TEN Announces Time-Charter Extensions for Tankers
Tsakos Energy
Navigation Ltd. (TEN) announced three-year charter
extensions for its 2002-built double-hull Suezmax tankers, Cape Baker and
Cape Balboa, to a major South American state oil company. The charter rates
for the extensions are significantly higher than the prior rates and are
over 55% higher than TEN's charter-in obligations, reflecting a healthy
outlook for the market. Gross revenues for these two vessels are expected
to exceed $75 million over the three-year charter period. These vessels
were part of a sale & leaseback transaction TEN entered into in 2003 with
options to repurchase the vessels, at specified prices, over the next two
years.