Eighth Aframax Handed Over to TEN

  • Business & Finance

Athens-based shipping company Tsakos Energy Navigation (TEN) has taken delivery of the eighth in a series of nine tankers built against long-term employment to an undisclosed European oil firm.

The vessel in question is the 112,700 dwt aframax tanker Stavanger TS, which is one of four ships from this order with ice-class specifications.

Built by Romania-based Daewoo-Mangalia, the tanker has a capacity of 123,933 m3. It features a length pf 249 meters and a width of 44 meters.

The final ship from the batch of 15 vessels, the Bergen TS, is scheduled to be delivered in the third quarter of 2017. Upon delivery, the ship will be deployed on its long-term employment.

With the delivery of the Bergen TS, TEN’s current expansion program will reach its conclusion and result in 75% of the fleet in secured contracts with minimum gross revenues of USD 1.5 billion and average charter duration of 2.6 years.

TEN’s pro-forma fleet, including one Aframax tanker under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt. Of these, 45 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers.

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