TEN snaps up duo

Greek owner Tsakos Energy Navigation (TEN) is boosting its crude exposure with a deal for two modern suezmaxes.
Captain Panagiotis Tsakos (left), his son Nikolaos (right) and grandson Panagiotis.

Captain Panagiotis Tsakos (left), his son Nikolaos (right) and grandson Panagiotis

The US-listed company said it is paying $121m en bloc for the 158,000-dwt sisters Eurovision (built 2013) and Euro (built 2012) from the group's private interests.

The ships will join the TEN fleet in the second and third quarters of this year.

TEN said technical management will continue to be done by Tsakos Columbia Shipmanagement "in order to ensure a seamless transfer."

Euro comes with an "attractive charter" to a major US oil concern until November 2015, while the Eurovision is currently trading in the spot market, it added.

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