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CEO profiles: DSX’s Simeon P. Palios and SB’s Polys Hajioannou

Xun Yao Chen

Why CEO ownership affects the profiles of major dry bulk stocks (Part 4 of 4)

(Continued from Part 3)

Diana Shipping: Simeon P. Palios

According to his bio with Diana Shipping, “Simeon P. Palios has served as our Chief Executive Officer and Chairman since February 21, 2005 and as a Director since March 9, 1999 and has served as the Chief Executive Officer and Chairman of Diana Containerships Inc. since January 13, 2010. Mr. Palios also serves as an employee of Diana Shipping Services S.A. Prior to November 12, 2004, Mr. Palios was the Managing Director of Diana Shipping Agencies S.A. and performed on our behalf the services he now performs as Chief Executive Officer. Since 1972, when he formed Diana Shipping Agencies, Mr. Palios has had the overall responsibility of our activities.

Mr. Palios has experience in the shipping industry since 1969 and expertise in technical and operational issues. He has served as an ensign in the Greek Navy for the inspection of passenger boats on behalf of Ministry of Merchant Marine and is qualified as a naval architect and engineer. Mr. Palios is a member of various leading classification societies worldwide and he is a member of the board of directors of the United Kingdom Freight Demurrage and Defense Association Limited. He holds a bachelor’s degree in Marine Engineering from Durham University.”

Thoughts: Simeon P. Palios has been with the industry longer than most other CEOs. He seems loyal to the name Diana and, similar to George Economou, Palios specializes in technical and operational issues, qualifying as a naval architect. His service for the Ministry of Merchant Marine and membership on the board of directions of the United Kingdom Freight Demmurage and Defence Association might suggest Palios is more of a defensive and risk-averse player than an aggressive one. According to Forbes, he’s 71.”

Safe Bulkers: Polys Hajioannou

According to his bio with Safe Bulkers, “Polys Hajioannou is our Chief Executive Officer and has been Chairman of our board of directors since 2008. Mr. Hajioannou also serves with our Manager and prior to its inception, our Manager’s predecessor Alassia Steamship Co., Ltd., which he joined in 1987. Mr. Hajioannou was elected as a member of the board of directors of the Union of Greek Shipowners in 2006 and served on the board until February 2009. Mr. Hajioannou is also a founding member of the Union of Cyprus Shipowners. Mr. Hajioannou is a member of the Lloyd’s Register Hellenic Advisory Committee. In 2011, Mr. Hajioannou was appointed to the board of directors of the Hellenic Mutual War Risks Association (Bermuda) Limited. Mr. Hajioannou holds a Bachelor of Science degree in nautical studies from Sunderland University.”

Thoughts: “Other than the fact that Hajioannou could have ties with unions of shipowners, which may give shipowners better-than-normal leverage against other entities they come into contact with, there isn’t much here to comment on. There wasn’t much information about Alassia Steamship Co. Ltd. on the Internet, as the company was dissolved.”

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