Probunkers reveals plan to become major LNG bunker player

Business aims to set up LNG bunkering operation in seven key global locations.

Image credit: Probunkers

Updated on 11 Jun 2018 09:51 GMT

New LNG bunker company Probunkers has revealed its plan to become a major global player in the LNG bunkering sector.

The Greece-based business has set itself the task of designing, building and operating a fleet of modern LNG bunkering vessels to meet the changing needs of global shipping.

Ultimately, Probunkers' role will be threefold: as a physical supplier, LNG trader/seller and barge owner and operator.

The company aims to set up bunkering operations in seven key locations - ARA, Gibraltar, Fujairah, Singapore, Busan, Hong Kong and Houston - which, it says, will enable it to gain 37 percent coverage of global bunker demand.

The project will cover a number of key areas: planning, financing, implementation, operations and sales.

The multi-layered business model will involve LNG buying and selling, logistics and marketing, as well as investment, trading and finance.

The Probunkers project is to be developed in four stages: strategy and feasibility (8-12 months), planning and design (1 year), implementation and construction (2 years), and operation (in 2022).

Probunkers' major shareholders are Oceanking Technical Trading SA and ADGF Prokop Ltd. Oceanking is a technical and commercial marine company established in 1989 with experience in shipbuilding, shiprepairing, sales and ship operations, whilst ADGF Prokop Ltd is a holding investment company established to invest in the probunkers project.

The board of directors comprises Panos Yannoulis, president and chairman; Costas Hassiotis, executive board member; and Alexander Prokopakis, CEO and Secretary of the board.

Both Yannoulis and Hassiotis have an educational background in naval architecture and marine engineering. Yannoulis is a member of the Technical Chamber of Greece, the Hellenic Association of Naval Architects & Marine Engineers and a Fellow Member and ex-President of the Hellenic Institute of Marine Technology, whilst Hassiotis is a member of the Hellenic Institute of Marine Technology and a founding member of the Hellenic Branch of the British Institute of Marine Engineers and Naval Architects.

Prior to founding Probunkers, Prokopakis served Mamidakis Brothers Group as a senior executive, leading all of the group's shipping, bunkering and aviation activities via its respective companies: JetOil, JetTank and STYGA Compania Naviera.

Prokopakis, commented: "I anticipate 2018 to be a landmark year for the expansion of LNG as a marine fuel into shipping. We are determined to turn Probunkers into a world-class investment opportunity and fulfil our vision to build a reliable global-scale LNG bunkering network."