Tsakos Energy Navigation (TEN) has agreed to extend employment for two DP2 shuttle tankers for up to five years each, following the conclusion of their current 15-year contracts.
The company stated that these extensions are expected to begin in mid-2028 and will follow the existing charters that originated upon the delivery of the vessels in 2013.
According to TEN, the new agreements are projected to generate gross revenues exceeding $200 million throughout their duration. This contributes to a total minimum fleet revenue backlog of $4 billion, as tanker markets remain at high levels.
TEN President George Saroglou noted that since entering this market segment in 2013, the business has expanded to a proforma fleet of 16 units.
The Greek shipping company currently manages a fleet of 83 vessels, which includes 10 DP2 shuttle tankers and three very large crude carriers.
Construction is also underway for an LNG carrier, while the overall fleet consists of crude and product tankers totalling approximately 11 million DWT.
