Capital Maritime’s Evangelos Marinakis: 'sees light' in offshore vessel sector

When it comes to the economics of building new offshore support vessels, Capital Maritime & Trading Corp founder and chairman Evangelos Marinakis has a difference of opinion with Tidewater president and chief executive Quintin Kneen.

“Some people will see light in a tunnel. Some will see darkness. Some of us are right. Some of us are wrong. We see light,” said Mr Marinakis, in discussing his company’s order for four new platform support vessels (PSVs) at China’s Fujian Mawei. Mr Marinakis-led Capital Offshore holds two options that could increase the order to eight PSVs that would more than double the size of the company’s fleet. The 95-m vessels will be built to Lloyd’s Register class.

Mr Marinakis made his comments at Marine Money Week in New York City on 25 June as part of a fireside chat session with Poten & Partners chairman emeritus, Michael Tusiani.

While he too has an optimistic outlook on the OSV market, Mr Kneen had been asked the previous day about the possibility of new OSV orders and to comment on Capital Offshore’s newbuilding programme. “It’s not economic to order a boat today,” said Mr Kneen, noting day rates were not at the levels to justify new construction and the further uncertainties presented by new fuels and the energy transition that could add retrofit costs during the vessel’s potential 20-plus-year lifetime.

Tidewater, the largest OSV owner in the world, has been able to grow its fleet through its merger with Gulfmark and acquisitions of high-spec OSVs from Swire Pacific Offshore and Solstad Offshore.

Meantime, Capital Offshore, a new player formed by Mr Marinakis in November 2023, has acquired seven PSVs from Standard Supply, and appears poised for further growth beyond its current series of newbuilds.

With some 130 ships controlled by his companies, as well as soccer and media interests, the Greek shipping tycoon has the interest and means to continue to build his OSV fleet.

“We will go on a larger scale,” Mr Marinakis concluded. Stay tuned.