- Signed for two 158,000 dwt suezmax tankers
- $300 million in Potential Maximum Time Charter Income
- 5 to 12-year contracts with a significant oil major
- Strategy for Continuous Responsible Growth
TEN (Tsakos Energy Navigation) announced its contract for the building of two suezmax tankers, reports Splash.
What is in the contract?
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.
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.
Revenue and period
The charters are for a minimum of five years, and maximum twelve.
The revenue from these two fixtures is expected between $110m to $300m for the company.
What does the company say?
“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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Source: Splash247
