Aegean Shipping expands tonnage to 2.5m dwt with new VLCC orders  

Aegean Shipping Management is expanding and renewing its fleet amid record tanker sales and capital reinvested in newbuildings, in strategic segments such as supertankers.

These moves are keeping the company’s average fleet age below three years, among the youngest globally. At the same time, they are boosting its carrying capacity, which, including vessels under construction, has now reached 2.5 million tonnes.

The company, owned by George Melissanidis, has completed two more successful transactions in recent days, both in terms of sales and new vessel orders, adding a second supertanker – VLCC – to its orderbook.

According to analysts, such vessels are not only valuable shipping assets but also strategic instruments of geopolitical power amid conflicts in the Arabian Gulf and the Black Sea.

Sales

The company recently agreed to sell the LR2 tanker “Green Adventure”, built in 2022 at Cosco Yangzhou Shipyard in China, for around $83 million, a high-end price.

This is not the first sale at particularly high levels completed by Aegean this year. In early March, it agreed to sell the 112,600-dwt “Green Attitude” aframax tanker, built in 2018. According to reports from shipbroking houses, the vessel was sold for $71 million.

Newbuildings

Aegean is also investing in fleet expansion, moving beyond LR2 tankers into the supertanker, or VLCC, segment.

More specifically, it exercised an option it held to build a second VLCC at Hengli Heavy Industry shipyard in China. The initial agreement between Aegean Shipping and Hengli was announced at the start of Posidonia 2026 and marked the company’s entry into the VLCC segment, a strategic move that broadens its footprint in the crude oil transportation sector.

Following this move, Aegean’s total order at the world’s largest shipbuilding facility has risen to three LR2 tankers, which can carry both crude oil and refined petroleum products, and two VLCC carriers capable of transporting up to 2 million barrels of crude oil. It is worth noting that Aegean’s investment strategy is focused exclusively on newbuildings. Its total fleet comprises 21 vessels, including tankers and bulk carriers.

The company is also expected to take delivery of new tankers. In late July, it took delivery of the LR2 tanker “Green Liberty” from Cosco Yangzhou Shipyard. It is the first of four tankers that the company will gradually add to its fleet in the coming months.

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