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.