Tsakos, SHI linked to Transpetro’s mega shuttle tanker tender

When the tender was initially launched in September, Petrobras’ multimodal logistics subsidiary, Transpetro, told Riviera it sought two contract lots, each for four dual-fuel Suezmax-class dynamic positioning tankers. However, shipbroking and market sources now indicate the scope of the tender has been expanded to include a ninth vessel.

The same sources link Tsakos Group and SHI to the newbuildings, which will be deployed for offloading operations on Petrobras’ platforms.

The tender, which reportedly offers 10+5-year charter contracts, attracted significant interest from the Greek shipping community upon its launch. Greek shipbrokers estimate each vessel will cost approximately US$147M, with deliveries scheduled through 2028.

Transpetro has been approached for comment.

TEN’s strong relationship with Petrobras

Tsakos Group has a longstanding business relationship with Petrobras. According to US-listed Tsakos Energy Navigation (TEN)’s 2023 annual report, the Brazilian state-controlled oil giant ranked as the company’s sixth-largest revenue contributor.

As one of the largest shuttle tanker owners globally, TEN currently operates four such vessels, with an additional three under construction. The newbuilds, slated for delivery by Q3 2026, are already secured under long-term charter agreements.

According to AXSMarine Research data, as of November 2024, Greek owners controlled 23% of the global shuttle tanker fleet. They also account for seven out of the 12 shuttle tankers currently under construction, representing 58% of the total orderbook.

TEN’s diversified fleet consists of 74 vessels, including those under construction, comprising crude oil tankers, product tankers and LNG carriers, with a total capacity of 8.9M dwt.

Transpetro’s expansion drive

Transpetro is aggressively expanding its owned and chartered-in fleet through multiple tenders. The company recently initiated a new process for eight LPG carrier newbuildings, with capacities ranging from 7,000 m³ to 14,000 m³.

Additionally, Transpetro plans to acquire handy-size, gas and medium-range (MR1) vessels for cabotage operations along the Brazilian coast. Sixteen vessels are already included in the company’s 2025-2029 business plan.

Petrobras’ subsidiary has also initiated studies for the launch of a new tender in early Q2 to contract four 35,000-dwt vessels.