtedly resulted in increased operational costs and challenges for the industry as a whole.

  1. The conflicts in Ukraine and Gaza could impact global shipping in several ways:

– Disrupted Trade Routes: Conflict may disrupt key trade routes, requiring longer or alternative paths.

– Increased Insurance Costs: Geopolitical tensions can raise insurance premiums for ships passing through conflict areas.

– Supply Chain Disruptions: Goods and raw materials flow may be delayed, affecting global supply chains.

– Rerouted Shipments: Companies may redirect shipments to avoid conflict zones, increasing transit times and costs.

– Energy Price Impact: Conflict in energy transit regions like Ukraine can affect oil and gas prices, impacting shipping costs.

– Geopolitical Uncertainty: Tensions can create market uncertainty, affecting shipping demand and rates.

In today’s world, continuous exposure to conflicts via technology and media can desensitize people, while social media can influence public perception and exacerbate tensions. Overall, these conflicts pose challenges for global shipping amid volatile conditions shaped by technology and media influence.

  1. Increased economic inflection in developed countries can be attributed to various factors:

– Global Economic Interdependence: Developed nations are influenced by global economic trends and events, impacting trade, investment, and financial markets.

– Domestic Policy Changes: Shifts in government policies, including fiscal, monetary, and regulatory measures, can affect business confidence, consumer spending, and overall economic stability.

– Technological Disruptions: Advances in technology, such as automation and digitalization, can disrupt industries, alter job markets, and affect income distribution.

– Structural Shifts: Demographic changes, industry transformations, and shifts in labor markets can reshape economic dynamics and contribute to volatility.

– Financial Market Fluctuations: Changes in stock markets, currency exchange rates, and bond yields can create uncertainty and impact investment decisions, leading to economic fluctuations.

– Environmental and Geopolitical Risks: Natural disasters, climate change, geopolitical tensions, and trade disputes can disrupt supply chains, increase costs, and hinder economic growth.

– Income Inequality: Disparities in income and wealth distribution can exacerbate economic volatility by affecting consumer spending and financial stability.

– Policy Uncertainty: Political instability and changes in government leadership can create uncertainty about future economic policies, deterring investment and hindering long-term planning.

  1. The World Economic Forum’s Global Gender Gap report indicates that businesses offering flexibility tend to have more women in senior management roles, emphasizing the importance of fostering a supportive culture for flexible work arrangements. Despite calls for a return to office-based work, data shows that such environments have the lowest representation of women in senior positions, underlining the significance of continued commitment to flexibility.

The increasing presence of women in business leadership roles brings several benefits:

– Diverse Perspectives: Women leaders offer unique viewpoints, fostering innovation and better decision-making.

– Enhanced Performance: Companies with more gender-diverse leadership tend to outperform others, thanks to improved collaboration and talent retention.

– Positive Reputation: Organizations valuing gender diversity attract top talent and enjoy a reputation for inclusivity.

– Employee Engagement: Women leaders serve as mentors, creating a supportive work environment and boosting productivity.

– Risk Management: Diverse leadership teams can identify and mitigate risks more effectively, leading to better adaptability to market changes.

While women’s success in leadership isn’t solely about gender, promoting gender diversity benefits both businesses and society by creating more inclusive workplaces.

DR. ILIANA CHRISTODOULOU VAROTSI

Senior Legal Consultant & Lead Industry Trainer
in private practice

  1. Let me address this question from the angle of my professional activity as a lead industry trainer engaged with education and training with leading providers worldwide and in Greece.

During the global health pandemic, physical isolation had clearly created an appetite for distance learning and professional development at large. Subsequent events such as the geopolitical crisis, including major wars in Eastern Europe and the Middle East, exacerbated uncertainty and unpredictability. Despite inflation and rising cost of living, maritime professionals seek to develop further their skills, knowledge of maritime regulations and industry best practice and capabilities so as to better understand the world surrounding them, identify opportunities and ensure compliance and competitivity. One should not forget that the geopolitical crisis has also brought upon legal risks in shipping business (to name but a few one may think of the imposition of economic sanctions), thus the need for ongoing awareness. In my capacity as an industry trainer, I see highly motivated professionals in the training room and online pursuing, often on a self-sponsored basis, learning projects of varied levels.  Regardless of being a CEO or a new entrant, the need to revisit and understand in a structured way the rapidly changing landscape in which shipping operates cannot be overestimated.

  1. Shipping constitutes the means of transport par excellence of global trade. Global shipping is impacted by major wars and the hostilities in Ukraine and in Gaza are no exception. Global shipping is flexible and adaptable by nature. Nevertheless, wars exacerbate the shortfalls of crews, put at risk the safety of seafarers and ships as property assets, and may jeopardize the protection of the environment, including with regard to the emission of greenhouse gases. Major wars also have an impact on freight rates and insurance premiums, and increase legal risks, including economic sanctions.

