Tsakos Energy Navigation (TEN) says it has bought a VLCC from a major oil concern in preparation for an improvement in the market into 2023.

The Greek owner purchased the 2020-built scrubber-fitted Zeus (300,000 dwt) this month, with expected delivery in September, in anticipation of an increase in rates into next year.

Chief executive Nikolas Tsakos told investors that the fundamentals for the tanker market appear good, with growing demand for oil and the prospect of longer routes because of the war in Ukraine.