en.Wedoany.com Reported - Dimension News, Wison Clean Energy has recently entered the Very Large Crude Carrier (VLCC) market for the first time, signing a construction contract with Athens-based Greek shipping company United Overseas Group (UOG) for 6+4 units of 319,000 DWT VLCCs. This marks Wison Clean Energy's return to the traditional merchant shipbuilding sector after a 15-year hiatus and represents its first step into the VLCC market.
The new vessels are scheduled for delivery starting from the fourth quarter of 2027, placing this delivery timeline among the earlier batches in this year's global VLCC orders. Shipbrokers estimate the unit price at approximately $125 million, bringing the total value for all 10 vessels to about $1.25 billion upon confirmation of the optional orders. Data from Clarksons shows that the current newbuilding price for conventionally fueled VLCCs of the same specification is around $130.5 million, a level not seen since 2009.
UOG was co-founded by Greek shipowner Peter Georgiopoulos and partner Leo Vrondissis. This marks Georgiopoulos' third foray into the VLCC market, having previously operated large-scale VLCC fleets through General Maritime and Gener8 Maritime before exiting the sector in 2018 with the sale of all 21 VLCCs. UOG stated that this order reflects the company's strategy of achieving steady growth through selective investments in modern vessels.
Cheng Yuanyun, CEO of Wison Clean Energy, stated: "As the company ventures into the VLCC market, this project represents a significant milestone for Wison Clean Energy. We are deeply honored to collaborate with UOG on this major project and believe this partnership reflects the client's full trust in our engineering capabilities, project execution platform, and long-term commitment to quality."
Wison Clean Energy has long specialized in the construction of high-end offshore equipment such as Floating Liquefied Natural Gas (FLNG) facilities and Floating Production Storage and Offloading (FPSO) units. This VLCC order will be built at its Nantong base, which is currently expanding its dry dock and is expected to be completed soon. Additionally, the Qidong base, with a total investment of 9 billion yuan, is scheduled to be fully completed and operational by June this year, which will further enhance the company's full-industry-chain construction capabilities in the high-end offshore equipment sector.
With this order, Wison Clean Energy becomes the second Chinese shipyard this year to enter the VLCC construction market. Clarksons data shows that global VLCC newbuilding orders have increased to at least 112 vessels this year, with the annual order volume potentially setting a new historical record. The VLCC orderbook now stands at 251 vessels, accounting for approximately 27% of the existing fleet.
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