Angelicoussis Taps Seatrium for Sustainability Refit for Up to 45 Vessels

Seatrium shipyard
Seatrium and Angelicioussis are starting a landmark vessel retrofit program (Seatrium)

Published Jul 5, 2024 6:47 PM by The Maritime Executive


Shipping giant Angelicoussis Group, which has a fleet of 141 ships operating under Maran Gas, Maran Tankers, and Maran Dry brands, is starting what is being called a landmark effort toward sustainability. Greece’s largest shipping company signed a “favored customer” contract with Seatrium that could see a third of the group’s fleet overhauls to enhance performance.

Under the just signed two-year contract with a one-year renewal option, Seatrium will retrofit the vessels consisting of liquefied natural gas carriers, tankers, and bulk carriers with a broad range of low-carbon, cleaner energy solutions, and energy-saving technologies. The project calls for 10 to 15 vessels per year to undergo the retrofitting process.

“We are confident that this partnership will be the blueprint for a successful long-term fleet retrofitting program, thereby enhancing our operational efficiency and instilling the highest standards of quality, safety, and environmental sustainability,” said Andreas Spertos, Maran Gas Executive Vice President and Technical Director.

Angelicoussis highlighted that it selected Seatrium to undertake the work because the Singapore-based company has demonstrated a strong track record, delivering over 70 retrofits for the fleet since 2012. This work includes retrofitting 20 of Angelicoussis’ LNG carriers and installing a series of scrubbers on its tanker fleet.

“This favored customer contract not only affirms our leadership in the global ship repair market but also our commitment to embarking on a shared journey of growth, trust, and mutual success with our new partner,” noted Alvin Gan, Seatrium Executive Vice President, Repairs and Upgrades.

The refit project will be the largest of the kind and demonstrates the challenges that shipping companies face in addressing emerging regulations. Existing fleets require new technologies or changes in their operating profiles to meet new carbon and emissions regulations including the IMO’s Energy Efficiency Existing Ship Index (EEXI) and the annual operational carbon intensity indicator (CII) and CII rating.

Container carriers have also been among the first to undertake large refit programs. The Maersk Halifax is due to reach China next week and will begin the first retrofit of an in-service containership to become dual-fuel methanol capable. Seaspan and Hapag-Lloyd will start a similar program in 2025 and plan to convert up to 60 vessels to methanol.

Angelicoussis is investing in the vessel’s refit at a time when it is also pursuing a rapid fleet expansion program, with 24 vessels currently under construction. The newbuilds in Korean and Chinese shipyards include LNG carriers and LNG-powered Suezmax tankers. The company boasts of being the largest shipping company among the nearly 700 Greek shipowners, with a combined 24 million dwt of ships.