Leon Patitsas positive on wet and dry buys

Dry bulk remains on Atlas Maritime map, while DIS chief Marco Fiori suggests being upbeat can help you live longer.

Shipowner Leon Patitsas remains interested in diversifying the fleet of Atlas Maritime at a time when he sees value in both the wet and dry investments.

Patitsas – who has been exploring a return to drybulk following a cyclical downturn in the market – told Marine Money today he was positive about buying both bulker and tankers.

“I’m optimistic by nature. I wake up every morning and I look at my lovely wife next to me smiling,” he told an audience at the Dorchester Hotel. “She is in the audience by the way, so I have to give her credit.”

He added: “I think with Trump in the White House the economy is going to do better. He has said he is going to lower taxes, deregulate and he is going to stimulate the economy with $1 trillion of infrastructure projects. That is definitely going to be positive for GDP and as we know shipping is highly correlated to GDP growth.”

He added: “I think that the worst is behind us. Definitely, on the dry side we have seen the bottom, at the same time last year, and on the tanker side we think things are going to be much better due to the fact nobody is ordering anymore. So, much more positive going forward.”

Patitsas told TradeWinds after Posidonia last summer he was exploring a return to the dry cargo market, which his family exited in 2007. However, Atlas today remains exclusively in wet, with a fleet of six aframax tankers on the water.

Good entry point

Patitsas said the dry cargo market continued to look attractive, with the capesize orderbook down at 9% of the trading fleet and commodities rallying.

“Dry bulk presents a very good entry point because values are at historical 20 or 30 year lows,” he said.

“On the tanker side, we think it’s going to be a little bit soft due to the fact OPEC cut production and you have a lot of newbuildings coming this year.

“But you have a lot of regulations coming that will initiate scrapping and demand is creeping up. I would say diversification makes a lot of sense and I would put my money in both dry and wet.”

Price disconnect

Patitsas said a lack of financing, an inability of public tanker companies to issue equity and the fact 80% of tanker owners have other shipping investments that were a drain on cash had created a disconnect between asset prices and the freight market.

“That’s why we believe values are so attractive on the tanker side, and earnings, maybe they are a bit lower than last year but they are still providing a very good cash on cash return,” he said.

“So this dislocation of values will last for a couple more years and whoever has access to capital or firepower will do well buying at this point in the cycle.”

Fiori positive on products

Marco Fiori, chief executive of product tanker specialist d’Amico International Shipping, was also positive on his market.

“To be in this business you have to be an optimist otherwise you die very young,” Fiori quipped during a panel discussion.

Fiori says 2017 is not going to be an earth-shattering year but he does believe it will be better than many suggest.

Noting only 30 products tanker newbuildings for delivery in 2018, Fiori says the market will start feeling a recovery later this year which will continue into 2018

“You don’t go to bed on 31/12/17 with a terrible market and wake up 1/1/18 with a fantastic market. It has to be a gradual process,” he said.

Shipping’s unicorn

Fiori was less optimistic about the possibility of further consolidation in the tanker market.

“Consolidation has always been the unicorn in shipping. Everybody says we need consolidation and it never happens. I think we should all look at each other,” he said in response to a question from the audience.

“I must say coming from outside the shipping business, of all of the businesses I have been in during my lifetime [shipping] is where you encounter the most interesting people but also there is a lot of egos that can fill up a very big room. Consolidation is always a difficult problem when you have a lot of big egos.”

Read on tradewindsnews.com

Mirannia Petrocheilou


Mirannia joined Atlas in July 2014 as Purchasing Manager. Prior to joining the company she held various positions of increasing responsibility giving her the qualifications and skills of leading and executing purchasing strategies She holds an MBA from University of Leicester, UK and she is a graduate of Maritime Studies at the University of Piraeus. She is responsible for sourcing, negotiating and purchasing of goods, materials and services to meet the ship’s and company’s budget and operational requirements. As a purchasing Manager she has to create sustainable supply chains having efficient suppliers with consistent steady business that secures highest quality of products and services. Her professional approach ensures that value for money is maximized and cost savings are generated.

Katerina Chrisovergis


Katerina joined Atlas in July 2014 as Accounting Manager. She was introduced to the shipping industry in 2000 when she moved to Greece from Canada. She held the position of D/A controller for clients like Chevron, Exmar and Tankers Int’l at Gulf Agency Company, a leading global provider of shipping & marine services. When GAC relocated its headquarters to Dubai in 2003, she worked as Chief Accountant for a shipowning company with 6 vessels. For the last five years, she worked for the Bernhard Schulte Group as Chief Accountant at Bernhard Schulte-Hellas, manager of the Hanseatic Tankers Pool with a fleet of 12 chemical tankers and at Bernhard Schulte Shipmanagement Greece manager of 40 vessels. She holds a BCom in Accounting from Concordia University in Montreal and has completed post graduate studies in Accountancy at McGill University.

