Modern Tankers Join TEN's Growing Fleet

Tsakos Energy Navigation (TEN), a Greek shipping company listed in New York, has officially announced the purchase of five contemporary tankers, a story initially reported by Splash earlier this month.

The financial details of the transaction, which TEN plans to finance through existing cash reserves and bank loans, include the acquisition of two LNG dual-fuel LR2s built in 2023, a "super-eco" suezmax from 2019, and two aframaxes equipped with scrubbers, constructed in 2018 and 2019. These details were disclosed by the company.

Shipbrokers previously identified the LR2s as Angleviken and Askviken, the suezmax as Morviken, and the aframaxes as Breiviken and Eikeviken, all reportedly acquired by Tsakos. VesselsValue appraises the total value of these five ships at approximately $390 million.

These vessels have secured an average employment tenure of two years with TotalEnergies, a prominent French energy company, guaranteeing over $100 million in minimum gross revenues.

Over the past year, TEN has divested nine of its first-generation vessels and recently welcomed two LNG-powered aframax tankers. These tankers are the final ones in a series of four eco-designed ships. With this latest acquisition, TEN's fleet size has expanded to 72 ships, fully delivered. This expansion also increases their LNG-powered tanker count to six and brings the total of scrubber-equipped vessels in their fleet to 12.