Greek Owners Make $18BN Gas Gamble

Wedoany.com Report-Oct 17, Greek shipowners have spent what analysts at VesselsValue describe as an “unprecedented” $18bn on newbuild gas vessels since 2021 as companies diversify their portfolios away from traditional tanker, bulker and container asset classes.

Data from VesselsValue shows Greek owners have spent $13.8bn on 59 LNG carriers since 2021, as well as around $4bn on 41 LPG carriers. This compares to Greek shipowners spending $12.2bn on 167 tanker vessels, $4.1bn on 109 bulkers, and $3.1bn on 39 containerships in the same timeframe.

“In a decade defined by volatile markets and seismic shifts in shipping dynamics, Greek shipowners have taken bold investment stances that could shape the future of global trade,” commented Dan Nash, associate director of valuation and analytics at VesselsValue. “Greek shipowners are clearly planning for future increases in gas and LNG supply in the global energy mix with these speculative investments.”

The new report from VesselsValue names the Piraeus-based Capital Ship Management (Capital) the most speculative with 15 large LNG vessels, two very large ammonia carriers (VLAC), eight medium gas carriers (MGC), and four carbon dioxide (CO2) vessels for a combined spend of $4.7bn. Capital is followed by the Athens-based Maran Gas Maritime (Maran), the LNG ship management company of the Angelicoussis Shipping Group, with a total spend of $3.3bn that includes 15 large LNG carriers. The Athens-based Evalend Shipping is third, spending $3bn on 12 very large gas carriers (VLGCs), two MGCs, two VLACs and six large LNG vessels.