A new ship management company in Dubai has taken over the operation of three Sovcomflot (SCF Group) liquefied natural gas (LNG) carriers. These vessels are linked to the Russian shipping company and have been subject to international sanctions. The transfer of control to Matias Ship Management was noted in September, according to the Equasis website, which is backed by the European Commission.
Vessels involved in international sanctions
Two of the three ships taken over by Matias Ship Management—Pskov and Velikiy Novgorod—were sanctioned by the UK last month. These LNG carriers, both built in 2014, have capacities of 170,000 and 170,500 cubic meters, respectively. The third vessel, La Perouse, built in 2020, boasts a larger capacity of 175,000 cubic meters.
These vessels are crucial to the global LNG supply chain and have now come under new ownership. The ships are reportedly now registered under single-ship companies in the Seychelles and Dubai. This move marks a significant shift in management following the sanctions imposed on Sovcomflot, a company impacted by international restrictions due to its Russian ties.
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Dubai-based management takes over operations
Matias Ship Management has emerged as the new entity managing these LNG carriers, allowing the vessels to continue operating despite the sanctions. The involvement of a Dubai-based company provides a strategic location for overseeing LNG transportation, especially with growing demand in Asia.
While sanctions pose challenges for shipping companies, the transfer to a Dubai ship manager highlights efforts to navigate complex international regulations. The new ownership structure may help the vessels avoid further sanctions and ensure their continued involvement in the global LNG trade.
New ownership expands presence in shipping industry
The new ownership of these LNG carriers also signals a broader trend of shifting management to regions like Dubai. With its strategic maritime location and regulatory advantages, Dubai continues to attract companies looking to manage international shipping operations. Matias Ship Management’s involvement in these high-capacity LNG carriers strengthens its position in the global shipping industry.
By taking control of sanctioned ships, Matias Ship Management has positioned itself as a key player in managing complex international shipping challenges. This development underscores Dubai’s growing importance as a hub for maritime activities and the management of critical energy infrastructure.
Impact on global LNG supply chain
The transfer of management and ownership to Dubai-based entities could have broader implications for the global LNG supply chain. With the vessels now under the control of a non-Russian company, they are likely to continue their operations uninterrupted, ensuring that LNG flows to key markets. This move provides a solution to the disruptions caused by international sanctions and could influence future strategies for shipping companies facing similar challenges.