Visionary Greek shipowner John Angelicoussis' debut into the LNG market last year was a bold step not only for his company, but also for the entire Greek shipping community
"As a young man, I had to take responsibilities and chances because shipping is a competitive business and this means being first to the port," says John Angelicoussis. The second-generation shipowner sees risk taking and innovation as essential elements of a business strategy geared to remaining at the forefront of the shipping industry.
The company, Agelef Shipping Group Ltd., has a strategic goal of continually developing according to Angelicoussis. From offices in Piraeus, London, Houston, Manilla and Okpo, he manages companies operating more than 50 vessels - mainly bulk carriers and tankers. The two main management companies of the group are Anangel Shipping Enterprises, which operates about 25 bulk carriers, and Kristen Navigation with some 30 tankers. Both have new building programmes under way, which include three VLCCs and six double-hulled bulk carriers.
Angelicoussis says: "Our latest move into the LNG market marks another important stage in our development. It's an interesting market, and the kind of market a forward-thinking company like ours should look at."
Pioneering step
Last year the group took the pioneering step of ordering the first Greek LNG carrier, and since then has expanded the series to four of the 145,700 m3 vessels. The vessels are due to be delivered as from the second half of next year, and will be managed by the recently created group Maran Gas Maritime. All four carriers have been chartered for 20 years to the Ras Laffan Qatar-ExxonMobil LNG project.
Angelicoussis was not daunted by the prospect of having to break into the "club-like atmosphere of the LNG industry", because he had faced "similar challenges", when he first entered the VLCC market.
"We have to show we are serious and have to do it properly," he emphasises. "Part of the solution is acquiring experienced people in the LNG business." And the company has amply demonstrated as much.
Maran Gas Maritime recently picked up one of the first Lloyd's List Greek Shipping Awards. The panel of judges not only recognised the group's "history as one of the leading and most safety-conscious of Greek shipping groups, and the 'first' in the LNG sector", but also commended the company's training initiatives for deck and engine cadets. These crewmen are employed on a continuous basis as part of the firm's drive to maintain a pool of qualified, Greek officers.
Quality counts
Says Angelicoussis: "It is important to find your market segments and professionally expand in those. Shipping being a cyclical industry, safe and profitable operations also depend on how liquidity is managed. High quality is crucial. In our companies, we put huge efforts into quality: for example, our commitment to safety standards and training has often placed us in the forefront of new trends and requirements."
He adds, "High quality has never been a top priority, but now it is more appreciated and I believe this trend is irreversible as the liability side grows more and more important. Up to now, rates have been the most important factor in shipping, but in the future quality and reliability will be the most significant factors - no matter in which sector you are involved."
That John Angelicoussis is leading the Greek pack is no surprise. Since Maran Gas Maritime's first order, two other leading Greek tanker players - Dynacom and Tsakos Energy Navigation - have also stepped into the LNG sector.
And who knows, where Angelicoussis leads, other ambitious shipowners may follow.