Last month it emerged that Greek shipping company Tsakos Energy Navigation (TEN) was in the process of expanding its tanker fleet and said it was in “firm discussions” with Far Eastern Shipyards about placing an order for five LR1 product tankers.
TEN has signed contracts with two Chinese shipyards for the construction of a total of five 75,000 dwt LR1 product tankers, with a total order value of about $275 million (RMB 1.996 billion), sources have revealed.
Specifically, New Times Shipbuilding is building 2+2 units, which are expected to be delivered from 2027 to 2028, and Yangzijiang Shipbuilding is building 1 unit, which is expected to be delivered in 2027. All new shipbuildings are equipped with desulphurization towers. Currently, the three confirmed tankers are included in TEN’s fleet list.
Including the above orders, the number of newbuildings of TEN has increased to 12, the rest are 3 shuttle tankers, 2 Suezmax tankers and 2 MR product tankers respectively.
Based on previous news, two MR product tankers with a deadweight of 50,000 tons are also contracted by Yangzijiang Shipbuilding, and the new shipbuildingss are expected to be delivered in the first quarter of 2026 at a cost of more than $43 million each. One of the three shuttle tankers, valued at approximately $149 million, is being built by Samsung Heavy Industries and is expected to be delivered in August 2026. two Suezmax tankers are being built by HD Hyundai’s shipyards and are expected to be delivered in 2025.
Established in 1993, Tsakos Energy Navigation is headquartered in Athens, Greece, according to the company’s official website. The company currently owns a young and diversified fleet of 66 vessels covering crude oil tankers, product tankers and liquefied natural gas (LNG) carriers, with a year-round utilization rate of close to 100%, and more than 70% of the vessels in its fleet under long-term charters of an average duration of three years.
In related news, TEN announced that it has entered into a financing deal worth $245 million with ABN Amro and ING Bank for its tanker fleet. It added that “this is a noteworthy transaction, the size of which underlines the continued commitment of the continent’s leading banks to supporting the maritime industry”.