Latsis company Latsco Shipping is preparing to divest the final of its oldest LPG carriers in a sales campaign that began about 10 months ago.

US-based brokers have reported that the 80,700-cbm LPG carrier Hellas Glory (built 2008) has already found buyers at an undisclosed price.

Sources close to the company, however, say this information is inaccurate. The vessel is being negotiated, but hasn't been committed or sold.

If a sale is eventually concluded, it would be the third such sistership, built 14 years ago at Hyundai Heavy Industries, that the Greek company is selling since October last year.

The nearest indication for the price level the Hellas Glory may achieve is provided by the sale of the sistership Hellas Serenity, which Latsco divested in late April.

The Hellas Serenity is said to have fetched about $47.5m and is currently trading as Gas Felicity in the fleet of Indonesia’s Arcadia Shipping & Trading.

Another Far Eastern buyer, possibly affiliated with Arcadia, spent a higher amount of between $48.5m and $50.2m for another Latsis VLGC sistership in October last year — the 80,700-cbm Hellas Fos (renamed Gas Camelot, built 2008).

These three VLGCs had been the oldest ships of Latsco, which has about 30 tankers and gas carriers in the water.

Opportune deliveries

Their sale coincides with a fortunately timed fleet renewal and newbuilding delivery schedule for the Greek owner.

The Paris Cassidocostas-Latsis-led company has already taken delivery of two scrubber-fitted VLCC newbuildings from HHI this summer — the 300,000-dwt Yiannis Latsis and Erietta Latsi (both built 2022).

Another two VLCC sisterships are scheduled for delivery soon — featuring Hull Nos 3270 and 3271 and to be named Hellas Fos and Hellas Paliros respectively.

The ships, which Latsco ordered at about $90m each between November 2020 and January 2021, are hitting the water just about when VLCC freight markets are picking up.

Even non-scrubber, non-eco ships are currently earning $40,000 per day — after 20 months of rates being either negative or below fixed-operating costs, according to Gibson Shipbrokers.

According to VesselsValue, two of Latsco’s VLCC newbuildings will be employed on long-term charters with Trafigura on terms that remain undisclosed.

In a more unusual development, Kassidokostas-Latsis seems also to be involved with a container ship newbuilding.

S&P Global Market Intelligence shows him as the owner of the 1,900-teu Marla Tiger (built 2022), currently under construction at Imabari Shipbuilding as Hull No 995 and due for delivery in September.

According to VesselsValue, the ship was ordered in April last year by Japan’s Shoei Kisen but changed hands last month, at a price that could be close to $60m.

Kassidokostas-Latsis is not known to have been active in container ships before.

This article has been amended since original publication to include information that the Hellas Glory is under negotiation but has not been sold yet