Patitsas-led Atlas Maritime and EMF sell LNG PCTC

Leon Patitsas, the shipowner whose name is among the 50 most powerful Greek shipowners in Forbes list 2024, and European Maritime Finance (EMF) have completed the sale and delivery of Green Star, a dual-fuel LNG pure car truck carrier (PCTC) capable of carrying 7,000 cars.

The long-term partners European Maritime Finance and Greek owner Atlas Maritime led by Leon Patitsas announced the completion of another project, culminating in the sale of the vessel to the shipping division of AD Ports Group, based in Abu Dhabi.

This sale signifies the growing shift towards liquid natural gas (LNG) powered vessels as the industry moves away from fuel oil to cleaner fuel alternatives. According to EMF, the deal reflects the resilience of the automotive transport sector.

The vessel was originally ordered at the low point of the PCTC market during the COVID-19 pandemic, EMF said, adding that it was “a contrarian investment informed by a thorough analysis of fleet demographics and long-term demand trends.”

This approach was validated by the rapid growth in electric vehicle exports from China, which surged from approximately 1 million