TMS continues LPG expansion with additional newbuild from Evalend

Riviera reported in late 2024 that TMS had taken delivery of 88,000-m³ Kefalonia Gas, formerly known as Nautilus, which was originally ordered by Evalend at Hyundai Heavy Industries more than two years ago.

Now, TMS Cardiff Gas has listed another newbuild VLGC on its website, previously linked to Evalend. Corfu Gas, formerly known as Corvette, with a capacity of 88,000 m³, was delivered to George Economou’s company earlier this year.

Both Kefalonia Gas and Corfu Gas were part of a four-vessel order initially placed by Evalend at Hyundai. The remaining two vessels, Zante Gas and Ithaca Gas, are expected to be delivered by the end of the first half of this year. As of now, Equasis still lists these two vessels under Evalend’s management.

According to shipbrokers and market sources, Evalend initially paid around US$90–95M per vessel when placing the order. The company is well known for capitalising on resale opportunities across various shipping sectors, often securing significant profits from under-construction vessel transactions.

Greek gas majors

Both George Economou and Kriton Lendoudis rank among the largest Greek shipowners in the gas carrier sector, actively engaged in both the LNG and LPG markets. Notably, TMS Cardiff Gas and Evalend Shipping have also expanded into the very large ammonia carrier (VLAC) sector, securing major newbuilding contracts with South Korean shipyards.

Despite their prominence in the gas markets, the two shipowners have taken divergent strategic paths. TMS Cardiff Gas, a well-established player in LNG shipping, re-entered the LPG segment in late 2023, launching a four-vessel newbuilding programme. On the other hand, Evalend, traditionally strong in LPG shipping, ventured into the LNG carrier sector in mid-2023 and currently has six 174,000-m³ LNG carriers on order at South Korean shipyards.

While George Economou has recently gained attention for his high-profile return to the container vessel market with large-scale orders, Kriton Lendoudis has remained focused on the gas sector. Most notably, Evalend was recently linked to an order for four 18,000-m³ LNG bunker vessels at HD Hyundai Mipo, in a deal estimated at around US$370M.