An Iraqi energy services company that is not known to have been a shipowner before has been identified as the buyer of a VLGC sold by Greece’s Latsis family.
Baghdad-based GGC Energy is reported by London brokers as the new owner of Latsco Shipping’s 82,400-cbm Hellas Glory (built 2008).
Officials at Latsco and GGC Energy did not immediately respond to a request for comment.
News that the Hellas Glory has changed hands hardly comes as a surprise.
Latsco has been exploring opportunities to sell the vessel since at least the summer of 2021 and its divestment marks the end of a sale campaign that began about a year ago.
Over that period, Latsco has parted ways with three 2008-built VLGC sisterships that were the oldest vessels in its mixed fleet of about 30 tankers and gas carriers.
The first to go in October 2021 was the Hellas Fos, which sold for between $48.5m and $50.2m to Indonesia’s Sillo Maritime and is now trading as Gas Camelot.
The second, Hellas Serenity, changed hands in April for about $47.5m and was renamed Gas Felicity by its new owner, Indonesia’s Patria Nusasegara.
GGC Energy is now said to be scooping up Hellas Glory for $49.5m.
Big in Iraq
News of a purchase by GGC Energy is much more of a surprise than the fact that Latsco is selling.
GGC Energy describes itself on its website as a top service provider for energy industry infrastructure in Iraq.
Its roots go back to 2005, when founder Syed Maan Al Gailani set up shop as an independent broker. The company itself began life five years later as Al Gailani Group of Companies (GGC Energy).
GCC says it has established business relations with several Iraqi ministries and oil majors through offices in several parts of the world.
Transportation & marine services are one of several business departments that GGC features on its website. Clarksons, S&P Global Market Intelligence and VesselsValue, however, do not list the company as a shipowner or ship manager yet.
A newcomer entering the LPG business would be nothing unusual, though. A number of new players have joined the fray recently.
TradeWinds reported this month how Greek LPG trader SwissChemGas became a shipowner in its own right with the $63m purchase of the 82,500-cbm Gas Tigers (built 2016).
Purus Marine, a shipping fund with an unknown state sponsor, is believed to have bought its first LPG carrier as well — Evalend Shipping’s 39,200-cbm Green Energy (ex-Mangusta, built 2022).
These and a spate of other recent LPG transactions reflect players’ expanding transport needs and a market in which freight rates are climbing.
According to Clarksons, time charter equivalent earnings for a modern 84,000-cbm vessel climbed to $70,440 per day at the end of last week, twice as high as average earnings last year.
As for Latsco, the sale of its three oldest VLGCs leaves it with nine gas carriers.
The sales coincide with a fortunately timed fleet renewal for the Paris Kassidokostas-Latsis-led company, which is taking delivery of four scrubber-fitted VLCC newbuildings just when earnings for such vessels are increasing.
