Marinakis' CCEC forms LNG carrier joint venture with energy trader BGN

The US-listed Greek owner said on 15 April that it has agreed to sell 2023-built, 174,000-m³ LNG carrier Amore Mio I to a subsidiary of the joint venture. The transaction is scheduled to be completed in Q1 2027. 

The joint venture will be owned 51% by CCEC and 49% by an affiliated company of BGN. The subsidiary, BM Capital LLC, will acquire the vessel for US$230M.

The venture has secured a 10-year time charter for the vessel to BGN INT DMCC, commencing upon delivery, and including two optional three-year extension periods. The agreement is expected to generate aggregate revenues of up to approximately US$486M, potentially extending through to 2043 if all options are exercised.

CCEC chief executive Jerry Kalogiratos highlighted three key aspects of what he described as an “innovative transaction”: the ability to attract co-investment from a major energy trading partner; the long-term charter, which underlines the continued strength of the LNG shipping sector; and the enhancement of the company’s charter portfolio, improving cash flow visibility for investors.

For BGN, the deal marks its entry into LNG shipping, with further fleet expansion plans already in place.

“BGN has set an ambition to expand its fleet with two new LNG carriers by 2027 and 10 new LPG vessels by 2028. Taking delivery of Amore Mio I in early 2027 puts us firmly on track to achieve this goal,” said BGN shipping director Ozan Turgut.

In late 2025, the trader also formed an LPG joint venture with South Korea’s HMM.

CCEC currently operates a fleet of 14 vessels, including 12 LNG carriers, and has an additional 18 gas carriers on order.

Following the latest transaction, the company’s LNG carrier fleet is expected to have an average remaining firm charter duration of 6.9 years, with contracted revenues of approximately US$2.9Bn.