peter livanos yacht

Other FreightWaves Products

FreightWaves
American Shipper
Modern Shipper
Ratings.com
FreightWaves TV
Newsletters
FreightCasts
Whitepapers
Advertise with Us
FreightWaves Ratings
State of Freight Insights
Global Supply Chain
FreightWaves Classics
Blockchain News & Updates
Legal issues
Sustainability
Company Earnings
Truck Driver Issues
Trade and Compliance
Shared Truckload
Insurance & Risk Management
Optimizing Fleet Compliance
Recruiting Rundown
Smarter Capacity
Reinventing Freight Procurement
Carrier Cyber Security
Logistics/Supply Chains
Freight All Kinds
Trucking Regulation
Last-Mile Delivery
OEM Trucking
Trucking Equipment
Parcel Freight
Container Shipping
Borderlands: Mexico
Borderlands: Canada
Freight Industry White Papers
Chart of the Week
Shippers Perspective
FW Pricing Power Index
Energy Industry
Weather and Critical Events
Inside SONAR
What the Truck?!?
Sense per Mile
FreightWaves NOW
Fuller Speed Ahead
Net-Zero Carbon
Rethink Reshoring
Great Quarter, Gals
The Stockout
Loaded and Rolling
Running on Ice
Freightonomics
Put That Coffee Down
Taking the Hire Road
Drilling Deep
View All Newsletters
FreightWaves Daily
FreightWaves Best Of
AS Week In Review
The Stockout (CPG & Retail)
Running on Ice (Cold Chain)
What The Truck
Check Call (3PL News/Analysis)
Loaded & Rolling (Enterprise Fleet News/Analysis)
Ocean Cargo
Value Based
Request a Demo
SONAR Knowledge Center
SONAR API Explorer
Future of Supply Chain
F3: Future of Freight Festival
The State of Freight Webinars
FreightWaves TV Events
Freight Sentiment Indexes
FreightWaves Academy
Carbon Intelligence
Public Companies Directory
EV Directory
AV Directory
FreightTech
Shipper of Choice
Infographics
Market Experts
Online Haul of Fame
Benchmarking
Our Mission
Executive Team
Editorial Team
Our Investors
Reindustrialization

Shipping titan Peter Livanos lays out his vision for LNG’s future

The Livanos family name holds a revered place in Greek shipping history. Its prominence continues under Peter Livanos, owner of privately held Ceres Shipping and chairman of publicly listed liquefied natural gas (LNG) shipping company GasLog Ltd (NYSE: GLOG ).

When ocean shipping titans of Livanos’ stature make a public appearance, it is an ‘E.F. Hutton moment’ – when they talk, people listen. On June 19, Livanos spoke at length at the Marine Money Week conference in New York, opening up on his entry into the family business, his decision to focus on LNG shipping, and his current market outlook.

Peter Livanos is the son of George P. Livanos, who built up Greece’s largest merchant fleet in the 1980s and 1990s. Hoping his son would follow in his footsteps, George gave Peter the capital to buy his first ships. Peter instead used the money to buy luxury car manufacturer Aston Martin, of James Bond fame.

“It was one of my early mistakes, the first of many,” he recalled in a discussion moderated by Michael Tusiani, chairman emeritus of consultancy Poten & Partners.

“I was trying to develop a certain independence from a very successful man, my father. He was not only a good businessman but a great father. When I inevitably failed, he came to my rescue and in so doing, re-engaged me in the shipping business, which is something that I came to love and still do.”

The rewards and risks of LNG

Livanos inherited Ceres Shipping after his father passed away in 1997, and in 2000, he made a strategic decision to change the business focus to LNG. “My view was that in order to achieve the right value return for what I believed was a very high-quality operating platform that my father had created, we needed to move into a more upscale sector,” he explained.

“The commodity tanker and dry cargo spaces in which we’d had a strong presence had become and continue to be ‘price takers.’ There is very little value ascribed to the differentiation in the way the ships are operated. We felt, and I continue to believe, that a superior operating platform can give you an enhanced value proposition in the LNG space.”

With enhanced value prospects come increased risks. LNG is “potentially riskier” than tankers and bulkers, he believes.

“The traditional markets are commoditized and quite cyclical and go through periods of boom and bust, but you’re always able to modify your capital allocation through the sale of assets or the acquisition of assets.

“In the LNG space, you depend very much on your ability to use your assets in a profitable manner to make your value return. There is a very limited ability to monetize your capital,” he said. In other words, in LNG shipping, you make the majority of your money from the cash flow from operations, not from buying and selling ships.

“In addition to that, your ability to use your assets in the LNG space very much depends on a small number of strategic counterparties. If you have a tanker and find your ship unemployed for some reason, you can always find a cargo if you lower the price. In the LNG space, there can be no cargo at any price, and the effects of sitting and waiting [unemployed] are significantly more expensive than they would be with a commodity [tanker or bulker] ship.”

What makes Livanos so bullish in the face of those risks is his faith in the LNG commodity itself. “I believe the LNG shipping industry is on a journey not dissimilar to that of the tanker industry in the 1950s – a journey that’s in lock-step with the commodity.

“I believe natural gas has a very important role to play as the world becomes more environmentally aware and that it also has a very important role to play as a transportation fuel. I believe that 10 years from now, the LNG industry has the potential to double, both in terms of the scale of the shipping fleet and the number of end-users.”

Long-term chartering and spot trends

The caveat, as always, is that the number of new ships that are built can outpace even very strong demand, depressing rates and leaving some vessels unemployed.

LNG shipping employment is divided into the spot market, in which rates can fluctuate dramatically between lows of $30,000-40,000 per day and highs nearing $200,000 per day, and the much steadier long-term contract market, which is currently garnering rates of around $70,000 per day.

Long-term charters had traditionally been for 15 to 20 years in duration plus extension options, but the ‘new normal’ is for durations of 7 to 12 years. Asked whether $70,000 per day is sufficient for a charter of only seven years, Livanos responded, “You have to measure the charter rate against the cost of acquiring a newbuilding. A newbuilding used to cost in the mid-$200 million range. Now it’s slightly below $200 million. So, at the moment, I believe rates are giving an adequate return on the assets.

“Of course, I’d like to see rates higher, and I believe we probably will see higher rates in the next couple of years,” he continued.

The headwind is that new entrants into the LNG ship-owning arena are having to lower their long-term charter rates to break into the business. “There are some new entrants who have taken rates that we as an established player did not feel were appropriate, and which we would not have taken,” he said.

GasLog Ltd and GasLog Partners (NYSE: GLOP ) recently removed their ships from the Cool Pool – a co-operative commercial arrangement focused on the spot market – due to greater confidence in the long-term charter market.

“The Cool Pool committed us to a very short-term revenue strategy and while we will continue to have ships in the spot market, our movement out of the Cool Pool is because of a shift in our view towards a more medium- and long-term revenue strategy,” disclosed Livanos.

LNG shipping capacity in the spot market is comprised of vessels ordered speculatively and not attached to a particular liquefaction (export) project, as well as vessels that were ordered with long-term charters attached to a specific project that are delivered by yards before the project itself is online.

With 117 conventional LNG ships currently under construction, representing 22 percent of the on-the-water fleet, Livanos was asked how spot rates would be affected and whether all of these deliveries could be absorbed.

“The answer is ‘yes,’ but not right away. Everyone can see that the commodity is in a macro growth trend, but it’s not going to be a smooth line. There have been and there will continue to be hiccups in the supply/demand balance.

“I believe we will go through a period of relatively tight [vessel] supply in the next two years, but I also believe that two or three years from now, we may find ourselves in a very similar position to what we saw in 2014, when there were more than enough ships to meet demand.

“There will be volatility. We will ultimately use all 117 of those ships, and the others that will be ordered, but there will be times when there is a mismatch – and one should be incredibly cautious about that, because it is very expensive to own a ship that is not working.”

Technological change and obsolescence

On a positive note, today’s high number of newbuilding orders should be offset somewhat by the retirement of older vessels, particularly given the rapid pace of technological change.

“In all of my years in shipping, I don’t believe there has ever been a technology curve as steep as in LNG shipping between 2000 and today. We saw fundamental changes in propulsion twice, dramatic improvements in [cargo] containment systems, efficiency improvements, and a fundamental shift [upward] in the size of the ships. The LNG ship you build today is significantly different than a ship built 10 or 15 years ago.

“I don’t think technology is ever capped. However, I do believe we’ve reached a flattening of the technology improvements for LNG shipping. There will inevitably be more improvements, but at this stage, I believe we’ve taken most of the meat off the bone.”

There are now an estimated 200 vessels powered with old-fashioned steam turbines that are due to come off of their long-term charters over the next five years. Livanos pointed out that around 70 of these vessels were built before 2000.

Will charterers re-employ those archaic assets given all of the more efficient modern-built ships they will have to choose from? Livanos responded, “I suspect that would be a bit like putting your mother on a DC-6 to fly to California. It works, but you probably wouldn’t do it.”

One Comment

legulfnupcmgrdtolpsvmayvkwwhqi

Comments are closed.

Greg Miller

The global authority in superyachting

NEWSLETTERS
Yachts Home
The Superyacht Directory
Yacht Reports
Brokerage News
The largest yachts in the world
The Register
Yacht Advice
Yacht Design
12m to 24m yachts
Monaco Yacht Show
Builder Directory
Designer Directory
Interior Design Directory
Naval Architect Directory
Yachts for sale home
Motor yachts
Sailing yachts
Explorer yachts
Classic yachts
Sale Broker Directory
Charter Home
Yachts for Charter
Charter Destinations
Charter Broker Directory
Destinations Home
Mediterranean
South Pacific
Rest of the World
Boat Life Home
Owners' Experiences
Conservation and Philanthropy
Interiors Suppliers
Owners' Club
Captains' Club
BOAT Showcase
Boat Presents
Events Home
World Superyacht Awards
Superyacht Design Festival
Design and Innovation Awards
Young Designer of the Year Award
Artistry and Craft Awards
Explorer Yachts Summit
Ocean Talks
The Ocean Awards
BOAT Connect
Between the bays
Golf Invitational
BOATPro Home
Superyacht Insight
Global Order Book
Premium Content
Product Features
Testimonials
Pricing Plan
Tenders & Equipment

The curse of classic 63m sailing yacht Creole

In the words of veteran photographer Gilles Martin-Raget, Creole is “a boat outside all the norms of size, aesthetics and history”. Certainly, at 63.03 metres, the three-masted schooner is rated the world’s largest wooden sailing yacht and her beauty is unquestionable. Yet it is the word “history” that resonates here because Creole ’s back story is interlaced with suicide, jealousy and murder – beyond most norms, certainly.

Sailors tend to be superstitious souls and “the curse of Creole ” is a phrase not unknown in yachting lore. It seemed it had struck again when it was reported from Italy that the vessel’s owners, Alessandra and Allegra Gucci, were being investigated for alleged tax dodging. How is it possible, a rational person might ask, for a boat to infect its owners with ill fortune? How indeed.

