Tsakos Energy Navigation (TEN) announced the delivery of the LNG powered aframax tanker, Njord DF, the first in a series of four high-spec eco designed vessels built against long-term employment to a major European state-owned oil concern.
The introduction of this vessel kickstarts the delivery of the Company’s existing green growth program with now nine remaining vessels expected to be gradually introduced to TEN’s fleet over the next ten quarters.
In 2021, TEN ordered six LNG dual-fuel tankers from Daehan Shipbuilding, including four Aframax tankers and two optional LR2 tankers. With a total price tag of KRW 500 billion, these vessels are the largest single shipbuilding contract signed since the founding of Korea Shipbuilding and the first time the shipyard has undertaken LNG dual-fuel Aframax tankers. Four of the tankers were scheduled to begin construction in September 2022 and be delivered from September to December 2023.
TEN is understood to have signed a contract with China’s largest private shipbuilder Yangzijiang Shipbuilding Group for the construction of two 50,000 dwt MR-type tankers. The new vessels are expected to be delivered in the first quarter of 2026, and the cost of a single vessel is more than $43 million. The order brings TEN’s total newbuilding orders to 10 vessels.
