Another established Greek shipping family is shifting the focus of its tanker fleet renewal strategy from secondhand acquisitions to newbuildings in China.

Greek shipowners Dimitris Vernicos and George Vernicos, through Nautilus Management, have reportedly reached an agreement with Wuhu Shipyard for the construction of 41,000-dwt MR1 product and chemical tankers.

The vessels are scheduled for delivery between the third quarter of 2028 and early 2029.

The project represents Nautilus Management’s first entry into the tanker newbuilding market.

However, industry reports differ over the exact contract structure. Riviera Maritime Media reported that the Vernicos brothers had ordered two firm vessels, while Splash described the deal as one firm vessel plus one option.

Neither the shipowner nor the shipyard has publicly confirmed the final contract structure or pricing. The project should therefore currently be regarded as involving up to two vessels, pending further clarification.

Designed for Oil Major Requirements

The new tankers are expected to be based on the SDARI 41 platform developed by the Shanghai Merchant Ship Design and Research Institute.

With a deadweight capacity of approximately 41,000 tonnes, the vessels will be designed to transport both refined petroleum products and chemical cargoes.

According to available information, the ships will be equipped with stern cargo lines and vapour return systems. A series of technical upgrades will also be incorporated to meet the safety, environmental and operational requirements of major international oil companies.

Riviera reported that the specification would comply with most of ExxonMobil’s technical requirements, while Splash described the vessels as being optimised for oil-major vetting and acceptance standards.

The stern cargo piping is particularly relevant for this segment. It allows vessels to conduct cargo operations at terminals, offshore loading points or facilities where conventional midship manifold arrangements may be unsuitable.

The vapour return system will help control volatile organic compound emissions during loading and is increasingly regarded as an important requirement for tankers seeking access to major oil company business.

The Vernicos brothers are therefore pursuing a specialised MR1 configuration aligned with shallow-draft operations, alternative terminal arrangements and high-standard chartering markets.

More Than 70 Tanker Transactions Since 1992

The Vernicos family has been active in the MR1 and related product tanker segments since 1992.

Over the past three decades, the family has reportedly bought and sold more than 70 vessels in this size range, developing substantial experience in asset trading, vessel management and regional tanker operations.

Its currently controlled tanker fleet, however, has been reduced to a single modern vessel.

The principal asset is the 39,847-dwt Akti A, delivered by Hyundai Mipo Dockyard in July 2022.

The 183.21-metre vessel has a breadth of 32.20 metres and is classed by Lloyd’s Register. It is capable of carrying seven segregated cargo grades and is equipped with a double hull, inert gas system and stern cargo piping.

The tanker was designed with a shallow draft and is also described as LNG-ready and ammonia-ready.

Earlier this year, the Vernicos brothers acquired the remaining ownership interests in Akti A, securing full control of the vessel.

At the same time, they continued disposing of older tonnage, including interests in three vessels built between 2004 and 2008: Hope A, Argolis and Clotilde.

Akti A is currently managed by Ancora Investment Trust, a company that has focused on product tanker operations since the late 1990s and has developed commercial relationships with oil majors, national energy companies and international commodity traders.

Once the Wuhu vessels are delivered, the Vernicos brothers’ modern MR1 fleet could increase from one vessel to two or three vessels, depending on whether the second ship is firm or optional.

Although the fleet will remain relatively compact, its average age, technical quality and ability to compete for oil-major business will be significantly strengthened.

What Happened to the Earlier Yangzhou Guoyu Project?

The Wuhu order is not the first MR1 newbuilding project linked to the Vernicos brothers this year.

In February 2026, TradeWinds reported that the brothers had signed a letter of intent with Yangzhou Guoyu Shipbuilding for one firm plus one optional 40,000-dwt MR1 product tanker.

Those vessels were also expected to target delivery in 2028.

A letter of intent does not constitute a fully effective shipbuilding contract. At that stage, shipowners may continue negotiating prices, specifications, refund guarantees, payment terms and delivery slots with several yards.

No public confirmation has yet emerged that the proposed contract with Yangzhou Guoyu was finalised.

Given the similarities in vessel size, delivery schedule and contract structure, the Wuhu order may represent the final outcome of the same shipyard evaluation and tendering process.

However, neither the shipowner nor the two yards has clarified whether the Yangzhou Guoyu letter of intent has been cancelled, replaced or remains under consideration.

There is currently insufficient evidence to treat the Yangzhou Guoyu and Wuhu projects as two separate orders involving as many as four ships.

The more prudent conclusion is that the Vernicos brothers have now secured their first tanker newbuilding project at Wuhu Shipyard, covering either two firm vessels or one firm vessel plus one option.

