The Greek Tsakos Energy Navigation boost its fleet portfolio with the construction of a pair of MR product tankers.

The Greek shipowner of crude tankers, product tankers and LNG carriers, in its second-quarter earnings report said that it had signed in August 2023 newbuilding contracts for the construction of two MR product tankers.

The pair of the scrubber-fitted MR product tankers is expected to be delivered in the first quarter of 2026.

The 10-green vessel newbuilding program of Tsakos Energy Navigation is on track, in accordance with the owner, who expects four dual-fuel aframaxes to be delivered from September 2023 to first quarter of 2024.

“Taking advantage of the positive environment in the tanker market the company has timely monetized a big part of its first-generation tankers and has reinvested the proceeds for new and environmentally friendly vessels, common share dividend distributions and a significant reduction of its preferred shares,” stated Mr. George Saroglou, president and COO of TEN.

The shipowner has a “reach portfolio” of ships, with 68 double-hull vessels, including four dual-fuel LNG powered aframax vessels, two DP2 shuttle tankers, two scrubber-fitted suezmax vessels and two scrubber-fitted MR product tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 8.4 million dwt.

The Greek owner also reveals that “new and extended time charter business at renewed rates increases company´s revenue backlog to over $1.5 billion. The average contract duration is close to three years.”