TEN Orders1A Ice-Class Suezmaxes

Wednesday, February 11, 2004
Tsakos Energy Navigation Limited (TEN) announced that it has ordered two suezmax, double hull, 1A ice-class tankers, with carrying capacity of 162,400 dwt each. The vessels are scheduled for delivery in the first half of 2007. Both vessels are to be constructed by Hyundai Heavy Industries (HHI), and represent the 26th and 27th vessels in TEN's newbuilding program since 1997. The 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. Additionally, the 1A ice class specification ensures that the vessels will be able to operate in ice blocked ports. "The innovative design of these environmentally friendly, 1A ice-class vessels, signifies the next phase of our newbuilding program," said Nikolas P. Tsakos, President and CEO of TEN. "Like the handysize contracts we announced in late January, we expect these vessels will have the opportunity to earn a significant premium for their unique capabilities." TEN's management believes that these vessels will be in heavy demand by Russian, Finnish and Canadian based oil majors and charterers in the near future, especially as many developing oilfields and ports currently under development in Russia, Eastern Siberia and Alaska will start producing oil and will require these specialized tankers for its transportation. Because ice- class vessels operate in a niche market, they can carry a substantial freight premium. Including the contract announced today, TEN expects its fleet to grow to 39 vessels by the end of 2007. Out of the 28 vessels currently trading, 21 operate with medium or long-term employment contracts, some at variable rates, accounting for 65% of the operating days for 2004. These contracts will generate a minimum of approximately $135 million in revenues, which should provide a sustainable flow of earnings and enhanced shareholder value. The company currently employs its remaining 7 vessels in the spot market, including the new VLCC. Currently, 90% of TEN's fleet is of the double hull design.

Maritime Today


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

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

Tanker Trends

EGAS: Egypt to tender for 10 LNG Cargoes

Egypt will tender next week to import 10 cargoes of liquefied natural gas (LNG) for delivery in July and August, an official from the state gas company, EGAS, said on Thursday.

Fos Tanker Queue Grows as Strike Impacts Refinery Ops

Nearly two dozen vessels were queued outside the French oil import terminal in Fos, southern France on Thursday, held up by a strike organised by the hardline CGT

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

Marine Power

Tech & Design Solutions for Modern Workboats

EPA Tier 4 regulations (for engines of 804 hp and higher) and propulsion advancements have many manufacturers and vessel designers changing course to adapt to new requirements and customer demands.

MAN Bags Danaos Shipping Propeller Order

MAN Diesel & Turbo has won the order to supply Danaos Shipping Co. Ltd. with fixed pitch Kappel propellers, propeller boss caps with fins, and Engine Power Limitation

Dubai Partners with WOC on Ocean Sustainable Dwevelopment

The Dubai Council on Marine and Maritime Industries (DCMMI) and the World Ocean Council (WOC) have agreed to collaborate on ocean sustainable development and corporate ocean responsibility.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Shipbuilding / Vessel Construction
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: 0.0708 sec (14 req/sec)