Geopolitical tension at present leads to uncontrollable trouble spots, as it can be seen in the unprovoked attacks on shipping in the Red Sea and in other adverse consequences affecting shipping, trade supply chains and security. More and more ships have to travel around the southern tip of Africa, which, amongst others, leads to longer journeys and increased greenhouse gas emissions. The cascading effect of disruptions caused by geopolitical tensions and hostilities such as the ones experienced at present suggest that the benefits of peace for humans, trade and shipping are unfortunately disregarded.

  1. Even in developed countries soaring inflation is a major issue. Inflation results from a combination of factors, which are related to the rises in energy prices following, amongst others, the invasion in Ukraine; yet, as noted by the IMF, inflation is also dependent on other factors like profit increases going beyond certain limits. According to German global data and business intelligence Statista, Hungary had reached the highest rate of inflation among EU Member States, which amounted to 26.2%!   According to the same source, as of March 2022 inflation rate for energy was about 40% in the EU. Inflation has been associated with dark pages of human history and should be a top priority for policy makers and stakeholders. It is noteworthy that in the absence of further large shocks to food and energy prices, projected headline and core (excluding food and energy) inflation rates return to levels consistent with central bank targets in most major economies by the end of 2025 (OECD, 2023).
  1. Successful leadership roles are not, in my opinion, a question of gender even though we should acknowledge that progress is being made concerning female leadership in the Western world. We need to break stereotypes and embrace an open-minded perspective of leadership. This means embracing leadership roles which truly support transparency, compliance, inclusion, and climate goals, and drive teams towards success. It is clear that there is room for improvement. On this point, I would like to recall the EU Directive on gender balance in corporate boards. I am also happy to see more and more conference panels in the shipping industry respecting gender balance. I believe that most professionals are pleased to have both men and women in their teams and that the majority of male professionals do not see any issues in working with inspiring female leaders. In Greece there are numerous examples in shipping and in other fields of successful leadership by inspiring men and women. In the training room, I am truly pleased to see so many professionals, regardless of gender, background or seniority, having confidence in their instructor, and sharing their strengths and weaknesses. A true leader is inevitably a life-long learner.

MARIA ATHANASIOU

Founder of Athanasiou & Associates LLC,
Founder of MASO Strategic,
Lecturer in Maritime Law at Cyprus Maritime Academy,
Oil & Gas Trainer in Oman Trade Center

 

  1. As a law firm in Cyprus, the impact of these events could involve navigating legal complexities, potential changes in regulations, and addressing any geopolitical implications. The Covid-19 pandemic may have influenced legal proceedings and client interactions, while the Russian-Ukraine conflict and Israel-Hamas war could have geopolitical and diplomatic ramifications, affecting the legal landscape in your region.

Stay informed on international developments to adapt your legal strategies accordingly.As a lobbying company in Cyprus, the impact of these events would likely extend to your advocacy efforts.

Geopolitical shifts resulting from the Russian-Ukraine conflict and Israel-Hamas war may influence diplomatic relations and regional dynamics, potentially affecting the issues you advocate for. Additionally, the Covid-19 pandemic could shape policies and priorities, impacting the focus of your lobbying initiatives. Staying abreast of these developments is crucial for adapting your lobbying strategies effectively.

  1. The wars in Ukraine and Gaza can impact global shipping in several ways. First, there may be disruptions to maritime routes due to increased military activities in affected regions, leading to potential rerouting of ships and delays. Geopolitical tensions can result in heightened security measures, affecting navigation and causing delays at ports. Additionally, sanctions or trade restrictions imposed as a response to the conflicts may impact the flow of goods. It’s important for the shipping industry to closely monitor the situation and adapt to changing circumstances to minimize disruptions.
  1. Factors contributing to increased inflation in developed countries can include rising production costs, supply chain disruptions, increased demand for goods and services, and expansionary monetary policies.

Additionally, external shocks like geopolitical tensions or global events (e.g., pandemics) can impact supply and demand dynamics. Central banks’ responses to economic challenges, such as low-interest rates and stimulus measures, may also influence inflation. It’s a complex interplay of various economic factors that can contribute to inflationary pressures.

  1. Research suggests that diverse leadership, including more women in business positions, can contribute to successful outcomes.

Diversity in leadership brings varied perspectives, enhances decision-making, and fosters innovation. Many successful women leaders have demonstrated strong leadership skills, resilience, and adaptability. Encouraging more women in leadership roles is not only a matter of gender equality but also a strategic business move that can positively impact organizational performance. It’s important to assess leadership based on individual capabilities rather than gender, promoting a more inclusive and effective work environment.

