South Korea's Daehan Shipbuilding has bagged its first ever dual-fuel newbuildings contract with a deal worth $450m.
Tsakos Energy Navigation (TEN) has booked orders for up to six aframaxes — four firm 115,000-dwt units and two options — the shipbuilder confirmed.
A shipyard executive said TEN has the option to upgrade the optional newbuildings to LR2 tankers.
Daehan did not disclose the price of the newbuildings, but shipbuilding players believe TEN is paying about $75m per ship.
If the company exercises the options and upgrades them to LR2 tankers, it will need to pay an additional $3m per ship.
TradeWinds first reported that TEN was planning to order dual-fuel aframax tanker newbuildings at Daehan in June.
The New York-listed owner is believed to have ordered the ships on the back of charter contracts from Norway's Equinor.
The oil major was reported to be paying a daily charter rate of between $28,000 and $29,000 for the aframax tankers. It is taking the tankers for five years, with a series of five, one-year options.
TEN’s dual-fuel tanker newbuildings will be fitted with type-C tanks. The company is slated to take delivery the quartet newbuildings during the last quarter of 2023.
Based in Haenam, Daehan is described by shipbuilding players as a “second-tier shipyard” that focuses on suezmax and aframax tankers. It is controlled by its creditors, the largest of whom is state-owned Korea Development Bank.
TEN’s four dual-fuel crude carriers means Daehan has now secured a total of 11 aframax newbuildings so far this year.
Enesel and Chandris (Hellas) have each booked two LR2 newbuildings, while Pleiades has signed up for two crude tankers and Atlas Maritime one ship.
