Evangelos Marinakis-controlled Capital Maritime & Trading is planning to invest in more dual-fuelled newbuildings and is looking at VLCC tonnage.
Founder and chairman Marinakis said the company is investing substantial amounts in dual-fuelled tonnage and has “ongoing discussions” about more LNG dual-fuelled vessels.
He cited Capital's aframax and suezmax LNG dual-fuel investments and said the company is also considering VLCCs.
Marinakis said: “We believe in LNG”, adding that around 90% of Capital’s investment is LNG-related either in LNG carriers or dual-fuel vessels.
All the right conditions are there to go for these vessels, he said.
Marinakis, who in November announced the transformation of his US-listed entity into a gas play with the injection of the LNG carriers from his privately held entities, was speaking at the World LNG Summit & Awards meeting in Athens.
His Capital Gas Ship Management arm won the World LNG Shipping Award 2023 at the event “for being at the forefront of Greek shipping in investing in vessels that will transition shipping and the world in general to a net zero world”.
Asked how the company future-proofs its vessels, Marinakis said the time charters on offer are often not sufficient to justify the investment.
He said companies with strong balance sheets can afford to take a position and fix the vessel later.
Marinakis said Capital was the first independent owner to invest in liquefied CO2 (LCO2) carriers.
These ships will deliver in 2025. But he said that for a while the vessels may work in the LPG trades.
“We are ready to face the music when it comes,” he said.
More recently Capital has contracted two very large ammonia carriers or VLACs.
Marinakis said the extra cost to enable the vessel to be able to load 98% ammonia is “not that great”, although adding an ammonia engine in time would increase the spend.
He said that similar to the LCO2 carriers, if the market is not yet there for the VLACs they can work as VLGCs.
“In order to check the market properly you need the vessel,” Marinakis said. “We will be prepared for the new market.”
