Which Greek shipowners benefit from the rise of LNG

Her Anastasia Vamvaka

It seems that the Greek ship ownership will gain from the change in the geostrategic and economic field of the LNG market from the USA to Europe. The strategic role of transporting liquefied natural gas held by Greek shipowners, as they own 22% of the global fleet of tankers capable of transporting LNG, has made the shift to the market an extremely important investment for the industry.

According to official data, from the beginning of 2016 until today, the fares for LNG tankers have increased sixfold. “Shipowners are also benefiting from the current crisis, as rising gas prices are boosting fares. While the daily price for a 160,000-cubic-meter vessel was $ 50,000 at the end of September 2021, from October onwards it was higher. from $ 200,000. ”

At the moment, another 137 LNG tankers are on order in various shipyards, but they have a delivery time of 2024 onwards. According to VesselsValue, in November 2021 the Greek interest fleet of LNG carriers was valued as the most expensive in the world, at 19.198 billion dollars, followed by that of Japan at 18.1 billion, China at 10.4 billion and the South Korea at 9 billion In addition, the LNG transfer is estimated to remain an extremely profitable transaction, as its transfer capacity is limited. In fact, according to observers of the Greek shipping market, global demand for LNG capacity will double by 2040.

The plans of the shipping companies around liquefied natural gas did not start now for the Greek shipowners, but long before the outbreak of the war, as already in 2015 they had occupied the first place in the construction of LNG ships. It is characteristic that in 2016 the Angelikoussi group (Maran Gas) was the first in the world, with 32 such ships in its fleet. The Lebanese group was second, the Prokopiou group third (DynaGas), followed by the Economou group (TMS Cardiff Gas) and the Martinou group (Thenamaris). The following years were followed by the groups Harry Vafeia, Evangelos Marinakis, Michalis Chandris, Panagiotis Tsakou, George Economou, Anna Angelikoussi, Dinou Martinou, Andrea Martinou and Latsi. Some of these groups, such as Aggelikoussi and Prokopiou, have also entered the FSRU, vessels that can function as liquefied natural gas refueling stations, facilities necessary to pass the gas to the final consumer, which, as vessels, can move to new markets when required. In total there are currently about 45 such FSRUs on the planet, either built as such or modified LNG carriers.

Save

The business activity of Greek shipowners is not limited to transportation, but also extends to the storage of liquefied natural gas, giving another dimension to the planning of the bourgeoisie to turn the country into an energy hub and “gateway” of LNG to Europe.

A typical example is the project of the floating station in Alexandroupolis where the company GasLog, of the Lebanese group, participates. Maran Gas of the Angelikoussi group, in addition to the fact that it now has 44 LNG vessels, also owns a floating liquefied natural gas storage tank FSRU, 173,400 cubic meters, at a cost of over 300 million euros, while it has ordered 10 new LNG tankers with delivery years mainly in 2024 and 2025.

At the same time, the “mega project” – equivalent to that in Alexandroupolis – for a floating liquefied natural gas tank (FSRU) of Motor Oil (Vardinogianni group) in Agios Theodoros is in full swing. An investment estimated to exceed 370 million euros. The program started in 2018 and the operation of the reservoir is planned for the end of 2023. The goal, as mentioned, is for this station to become the “southern energy gateway” of the country and the East. Mediterranean, with the parallel operation of a pipeline system that will cover both the Peloponnese and terminal ports, serving large LNG carriers, “contributing to the energy coverage of the Balkans and beyond Europe”.

Respectively, the floating liquefied natural gas station in the port of Volos was officially licensed on March 3, under the title “Argo”. The project has been undertaken by Mediterranean Gas, whose shareholders “also have investments in shipping”, while it is already cooperating with the American ExxonMobil for the import of liquefied natural gas in Greece, “through an exclusive ten-year supply agreement”.

According to the company’s website, its goal is to turn the port of Volos into an “international energy supply hub”, including LNG, natural gas, CNG. By 2032 it will be able to serve up to 46 LNG loads per year, to transport up to 4.3 billion cubic meters per year. The goal is to start commercial operation by March 2023.

The fleet right now

LNGs – LPGs

– Stealth Maritime – Harris Vafeias with 44

– Aggelikoussi Group – Maria Aggelikoussi with 43 + 1

– GasLog – Peter Libanos with 35

– Dorian LPG – John C. Hatzipateras with 18

– Naftomar Shipping & Trading – Zein with 17