Yet deep scrutiny of Creole ’s past reveals some strange facts, including an episode in which a medium was hired to exorcise “evil influences”. And a highly respected Italian newspaper once carried a headline that claimed “The Creole betrayed Maurizio Gucci”, her then owner and father of Alessandra and Allegra.

The omens were not good when it took three attempts to break the magnum of Champagne on the bow of the big schooner when she was christened Vira at Camper & Nicholsons ’ yard in Gosport, Hampshire. It was 1927 and the vessel was considered a masterpiece of her time, not least by her architect, the esteemed Charles E Nicholson . The yacht was at the forefront of design and technology, with two generators, electric refrigeration and central heating throughout her apartment-sized suites.

But trouble began early on. When her owner, the immensely wealthy US carpet manufacturer Alexander Smith Cochran, saw the towering rig he quailed. It would be unmanageable, he said, and ordered the yard to shorten her spars by three metres. It was not enough, he maintained, after the work was done. Cut them down some more.

Vira finally left Gosport with a stumpy rig that didn’t suit her ballast. Lead was taken out at a yard in Spain, but they overdid it and she became hopelessly tender. Then, the frustrated and unhappy Cochran was struck down by tuberculosis. He died a year later, aged 55.

Vira was sold to South Coast yachtsman Maurice Pope, who renamed her Creole , apparently after a particularly delicious dessert created by his chef. In 1937 she was bought by financier Sir Connop Guthrie, who had just been made a baronet. Guthrie was a dedicated sailor who restored Creole ’s rig and keel and raced her successfully until the outbreak of WWII in 1939.

Guthrie loaned Creole to the Admiralty and, with her rig removed and her deckworks changed to accept armament, she became the mine-hunter Magic Circle .

Guthrie died, aged 63, in 1945, the year that Magic Circle was returned to his family. She became Creole once more but was almost unrecognisable after her war service. Following the death of Sir Connop she languished in a sorry state until spotted by Stavros Niarchos, the Greek shipping tycoon.

It was 1947 and Niarchos, like his great rival Aristotle Onassis, was growing fabulously rich thanks to the post-war shipping boom. He snapped up the forlorn schooner and began a restoration that would cost many millions but which returned Creole to the beautifully appointed and wickedly fast yacht her designer had intended.

Niarchos added the capacious varnished deckhouse Creole has today and her cabins were hung with valuable works from his art collection. She became his floating home for long periods; his most treasured possession and, ultimately, a silent witness to tragedy and a sensational mystery.

As Creole ’s restoration began, Niarchos courted Eugenia Livanos, the beautiful 21-year-old daughter of another shipping magnate. They were married, had four children and, despite his affairs, remained together.

In May 1970, they were on holiday on Niarchos’s private island, Spetsopoula, in the Aegean. With them was Athina – Tina – Onassis, Eugenia’s sister. What happened on the night of 3 May is, to this day, the subject of speculation and dark whispers, but the official version is that Eugenia killed herself with an overdose of barbiturates. At a post mortem on the mainland, the pathologist reported severe bruising on Eugenia’s body and the prosecutor in Piraeus began an investigation.

Niarchos became a suspect but he was later exonerated. According to some sources, he was cleared after the intervention of Greece’s ruling military junta, with which he had close links. It later emerged, in an account said to have been based on the testimony of a witness who was on the island, that Eugenia had caught Niarchos trying to force himself upon Tina, her sister, and a violent fight broke out.

In another account, Eugenia was said to have taken a lethal overdose in her cabin aboard Creole . What is certain is that Creole was used to bring Eugenia’s body back from the mainland to Spetsopoula, where she was buried in the Niarchos family mausoleum.

The death of Eugenia ended Niarchos’s love affair with Creole . He went on to marry Tina and sold the yacht, in 1977, to the Danish government for use as a sail training vessel for youngsters, including those in a drugs rehabilitation programme. Such work took a heavy toll; after five years, the cost of maintaining Creole was more than the Danes could justify and a new owner was sought.

In 1982 the schooner – then well over half a century old – began the phase of her life that continues today. She was bought by Maurizio Gucci, whose lavish spending surpassed everything even Niarchos had done. And, it must be said, the horror that was to unfold transcended, too, the tragedy that had befallen Creole ’s previous owner.

When Maurizio Gucci bought Creole he was 35 and already on his way to heading the renowned Gucci family fashion house. He was married to Patrizia Reggiana, the daughter of a Milan businessman and mother of Allegra and Alessandra. Patrizia was one of Milan’s great beauties, an Elizabeth Taylor lookalike, with violet eyes and a captivating smile. She was also unashamedly materialistic. “I’d rather weep in a Rolls-Royce than laugh on a bicycle,” she once said.

Despite being rather hard-nosed, Patrizia was deeply superstitious and stories about the “curse of Creole ” troubled her. She persuaded Maurizio to hire Frida, a medium and practising psychic, to exorcise the evil spirits Patrizia believed haunted the yacht.

The episode is detailed in Sara Gay Forden’s acclaimed book, The House of Gucci . Forden wrote that Frida “went into a trance” and walked through Creole mumbling incomprehensibly. “Open the door, open the door,” Frida cried out suddenly as Maurizio and Patrizia looked at each other, puzzled. They were standing in an open corridor; there was no door. But the Sicilian crewmember turned ashen. Before the restoration of Creole , there had been a door in that very spot, he said.

Forden goes on to say that Frida pointed to a place where, the psychic said, Eugenia Niarchos’s body had been found. Then she snapped out of her trance, said, “It’s all over” and declared Creole “free of evil spirits”.

Malign forces were at work, however. The Gucci family was tearing itself apart, riven by jealousy and resentment over ownership of the celebrated brand and the millions it was earning. Maurizio was accused of buying Creole by illegally diverting funds through a Panama-based company. The police and fiscal investigators launched an inquiry. In June 1987, the Italian papers were full of it. “Gucci in a storm over a dream yacht; arrest warrants issued” ran a headline in La Repubblica . “The _Creole _betrayed Maurizio Gucci” was the banner in Corriere della Sera .

Creole was sailed out of Italian waters to Mallorca to put her beyond the reach of the police and Maurizio made his own escape by riding his red Kawasaki motorcycle over the border into Switzerland.

In 1988 Maurizio was indicted for illegally exporting the money he had used to buy Creole , then was swiftly acquitted because changes in the law meant capital export was no longer a criminal offence. He rode out numerous legal storms and eventually returned to Italy, where he sold his shares in Gucci for more than £100 million.

By now Maurizio was separated from Patrizia and busy spending his fortune, a lot of which was lavished on Creole . The designer Toto Russo helped re-work the yacht’s interior, with the deckhouse decorated in sumptuous style, featuring artworks and handmade pieces carved from solid ebony and marble. There were just four guest cabins, for two people each, with their own bathroom. Her usual crew numbered 16. Guests were handed a white sweatshirt and slacks to wear on board. The top featured Creole ’s emblem, a pair of intertwined seahorses.

As Maurizio enjoyed his yacht, Patrizia looked on, becoming increasingly jealous. She raged over the money it was costing – at one point it emerged he had spent €800,000 on just one area of the accommodation. It was not known whether this included the cost of buying the stingray skins that lined the bulkheads.

Patrizia was living in an apartment with her daughters, growing more and more resentful by the day, especially when she learnt that Maurizio was thinking of marrying his young girlfriend, Paola Franchi.

Then, on 27 March 1995, as Maurizio arrived at his office in Milan’s Via Palestro, a man stepped into the lobby of the building and fired three shots. Wounded, but probably not fatally, Maurizio slumped to the floor. The gunman fired a fourth bullet into his temple at close range, killing him instantly. Maurizio was 46.

Almost two years later, in January 1997, police arrested Patrizia. It emerged later that she had hired a killer, through a friend with underworld contacts, to murder her husband. She was convicted and served 16 years in jail.

Maurizio’s daughters Allegra and Alessandra inherited Creole and keep her in the style to which she has become accustomed. She is occasionally seen at classic events in the Mediterranean, although in recent years her role has been as mothership to the other, smaller Gucci classic, Avel . The Gucci sisters say Creole keeps their father’s memory alive, and certainly the yacht is associated with some of the happiest times in Maurizio’s short life.

Rationally, of course, one cannot attribute horror and tragedy to a jinx said to cling to a sailing yacht. Yet, there may always be some who will look at Creole ’s dark story and experience a shiver down the spine.

More about this yacht

Similar yachts for sale, more stories, most recent, from our partners, sponsored listings.

Yachting World
Digital Edition

Richard Mille Cup: a classic yacht revival

September 12, 2023

A new regatta for classic yachts, the Richard Mille Cup, aims to recreate the famous era of the British ‘Big Class’. Dan Houston joins the Richard Mille Cup

For two weeks in mid-June it looked as if those evocative black and white photographs taken by Beken of Cowes had come alive and the past was racing again. But this time the scene was in glorious colour, as the Richard Mille Cup brought a magnificent collection of classic yachts to the English south coast.

It was just like the days when King George V sailed his beloved Britannia : young, 20-strong crews hauling ropes on swept teak decks; towering spreads of washed-out buff sails; varnished spars glinting in the sun; and polished brass binnacles and ship’s bells.

Some things on these classic leviathans simply haven’t changed: the bronze oxidising to a deep venerable brown green, the teak weathering to a pleasant pale grey. The hulls often painted a broken white, with a cove line of gold leaf applied along their length accentuating the gorgeous sheer. The deep keels and heavy displacement that keep an easy motion at sea, a little like the suspension on an old American car. And a gathering of them together is still an arresting sight.

It all began in Falmouth on 10 June, where a small but glamorous fleet assembled of 11 yachts ranging in size from the 41ft 6in (12.5m) gaff cutter Cynthia , built in 1910 and recently restored by Peter Lucas in Devon, to the 185ft (56m) LOA three-masted schooners Adix and Atlantic , built in 1984 and 2010 respectively. After three days of competition in Falmouth Bay, the fleet raced the 65-mile passage to Dartmouth and then overnight, east again, to Cowes for three days of racing including a race round the Isle of Wight, before a final 100-mile offshore pursuit race to Le Havre.

a rare sight of a trio of Fifes (from left) Mariquita, Moonbeam IV and The Lady Anne – all upwind in close proximity under full canvas. Photo: Paul Wyeth

A majestic sight

We have occasionally seen yachts like these racing along UK shores. There are several UK classic boat events, from local regattas for the working boats of Falmouth (which still trawl for oysters under sail), to the old gaffers’ events and classic regattas at Cowes, the Hamble and Suffolk Yacht Harbour. The annual Thames Sailing Barge Match is another impressive sight.

But it’s rare to see classic yachts of this size racing on week-long events, and thrilling to know the organisers are seeking to establish a permanent yearly regatta which replicates the classic British and northern French regattas of the turn of the last century.

