Greek owners growing LNG shipping footprint

As is the case in most shipping sectors, the Greek footprint is becoming more evident in the transportation of gas.

Greece’s top five LNG carrier owners presently have a combined fleet worth just shy of $14bn, including ships worth $6bn which are yet to be commissioned.

According to research by ship evaluator VesselsValue, Greece’s largest shipowner, John Angelicoussis’ Maran Gas Maritime leads the way with its 27-strong trading fleet and 10 ships on order worth $3.98bn having grown since first entering the sector some five years ago to become one of the top private LNG owners globally.

However, the combined fleets of NYSE-listed Peter G Livanos-led GasLog Ltd and MLP spin-off GasLog Partners top Maran, with GasLog’s fleet valued at $3.305bn and the partnership’s fleet at $1.74bn. Christos Economou’s fast expanding TMS Cardiff Gas comes in at $3.07bn. With 11 vessels, worth $2.4bn, TMS Cardiff holds the biggest orderbook.

Greece’s top five gas ship owners is rounded out by George Procopiou’s Dynagas Holdings which VV valuing the fleet at $1.72bn.

Greek LNG fleets 002

According to Clarksons, Greek interests accounted for 32 of the 60 large-size LNG carrier newbuildings contracted in South Korea in 2018. Relative newcomers Evangelos Marinakis-led Capital Gas accounts for 10 of these worth $742.3m and Anna Angelicoussi-controlled, Alpha Gas, has orders worth some $562m, with more in the pipeline.

Meanwhile, Angelicoussis’ Maran Gas Maritime has reportedly carried the most US LNG export cargoes for the third year in a row. According to latest data, the Athens-based company shipped 39 cargoes in 2018, ahead of Livanos’ Gaslog, and MLP spin-off Gaslog Partners’ 37 cargoes. Teekay was third with 28 LNG carriers. Tsakos Energy Navigation’s (TEN) 174,000 cu m Maria Energy, built 2016, carried the most cargoes on an individual ship basis with eight shipments in 2018, reported Bloomberg.

Two South Korean owners – Korea Line Corp (KLC) and Hyundai LNG Shipping – made the top 10 with 14 and 11 cargoes, respectively. Two Chinese finance houses were also represented – ICBC Financial Leasing Co and China Development Bank – with 15 and four cargoes, respectively. The top 10 was rounded out by owners from Europe, Knutsen OAS Shipping, Golar LNG and Stena Bulk.

Posted 15 January 2019

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David Glass

Author Bio ▼

Greece Correspondent, Seatrade Maritime An Australian with over 40 years experience as a journalist and foreign corrrespondent specialising in political and economic issues, David has lived in Greece for over 30 years and was editor of English language publications for Greek daily newspaper Kathimerini in the 1970s before moving into the Akti Miaouli and reporting on Greek and international shipping. Managing editor of Naftiliaki Greek Shipping Review and Newsfront Greek Shipping Intelligence, David has been Greek editor for Seatrade for over 25 years.

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