TEN Ltd. Announces the Building of Nine DP2 Shuttle Tankers in South Korea With 15-Year Employment to Transpetro - Petrobras
TEN (NYSE: TEN) has announced the construction of nine DP2 Suezmax Shuttle Tankers with 15-year employment contracts for Transpetro, Brazil's largest oil and gas transportation company. The vessels will be built at Samsung Heavy Industries in South Korea, with deliveries scheduled for 2027 and 2028.
The contract, structured as a bareboat charter where Transpetro assumes all operating and technical costs, is expected to generate gross revenues of approximately $2.0 billion. This expansion will make TEN one of the world's largest Shuttle tanker owners with a proforma fleet of 16 DP2 Suezmax Shuttle tankers.
This announcement follows TEN's recent fleet expansion initiatives, including three DP2 Shuttle Tankers currently under construction with deliveries in 2025-2026, and the acquisition of five modern Dual-Fuel LNG vessels from Viken Crude in early 2024.
TEN (NYSE: TEN) ha annunciato la costruzione di nove Shuttle Tanker Suezmax DP2 con contratti di impiego di 15 anni per Transpetro, la più grande compagnia di trasporto di petrolio e gas del Brasile. Le navi saranno costruite presso la Samsung Heavy Industries in Corea del Sud, con consegne programmate per il 2027 e il 2028.
Il contratto, strutturato come un noleggio a scafo nudo in cui Transpetro assume tutti i costi operativi e tecnici, dovrebbe generare ricavi lordi di circa 2,0 miliardi di dollari. Questa espansione renderà TEN uno dei più grandi proprietari di Shuttle tanker al mondo con una flotta proforma di 16 Shuttle tanker Suezmax DP2.
Questo annuncio segue le recenti iniziative di espansione della flotta di TEN, che includono tre Shuttle Tanker DP2 attualmente in costruzione con consegne previste per il 2025-2026, e l'acquisizione di cinque moderne navi Dual-Fuel LNG da Viken Crude all'inizio del 2024.
TEN (NYSE: TEN) ha anunciado la construcción de nueve petroleros Shuttle Suezmax DP2 con contratos de empleo de 15 años para Transpetro, la mayor compañía de transporte de petróleo y gas de Brasil. Los buques se construirán en Samsung Heavy Industries en Corea del Sur, con entregas programadas para 2027 y 2028.
El contrato, estructurado como un chárter de casco desnudo donde Transpetro asume todos los costos operativos y técnicos, se espera que genere ingresos brutos de aproximadamente 2,0 mil millones de dólares. Esta expansión convertirá a TEN en uno de los mayores propietarios de petroleros Shuttle del mundo con una flota proforma de 16 petroleros Shuttle Suezmax DP2.
Este anuncio sigue a las recientes iniciativas de expansión de la flota de TEN, que incluyen tres petroleros Shuttle DP2 actualmente en construcción con entregas previstas para 2025-2026, y la adquisición de cinco modernos buques de gas natural licuado de doble combustible de Viken Crude a principios de 2024.
TEN (NYSE: TEN)은 브라질 최대의 석유 및 가스 운송 회사인 Transpetro와 15년 고용 계약을 체결하고 9척의 DP2 수에즈막스 셔틀 탱커를 건조한다고 발표했습니다. 이 선박들은 한국의 삼성중공업에서 건조되며, 2027년과 2028년에 인도될 예정입니다.
Transpetro가 모든 운영 및 기술 비용을 부담하는 벌크선 차터 형태로 구조화된 이 계약은 약 20억 달러의 총 수익을 창출할 것으로 예상됩니다. 이번 확장은 TEN을 세계에서 가장 큰 셔틀 탱커 소유자 중 하나로 만들며, 16척의 DP2 수에즈막스 셔틀 탱커로 구성된 프로포르마 함대를 갖추게 됩니다.
