Tsakos Energy Navigation ties up shuttle tankers

Tsakos Energy Navigation has signed a long term charter agreement with a national oil company for two DP2 suemax vessels
Tsakos Energy Navigation ties up shuttle tankers

Tsakos Energy Navigation (TEN) has announced that two DP2 shuttle tankers have been signed up to a long term charter agreement with a national oil company.

The leading crude, product and LNG tanker operator will deliver the first suezmax vessel in the first quarter of 2017, with an option for a second vessel to be delivered after this.

According to the company, the project will make a positive contribution to TEN’s bottom line.

Nikolas P. Tsakos, President and CEO of TEN said the company was pleased to be expanding into the shuttle tanker sector, which is a highly specialised and niche segment.

“This project is expected to generate significant long term advantages for our company and its shareholders. In the interim, the current spot market rates continue to rise in both the crude and product sectors, as the drop in the price of oil increases demand for our services and enhances our profitability.”

TEN’s current fleet consists of 64 double-hull vessels totalling 6.72 million dwt. 

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by Laura Stackhouse

readmt.com Editor

Laura Stackhouse is the Web Editor of readmt.com, an official publication of the International Marine Purchasing Association (IMPA). To discuss news, features or contributing to readmt.com please get in touch.

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