TEN’s fleet renewal gains momentum with newbuild shuttle tanker duo

Greek shipping company Tsakos Energy Navigation (TEN) has welcomed two newbuild Suezmax DP2 shuttle tankers as part of its commitment to fleet renewal.

The 154,350 dwt tankers built by Samsung Heavy Industries (SHI) were named Athens and Paris at a ceremony held on April 25 in South Korea.

According to TEN, both vessels will be deployed by a “major energy group” under a long-term charter contract. The DNV-classed ships will sail under the Maltese flag.

Featuring “state-of-the-art design and technical specifications”, Athens and Paris are the latest addition to TEN’s fleet renewal program, which stands at 16 vessels.

Just recently, the shipping company contracted SHI to build additional nine environmentally friendly DP2 Suezmax shuttle tankers. The contract’s worth was estimated at KRW 1.9 trillion (approximately $1.34 billion) for the construction of nine units.

In addition, TEN revealed 15-year employment contracts with Petrobras Transporte (Transpetro) for the newly-ordered fleet.

The Tsakos Group currently has a total of 19 tanker vessels under construction as it seeks to enhance “ability to deliver tailored, technologically advanced vessels designed to support the complex logistics of next-generation energy projects in partnership with premier energy clients”.

In its third annual 2023 Environmental, Social, and Governance (ESG) Report, released on December 12, 2024, the company unveiled its progress towards achieving carbon reduction targets, reporting a reduction of carbon intensity by 19.6% compared to 2008 levels as a result of the ongoing fleet renewal program.