Tsakos Energy Navigation Limited has entered into a contract with Hyundai Heavy Industries of South Korea for the building of one DWT 37,000 handymax product tanker to be delivered during 2004. Options for a further five vessels of similar size have also been negotiated and agreed upon in principle. As part of TEN’s overall strategy to phase out older tankers in favour of modern high-spec vessels, it is expected that these new ships will eventually replace existing handymax product carriers, which currently enjoy time-charter employment with established customers. Additionally, negotiations are in progress with potential new clients for specific long-term employment contracts for these vessels.
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