Georgiopoulos Returns to VLCC Market

Georgiopoulos Returns to VLCC Market

Greek shipping veteran Peter Georgiopoulos is making a major return to the very large crude carrier market, with Athens-based United Overseas Group (UOG) booking up to 10 newbuildings at China’s Wison New Energies.

The Deal

Under the deal, UOG has contracted six firm 319,000 dwt VLCCs and secured options for a further four vessels. The ships will be built at Wison’s Nantong shipyard with deliveries scheduled from the fourth quarter of 2027 onwards.

Significance

The deal represents a significant milestone for both companies. For UOG, it signals a return to the crude tanker segment after years of focusing largely on chemical tankers and other shipping sectors. For Wison, the contract marks the company’s first entry into the VLCC market and a notable expansion beyond its traditional offshore energy business.

Quotes

• Chief executive Cheng Yuanyun said the company would draw on that experience to execute the tanker programme.
• UOG chairman Georgiopoulos described the VLCC sector as a critical part of global energy transportation and said the company looked forward to working closely with Wison on the project.