TEN Buys 9 Tankers for $530M

Thursday, March 09, 2006
TEN, the New York quoted Greek tanker company controlled by the Tsakos family, confirmed it has bought for nine ice class 1A tankers from Western Petroleum for $530 million. The fleet consists of six 53,000-dwt medium range chemical/products carriers delivered by Hyundai Mipo Dockyard last year and three 116,000-dwt coated aframax products carriers for delivery from Hyundai Heavy Industries in May August and October this year. The acquisitions would be financed with a mixture of corporate cash and bank debt. The handymax tankers which all fly the Bahamas flag are the Western Baltic, Western Pacific, Western Atlantic, Western Antarctic, Western Arctic and Western Icelandic. The six vessels are due for delivery to TEN in April. The aframaxes are the Western Europa, Western Asia and Western Nordika with Western Petroleum planning to register them in Malta. (Source: Reporter.gr)
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