Back then, the yachting season for what was known as the ‘Big Class’ would typically begin at Harwich and then move majestically around the British Isles, hosted by the various royal yacht clubs of the day. Le Havre was included and there were events at Cork and in the Clyde. The schedule meant owners could be on the west coast of Scotland by the time the grouse shooting season began on ‘The Glorious Twelfth’ in August.

Crews back then were usually fishermen who’d been taken on for the season, and they could earn good money. In the winter they would all return to fishing, often even the captain.

Leather covers protect the precious wooden blocks. Photo: Mike Hewitt/Getty

For this modern version, the crews were vying for the Richard Mille Cup, a splendiferous metre-high silver trophy made by London jeweller Garrard. This is a modern take on the 100 Guinea Cup, which the same company made in 1851, and which went on to be known as the America’s Cup . The America’s Cup, by the way, is small by comparison, a mere 67cm (27in) tall.

Richard Mille is the man behind the luxury watch brand that supports various motor racing events. Six years ago he bought Moonbeam IV , a 95ft (29m) William Fife design described by The Field magazine when she was launched in 1920 as ‘the most beautiful yacht in the world’. In 2000, she was restored in Burma, and has since had another major restoration under Mille’s ownership, including returning her interior to Fife’s original design.

Moonbeam is unusually rigged. She is a Marconi gaff cutter, with her gaff topsail going up a track on her topmast. She reflects the new technology that wire rigging was bringing to yachts, which enabled the introduction of the much taller masts. These were called Marconi rigs after the new-fangled radio masts that were cropping up at the time.

Mille brought Moonbeam IV back to Brest, to join two other large gaff cutters designed by Fife: his 68ft (20.07m) 1903 design Moonbeam III , and the 95ft 4in (29m) 1911 Mariquita . The three boat owners formed ‘Team Fife’ with the aim to bring Big Class racing back on a northern circuit. Their first serious outing was at the Fife Regatta in the Clyde in 2022, and the success of that led to the creation of the Richard Mille Cup.

Witnessing a sight such as this off Cowes is a treat to be savoured and on the third day of racing there I was lucky enough to join Atlantic , anchored in Cowes Roads.

Driving upwind on The Lady Anne, with the small army of crew needed to race these yachts ‘weight up’. Hang on tight, though – there are no guardrails! Photo: Paul Wyeth

A niche industry

Atlantic is a replica of the schooner of the same name designed by William Gardner and built in 1903 at Shooters Island in New York. She was owned by Wilson Marshall and captained by the legendary Scots skipper Charlie Barr. In 1905 she and nine other yachts competed for The Kaiser’s Cup, a supposedly $5,000 gold ewer trophy for the fastest yacht to sail between Sandy Hook Lightship off New York to a line drawn across the Western Approaches between Lizard Point and Ushant.

Atlantic set a record of 12 days, 4 hours, 1 minute, 19 seconds, which was to remain unbeaten for another 92 years. (As an aside, Charlie Barr reputedly locked Marshall in his cabin during the race after accusing Barr of dangerously setting too much sail. And the gold cup turned out to be gold-plated lead.)

Crew attach a block and tackle to a working sheet on the aft deck of Moonbeam IV. Photo: Paul Wyeth

The Atlantic of today was built in steel in the Netherlands for serial classic boat restorer Ed Kastelein and was being chartered by Mille for the event. Like several others, she’d sailed north from her usual Mediterranean base. Kastelein, a native of Rotterdam, was pleased to be in the tidal waters of the Solent. He has restored several yachts and in 2000 built the 136ft (41.5m) Eleonora , a replica of the great Herreshoff big class yacht Westward . He is a major player in the revival that has created a niche industry in classic yacht construction, restoration, management and crewing.

Atlantic might be a fast boat but her deep 16ft (5m) draught keeps her out of shallow water and any of the tidal advantages it offers racers in the Solent. Our race takes us from the Squadron line out to the Western Solent, where the smaller boats can edge ahead by creeping inshore. But it’s a fabulous sight, a reel of living history as these yachts grace waters where so many of them were designed and built.

The Lady Anne on a sparkling beat off Cowes. Photo: Paul Wyeth

Two of the legendary 15-M rule class designed by Fife at Fairlie, on the Clyde, are racing at the Richard Mille Cup: the 75ft 2in (23m) The Lady Anne , built in 1912, is trying to beat the 74ft (22.5m) Tuiga , a design from 1909. Tuiga was an early restoration, carried out in 1993 on the Hamble by Fairlie Yachts just as big classic yachts were becoming valued once more. She has been owned since then by the Yacht Club de Monaco and takes part in classic events in the Mediterranean and overseas. The Lady Anne is sailed by a professional crew, and she goes on to win the Cup by a fair margin.

It’s intoxicating to sail with and talk to crews and owners who know these boats so well, and this new event already looks and feels fully formed. Richard Mille’s involvement in the restoration of his own yacht shows a passion and investment that will hopefully bring more boats next year.

The circuit does not have to be the same every year. In fact organisers are keen to change it every time to keep it interesting for the sailors and foster love for these incredible boats in new places.

Three special classic yachts

Photo: Paul Wyeth

The Lady Anne (1912)

One of Fife’s most beautiful 15-Metres, The Lady Anne was built in 1912 and restored to racing condition in the UK in 1999 by Jaime Botin, then chairman of Santander Bank.

The way she is set up has been controversial to some in the Mediterranean circuit because her spars, topmast and bowsprit were reinforced with carbon fibre. She was sadly barred for a few years. The carbon topmast was removed in 2011 but she still has carbon in her mast, gaff and boom – a big safety factor, says captain Paul Goss. When you witness her outpointing Bermudan-rigged boats, you will rub your eyes in disbelief.

The feeling of her long tiller in your hand, as I’ve been lucky enough to experience, is sensational. She comes alive in a breeze, a characteristic common to Fife designs, and when you go ashore after an experience like that you feel as if you have grown in stature.

She was the overall winner of this inaugural Richard Mille Cup.

Photo: Mike Hewitt/Getty

Mariquita (1911)

This is the only example of the short-lived pre-World War I 19-M class, which saw four boats racing in the three seasons before 1914. Mariquita, built in 1911, was raced on handicap in the 1920s and also cruised before being laid up during World War II in a mud berth on the East Coast. She was lived on and cared for as a houseboat for more than 40 years before being rediscovered by William Collier and later acquired by him and restored at Fairlie Yachts on the Hamble in 2001.

When she was relaunched by her owners Peter Livanos and Ernst Klaus in 2004, classic yacht aficionados were spellbound; she could well be the most photographed classic yacht of all time. Mariquita was a regular at Mediterranean regattas then laid up for a few years in Lymington before being sold at auction for €3,357,000 to French architect Benoît Couturier in 2020. Couturier joined forces with Richard Mille to form a big class classic yacht racing group based in Brest.

Moonbeam IV (1920)

Although designed in 1914, the build of Moonbeam was delayed until 1920 because of World War I. She was the fourth yacht of that name built for lawyer and Royal Yacht Squadron member Charles Plumptre Johnson.

Moonbeam won the King’s Cup in her first season, and again in 1923. Johnson sold her in 1926, and her rig was converted by Fife to the Marconi style with a topsail in runners above her gaff mainsail.

From 1950 she was owned for many years by Prince Rainier of Monaco. In 1995 she was rediscovered by John and Françoise Murray, who took her to Burma for restoration when she had 90% of her original teak planking replaced. She now belongs to watchmaker and event creator Richard Mille, who restored her again with new deck beams and a faithful interior as close to the Fife original as the 21st Century permits. Together with Moonbeam III and Mariquita, she forms the so-called Team Fife, which sails out of Brest.

If you enjoyed this….

Yachting World is the world’s leading magazine for bluewater cruisers and offshore sailors. Every month we have inspirational adventures and practical features to help you realise your sailing dreams. Build your knowledge with a subscription delivered to your door. See our latest offers and save at least 30% off the cover price.

Livanos bets on carbon capture with 60-ship fleet

Greek shipowner Peter Livanos is backing a new player in the carbon capture, utilisation and storage (CCUS) arena, EcoLog, that plans to become a leading global midstream business with a virtual pipeline of 60 ships, along with associated import and export terminals, to transport 50m tons of CO2 a year by 2035.

Specifically, the new enterprise is part of Ceres Shipping, whose interests span the liquified natural gas and dry bulk transportation sectors through GasLog and DryLog, respectively. “We believe EcoLog will help accelerate the urgently required adoption of CCUS by offering midstream services at scale and at speed,” Ceres Shipping said.

According to EcoLog, its ships will be on a scale ranging from 20,000 cu m at the smaller end for regional trades and 85,000 cu m in cargo carrying capacity for longer distance trades, and each will transport over 1m tons of CO2 per year between its import and export terminals. “The ships and terminals will operate at 8 bar pressure to ensure efficient and safe transportation of large volumes of CO2. All the technologies to be deployed within this network have been established for many years, simply reconfigured for scale and product,” the company added.

Jasper Heikens, the chief commercial officer of EcoLog, commented: “EcoLog is an exciting and timely venture ready to create low cost, large scale and at speed solutions for emitters to transport and permanently store CO2 emissions. The global challenge to sequester 7.6 gigatons of CO2 by 2050 to stay within 1.5-degree global warming (IEA figures) is clear and we are putting in place the infrastructure to make that happen.”

Diana Shipping locks ultramax into charter with Propel Shipping

Bluefloat energy and dajin heavy to boost floating wind supply chain, floatel international wins more vessel options from akerbp, european consortium wraps up acquisition of v. group, adhira shipping and logistics plans london listing.

A “HARUM-SCARUM” ELEPHANT-SCRUBBER TYPE PROJECT? OR AN INTEREST-CURIOSITY BANNER? An Elephant-without-feet, Scrubber-type project by hair-brained Executives? A high-risk, high-cost uncertainty project on a premature venture? Remarks prior to a “harum-scarum” go-ahead order by Livanos: > Current CC plants capacity 40 mtpa (excl. undeveloped cap.). In contrast, world emissions: 38 billion tpa). CC part: 1/1000. > Temporary and permanent storage (onshore/offshore by Piping/Shipment) to locations is undeveloped worldwide. > Currently there is no Sink-Source pairing (CO2 emitters matching reservoirs). Shared networks are needed for reduced costs. > High uncertainty on CCS cost. The Northern Lights Project presents Cost-relative uncertainty of 30%. > Feasible reservoirs for sea transport are mostly restricted in N. Sea (Europe projects) and offshore Japan. Feasible WW regional storage locations are mostly onshore with piping transportation. > Northern Lights CC capacity is 1.5 Mtpa from two industrial plants to be shipped to temporary onshore storage. Permanent storage in N.Sea by offshore Pipeline. Targeted upscale from Europe CC hubs 5 Mtpa, a long way to go. > Legislative Barriers to CO2 shipping: London Protocol forbidding cross-border CO2 transport and EU ETS Directive, precluding same from ETS financial incentives.

Don't have an account?

