Samsung Heavy Industries Secures $1.3 Billion Order from Tsakos Energy Navigation for Nine Shuttle Tankers

Samsung Heavy Industries (SHI) has finalized a significant contract with Tsakos Energy

Navigation (TEN) to construct nine DP2 Suezmax shuttle tankers, valued at approximately

$1.3 billion. These vessels are slated for long-term employment with Petrobras Transporte

S.A. (Transpetro), the logistics arm of Brazil's state-owned oil company Petrobras, under

15-year bareboat charters.

The agreement was formalized during a signing ceremony in Athens, marking a pivotal

expansion in TEN's fleet dedicated to servicing the offshore oil and gas sector. The

newbuilds are scheduled for delivery between 2027 and 2028, reinforcing TEN's position as one of the world's leading shuttle tanker operators.

Each vessel will feature Dynamic Positioning 2 (DP2) technology, enhancing their capability

to maintain position during loading and unloading operations in challenging offshore

environments. The bareboat charter arrangement stipulates that Transpetro will assume all

operating and technical costs associated with the vessels throughout the charter period.

This strategic investment is projected to generate gross revenues of approximately $2.0

billion for TEN. George Saroglou, President and COO of TEN, highlighted the company's

ongoing commitment to fleet modernization and expansion, stating, "Over the years, we

have targeted milestone opportunities to build modern vessels that added an edge, making

TEN one of the largest, diversified and versatile energy transporters in the world."

TEN's diversified energy fleet currently consists of 83 vessels, including twelve DP2 shuttle

tankers, with additional units under construction. This latest order underscores the

company's dedication to meeting the evolving demands of the global energy transportation

market.

Samsung Heavy Industries continues to solidify its reputation as a premier shipbuilder, with

this contract further demonstrating its capability to deliver advanced, eco-friendly vessels

tailored to the needs of the international shipping industry.