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 order marks Georgiopoulos’ third chapter as a VLCC owner following his leadership of General Maritime and later Gener8 Maritime， both of which built substantial positions in the large tanker sector before exiting through corporate transactions.
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.
Financial details were not disclosed， although brokers estimate modern Chinese-built VLCCs currently command prices of around $125m each. If all options are exercised， the programme could be worth approximately $1.25bn.
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.
Wison has built its reputation through the delivery of complex offshore projects， including floating liquefied natural gas units and floating production storage and offloading vessels.
Chief executive Cheng Yuanyun said the company would draw on that experience to execute the tanker programme.
“We are honored to work with UOG and grateful for their recognition of， and trust in， Wison’s capabilities and delivery quality，” Cheng said.
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.
Executive director Leo Vrondissis added that the investment reflected the group’s strategy of pursuing disciplined growth through modern assets and partnerships with established industrial players.
The order brings Georgiopoulos back into a market he knows well. His previous tanker vehicle， Gener8 Maritime， exited the VLCC sector in 2018 when it was acquired by Belgian tanker giant Euronav in a $504m deal. At the time， Gener8 controlled a fleet of roughly 20 VLCCs assembled through a combination of newbuilding acquisitions and purchases from competitors.
Before that， Georgiopoulos expanded General Maritime through the acquisition of seven VLCCs under construction at South Korean yards and later added 14 vessels acquired from Navig8 Crude Tankers.
Following the Gener8 sale， partners Georgiopoulos and Vrondissis shifted their focus toward building United Overseas Group. In early 2021， the company disclosed the acquisition of Dubai-based United Arab Chemical Carriers， establishing a significant position in the chemical tanker sector.
More recently， UOG broadened its activities into dry bulk shipping. In February， the company acquired Norvic Shipping’s fleet of nine modern vessels， including three bulk carriers already trading and six newbuildings scheduled for delivery over the next two years.
The latest move comes amid a broader resurgence in VLCC ordering， with more than 250 VLCCs firmed up globally， while the number， including options， approaches 300 ships. Several well-known owners have recently returned to the segment after years on the sidelines. Greek owner Harry Vafias and shipping investors Eyal Ofer and Idan Ofer have all expanded their exposure to VLCC newbuildings in recent months.
