Greek shipping company Tsakos Energy Navigation (TEN) is preparing to order two very large crude carriers (VLCCs), with Korea’s HD Hyundai Heavy Industries and Samsung Heavy Industries emerging as the most likely builders, according to industry sources.
The order comes amid increasing demand for long-term tanker charters from major oil firms, rising geopolitical tensions, and a global trend toward replacing aging vessels. TEN is reportedly favoring Korean shipbuilders for their technological capabilities, proven quality, and dependable delivery schedules.
Citing Norwegian maritime outlet TradeWinds, reports indicate that TEN is finalizing VLCC newbuilding plans and has been in discussions with three Korean yards in recent months.
In its first-quarter earnings release, TEN reported that its orderbook has expanded to include 21 vessels, including product carriers (PCs), Long Range 1 (LR1) tankers, and Suezmax crude carriers. The company expressed optimism about the market outlook, forecasting sustained high charter rates driven by ongoing geopolitical instability and a tightening supply of modern tonnage.
TEN currently holds a contract backlog worth $3.7 billion, covering 21 vessels. With the recent delivery of two newbuilds, its total number of new ships now stands at 19, comprising 11 shuttle tankers, one Suezmax crude oil tanker, and seven product carriers (including two MR and five Panamax vessels). Of these, nine shuttle tankerswere built by Samsung Heavy Industries.
The upcoming VLCC order will mark TEN’s return to the segment after nearly a decade. The company last placed a VLCC order in 2015, when it signed a contract for two vessels with HD Hyundai Heavy Industries.
The renewed investment is part of TEN’s “Greenship” program, launched in January 2023 to modernize its fleet with a focus on environmental sustainability. Under this initiative, the company sold 14 older tankers (with an average age of 17.3 years and total capacity of 1.2 million DWT) and replaced them with 30 eco-friendly newbuilds and secondhand vessels (averaging 0.6 years old, totaling 3.7 million DWT).
Fleet expansion has continued in recent months. In 2022, TEN ordered the DP2-class Suezmax shuttle tanker “Athens 04” from Samsung Heavy Industries, which was recently delivered. Earlier this month, TEN also received the Suezmax tanker “Dr. Irene Tsakos”, equipped with an eco-friendly scrubber, from HD Hyundai Heavy Industries.
Sister vessels — the “Paris 24” from Samsung and “Silia T” from HD Hyundai — are expected to be delivered in the third quarter. Both ships are slated for charter to energy companies in Europe and the United States.
Founded in 1993, TEN operates a diversified energy fleet. Its current lineup includes 12 DP2 shuttle tankers, 2 scrubber-fitted Suezmax tankers, 2 scrubber-fitted product carriers, and 5 scrubber-fitted LR1 tankers under construction. In total, TEN manages 82 vessels, with a combined deadweight tonnage of 10.1 million DWT.