Aris Mavris


Capt. Aris joined Atlas Maritime Ltd in September 2007. He holds a Class B’ Captain license and has obtained a Certificate in Shipping & International Trade and Sea Transport from B.C.A. College (1993) as well as holds an MBA, Master of Shipping, Trade and Transport from the University of Aegean (2002). From 1993 to 1999, he worked for Celebrity Cruises Inc., Miami, Florida. He has held several Marine positions at various shipping companies prior joining Atlas Maritime.

Penelope Kallidoni


Penny joined Atlas in 2009 as ISM/ISO Coordinator. Prior to joining Atlas, she has served as the Operations & Commercial Assistant in a NASDAQ listed shipping company for four years. Experienced in ISO, ISM, and ISPS, MLC & TMSA audits, responsible for Collecting and analyzing HSEQ performance and reporting progress on the implementation of Key Performance Indicators (KPIs). Monitors safety on a daily basis through past and projected indicators, ensuring that all regulations are being followed in the company. She holds a BSc in Sociology from Panteion University of Athens.

Chris Ioannou


Chris joined Atlas Maritime Ltd in 2020 as Technical Manager. He holds a Mechanical Engineering degree from University of Houston in Texas. Prior to joining the company he has held various senior engineering positions in the technical department of shipping companies. He was also the project & site manager of the owners’ supervision teams for numerous new-building projects in Europe & Asia including high technology, high efficiency, ECO design product & chemical tankers. He is a member of the American Society of Mechanical Engineers [ASME].

Basil Dimakakos


Capt. Basil joined Atlas Maritime Ltd in December 2012 and on 2016 he assumed the responsibility to run Atlas’ Commercial Operations. He is the company’s primary contact, and reports directly to the CEO, for all matters related to S&P and time charter and spot fixtures, while he also monitors the daily vessels’ movement and expenditures. Prior to joining the Company, he worked in Singapore as the General Manager for a commodities trading company and before that, he worked in senior positions in Ship Management companies, mainly in the tanker and and dry cargo sectors, for 20 years. He is a qualified Captain Class A for all type of commercial vessels of unlimited size. His has sea-going experience of more than 12 years, onboard oil tankers, mainly ULCC, VLCC and Aframaxes. He holds MSc degree for Maritime Operations from John Moores University of Liverpool and MBA from Phoenix (Arizona) University

Christos Zenios


Christos Zenios joined Atlas as the Financial Manager in 2007; he stepped up to the VP-Finance position in 2011 which he held until the end of 2013, when he was entrusted with the CFO role. Since joining Atlas, he has been responsible for modeling and analyzing financial deals for the company, mitigating financial risks, as well as developing and maintaining relationships with Credit and Investment Banks in relation to the capital structure of the company. Additionally, he oversees the Accounting team and works closely with our auditors to ensure the company meets its reporting requirements in a timely and accurate manner. Prior to joining Atlas, he worked for over 5 years in the Banking Sector, where he served as a Senior Credit Officer in the Corporate Banking & Leasing divisions of well established financial institutions in Greece (Piraeus Bank and Bank of Cyprus). He holds an M.Sc. in Finance from the University of Strathclyde (2005), and a BSc degree in Banking and Finance from the University of Wales, Cardiff (1997).

Leon Patitsas​


Leon founded the company in 2004 and is the Chief Executive officer of Atlas Maritime. He has concluded over $ 1 billion in total transactions (acquisitions and sales) throughout his career. With over 20 years of experience in shipping, he has focused on buying assets at attractive entry points/distressed levels. He has a strong track record in profitably employing the assets and has secured time charter contracts (revenues) of over $500 million, with oil companies (oil majors) and traders. 

He subsequently sold the assets profitably, at the peak of the cycle and successfully produced stellar returns. Prior to founding Atlas Maritime, he gained extensive experience in sales and purchase (acquisitions), chartering, and ship financing, working for renowned Ship-owners in New York, London and Athens.

Leon began his career in New York, working for an investment bank that invested in Hedge Funds and Private Equity. Having extensive knowledge in the capital markets has enabled Atlas to successfully conclude JV’s with major Private Equity firms, in NY and London. Leon is on the board of directors of Concord Maritime, a Commercial Manager, based in Stamford, CT, operating crude tanker pools. He also serves on the Board of directors of the American Club (P&I Club) and is a Council member of the International Association of Independent Tanker Owners (INTERTANKO). 

Leon was born in London and studied in the United States. He graduated from Massachusetts Institute of Technology (MIT) with a Master’s of Science and earned his Bachelor of Science in Mechanical Engineering from Tufts University.