 

ATHANASIA OIKONOMOU

Chief for Infrastructure New Democracy

  1. In the construction sector that I operate, the pandemic and the war in Ukraine have had significant effects while so far there seem to be no effects from the war in Palestine. Regarding Covid-19 there have been influences in material supply chains, labor shortages and projects’ development delays and interruptions. Ukraine is a significant supplier in construction materials and specifically in steel and iron ore. The aforementioned changed the estimated budget in the projects.
  1. We already know that the war in both the Ukraine and Gaza have impacted the shipping industry. This has been reported in the news. Many ships now must take longer routes to transport goods from one country to another.  An example of this is the Hamas-controlled Gaza-Strip which is a conflict area.  Ships must now avoid the shorter routes in conflict areas and must take longer routes to avoid potential casualties. The fact that citizens globally have seen market prices soar as a result of increased shipping costs is proof of this; especially as regards the food industry. Overall, the conflicts in Ukraine and Gaza can contribute to uncertainty and volatility in global shipping markets, leading to increased costs, delays, and potential supply chain disruptions. It underscores the importance of risk management and contingency planning for companies involved in international trade and shipping.
  1. The reasons for increased inflation even in the developed countries can be multifaceted and can vary depending on the specific economic and fiscal conditions of each country. The main factors that are estimated to contribute in the increased inflation we are facing are: Supply Chain Disruptions, Pent-up Demand, Fiscal and Monetary Stimulus, Rising Commodity Prices, Labor Market Tightness, Expectations of Inflation, Exchange Rate Movements and Structural Changes. Consequently, a combination of these factors, along with other country-specific considerations, can contribute to increased inflationary pressures in developed countries. Central banks and policymakers closely monitor these dynamics to formulate appropriate monetary and fiscal policies to maintain price stability and support sustainable economic growth.
  1. I work at huge Development company that has a 60% female staff. In this company, we have a greater number of women Senior Management (Chiefs, Directors and Project Heads), than male.  The fact that Lamda is a top-tier company, ISO certified, of an excellent standing in Greece and at the same time increases its profitability each year, is proof of how women, holding key positions, can positively impact a firm.

DESPOINA XYNOU

Partner, Advocate | Gauci – Maistre Xynou (Legal | Assurance)

  1. The Covid-19 pandemic has created an unprecedented crisis practically grinding the world’s economies to a halt and which in turn impacted the backbone of the world trade, the maritime industry.

It also highlighted the great importance of technology when it comes to conducting business.

At GMX very early we put into effect our own contingency and business continuity plans seeking to strike a balance between ensuring the absolute well-being of all our team members and continuing to service all our clients and partners as best as possible.

This pandemic guided us to realign our expectations, regroup and explore new opportunities while it also acted as a catalyst to spur further innovation.

The Russian special military operation in Ukraine created a volatile geopolitical and economic environment. The European Union imposed visa and other restrictive measures (individual sanctions), as well as economic sanctions against Russia.

This in addition to the already existing measures imposed in 2014 following the annexation of Crimea and the non-implementation of the Minsk agreements had a ripple effect in the global maritime industry. Simultaneously creating a very complex environment for service providers to operate in.

In addition, the armed conflict between Israel and Hamas-led Palestinian militant groups had a negative socioeconomic effect and it is expected to have a great impact on global economy, including the maritime industry.

We live in rapidly changing times, especially for businesses, there are new opportunities, however, there are also new ongoing challenges such as globalization and compliance with all new regulations entering into force. Recognizing and overcoming the difficulties is essential for the growth of every enterprise. Flexibility, adaptability, training of employees, reorganization, updating procedures and policies, amongst other, should assist companies to overcome the challenges and also grow and develop. Creativity and welcoming changes will help entrepreneurs to shape this new business landscape. Businesses are forced to explore innovative means to overcome the growing negative implications of such crises.

In our firm, we quickly realized that in the current day economic scenario, innovation has become a major factor which leads to success and that out-of-the-box-thinking is important to generate new value and also sustain your business.

At GMX we have always been firm believers of innovation; it is at the centre of our way of doing things, in our corporate functions, business models and processes. It has been our driving force which gave us the opportunity to remain competitive and survive in this ever-changing environment, ensuring in the same time that our team works conscientiously to accommodate each individual client.

  1. The maritime industry has been through rough waters in the past few years. We all know how volatile and complex the shipping markets are and there are too many uncertainties in the global economy which will undoubtedly give rise to various different conclusions.

Geopolitical forces, environmental regulations, new technologies, greener ships, alternative fuels, lower emissions, faster ships, new buildings, new regulations for financing and other similar situations do not make forecasting any easier.

The challenges of globalisation and compliance with all new regulations entering into force, create a difficult environment for global shipping where there are many linked parties to liaise with in order to satisfy clients’ needs.

Given the complexity which characterizes the shipping industry combined with many uncertainties going on in the global economy, it is difficult to predict the market.

I think that what is really important is that one should remember that shipping has proven its ability to adapt to new environments and its strength and tenacity to overcome the growing challenges.

  1. The reasons prices are rising are complex and many. Stringent Covid-19 restrictions, subsequent economic policies, supply chain disruptions, increased compliance regulations, product shortages, higher input prices, volatile freight rates, shipping disruptions, and political uncertainties, amongst others, have definitely impacted inflation in some countries more than others. Of course, the maritime industry as well as other industries are impacted to some degree.

Amidst the economic disruption the world has been facing, businesses are being challenged with how best to operate to ensure business continuity.

Enterprises which act upon the opportunities and possibilities for change through innovation in the current volatile and uncertain business environment, will not only survive but they will successfully compete and even flourish in fluctuating economic conditions.

