TEN Ltd., in a press release, announced the contract for the building of up to three suezmax DP2 shuttle tankers on long-term employment to a major European end-user.
The vessels will be built in South Korea and the time charter equivalent minimum revenues to be generated over the duration of the respective contacts are expected at about $250 million.
Charter to grow the fleet
“TEN continues its profitable and market proven policy of attractive long-term charters to grow its fleet at periods of competitive newbuilding prices,” Mr. George Saroglou, COO of TEN commented.
“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,” Mr. Saroglou concluded.
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Source: TEN Ltd.
