New Charters Expected to Generate a Minimum of $42M in Gross Revenue
Tsakos Energy
Navigation Ltd. (TEN) announced the fixture of the 2006-built 1A ice-class Handysize product tanker Andromeda for three-years to an international trading house for a minimum rate and a 50:50 profit
share if rates exceed that minimum. Concurrently with this fixture, TEN
concluded a three-year charter, to the same end-user and for the same
terms, for the sister handysize vessel Aegeas which is expected to be
delivered in April 2007 from
Hyundai Mipo Dockyard in South Korea. The
charter of the Andromeda will commence in May 2007 while for the Aegeas
immediately upon delivery. By earning just the minimum rate, the company
expects to generate at least $42 million in gross revenues over the
corresponding charter period.