이번 발표는 TEN의 최근 함대 확장 계획을 따르는 것으로, 2025-2026년에 인도될 예정인 3척의 DP2 셔틀 탱커와 2024년 초에 Viken Crude로부터 인수한 5척의 현대적인 듀얼 연료 LNG 선박이 포함됩니다.
TEN (NYSE: TEN) a annoncé la construction de neuf pétroliers Shuttle Suezmax DP2 avec des contrats d'emploi de 15 ans pour Transpetro, la plus grande entreprise de transport de pétrole et de gaz du Brésil. Les navires seront construits par Samsung Heavy Industries en Corée du Sud, avec des livraisons prévues pour 2027 et 2028.
Le contrat, structuré comme un affrètement coque nue où Transpetro assume tous les coûts d'exploitation et techniques, devrait générer des revenus bruts d'environ 2,0 milliards de dollars. Cette expansion fera de TEN l'un des plus grands propriétaires de pétroliers Shuttle au monde avec une flotte pro forma de 16 pétroliers Shuttle Suezmax DP2.
Cette annonce fait suite aux récentes initiatives d'expansion de la flotte de TEN, y compris trois pétroliers Shuttle DP2 actuellement en construction avec des livraisons prévues pour 2025-2026, ainsi que l'acquisition de cinq navires modernes à double carburant LNG de Viken Crude début 2024.
TEN (NYSE: TEN) hat den Bau von neun DP2 Suezmax Shuttle-Tankern mit 15-jährigen Beschäftigungsverträgen für Transpetro, Brasiliens größtem Unternehmen für Öl- und Gastransport, angekündigt. Die Schiffe werden bei Samsung Heavy Industries in Südkorea gebaut, mit geplanten Lieferungen für 2027 und 2028.
Der Vertrag, der als Bareboat-Charter strukturiert ist, bei dem Transpetro alle Betriebs- und Technikkosten übernimmt, wird voraussichtlich Bruttoeinnahmen von etwa 2,0 Milliarden US-Dollar generieren. Diese Expansion wird TEN zu einem der größten Eigentümer von Shuttle-Tankern weltweit machen, mit einer proforma Flotte von 16 DP2 Suezmax Shuttle-Tankern.
Diese Ankündigung folgt den jüngsten Initiativen zur Flottenerweiterung von TEN, einschließlich drei DP2 Shuttle-Tankern, die derzeit im Bau sind und deren Lieferung für 2025-2026 geplant ist, sowie der Akquisition von fünf modernen Dual-Fuel-LNG-Schiffen von Viken Crude Anfang 2024.
- Secured 15-year employment contracts worth $2.0 billion in gross revenues
- Charterer assumes all operating and technical costs (bareboat charter)
- Strategic expansion making TEN one of the largest shuttle tanker operators globally
- Long-term contract provides stable cash flow and visibility
- Significant capital expenditure required for nine new vessel construction
- Delivery timeline extends to 2027-2028, indicating delayed revenue recognition
Insights
TEN's announcement represents a substantial expansion of their fleet with nine DP2 Suezmax Shuttle Tankers and secures
This transaction transforms TEN into one of the world's largest independent shuttle tanker operators with a proforma fleet of 16 specialized vessels. The strategic value extends beyond immediate revenue as these highly specialized DP2 vessels command premium day rates compared to conventional tankers due to their dynamic positioning capabilities required for offshore loading operations.
The 15-year employment term provides exceptional visibility on future cash flows through 2042-2043, spanning multiple shipping cycles and insulating a significant portion of TEN's revenue from spot market volatility. This aligns with TEN's industrial approach to fleet employment, balancing stable long-term contracts with opportunistic spot market exposure.
By securing these contracts while maintaining a
TEN's expansion with nine new DP2 Shuttle Tankers represents exceptional strategic positioning in a highly specialized market segment. Shuttle tankers with dynamic positioning capabilities require sophisticated technology and command substantial premiums over conventional tankers due to their ability to maintain precise positioning during offshore loading operations without mooring systems.
