TEN Linked to LR2 Order at Daehan

Greek shipowner Tsakos Energy Navigation (TEN) has booked the construction of two Long Range (LR2)/Aframax tankers at South Korean shipbuilder Daehan Shipbuilding, data from Asiasis shows.

The two ships are scheduled for delivery in October 2019 and January 2020.

Price details of the order have not been disclosed.

TEN is yet to provide World Maritime News with a comment on the matter.

The order is being reported on the back of the completion of TEN’s 15-vessel newbuilding program in the fourth quarter of last year. In addition, the tanker owner and operator has been offloading some of its older tonnage as well.

Just last month, the company sold its oldest very large crude carrier (VLCC), the 1998-built Millennium, for demolition.

TEN’s fleet consists of 64 double-hull vessels totaling 6.9 million dwt. Of these, 46 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers.

Despite a difficult tanker market, the Greek tanker shipping company ended 2017 in the black with a net income TankerofTanker USD 20.4 million.

However, the full-year profit was halved when compared to 2016 when TEN’s net income stood at USD 55.7 million.

The company is scheduled to report earnings for the first quarter of 2018 on Friday, June 15, 2018.

World Maritime News Staff