TEN orders suezmax shuttle tanker trio for long-term charter deal

Greek tanker giant Tsakos Energy Navigation (TEN) says that it has ordered three suezmax DP2 shuttle tankers in South Korea, backed by a deal for long-term employment with a major European charterer.  

TEN says the time charter equivalent revenues over the duration of the respective contacts, should all be exercised, are expected at total about $250m.  

George Saroglou, COO of TEN, commented: “TEN continues its profitable and market proven policy of attractive long-term charters to grow its fleet at periods of competitive newbuilding prices. By doubling our presence in this very selective with high-barriers-to-entry sector, we add market share and substantially increase our bottom line. Accretive fleet growth and renewal remains a cornerstone of our strategy which along with healthy dividends and stock buybacks should assist for a more realistic share valuation going forward.” 

According to VesselsValue, TEN has a total of two LNG carriers and 72 tankers in its fleet as well as another four tankers on order. 

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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