TEN Returns to Sungdong Shipbuilding for Oil Tanker Pair

Struggling South Korean yards exhibiting at this year’s Posidonia event in Greece seem to be on a roll over the past few days as they clinch the badly-needed new orders.

One of those shipbuilders is certainly Sungdong Shipbuilding & Marine Engineering Co. (Sungdong), which has won its first order for this year.

Namely, the yard’s traditional partner Tsakos Energy Navigation (TEN) has ordered construction of two 74,000 deadweight tonnage (DWT) crude-oil carriers with an option for two more.

The total value of the contract for the four LR1 tankers could reach up to USD 170 million.  The LR1s are slated for delivery in the first half of 2018, according to Asiasis website.

TEN has already ordered three tankers from Sungdong.

Greek owners are apparently eager to boost their orderbooks as just yesterday Angelicoussis Shipping Group Limited (ASGL) placed an order for four new ships with South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME).

The order comprises of two 173,400 cbm LNG carriers and a pair of 318,000 TDW VLCCs.

According to DSME, the contract, signed also at Posidonia, includes options for up to four more units and is worth some KRW 5.8 billion (USD 501 million). The deal is the biggest contract signed by the yard this year.

World Maritime News Staff

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