A few weeks after showing its hand in a plan to build a floating storage and regasification unit in Greece, the Dragnis family has emerged for the first time as manager of an LPG carrier.
The two moves are probably not directly correlated, but they still represent a remarkable expansion in the shipping business scope of founder Paris Dragnis and his descendants.
Paris’ son John confirmed that clients of family company OceanGold Tankers have acquired the 84,000-cbm Pointis (built 2016).
The vessel was reported sold in May by France’s Geogas Group to undisclosed buyers for more than $70m in a deal that possibly included a time charter element.
John Dragnis did not elaborate on the transaction or on the exact circumstances in which the ship entered OceanGold’s fleet.
This is the first time interests aligned with OceanGold are known to be investing in LPG tankers.
OceanGold was established in 2007 to specialise in tankers. It lists 15 managed vessels on its website — some in the ClearOcean Tankers joint venture with Gunvor.
The LPG involvement broadly coincides with Dragnis company Goldenport Marine appearing as a lead investor in Argo — an FSRU project off the central Greek town of Volos, where the Dragnis family hails from.
This is also the first time the clan has been publicly associated with LNG-related infrastructure.
The family has historically had extensive interests in bulkers, tankers, container ships and yachts.
Bulkers have been another part of its activity eluding market attention recently.
Goldenport Shipmanagement was known to have ordered four newbuildings — two handysizes at Japan’s Onomichi Dockyard and two ultramaxes at Nantong Xiangyu Shipbuilding in China.
Onomichi delivered the first handysize, the 37,400-dwt Sikinos (built 2022), in June. Sistership Kythira is due for delivery next month.
Goldenport’s ultramax orderbook, however, is far bigger than previously known.
Dragnis revealed that company clients have a total of five 63,500-dwt vessels under construction in China.
He did not clarify if Goldenport inked all five ultramax newbuildings at Nantong Xiangyu.
Wildly successful
He did confirm, however, that they are all due for delivery between August 2023 and May 2024, that they will be built to International Maritime Organization NOx Tier 3 and SOx emission requirements and will comply with Energy Efficiency Design Index Phase 3.
Dragnis’ expansion moves were probably helped along with some cash from a wildly successful asset play in the container ship market in April.
The vertiginous rise of container ship earnings has created fabulous asset play opportunities for several owners who acquired boxships on the cheap during the bottom of the market several years ago.
Few deals, however, match the profitability that Goldenport probably achieved with the sale of the 2,490-teu TG Athena (built 2002).
Goldenport acquired the ship in 2015 for about $8m. According to VesselsValue, it might have been worth more than $40m when Goldenport sold it.
Dragnis confirmed the sale but declined to provide pricing details. The vessel is now trading as CF Athena in the fleet of Celsius Shipping.
