TEN Orders Tanker Duo against New Long-Term Charter Deals

TankerIllustration. Image Courtesy: Pexels under CC0 Creative Commons license

Greece-based Tsakos Energy Navigation has placed an order for two Suezmax crude oil tankers on the back of new long-term charter deals.

Namely, the company said that the new vessels would, upon delivery, enter into minimum 5 maximum 12-year contracts to an undisclosed oil major.

According to data provided by Asiasis, the 158,000 dwt tankers were ordered from Hyundai Samho Heavy Industries in late January. The company would reportedly build the units at USD 65 million per vessel.

The data shows that the tankers, which would be delivered in 2020, were hired by Chevron.

TEN added that the time charter equivalent revenues from these two fixtures, over the duration of the respective contacts, is expected at a minimum USD 110 million and could reach USD 300 million, should employment be extended to its maximum period.

“We are immensely proud to have further solidified our relationship with one of the world’s top oil majors which again highlights’ TEN’s position as an “owner of choice” to “blue-chip” charterers across the globe,” George Saroglou, COO of TEN, said.

“This latest chapter in TEN’s growth policy, having already taken delivery of 15 fully employed vessels, underlines the company’s strategy to grow responsibly while fortifying the fleet’s cash generating ability for the years to come,” Saroglou concluded.

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