Tsakos Energy Navigation has confirmed a major deal that expands its fleet with an ultra-modern tanker quintet from Norway’s Viken Shipping.
TradeWinds reported earlier this month that the US-listed Greek company was thought to be spending between $350m and $400m on Viken’s five biggest tankers.
“We are delighted to acquire this modern eco fleet and underscore TEN’s commitment to operate environmentally friendly vessels to meet the increasing demands of our blue-chip clientele,” chief operating officer George Saroglou said in a press release on Wednesday confirming the deal.
The five tankers are the 110,000-dwt LR2s Askviken and Angleviken (both built 2023); 112,900-dwt aframaxes Eikeviken (built 2019) and Breiviken; and 157,600-dwt suezmax Morviken (both built 2018).
Greek brokers have put a $357m price tag on the transaction.
That, however, may be inaccurate. In the press release, TEN did not disclose the price it paid but suggested that it includes a consideration for ongoing chartering business.
“The vessels have an average employment of two years with fixed and profit-sharing features totalling over $100m in minimum gross revenues,” TEN said.
The Athens-based company will fund the acquisition with cash at hand and bank finance.
Attractive characteristics
The Tsakos group, of which TEN is part, usually expands with newbuildings on the back of secured employment.
It seems to have made an exception to its rule, however, after spotting an opportunity to lay hands on modern tanker tonnage in an en-bloc deal for resale and secondhand tankers.
The Viken ships are coveted vessels with attractive characteristics.
The Samsung Heavy Industries-built Breiviken and Eikeviken come with ice-class 1A notation and hybrid scrubbers.
The Askviken and Angleviken are LNG dual-fuel ships that were recently delivered by Guangzhou Shipyard International.
Most of the five ships were trading with TotalEnergies, with which Viken enjoys close working relations.
The sale leaves Viken with five shuttle tankers built in 2012 and 2013, as well as two small product tankers.
TEN, by contrast, boosts its fleet to 72 ships — mostly tankers and a few LNG carriers. That includes six LNG-fuelled tankers, 12 scrubber-fitted vessels and 17 ice-class ships.
The Greek company is already expanding its fleet further with a quartet of LNG dual-fuel aframax newbuildings from DH Shipbuilding, which has already delivered three of them.
Six more tankers are in the pipeline, under construction and due for delivery by 2026.
