Greek owners Navios and Monte Nero have moved to secure VLCC newbuildings in China, adding fresh momentum to an already busy ordering cycle dominated by Greek interests.
Navios has lined up four 310,000 dwt crude carriers at Wuhu Shipyard for delivery in 2028. Market sources put the price at between $118m and $120m per vessel.
The order marks Angeliki Frangou’s first VLCC newbuilding move this decade. Navios currently owns five VLCCs built between 2009 and 2011, excluding younger bareboat chartered-in ships. The company has also reportedly sold two VLCCs in 2025, one of which has already left the fleet.
In recent months Navios Partners has been more active in the resale market, picking up LR2 tankers and containerships as part of a broader fleet reshuffle. Its overall orderbook stands at around 30 vessels, with roughly two-thirds in the tanker segment.
The Wuhu deal is also notable for the yard itself. Wuhu Shipyard, the largest builder in Anhui province, is leasing two of Jiangsu Rongsheng’s four dry docks to construct large vessels, including newcastlemax bulkers and VLCCs. Rongsheng, once China’s largest private shipbuilder, collapsed in 2014 after a rapid expansion that included building valemaxes. The return of VLCC construction at the site signals a fresh chapter for the mothballed facility.
Meanwhile, Athens-based Monte Nero Management has entered the VLCC segment with a two-ship order at Hengli Heavy Industry. The 306,000 dwt vessels are slated for delivery in 2028 at an estimated $119m per unit. The deal is understood to include two firm ships with no options.
Monte Nero, linked to shipowner Panagis Zissimatos, has been steadily expanding its fleet. The company was particularly active in the MR2 product tanker space in 2024, placing orders at COSCO Shipping Heavy Industries (Guangdong) and Huanghai Shipbuilding. It also recently secured a pair of LR2 tanker newbuildings at Hengli.
The step into VLCCs marks a move into larger crude tonnage and reinforces Hengli’s growing position as a go-to yard for Greek owners.
Greek shipowners continue to feature heavily in the VLCC orderbook at Chinese yards. Dynacom, TMS and Cape Shipping all have series booked in China, while Capital, Tsakos and Maran have leaned towards South Korean builders. With pricing still hovering around the $120m mark and delivery slots stretching into 2028, the latest orders underline continued confidence among Greek owners in the long-term crude tanker cycle — and in China’s expanding role at the top end of the tanker construction market.
