Greece's Kostas Angelou has been linked to an order for two VLGCs with South Korea's Hyundai Heavy Industries.
But Benelux Overseas Inc, Angelou's best-known company, has denied it is behind such an order, claiming it has not even been in touch with the shipbuilder.
"We don’t have any discussions for a newbuilding project with HHI for VLGCs of 90,000-cbm capacity," Benelux managing director Emmanouil Karamolegos said.
Some brokers connected the high-specification order to a newer and lesser-known gas carrier and product tanker owner, Singapore-based Janus Shipping Management, which they believe to be under Angelou's control.
But Karamolegkos said Benelux has no connection with Janus or with Janus' crude tanker owning twin, Auriga Shipping Management.
TradeWinds understands the 91,000-cbm dual-fuel VLGCs, which will run on LPG or conventional fuel, will cost about $75.9m each.
Brokers said the ships are to be employed on 10-year time charters with Vitol, and noted that Vitol is also the charterer of a pair of product tankers that Benelux has on order.
Angelou's Benelux group is made up of two separate gas carrier and product tanker companies, Benelux Overseas Inc based in Athens and Benelux Overseas DMCC in Dubai. Other shipowning companies in the Benelux group include Zeus Lines Management.
Singapore-based Janus and Auriga, whose ownership is unknown, work out of the same offices and were started in 2018 and 2019, respectively, according to IHS Sea-web.
Janus and Auriga managing director Vasileios Papafaklis described the companies' work as providing technical support to various clients, including audits and pre-purchase and condition inspections.
Papafaklis also denied that Janus and Benelux group have any connection, and said Janos is not involved, "financially or technically, into any new building project so far".
VesselsValue indicates two former Benelux group ships were transferred to Janus' control in 2019, but Karamolegkos said these were purely third-party transactions.
Pursuing fleet renewal
Newbuildings for either Benelux group or Janus would represent a significant shift in their fleet's overall age profile.
The group's four VLGCs were built between 1980 and 2001, with an average age of 32 years, and Janus' sole VLGC is 20 years old.
Benelux group controls some 12 LPG and ethylene carriers through its Athens and Dubai platforms.
They range from small 9,000-cbm LPG carriers to four VLGCs. In addition, Benelux has two 50,000-dwt MR2 product tankers on order at South Korea's Hyundai Mipo Dockyard, understood to be employed on three-year time charters to Vitol.
Brokers said Angelou has been pursuing fleet renewal in the VLGC segment for some time and has sold the 74,332-cbm Gas Beauty I (built 1982) to an unknown Vietnamese buyer.
Brokers active in the VLGC market told TradeWinds last week that Angelou had been spotted late last year pricing secondhand tonnage. But an exuberant chartering market is believed to have made the newbuilding alternative more attractive.
As for Janus, its website includes no fleet list but databases, including VesselsValue and IHS Sea-Web, credit the outfit with the control of the 78,888-cbm VLGC Address Gas (built 2000) and 46,000-dwt product tanker Anhona (built 2008). Both were reportedly acquired from Benelux group.
