The Greek billionaire secretly sold a gas carrier: such vessels carry Russian LNG

The company of the Greek billionaire shipowner George Economou secretly sold a gas carrier to unknown buyers from China. Previously, similar vessels turned out to be transporting Russian LNG under sanctions.

TMS Cardiff Gas, controlled by the Greek billionaire George Economou, sold the Condor LNG gas carrier (formerly GasLog Athens) built in 2006 on the market. It was the last LNG tanker from a Greek shipowner powered by steam turbines. This is reported by the specialized edition TradeWinds.

Brokers told TradeWinds that the ship went to some Chinese buyers and the transaction was conducted in secret. The gas carrier itself was sold for $ 29 million. According to AIS, the vessel is located off the coast of Singapore.

This tanker can also join the fleet for the transportation of Russian LNG. At least last year, old steam turbine tankers were already involved in the export of LNG from Yamal LNG and the sanctioned Arctic LNG—2. These vessels also belonged to well-known shipowners, including Greek ones. For example, the 19-year-old Nova Energy gas carrier belonged to another Greek empire, Tsakos, until June last year. And the 23-year-old East Energy was part of another Greek company, Capital Gas, until May 2024. Also, Novatek's projects serve vessels that previously belonged to well—known Japanese and Norwegian shipowners - NYK, MOL and BW. Now these gas carriers, according to Equasis, are owned by companies from India and the UAE.

The possible sale for the transportation of Russian LNG is indirectly confirmed by the fact that over the past eight months George Economou has sold eight Aframax-class tankers, which began transporting Russian oil cargo after the sale.

Informed sources confirmed the publication of the transaction — after the vessels passed to new owners and began to change names. TMS Tankers sold tankers to buyers from Hong Kong.

As EADaily reported, the Follow The Money organization estimated that since 2022, shipowners have sold 230 tankers worth $ 6 billion to countries that have not joined the sanctions. And 127 ships "left" Greece.

The European Union announced sanctions on the price limit and the ban on supplies to Europe from December 5, 2022 in advance — in August. And since then, in order to create a gray fleet for the transportation of Russian oil, the purchase of tankers began, which soared in price. So, a 15-year-old Aframax-class tanker has risen in price by 144%, was estimated in the Vessel Value. The average cost of the vessel increased from $ 16 million to $39 million.