Tsakos Energy Navigation (TEN) has announced the extension of long-term charters for two of its DP2 shuttle tankers.
The extension of the charters for the two vessels — whose specialised design enables them to load crude oil from offshore production platforms at distances of up to 180 nautical miles from shore — is expected to generate gross revenues of more than 200 million dollars over their duration.
Following this agreement, the company’s minimum contracted revenues exceeded 4 billion dollars.
The new arrangement follows the existing charters, which commenced upon the vessels’ delivery in 2013 and ran for up to five years each. The new charters are expected to take effect upon the expiry of the current 15-year contracts, around mid-2028. At the same time, the strong performance of tanker markets, supported by ongoing geopolitical developments worldwide, has driven freight rates to historic highs, with TEN benefiting as 22 of its vessels operate in the spot market. In this environment, the company is also capitalizing on elevated second-hand asset values by divesting first-generation vessels at significant capital gains, while simultaneously replacing them with timely orders for newbuilding LNG carriers and VLCCs. Since the beginning of 2026, the company has recorded a strong share price performance on Wall Street, rising by as much as 80%.
“Since our entry into the shuttle tanker market in 2013 with these two vessels, TEN has evolved into one of the largest operators in this segment, with a pro forma fleet of 16 modern vessels and further growth prospects,” said TEN Chairman George Saroglou.
“TEN continues to pursue its proven strategy of long-term partnerships with major oil companies, securing the growth of future cash flows, maintaining a strong balance sheet, and ensuring consistent dividend distributions to reward its shareholders,” he concluded.
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