TEN orders up to three shuttle tankers in South Korea

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.