Aegean Shipping Management, owned by Georgios Melissanidis, reinforces its business collaboration with Vitol, the world’s largest independent oil products trader, by signing a long-term charter agreement for five more tankers.
Following the agreement, the total number of vessels chartered to this particular charterer now stands at nine.
The agreement involves four eco ice-class LR2 tankers currently under construction at COSCO shipyards, to be delivered by 2027, as well as one modern eco aframax tanker already operating under Aegean Shipping’s colors — the Green Admire, also built at the same shipyards.
The LR2 tankers have the same carrying capacity as aframaxes, approximately 114,000 tons each. They are capable of transporting both crude oil — like aframaxes — and various petroleum products, both “clean” and “dirty.”
Aegean Shipping Management (ASM) stated to Naftemporiki: “We proudly announce the expansion of our strong and long-standing cooperation with Vitol. This collaboration is formalized through the multi-year chartering of four LR2 vessels under construction (DWT: 114K, with super eco design, ice classed, and scrubber fitted), which will be gradually delivered by Cosco Heavy Industry Yangzhou in China between September 2026 and June 2027. Additionally, the agreement includes the long-term charter of the modern and environmentally friendly Aframax M/T Green Admire.”
Newbuildings
Aegean Shipping Management, the largest European client of COSCO, has chosen to invest in next-generation green LR2-type tankers, ice-classed, each with a deadweight capacity of 114,000 DWT.
The four vessels will comply with the International Maritime Organization’s (IMO) Energy Efficiency Design Index (EEDI) – Phase III. They will also be equipped with the latest generation of MAN B&W electric engines, ensuring optimal fuel consumption.
The installation of Pre-shrouded Vanes (PSV) and Hub Vortex Absorber Fins (HVAF) will further boost the power efficiency of the vessels.
Energy saving will also be achieved through the use of LED lighting and the installation of frequency converters on each seawater pump in the engine room.
Finally, the ships will be fitted with state-of-the-art, proven ballast water treatment systems.
Vitol
For nearly six decades, Vitol has been serving global energy markets. With revenues of 400 billion dollars in 2023 and 331 billion in 2024, it is considered the world’s largest independent energy trader.
Its clients include national oil companies, multinationals, leading industrial and chemical firms, as well as some of the world’s largest airlines.
Vitol delivers products where they are needed, while also supplying and managing energy transportation through its infrastructure network.
Specifically, the company trades 7.2 million barrels per day and carries out over 6,000 voyages annually using both chartered and owned tankers.
Aegean Shipping
Currently, the company operates a state-of-the-art fleet of 14 + 4 vessels, with an average age of five years. Of these, eight are tankers (six Aframaxes and two MRs) and six are bulk carriers (Kamsarmaxes).
Aegean Shipping has built 85% of its existing fleet at COSCO HI shipyards and is now undertaking the construction program for the aforementioned four LR2s, with final delivery scheduled for the second quarter of 2027.
Aegean Shipping is committed to developing long-term strategic relationships with its commercial partners — such as Vitol and COSCO — thereby contributing to the establishment of a stable, reliable, and sustainable framework of cooperation. This approach not only benefits the companies involved but also supports the broader maritime and commercial supply chain.
