LNG the way forward

For China and Greece to deepen their maritime ties, more Chinese shipyards must transition towards building Liquefied Natural Gas (LNG) carriers as opposed to tankers and bulk carriers, Vokos said.

"With the offshore drilling boom there is increased production and usage of liquefied natural gas," he said. "Greek ship owners need LNG carriers, but China has yet to develop the technology and capacity to build them in large numbers."

The LNG sector is one of the few bright spots for an industry in the doldrums, yet the carriers are costly and challenging to build. They also require the world's most advanced shipbuilding technology to ensure safety, including tanks able to withstand temperatures of -162 degrees Celsius.

Overall, Greeks have more than 20 LNG carriers on order, leading carrier building for independent ship owners. The carriers will transport shipments of Australian natural gas to Asia.

Although South Korea currently dominates the LNG carrier market, China won its first overseas order for LNG carriers last January. Hudong-Zhonghua Shipbuilding, the Shanghai-based subsidiary of China State Shipbuilding Corp, will deliver four LNG carriers valued at US$1 billion to the Japanese shipping company Mitsui OSK Lines and US-based Exxon Mobil Corp between 2015 and 2016. Each of the ships will move 172,000 cubic meters of liquefied natural gas from Australia and New Guinea to China.

China's own domestic energy needs may ultimately speed the pace of its entry into the LNG carrier building sector. The nation's 12th Five-Year Plan outlines steps to increase the share of natural gas in the overall energy mix more than twofold – from 4 to 8.3 percent – by 2015.

China's natural gas imports have soared as its consumption of the fuel has grown at double-digit rates since 2000. Analysts estimate China will need 65 LNG carriers by 2015 to transport the fuel domestically.

"China is building a knowledge base for shipping, so I see definite potential in the future for our two nations to cooperate in the LNG sector," Manoussakis said.

China and Greece will celebrate 40 years of diplomatic relations in June.

Matthew Fulco is a freelance writer based in Shanghai.