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TEN orders up to three shuttle tankers in South Korea

July 10, 2020

Greek shipping major TEN has entered into a contract for the construction of up to three Suezmax DP2 shuttle tankers on long-term employment with an unnamed European charterer.

TEN said that vessels would be built at a yard in South Korea and that the time charter equivalent minimum revenues to be generated over the duration of the respective contacts are expected at about $250 million.

“TEN continues its profitable and market-proven policy of attractive long-term charters to grow its fleet at periods of competitive newbuilding prices,” said George Saroglou, COO of TEN.

“By doubling our presence in this very selective with high-barriers-to-entry sector, we add market share and substantially increase our bottom line. Accretive fleet growth and renewal remain a cornerstone of our strategy which along with healthy dividends and stock buybacks should assist for a more realistic share valuation going forward.”

TEN’s fleet currently consists of 65 double-hull vessels in the water, constituting a mix of crude tankers, product tankers and LNG carriers.

The company has one LNG carrier, two suezmax tankers and up to three suezmax DP2 shuttle tankers under construction.

The post TEN orders up to three shuttle tankers in South Korea appeared first on Offshore Energy.