TEN Expands Newbuilding Program

Wednesday, July 09, 2003
Tsakos Energy Navigation Limited (TEN) has entered into contracts with Hyundai Heavy Industries of South Korea for the building of two ice-class suezmax tankers. The new vessels are expected to be delivered during the latter half of 2005. They have also taken options on two additional suezmaxes, which, if exercised, would be scheduled for delivery in early 2006. "These new contracts continue our policy of anticipating our clients' future needs and building high quality vessels to serve them," said Nikolas Tsakos, President and CEO of TEN. "With a potential suezmax fleet of eight double-hulled ice-class tankers, these new vessels will create synergies with the four existing sister suezmaxes, the Silia T, Decathlon, Pentathlon and Triathlon, which, since their delivery in 2002, have been continuously chartered to major clients at accretive rates." Tsakos continued, "We are extremely pleased to award these new contracts to Hyundai. Since 1998, including options, we have ordered 15 vessels from them, and each delivery has been on-time and to specification." Hyundai of South Korea and Imabari Shipyards of Japan are constructing the entirety of TEN's new building program, totaling 26 vessels to date, including five on option. In addition to the newly ordered suezmax tankers, TEN expects to receive an additional five vessels over the next two years: one aframax and one panamax within the next six weeks, two handysize product carriers in 2004, and an additional handysize product carrier in 2005. TEN also has options for three additional handysize vessels. Currently, TEN has contracted employment for its fleet for 70% and 50% of the remaining operating days in 2003 and 2004, respectively.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

DNV GL’s Synergi to Manage Siem Offshore Newbuilding Projects

Siem Offshore has chosen DNV GL’s Synergi Project to manage nine newbuilding projects. Synergi Project software The software is used to optimize the collaboration

Bahri Inks Contracts with Hyundai to Build 5 VLCCs

The National Shipping Co. of Saudi Arabia (Bahri) signed contracts on Thursday with Hyundai Samho Heavy Industries (HSHI) to build five very large crude carriers (VLCCs),

USS George Washington Completes Carrier Qualifications

Carrier Air Wing (CVW) 5 and the Nimitz-class aircraft carrier USS George Washington (CVN 73) completed its carrier qualifications (CQ), May 23. CQ allows

Education/Training

USCG Tall Ship Sailing to the Bahamas

The U.S. Coast Guard Cutter Eagle is scheduled to arrive at Berth 14 at Prince George Wharf in Nassau, Bahamas on Thursday, May 28 as part of its 2015 cadet summer training deployment.

Volume Up in Dutch Maritime Technology Sector

The Dutch maritime technology sector has had a good year. Turnover increased by 17%, from EUR 6.4 billion in 2013 to EUR 7.5 billion in 2014. The sector employed 31,680 FTEs, up from 29,361 in 2013.

European Ports Identify Their Priorities

European ports are real “multitaskers”: they combine different functions ranging from gateway to the world, nodes in the transport chain, hotspots for Europe’s industrial activity,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction 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: 0.3581 sec (3 req/sec)