https://splash247.com/tsakos-signs-for-lr1-newbuilds-at-two-chinese-yards/

Greek shipping company Tsakos Energy Navigation (TEN) has confirmed the acquisition of five new LR1 tankers, solidifying its fleet expansion strategy. The New York-listed firm has finalized contracts for four 75,000 dwt newbuilds with New Times Shipbuilding and one with Yangzijiang Shipbuilding, according to industry brokers.The new orders follow TEN's previous announcement of "firm discussions" with Far Eastern yards earlier this year. Each of the scrubber-fitted vessels is priced at approximately $55 million, with deliveries scheduled for 2027 and 2028.

This latest order enhances TEN's newbuilding program, bringing the total number of ships under construction to 12. Besides the five LR1 tankers, the program includes three shuttle tankers, two suezmax vessels, and two MR product tankers. The diversified newbuilding portfolio underscores TEN’s commitment to modernizing its fleet and meeting evolving industry standards.The expansion comes amid a favorable market outlook for the tanker segment, driven by robust demand for oil transportation and stricter environmental regulations necessitating modern, fuel-efficient vessels. With this significant investment, TEN aims to bolster its market position and offer advanced, eco-friendly shipping solutions to its global clients.