Peter Georgiopoulos and Leo Vrondissis’ United Overseas Group is expanding beyond its traditional tanker focus, revealing an agreement to acquire Norvic Shipping’s commercial operations along with a fleet of nine Japanese-built bulk carriers.
The transaction, executed through the group’s trading subsidiary, will see United Overseas Trading take ownership of all issued shares in Norvic Shipping Europe, Norvic Shipping Middle East and Norvic Shipping Ventures. As part of the deal, three modern vessels built in 2023 – the 64 000 dwt Norvic Copenhagen and the 40 000 dwt Norvic Houston and Norvic Singapore – will join the fleet, alongside six newbuildings scheduled for delivery in 2026 and 2027. These future units will be renamed UOT New York, London, Paris, Athens, Tokyo and Dubai.
The acquisition also includes the transfer of key management figures, notably chief commercial officer Michael Boetius, and provides United Overseas Trading with an expanded operational presence spanning Athens, Copenhagen, Singapore, Dubai, Brazil and Japan.
Peter C. Georgiopoulos, Chairman of United Overseas Group, stated: "This acquisition represents an important step in expanding United Overseas Group's dry bulk platform through the addition of high-quality Ultramax and Handysize vessels and an experienced operating organisation. These modern, fuel-efficient Japanese-built ships enhance the overall quality and competitiveness of our fleet and support our strategy of building scalable operating platforms with strong long-term fundamentals. We are pleased to welcome the Norvic team to United Overseas Trading."
Leonidas J. Vrondissis, Executive Director of United Overseas Group, added: "This transformational transaction provides a strong operational foundation on which to grow United Overseas Trading. Our priority is to integrate the teams, systems, and vessels into a unified platform under the UOT brand that delivers consistent, reliable performance across the fleet. With the addition of experienced personnel and a modern asset base, we are focused on driving commercial performance, cost discipline, and service quality from day one."
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