Tsakos expects US$2Bn in gross revenues from 'milestone' Transpetro shuttle tanker deal

Around a month ago, Riviera reported the Greek shipping company and the South Korean shipyard were selected as the preferred entities for Transpetro’s high-profile shuttle tanker tender.

US-listed TEN disclosed the newbuildings will be employed by Petrobras’ multimodal logistics subsidiary for 15 years. The charter will be in the form of a bareboat, with the charterer assuming all operating and technical costs related to the vessels during the assigned employment period.

SHI revealed on 17 March that the contract is valued at approximately US$1.3Bn, with deliveries scheduled through the end of 2028. TEN anticipates gross revenues of around US$2.0Bn from this agreement.

This latest deal adds to TEN’s ongoing collaboration with SHI, which currently includes the construction of three DP2 shuttle tankers, all on long-term contracts with major oil companies, scheduled for delivery in 2025 and 2026.

With these additions, Tsakos Energy Navigation will operate 16 DP2 Suezmax shuttle tankers, solidifying its position as one of the largest independent owners in this segment.

"A milestone transaction"

Tsakos Energy Navigation president and chief operating officer George Saroglou described this transaction as a significant milestone for the company, highlighting the firm’s strategic expansion over recent years.

In 2007, TEN became a global leader in the ice-class tanker market, acquiring and building nine ice-strengthened vessels from Western Petroleum. Seven years later, Equinor contracted TEN to construct nine Aframax vessels for long-term employment. In 2024, TEN expanded further by acquiring a five-vessel modern fleet from Norway’s Viken Crude, positioning itself as one of the largest operators of LNG dual-fuel vessels.

TEN’s diversified energy fleet currently consists of 83 vessels, including under-construction tonnage. The fleet includes a mix of crude tankers, product tankers, and LNG carriers, totalling 10.2M dwt.