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 July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Port of New Orleans Awards Terminal Build Contract

The Board of Commissioners of the Port of New Orleans awarded a $13.3 million construction contract to Metairie, La.-based Hard Rock Construction LLC today for

Two MacGregor Subsea Cranes Ordered for Chinese PSVs

MacGregor, part of Cargotec, has secured a new contract from Chinese shipbuilder, Fujian Mawei Shipbuilding Ltd., for two 100-metric-ton active heave-compensated subsea MacGregor cranes.

Topaz Secures $75m Investment from SCPE

Topaz Energy and Marine, an offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico,

Maritime Security

Russia Sanctions Could Slow Norwegian Arctic Exploration

Western sanctions against Russia may slow down exploration for oil and gas on both the Norwegian and Russian side of the Arctic Barents Sea, lobby group Norwegian Oil & Gas told Reuters on Wednesday.

Maritime Security West Conference Underway in Tacoma

On water and in the air, maritime security involves local, state and federal stakeholders The 2014 Maritime Security West conference is underway in Tacoma, Washington.

China Rejects Manila Protests, Laments Detentions

China rejected Philippine complaints on Wednesday about Chinese survey vessels operating in a gas-rich area of Manila's exclusive economic zone, and has lodged

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1117 sec (9 req/sec)