Hyundai Mipo Dockyard has signed contracts for up to six 37,000-dwt product tankers with Greece's Tsakos Shipping & Trading in a deal potentially worth $160m.

The deal involves firm orders for two ships plus options for four further identical units. Deliveries are scheduled to begin in 2004. HMD said it also expects to shortly confirm a contract for up to eight 46,000dwt product tankers from Athenian Sea Carriers in a deal worth $210m.

HMD is sitting on potential orders for over 30 MR(Medium Range) and handysize tankers including a potential twelve 46,000-dwt vessel order from BP Shipping worth $372m.

HMD has set itself a sales target of about 990mil for 35 ships. So far this year it has secured 20 firm newbuilding contracts, taking its total order backlog to over 60 ships.

The HMD orders add to an already extensive newbuilding programme by Tsakos controlled companies.

Tsakos Energy Navigations (TEN) recently took delivery of the 164,050-dwt Pentathlon (built 2002), the third of four suezmax tankers building at Samho Shipbuilding. A fourth ship, the Triathlon, is due for delivery before the end of 2002.