Greek owner Tsakos Energy Navigation (TEN) has confirmed a newbuilding deal for two VLCCs at Hanwha Ocean in South Korea, as part of a wider fleet renewal strategy.

The New York-listed company is paying around $128m per 320,000 dwt vessel, with deliveries scheduled for 2027 and 2028 and an option secured for a third unit.

Hanwha announced the VLCC order at the end of July without naming the buyer, but shipbroking sources had already linked the contract to TEN. The company had previously indicated plans to pursue large crude tanker newbuilds in response to evolving client requirements.

At the same time, TEN has confirmed the sale of three older tankers: two 2007-built handysize product carriers to related interests and one aframax to an independent third party. The sales generated roughly $60m in free cash and $9m in capital gains.

The latest moves follow TEN’s recent high-profile order for nine DP2 shuttle tankers at Samsung Heavy Industries. That $2m deal, backed by long-term bareboat charters with Petrobras’ logistics arm Transpetro, marked one of the year’s biggest specialised tanker transactions.

TEN currently operates a diversified fleet of 82 vessels across the crude, product, and LNG segments, with more than 20 ships under construction.

In related supertanker newbuilding news, commodities trading giant Trafigura exercised options at China’s Jiangsu New Hantong Ship Heavy Industry for two more vessels, bringing its total VLCC count at the yard to eight. The move follows an initial pair of VLCC orders placed in early 2024, which Trafigura quickly expanded to six units later that year. The company’s first vessels from the yard are expected to deliver in July and September 2026.