TEN Exercises Options for Product Carriers

Thursday, March 18, 2004
Tsakos Energy Navigation Limited (TEN) has exercised options for two handysize, double hull, 1A ice-class tankers, with carrying capacity of 37,000 dwt each. The vessels have a contract price of just under $30 million per ship and are scheduled for delivery in March and June of 2007. These vessels are sister ships to the newbuildings announced in January of this year. The vessels are to be constructed by Hyundai Heavy Industries at their Mipo shipyard, and represent the 28th and 29th vessels in TEN's newbuilding program since 1997. These vessels are specifically designed to meet the stringent requirements of classification societies and other regulatory bodies, the rules and guidelines of oil majors and various port authorities and terminals relating to environmental protection. They can also carry all petroleum products including all types and categories of aviation fuels and light chemicals including alcohol and MTBE, the "green", environmentally friendly additive in gasoline. Additionally, the vessels adhere to the Finnish Maritime Authority (FMA) standards, which ensure high structure strength for operation in areas with heavy ice presence. "With the exercise of these options, TEN has clearly illustrated its commitment to maintain a diversified fleet which meets the growing needs of its clients," said Nikolas P. Tsakos, President and CEO of TEN. "These environmentally friendly, high-specification vessels have the opportunity to earn a significant premium for their trading versatility. We expect future demand for this type of vessel to increase, and by building these vessels now, TEN joins an exclusive fraternity of shipowners who participate in this specialized segment of our industry."
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Fjords Processing Bags Johan Sverdrup Contracts

Fjords Processing, headquartered in Norway (Fornebu), has won three contracts for the deliveries of process systems for the Johan Sverdrup development in the North Sea.

Ocean Safety, Richard Irvin Marine Safety Merger

Ocean Safety has today announced the merger with Richard Irvin Energy Solutions Marine Safety Division and their Aberdeen branch.   This merger follows the

Maritime Security

New Binding Law of The Sea Agreement Advanced

WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N.

Saab Bags $1 bln Order for Swedish Submarines

The Swedish Defence Materiel Administration (FMV) has awarded contracts worth Skr8.6bn ($1.03bn) to Saab AB for the construction of two new Type A26 submarines

Latest LCS Completes US Navy Trials

Littoral Combat Ship 6 (LCS 6), the future USS Jackson, has completed U.S. Navy acceptance trials, shipbuilder Austal Limited announced.   The trials, the final milestone before delivery,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1122 sec (9 req/sec)