0.ACKNOWLEDGMENTS We are deeply grateful to the following persons who were kind enough to discuss with us various aspects of this report.Particular acknowledgement goes to Nikos Karelis,Michail Kokkinis,George Panagakos and Petros Pappas.Of course,all opinions expressed herein are those of the authors who are solely responsible for its contents. Tasos Aslidis,Marsoft(Cambridge Mass.) .Costas Bardjis,Marsoft(Cambridge Mass.) Nikos Berstianos,Pyrsos Managing Erik Broekhuizen,BulkNedlloyd (Rotterdam) Hercules Charalambides,World Maritime University (Malmoe) John Coustas,Danaos Management Consultants George Economou,Dry Bulk Aris Gavrielides,Eletson Corporation Costas Grammenos,City University (London) Dennis Hayter,MERC(Rotterdam) John Karastamatis,Eletson Corporation .Nikos Karelis,Midland Bank Michail Kokkinis,Link Maritime Anastassios Kouverianos,Eletson Corporation Nikos Kydonakis,The Swedish Club George Lertas,Eletson Corporation Marianna Moschou,Citibank Kees Oosterhout,BulkNedlloyd (Rotterdam) George Panagakos,DAS International Consultants Dimitrios Paizis,Eletson Corporation Petros Pappas,Ocean Bulk Iraklis Prokopakis,Styga Compania Naviera Panos Solomonides,Midland Bank George Spanos,Spanos Maritime and Trading Terry Trikoglou,Underwriter Leonidas Valmas,A.Karaindros Marine John Vassilakis,Aeolos Maarten Volgers,MERC (Rotterdam) Jelle Wolthuizen,Neddata(Rotterdam) Mathios Zarbis,United Shipping and Trading of Greece4 0. ACKNOWLEDGMENTS We are deeply grateful to the following persons who were kind enough to discuss with us various aspects of this report. Particular acknowledgement goes to Nikos Karelis, Michail Kokkinis, George Panagakos and Petros Pappas. Of course, all opinions expressed herein are those of the authors who are solely responsible for its contents. • Tasos Aslidis, Marsoft (Cambridge Mass.) • Costas Bardjis, Marsoft (Cambridge Mass.) • Nikos Berstianos, Pyrsos Managing • Erik Broekhuizen, BulkNedlloyd (Rotterdam) • Hercules Charalambides, World Maritime University (Malmoe) • John Coustas, Danaos Management Consultants • George Economou, Dry Bulk • Aris Gavrielides, Eletson Corporation • Costas Grammenos, City University (London) • Dennis Hayter, MERC (Rotterdam) • John Karastamatis, Eletson Corporation • Nikos Karelis, Midland Bank • Michail Kokkinis, Link Maritime • Anastassios Kouverianos, Eletson Corporation • Nikos Kydonakis, The Swedish Club • George Lertas, Eletson Corporation • Marianna Moschou, Citibank • Kees Oosterhout, BulkNedlloyd (Rotterdam) • George Panagakos, DAS International Consultants • Dimitrios Paizis, Eletson Corporation • Petros Pappas, Ocean Bulk • Iraklis Prokopakis, Styga Compania Naviera • Panos Solomonides, Midland Bank • George Spanos, Spanos Maritime and Trading • Terry Trikoglou , Underwriter • Leonidas Valmas, A.Karaindros Marine • John Vassilakis, Aeolos • Maarten Volgers, MERC (Rotterdam) • Jelle Wolthuizen, Neddata (Rotterdam) • Mathios Zarbis, United Shipping and Trading of Greece