Tsakos Energy Navigation offers significant investment value, at a time when trends in maritime oil transportation are changing again, providing outperformance for large tankers.
Very large carrier (VLCC) freight rates have skyrocketed in recent weeks as OPEC+ exports increase and additional sanctions on Russian oil create inefficiencies in the market, leading to record amounts of oil “at sea”.
The short-term outlook for the sector remains very positive, with 2026 expected to be a strong year, provided OPEC+ continues to maintain high flows and China continues to increase its strategic reserves.
According to Seeking Alpha analyst Climent Molins, how to deal with the “shadow fleet” is an open question in the medium term, as the rate of ship dismantling is unlikely to increase significantly without increased sanctions enforcement.
Both India and China have shown that they are willing to buy Russian and Iranian oil at discounted prices, which means that these ships are needed to carry out the transports.
Until now, however, the rerouting of Russian oil flows has been a strong driver of growth for the mid-sized categories, but with the return of OPEC+ production to the market, VLCCs are now also recording an impressive recovery.
TEN
Tsakos Energy Navigation, founded and managed by Dr. Nikos Tsakos, is running a shipbuilding program for 20 tankers of almost all types, while by 2025 it has also taken delivery of four newly built ships.
In total, including those under construction, the company’s fleet has a carrying capacity of 10.8 million dwt.
TEN, according to Climent Molins, is a pick for Value Investor’s Edge analysts due to its particularly low valuation.
The company is currently trading at 0.39 times its net asset value (NAV). It manages its fleet through a mix of spot and long-term charter contracts (TCs).
It also has two VLCCs whose charters expire in November, which could be beneficial for Q4 results.
Also, Maria Energy, one of the company’s LNG carriers, is earning 19,000 dollars per day until February, while a 12-year contract with a daily charter of almost 80,000 dollars will begin in April 2026, the analyst noted.
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