Photo credit: GasLog / image: Peter G. Livanos of GasLog
Freight news , Hellenic shipping news , LNG & LPG news , Shipsale news

Peter G. Livanos owner GasLog inks LNG Carrier Charter Deals

by Shipping Telegraph

Greek Peter G. Livanos Seals Buyout of GasLog Partners

Greek Shipowner Peter G. Livanos of GasLog has inked a multi-month time-charter deal in the second quarter of 2023 with Pioneer Shipping Limited, a wholly owned subsidiary of Centrica, for the GasLog Sydney , a tri-fuel diesel electric LNG carrier.

In a second quarter results statement on Friday the company detailed that it had also agreed with a wholly owned subsidiary of Shell, the time charter of the GasLog Gibraltar , a TFDE LNG carrier, to be extended by five years, following the exercise of their extension option, with the contract now set to expire in 2028.

Peter Livanos-controlled GasLog said it had agreed a multi-year charter deal with KE Fuel International (Kansai) for the tri-fuel diesel electric (TFDE) LNG carrier Solaris .

In addition, the owner revealed a one-year charter extension with Chinese independent CNTIC VPower Energy for a steam LNG carrier Methane Alison Victoria , with the contract now to expire in 2024.

The Greek shipowner, operator and manager of LNG carriers also confirmed the sale on July 17 of the ship GasLog Athens , a 145,000 cubic meter steam turbine propulsion (steam) LNG carrier, to an unrelated third party.

When the MoU agreement was signed in January 2023 the vessel was reclassified as held for sale and a non-cash impairment loss of $9.3 million was recognized.

GasLog has completed the previously announced merger with GasLog Partners, an international owner, operator and acquirer of LNG carriers, and a partnership controlled by GasLog Ltd.

Shipping Telegraph has reported in January this year that GasLog Partners LP have received a buyout offer from GasLog Ltd.

It was also reported that GasLog, acquired all of the outstanding common units of GasLog Partners.

Subscribe to our Newsletter

We bring the latest news about the shipping industry

Danish icebreakers “Danbjoern” and “Isbjoern” sold for recycling

Nyk sends end-of-life bulk carrier for green recycling to bangladesh, hong kong convention enter into force, share this article, related news.

BW LNG inks 10-year charter deal to deploy FSU for Jordan

Frontline’s board shrinks as ex Cypriot transport minister resigns

Ex-Goldman partners and shipping tycoon launch investment firm MW&L

The shipping tycoon Peter Livanos is joining two prominent City figures to launch a private investment vehicle, Sky News learns.

City editor @MarkKleinmanSky

Friday 8 June 2018 14:08, UK

Two former Goldman Sachs partners have united to form a new private investment vehicle that will deploy money from one of Greece's wealthiest shipping families.

Sky News has learnt that Matthew Westerman and Julian Metherell, who both spent lengthy careers based at the Wall‎ Street's European headquarters in London, have joined forces with Peter Livanos to launch MW&L Capital Partners.

The new firm will initially focus on investing money with Mr Livanos, a member of one of Europe's oldest shipping dynasties.

It will target the deployment of long-term capital across the capital structure of companies, initially in sectors that its three partners are experienced in: energy, financial services and shipping.

Mr Livanos, who is chairman of the international shipping group Ceres Shipping, has a portfolio of interests which also include the US-listed company Gaslog.

One source close to the trio's plans said they would seek to open MW&L up to third-party capital "over time", creating a potentially sizeable new vehicle to invest in complex corporate situations.

The launch marks an intriguing return to finance for Mr Westerman, who left his most recent role as the co-head of HSBC's global banking division last November.

More from Business

UK interest rates an outlier after decision to hold but Bank of England forecasts inflation rise to 2.5%

Why Bank of England is in no rush to lower interest rates - even though some think decision to wait is dangerous

Money blog: Pound hits two-year high after interest rate announcement; economist predicts when rate will hit 3%

He had been brought in by Stuart Gulliver, the British-based lender's then chief executive, 18 months earlier to shake up the performance of a business regarded as excessively cautious and staid in an era of swashbuckling rivals.

Mr Westerman's no-nonsense style led to him culling scores of HSBC's investment bankers and taking a tougher approach to performance-related bonus decisions.

Prior to his stint there, he held a string of senior roles at Goldman, including running the equity capital markets business that raises money for corporate clients, chairing its European investment banking division and running a chunk of its Asian operations.

He worked closely with Mr Metherell, who left his role running Goldman's UK business in 2011, to help establish an investment vehicle with Tony Hayward, the former BP chief executive, and Nat Rothschild, the billionaire financier‎.

That vehicle eventually acquired G‎enel, an energy group with operations in Kurdistan, but endured a bumpy ride as a listed company during a period of declining oil prices and instability in Iraq and surrounding parts of the region.

The prominence of its founders means MW&L is likely to be one of the most closely watched ‎launches in the City this year.

The new firm will have "a desire for influence if not control" of the companies it invests in, according to an email sent by Mr Westerman to contacts on Friday.

"We think our backgrounds as owners, operators, advisers and investors provides a good perspective with which to engage with investment opportunities and put capital to work."

A copy of his email was passed to Sky News.

Sources said ‎that Mr Westerman and his partners believed there was a significant opportunity to identify deals smaller than those at the top end of the market.

They are said to feel that their approach will make the provision of flexible and private long-term capital attractive.

One insider added that MW&L's positioning as an alternative to conventional private equity was likely to interest prospective investee companies.

The MW&L co-founders ‎are not initially planning to raise a dedicated fund, and are likely to invest on what is known as a deal-by-deal basis.

None of the MW&L partners could be reached for comment on Friday.

Peter Livanos

Major career roles.

Chair, GasLog Ltd
Chair, Drylog Ltd
Chair, Ceres Shipping Ltd

Other Career Highlights

Chair, Euronav NV
Board member, Odfjell SE
Founder, Seachem Tankers Ltd
Advisory Board member, DVB Nedship Bank
Board member, International Shipowners Reinsurance Co.
Non-Executive Director, Sigco PTC Ltd
Director, West of England Insurance Services (Luxembourg) SA
Director, Onassis Foundation
Director, John F Kennedy School
Board member, Hellenic Marine Environment Protection Association

Peter Livanos is a businessman and entrepreneur with a wealth of international professional experience across the oil and gas, and shipping sectors.

Peter is Chair of Gaslog Ltd, DryLog Ltd and Ceres Shipping Ltd. He is the co-founder and Partner of MW&L Capital Partners Ltd, a member of the Council of the American Bureau of Shipping and Chair of the Greek National Committee. He is also a member of the Board of Trustees for New YorkPresbyterian Hospital.

In 1989, Peter formed Seachem Tankers Ltd, which joined forces with Odfjell in 2000, creating Odfjell ASA, the world’s largest chemical-tanker operator.

Peter is also the Chair of Ceres Shipping, a family shipping group with interests in the dry bulk and liquified natural-gas transportation sectors. In addition, he pioneered the move of Greek shipping into LNG transportation and is the controlling shareholder of GasLog Ltd, one of the largest private LNG fleets.

Peter continues as the third generation in the family shipping group and is keenly interested in the management of family succession.

Privacy Overview
Strictly Necessary Cookies
3rd Party Cookies

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!

Today's news
Reviews and deals
Climate change
2024 election
Newsletters
Fall allergies
Health news
Mental health
Sexual health
Family health
So mini ways
Unapologetically
Buying guides

Entertainment

How to Watch
My Portfolio
Latest News
Stock Market
Biden Economy
Stocks: Most Actives
Stocks: Gainers
Stocks: Losers
Trending Tickers
World Indices
US Treasury Bonds Rates
Top Mutual Funds
Options: Highest Open Interest
Options: Highest Implied Volatility
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Financial Services
Industrials
Real Estate
Stock Comparison
Advanced Chart
Currency Converter
Credit Cards
Balance Transfer Cards
Cash-back Cards
Rewards Cards
Travel Cards
Credit Card Offers
Best Free Checking
Student Loans
Personal Loans
Car insurance
Mortgage Refinancing
Mortgage Calculator
Morning Brief
Market Domination
Market Domination Overtime
Asking for a Trend
Opening Bid
Stocks in Translation
Lead This Way
Good Buy or Goodbye?
Financial Freestyle
Capitol Gains
Living Not So Fabulously
Decoding Retirement
Money Glow Up
Fantasy football
Pro Pick 'Em
College Pick 'Em
Fantasy baseball
Fantasy hockey
Fantasy basketball
Download the app
Daily fantasy
Scores and schedules
GameChannel
World Baseball Classic
Premier League
CONCACAF League
Champions League
Motorsports
Horse racing

New on Yahoo

Privacy Dashboard

Yahoo Finance

Shipping titan peter livanos lays out his vision for lng's future.

When ocean shipping titans of Livanos' stature make a public appearance, it is an ‘E.F. Hutton moment' – when they talk, people listen. On June 19, Livanos spoke at length at the Marine Money Week conference in New York , opening up on his entry into the family business, his decision to focus on LNG shipping, and his current market outlook.

Peter Livanos is the son of George P. Livanos, who built up Greece's largest merchant fleet in the 1980s and 1990s. Hoping his son would follow in his footsteps, George gave Peter the capital to buy his first ship. Peter instead used the money to buy luxury car manufacturer Aston Martin, of James Bond fame.

"It was one of my early mistakes, the first of many," he recalled in a discussion moderated by Michael Tusiani, chairman emeritus of consultancy Poten & Partners.

"I was trying to develop a certain independence from a very successful man, my father. He was not only a good businessman but a great father. When I inevitably failed, he came to my rescue and in so doing, re-engaged me in the shipping business, which is something that I came to love and still do."

The rewards and risks of LNG

Livanos inherited Ceres Shipping after his father passed away in 1997, and in 2000, he made a strategic decision to change the business focus to LNG. "My view was that in order to achieve the right value return for what I believed was a very high-quality operating platform that my father had created, we needed to move into a more upscale sector," he explained.

"The commodity tanker and dry cargo spaces in which we'd had a strong presence had become and continue to be ‘price takers.' There is very little value ascribed to the differentiation in the way the ships are operated. We felt, and I continue to believe, that a superior operating platform can give you an enhanced value proposition in the LNG space."

With enhanced value prospects come increased risks. LNG is "potentially riskier" than tankers and bulkers, he believes.

"The traditional markets are commoditized and quite cyclical and go through periods of boom and bust, but you're always able to modify your capital allocation through the sale of assets or the acquisition of assets.

"In the LNG space, you depend very much on your ability to use your assets in a profitable manner to make your value return. There is a very limited ability to monetize your capital," he said. In other words, in LNG shipping, you make the majority of your money from the cash flow from operations, not from buying and selling ships.

"In addition to that, your ability to use your assets in the LNG space very much depends on a small number of strategic counterparties. If you have a tanker and find your ship unemployed for some reason, you can always find a cargo if you lower the price. In the LNG space, there can be no cargo at any price, and the effects of sitting and waiting [unemployed] are significantly more expensive than they would be with a commodity [tanker or bulker] ship."

