Tsakos Energy Navigation (TEN), a New York Stock Exchange (NYSE)-listed company led by Dr. Nikos Tsakos, is reinforcing its position in the Shuttle Tanker sector with an ambitious $1.3 billion shipbuilding program. TEN was the first Greek-owned company to enter the Shuttle Tanker market 12 years ago, showcasing its strategic foresight in offshore oil transportation.
Key Developments in TEN’s Expansion
Current Fleet & Ongoing Projects
- Four Shuttle Tankers already operational.
- 12 Shuttle Tankers are being built at Samsung Heavy Industries:
- Three vessels under construction (delivery from Q2 2025 to Q3 2026).
- Nine more planned for delivery from 2028 onwards.
New Shipbuilding Program (Under Negotiation)
- TEN is in advanced discussions to build nine additional Shuttle Tankers.
- The estimated investment for this new expansion is $1.3 billion.
Strategic Importance & Market Trends
- Increased Offshore Oil & Gas Activity: Rising energy demand is driving strong investor interest in Shuttle Tankers.
- Boost from U.S. Energy Policy: Donald Trump’s policy shift in favor of offshore drilling is expected to increase freight rates and expand market opportunities.
With these developments, TEN is set to strengthen its market dominance, capitalizing on the growing demand for offshore oil transportation.
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Source: OEMA
