Tsakos Energy Navigation (TEN), a New York-listed Greek shipping company, has finalized a deal for nine shuttle tanker newbuildings with Samsung Heavy Industries (SHI) in South Korea, brokers in Greece confirmed on February 25.
The vessels, part of a tender launched in 2024 by Petrobras’ logistics subsidiary Transpetro, are dynamic positioning (DP) shuttle tankers, each valued at approximately $147 million, with deliveries scheduled for 2027 and 2028.
The order targets Petrobras’ logistics needs for crude oil and gas transport in Brazil, where TEN already operates vessels. Each shuttle tanker, designed for offshore oilfield operations, features advanced DP systems for precise positioning, catering to Brazil’s pre-salt fields.
“This order expands our presence in the high-barriers-to-entry shuttle tanker sector, adding significant market share and enhancing our bottom line,” George Saroglou, COO of TEN, stated in posts in social media.
Samsung Heavy Industries, South Korea’s leading shipbuilder, will construct the vessels at its Geoje shipyard, adding to its 2025 orderbook, which includes 15 LNG carriers, two very large ammonia carriers, and other shuttle tankers, totaling $3.8 billion in orders—39% of its $9.7 billion annual target, as reported on March 4, 2024.
The nine-tankers deal, valued at $1.3 billion, follows SHI’s prior shuttle tanker contracts, including two 160,000-dwt suezmax tankers for TEN in 2022, delivered in 2025 under a long-term charter with TotalEnergies, and three tankers for delivery in 2025-2026, not linked to Petrobras.
The Petrobras-Transpetro tender, launched in mid-2024, aims to secure long-term shuttle tanker services for Brazil’s 2.2 million barrels per day (bpd) of crude production in 2024, projected to reach 2.5 million bpd by 2028.
Tsakos Energy Navigation (TEN) is a Greek shipping company, listed on the New York Stock Exchange, headquartered in Athens, operating a fleet of over 100 vessels, including tankers, containers, and dry cargo ships, totaling more than 10 million deadweight tons.
Samsung Heavy Industries (SHI) is a South Korean shipbuilding company, part of Samsung Group, headquartered in Seoul, specializing in LNG carriers, shuttle tankers, and offshore vessels, with a 45% global market share in shuttle tankers and major operations in Geoje.
Petrobras (Petróleo Brasileiro S.A.) is a Brazilian state-owned oil and gas corporation, headquartered in Rio de Janeiro, producing 2.2 million barrels per day of crude oil in 2024, with its logistics arm Transpetro managing maritime transport.