Byzantine Maritime of Greece has returned to Hyundai Mipo Dockyard (HMD) with an order for LPG carrier newbuildings.
The Marios Stafilopatis-led company is said to have commissioned the South Korean shipyard, which is part of the Hyundai Heavy Industries group, to construct a pair of 38,000-cbm gas carriers for delivery during the second half of 2021.
Officials at HMD declined to comment on the order, citing contract confidentiality, and Byzantine did not respond to a request for comment.
Shipbuilding players said Byzantine is the company behind HMD's announcement earlier this week that it signed an order for two LPG carriers.
At the time, the yard did not disclose the client’s name, although it said the contract was from an Asia-based shipowner. The two gas carriers are priced at nearly KRW 112bn ($93.8m), or $46.9m each.
Asia order
“Byzantine has subsidiary companies and they are registered in the US and Singapore,” said a shipbuilding source. “We think Byzantine’s two LPG newbuildings were [ordered] by its Asia office.”
It is unknown whether Byzantine’s contract includes any optional ships.
The company has traditionally operated a mixed fleet of conventional dry and wet ships. In 2013, it made a debut in the LPG sector through an order of four 38,000-cbm LPG carriers at HMD.
Byzantine was reported to have paid about $48m to $49m each for these ships.
HMD has since delivered the quartet — the Bakken Lady (built 2015), Eagle Ford Lady, Marcellus Lady and Permian Lady (all built 2016).
The Singapore-flagged vessels are managed by Western Shipping in the city state.
VesselsValue shows Byzantine exited the panamax bulker sector in May after selling the 82,700-dwt Marina S (renamed Magica G, built 2012) to Hydroussa Navigation for $19m.
Clarksons’ Shipping Intelligence Network shows Byzantine has a fleet of 17 vessels, including bulkers and product tankers. It also has a 112,000-dwt product tanker being built at Japan’s Sumitomo Heavy Industries. The tanker, to be named Spetses Lady, is scheduled for delivery early next year.
