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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Video: Catapult Testing on Aircraft Carrier Abraham Lincoln

U.S. shipbuilder Huntington Ingalls Industries’ (HII) Newport News Shipbuilding division has begun testing the updated catapult systems aboard the U.S. Navy aircraft

USCG to Inspect Storm-damaged Anthem of the Seas

The storm-damaged Royal Caribbean cruise ship Anthem of the Seas is scheduled to return to New York Harbor Wednesday evening where it will be met by a team of inspectors from U.

Beacon Finland Appoints Rio Marine for US Support

Beacon Finland, a maritime-related firm engaged in naval architecture, marine engineering and equipment, has appointed Rio Marine to service its JAK-ATB coupling systems in the U.

Tanker Trends

Owner Fined for 'Dangerously Unsafe' Vessel

The owner of a harbor tanker has been fined £3,000 with more than £7,000 costs after pleading guilty to a charge of operating a vessel for being dangerously unsafe.

Shipping Corporation Q3 Profit Surges

The Shipping Corporation of India (SCI) declared its unaudited financial results for the quarter ended 31st December 2015 posting a net profit of Rs. 59.66 crores as against a net profit of Rs.

Sea IT, Veritas Tankers Ink Long-term Software Deal

Sea IT has entered a long term ICT agreement with Veritas Tankers. The agreement comprises installation of BlueCORE Generation 4, an ICT platform specifically developed for the marine industry,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Repair 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: 0.0690 sec (14 req/sec)