Strong Greek interest in Petrobras' new shuttle tanker tender

Shipbuilding sources indicate that several Greek shipowners are keen to participate in the tender for constructing these vessels, which will be on long-term charter to Petrobras.

Transpetro, the multimodal logistics division of the group, told Riviera that is contracting for eight dynamic positioning vessels that will be used for offloading operations on the Petrobras platforms. According to Transpetro, the tender was initiated on September 6 and calls for two contracting lots, each for 4 dual-fuel Suezmaz Class dynamic positioning tankers. Bid proposals are due by the end of October, with the contracting process expected to be finalized by the end of 2024.

An order placed last month at a South Korean shipyard for a single Suezmax shuttle tanker was valued at approximately US$149M.

Expansion and renewal strategy

As part of its fleet renewal strategy, Petrobras is either launching or planning to launch tenders for new tankers and gas carriers. In Q3 this year, Transpetro, announced a tender to select shipyards to build four product tankers, each ranging from 15,000 to 18,000 dwt. 

As part of Transpetro’s TP 25 programme, which focuses on renewing and expanding the Petrobras fleet, these vessels are designated for operations along the Brazilian coast. “We have already planned for 16 vessels, including gas tankers and medium-sized ships, with more projects currently under review,” said Transpetro chief executive Sérgio Bacci, during a press conference in July.

Transpetro, the largest subsidiary of Petrobras, operates 48 terminals (27 waterborne and 21 land-based), approximately 8,500 km of pipelines, and 33 vessels. It is the largest multimodal logistics company for oil and derivatives in Latin America.

Greeks and Petrobras

Greek shipowners have developed a strong partnership with the Brazilian company over the years. In early 2024, Maran Tankers, led by Maria Angelicoussis, placed an order at South Korea’s DH Shipbuilding for three Suezmax shuttle tankers, with a total value of approximately US$390M. Shipbroking reports indicated these vessels have secured multi-year charter contracts with Petrobras.

The Brazilian company is also a longstanding client of Tsakos Energy Navigation (TEN), backed by Nikolas Tsakos. According to TEN’s 2023 annual report, Petrobras is the sixth-largest contributor to the Greek company’s revenue base.

Sources in the shipbuilding sector note Greek interest in the Petrobras tender comes at a time of reduced newbuilding activity by the world’s top shipowning nation. After a strong first half of the year in terms of deals, Greek activity slowed during the summer and remains subdued in September.