The Angelicoussis Shipping Group is expanding its activity in the liquefied natural gas transport sector with the recent order of a floating storage and regasification unit (FSRU) from Korea's Daewoo Shipbuilding and Marine Engineering.
By Lambros Karageorgos
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The Angelicoussis Shipping Group is expanding its activity in the liquefied natural gas transport sector with the recent order of a floating storage and regasification unit (FSRU) from Korea's Daewoo Shipbuilding and Marine Engineering.
The floating natgas storage tanks, estimated to cost 300 million USD each, are deemed as a more flexible and cost-effective solution compared to permanent land-based infrastructure.
Exactly 21 such units operate in the world today, with another nine under construction and up to 40 more projected to come on line over the coming years, given the demand for such units in various parts of the world that don't have terrestrial natural gas facilities.
One positive prospect is the fact that planning for such units already exists in the EU, and obviously for Greece, with the emphasis being on ensuring energy independence, particularly natural gas.
The latest order by the Angelicoussis comes after no less than 89 vessels have been built by Daewoo for the Greek-controlled shipping giant over the past decades..
Daewoo CEO Jung Sung-Leep expressed his satisfaction that the Angelicoussis Group and its founder, John Angelicoussis, continue to back the Korean industrial concern, which has recently faced economic problems and is soon expected to receive a 2.4-billion-dollar capital injection from its creditors.
The NYC- and Athens-based group ordered two LNG carriers and two VLCCs with Daewoo recently.