Greek shipowner charts new course, eyeing LNG dual-fuel container vessel orders

Riviera understands that Pyletech Shipping, backed by Dr Theophilos Priovolos, has initiated discussions with South Korean shipyards regarding the construction of LNG-powered dual-fuel 16,000-TEU vessels.

Last week, MB Shipbrokers reported unnamed Greek interests were engaged in talks with Korean yards for vessels of this size, possibly supported by an end user.

Shipbroking sources suggest the world’s largest liner company, Mediterranean Shipping Co (MSC), could back Pyletech’s orders. According to market sources, Dr Priovolos and MSC have cultivated a close relationship over the years, making such a joint venture plausible.

MB Shipbrokers also noted the Hanwha shipyard currently leads the competition for container vessel orders, offering the "sharpest prices" among Korean shipbuilders.

Pyletech’s background

Pyletech Group, according to its website, is an independent, private, multi-industry company with a global presence. The group operates in sectors such as shipping, technology, energy and real estate.

Dr Priovolos, the founder and principal of the Pyletech Group, is well-known for his involvement in the maritime industry through Niki Shipping, the Group’s shipping division.

Since the inception of its shipping business in 1997, Pyletech has owned a fleet of 80 vessels, including container ships, bulk carriers and car carriers, with a combined capacity of approximately 307,000 TEU and 4M dwt.

A new chapter

According to several shipbrokers, Niki Shipping has sold its entire fleet of container vessels to MSC, and now, through Pyletech Shipping, Dr Priovolos is charting a new course. The group has announced on its website that in 2024, it plans to unveil its strategy to build and charter out a new generation of vessels designed to reduce emissions through the use of alternative fuels. This statement aligns with the reports of new orders currently under discussion.

Pyletech emphasises its commitment to a greener future, stating, “By gradually introducing these vessels and collaborating with our charterers, we are dedicated to ensuring a cleaner, greener future for the shipping industry, and significantly reducing greenhouse gas emissions.”

Confidence in LNG

Pyletech’s website also highlights its confidence in LNG as a key component in emissions reduction, coinciding with the reportedly ongoing shipyard discussions.

“The path to emissions reduction will vary across the different sub-sectors of transport,” Pyletech notes. Over the next 15 years or so, given the current regulatory environment, the group believes LNG and vessel-specific improvements will contribute to the necessary reduction in greenhouse gas emissions, before the widespread adoption of more advanced fuels.

Furthermore, Pyletech is actively exploring other alternative fuels. Its subsidiary, Pyletech Energy, is working with global technology providers, engineering firms and construction companies to develop and refine the design of production plants for green ’drop-in’ fuels, as well as green methane and green methanol in Europe and the US.