- TEN Ltd has ordered three scrubber-fitted VLCCs from Hanwha Ocean, with an option for a fourth, scheduled for delivery in 2027–2028.
- The company strengthened liquidity by selling three older vessels, adding $60 million in cash and securing a $9 million capital gain for Q3 2025.
- Recent fleet additions include the suezmax shuttle tanker Paris 24 and the upcoming eco scrubber-fitted suezmax Silia T, both backed by long-term contracts with oil majors.
Tsakos Energy Navigation Ltd (TEN) announced an order for three new Very Large Crude Carriers (VLCCs) equipped with scrubbers from South Korea’s Hanwha Ocean, with an option for a fourth vessel. Deliveries are scheduled across 2027 and 2028, marking a significant step in the company’s fleet renewal and expansion strategy.
Strengthening Balance Sheet through Vessel Sales
Alongside the new order, TEN sold three older vessels, boosting cash reserves by $60 million and realizing a $9 million capital gain, which will be recognized in the third quarter of 2025. The move aligns with the company’s strategy of recycling capital into modern, eco-efficient tonnage while optimizing its financial position.
Recent Deliveries and Employment Contracts
On August 14, 2025, TEN took delivery of the DP2 suezmax shuttle tanker Paris 24 from Samsung Heavy Industries in South Korea. The vessel immediately entered into a seven-year employment contract with a major oil company. Looking ahead, the eco scrubber-fitted suezmax Silia T is set for delivery from HD Hyundai Ocean Services on October 1, 2025, and will commence a minimum three-year contract with a US oil company.
Company and Shipbuilder Profiles
Founded in 1993, TEN Ltd is a Bermuda-registered, New York Stock Exchange-listed company that operates a diversified fleet of crude and product tankers, LNG carriers, and shuttle tankers. The shipbuilder for the latest VLCC order, Hanwha Ocean Co., Ltd., is based in Geoje, South Korea, and is part of the Hanwha Group. The company specializes in constructing VLCCs, LNG carriers, and naval ships, positioning it as a key player in the global shipbuilding sector.
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Source: Portnews
