TEN says in talks with Equinor on dual-fuel tankers

Greek shipping firm Tsakos Energy Navigation (TEN) is in negotiations to charter dual-fuel Aframax tankers to Norwegian energy giant Equinor.

Nikolas Tsakos, founder and chief executive of TEN, confirmed the talks to analysts on Tuesday during the company’s first-quarter earnings call.

He was asked to comment on media reports saying that TEN was looking to order four dual-fuel Aframax tankers which would go on charter to Equinor. The tankers would probably sail on LNG.

“Well, as you know, TEN’s model depends on partnering with first class clients. We are in the process of discussing not only with Equinor but with other clients for the step forward,” Tsakos said.

TEN said earlier this year it would look into LNG, ammonia, or hydrogen as fuel for “any upcoming newbuilding project” as owners look to adapt to more stringent IMO rules and slash emissions.

“I think we are in the process of changing the actual composition of the ships right now and this is something we are discussing with clients,” Tsakos said.

“There is not much details we can say, but for us, we are very proud to have the expertise of our clients together with our team in looking for the future, even more environmentally friendly vessels out there and always with an accretive transaction in mind,” he said.

LNG tanker charters

In addition to talks on newbuild vessels, TEN said it has chartered all three of its LNG carriers to “significant gas concerns” with a duration ranging from twelve months to five years.

The new charters would result in an additional $50 million in minimum annual revenues, TEN, which mostly operates crude tankers, container and dry cargo ships, said.

TEN currently operates the 2007-built 150,000-cbm Neo Energy as well as the 2016-built 174,000-cbm Maria Energy.

Moreover, the shipping firm expects to take delivery of the 174,000-cbm Tenergy this year from South Korea’s Hyundai Heavy.

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