TEN orders 9 eco-friendly shuttle tankers in South Korea for Petrobras charter

South Korea’s major Samsung Heavy Industries (SHI) has clinched a ‘major’ contract worth KRW 1.9 trillion (approximately $1.34 billion) for the construction of nine environmentally friendly DP2 Suezmax shuttle tankers.

As disclosed in a stock exchange filing by SHI, the newbuilds are due for delivery by the end of 2028.

In a separate statement, Greek shipping player Tsakos Energy Navigation (TEN) said it booked a set of nine DP2 Suezmax shuttle tankers with 15-year employment contracts for Petrobras Transporte (Transpetro).

It is understood that both SHI and TEN issued statements regarding the same nine-ship-strong order.

Regarding the charter agreement, TEN has suggested that it would be a “bareboat” contract. The charterer would assume all operating and technical costs related to the vessels’ operations during the employment timeframe.

The nine DP2 Suezmax Shuttle tankers, combined with other three that are currently being built at Samsung Heavy Industries’ yard, make TEN one of the ‘biggest’ operators of tankers of this kind, as claimed by the company’s President and COO George Saroglou.

Specifically, he highlighted that “the company’s industrial approach regarding fleet employment has served us well over the years as it provides cash flow stability, visibility, flexibility and the firepower to move on opportunities fast.”

To remind, TEN placed an order for the trio of D2 shuttle tankers with SHI in 2022, with deliveries slated for 2025 and 2026. The tankers are reportedly the ‘first’ ships to receive Norway-based classification society’s Cyber Secure Essential notation.

This year, the Greek shipping company is gearing up to add further units to its fleet’s roster. For instance, two years after booking two scrubber-fitted Suezmax tankers at South Korea’s HD Hyundai Heavy Industries, TEN is now just months ahead of welcoming the newbuilds.