TEN Extends Shuttle Tanker Deals into Next Decade
Greece’s Tsakos Energy Navigation (TEN) has secured long-term employment for two shuttle tankers, extending their charters for up to five years each and reinforcing its position in the offshore loading segment.
Long-Term Strategy
The New York-listed owner said the extensions will run in direct continuation of the current contracts, which began upon delivery of the vessels in 2013. The new charter periods are set to commence around mid-2028, when the existing 15-year deals expire.
TEN said it expects the extensions to generate more than $200m in gross revenue over their duration.
Strengthening Position
The deal underlines the company’s long-standing strategy of securing employment with major oil companies, particularly in specialised segments such as shuttle tankers, where contract coverage tends to be longer and more stable than in the spot market.
- TEN has become one of the largest operators in the shuttle tanker segment with a proforma fleet of 16 modern vessels and growing.
- The company remains focused on building long-term partnerships that underpin cash flow, balance sheet strength and shareholder returns.
TEN’s shuttle tanker fleet currently includes six units on the water and 10 newbuildings, with the wider fleet spanning 83 vessels across crude, product and LNG segments, delivering $4bn in minimum fleet revenue backlog.