Being able to come up with new ideas to keep operations, products and services fresh is one of the keys to any successful business. Creativity and welcoming changes will help entrepreneurs to shape this new business landscape.

  1. I firmly believe that leadership qualities are not a matter of gender but a matter of aptitude; otherwise, more and more gender bias will be inculcated and this is precisely what men and women do not need to be hounded by.

Women today have proved themselves in positions of power, carrying considerable decision-making authority and game-changing leadership positions.

Women no longer lag behind men in most study areas and occupations.

Undoubtedly, women today have more freedom in the broadest sense to fulfill their dreams.

Women’s all-round contribution to society needs recognition not proof.

Multi-tasking, productivity, consistency, managerial skills and the ability to adapt to new situations are the main characteristics of working women and these have led us to climb the corporate ladder.

We have inherent qualities of empathy and emotional connection and more than competition, we focus on team-work to better ourselves, others and our work. Women over the last years have begun taking the reins in more and more companies worldwide and they have established their position as business leaders.

The achievements of women in the maritime industry have been very well noted and the recruitment of more women has been encouraged.

Despite ingrained stereotypes, there is a growing number of professional women in the maritime industry.

Organizations headed by women report greater team cohesion, more inclusive communication and more co-operative learning in challenging situations caused by conflict, functional diversity and relocation. This is because women put emphasis on collegiality and bonding. I also believe that we are better listeners. All this helps to create stronger and more motivated teams. There are studies demonstrating that companies with more women in executive positions attained significantly higher profitability on average, than those with low representation.

Having said this, I don’t think that all female leaders radiate such abilities or that male leaders lack them. Gender parity in the top management level can lead to thriving enterprises. Furthermore, leaders should walk the talk of happy employees work better and with more enthusiasm from the ground up.

Giving sufficient feedback is the first point-of-take off in this regard so that employees know where they stand, in terms of job performance and both short/long-term goals.

The position of women in our society cannot be generalized as throughout the world women receive different amounts of respect.

There has been a change but there is still room in eliminating inequality.

I would like to think that diversity and inclusion are engrained in GMX’s DNA and are in fact the very foundation on which our firm was formed.

In reality at GMX the female population is higher. We are a team of lawyers and auditors and the vast majority we are women.

I believe that truly successful results will only be reached when we no longer talk of women striving to succeed as much as men do in the business world, but when such success is regarded as natural.

ALEXANDRA GANA

Operation Manager – Ganmar Shipping

  1. COVID-19 has without a doubt pushed some companies into new and different credit-rating.

However, we took additional pro-active measures to remain on top of the situation and mitigate any potential risks before things might escalate.

We shall admit that the sudden drop in oil prices since early March 2020 caught out some parts of the bunker supply chain, and the economic shocks in the wake of the COVID-19 pandemic left some shipping companies on shaky ground.

Most of the larger bunker companies on the whole appeared to be taking a sanguine attitude, making adjustments to credit conditions for some customers where necessary but not drastically reevaluating their risk appetite.

The major problem came out when shorty after covid new regulations of decarbonization need to be implemented in any stage of the shipping business.

And as a note of optimism, let’s say  that companies across the bunker industry would find ways to work together despite current  stresses in the market.

  1. The recent attacks, leading to significant casualties, have further opened the flood-gates to geopolitical instability in the region. World Trade Organization (WTO) chief Ngozi Okonjo-Iweala has, not surprisingly, warned it will have a very significant impact on already weak global trade flows if it widens throughout the region, as it is expected to do.

Escalating violence in the Middle East will likely add to factors already throttling trade growth, including higher interest rates, a Chinese property market under strain and Russia’s war in Ukraine, with the WTO recently halving its projection for global goods trade this year.

The financial risks to trade are still evolving. However, the operational risk of trading in the region is having an immediate impact on war risks insurance. War risk underwriters are calculating their exposure to the Israel – Hamas conflict as premia for vessels trading to the region are set to escalate.

For shipowners, charterers and traders, this situation is likely ‘more of the same’ – with the lessons learned in Ukraine likely influencing how the industry responds to this latest geo-political crisis. The situation remains dynamic, and it’s unclear how the US, EU and others will respond, including through the use of sanctions and other political and economic tools. Instability throughout the region is nevertheless likely to increase and the industry will need to continue to stay on top of developments when managing risk.

  1. Deflation causes the nominal costs of capital, labor, goods, and services to fall, though their relative prices may be unchanged. Deflation has been a popular concern among economists for decades. On its face, deflation benefits consumers because they can purchase more goods and services with the same nominal income over time.

However, not everyone wins from lower prices and economists are often concerned about the consequences of falling prices on various sectors of the economy, especially in financial matters. In particular, deflation can harm borrowers, who can be bound to pay their debts in money that is worth more than the money they borrowed, as well as any financial market participants who invest or speculate on the prospect of rising prices.

