Peter Georgiopoulos is stepping back into the VLCC arena in a big way.
The veteran Greek shipowner, known for building major tanker platforms through General Maritime and later Gener8 Maritime, has returned to the crude tanker sector through Athens-based United Overseas Group (UOG), placing a major order for up to 10 VLCC newbuildings at China’s Wison New Energies.
The agreement includes six firm 319,000 dwt VLCCs, with options attached for another four vessels. The ships will be constructed at Wison’s Nantong yard, with deliveries expected to begin from late 2027.
While neither company disclosed the value of the contract, market estimates currently place modern Chinese-built VLCC prices at roughly $125m per ship. If all options are confirmed, the programme could reach around $1.25bn, making it one of the most significant tanker investments announced this year.
For UOG, the move marks a clear return to the crude tanker business after years spent focusing mainly on chemical tankers and diversifying into other shipping segments. For Wison, the contract represents an equally important milestone, as the company officially enters the VLCC construction market for the first time.
Until now, Wison has been best known for complex offshore energy projects, including floating LNG units and FPSOs. Chief executive Cheng Yuanyun said the company plans to bring that engineering experience into the tanker sector.
“We are honored to work with UOG and grateful for their recognition of, and trust in, Wison’s capabilities and delivery quality,” Cheng said.
Georgiopoulos described the VLCC segment as a critical pillar of global energy transportation and said UOG is looking forward to developing a close partnership with Wison throughout the project.
Executive director Leo Vrondissis added that the investment reflects the group’s strategy of disciplined growth through modern vessels and long-term industrial partnerships.
The deal also reconnects Georgiopoulos with a market where he previously built two major tanker companies.
Gener8 Maritime exited the VLCC business in 2018 after being acquired by Belgian tanker giant Euronav in a $504m transaction. At the time, Gener8 controlled around 20 VLCCs built through a mix of newbuilding programmes and acquisitions from competitors.
Before that, Georgiopoulos expanded General Maritime through the acquisition of seven VLCCs under construction at South Korean shipyards before later adding another 14 vessels purchased from Navig8 Crude Tankers.
Following the Gener8 sale, Georgiopoulos and Vrondissis focused on expanding United Overseas Group into a broader shipping platform. In 2021, UOG strengthened its position in the chemical tanker market through the acquisition of Dubai-based United Arab Chemical Carriers.
More recently, the company also expanded into dry bulk shipping. Earlier this year, UOG acquired Norvic Shipping’s fleet of nine modern vessels, including three bulk carriers already trading and six additional newbuildings scheduled for delivery over the next two years.
The timing of the order also reflects a wider resurgence in VLCC contracting activity worldwide. Industry data shows that more than 250 VLCCs have already been ordered globally, while the total figure including options is approaching 300 vessels.
Several prominent shipping investors have recently increased their exposure to the sector after years on the sidelines. Greek owner Harry Vafias, along with Eyal Ofer and Idan Ofer, have all moved back into VLCC newbuildings in recent months, underlining renewed confidence in the long-term outlook for crude tanker shipping.
