Greek tanker specialist European Navigation makes first foray into LPG market via VLGC acquisition

The group, led by Captain Spyros Karnessis and his three children, confirmed to Riviera the purchase of 2003-built VLGC Lycaste Peace, constructed by Mitsubishi Heavy Industries in Japan.

Previously operated by NYK, the vessel made headlines in 2016 when it became the first LPG carrier to transit the expanded locks of the Panama Canal.

No further details were provided on pricing or the rationale behind the move, beyond noting that the group is currently active in the secondhand markets.

However, Greek shipbrokers estimate the vessel changed hands for approximately US$48M.

The group’s shipowning arm, European Product Carriers, currently controls a fleet of 10 vessels, comprising two shuttle tankers, two LR2 tankers and six MR tankers, in addition to three chartered-out smaller tankers.

Headquartered in Athens, the group also maintains commercial offices in London and New York.

The LPG carrier segment has attracted strong investment interest from the Greek shipping community in recent years, across both newbuilding and secondhand markets.

According to data from Allied Shipbroking, 19 gas carriers have been sold so far this year, with an average age of 16 years.

Activity has remained firm in recent days, with shipbrokers reporting two additional transactions. A 2016-built VLGC was sold for close to US$84M to undisclosed buyers via an online bidding process. Meanwhile, a smaller 22,000-m³ vessel built in 2009 is said to have been acquired for around US$31M by Indonesian interests.