Greece: TEN Exercises Options for Two Suezmax Vessels

Tsakos Energy Navigation Limited (TEN) revealed the options for two conventional suezmax newbuildings from a South Korean yard expected to be delivered in Q2 2012 and Q1 2013. Should these options be exercised, the total number of suezmax vesels in TEN’s fleet will be 14, including the two shuttle tankers under construction.

“The appetite of end-users for long term employment of product carriers is a positive testament for this segment. Our balanced employment policy with long-term contracts and profit sharing provisions would allow for further income visibility and continuous dividend distributions amid the sound confines of an already existing strong balance sheet,” said Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN.

To date, TEN’s pro forma fleet consists of 51 double-hull vessels of 5.5 million dwt that includes one LNG carrier and two DP2 suezmax shuttle tankers currently under construction totaling 400,000 dwt. The Company has newbuilding options for two conventional suezmax tankers and one LNG carrier.

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Shipbuilding Tribune Staff, April 16, 2012; Image: tenn