New York-listed TEN yesterday ordered two firm LR1 newbuildings against period contracts, adding two more candidates for its upcoming MLP.
Ben Nolan, an analyst at Stifel, says TEN now has $775m worth of newbuildings that would be ideal candidates for the spin-off and the option to add two more LR1s.
In addition, Tsakos has $400m to $450m worth of assets on the water that could drop down to the MLP, Nolan believes.
