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Tsakos Energy Navigation orders up to three suezmaxes backed by charters

Tsakos Energy Navigation (TEN) has ordered up to three suezmax DP2 shuttle tankers at a South Korean shipyard, on the back of long term charter to a “major European end-user.”

The time charter equivalent minimum revenues to be generated over the duration of the contracts are expected at about $250m, according to TEN.

“TEN continues its profitable and market proven policy of attractive long term charters to grow its fleet at periods of competitive newbuilding prices,” commented George Saroglou, coo of TEN.

“By doubling our presence in this very selective with high-barriers-to-entry sector, we add market share and substantially increase our bottom line,” Saroglou said.

“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,” he added.

TEN’s fleet currently consists of 65 double-hull vessels constituting a mix of crude tankers, product tankers and LNG carriers with total carrying capacity exceeding 8m dwt.

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