Tsakos Energy Navigation (TEN) announced a significant milestone with the delivery and naming of two new DP2 suezmax shuttle tankers, marking the beginning of its second phase of expansion in the Brazilian offshore oil transportation sector. Built by Samsung Heavy Industries in South Korea, the tankers—named Athens 04 and Paris 24—are part of long-term agreements with a major European oil company, ensuring stable revenue streams and strengthening TEN’s strategic foothold in a high-demand market.
Strengthening Operations in Brazil
The addition of Athens 04 and the upcoming delivery of Paris 24 in June 2025 highlight TEN’s continued investment in the Brazilian offshore segment, where it has operated since 2013. These shuttle tankers are tailored for use in deepwater oil fields and are considered vital assets in a market with substantial entry barriers. By expanding its DP2 shuttle fleet, TEN aims to play a central role in meeting the region’s growing logistical demands for safe and efficient crude oil transport.
Long-Term Revenue Assurance
Both new tankers are secured under seven-year contracts with a reputed European oil company, with optional extensions up to 15 years. These agreements are expected to generate approximately $300 million in gross revenues, not including any extended terms. Alongside its existing contracts, this move brings TEN’s total minimum secured gross revenue to $3.7 billion, underscoring the company’s strong financial foundation and capacity for shareholder returns through dividends.
Ambitious Fleet Expansion Program
The delivery of Athens 04 and the expected commissioning of Paris 24 are part of a broader fleet expansion strategy. TEN is currently overseeing the construction of multiple shuttle and conventional tankers, including more DP2 units and several scrubber-fitted vessels. This aggressive buildout reflects TEN’s ambition to become one of the world’s leading owners of high-spec shuttle tankers, with the majority of new vessels already contracted for employment, ensuring operational efficiency and revenue generation well into the next decade.
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Source: GLOBE NEWS WIRE
