Venergy Maritime, led by Vasileiadis, has recently entered the very large crude carrier (VLCC) sector and signed a contract for the construction of two new tankers with an option for two additional tankers in China. This agreement is being carried out in collaboration with Hengli Heavy Industries and is expected to see the delivery of the tankers in the first quarter of 2029.
Contract Details
The recent contract includes tankers with a deadweight tonnage (dwt) of 306,000 tons. The financial details of this contract have not yet been disclosed, but this agreement represents the rapid development of Venergy's construction program, which has significantly expanded since Vasileiadis entered the independent shipping industry.
Venergy's Previous Steps in the Shipping Industry
Venergy initially entered the industry by purchasing three MR2 tankers and then ordered eight new MR2 tankers from K Shipbuilding in South Korea and six LR2 tankers from New Times Shipbuilding in China. The company is now moving towards larger tankers and has gathered eight new Suezmax tankers from Shanghai Waigaoqiao Shipbuilding, Guangzhou Shipyard International, and Hengli.
Venergy's relationship with Hengli began in June when a contract for two Suezmax tankers was signed. In September, Venergy exercised options for two additional tankers, increasing its firm tanker count at the Dalian yard to four tankers of 158,000 tons. With the new VLCC agreement, Venergy will add two more tankers, with the possibility of adding two additional tankers as well.
Future Projections
Considering the construction program of container ships related to OceanV Maritime, associated with Vasileiadis, if the remaining VLCC options are exercised, the total number of new ships under construction by the company could reach 34 vessels. The company is clearly on a path of growth and development in its shipping sector and appears to be seeking to strengthen its position in the industry by entering the large tanker market.
