Tsakos Energy Navigation (NYSE: TEN) has taken delivery of the DP2 Suezmax shuttle tanker Anfield DP, marking another milestone in the Greek owner’s multi billion dollar expansion into Brazil’s offshore shuttle tanker market and moving the company closer to becoming one of the world’s largest operators in the specialised segment.
The 155,000 dwt vessel will immediately begin a 10 year charter with a major U.S. oil company. The agreement includes extension options that could keep the tanker employed for up to 20 years.
The delivery marks another step in TEN’s expansion in Brazil, where the company has operated shuttle tankers since 2012. Once all 12 newbuildings have been delivered by 2028, TEN’s shuttle fleet will number 16 vessels, making it one of the largest operators in the sector.
Why Brazil & Why Now?
Unlike conventional crude tankers that load cargo at export terminals, shuttle tankers are designed to collect crude directly from offshore production units. Equipped with dynamic positioning systems, the vessels maintain their position alongside floating production, storage and offloading units (FPSOs) without anchoring, allowing cargo transfers to continue in open sea conditions.
The sector has become one of the most specialised corners of the tanker market. Newbuildings require advanced technology, relatively few shipyards have the expertise to construct them and employment is typically secured through contracts lasting a decade or longer. For owners, that means lower exposure to spot-market swings and greater earnings visibility.
Brazil has emerged as the industry’s largest source of demand. Petrobras continues to expand production from its pre-salt fields, bringing additional FPSOs into service and creating a steady requirement for shuttle tankers to transport crude from offshore fields to export terminals. As a result, owners with modern DP2 fleets have been expanding their presence in the country.
With the addition of Anfield DP, TEN now operates 7 shuttle tankers, with another 9 under construction. The company estimates its contracted revenue backlog at $3.5 billion, supported by long-term employment with major energy companies.
Company President and Chief Operating Officer Mr. George Saroglou described the delivery as another milestone in TEN’s fleet renewal program:
We welcome another advanced spec shuttle tanker in our fleet. The company continues its tested strategy of divesting its first-generation tankers at very profitable levels while replacing them with high-end specialized tonnage backed by accretive long-term contracts.
Mr. Saroglou noted that the company continues to replace first-generation shuttle tankers with newer vessels secured on long-term charters, a strategy intended to modernise the fleet and provide stable earnings over extended periods. Although the delivery centred on one vessel, the naming ceremony also reflected the history behind the Tsakos Group.
Unable to travel to South Korea, founder Capt. Panagiotis Tsakos addressed guests through a letter read by his grandson, Mr. Panagiotis N. Tsakos. In it, he drew a comparison between the ship on which he began his career and the vessel entering service today. Capt. Tsakos joined his first ship in 1951 aboard the Liberty vessel Erastus Smith, built in the United States during the Second World War before later joining the Greek fleet as Kyma. Seventy-five years later, his grandson stood at Samsung Heavy Industries’ shipyard in Geoje reading his remarks at the delivery of one of the most technologically advanced shuttle tankers in operation.
“Ships are built from steel, but shipping is built by people, guided by values and strengthened by continuity between generations.”
Capt. Tsakos returned repeatedly to the people behind the vessels. He thanked Samsung Heavy Industries for its work on the newbuilding program and recognised the company’s own technical teams in Geoje that supervised construction.
He also singled out Capt. Konstantinos Dimanis, who takes command of Anfield DP. Capt. Dimanis joined TEN 18 years ago as a cadet aboard the tanker Propontis and progressed through every rank before becoming master. Ashore, he now trains cadets and serves as an instructor at the company’s training centre. Capt. Tsakos described his career as proof that investing in people remains the most important investment a shipping company can make.
The ceremony was attended by U.S. Ambassador to Greece Ms. Kimberly Guilfoyle, who served as the vessel’s sponsor, together with representatives of Samsung Heavy Industries and executives from ExxonMobil, one of the charterers involved in TEN’s shuttle tanker program.
Anfield DP follows sister vessels Athens 04 and Paris 24, delivered last year. Alongside the shuttle tanker program, TEN continues to add conventional tankers and LNG carriers as part of a wider fleet renewal plan.
From left to right: Nikolas Bornozis, Nikolaos Tsakos, Olga Bornozi
ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and celebrating this year 33-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 82 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 10.1 million dwt.
source: Capital Link Editorial
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