TEN fixes $245m tanker financing

Greece’s Tsakos Energy Navigation (TEN) has secured financing from two Dutch lenders for its tanker fleet.

The New York-listed owner has sealed a $245m deal with ABN Amro and ING Bank, law firm Watson Farley & Williams, which advised on the transaction led by Athens branch head Alexia Hatzimichalis, said in a release.

“This was a noteworthy transaction whose size highlights the ongoing commitment of major continental European banks to supporting the maritime industry,” Hatzimichalis noted.

TEN recently signed up for four 75,000 dwt LR1 newbuilds at New Times Shipbuilding and one at Yangzijiang Shipbuilding. The scrubber-fitted ships are valued at $55m each, with deliveries expected in 2027 and 2028.

The company has a newbuilding programme of 12 ships, which, in addition to the LR1s, includes three shuttle tankers, two suezmax vessels and two MR product tankers.