Capital Gas inks multi-ship service deal as LNG fleet expands

With Greek shipping investments in gas carriers valued at approximately US$15.7Bn, Evangelos Marinakis-backed Capital Group leads the way, holding the largest LNG carrier orderbook in the major shipowning country with 24 vessels under construction.

Capital Group subsidiary Capital Gas Ship Management has now entered a five-year lifecycle maintenance agreement for seven of its 174,000 m³ LNG carriers in a nod to the importance of operational resilience as Greek shipowners significantly expand their investments in the gas carrier market.

According to a press release on the deal, the agreement reflects the company’s strategy to safeguard fleet uptime and cost efficiency for its LNG assets, which are pivotal in supporting Greece’s role in the global energy landscape.

Capital Gas Ship Management managing director Miltos Zissis said the lifecycle partnership deal will deliver the "operational reliability and certainty we need to maximise the uptime of these vessels."

Wärtsilä Marine will be handling the fleet lifecycle maintenance, and Wärtsilä Marine Sales Manager Rajeev Janardhan stressed the tailored approach that the company is taking for Capital Gas’s fleet.

Marinakis-owned businesses have undertaken a series of rebranding steps over the past year.

In November 2023, Capital Product Partners (CPLP) agreed to acquire 11 newbuild LNG carriers in a US$3.1Bn deal, under an umbrella agreement with other Marinakis-linked companies, Capital Maritime and Capital Group, as CPLP prepared for a rebranding. 

Operating officially as Capital Clean Energy Carriers Corp (CCEC) since August 2024, the former CPLP, now CCEC, has embarked on an ambitious fleet expansion strategy. The company has invested US$756M in 10 newbuilding gas carriers, including dual-fuel LPG carriers and the industry’s first liquid CO2 vessels.

These newbuilds are scheduled for delivery between Q1 2026 and Q3 2027 and are poised to significantly bolster the company’s capabilities in both traditional and emerging energy markets.

CCEC’s fleet will see substantial growth, with a planned expansion to 36 vessels by 2027, featuring modern, eco-efficient ships designed to transport LNG, LPG, liquid CO2 and low-carbon ammonia.

This diversification into gas carriers and clean-energy vessels marks a deliberate shift from CCEC’s historical focus on container ships, aligning the company with future demand trends in global energy markets.