Welcome to the Lloyd’s List blog live from Posidonia 2010. Our senior editorial team have decamped to Athens in order to infiltrate the Piraeus party circuit and bring you the latest behind the scenes news and gossip from shipping’s most prestigious event. Learn more

Pool party pick me up

Posidonia: it's a hard job but someone's got to do it

Posidonia: it's a hard job but someone's got to do it

“The thing people don’t realise about Posidonia before they come is that it is terribly hard work and it is a gruelling schedule,” explained one broker, champagne glass in hand, standing by one of the largest hotel pools in Vouliagmeni. Nevertheless, several thousand like-minded Trojans braved exhaustion and the promise of an ever expanding waist-line to attend the traditional Clarkson’s party held this year at the impressive Astir Palace Hotel overlooking the beach.

Clarksons chief executive Andi Case was on hand to issue a few positive words of encouragement to the assembled masses and generally lift the spirits with the promise of stability to come and if that didn’t work, more champagne.

On the Case: Clarkson's boss tries to remember why they let the press in to the party

On the Case: Clarkson's boss tries to remember why they let the press in to the party

The initially hot gossip of the evening surrounding the defection of a group of Clarksons brokers to a competitor turned out to be old news from their handysize desk and if anyone was concerned they certainly weren’t showing it.

Smile please: Peter G strikes a familiar pose by the pool

Smile please: Peter G strikes a familiar pose by the pool

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Mothers accused over crewing crisis

The Greek economy may be in terrible shape, as any local taxi driver will confirm, with unemployment soaring to skyhigh levels, but shipowners still have great trouble persuading youngsters to go to sea.

One owner attending Eurofin’s Sunday evening supper party at Athens Tennis Club, hosted by Anthony Zolotas, was heard complaining about how Greek youngsters had become a generation of stay-at-homes, despite the country’s maritime heritage and the shipping industry’s remarkable success story in recent years.

Go to sea! At least one daring brokers was prepared to prove that he was no stay at home mummy's boy, although his fishing skills were sadly lacking

Go to sea! At least one daring broker was prepared to prove that he was no stay at home mummy's boy, although his fishing skills were sadly lacking

That reluctance seems extraordinary, he said, considering the huge numbers out of work. This particular owner is considering switching his ships from the Panama flag to the Greek register, but that would require at least four Greek nationals on board, something of a challenge given the problems of recruiting local seafarers.

“I blame the mothers,” he told Lloyd’s List. They just don’t want the kids to fly the nest.

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Rumour torpedoes released at Posidonia

Rumours happen at an event like Posidonia. Sometimes it’s a questions of genuine misunderstanding, Chinese whispers or wishful thinking. Within hours of one unfortunate mishearing, companies can rise or fall in the gap between reality and speculation. Sometimes of course it’s a little more deliberate.

One particularly sensational piece of gossip currently doing the rounds saw a well known register up for sale and one of the key figures ousted from the board.

Given the source of the information and animosity between the two parties in question, Lloyd’s List necessarily checked out the details and went straight to the top. Not true, they insisted, it was yet another salvo in the increasingly personal feud that has been raging for some time now. It is also not the first time that the press has been sent scurrying after non-existent news story detrimental to their competitors. Be careful what you believe out there folks!

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Have you got a receipt for that?

Everyone has a view on exactly who is blame for the current fiscal failings, but as the tour guide at the Acropolis Museum pointed out to Lloyd’s List there have always been accusations of corruption in Greece. One of the prize exhibits on display is a 5th century engraved marble receipt accounting for just how much gold was used in the construction of a statue. It seems the architect responsible was accused of pocketing some of his gold stocks rather than using it in the construction. In the end he was moved to create a detachable construction technique so that the gold in question could be publically weighed and his innocence proved. So far nobody has yet managed to come up with a similar system to extricate themselves from the national deficit. One the plus side, however, taxi receipts don’t weigh as much as they clearly used to.

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Crisis? I can’t see it from Zurich

Initial murmurings that this year’s event would be a toned down affair have been drowned out by the raucous noise of shipowners talking loudly about money and chinking champagne flutes. Investment bankers meanwhile are seemingly unnerved by their new positions as national scapegoat and have apparently decided to counter the national shift towards austerity with a loud campaign of bragging about how well they are doing.