What makes Livanos so bullish in the face of those risks is his faith in the LNG commodity itself. "I believe the LNG shipping industry is on a journey not dissimilar to that of the tanker industry in the 1950s – a journey that's in lock-step with the commodity.

"I believe natural gas has a very important role to play as the world becomes more environmentally aware and that it also has a very important role to play as a transportation fuel. I believe that 10 years from now, the LNG industry has the potential to double, both in terms of the scale of the shipping fleet and the number of end-users."

Long-term chartering and spot trends

The caveat, as always, is that the number of new ships that are built can outpace even very strong demand, depressing rates and leaving some vessels unemployed.

Long-term charters had traditionally been for 15 to 20 years in duration plus extension options, but the ‘new normal' is for durations of 7 to 12 years. Asked whether $70,000 per day is sufficient for a charter of only seven years, Livanos responded, "You have to measure the charter rate against the cost of acquiring a newbuilding. A newbuilding used to cost in the mid-$200 million range. Now it's slightly below $200 million. So, at the moment, I believe rates are giving an adequate return on the assets.

"Of course, I'd like to see rates higher, and I believe we probably will see higher rates in the next couple of years," he continued.

The headwind is that new entrants into the LNG ship-owning arena are having to lower their long-term charter rates to break into the business. "There are some new entrants who have taken rates that we as an established player did not feel were appropriate, and which we would not have taken," he said.

"The Cool Pool committed us to a very short-term revenue strategy and while we will continue to have ships in the spot market, our movement out of the Cool Pool is because of a shift in our view towards a more medium- and long-term revenue strategy," disclosed Livanos.

"The answer is ‘yes,' but not right away. Everyone can see that the commodity is in a macro growth trend, but it's not going to be a smooth line. There have been and there will continue to be hiccups in the supply/demand balance.

"I believe we will go through a period of relatively tight [vessel] supply in the next two years, but I also believe that two or three years from now, we may find ourselves in a very similar position to what we saw in 2014, when there were more than enough ships to meet demand.

"There will be volatility. We will ultimately use all 117 of those ships, and the others that will be ordered, but there will be times when there is a mismatch – and one should be incredibly cautious about that, because it is very expensive to own a ship that is not working."

Technological change and obsolescence

On a positive note, today's high number of newbuilding orders should be offset somewhat by the retirement of older vessels, particularly given the rapid pace of technological change.

"In all of my years in shipping, I don't believe there has ever been a technology curve as steep as in LNG shipping between 2000 and today. We saw fundamental changes in propulsion twice, dramatic improvements in [cargo] containment systems, efficiency improvements, and a fundamental shift [upward] in the size of the ships. The LNG ship you build today is significantly different than a ship built 10 or 15 years ago.

"I don't think technology is ever capped. However, I do believe we've reached a flattening of the technology improvements for LNG shipping. There will inevitably be more improvements, but at this stage, I believe we've taken most of the meat off the bone."

Will charterers re-employ those archaic assets given all of the more efficient modern-built ships they will have to choose from? Livanos responded, "I suspect that would be a bit like putting your mother on a DC-6 to fly to California. It works, but you probably wouldn't do it."

Image Sourced From Pixabay

See more from Benzinga

FreightWaves Research: Amazon's New Online Freight Platform Is Viewed Negatively By 8 Of 10 Carriers And Freight Brokers

Weekly Market Update: Reefer Volatility Keeps The Freight Market Interesting

Blockchain Provides Trustability In The Age Of Mobility Services And Autonomous Vehicles

Peter Livanos


Παναγιώτης Λιβανός
Born	1958 , Greece
Nationality	Greek
Alma mater
Occupation	shipping businessman
Years active	1982–
Board member of	Owner of Shareholder of

Peter G. Livanos (born 1958), is a Greek shipping tycoon . He owns the Greek shipping company Ceres Hellenic , and was involved in the restructuring of the shipping company into the group Ceres Hellenic.

Livanos lives with his family at Lake Geneva , Athens and London. He controls 100% of Ceres Hellenic Shipping, the largest Greek fleet, in terms of tonnage, and a smaller ferry line of Russian-made hydrofoils that serve the Greek Islands . [1]

Livanos is a graduate of The Buckley School in New York, Le Rosey in Switzerland and Columbia University in New York, from which he graduated with a B.S. degree in 1981. [2] He is known for his yachting and was awarded an Honorary Doctorate of Science by the Massachusetts Maritime Academy . [3] He was also a majority shareholder of the car manufacturer Aston Martin . [4]

According to the Bloomberg Billionaire Index , his net worth is estimated at $1.7 billion in 2015 and he has been ranked among the wealthiest Greeks. [5] [6]

He is the son of the shipping magnate George P. Livanos , who built up Greece’s largest merchant fleet in the 1980s and 1990s. [7] His maternal grandfather is the Greek businessman Yiannis Carras , and he is a distant relative of Stavros G. Livanos by his father's side.

Marine News

Fife yacht mariquita offered at no reserve at artcurial retromobile paris.

1911 Mariquita by William Fife & Sons No reserve - Estimation 900,000 - 1,700,000 € UK registered

- Last surviving 19M-J - Renowned Fife yacht - Comfortable and fast - Complete restoration between 2001 and 2004 - Ex Peter Livanos and Albert Obrist - Exceptional race history - No reserve

This Fife yacht is the last representative of the 19 M J1 class. Despite its grand age, it appears ready to sail on to the end of a second century, having benefitted from an exemplary restoration.

The destinies of Mariquita and Mariska were inextricably linked. These two extraordinary vessels, reunited in this sale, would not have come into existence were it not for the will of one remarkable man : Arthur K. Stothert. An industrialist from Glasgow, he was one of the finest sailors in his day. He competed in 427 regattas during his career, winning 123 victories and 93 podium finishes.

In 1910, hearing that a new class of yachts had just been established, the " 19M J1 ", Stothert knew straight away he had to be involved, predicting that this would attract the yachting world elite. The facts proved him right, to a greater extent than even he would realise. The class became the forerunner for the future J class, set up in the 1930s for the giant yachts competing to retain (or win back) the legendary America's Cup.

And so our man immediately sold his 15M JI ordered three years earlier. And, being a loyal Scotsman, he went once more to see his neighbour William Fife III. He had at least two good reasons to trust Fife. Firstly, he had won practically everything aboard Mariska (see further on) during the previous three seasons. Secondly and just as importantly, Fife was in the process of finishing, from his own design, the construction of the first 19-metre yacht in history. This was named Corona, having being launched during the year of King George V's coronation.

And so, in planning the construction of Mariquita, he knew the boatbuilder would be able to use what he had learnt from his first experience. Stothert duly set off, full of enthusiasm, to the boatyard in Fairlie, on the banks of the Clyde. He was able to request a sound basis for future victories at the same time as request more individual specifications. In fact he had rather fixed ideas about the interior fittings. The deal was done and the yacht became construction number 595.

The yacht's name means " ladybird " in Spanish. This was in no way an indication of its dimensions: 38.1m in length, with a draft of 3.6 metres and a sail area of nearly 573 metres squared.

From 1911 until 1913 Mariquita joined her playmates Octavia, Norada and Corona. Over three seasons of racing, the crews sailed the seas around Scotland, as well as Cork, Cowes, Dartmouth, Kiel and Le Havre. Victories began to accumulate for Mariquita. However, in 1913, disturbing rumours began to circulate coming from Germany. Octavia was sold. The future of the 19m class was compromised.

Mariquita was sold in 1915. By chance, the buyer, F. Buge, was Norwegian. His country remained neutral during the First World War, and the boat was taken to be kept in a fjord. It was renamed Maud IV and spent five years in calm Scandinavian waters. After the war, it rediscovered the choppy British seas and regained its original name. However, it would be another six years before Mariquita began racing once more. Skippered by its new owners, Sir Liffe and A. Messer, the yacht was entered for various coastal regattas, running in the large handicap class.

With the approach of the Second World War, Mariquita experienced her own descent into hell. The hull ended up in the hands of a river transport company who stripped out the rigging and the 36-ton lead keel. It became a kind of houseboat, stranded in mud at Pin Mill, on the Suffolk Coast. It was there, in this pitiful state that William Collier discovered it in September 1987. After six months of discussion with the owner, it was bought by A. Obrist and Greek shipowner P. Livanos, both serious Ferrari collectors. In 1991 Obrist set up the classic yacht restoration boatyard, Fairlie Restorations, at Port Hamble on the south coast of England, not far from Cowes. The name was taken from the small village in Scotland in honour of their predecessor and inspiration, William Fife. The boatyard is still in operation today, having restored over 20 classic yachts, mainly Fifes ranging in size from 24ft to 95 ft. Mariquita was duly transported to port Hamble. In the wonderful book on the life of Mariquita that includes the full history of the boat, A. Obrist said: " When you ask a small boy to draw a boat, he will instinctively draw a sail boat with a mast. This was what I did. " Further on he adds : " Once the boat arrived at Hamble, it had to sit patiently for ten years before being restored. I waited for this moment impatiently, as this was my favourite boat and I knew it would become the most beautiful vessel on the sea. We restored it to strict original configuration, incorporating modifications where quality, safety and environmental changes were required. These boats are not intended to be put on display in a museum, but to be sailed. " Saved by the two aesthetes, the renaissance began in 2001. Mariquita underwent a top-to-bottom restoration at this boatyard, one of the best in the world. Nothing was too good for this yacht. The restoration took three years, finishing in 2004, with no concern to how many hours were spent on the project. The aim was to get as close to the original design as possible, with attention paid to every detail from the fittings on the deck to the interior decoration. Remembering that the first owner, Arthur K Stothert, had very strict ideas on this subject.

However, before the hull could accommodate the interior fittings, it had to be strong enough to support the keel and mast. Total reconstruction was required using the original techniques. Steel frames, assuring the structural rigidity of the hull, were laid with African mahogany boards, 2.5 cm in depth. All structural fastenings were in nickel aluminium bronze. The deck was laid with teak boards studded onto 80 mm plywood panels, ensuring it was completely sealed.

Once the solidity of the hull was assured, attention turned to the interior. This was painstakingly dismantled, and the trusted hands Fairlie craftsmen duly rebuilt the cabins for owner and guests exactly as they had been. Attention was paid to the fact that Mariquita had originally been designed for competition. The original open deck heads were preserved, revealing the structure of the boat. This was in order to keep the weight as low as possible. A few modern concessions were added. A shower in the owner's bathroom replaced the original sunken bath. The space gained was allocated to the engine room, which was equipped with a Yanmar 315 bhp engine used to carry Mariquita into port, or in the Mediterranean when conditions were calm. As in 1911, the main interior accommodation features an elegant saloon with dining table, desk and sofa. A passageway at the back leads to the principal cabins, with a single cabin to starboard and another to port. The rear twin cabin has its own access to the cockpit. Towards the front of the saloon, a more pragmatic approach has been adopted to allow the accommodation of seven crew members and a private cabin for the captain. The galley has retained its early 20th century style, but efficiently redesigned to be able to feed sixteen to eighteen people, the ideal crew size for this large yacht, during a race.