By definition, monetary deflation can only be caused by a decrease in the supply of money or financial instruments redeemable in money. In modern times, the money supply is most influenced by central banks, such as the Federal Reserve. When the supply of money and credit falls, without a corresponding decrease in economic output, then the prices of all goods tend to fall. Periods of deflation most commonly occur after long periods of artificial monetary expansion.

  1. Women ARE in these position at least in our country. What we need now is to help women in developing countries to achieve better prospects for their lives and their career. They  need to let go of perceived gender barriers to understand how women’s executive management roles positively influence a company’s agility and longevity. The advanced and nuanced leadership skills acquired from this training empower all leaders to reach their full potential while enabling them to have a better understanding of and deeper empathy for women leaders—leading to fresh perspectives and stronger synergy.

MARIA ANGELIDOU

Group Marketing Manager, GAC Group

  1. The current global volatility is affecting the financial big picture, and prices have been on the rise across the world in recent times.

Today’s high inflation can be attributed to many factors, some of which are a persistent result of the COVID-19 pandemic.

We are also facing shortages of fuel and food, due to continuing disruption brought about by geopolitical developments.

Increasing energy and shipping costs as the result of world events has raised the prices of many goods and the cost of living in general, directly impacting the national economies of most countries.

Trade challenges and travel difficulties around the world are driving up transportation costs.

Likewise, we are seeing higher production as supply chain operation becomes more expensive.

Consumers are having to pay more for many basic products.

For instance, prices for both olive and sunflower oil have reached high levels due to environmental and geopolitical reasons, but demand remains as they simply have to accept the higher prices.

The impact of regional or global events on national inflation rates reflects the globalism of today’s world and highlights how vulnerable we are to the influence of external factors.

There are ways to tackle spiralling inflation, but measures must be taken and appropriate adjustments made at government level.

  1. 4. Gone are the days when a female leader was the exception.

Hard work, an astute view of world affairs and excellent organizational skills have taken women forward in the field of business administration.

And what’s more, those established in key business roles set an example that inspires young women entering the workforce to aspire to leadership.

The European Commission’s stated aim to “promote a diverse and inclusive working environment, without discrimination, where our workforce is representative of our society” is playing an important role.

Further, the International Maritime Organization’s goal for gender equality has given more women the opportunity to prove themselves in shipping.

Whilst the number of women leading the industry is increasing, there is still considerable room for improvement.

The perfect scenario would be a productive collaboration between men and women to achieve common goals.

Our differing perspectives and opinions can only add value to the bottom line and a better society.

I strongly believe that the number of women will increase in future management positions.

However, we must all be open-minded and ready for change.

VASILIKI KORDERA

President, Bergmann Kord Hair Clinics

  1. It is a fact that the three incidents you refer to have determined the wider functioning of all of us, playing a decisive role in all activities on a business, economic, political, social and psychological level.

Therefore, this general development did not leave any area of ​​human activities unaffected.

As far as our own business is concerned, I would say that on average we did not suffer any particular shocks.

In fact, I would say that immediately after the restrictions and quarantines due to the Covid-19 pandemic, the psychological need for extroversion compensated for the forced inactivity of the previous days, enabling us to offer our professional activities to more and more clients and consumers of our services.
However, personal assessments of the relevant consequences, I believe that it is the wish of all of us that humanity lives less frequent and milder corresponding situations, for the benefit of our and the coming generations.

  1. The corona virus pandemic, the Russian invasion of Ukraine and the war between Israel and Hamas, all these are radically affecting the World Economy.

Developed countries could not be an exception to the general rule.

The suspension of business activity, the restriction of movement, millions of people leaving Ukraine and the injury and death of thousands, disruptions in the supply chain and the resulting increase in demand, concerns about further escalation of hostilities and so many others factors contributed and contribute to increased inflation, extreme poverty, environmental degradation and, in general, increased instability.

At this point you will allow me to repeat the wish of all of us for a rapid and generalized de-escalation.

  1. I think your question is best answered by facts and figures.

You are in a position to know better that women-scented leadership and management positions are reaching more and more statistical peaks.

Results – both qualitative and quantitative ones – are following in the same direction.

However, I would like to state based on my experience that the separation between genders and races in the business-professional area is already beginning to disappear.

I have stated in the past that to me leadership is gender neutral. Efficiency is always the issue. And in the search for excellence, this is, after all, what we are aiming for!

ANNA VOURGOS

Director and Founder of Aphentrica Marine Insurance Brokers Ltd
Βoard Member of the Cyprus Shipping Chamber
Chairwoman of the Marine Insurance Committee of the Cyprus Shipping Chamber
Member of the Marine Insurance Committee of the International Chamber of Shipping
Board Member of the Cyprus Marine Club
Former President WISTA Cyprus

 

  1. All of these events had a direct effect on our business in that they had a direct effect on the risk that our clients are being exposed to with serious financial consequences and legal implications.

The otherwise safe waters have become high risk areas and despite the fact that HRAs have always been part of global shipping and international trading, it is the first time (that in my 37 years in the industry) that we are facing war and/or warlike situations in multiple areas at the same time. Before normality was reinstated post covid, shipowners found themselves trading in a real cyclone, tip toeing between real war threats, sanction compliance and the overspill of their consequential financial losses.