But alpha male antic aside, the shipping community is not ignoring the economic crisis surrounding the glitzy Posidonia bubble.

Addressing guests invited to the spectacular new Acropolis Museum for a glamorous evening soirée courtesy of Navios, chief executive Angeliki Frangou voiced her concerns regarding the current market turbulence and civil unrest. Pointing her guests attention to the floodlit Parthenon they were dining underneath, she called for the same ingenuity and determination that Greece had found in the classical era.

Stirring words indeed, but even as she spoke one group of Greek investment bankers were plotting their escape. As one bemoaned the 90% tax he is currently enduring on his bonus, another helpfully chipped in with advice on where to source the best cigars when he moves to Zurich. Ingenuity of the ancients is one thing, but finding some relief from the crippling tax intentions of the government seems to be the priority for many at the moment.

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Posidonia – the WAGS

Despite reports in the build up to this year’s Posidonia event that parties have been scaled down, glitz and glamour remains. This week will be good for strengthening shipping relationships, but will be even better for hairdressers and beauticians. With wives and girlfriends out in full force at parties, dripping in jewellery, silk and sequins, there is no obvious sign of hardship for the Greek shipping community. “At six o’clock in the evening for 10 nights in a row we paint our faces, put on our dresses and head out for the evening,” one wife tells us. “Sometimes we don’t even know where we’re going, it’s a surprise.” The choc-a-bloc party schedule demands a high level of energy and stamina, but with delicious food on hand all evening and a steady flow of drinks getting through the evenings is a little easier. “We just have to remember that we’ll weigh 10 kg more at the end of the week!” she adds.

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What austerity package?

In Greece’s rich shipping community everything in life is to a much larger scale. If you’re a young boy who likes fishing your father won’t help you build a fishing rod from a piece of wood and wire and take you down to the river to catch a minnow. He’ll buy you a multi-million dollar boat to head out to the sea to find a bigger catch. And if you’re the wife of a shipowner, an understated necklace just won’t do – it has to be big and it has to be bling. With large wads of Euros stuffed into the pockets of Posidonia visitors it’s no wonder taxi drivers in Athens are getting excited about their earnings this week.

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Built for style, not speed

Having sold off the last of its tanker fleet to Peter Georgiopoulos’ General Maritime last week Metrostar Management’s bank balance has reportedly been boosted by around $600m-$700m, which showed during the Posidonia Cup yacht race. As participants positioned themselves on the water for the start of the regatta it soon became clear that Metrostar had won the prize for flashiest boat with the sleek and stylish Aquarius Alpha. Unfortunately having one of the largest and best looking yachts doesn’t ensure a top finishing position in the race, as the team found out when they came second from last in the Performance class, which perhaps proves that looks and money aren’t always the key to success.

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Bogged down with language issues

In just two days, the Greek alphabet has already caused some trouble for the Lloyd’s List team – not understanding what food is on offer at buffet dinners, to trying to find the correct building we’re looking for. But visitors to Posidonia can rest assured though that they will always be able to find the correct lavatory. In Athens there are no stick men and women or ‘him’ and ‘her’ on the doors. Instead there are high heels and bonnets with ribbons to designate women and ties for the men!

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Just don’t mention the tax

Mention tax to a Greek shipowner, and a look of horror is likely to cross his (or her) face. Greek shipowners are virtually exempt from tax, and they feel that is only right despite their country’s terrible financial plight.

But their arguments sound convincing. Greece generates very little cargo, so there are no strong commercial reasons for running a shipping company from Athens or Piraeus, they counter. Their presence is more one of patriotism and loyalty.

And while revenue raised from tonnage tax is low, the Greek shipping community generates a huge amount of foreign exchange and also creates thousands of jobs in a country where unemployment is already very high and rising.

Most Greek shipowners are doing extremely well at the moment, and clearly want to help their country find some way out of its economic crisis.

But taxing shipowners would be counter-productive, they warn, as they would simply take their business elsewhere.

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