Atlas Maritime and Euronav tipped for orders at reborn shipyard

South Korea’s nascent DH Shipbuilding, formerly known as Daehan Shipbuilding, poised to ink tanker newbuilding contracts worth $278m

Nascent DH Shipbuilding — formerly Daehan Shipbuilding — is set to ink its first newbuilding contract after it comes under the control of merger-and-acquisition specialist KH Investment.

Shipping sources said DH Shipbuilding’s sales team is in Europe this week to sign newbuilding contracts with Leon Patitsas-led Atlas Maritime and Belgian tanker owner Euronav.

TradeWinds has learned that Atlas Maritime will be signing up for two aframax crude carriers. Euronav is poised to order two suezmax tankers.

Officials at DH declined to comment on the shipyard’s newbuilding activities.

Sources said that if the DH marketing team manages to get the two deals done, the yard will have sold out its last four 2024 delivery berth slots.

Sources said that Atlas is ordering a pair of conventionally powered 115,000-dwt crude carriers. The Greek owner, which did not immediately respond to a request for comment, is said to be paying about $64m for each vessel.

Atlas is an existing customer of the yard. The Greek company originally ordered a pair of vessels with the shipyard at the trough of the market in late 2020 for just around $45m each.

Atlas added three more ships last year, paying mid-$50m each. The quintet was scheduled to be delivered between 2022 and 2023.

In April, Atlas sold two of the five aframax carriers to General National Maritime Transport Co, commonly known as GNMTC, at a hefty premium of $61m each.

News of Euronav planning to order the 157,000-dwt suezmax tankers was first published in TradeWinds last month.

The Belgian tanker owner was reported to be ordering at least two newbuildings with the South Korean shipyard.

Euronav is believed to be fitting scrubbers on the newbuildings, which would cost the company $75m apiece. Market observers described this as a “very good” price, considering the early availability of ships due in 2024.

On the other hand, the payment schedule on the pair of newbuildings would be in favour of the shipyard as Euronav was said to be putting down 20% of the total cost as first instalment.

Contacted by TradeWinds at the time, a Euronav spokesman said that if the company had a completed contract for a newbuilding or any other corporate action to report, it would inform investors in line with capital market regulations at Euronext and the New York Stock Exchange, where it is listed.

DH is the second shipyard that KH Investment has acquired. Its first was K Shipbuilding — formerly STX Offshore & Shipbuilding.

KH Investment joined forces with debt clearing house United Asset Management Co to buy a 95% stake in STX Offshore from Korea Development Bank (KDB) and the Export-Import Bank of Korea. The duo was reported to have paid KRW 250bn ($179m in today’s terms).

As for DH, KH Investment acquired 90% of the shipyard’s stakes from KDB at about $200m. Creditors and commercial banks continue to hold the remaining shares.

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Mirannia Petrocheilou

PURCHASING MANAGER

Mirannia joined Atlas in July 2014 as Purchasing Manager. Prior to joining the company she held various positions of increasing responsibility giving her the qualifications and skills of leading and executing purchasing strategies She holds an MBA from University of Leicester, UK and she is a graduate of Maritime Studies at the University of Piraeus. She is responsible for sourcing, negotiating and purchasing of goods, materials and services to meet the ship’s and company’s budget and operational requirements. As a purchasing Manager she has to create sustainable supply chains having efficient suppliers with consistent steady business that secures highest quality of products and services. Her professional approach ensures that value for money is maximized and cost savings are generated.

Katerina Chrisovergis

ACCOUNTING MANAGER

Katerina joined Atlas in July 2014 as Accounting Manager. She was introduced to the shipping industry in 2000 when she moved to Greece from Canada. She held the position of D/A controller for clients like Chevron, Exmar and Tankers Int’l at Gulf Agency Company, a leading global provider of shipping & marine services. When GAC relocated its headquarters to Dubai in 2003, she worked as Chief Accountant for a shipowning company with 6 vessels. For the last five years, she worked for the Bernhard Schulte Group as Chief Accountant at Bernhard Schulte-Hellas, manager of the Hanseatic Tankers Pool with a fleet of 12 chemical tankers and at Bernhard Schulte Shipmanagement Greece manager of 40 vessels. She holds a BCom in Accounting from Concordia University in Montreal and has completed post graduate studies in Accountancy at McGill University.

