Aegean Shipping Management, a Greek shipping company owned by George Melissanidis, is expanding its fleet of Very Large Crude Carriers (VLCCs) and has placed an order for one newbuild with a private Chinese shipbuilder; at the same time, it announced the sale of a 4-year-old LR2 product tanker. The company is continuing to expand and renew its fleet through a strategy of “one sale, one newbuild.”
On September 11, Aegean Shipping announced that it had exercised an option with Hengli Heavy Industries to order a VLCC. This fleet expansion marks the latest move by the shipowner to extend its business scope from LR2 product tankers into the VLCC segment.
Aegean Shipping had previously signed contracts with Hengli Heavy Industries for the construction of one firm plus one optional 306,000 DWT VLCC, as well as an LR2 product tanker (114,000 DWT). This partnership represents their first collaboration in the newbuilding market; historically, the shipowner’s new vessel projects had primarily been undertaken by shipyards under COSCO SHIPPING Heavy Industry.
This VLCC order marks Aegean Shipping’s official entry into the VLCC market, representing a strategic move to expand its footprint in the crude oil shipping sector.
With the entry into force of this option, Aegean Shipping’s confirmed order book with Hengli Heavy Industries has increased to five vessels across two types, including two VLCCs and three LR2 product tankers, which are expected to be delivered between 2028 and 2029. The unit price for each LR2 product tanker is approximately $73.5 million, while the price for the VLCCs has not been disclosed.
While exercising its option to build a new vessel, Aegean Shipping recently concluded a deal to sell the LR2-class product tanker “Green Adventure” for approximately $83 million.
This is not the first high-value sale the shipowner has completed this year; in March, the company sold the 112,600 DWT Aframax tanker “Green Attitude”—built in 2018 and eight years old—for $71 million.
Records indicate that the “Green Adventure,” the latest vessel sold by Aegean Shipping, was built by COSCO Shipping Heavy Industry (Yangzhou), with a delivery date of October 1, 2022, and a deadweight tonnage of 114,000 tons. The vessel has a length overall of 249.9 meters, a beam of 44 meters, a depth of 21.5 meters, and a structural draft of 15 meters. It is designed to achieve a speed exceeding 14.5 knots at its design draft and is classified by Bureau Veritas (BV). It is equipped with vortex-reducing fins for energy efficiency, and its main and auxiliary engines are fitted with denitrification systems to meet the latest emission and environmental requirements.
In late July 2026, Aegean Shipping also took delivery of the LR2-class product tanker “Green Liberty” from COSCO Shipping Heavy Industry (Yangzhou); this vessel is the first of four tankers that the owner will gradually incorporate into its fleet over the coming months.
To date, Aegean Shipping operates a diversified fleet of 21 vessels, comprising LR2 and MR product tankers, Aframax tankers, and Kamsarmax bulk carriers. Including vessels under construction, the fleet’s total carrying capacity has reached 2.5 million deadweight tons. Through this strategy of building one vessel while selling another, Aegean Shipping has maintained an average fleet age of less than three years, ranking among the world’s youngest fleets.