The agreement concerns four eco LR2-type ice class tankers, currently under construction at COSCO shipyards and to be delivered by 2027, as well as a modern eco aframax tanker already sailing under the Aegean Shipping flag. This is the “Green Admire,” also built at the same shipyards.
It is noted that the LR2 tankers have the same carrying capacity as aframaxes, approximately 114,000 tons each. They can carry crude oil, like aframaxes, as well as other petroleum products, both “clean” and “dirty.”
As Aegean Shipping Management (ASM) stated to “N”: “We proudly announce the expansion of our long-standing and strong collaboration with Vitol. This partnership is formalized through the multi-year chartering of the four LR2 newbuilds (DWT: 114K, with super eco design, ice classed, and scrubber fitted), which will be delivered gradually by Cosco Heavy Industry Yangzhou in China between September 2026 and June 2027. Additionally, the agreement includes the long-term chartering of the modern and eco-friendly Aframax M/T Green Admire.”
Aegean Shipping Management, which is COSCO’s largest European client, has chosen to invest in state-of-the-art green LR2-type ice class tankers, each with a carrying 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 feature the latest version of MAN B&W electric engines, ensuring optimal fuel consumption.
The installation of energy-saving devices such as Pre-shrouded Vanes (PSV) and Hub Vortex Absorber Fins (HVAF) will enhance the vessels’ power efficiency.
Energy savings are further achieved through the use of LED lighting and the installation of frequency converters on each seawater pump in the engine room.
Finally, the vessels will be equipped with state-of-the-art, tested ballast water treatment systems.
For nearly six decades, Vitol has served global energy markets. With revenues of $400 billion 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, and the world’s largest airlines.
It delivers products where they are needed, on time and to specification, supplying and managing energy transportation through relevant infrastructure.
Specifically, it trades 7.2 million barrels daily, completing over 6,000 voyages annually with chartered and owned tankers.
Currently, the company manages an ultra-modern 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).
It is worth noting that Aegean Shipping has built 85% of its existing fleet at COSCO HI shipyards and is in the process of constructing the aforementioned four LR2s, with final delivery scheduled for the second quarter of 2027.
Aegean Shipping “invests” in developing long-term strategic relationships with its commercial partners, such as Vitol and Cosco, contributing to the formation of a stable, reliable, and sustainable cooperation framework that benefits not only the involved companies but also the entire shipping and trade chain.