In our capacity as insurance providers, our daily workload has increased significantly in the process of finding and securing the most cost effective insurance solutions to cover our clients additional exposures, while remaining vigilant to steer clear of sanctioned entities and/or potentially sanctioned voyages.

  1. It has already been exactly 2 years since the outbreak of war in the Ukraine and the situation remains unchanged. The initial impact of the ships trapped in Ukrainian ports is the most tragic. Thereafter, the biggest impact has been on the vessels and owners trading to the Black Sea and/or trading with Russia.

Major ports such as Odessa have been closed whereas the sanctions on Russia and the Russian fleet, in itself, has had a serious impact and disruption on trade.

The grain corridor which had facilitated trade for a while still remains suspended and the continued presence of Russia in the area is still posing an increased threat to trading in particular for the safety of the crew.

The continued disruption of trade and the strict observation of the sanctions at all levels is also having a knock-on effect for shipping outside the conflict zone as shipping companies and insurers are opting out of this trade. Unfortunately the situation has also contributed to the creation of the dark fleet that poses a hazard to global shipping in general.

And while the Ukraine war continues,  the war in Gaza has shifted the attention to the Gulf of Aden and the Red Sea, as of last November, with the Houthis’ attacks against commercial and naval vessels. Whilst initially the attacks were within certain targeting parameters, they recently took a more indiscriminate direction putting seafarers and vessels at risk.

When one considers that about 40% of the Asia-Europe trade, including oil and container traffic, goes through the Red Sea and Suez it is easy to comprehend the extend of the impact that the attacks on commercial ships in the area has.

Many shipowners and some of the world’s largest shipping lines have decided to avoid the area altogether opting to navigate around Africa to come to Europe which is estimated to equate roughly to 30% (8-14 days) increase in transit time.

This is resulting in seriously delayed shipments (e.g. several Europe-based auto plants who relied on auto parts from China, have had to temporarily shutdown production) and significantly higher transportation costs (fuel, insurance, wages etc.) which in some instances are 5-fold. To put it in numbers this can be an extra US$1 mio per vessel for a container round trip.

  1. Inflation is surging globally, impacting economies and households. The increase of inflation can be attributed to a number of factors but in my view, over the last couple of years, the combination of the post pandemic demand surge with the supply chain disruptions, both covid and war related, as explained above, which in turn have led to escalated energy prices and increased transportation costs, played a crucial role in driving inflation to its current levels.

 4 .Despite not yet reaching the levels of gender balance as this is defined by the ILO, there has been a significant progress in women in leadership.

Having said that, the picture is very different between different parts of the world, between different industries and further within each industry’s different sectors. Most importantly, it is directly correlated to the culture of the societies in each country. Those women who reach and hold leadership roles are successful, however, there are still certain areas which need to be improved to empower women to pursue these roles. This, in my view is a key factor which requires better focus. Whilst concentrating efforts on fostering inclusive environments and securing equal opportunities and gender equality, perhaps we are not focusing enough on empowering and encouraging women to pursue leadership roles.

Society and family cultures tend to impose certain inherent “roles” on women which consequently make them less flexible and less confident. In parallel, therefore, to targeting efforts on corporations and businesses to offering equal opportunities, we need to work towards better preparing and empowering women to build up the confidence to pursue them.

MARIA M. TRIPOLITIS

General Manager of PMS S.A.

General Secretary of Chios Marine Club

  1. From 2020 up to date, our entire world has experienced multiple unfortunate incidents that have often resulted in significant impacts on our business and on the shipping industry in general.

For starters, the Covid-19 pandemic has had a profound impact on the operation of shipping companies worldwide.

With port closures, fluctuating demand, and stringent health regulations, navigating the logistics of maritime trade has become increasingly complex. Shipping companies had to adapt quickly to changing circumstances, implementing safety protocols for crew members, managing disruptions in transportation routes, and addressing challenges such as crew changes and quarantine requirements.

The pandemic highlighted the vulnerability of global supply chains and underscored the importance of resilience and adaptability in the shipping industry. As for PMS S.A., we were required to swiftly adjust to new operational methods within our company. Specifically, we commenced operations initially with emergency personnel or in a remote capacity for the first time, which presented a substantial challenge for our entire team. In terms of our services, while our technical assistance activities were suspended due to the unavailability of our flying teams to go onboard, the spare parts department maintained a consistent pace in fulfilling our orders despite the closure of Korean and Chinese factories. All cases were diligently managed and retained until the market resumed its operations. Despite these difficulties, we managed to promptly respond to all challenges and directly assist our clients.

