TEN Exercises Options for Ice Class Suezmax Tankers

Thursday, September 11, 2003
Tsakos Energy Navigation Limited (TEN) has exercised options with Hyundai Heavy Industries of South Korea for the building of two suezmax tankers at market competitive prices. The new vessels are expected to be delivered during the early 2006 and will join two sister ships expected to be received in latter half of 2005, as announced on July 9, 2003. "With these additional two ice class suezmax tankers, we will increase our suezmax fleet to eight sistership, double/double, ice class tankers," said Nikolas Tsakos, President and CEO of TEN. "Discussions with our oil major clients around the world clearly indicate that this type of high-quality tonnage will be in great demand over the next several years. Our proactive approach to increasing our fleet through contracts and options will allow TEN to continually serve our clients needs now and in the future." Tsakos continued, "Once again, we find ourselves working hand in hand with our partners at Hyundai. With these latest contracts, we have ordered 15 vessels from them since 1998, and have come to expect the highest levels of quality and service. Hyundai continually meets and exceeds our expectations." Hyundai of South Korea and Imabari Shipyards of Japan are constructing the entirety of TEN's newbuilding program, totaling 28 vessels to date, including three on option. In addition to the two suezmaxes announced today, TEN expects to receive five additional vessels over the next two years: two handysize product carriers in 2004, an additional handysize product carrier in 2005 and the two sistership suezmaxes in 2005. TEN also has options for three additional handysize vessels for delivery 2004 and 2005. Currently, TEN has contracted employment for its fleet for 70% and 48% of the remaining operating days in 2003 and 2004, respectively.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Q-Max Floating Dock Launched

On March 21, 2014, senior management from N-KOM and Nakilat attended the launching and naming ceremony of N-KOM’s Q-Max sized floating dock at Hyundai Samho Heavy Industries in South Korea.

Great Lakes Shipyard Completes Winter Work

Great Lakes Shipyard announced winter layup season is wrapping up at the yard after completing repair work on the following vessels: American Steamship Company’s

SEMBCORP MARINE’S SEMBAWANG SHIPYARD TO REVITALISE 'VOYAGER OF THE SEAS'

Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured an agreement with RCL Cruises Ltd., a member of the Royal Caribbean Cruises Ltd. group,

Tanker Trends

North Sea: Potential VLCC Moves to South Korea

North Sea Forties crude differentials were unchanged on Wednesday in very quiet pre-Easter trade, with dealers still watching two potential VLCC shipments to Asia

All Items Approved at Stolt-Nielsen Meeting

Stolt-Nielsen Limited announced that all agenda items were approved and all nominated directors were elected at its Annual General Meeting of shareholders held yesterday in Bermuda.

Petrobras, Mitsui Study South Brazil LNG Import Terminal

Brazil's state-run oil company Petroleo Brasileiro SA and Japanese trading house Mitsui Corp will study building a liquefied natural gas (LNG) terminal in the country's southernmost state,

 
 
Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
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: 0.0915 sec (11 req/sec)