Greek shipowner Tsakos Energy Navigation (TEN) has increased its order for very large crude carriers (VLCCs) from Hanwha Ocean.
Industry sources report that Tsakos Energy Navigation has signed an order for a 320,000 DWT VLCC with Hanwha Ocean. The order includes an option for one additional vessel. This new contract is an additional order for two VLCCs signed by the two parties in July this year. The construction cost of each of the first two vessels is approximately US$128 million.
If the latest Order is placed at the same cost, combined with the option vessels, the total value of the four newbuilds reaches $512 million. All three VLCCs will be equipped with scrubbers and are scheduled for delivery between 2027 and 2028.
With the latest orders, Hanwha Ocean has secured 11+1 VLCCs so far this year, ranking first among global shipyards.
This order is a key component of Tsakos Energy Navigation’s “Dynamic Renewal Program,” which encompasses 21 vessels under construction for crude oil and refined product transportation. The program aims to “rebalance the fleet structure by adding large crude carriers.”
Currently, Tsakos Energy Navigation operates a fleet of 82 vessels and recently took delivery of the DP2 Suezmax shuttle tanker “Paris 24,” built by Samsung Heavy Industries. The vessel has been chartered to a major oil company under a seven-year lease agreement.
The shipowner is set to take delivery of a new vessel named “Silia T,” constructed and delivered by HD Hyundai Heavy Industries. It will be chartered to a major U.S. oil company for a minimum of three years.