Tsakos Energy Navigation is looking to add to its duo of VLCCs.
After noting it was exploring options in the LNG and shuttle tanker space in its first quarter earnings release, chief executive Nikolas Tsakos said the company was looking into buying more crude carriers.
"We are looking at some [secondhand] VLCCs as we currently speak," Tsakos said on the company's quarterly call.
He said the company's VLCCs were on revenue-sharing contracts, which should help them capture some of the upside in rate growth, and that one of the two comes off charter in the fall. He said the company would look to re-charter that ship.
Tsakos added that better rates for VLCCs often have a knock on effect for other types of ships.
In addition to the two VLCCs, the company has 11 suezmax tankers and 17 aframaxes.
For the first quarter, Tsakos Energy tripled its year-over-year profit to $11.2m, thanks to higher freight rates.
The company expects the rally to continue through the rest of the year, thanks to a low orderbook and disruptions brought on by the IMO 2020 emissions regulations.