As for the Russian attack on Ukraine in 2022 and the conflict between Israel and Hamas in the Middle East in 2023, they have added another layer of uncertainty for shipping companies, by introducing additional challenges for those companies who operate in these regions. These subsequent geopolitical tensions, heightened security risks, potential disruptions in maritime trade routes, and increased insurance costs for vessels passing through affected areas have become pressing concerns. As a result, shipping companies learned to remain cautious, adaptable, and prepared to adjust their strategies to mitigate risks and ensure the smooth operation of their business. As for PMS S.A., we always monitored any trade route delays, particularly those passing through the Suez Canal or nearby areas, and managed to correspond to any challenge successfully.

  1. The conflicts in Ukraine and Gaza could significantly impact global shipping through many ways. Disruptions in key maritime trade routes may have caused delays and rerouting of shipments, while port operations in nearby regions could be hampered due to security concerns or logistical challenges arising from the conflict.

Heightened geopolitical tensions may have led to increased insurance premiums for ships passing through or near conflict zones, while supply chain disruptions could result in shortages of essential goods worldwide.

More specifically, the Ukraine war has directly impacted maritime transport in the Black and Azov seas, leading to a halt in activities at Ukrainian ports and disrupting the export of agricultural products through the Black Sea. Although the Black Sea Grain Initiative briefly allowed in early August 2022 for the partial resumption of shipping activities from Ukraine by creating an export corridor for certain agricultural products, its termination in July 2023 has continued to strongly affect the seaborne trade of Ukrainian products. Concerns about oil supply disruptions stemming from these regions could lead to fluctuations in oil prices, affecting shipping costs. Additionally, the war has indirectly affected the maritime sector through international sanctions against Russia and Belarus.

These sanctions, targeting Russian shipowners and shipbuilders, have led to restrictions on Russian ships entering ports in OECD countries, exacerbating maritime transport challenges to and from Russia. This may prompt Russia to reduce its reliance on foreign suppliers, especially considering its shipbuilding industry’s heavy dependence on the military sector.

Furthermore, the global shipping industry faces heightened challenges due to the escalation of the Israel-Hamas conflict, contributing to geopolitical instability in the region. Shipowners, charterers, and traders must navigate these complexities, drawing from lessons learned in previous crises like Ukraine.

The response from the US, EU, and others remains uncertain, with potential implications for sanctions and other geopolitical tools. Despite the dynamic situation, managing risk amid increased instability in the region remains paramount for the industry.

Overall, careful risk assessment and contingency planning are essential for navigating the challenges posed by these conflicts in the domain of global shipping.

  1. In my opinion, there are several reasons for increased inflation, even in developed countries, which could include a combination of factors such as rising energy prices, supply chain disruptions, labor shortages, increased demand, and monetary policy decisions. Conflict or geopolitical tensions, such as those in Ukraine and Gaza, can exacerbate these factors by disrupting supply chains, leading to shortages and higher prices for essential goods. Additionally, heightened uncertainty stemming from geopolitical events can contribute to market volatility, impacting investor confidence and potentially leading to inflationary pressures. Moreover, monetary policies adopted by central banks to stimulate economic growth, such as low interest rates and quantitative easing, can also contribute to inflationary pressures over time. Overall, a combination of increased consumer demand, supply chain disruptions, geopolitical tensions, and logistical challenges has led to the escalation of inflation in developed countries.
  1. Research indicates that companies with higher representation of women on their boards tend to outperform those with fewer women by a considerable margin. Moreover, organizations boasting greater gender diversity among their senior leaders tend to be more profitable. Despite notable progress, the proportion of women in senior management roles worldwide has increased, yet women remain underrepresented in leadership positions.

While the increased presence of women in business leadership positions is undoubtedly a positive trend, it’s important to recognize that success is not solely determined by gender. Rather, successful leadership is contingent upon a combination of factors such as vision, communication skills, adaptability, and the ability to inspire and empower others. Women leaders bring unique perspectives and experiences to the table, enriching decision-making processes and promoting diversity of thought within organizations.

However, it’s crucial to address systemic barriers, including gender bias, unequal opportunities for advancement, and lack of support structures, to ensure that women have an equal chance to thrive in leadership roles. Organizations that prioritize gender diversity and create inclusive environments tend to benefit from enhanced creativity, better problem-solving, and improved financial performance. Therefore, while increasing the representation of women in business leadership positions is important, it’s equally essential to foster supportive cultures and provide opportunities for leadership development and advancement for all individuals, regardless of gender. By doing so, businesses can harness the full potential of their talent pool and drive sustainable success in the long term. The world isn’t either a man’s world nor a woman’s. A great leadership doesn’t depend on the gender but on the person’s abilities to fulfill this position. If we focus on that, the business world will improve. Last but not least, outstanding women are at the helm of great shipping companies in our field, and are a significant example for others.

CHRISTIANA PREKEZES

MA Energy & Environment, Life/Executive Coach

ICF Global & Greece Chapter Member

Climate Coaching Alliance member

  1. Certainly the last few years were marked by sudden events with major disruptive consequences in our businesses as well as our social and personal lives, affecting individual and company plans, prospects and expectations. Each time, we were shocked to witness our everyday lives affected by factors outside our control and see our various forecasts totally overturned.

