TMS boosts LPG fleet with Evalend's newbuild VLGC

The vessel, Kefalonia Gas – formerly known as Nautilus – has already been delivered to TMS, according to the shipping data platform Equasis.

Evalend had placed the order for Nautilus alongside three other VLGCs at South Korea’s HD Hyundai more than two years ago, with an estimated cost of US$90-95M per vessel. Evalend is well-known for its skill in capitalising on resale opportunities across shipping sectors, often achieving significant profits from under-construction vessel transactions.

In addition to vessel resales, Evalend has reportedly secured a significant financing deal with China’s Bank of Communications Financial Leasing (BoComm Leasing). This sale and leaseback agreement covers three VLGCs, slated for delivery from Hyundai in 2025. Shipping data from Equasis indicates that while these vessels are managed by Evalend, ownership is attributed to BoComm Leasing’s subsidiaries. 

Gas giants

Mr Economou and Mr Lendoudis rank among Greece’s most prominent figures in the gas shipping industry. Riviera recently reported Evalend currently holds the second-largest gas carrier orderbook among Greek shipowners, with 14 vessels under construction. These include a mix of LNG carriers and VLGCs, as well as an order for very large ammonia carriers (VLACs) from Hyundai Heavy Industries.

Initially focused solely on the LNG market, TMS Cardiff Gas has recently expanded into the VLAC sector by signing a contract with South Korea’s Samsung Heavy Industries for four vessels. With this latest resale agreement, Mr Economou has further solidified his presence in the LPG and ammonia transport sectors. Additionally, TMS has seven LNG carriers under construction, positioning it as the holder of the third-largest gas carrier orderbook among Greek shipping companies.

Both Mr Economou and Mr Lendoudis are seasoned investors in the newbuilding market, consistently placing significant orders for bulk carriers, tankers and gas carriers. Their activity reflects broader trends in the shipping industry as demand for gas transport continues to rise.

The VLGC fleet landscape

The VLGC and VLAC segments have witnessed notable growth in recent years. According to Dorian LPG, a leading Greek VLGC owner led by John Hadjipateras, there were 103 VLGCs on order as of October 2024, including 63 VLACs. These orders account for 26% of the current global VLGC fleet.

Meanwhile, approximately 15% of the existing fleet – 59 vessels – are considered recycling candidates, having surpassed 20 years of age. Mid-aged vessels (10-20 years old) represent 23% of the active fleet, while newer ships (5-10 years old) make up 32%.