$83m Aframax Sale Shakes Tanker Market as Aegean Bets Big on VLCCs

Aegean Shipping Management, led by Greek shipping magnate George Melissanidis, has finalized the sale of its 2022-built aframax tanker Green Adventure for approximately $83 million. The deal reflects the company’s strategy to capitalize on the current peak in tanker asset values, with modern vessels fetching historically high prices in the market.

The Green Adventure, a 114,319 deadweight tonnage (dwt) aframax/LR2 tanker, was constructed at COSCO Shipping Heavy Industry’s Yangzhou shipyard and delivered in September 2022. Classed by Bureau Veritas, the vessel is the second of four aframaxes Aegean had previously ordered under a contract with the Chinese yard. While the buyer’s identity remains undisclosed, industry sources confirm the transaction as one of the latest completed by the Piraeus-based owner.

This sale marks Aegean’s second tanker disposal in 2024. In March, the company sold the 2018-built Green Attitude, a 112,500 dwt aframax, to Minerva Marine for a reported $71 million. Both deals underscore the robust demand for modern tanker tonnage, with prices reaching record levels amid favorable market conditions.

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Aegean is channeling the proceeds from these sales into expanding its fleet with larger vessels. Earlier this year, the company placed orders for two very large crude carriers (VLCCs) at Hengli Heavy Industries, marking its first foray into the supertanker segment. This shift signals Aegean’s confidence in the long-term prospects of crude oil shipping, despite industry-wide challenges such as evolving fuel regulations and geopolitical uncertainties.

The Green Adventure sale is more than a fleet adjustment—it highlights Aegean’s ability to leverage market highs while positioning itself for future growth. As the company transitions toward larger tonnage, its moves are being closely watched as an indicator of broader trends in the tanker sector.

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