Hanwha Ocean signs intent to construct oil tankers with Greek firm Tsakos

Hanwha Ocean signed a letter of intent to build a total of three very large crude carriers (VLCC) with the Greek shipping company Tsakos Energy Navigations. Initially, there were expectations that Tsakos would place orders with HD Hyundai Heavy Industries or Samsung Heavy Industries, but it appears that the focus has shifted to Hanwha Ocean.

According to foreign media reports on the 26th, Hanwha Ocean recently signed a letter of intent for the construction of two VLCCs with Tsakos. It is reported that the letter also includes an option for an additional order of one vessel.

This is the first time Tsakos has ordered VLCCs in 10 years since signing a construction contract with HD Hyundai Heavy Industries in 2015. Tsakos is disposing of aging vessels and replacing its fleet with environmentally friendly ships in accordance with environmental regulations.

Tsakos has been negotiating with domestic shipbuilders, considering factors such as quality and delivery reliability, and it is reported that Hanwha Ocean was chosen because they expect early delivery. HD Hyundai Heavy Industries secured the VLCCs ordered by Tsakos in 2015, and Samsung Heavy Industries won an order for nine shuttle tankers from Tsakos in March.

The letter of intent indicates that the two companies intend to discuss order-related matters within a set timeframe, but it does not carry any legal obligations. If Hanwha Ocean secures VLCC orders from Tsakos, it is expected to be a welcome relief during a sharp decline in ship orders. A representative from Hanwha Ocean noted, “There is nothing we can confirm at this time.”
Source: CHOSUNBIZ