The boat was ready to take to the water again in 2005. This was the moment that the aforementioned book was published, a copy of which will be made available to any potential buyer. P. Livanos, having taken so much pleasure in the project to resuscitate Mariquita, was not very involved in classic regatta racing, and used the yacht very little. A group of businessmen from London duly got together to buy it, and have now entered Mariquita into the sale at Retromobile.

Mariquita's breathtaking appearance ensured it integrated quickly into the Mediterranean circuit, thanks to the combined effort of William Fife and his talented successors at Fairlie Restoration. This is a yacht that has always been skippered admirably. During the 2010s it benefitted from the expertise of legendary skipper, Jim Thon, who worked ceaselessly to perfect the art of gybing and tacking. He drew on his experience to write a short book and a copy of this guide was given out to every new crew member coming on board.

The recent results for this yacht are impressive: winner of the Monaco Classic Week, the Régates Royales de Cannes and the Voiles de Saint-Tropez. In 2014, it won the Big Boat class in the Panerai Trophy, and there have been numerous other awards. Artcurial is delighted to present this masterpiece of the oceans, a unique vessel with an outstanding history, ready to carry away the lucky buyer of Mariquita.

Mariquita can be viewed by appointment only in Berthon Marina, Lymington, Hampshire, United-Kingdom.

Click here for more lots and auction details

Photo: Ben Wood

Newsletter Sign-Up
Contributors

Taki’s Top Drawer
The Week That Perished
Cultural Caviar
Most Popular

Drinking, Sailing, and Sleeping it Off

June 14, 2013

Taki and John-Taki Theodoracopulos

SAINT-TROPEZ—To the once-upon-a-time sleepy fishing village, now the focal point for Russian oligarch excess, outrageously ugly super-yachts, and what is commonly known as the scum of the Earth, the nouveaux riche of the 21st century. A tiny but perfect airport for small planes and jets means the 747s the camel drivers prefer are too big to land and thus have to use Nice or Marseille.

I am here for the annual Pugs Club regatta. I flew down from Gstaad in Peter Livanos’s chopper, a great machine that slalomed around the snowy mountains in a fog, skipping the dense parts, climbing and diving around protuberant rocks, getting us down from door to transom in one hour and thirty-five minutes. Sorry, folks, but it’s the only way to travel nowadays. Five minutes by car from my chalet to the Saanen Airport, 75 minutes of inspecting the Alps from very nearby, then a 15-minute ride to the port of Saint-Tropez, where a chartered racing machine was waiting for me.

The four competing boats were all lined up: Tim Hoare’s beautiful Alexia , Roger Taylor’s Tiger Lily , Tara Getty’s Skylark , and the poor little Greek boy’s toy, a modern marvel that can reach twenty knots in a high wind and is as ugly as she’s fast. All the competing boats had to bribe the local powers to secure a place right in front of the famed Saint-Tropez quae, which is usually reserved for the most flamboyant boats owned or chartered by types that think Paris Hilton is class personified.

The first evening dinner took place at Rolf Sachs’s house in the bay—he’s Gunter’s boy—where it wasn’t the first time the competitors got much too chummy with each other and by far too drunk. I spilled the beans about my boat’s speed and like a fool demanded I be given a handicap to match. Alexia is a truly beautiful boat, even more so than my Bushido , but I think of her as a ravishing woman who is lousy in bed. Alexia under sail is slow. Tiger Lily is like an old girlfriend—comfortable, round, always welcoming, and deceptively fast. Her owner—the drummer of Queen—and her captain have a lot to do with her ability to keep snatching victory from faster-looking boats. I know little about Skylark , but she is a true classic of the twenties, her owner has a professional crew that races her in all major events, and she had the Crown Prince of Greece crewing on her—more of that later.

The next morning during the trials, I was too hung over to attend the meeting on the mother ship. My son had not yet arrived, and my French captain’s vocabulary in English was limited to one word: “rosbiff.” Although Commodore Hoare is a very fair man and our president-for-life Nick Scott is even more so, it was decided that the twenty-mile course of one leg upwind and one downwind would be sailed by all boats once, except for the poor little Greek boy who would have to sail it twice. I was still asleep when my captain explained it to the mother of my children, who although as fair as a German can be, nevertheless described it as more of a punishment than a handicap. Ah, these Germans have a way with words, especially when not in their Panzers.

SUBSCRIBE TO TAKI‘S MAGAZINE

Due to rampant political correctness, garnering ad revenue for an independent site like ours, is all but impossible. Therefore, we depend on our readers for support. Please SUBSCRIBE so we can keep bringing you great content from our free-thinking columnists.

Ann Coulter

John Stossel

Melissa Kite

Stephen Moore

Steve Sailer

Steven Tucker

Theodore Dalrymple

Subscriptions

Grab a Seat at the Captain’s Table

Essential news coupled with the finest maritime content sourced from across the globe.

Join our crew and become one of the 109,187 members that receive our newsletter.

Billionaire Greek Ship Owners Surface as Home Economy Sinks

Share this article.

Image: Maran Gas

By Tom Metcalf

(Bloomberg) — More than a thousand delegates from the shipping industry gathered last month at the Hilton Athens for the Greek Shipping Forum, a day of speeches and panel discussions on private equity, ship recycling and financing.

The packed reception hall was a testament to how the nation’s ship owners still dominate the industry decades after Aristotle Onassis and Stavros Niarchos ruled the waves. The Hellenic fleet is the world’s most valuable at $106 billion, according to VesselsValue.com, accounting for 19 percent of the world’s tankers.

Greece’s seafaring mastery is a remarkable feat for the world’s 42nd-largest economy, where economic and political turmoil has left a quarter of the population unemployed.

“This is a business that’s part of their soul,” Matt McCleery, author of “The Shipping Man” and president of Stamford, Connecticut-based ship finance consultancy Marine Money International, said in a phone interview. “It’s so important to their culture, to their identity, and to their history.”

It’s also made billionaires of the country’s four largest ship owners by tonnage: John Angelicoussis, George Prokopiou, Peter Livanos and George Economou. The quartet control a combined fortune of $7.6 billion, according to the Bloomberg Billionaires Index. None of them appear individually on an international wealth ranking.

Fleet Valuations

The richest is Angelicoussis, whose companies own 96 active vessels with a capacity of more than 18 million deadweight tons, the industry’s standard measurement for how much ships carry, according to data for December compiled by maritime newspaper Shipping Finance. His family’s stake in the fleet is valued at $2.4 billion, according to data compiled by Bloomberg.

“He’s one of the great men of our industry,” Harry Fafalios, chairman of the Greek Shipping Co-Operation Committee, said in an interview in London.

The 66-year-old’s fortune is calculated based on data provided by London-based VesselsValue.com, an online ship valuation database. It includes his active fleet and vessels under construction and is based on the ships’ size, age and earnings, and excludes charters.

The value of the vessels are discounted by 60 percent to approximate the typical level of financing Greek ship owners can obtain today, according to Anthony Zolotas, chief executive officer of ship financing adviser Eurofin SA.

Angelicoussis declined to comment on his net worth.

Prokopiou has a fortune valued at $2 billion, according to the Bloomberg ranking. Livanos controls at least $1.7 billion and Economou has a net worth of $1.5 billion. Their fortunes are comprised of stakes in their publicly traded shipping businesses and closely held vessels.

Livanos is the biggest shareholder in liquefied natural gas carrier operator Gaslog Ltd. and tanker owner Euronav NV. Prokopiou listed Dynagas LNG Partners LP on the New York Stock Exchange in 2013. Economou’s Dryships Inc. operates bulk carriers. Together, their fleets exceed 40 million deadweight tons. Livanos operates 83 vessels, while Prokopiou has 89 and Economou has 116, according to Shipping Finance.

The three billionaires declined to comment on their net worth, according to spokesmen.

Hellenic Fleet

Greeks have long dominated the shipping business. The nation’s fleet, numbering 3,669 vessels in 2013, is the largest in the world, according to the annual report of the Union of Greek Shipowners, making up more than 7 percent of the Greek economy and providing 192,000 jobs in 2013.

Greece’s shipping magnates control 23 percent of the world bulk carrier fleet, according to the report, even as their home country accounts for less than 0.4 percent of the world economy.

Their success in one of the most global industries stands in contrast to their country’s domestic troubles, where 36 percent of the population was at risk of poverty or exclusion from social benefits at the end of 2013, according to Eurostat, the statistics agency of the European Commission.

“There is a humanitarian crisis,” said Spyros Economides, a professor in international relations and European politics at the London School of Economics. “It’s not just the problems on the street, it’s much more endemic and deeper than that with people fearing they might get evicted from their homes, who can’t pay their electricity bills, who are having problems feeding their families.”

Perama Clinic

That’s evident at the Medecins du Monde clinic in Perama, Athens’ poorest suburb. It provides free medical help to locals without access to Greece’s health system and has seen its patient numbers double since it opened in 2010 amid the erosion of state health coverage.

As social pressures mount, the privileged tax status of the shipping industry has come under increasing scrutiny as successive Greek governments look to boost revenue. The industry pays no tax on international earnings brought into the country under rules incorporated in Greece’s constitution in 1967.

Constitutional Cover

“All these laws are to protect ship management companies that serve mostly international trade and commerce,” said Ilias Bissias, a lecturer in international shipping policy at Alba Graduate Business School in Athens. “This regime should not be changed as it is similar and in line with international tax laws that exist in most maritime centers in all parts of the world.”

Even with this constitutional cover, the Union of Greek Shipowners reached a voluntary agreement with the previous government in October to double the tax paid by the industry in the three years from 2014.

Whether that will be enough for the country’s new anti- austerity Syriza-led government isn’t clear. In a February letter to creditor institutions, Greece Finance Minister Yanis Varoufakis said the new regime will “ensure that all sections of society, and especially the well-off, contribute fairly to the financing of public policies,” as part of reforms that secured the continued availability of bailout funds for Europe’s most indebted country.

Formidable Reputation

“Shipping together with tourism are the two main sources of income for the country,” said Eurofin’s Zolotas. “The government would be ill-advised to make it less attractive for ship owners to remain in Greece because ship owners are providers of a lot of employment.”

With limited demand from their domestic market, Greek ship owners have long looked beyond home shores for business. While it’s helped shelter them from the worst of the Greek crisis, the industry is still fraught with challenges.

The Baltic Dry Index, a blended measure of rates for dry vessels, is down 51 percent this year to record lows. Meanwhile, low oil prices have caused the tanker market, another area that’s been a traditional Greek strength, to undergo a renaissance, though the market typically reverses within three to six months, according to Michail Kokkinis, founder of Piraeus-based ship broker Golden Destiny.

“Greek ship owners are gamblers,” Tony Foster, founder of London-based shipping asset manager Marine Capital. “The history of Greek shipping is that they take risks. The shipping market is volatile and highly cyclical. Greeks are willing to embrace that risk.”

