Watson Farley & Williams (“WFW”) advised a syndicate of lenders on a US$1.1bn ECA-backed financing to Tsakos Energy Navigation Limited (“TEN”) for the construction of nine state-of-the-art DP2 Suezmax shuttle tankers currently under construction at Samsung Heavy Industries Co. Ltd., each with a fifteen-year employment contract with Transpetro International B.V (“Transpetro”) and guaranteed by Petroleo Brasileiro S.A.(“Petrobras”).
This strategic investment will create one of the youngest, most efficient and technologically advanced shuttle tanker fleets in the industry, establishing a new standard for innovation and fleet renewal. This landmark agreement is the largest single-shipyard, single-charterer shuttle tanker transaction globally to date and won the “Best Deal Award” at the Lloyd’s List Shipping Awards 2025.
Founded in 1993, TEN is a NYSE listed shipping company with a diversified energy fleet of 83 vessels, including DP2 shuttle tankers, scrubber‑fitted Suezmax and MR product tankers, as well as LR1 tankers under construction spanning crude, product and LNG carriers with a combined capacity of 10.2m DWT.
A subsidiary of Petrobras founded in 1998, Transpetro is Brazil’s state‑controlled energy company, managing the transport, storage and handling of oil, gas, biofuels and chemicals through pipelines, marine terminals and a significant tanker fleet, forming a vital part of the nation’s energy infrastructure.
Samsung Heavy Industries Co. Ltd., a member of the Samsung Group, is a leading South Korean shipbuilder and engineering firm established in 1974. It is renowned worldwide for the construction of LNG carriers, container ships, tankers and advanced offshore structures such as FPSOs and drillships.
The WFW Athens Maritime team that advised the syndicate of lenders was led by Assets & Structured Finance Partner and Athens Office Head Alexia Hatzimichalis, supported by Senior Associates Ourania Todoulou and Karolina Zachou, Associate Vassia Angeletaki and Trainee Solicitor Natalia Stameni.
Alexia commented: “We are proud to have played a key role in supporting the financing of this landmark transaction. Our long‑standing relationship with TEN’s financiers, and their continued confidence in entrusting us with complex, high‑value deals, underscores the depth of our expertise and unwavering commitment to excellence. We are truly delighted to have contributed to this well‑deserved, award‑winning deal, which sets a new benchmark in the industry”.
