A mid-year reckoning by the publication Naftiliaki had Angelicoussis at the top of the Greek ātonne millionairesā with a fleet of more than 100 ships (bulk carriers, tankers and gas carriers) of 20.57m dwt. on the water.
Angelicoussis, who was interviewed by Michael Tusiani, chairman Emeritus of brokers Poten & Partners, injected some humor into his serious presentation, telling the several hundred attendees. āI like big vesselsā¦I always have a passion for VLCCs and so far I have been properly rewarded.ā
When describing his entry into the LNG business, he explained that he ordered his first two vessels āā¦on a boatā¦.because they were availableā¦and they were cheapā¦ā He admitted that: āI didnāt know much about LNGs; I thought that they were like VLCCsā¦.unfortunately, I was totally misinformed.ā After consulting with Tusiani, the two vessels were fixed to the Qatari company - Rasgas - beginning an enduring relationship and a major role in Qatari LNG exports, and leadership position in the gas shipping sector.
On the groupās chartering strategy for nearly three dozen LNG carrier, he said that almost all were fixed on period charters to topflight counterparties; āā¦weāve missed the peaks ā¦but emerged unscathed from the troughsā¦ā he said.
In discussing diversification, he said: āItās something Iāve always liked. People consider me a bit reckless, but I am not as reckless as people think. Weāve expanded fast, but I always try to have some diversification, and [expand} into areas I consider appropriate.ā He added that he considers drybulk (Angelicoussis is a Capesize player), tankers, and LNG as complementary, and part of the industrial energy sector.
On the subject of public companies - Angelicoussis had listed a drybulk subsidiary in the late 1980s and subsequently privatized it in 2001 - he said that the various difficulties taught him a lesson, and āIf you donāt need it, donāt use it.ā. He said that he welcomed the privacy and being āa master of your own destiny.ā
When asked about the importance of quality, he offered that the top charterers have a preference for owners who make the requisite investments- he added that all the top charterers are demanding.
Responding to a question on strategies for buying vessels, he expressed a preference for newbuilds, saying that buying newbuilds is the most economical way to get quality vessels from quality yards. With ten LNGs on order from South Korea, he stressed another reason to order newbuilds, adding that āItās well known that we have our own specificationā¦the Angelicoussis specificationā¦.that is imitated by others.ā
Besides evaluating estimates of future supply and demand, as well as running calculations of investment metrics, he also asserted the importance of market cycles, saying āI like to buy counter-cyclically if I can.ā But sometimes thereās more than numbers involved, with Angelicoussis saying: āAt the end of the day, I use my nose.ā
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