Greek shipowner Tsakos Energy Navigation (TEN) has decided to order two very large crude carriers (VLCCs) based on the increasing demand for long-term leases of tankers by oil developers and the rising demand for fleet renewal due to geopolitical turmoil and the renewal of old ships.
According to TradeWinds, TEN intends to order two VLCCs and has started negotiations with HD Hyundai Heavy Industries, Hanwha Ocean and Samsung Heavy Industries. If the order is formally placed, it will be the first time for the shipowner to build a new VLCC in 10 years. The last order can be traced back to 2015, when HD Hyundai Heavy Industries built two VLCCs for the company.
As of the first quarter of 2025, TEN held orders for 21 new ships, including chemical tankers, LR1 product tankers and Suezmax tankers, with a total value of approximately US$3.7 billion. With the recent delivery of two new ships, TEN’s total new ship orders have decreased to 19, including 11 shuttle tankers, one Suezmax crude oil tanker and seven product tankers.
Among them, the shipbuilding contract for nine shuttle tankers was signed in March this year. They were built by Samsung Heavy Industries with a specification of 158,000 deadweight tons and a total order value of approximately US$1.33 billion. The first two ships of the order will be delivered in 2027, and the remaining seven will be delivered in 2028, when they will serve Transpetro, a shipping subsidiary of Petrobras.
TEN’s new shipbuilding plan began in January 2023 with the launch of the “Greenship” environmental ship plan. Under the “Greenship” plan, TEN has disposed of old ships with an average age of 17.3 years and a carrying capacity of 1.2 million tons, and has introduced environmentally friendly new ships and second-hand ships to renew its fleet.
According to its official website, Tsakos Energy Navigation was founded in 1993 and is a leading provider of international maritime transportation services for crude oil and petroleum products. The company operates a modern fleet of 82 tankers with a total deadweight tonnage of 10.1 million, occupying a prominent position in the global shipping industry.