Filenews 3 September 2025 - by Eleftheria Paizanou
Confidential data sent by ETYFA to the members of the Parliamentary Committee on Energy, at their own request, show that the ship Prometheus, which went through a thousand waves until it was in the possession of the Republic and is now in Malaysia for a technical upgrade, costs the state dearly.
The ship needs two additional systems to be able to be certified as a floating gas storage and regasification unit (FSRU).
As ETYFA writes in the memorandum, as soon as the signatures with the CPP were signed and the ship was released, ETYFA released for the benefit of the Chinese company the guarantee for the execution of the project (conversion of the ship into an FSRU), amounting to €40 million.
According to the letter, signed by the Chairman of the Board of Directors of ETYFA, Giorgos Asikalis, in the first half of 2025 the average monthly expenses of the ship was €413,528, with operating expenses covering most of the expenses.
In detail, based on ETYFA's confidential data, the various operating expenses, including the personnel that are the ship and the docking, are €290,573 million. (The mooring costs are €5,531 per month, the premiums amount to €33,234 while the cost of fuel is €89,720).
These specific expenses are paid every month, regardless of the location and country where "Prometheus" is located. Last June, the number of staff was reduced from 28 people to 20, resulting in a reduction in operating expenses by €40,305 ($47,000). As stated in the confidential document, based on the ship's technical management agreement with the Norwegian company WSM, the contractual amount of €314,921 ($367,230) is paid each month, which covers all operating and other expenses of the ship, including mooring costs (not including fuel and insurance). At the same time, it is noted that every quarter the actual expenses of the ship are verified and any difference from the amount of €314,921 paid is carried over to the next quarter.
How much will the components cost
"Based on the BIMCO Shipman 2009 contract with WSM and the contractual monthly budget of €314,921 ($367,230), there is a special category called 'Repair & Maintenance-Spare Parts', under which, among other things, specific components have been ordered by WSM, according to the terms of the contract." The total cost of the two components amounts to €209,000 for which an advance payment of €66,400 was given. It is a nitrogen generator from the company Atlas Copco, worth €191,000, for which 30% has been paid as a deposit with the issuance of the order (€57,400), as well as valves (PCV Valve HP BOG Compressor) from the company Eastwind/Conti Ocean, worth €18,000, for which 50% has been paid as a deposit with the issuance of the purchase order, That is, €9,000.
€10 million to lawyers and technicians
To date, the state has paid an amount of €10 million. to legal and technical advisers in the context of arbitration at the London Court of Arbitration. According to ETYFA, an amount of €6.7 million has been paid to date, to lawyers, as well as €3 million to technical experts, for arbitration purposes. As for the costs of the Arbitral Tribunal, to date they amount to €246,536.
Ship certificates
The letter from ETYFA provides clarifications on the certificates held by the ship and on the 12 conditions set by Lloyd's. In detail, in relation to the certification and operation of the ship, the ship is fully classified and has a Certificate of Class from the classification society Lloyd's Register, under 12 conditions (Conditions Of Class-CoCs) and 3 Action Items (AI), as a ship that has two functions, i.e. it can operate as a liquefied natural gas LNG transport vessel, but also as a floating storage and regasification unit (FSRU). As noted in the letter, the 12 conditions are due to the fact that the ship has not yet received a full load of liquefied natural gas and has not performed refuelling operations since it has not yet been put into operation, while for the 3 Action Items the works are in progress for their completion.
The conditions can only be lifted when the ship is carrying liquefied natural gas or when it operates as a floating storage unit, with a full load of liquefied natural gas in its tanks and re-venting verification. "The ship also has an international certificate of suitability for the transport of liquefied gases, which is currently conditional for the exact same reason mentioned above," it said.
It is also indicated that the conditions for the certificate of suitability will be lifted during the first LNG cargo journey where the overall performance of the cargo containment system will be verified.