The decision to build at Samsung Heavy Industries leverages TEN's existing relationship with one of the world's premier shipyards for complex vessels, creating economies of scale with their three DP2 tankers currently under construction. The 2027-2028 delivery timeline is well-calibrated to anticipated Brazilian offshore production growth from deep-water pre-salt fields.
The bareboat charter structure to Transpetro (Petrobras) is particularly noteworthy as it eliminates the operational complexities of managing specialized DP2 vessels while securing fixed revenue. Brazil's offshore oil production infrastructure relies heavily on shuttle tankers due to pipeline connectivity from deepwater fields to coastal refineries.
This transaction continues TEN's strategic pattern of securing milestone fleet expansions tied to long-term contracts, following their previous strategic moves with ice-class vessels and dual-fuel LNG tankers. With a proforma fleet of 16 DP2 Shuttle tankers, TEN has established itself in an exclusive segment with high barriers to entry, competition, and strong demand fundamentals from offshore oil production companies needing specialized transportation solutions.
Expected gross revenues at
TEN to become one of the largest independent Shuttle tanker operators
ATHENS, Greece, March 18, 2025 (GLOBE NEWSWIRE) -- TEN, Ltd (NYSE: TEN) (the “Company”) announces the construction of nine DP2 Suezmax Shuttle Tankers with 15-year employment contracts for Petrobras Transporte S.A. (“Transpetro”), Brazil’s largest oil and gas transportation company. The deliveries are scheduled for 2027 and 2028 and TEN intends to build the vessels at Samsung Heavy Industries Co. Ltd. in South Korea, the yard that the Company is currently using for the construction of three DP2 Shuttle Tankers, all on long-term contracts to major oil companies, with deliveries in 2025 and 2026.
The charter will be in the form of a bareboat and the charterer will assume all operating and technical costs associated with the running of the vessels during the assigned employment period. With a proforma fleet of 16 DP2 Suezmax Shuttle tankers, TEN is now one of the world’s largest Shuttle tanker owners. Gross revenues from this project are expected to be around
“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. In 2007, the acquisition and construction of nine ice-strengthened vessels from Western Petroleum established TEN as one of the major ice-class tanker owners globally. In 2014, Equinor contracted us to build nine Aframax vessels for long-term employment, solidifying TEN as one of its prime vessel providers. In early 2024, TEN acquired a five-vessel modern fleet from Norway’s Viken Crude making TEN one of the biggest operators of Dual-Fuel LNG vessels in the water. The nine DP2 Suezmax Shuttle tankers announced today, on top of the three under construction at present and four already in the water and, make us one of the largest operators of Suezmax DP2 Shuttle tankers globally,” said George Saroglou, President & COO of TEN.
“As we progress with the construction of the nine vessels, we look forward to taking delivery of the three Shuttle tankers currently being built in South Korea while positioning TEN as the company of choice for the long-term needs of the world’s major oil concerns. The Company’s industrial approach when it comes to fleet employment has served us well over the years as it provides cash flow stability, visibility, flexibility and the firepower to move on opportunities fast while maintaining our ability to reward shareholders with healthy dividends irrespective of market conditions. On behalf of our management and myself, I would like to thank all involved in making this milestone transaction happen,” Mr. Saroglou concluded.
ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and celebrating this year 32-years as a public company, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 83 vessels, including twelve DP2 shuttle tankers, two scrubber-fitted suezmax vessels, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers, totaling 10.2 million dwt.
FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
For further information, please contact:
Company
Tsakos Energy Navigation Ltd.
George Saroglou
President & COO
+30210 94 07 710
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
ten@capitallink.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bd6af3f4-1ff0-47b0-8edb-d20091770e6f
FAQ
What is the value of TEN's new contract with Transpetro-Petrobras for nine shuttle tankers?
When will TEN's nine new shuttle tankers for Transpetro be delivered?
How many shuttle tankers will TEN operate after this new construction project?
What type of charter agreement did TEN secure with Transpetro for the new vessels?
Where will TEN build the nine new shuttle tankers for the Transpetro contract?