Spiro Latsis, the country’s richest man, diversified his family’s shipping dynasty into banks and now controls a $2.7 billion fortune.

Golden Greeks

Niarchos and Onassis, dubbed the Golden Greeks because of their wealth and celebrity, competed during the second half of the 20th century. They raced to build the world’s largest fleets and outdo each other with the size of their islands, yachts and weddings. Stavros’s son Philip inherited much of his art collection from his father’s estate.

Their influence is still visible today. The Stavros Niarchos Foundation, endowed with a portion of the family’s estate following Stavros’s death in 1996, is responsible for the city’s largest construction project on the site of a former racecourse at the south end of Syngrou Avenue, which bisects the bottom of the city.

The $800 million undertaking, designed by architect Renzo Piano, will house the national library and opera company and feature a 42-acre park on the roof.

Adjacent to the park is the Onassis Cardiac Surgery Center. Other donations from shipping dynasties pockmark the city, including the Eugenides Foundation’s planetarium and the Goulandris Museum of Cycladic Art.

Today’s top shipping tycoons are more inclined to keep a lower profile, particularly since the crisis hit.

“They’re very hard working and often humble people,” Marine Money’s McCleery said. “For the most part you find these guys who are dedicated and very family orientated. They work their tails off way beyond any monetary need.”

–With assistance from Maria Petrakis, Paul Tugwell and Nikos Chrysoloras in Athens, Marine Strauss in Brussels and Alaric Nightingale and Naomi Christie in London.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Be the First to Know

Join the 109,187 members that receive our newsletter.

Have a news tip? Let us know.

Stay Ahead with Our Weekly ‘Dispatch’ Email

Dive into a sea of curated content with our weekly ‘Dispatch’ email. Your personal maritime briefing awaits!

President trump signing tariffs in the oval office

Trump Trade Wars: A Look At Winners And Losers Since 2016

by Tom Orlik (Bloomberg) Who Loses in Trump’s Endless Trade War? In 2016, Donald Trump campaigned for the US presidency on a promise to beat China. Once in office, he unleashed a...

Crew refurbishing an old tug-boat in New York Harbor

Bridge to Disaster: How Coast Guard Apathy is Sinking A New York Tugboat Business

by Captain John Konrad (gCaptain) On a crisp morning that should have promised smooth sailing, Captain Mike Vinik found himself staring at a maze of steel and concrete where open water used...

Migrants cross the English channel from France to Britian in boats wearing lifejackets

Migrant Channel Crossings Surge Amid Post-Riot Tensions In UK

by Sachin Ravikumar (Reuters) Immigration tops the list of issues that Britons consider most important for the first time since 2016 – when Britain voted to leave the European Union...

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

OUT AT SEA?

We’ve got you covered with trusted maritime and offshore news from wherever you are.

JOIN OUR CREW

Maritime and offshore news trusted by our 109,187 members delivered daily straight to your inbox.

Your Gateway to the Maritime World!

Join our crew.

Privacy Overview

13 Greeks among the Top 100 most powerful people in the shipping world

For yet another year Lloyd’s has published the list of the Top 100 of the most powerful people in the shipping world and like every year Greek shipowners are present. In the top of the list we find the three managers of the shipping giant Maersk, in the second place, the oil minister of Saudi Arabia, Ali- Al-Naimi, in the third position the president of the China Shipping Group, Xu Lirong, in the fourth place John Fredriksen, owner of Seatankers and in the fifth place John Angelicoussis. In 16th place of the world ranking is the only Greek woman, Angeliki Frangou. Overall in the list we find 13 Greek shipowners.

The 13 Greeks in the list:

1.John Angelicoussis in 5th place from 4th last year

Few would doubt that the Angelicoussis Shipping Group reflects the business personality of its principal, John Angelicoussis, and even a cursory glance underlines a number of key tenets of his approach to shipping. The group has ensured itself a major presence in every sector in which it operates — dry bulk, tankers and LNG carriers — with strong claims to be considered a leader in both scale and operational ability in each sector. The group verges on 100 vessels in the water and another 30 on order.

2. Angeliki Frangou of Navios to 16th place from 15th last year

The past year or so has seen today’s Navios Group — which estimates its enterprise value at $5.5bn — continue to shift its balance from its traditional concentration on dry bulk, with close to three-quarters of its business now to be found in tankers, containerships and logistics. The first of the group’s four publicly-listed companies, Navios Holdings, has become a diversified investment vehicle with — at November 2015 — stakes of 20% in Navios Partners and 46% in Navios Acquisition, which in turn holds 61% of one year-old Navios Midstream Partners.

3. George Economou to the 17th place from 21st last year

While he may find art more ‘exciting’ than shipping these days, the Greek entrepreneur still displays evidence of a true work ethic. Taking stock of all things in the Economou shipping empire after a tumultuous 2015 is not easy, but the overall trend has been a rebalancing towards the privately held side, and as much as possible away from dry bulk to other types of tonnage.

4. George Prokopiou in 18th place from 25th last year

As one of the world’s biggest independent tanker owners, George Prokopiou endured the lengthy tanker industry slump and company Dynacom Tankers is now reaping the rewards of his faith in the business.

5. Peter C. Livanos , stable in 21st place

Peter G. Livanos stays steady in this year’s rankings, despite the dilution of his influence at hard-charging tanker outfit Euronav. In November, the shipowner took most people by surprise, apparently including some Euronav insiders, when he sold nine million shares or about 5.7% of the Belgium-based company’s stock.

6. Peter Pappas , who fell to 31st place from 11th last year

Petros Pappas has long been one of the most highly-rated players in Greek shipping, and he vaulted into our 2014 Top 100 largely on the strength of an extraordinary round of consolidation that made his Star Bulk Carriers the largest dry bulk outfit on Wall Street.

7. Nikolas Tsakos climbed to 45th place from 54 last year

As chairman of Intertanko, TEN’s chief executive has led by example when encouraging owners to favour resale acquisitions and avoid speculative newbuildings. Tsakos Energy Navigation and its shareholders have been among the beneficiaries of the tanker market recovery, but being chairman of Intertanko has certainly amplified the influence of TEN’s chief executive, Nikolas P. Tsakos.

8. Peter Georgiopoulos climbed to 47th position from 83rd in 2014

2015 has seen a return to vintage swashbuckling deal-making for Peter Georgiopoulos in all fronts, wet and dry. On the wet front, coming fresh from an acquisition of seven VLCC newbuilding contracts from Scorpio Tankers in 2014, Mr Georgiopoulos doubled down by agreeing to merge General Maritime with Navig8 Crude Tankers in an all-stock deal early in the year.

9. Theodore Veniamis , president of the Union of Greek Shipowners, remained stable in 48th position

Tough and pragmatic negotiator is enjoying a third term at helm of Union of Greek Shipowners. Whatever the fortunes of the sprawling Greek shipping industry may be at any given moment, as president of the Union of Greek Shipowners, Theodore Veniamis is at the heart of the matter.

10. Kostis Konstantakopoulos in 52nd position from 50th last year

The no-froth chief executive has set a solid expansion course but generally scorns hype and leaves the talking to others IN the past two years, Greece-based containership owner Costamare has won an unprecedented ‘double’ at Lloyd’s List’s Global Awards, scooping the 2014 Company of the Year prize and following it with the 2015 Ship Operator of the Year award.

11. Evangelos Marinakis in the 65th position from 81st 2014

Owner has enhanced the standing of his shipping group during a year that has forced others to take backward steps. While a number of master limited partnerships in the shipping space stuttered, Capital Product Partners, the MLP sponsored by Mr Marinakis’ Capital Maritime & Trading group, has expanded its fleet and its drop-down pipeline for the future, as well as being able to announce it will be raising its distribution by 2% to 3% a year for the foreseeable future.

12. Simos Palios in the 88th position from 81st last year

The absolute apex of Mr Palios’ optimism in the company’s earnings calls has been to insist that dry bulk shipping remains subject to laws of supply and demand and that the rule of cyclicality will eventually bring recovery.

13.Dimitris Melissanidis in 98th place against 97th last year

Aegean Marine Petroleum Network, the publicly-listed international marine fuel supplier arm of Dimitris Melissanidis’ Aegean Group, has been on the up lately. Despite lower oil prices, profits have increased and the company has been able to exploit the disappearance of OW Bunker by stepping in and expanding the reach of its business in locations such as the US Gulf and west coast, Hamburg and St Petersburg.

# shipowners
# Έλληνες εφοπλιστές
# εφοπλιστες

Comments: 2

-29/06/2017 3:00 pm

NOTHING BETTER THAN THE GREEKS!!!

LEVENDES & A HALF!!!

JOHN VASILAKOS

-04/02/2022 12:49 pm

Greek Shipowners are a fascinating mysterious group

LEAVE YOUR COMMENT

Click here to cancel reply.

Επικοινωνία

Privacy Overview

Location URL

Peter Livanos' House

Livanos is a Greek shipping tycoon and billionaire, he controls 100% of Ceres Hellenic Shipping, the largest Greek fleet, in terms of tonnage, and a smaller ferry line of Russian-made hydrofoils that serve the Greek Islands. He also owns homes in Athens, London and Switzerland.

Show location URL
Submit location to VirtualGlobetrotting

Celebrity Homes Mailing List

Peter Livanos

Peter Livanos gas ship sale-and-leaseback deals top $800m with Chinese lessor

GasLog Partners lines up LNG carrier for sale-and-leaseback deal

BlackRock explores exit routes for its stake in GasLog

Peter Livanos-backed GasLog developing liquid hydrogen ships as Middle East project gains momentum

GasLog ties up tri-fuel LNG carrier on charter stretching out to 2030

GasLog locks away three LNG carriers on new time-charters or extension deals

Peter Livanos-backed GasLog Ltd gobbles up affiliate after completing merger

GasLog Partners sells off TFDE LNG carrier and nets charter deal on second ship

Could Northern Lights scheme illuminate a future of shipping?

Livanos v Livanos court fight over historic FFA deals thrown out as claims time-barred

Banker turned shipowner Andy Dacy sounds caution, but not on LNG

Is carbon capture and storage shipping’s next big thing?

Peter Livanos jumps into carbon capture with 60-ship fleet venture EcoLog

GasLog Partners LNG steam ships drag down fleet efficiency rating

DryLog deal shifts ArcelorMittal shipping into the black

Why has Peter Livanos opted for a BlackRock buy-in at GasLog?

