Tsakos Energy Navigation (TEN) has invested $218m to acquire four Korean-built Panamax tankers.
The company said the 74,000dwt vessels were acquired from affiliated companies and will be managed by Tsakos Columbia ShipManagement.
The first two vessels, the World Harmony and Chantal, will replace the Victory III and Hesnes and are on time charters to a South American state-affiliated oil company.
TEN expects the charters to generate about $10m in minimum revenues.
The remaining two Panamaxes, the Selini and Salamis, operate in a spot pool and TEN’s management will consider employment options upon delivery, the company said.