And while with the help of scientific innovation and government measures we successfully – more or less – fought Covid-19 and accepted the fact that we, as a global society, will continue to face its mutations and defend ourselves through vaccines and protective measures, this is surely not the case with the wars unfolding in Ukraine and in the Middle East. Already in the third year of the Russian-Ukrainian conflict and five months since the start of Israeli–Hamas fighting, we are seriously and justifiably worried for the developments and the negative implications on our business endeavors.

In my opinion, the currently unfolding individual crises have to be seen in the context of multiple and interrelated geopolitical, economic and climate crises that we face today. The world, besides being so interconnected financially, is vulnerable to other destabilizing factors and doomed to suffer from them. Local conflicts may have unforeseen wider ramifications on a regional and even global scale, not only in the economic level but also having to do with the environment, energy sources, refugees and other.

In my present field, this of coaching professionals, I can say that it is evident that extra stress is placed on decision-makers at every level as uncertainties and insecurities lead to increased anxieties and frustration. Thus, the need to embolden these individuals, so they in turn motivate their teams for optimum performance in turbulent times, cannot be underrated. As a result, it is no surprise that the most sought after skill to be developed nowadays is resilience, both emotional and mental! Actually, to have a resilient business, meaning to adapt and prosper in the best way possible, one needs to evaluate, manage and strengthen their own resilience and that of their employees.

  1. I would easily say that a characteristic of people involved in shipping worldwide is the capability of finding ways to overcome challenges any crisis presents. I see no reason to be otherwise this time. Having worked for 33 years in the wider maritime community in Greece, getting to know well both operators and managers as well as merchant marine officers, I can say that I have no doubt that especially the Greek shipping community, will find ways to successfully face obstacles presented by the situations in Ukraine and Gaza. After all, challenges can bring about smart solutions and bold moves from confident entrepreneurs!

From changing patterns of oil transport, to risks involved in approaching certain ports in the Black Sea, to crew issues, to the avoidance of Suez Canal by most vessels, these are major problems that shipping is called to deal with. As everything is interlinked though, a change of sea transport patterns can have consequences on other serious issues that the international maritime community is trying to tackle. Such an example we are witnessing these days with ships changing their route to sail around the Cape of Good Hope. To make up for lost time, ships increase their speed to reach their destinations, increasing fuel consumption, subsequently increasing greenhouse gas emissions! This is especially true for containerships and bulk carriers, which in recent years were sailing with reduced speeds.

Lastly, ramifications for global shipping evidently have implications for the world economy and this is no small matter as consumers are affected and societies may suffer and consequently react by bringing about political repercussions; and this is probably yet another area of concern.

  1. Since the beginning of the Russia-Ukraine war in February 2022, rising energy and food prices have led to increased inflation in the countries of the Eurozone, a bitter experience for all.

Not an economist expert myself, I am still a person who wishes to know what and how affects my life and the countries of which I am a citizen, i.e. Greece and the US, thus I closely follow economic news and developments. So, I lately read that economies on both sides of the Atlantic show signs of slowing inflation as a result of lower energy costs. In January, inflation rate was at about 2.8% in the Eurozone and 3.1% in the US. Specifically, cooling inflation in Germany and France are promising signs that slowly Europe is taking the road to economic recovery. Additional good news is that unemployment is at low levels both in Europe and the US.

However, supply disruption, labor shortages and productivity issues are still major factors that can affect inflation.

If inflation figures continue dropping, then it’s the decision of the central banks, especially ECB, regarding interest rates cuts that will positively affect the economy. So let’s hope for good news soon!

  1. Last year, we saw an increasing presence of women leaders in business worldwide. 2023 was actually a milestone year as, for the first time in history, more than 10% of Fortune 500 CEOs were women! Household names like General Motors, IBM, YouTube, NASDAQ and CITIGROUP, to name a few, are headed by women. Among those appointments and most symbolic, I believe, was that of Robyn Grew, who became the first woman to lead the Man Group, a hedge fund with $161 billion in assets and whose name reflects its gender composition.

Furthermore, female CEOs run 7% of Fortune 500 Europe companies, like Vodafone, Chanel and H&M.

In the US, women-owned firms account for about 20% of all firms today and this percentage is steadily increasing.

All these successful women leaders undoubtedly serve as role models to other younger aspiring professional women, who wish to climb the corporate ladder or launch their own business. In shipping, a number of women are heading their family companies nowadays while the recent appointment of Karin Orsel as the first female President of ECSA-European Community Shipowners’ Association, is hailed both as an acknowledgement of women’s capabilities as well as a step towards promoting the role of women in maritime.

It is remarkable that despite the obstacles still faced by women in business, like the disparities in salaries, the family burdens, the inequalities in promotions and other, more and more young female “fight” their way up in their quest to fulfill their aims.

In Europe alone, there are today several examples of successful female entrepreneurs in fields from biotechto fashion to game technology to start-up accelerators, that one cannot help but admire them for their passion and perseverance. So, I remain optimistic that the plethora of individual success stories of women in business together with collective efforts of women’s associations will empower change and inspire further the younger generation of women to follow their dreams.