Tsakos Energy Navigation (TEN), a company listed on the New York Stock Exchange (NYSE) and owned by Dr. Nikos Tsakos, is working on a plan to further strengthen its presence in the Shuttle Tanker sector. The Tsakos Group was the first Greek-owned company to invest in this industry 12 years ago, demonstrating the family’s ability to foresee market trends well ahead of its main competitors.

According to unconfirmed reports, TEN’s leadership—under the guidance of its founder and CEO Dr. Nikos Tsakos and Chairman George Saroglou—is in advanced negotiations for signing new contracts to build an additional nine Shuttle Tankers. The estimated cost of the shipbuilding program is $1.3 billion.

Shuttle Tankers are vessels used for transporting oil or natural gas from a remote offshore platform or drilling rig to a storage facility or terminal.

The current status of TEN’s Shuttle Tanker fleet is as follows:

1. Four Shuttle Tankers are already in the water.
2. There is an ongoing shipbuilding program for 12 additional Shuttle Tankers at Samsung Heavy Industries shipyards.
3. Of these, three are currently under construction, with delivery scheduled from Q2 2025 to Q3 2026.
4. The remaining nine are scheduled for delivery from 2028 onwards.
5. The company is reportedly in advanced negotiations for a second shipbuilding program that will include nine more Shuttle Tankers.

Investor interest remains high due to the strong activity in offshore oil and gas exploration and extraction.

Donald Trump’s policy shift toward boosting offshore drilling is expected to drive further increases in freight rates and create new business opportunities in the sector.