Greek shipowner George Economou’s TMS Cardiff Gas has moved in on three LNG carrier resales from South Korean shipowner Sinokor Maritime in a deal that could be worth almost $700m if it is concluded.
Sources close to the business said TMS Cardiff Gas is in talks to buy three 174,000-cbm LNG carriers on order at Samsung Heavy Industries for about $233m each.
Clarksons’ Shipping Intelligence Network lists three vessels, Hull Nos 2316, 2317 and 2318, as scheduled for delivery in September 2026, January and June 2027, respectively.
SIN details that the trio, which is to be fitted with X-DF propulsion systems, was ordered in 2019 priced at $193m each.
But those following the South Korean owner indicate that the LNG carriers were priced closer to $203m apiece as their delivery dates were renegotiated during a time of rapidly rising newbuilding values.
They commented that the price of $233m per vessel is considerably lower than the $260m to $270m the GH Chung-controlled Sinokor Maritime had been asking for the ships previously.
But it is in line with the $234m Cool Company paid its parent company, Eastern Pacific Shipping, for two South Korean-built LNG resales in June 2023.
Market players said the LNG resales could time well with an anticipated uptick in the market as new LNG volumes begin to deliver from liquefaction projects that are currently being built, although some question how the timing of this will play out in reality.
They also caution that the deal has yet to be finalised and stress that both owners can be quick to change direction.
TMS Cardiff Gas controls a fleet of 23 LNG carriers, of which six are on-order vessels that are under construction at South Korean yards.
Two of them, which are being built at Hanwha Ocean, are contracted against long-term charters with QatarEnergy under its mammoth 128-vessel newbuilding project. The Greek owner has three LNG carriers on order at HD Hyundai Samho.
The company chartered out one of its recent deliveries to Japanese utility Osaka Gas in a multi-year deal. A sister ship is due for handover in 2025.
Sinokor Maritime ordered these first four LNG carrier newbuildings five years ago at SHI.
Before this, the owner had an earlier flirtation with two LNG berths at what was then Daewoo Shipbuilding & Marine Engineering, which ended in a row with the yard followed by a jump into the secondhand LNG market in 2015.
The SHI LNG newbuilding quartet contracted was ordered speculatively and was originally due for handover dates in 2021.
But in February 2021, TradeWinds reported that the shipowner had asked SHI to pause on the remaining three units, amid talk that the owner had retained some forward delivery positions, with the shipbuilder making a declared financial provision of KRW 35bn ($26.3m) on the three ships.
Sinokor eventually completed initial payments and took delivery of the first newbuilding earlier this year.
This vessel is now trading as the 174,000-cbm Pacific Success under a 10-year time charter to French energy major TotalEnergies.
Sinokor’s representative has been contacted about the LNG carrier resales but the owner has consistently not responded to requests for comment.
TMS Cardiff has been asked for confirmation and comment on the resales.
