One of Greece’s biggest orderbooks has grown even further, as Leon Patitsas-led Atlas Maritime and partners European Maritime Finance (EMF) inked yet another pair of suezmax vessels with DH Shipbuilding.
The order for the scrubber-fitted, dual-fuel capable ships was signed on the Greek owner’s yacht Bliss during Posidonia in Athens on Tuesday.
Including ships already delivered, the deal brings the number of shipbuilding contracts that Atlas has placed since November 2020 to 25 ships worth more than $2bn.
Patitsas is not alone in most of these projects, having Denmark’s EMF as a partner.
During the same period, Patitsas profitably sold all his 11 older tankers at considerable profit.
What began as a countercyclical economic recovery bet one day after the first Covid vaccine was announced in late 2020, has expanded into a full-blown newbuilding campaign across the tanker, car carrier and ammonia carrier segments.
Speaking on Tuesday at the TradeWinds Shipowners Forum in Athens, Patitsas — a descendant of the legendary Greek Lemos family — expanded on his philosophy and strategy.
“We were groomed from a very young age to never give up, to always know that the market is cyclical — it will go up but then also it will go down — to be conservative, to have moderate leverage and to try to diversify in different sectors,” he said.
EMF has expressed its satisfaction with the deal.
“EMF’s decision to fortify its presence in the suezmax tanker market is a testament to the enduring success of its alliance with Atlas Maritime and the compelling market dynamics,” the fund said in a press release.
“We are proud to launch on our 20th and 21st joint venture vessels with Atlas Maritime,” said Martin Haugaard, EMF founder, chief executive officer and chairman of its investment committee.
EMF has been emphasising sustainability features such as dual-fuel capability, LNG-readiness and eco-class designation to showcase their shared commitment to environmentally advanced practices.
With a total 17 tankers inked at DH Shipbuilding, the South Korean yard has scooped up the majority of the newbuildings Patitsas and EMF have ordered.
The fresh suezmax newbuildings feature Hull Nos HN 5109 and HN 5111 and will trade as Odin Star and Olympic Star upon delivery in 2026 and 2027.
They are the seventh and eighth suezmaxes that Atlas Maritime has currently under construction at DH Shipbuilding. The other nine tankers that the yard is building or has built for the Greek company are LR2 carriers.
The rest of Atlas Maritime’s current orderbook of 20 vessels consists of five 7,000-ceu car carriers at CIMC Raffles and three very large ammonia carriers at HD Hyundai Heavy Industries in South Korea.