Nautilus Expands Beyond Dry Bulk

Nautilus Management was established in 2023 by the Vernicos family together with experienced shipping executive Nikolaos Arkadis.

The company provides technical and commercial management services for dry bulk carriers, crude tankers, product tankers and chemical tankers.

Its publicly listed fleet currently comprises two approximately 36,000-dwt handysize bulk carriers, V Bros and V Isalos, built in 2010 and 2011 respectively.

Both vessels are registered in the Marshall Islands and classed by Lloyd’s Register.

The Wuhu newbuildings will formally extend Nautilus Management’s portfolio from dry bulk into newly built tankers.

There are also indications that Akti A could eventually be transferred from Ancora into the Nautilus management platform.

The Vernicos brothers appear to be developing Nautilus into a diversified ocean-going shipmanagement business covering both dry bulk carriers and modern product tankers.

The expansion follows a cautious pattern frequently adopted by medium-sized Greek family shipowners: establish operating experience through a small number of secondhand vessels, dispose of ageing or fully valued assets, and then enter the newbuilding market with one or two ships.

Riviera has reported that the Vernicos group and its related businesses maintain overall leverage of around 15% to 20%, underlining the family’s continued emphasis on conservative financing and balance-sheet resilience.

Towage Remains the Family’s Traditional Strength

While the Vernicos family has a long history in tankers and dry bulk shipping, towage and marine salvage remain the foundations of its maritime business.

The family’s shipping activities date back to the mid-19th century in Constantinople, where early operations involved transporting passengers and barrels of oil across the Bosporus using rowing boats and sailing craft.

The business later expanded into steam-powered towage, harbour services and marine salvage. Today, the related companies are managed by the fifth generation of the Vernicos family.

In April 2026, SVS, a company jointly backed by Vernicos Scafi, Spanopoulos and Lyboussakis under the Med Tugs platform, ordered two high-performance escort tugs from Türkiye’s Sanmar Shipyards.

The contract was valued at approximately €21 million, equivalent to about $25 million.

The two vessels are based on Robert Allan’s RAstar 2900SX and RAstar 3200SX designs and will have bollard pulls of approximately 83 tonnes and 90 tonnes.

They are scheduled for delivery in September 2026 and September 2027 and are expected to operate in the Port of Piraeus, supporting large containerships, tankers and terminal operations.

Following the project, the Med Tugs fleet is expected to comprise 43 high-specification tugboats, including seven modern newbuildings.

The family is gradually building a diversified maritime asset portfolio spanning harbour towage, marine salvage, dry bulk shipping and product tankers.

Towage provides relatively stable port-service income, dry bulk offers exposure to shipping cycles, and high-specification MR1 tankers provide access to refineries, traders and major oil company cargoes.

Wuhu Shipyard Builds Its MR1 Orderbook

For Wuhu Shipyard, the Vernicos project will further strengthen its position in the medium-sized product and chemical tanker market.

In 2024, the yard signed contracts with Turkish shipowner Transka Tankers for four 40,800-dwt MR1 product and chemical tankers.

The series was also designed by SDARI. The vessels measure approximately 180 metres in length, 32 metres in breadth and 16.5 metres in depth.

They are designed to meet Phase III requirements under the Energy Efficiency Design Index and are scheduled for delivery in 2027.

In April 2026, US-listed tanker owner Ardmore Shipping ordered two 40,500-dwt IMO II product and chemical tankers at Wuhu Shipyard for $44.9 million each, with options for two additional vessels.

Ardmore subsequently exercised the two options in June, increasing the firm order to four ships, while securing another two options.

The four confirmed vessels are scheduled to begin delivery from late 2028.

The Ardmore ships will feature an eight-plus-one cargo tank configuration and will be capable of carrying up to eight segregated grades of refined products or chemicals simultaneously.

The project demonstrates Wuhu Shipyard’s move into larger and more technically complex product and chemical tankers with advanced cargo segregation systems.

Subject to final confirmation of the Vernicos contract, Wuhu Shipyard’s recent 40,000-dwt-class MR1 customer base will include Transka Tankers, Ardmore Shipping and Nautilus Management.

This represents a notable expansion from a traditional Turkish tanker owner to a US-listed company and a long-established Greek shipping family.

The Vernicos fleet may be relatively small, but the family brings more than three decades of experience in the MR1 asset market.

Its decision to enter the newbuilding sector reflects a broader shift toward younger vessels with stronger cargo flexibility, lower emissions and better prospects of passing oil-major vetting requirements.

For Wuhu Shipyard, the significance of the project extends beyond one or two ships.

Successful construction, timely delivery and acceptance by international charterers and oil companies could help establish the yard’s MR1 platform among a wider group of Greek and European tanker owners.