The acquisition of Altera Shuttle Tankers (AST)’s $2bn fleet has become the highest-profile move by Maria Angelicoussis since inheriting her family’s vast shipping empire three years ago, following her father John’s death.
Angelicoussis’ decision to expand into shuttle tankers — first by ordering a newbuilding trio in January and now by taking over 18 AST ships — is arguably the biggest bet she has taken so far under her own authority as head of her group’s 167 tankers, bulkers and gas carriers.
The AST deal already looks well-timed, given its announcement on the same day Donald Trump was elected US president.
The Republican candidate is a critic of climate change and an advocate of a more gradual energy transition — a position he rushed to reaffirm on Wednesday.
“Leave the oil to me,” he told supporters in his victory speech. “We have more liquid gold, oil and gas, than any country in the world,” he added, amid vows to steer the US towards an economic boom.
Increased oil production can only be good news for shuttle tankers, which are designed to transport crude from offshore oilfields as an alternative to pipelines.
AST’s fleet is currently employed in the North Sea, Brazil and the east coast of Canada, and market observers contacted by TradeWinds like its acquisition.
“Praise to Maria [Angelicoussis] for a good deal,” a senior executive with another, major Greek shipping firm told TradeWinds.
“I like the AST fleet — charter coverage is good and from solid charterers,” he added.
No financial details on the acquisition were disclosed, but the manager said he suspected the “price is right, even though it is a very marginal business since such niche assets have almost little to no terminal value other than scrap”.
Big shoes to fill
Calling it right on shuttle tankers will probably help Angelicoussis build her own reputation for spotting market developments early — a trait her forebears were famous for.
Group founder Antonis Angelicoussis was one of the few post-war Greek owners to bet on newbuildings rather than secondhand ships.
Under his son John, the Angelicoussis Shipping Group (ASG) became a power in LNG shipping.
That segment currently accounts for about two-thirds of the group’s value and a large part of its profit — especially after the Fukushima nuclear disaster in Japan and recent moves by Western countries to lessen their dependence on pipeline-supplied Russian natural gas.
The wealth accumulated from her family’s past business success strengthens the Angelicoussis CEO’s chances of success in her own new venture.
“Considering how much money they have and their low financing costs, they’ll be able to snatch several lucrative long-term contracts for their shuttle tankers,” a second Greek peer told TradeWinds.
“This is a new business for them and, quite frankly, they may not have known where else in shipping to invest in,” the player added.
Even though it is only now entering the shuttle tanker segment, the Angelicoussis family has very strong ties with oil majors.
ASG’s Maran Tankers Management division has been around for more than three decades. Its current fleet — prior to the AST acquisition — consists of 54 VLCCs and suezmaxes on the water, as well as 11 suezmaxes and DP2 shuttle tankers under construction.
Angelicoussis gave up her medical career to enter the family business and her appointment dispelled concerns about succession within the company.
Her grooming as the new head of the group was accompanied by a wide-ranging management shake-up, which culminated in October 2021 in the appointment of an outsider, Sveinung Stohle, as group deputy chief executive.
Stohle, a former chief executive of Hoegh LNG Holdings, helped oversee fleet renewal moves with sales of older ships and their replacement with dual-fuelled bulker and tanker newbuildings.
It is not known if Stohle also played a role in ASG’s latest decision to invest in shuttle tankers. Group managers declined to further discuss the move.
Other Norwegians, however, were involved in the deal. Oslo-based Rystad Energy acted as commercial adviser to parent Altera Infrastructure.
