Tsakos Energy Navigation
Ltd. (TEN) announced the delivery of the 162,400 dwt, 1A ice-class tanker Suezmax tanker Antarctic from Hyundai Heavy Industries
and the 36,660 dwt 1A ice-class handysize product tanker Aegeas from Hyundai Mipo Dockyard
, both in South Korea. The delivery of the Antarctic completes the company's current Suezmax
newbuilding program while the delivery of the Aegeas further augments the company's ice-class capabilities in the product tanker category.
The Aegeas will enter an attractive three year time-charter with a major international oil entity for a fixed minimum rate and a 50/50 profit share should rates exceed that minimum. Taking into account only the minimum rate, the Aegeas is expected to generate about $21 million in gross revenues over the charter period. The Antarctic has entered a repositioning voyage until the beginning of June and, upon expiration, it is expected to enter the spot market.