TEN Adds Crude Tanker, LNG Carrier to Its Fleet

Greek tanker owner and operator Tsakos Energy Navigation (TEN) has taken delivery of two vessels, the Aframax crude tanker Leontios H and the company’s second liquefied natural gas (LNG) carrier Maria Energy.

The vessels, delivered from Romania-base Daewoo Mangalia Heavy Industries, and from South Korea’s Hyundai Heavy Industries (HHI), respectively, have immediately started their charter contracts.

Leontios H entered into a long term contract to a Northern European charterer that could generate gross revenues in excess of USD 100 million. The tanker is the third vessel in a series of nine purposely built Aframax tankers on long term time charters at accretive rates, TEN said.

“Following the delivery of the M/T Leontios H, TEN is in the midpoint of its fifteen vessel growth program. With eight more tankers scheduled for delivery over the next five quarters, a minimum of USD 720 million will be added to TEN’s secured revenues from new vessels,” George Saroglou, Chief Operating Officer of TEN, said.

The employment of the 174,000 cbm Tri-Fuel diesel electric propulsion (TFDE) Maria Energy is for a minimum of 18 months and maximum of three years. The company said that this deal could generate gross revenues in excess of USD 70 million if options get exercised.

“With the delivery and charter of the Maria Energy and the Neo Energy, the first phase of TEN’s involvement in the LNG segment has been successfully completed and as a result, TEN is now well placed to expand its LNG activities,” George Saroglou, Chief Operating Officer of TEN, said.

TEN’s fleet consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt.

All of TEN’s tanker newbuildings, except the one remaining VLCC Hercules, are fixed on long-term project businesses.