Gastrade — whose shareholders include Elmina Kopelouzos, GasLog, DEPA Commercial, Bulgartransgaz and DESFA, each with a 20 percent stake — was confronted with a chain of critical operational issues after a serious technical failure was discovered in the terminal’s pumps.
The damage developed gradually but over a short span of time, severely limiting the facility’s planned regasification output before ultimately bringing the process to a complete halt. This forced the FSRU to temporarily suspend regasification services for all users, resulting in a shortfall in available capacity.
Financial repercussions were fully absorbed by the vessel’s supplier, which had active insurance coverage for precisely this type of risk. Gastrade also activated its own insurance policies that compensate for revenue losses stemming from either partial or total operational shutdowns, and the company expects the incident to be fully covered.
The episode highlights a wider truth relevant well beyond Greece: physical infrastructure, no matter how modern, is never immune to disruption; long-term pricing models can prove unreliable if operational uncertainties are overlooked; and comprehensive insurance coverage remains essential to safeguarding the LNG supply chain.
