Greek shipowner Nautilus Management has entered the tanker newbuilding market with an order for up to two MR1 product and chemical carriers at China's Wuhu Shipyard, according to Splash247. The deal covers one firm 41,000 dwt vessel and an option for a second, with delivery slots running from the third quarter of 2028 into early 2029. Pricing has not been disclosed by the shipyard or the owner.
The order marks a strategic shift for the company led by brothers Dimitris Vernicos and George Vernicos. Nautilus currently manages the 36,000 dwt handysize bulkers V Bros and V Isalos, and the new tanker project expands the brothers' interests in the tanker sector alongside their existing modern tonnage. Splash247 reported that the contract is the first tanker newbuilding project for the Vernicos-led company.
Newbuild order and vessel specifications
The new ships will be based on the SDARI 41 design and will be equipped with stern and vapour recovery lines, alongside other technical upgrades aimed at meeting oil-major vetting requirements. These specifications are important for operators moving clean petroleum products, as oil-major vetting is a key commercial hurdle for tankers seeking charterers from major oil companies. The MR1 segment typically serves regional product trades, with vessels in the 25,000–45,000 dwt range, making the 41,000 dwt design a mid-sized unit well suited to European, Mediterranean and West African routes.
| Key order details | Information |
|---|---|
| Vessel type | MR1 product and chemical carrier |
| Design | SDARI 41 |
| Firm vessel | 41,000 dwt |
| Option vessel | Second vessel (same design) |
| Shipyard | Wuhu Shipyard, China |
| Delivery | Q3 2028 to early 2029 |
| Pricing | Not disclosed |
| Special equipment | Stern and vapour recovery lines, other upgrades for oil-major vetting |
Fleet renewal strategy
Splash247 reported that the Vernicos brothers took full control of the 2022-built, 40,000 dwt tanker Akti A earlier this year, which is currently managed by Ancora Investment Trust. They also sold stakes in three older tankers built between 2004 and 2008. The Wuhu order therefore shifts the brothers' tanker renewal programme towards modern MR1 tonnage, replacing an ageing fleet with new, more compliant vessels.
For freight forwarders and tanker operators, this newbuilding order signals a continued flow of modern MR1 capacity entering the market in the late 2020s. The addition of vapour recovery lines and oil-major vetting upgrades means these vessels will be commercially attractive for charterers requiring higher environmental and safety standards. The order also demonstrates that Greek owners are still actively investing in product tankers despite broader market uncertainty.
Implications for shippers and operators
The newbuild programme could add up to 82,000 dwt of combined MR1 tonnage if the option is exercised, although Splash247 did not disclose whether the option has been priced or committed. For shippers of clean petroleum products, the arrival of these vessels from 2028 onward may expand available tonnage with modern specifications. The deployment of stern and vapour recovery lines is particularly relevant for operations in regions with strict emission-control regulations, such as the Mediterranean and the EU.
For the Wuhu Shipyard, this contract adds a Greek client to its orderbook, reinforcing Chinese shipyards' role in building sophisticated product tankers for European owners. The specific delivery slots — running into early 2029 — suggest the yard has medium-term availability, which is useful context for logistics planners tracking newbuild supply timelines.
Key finding: The contract marks the first tanker newbuilding project for the company led by brothers Dimitris and George Vernicos, according to Splash247.
Watch list
- Whether Nautilus Management exercises the option for the second vessel, which would double the order to two MR1 carriers.
- Any future disclosure of pricing, as Splash247 reported that pricing has not been made public.
- Delivery schedule execution: Q3 2028 through early 2029, with potential knock-on effects on fleet renewal timing for the Vernicos brothers.
- Further moves by the brothers to divest older tankers, following their earlier sale of stakes in three vessels built between 2004 and 2008.
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