GasLog unveils merger with BlackRock’s power arm, with plans to delist

Peter Livanos talks up fuel cells as retrofit option for LNG carriers

GasLog sees 'significant uncertainty' on LNG shipping demand

Tungs take GasLog position as Onassis and Livanos families buy more

TradeWinds is part of DN Media Group. To read more about DN Media Group, click here

IMAGES

Peter Livanos (Greek Shipping Tycoon) ~ Wiki & Bio with Photos
How shipping banks’ GHG focus impacts fleets and freight rates
Peter G. Livanos becomes EURONAV Chairman
Peter Livanos talks up fuel cells as retrofit option for LNG carriers
13 Greeks among the Top 100 most powerful people in the shipping world
Peter Livanos: 'Opportunities anywhere you look'

VIDEO

Livanos Jan 2024
Livan
trim E500EA45 56A0 4D64 AD71 A0CFABA5FF16
Amado Mio
Ελληνικά υπερόπλα & Έλληνες Εφευρέτες (2)
Livan

COMMENTS

Peter Livanos
Peter G. Livanos (born 1958), is a Greek shipping tycoon.He owns the Greek shipping company Ceres Hellenic, and was involved in the restructuring of the shipping company into the group Ceres Hellenic.. Livanos lives with his family at Lake Geneva, Athens and London.He controls 100% of Ceres Hellenic Shipping, the largest Greek fleet, in terms of tonnage, and a smaller ferry line of Russian ...
Shipping titan Peter Livanos lays out his vision for LNG's future
On June 19, Livanos spoke at length at the Marine Money Week conference in New York, opening up on his entry into the family business, his decision to focus on LNG shipping, and his current market outlook. Peter Livanos is the son of George P. Livanos, who built up Greece's largest merchant fleet in the 1980s and 1990s.
The curse of classic 63m sailing yacht Creole
Certainly, at 63.03 metres, the three-masted schooner is rated the world's largest wooden sailing yacht and her beauty is unquestionable. Yet it is the word "history" that resonates here because Creole 's back story is interlaced with suicide, jealousy and murder - beyond most norms, certainly. Sailors tend to be superstitious souls ...
Richard Mille Cup: a classic yacht revival
A new regatta for classic yachts, the Richard Mille Cup, aims to recreate the famous era of the British 'Big Class'. ... When she was relaunched by her owners Peter Livanos and Ernst Klaus in ...
Peter Livanos hits out at 'irresponsible' owners who don't manage
Greek shipowner Peter Livanos took aim at asset based owners who do not run their own vessels in LNG and other shipping sectors as "irresponsible" at an ABS panel on the future of LNG shipping.
Livanos bets on carbon capture with 60-ship fleet
1 51 1 minute read. GasLog. Greek shipowner Peter Livanos is backing a new player in the carbon capture, utilisation and storage (CCUS) arena, EcoLog, that plans to become a leading global ...
Peter Livanos jumps into carbon capture with 60-ship fleet venture
EcoLog plans to control a fleet of 60 specialised vessels along with an associated network of import and export terminals, to transport 50 million tonnes of CO 2 per year by 2035. The company said ...
Peter G. Livanos owner GasLog inks LNG Carrier Charter Deals
Greek Shipowner Peter G. Livanos of GasLog has inked a multi-month time-charter deal in the second quarter of 2023 with Pioneer Shipping Limited, a wholly owned subsidiary of Centrica, for the GasLog Sydney, a tri-fuel diesel electric LNG carrier.. In a second quarter results statement on Friday the company detailed that it had also agreed with a wholly owned subsidiary of Shell, the time ...
Peter Livanos says he will press 'pause' on LNG newbuildings
By Lucy Hine. Greek LNG shipowner Peter Livanos is going to take a break from building new LNG carriers while he considers what the IMO's 2050 target to cut CO2 emissions by 50% means for the ...
Greece plans two new LNG terminals
The project is being developed by Greece's Copelouzos Group's Gastrade with the participation of Peter Livanos-backed Gaslog Investment, DEPA Commercial, the Public Gas Corporation of Greece ...
Ex-Goldman partners and shipping tycoon launch investment firm MW&L
The shipping tycoon Peter Livanos is joining two prominent City figures to launch a private investment vehicle, Sky News learns. Two former Goldman Sachs partners have united to form a new private ...
Peter Livanos
Board member, Hellenic Marine Environment Protection Association. Peter Livanos is a businessman and entrepreneur with a wealth of international professional experience across the oil and gas, and shipping sectors. Peter is Chair of Gaslog Ltd, DryLog Ltd and Ceres Shipping Ltd. He is the co-founder and Partner of MW&L Capital Partners Ltd, a ...
New allegations in Livanos v Livanos fight over historic freight
Livanos family members in legal battle over historic FFA deals. Three companies controlled by Peter are facing litigation by Nikolaos over FFAs dating from 2007 that were allegedly structured ...
Shipping Titan Peter Livanos Lays Out His Vision For LNG's Future
LNG shipping employment is divided into the spot market, in which rates can fluctuate dramatically between lows of $30,000-40,000 per day and highs nearing $200,000 per day, and the much steadier ...
Peter Livanos
Peter G. Livanos (born 1958), is a Greek shipping tycoon. He owns the Greek shipping company Ceres Hellenic, and was involved in the restructuring of the shipping company into the group Ceres Hellenic. ... ↑ "Angus Phillips - "A Yacht Race With Everything but Smooth Sailing" Washington Post, Sep 28, 2008 ; ↑ "These are all the people who ...
Fife yacht Mariquita offered at no reserve at Artcurial Retromobile
- Ex Peter Livanos and Albert Obrist - Exceptional race history - No reserve . This Fife yacht is the last representative of the 19 M J1 class. Despite its grand age, it appears ready to sail on to the end of a second century, having benefitted from an exemplary restoration.
Peter Livanos' EcoLog unveils CO2 terminals design and construction
Peter Livanos-backed carbon capture utilisation and storage venture is also working in parallel with yards on what its ships might look like 9 June 2022 13:36 GMT Updated 9 June 2022 13:36 GMT By ...
Drinking, Sailing, and Sleeping it Off
Taki. June 14, 2013. Taki and John-Taki Theodoracopulos. SAINT-TROPEZ—To the once-upon-a-time sleepy fishing village, now the focal point for Russian oligarch excess, outrageously ugly super-yachts, and what is commonly known as the scum of the Earth, the nouveaux riche of the 21st century. A tiny but perfect airport for small planes and jets ...
Billionaire Greek Ship Owners Surface as Home Economy Sinks
Prokopiou has a fortune valued at $2 billion, according to the Bloomberg ranking. Livanos controls at least $1.7 billion and Economou has a net worth of $1.5 billion. Their fortunes are comprised ...
13 Greeks among the Top 100 most powerful people in the shipping world
Peter G. Livanos stays steady in this year's rankings, despite the dilution of his influence at hard-charging tanker outfit Euronav. In November, the shipowner took most people by surprise, apparently including some Euronav insiders, when he sold nine million shares or about 5.7% of the Belgium-based company's stock. 6. Peter Pappas, who ...
Peter Livanos gas ship sale-and-leaseback deals top $800m with Chinese
Peter Livanos gas ship sale-and-leaseback deals top $800m with Chinese lessor State-owned development bank takes Greek LNG carrier financing deals to over $1.8bn 22 August 2024 1:32 GMT Updated 22 ...
Peter Livanos' House in Greenwich, CT (Google Maps)
Peter Livanos' House in Greenwich, CT (Google Maps) Greenwich, Connecticut (CT), US. Livanos is a Greek shipping tycoon and billionaire, he controls 100% of Ceres Hellenic Shipping, the largest Greek fleet, in terms of tonnage, and a smaller ferry line of Russian-made hydrofoils that serve the Greek Islands. He also owns homes in Athens, London ...
Peter Livanos
Peter Livanos gas ship sale-and-leaseback deals top $800m with Chinese lessor. Published 22 August 2024 1:32 GMT. Gas.

Other FreightWaves Products

Shipping titan Peter Livanos lays out his vision for LNG’s future

One Comment

Greg Miller

The curse of classic 63m sailing yacht Creole

More about this yacht

Richard Mille Cup: a classic yacht revival

A majestic sight

A niche industry

Three special classic yachts

If you enjoyed this….

Livanos bets on carbon capture with 60-ship fleet

Diana Shipping locks ultramax into charter with Propel Shipping

Peter G. Livanos owner GasLog inks LNG Carrier Charter Deals

Subscribe to our Newsletter

Danish icebreakers “Danbjoern” and “Isbjoern” sold for recycling

BW LNG inks 10-year charter deal to deploy FSU for Jordan

Frontline’s board shrinks as ex Cypriot transport minister resigns

Ex-Goldman partners and shipping tycoon launch investment firm MW&L

More from Business

Peter Livanos

Other Career Highlights

Entertainment

New on Yahoo

Yahoo Finance

Peter Livanos

Related Research Articles

Marine News

Drinking, Sailing, and Sleeping it Off

SUBSCRIBE TO TAKI‘S MAGAZINE

Ann Coulter

John Stossel

Melissa Kite

Stephen Moore

Steve Sailer

Steven Tucker

Theodore Dalrymple

Grab a Seat at the Captain’s Table

Join our crew and become one of the 109,187 members that receive our newsletter.

Billionaire Greek Ship Owners Surface as Home Economy Sinks

Unlock Exclusive Insights Today!

Be the First to Know

Join the 109,187 members that receive our newsletter.

Stay Ahead with Our Weekly ‘Dispatch’ Email

Related Articles

Trump Trade Wars: A Look At Winners And Losers Since 2016

Bridge to Disaster: How Coast Guard Apathy is Sinking A New York Tugboat Business

Migrant Channel Crossings Surge Amid Post-Riot Tensions In UK

Why Join the gCaptain Club?

OUT AT SEA?

JOIN OUR CREW

Your Gateway to the Maritime World!

Privacy Overview

13 Greeks among the Top 100 most powerful people in the shipping world

JOHN VASILAKOS

LEAVE YOUR COMMENT

Privacy Overview

Location URL

Peter Livanos' House

Advertisement

Celebrity Homes Mailing List

Peter Livanos

Peter Livanos gas ship sale-and-leaseback deals top $800m with Chinese lessor

GasLog Partners lines up LNG carrier for sale-and-leaseback deal

BlackRock explores exit routes for its stake in GasLog

Peter Livanos-backed GasLog developing liquid hydrogen ships as Middle East project gains momentum

GasLog ties up tri-fuel LNG carrier on charter stretching out to 2030

GasLog locks away three LNG carriers on new time-charters or extension deals

Peter Livanos-backed GasLog Ltd gobbles up affiliate after completing merger

GasLog Partners sells off TFDE LNG carrier and nets charter deal on second ship

Could Northern Lights scheme illuminate a future of shipping?

Livanos v Livanos court fight over historic FFA deals thrown out as claims time-barred

Banker turned shipowner Andy Dacy sounds caution, but not on LNG

Is carbon capture and storage shipping’s next big thing?

Peter Livanos jumps into carbon capture with 60-ship fleet venture EcoLog

GasLog Partners LNG steam ships drag down fleet efficiency rating

DryLog deal shifts ArcelorMittal shipping into the black

Why has Peter Livanos opted for a BlackRock buy-in at GasLog?

GasLog unveils merger with BlackRock’s power arm, with plans to delist

Peter Livanos talks up fuel cells as retrofit option for LNG carriers