Peter Georgiopoulos and Leo Vrondissis-led United Overseas Group is diversifying from its tanker base, announcing it is buying Norvic Shipping’s commercial platform and nine Japanese-built bulkers.
The acquisition via the group’s trading arm transfers the entire issued share capital of Norvic Shipping Europe, Norvic Shipping Middle East, and Norvic Shipping Ventures to United Overseas Trading, and brings three 2023-built vessels into the fleet – Norvic Copenhagen (64,000 dwt), Norvic Houston (40,000 dwt) and Norvic Singapore (40,000 dwt) – plus six newbuilds due in 2026-27 that will be delivered as UOT New York, London, Paris, Athens, Tokyo and Dubai. The deal also moves key personnel, including chief commercial officer Michael Boetius, into UOT’s leadership team, and establishes operational footprints in Athens, Copenhagen, Singapore, Dubai, Brazil and Japan.
“This acquisition represents an important step in expanding United Overseas Group’s dry bulk platform through the addition of high-quality Ultramax and Handysize vessels and an experienced operating organization,” chairman Georgiopoulos (pictured) said. “These modern, fuel-efficient Japanese-built ships enhance the overall quality and competitiveness of our fleet and support our strategy of building scalable operating platforms with strong long-term fundamentals.”
UOG acquired Dubai-based United Arab Chemical Carriers in 2021.
Founded in 2006 in Toronto, Canada, as a tanker operator, AJ Rahman-led Norvic expanded into dry bulk in 2012.
