Orderbook at TMS Cardiff Gas inches up to five ships
Christos Economou leads LNG charge by reserving two berths at Samsung shortly after inking trio at rival yard
Greek shipowner TMS Cardiff Gas has pencilled in a second LNG carrier newbuilding at Samsung Heavy Industries that looks set to double the company’s fleet by pushing its orderbook to five vessels.
Last week, SHI uncharacteristically jumped the gun by announcing it had secured orders for two 174,000-cbm LNG carriers for delivery in 2020 in advance of the shipowner’s board giving approval for the investment.
SHI’s statement did not name the owner but said the order included an option for a further pair of vessels.
Brokers and consultants tell TradeWinds that Cardiff is the “mystery” owner behind the SHI announcement.
They say the shipowner is in the process of confirming the option at the yard, but board approval on both SHI newbuildings is not expected to come through until May.
TradeWinds reported last month that Christos Economou-controlled Cardiff had signed up with SHI for one firm newbuilding with an option on a second ship that was close to being firmed up. This followed earlier orders for three LNG carriers at Hyundai Heavy Industries.
Cardiff did not respond to requests for confirmation and further details on the business.
A second firm newbuilding order at SHI would increase the number of newbuildings contracted by Cardiff in the past few months to five ships, plus a slew of optional berths.
Economou’s gas venture, which kicked off operations with a secondhand vessel in 2011, had not moved on fleet growth since taking delivery of its first four LNG newbuildings in 2014.
But late last year, it entered into fierce competition for seven-year plus time-charter deals with energy major Total to back a pair of LNG carrier newbuildings. Cardiff emerged with one of the contracts, with Russia’s Sovcomflot (SCF Group) taking the other. Total has options — due to be declared this quarter — to take two more ships.
Cardiff contracted a 174,000-cbm LNG carrier newbuilding with an XDF propulsion system at Hyundai Samho Heavy Industries for the Total business, adding an extra pair of sistership newbuildings at the yard.
Cardiff confirmed it had firm business for all the ships it had ordered, without giving the number of vessels.
Cheniere behind charter of TMS Cardiff Gas LNG newbuildCheniere Energy, which circulated a private requirement for LNG tonnage last year, is believed to have fixed at least one of these vessels on similar terms to the Total charter. Brokers say Cheniere has also secured the second newbuilding.
Cardiff is also sitting on optional berths at Hyundai Samho.
The company’s push into LNG newbuildings coincides with similar moves by compatriot Alpha Gas and gas newcomer Minerva Maritime.
