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Greek shipowners ink major shipbuilding contracts for offshore vessel sector
Among others, Singapore shipbuilder PaxOcean Group has secured a mega order for up to 10 vessels from a ’leading Greek shipowner’
Greek shipowners are increasingly pursuing growth and diversification opportunities in the offshore sector, investing heavily in both newbuild and secondhand markets, with industry observers noting that the current Greek ’wave’ in the offshore sector mirrors the expansion strategy previously seen in the LNG carrier market.
A notable example of this trend is the recent announcement by Singaporean shipbuilder, PaxOcean Group, which secured a mega order for up to 10 vessels from a ’leading’ Greek shipowner. The contract involves the construction of 5,000-dwt multi-purpose service vessels at PaxOcean’s yard in Zhoushan, China, with deliveries expected to start Q3 2026.
While the name of the buyer has not been disclosed, multiple shipbuilding sources link Konstantinos Konstantakopoulos, head of Greece-based Costamare, with the order. Some suggest the vessels were contracted by Mr Konstantakopoulos’ private interests, while others believe Costamare itself is behind the deal. Costamare, a major player in container shipping and bulk carriers, has declined to comment on market rumors.
Mr Konstantakopoulos’ private interests were also reportedly involved in acquiring three secondhand platform supply vessels (PSVs) in the latter half of 2023. Costamare has denied any connection to these vessels.
In addition to its container and bulk carrier operations, Costamare is involved in the sale and leaseback business through an agreement with Neptune Maritime Leasing (NML). Notably, Costamare’s recent Q2 earnings report revealed NML acquired three offshore support vessels between August and September 2023 and leased them back to the sellers under bareboat charter agreements. Another similar sale and leaseback deal was arranged in July 2024.
Big names invest
Another significant Greek investor in the offshore sector is Evangelos Marinakis, whose new venture, Capital Offshore, has signed a major shipbuilding contract with China’s Fujian Mawei for eight PSVs.
Mr Marinakis offered a decidedly positive outlook for the offshore sector at a Marine Money event in mid-2024, indicating readiness for substantial investment. And Mr Marinakis’ Capital Offshore Group has already acquired seven PSVs from the secondhand market.
The first major Greek owner to diversify into the offshore sector was Diana Shipping, led by Semiramis Paliou. The US-listed dry bulk specialist established a subsidiary, Diana Energize, which is investing through a joint-venture in the construction of four commissioning service operation vessels at Vard.
Based in Germany, the joint-venture, named Windward Offshore, aims to become a leading provider of service vessels to the growing offshore wind industry and acquire certain vessels. Diana’s partners include Blue Star Group GmbH & Cie KG, SeaRenergy Offshore Holding GmbH and SeraVerse GmbH.
Diana Energize agreed to contribute €50M (US$56M) and as of 30 June 2024, and 31 December 2023, the investment totalled US$36,231 and US$10,063, respectively, primarily for advances to fund the construction of the vessels and working capital.
Riviera understands another major Greece-based, US-listed shipowner is exploring growth opportunities in the offshore sector.
Attractive investment opportunities
Ted Petropoulos, head of Petrofin Research, which is an expert in Greek shipping dynamics, has highlighted the offshore sector as offering the most attractive investment opportunities within the global shipping industry. Mr Petropoulos attributed this to the low orderbook and the rising demand for renewable energy business activities.
“It is estimated that Greeks will gradually enter all maritime sectors, leveraging the advantages offered by each one,” Mr Petropoulos noted.
The shipbuilding industry is poised to capitalise on this trend. Riviera has reported that CSSC, the largest Chinese shipbuilding group, is set to enhance its diversification strategy by pursuing higher-value tonnage, including LNG and LPG carriers and offshore vessels.
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