Tsakos confirms Hanwha VLCC order

Tsakos Energy Navigation (TEN), a Greek shipping company, has announced a significant newbuilding deal for two very large crude carriers (VLCCs) at Hanwha Ocean in South Korea. This strategic move is part of TEN’s broader fleet renewal initiative, with each vessel costing approximately $128 million. The new ships are set for delivery in 2027 and 2028, and the company has secured an option for a third vessel.

Strategic Fleet Renewal and Sales

The announcement of the VLCC order came at the end of July, although Hanwha Ocean did not initially disclose the buyer’s identity. However, shipbroking sources quickly connected the contract to TEN. The company has previously expressed intentions to invest in large crude tanker newbuilds to meet changing client demands. This latest order aligns with TEN’s ongoing efforts to modernize its fleet and enhance operational efficiency.

In addition to the newbuilding deal, TEN has also confirmed the sale of three older tankers. This includes two handysize product carriers built in 2007, sold to related interests, and one aframax tanker sold to an independent third party. These transactions have generated approximately $60 million in free cash and $9 million in capital gains, further supporting TEN’s financial position.

These recent developments follow TEN’s earlier order for nine DP2 shuttle tankers at Samsung Heavy Industries, a deal valued at $2 million. This order, backed by long-term bareboat charters with Petrobras’ logistics arm Transpetro, is considered one of the year’s most significant specialized tanker transactions. Currently, TEN operates a diverse fleet of 82 vessels across various segments, including crude, product, and LNG, with over 20 additional ships under construction.

Offshore Operator Confirms PSV Incident Killed Two and Inured One

Industry Trends in Supertanker Orders

In related news, commodities trading giant Trafigura has also made headlines by exercising options for two additional VLCCs at Jiangsu New Hantong Ship Heavy Industry in China. This brings Trafigura’s total VLCC orders at the yard to eight. The company initially placed an order for two VLCCs in early 2024, which it later expanded to six units. The first vessels from this yard are expected to be delivered in July and September 2026, reflecting a growing trend in the industry towards expanding fleets to meet increasing global demand.