Daewoo Shipbuilding Delivers 110th LNG Carrier to Largest Customer Angelicoussis Group

White Knight Ordering Ships in Times of Crisis

Delivery of 'John Angelicoussis' Named After Group's Second Chairman

The 1.74 million cubic meter liquefied natural gas (LNG) carrier John Angelicoussis, the 110th vessel delivered by Daewoo Shipbuilding & Marine Engineering to the Angelicoussis Group. (Photo by Daewoo Shipbuilding)

[Asia Economy Reporter Moon Chaeseok] Daewoo Shipbuilding & Marine Engineering (DSME) announced on the 31st that it will deliver the 110th vessel, a liquefied natural gas (LNG) carrier for Greece's largest shipping company Angelicoussis Group, which has maintained a long-standing relationship and acted as a white knight by ordering ships during times of crisis.

The ship is named "John Angelicoussis" after the second-generation chairman of the Angelicoussis Group, who is known as the "ship king" in Greece and affectionately called "Mr. An" by DSME employees. This is to commemorate the late chairman who passed away last year and to honor his lifelong achievements dedicated to ships. It is also said to symbolize the solid trust relationship maintained between the two companies over a long period as the 110th vessel delivered between them.

This vessel is a 174,000㎥ LNG carrier contracted in 2019 with Maran Gas, a subsidiary of the Angelicoussis Group in Greece. It is equipped with DSME's natural gas propulsion engine (ME-GI) and a fully reliquefaction system (FRS). Compared to existing LNG carriers, it improves fuel efficiency by about 30% and reduces pollutant emissions by more than 30%.

The late former chairman John Angelicoussis was described by DSME employees as a "tall uncle"-like figure. During the IMF crisis in 1998, the workout following the breakup of the Daewoo Group, the 2008 Lehman Brothers financial crisis, and the global order drought and liquidity crisis continuing since 2015, he ordered ships whenever DSME faced difficulties. Chairman Angelicoussis also expanded his business by turning crises into opportunities through contrarian ordering, continuing a "beautiful partnership" with DSME. For this reason, DSME employees affectionately called him "Mr. An."

The relationship between Angelicoussis Group and DSME began in 1994. John Angelicoussis joined the group's shipping business founded by his father in 1973, led the company management, and in 1994 placed the first order for a 98,000-ton crude oil carrier with DSME. Since then, he entered the LNG carrier market through DSME and currently operates more than 30 LNG carriers. To date, he has ordered 116 vessels, worth approximately $13 billion (about 14 trillion KRW). The industry interprets this as proof of complete trust in DSME's technological capabilities and future company value.

DSME also stated that it has maintained a close relationship with Maria Angelicoussis, who took office as the third-generation chairman of the Angelicoussis Group last year. They plan to reciprocate with the world's highest quality ships to maintain a win-win relationship and a partnership that transcends generations.

The completed John Angelicoussis is scheduled to depart from Okpo Bay on the 1st of next month to embark on its voyage across the ocean.

This content was produced with the assistance of AI translation services.