EuropeTankers

TEN confirms suezmax order for long-term charters

Nikolas Tsakos led TEN has entered into contract for the construction of two suezmax tankers, which upon delivery will enter into long-term charter contracts with a major oil company.

The charters are for a minimum of five years, and maximum twelve, and will bring in between $110m to $300m revenue for the company.

The order confirms Splash’s report last month that TEN placed orders for two 158,000 dwt suezmax tankers at South Korean yard Hyundai Samho and the pair will be chartered to Chevron upon delivery in 2020.

“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,” said George Saroglou, COO of TEN “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 added.

TEN operates a fleet of 62 vessels comprising 60 tankers and two LNG carriers. It also has two aframax newbuildings under construction at Daehan Shipbuilding.

 

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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