Aris Mavris

CREW MANAGER

Capt. Aris joined Atlas Maritime Ltd in September 2007. He holds a Class B’ Captain license and has obtained a Certificate in Shipping & International Trade and Sea Transport from B.C.A. College (1993) as well as holds an MBA, Master of Shipping, Trade and Transport from the University of Aegean (2002). From 1993 to 1999, he worked for Celebrity Cruises Inc., Miami, Florida. He has held several Marine positions at various shipping companies prior joining Atlas Maritime.

Penelope Kallidoni

HQE MANAGER

Penny joined Atlas in 2009 as ISM/ISO Coordinator. Prior to joining Atlas, she has served as the Operations & Commercial Assistant in a NASDAQ listed shipping company for four years. Experienced in ISO, ISM, and ISPS, MLC & TMSA audits, responsible for Collecting and analyzing HSEQ performance and reporting progress on the implementation of Key Performance Indicators (KPIs). Monitors safety on a daily basis through past and projected indicators, ensuring that all regulations are being followed in the company. She holds a BSc in Sociology from Panteion University of Athens.

Chris Ioannou

TECHNICAL MANAGER

Chris joined Atlas Maritime Ltd in 2020 as Technical Manager. He holds a Mechanical Engineering degree from University of Houston in Texas. Prior to joining the company he has held various senior engineering positions in the technical department of shipping companies. He was also the project & site manager of the owners’ supervision teams for numerous new-building projects in Europe & Asia including high technology, high efficiency, ECO design product & chemical tankers. He is a member of the American Society of Mechanical Engineers [ASME].

Basil Dimakakos

COMMERCIAL / OPERATIONS MANAGER

Capt. Basil joined Atlas Maritime Ltd in December 2012 and on 2016 he assumed the responsibility to run Atlas’ Commercial Operations. He is the company’s primary contact, and reports directly to the CEO, for all matters related to S&P and time charter and spot fixtures, while he also monitors the daily vessels’ movement and expenditures. Prior to joining the Company, he worked in Singapore as the General Manager for a commodities trading company and before that, he worked in senior positions in Ship Management companies, mainly in the tanker and and dry cargo sectors, for 20 years. He is a qualified Captain Class A for all type of commercial vessels of unlimited size. His has sea-going experience of more than 12 years, onboard oil tankers, mainly ULCC, VLCC and Aframaxes. He holds MSc degree for Maritime Operations from John Moores University of Liverpool and MBA from Phoenix (Arizona) University

Christos Zenios

CHIEF FINANCIAL OFFICER

Christos Zenios joined Atlas as the Financial Manager in 2007; he stepped up to the VP-Finance position in 2011 which he held until the end of 2013, when he was entrusted with the CFO role. Since joining Atlas, he has been responsible for modeling and analyzing financial deals for the company, mitigating financial risks, as well as developing and maintaining relationships with Credit and Investment Banks in relation to the capital structure of the company. Additionally, he oversees the Accounting team and works closely with our auditors to ensure the company meets its reporting requirements in a timely and accurate manner. Prior to joining Atlas, he worked for over 5 years in the Banking Sector, where he served as a Senior Credit Officer in the Corporate Banking & Leasing divisions of well established financial institutions in Greece (Piraeus Bank and Bank of Cyprus). He holds an M.Sc. in Finance from the University of Strathclyde (2005), and a BSc degree in Banking and Finance from the University of Wales, Cardiff (1997).

Leon Patitsas​

FOUNDER & CEO

Leon founded the company in 2004 and is the Chief Executive officer of Atlas Maritime. He has concluded over $ 1 billion in total transactions (acquisitions and sales) throughout his career. With over 20 years of experience in shipping, he has focused on buying assets at attractive entry points/distressed levels. He has a strong track record in profitably employing the assets and has secured time charter contracts (revenues) of over $500 million, with oil companies (oil majors) and traders. 

He subsequently sold the assets profitably, at the peak of the cycle and successfully produced stellar returns. Prior to founding Atlas Maritime, he gained extensive experience in sales and purchase (acquisitions), chartering, and ship financing, working for renowned Ship-owners in New York, London and Athens.

Leon began his career in New York, working for an investment bank that invested in Hedge Funds and Private Equity. Having extensive knowledge in the capital markets has enabled Atlas to successfully conclude JV’s with major Private Equity firms, in NY and London. Leon is on the board of directors of Concord Maritime, a Commercial Manager, based in Stamford, CT, operating crude tanker pools. He also serves on the Board of directors of the American Club (P&I Club) and is a Council member of the International Association of Independent Tanker Owners (INTERTANKO). 

Leon was born in London and studied in the United States. He graduated from Massachusetts Institute of Technology (MIT) with a Master’s of Science and earned his Bachelor of Science in Mechanical Engineering from Tufts University.