Tsakos Takes Delivery of Second DP2 Shuttle Tanker from Sungdong

Rio 2016 DP2 shuttle tanker, image: TEN

Tsakos Energy Navigation Limited (NYSE: TNP) took delivery today of its second fully-coated DP2 suezmax shuttle product tanker, Brasil 2014, from Sungdong Shipbuilding in South Korea.

The Brasil 2014 is a sister vessel to the Rio 2016 (pictured above) that was delivered in March. Both vessels are being deployed on 15-year charters to an undisclosed South-American energy company. These charter contracts are expected to generate $520 million in gross revenues.

TEN’s fleet is now comprised of 28 product carriers, 19 crude tankers and 2 LNG carriers, including a 162,000 cbm LNG carrier new build due for delivery from Hyundai Heavy in 2015..

TEN’s fixed minimum contracted revenues exceed $1.0 billion with an average secured fleet employment of 3.2 years per vessel.

“We are delighted to have taken delivery of our second DP2 shuttle tanker that further strengthens our presence in this high-end and rewarding specialized segment,” stated Mr. Nikolas P. Tsakos, President and CEO of TEN.

“With a leading position in product tankers, solid critical mass in crude and established presence in LNG, we have positioned the Company to immediately take advantage of market upturns, already evident in our main sector the products, and at the same time expand and solidify our future revenue streams,” Mr. Tsakos concluded.