Tsakos Energy Navigation Limited (NYSE:TNP) announced that the seven year time-charter with profit sharing for the 2002-built double hull suezmax tanker Triathlon will be extended for an additional three years.
The charter, which began in January 2004, will continue with the same charterer. This optional period will extend the total employment of the Triathlon from seven years to ten, until 2014. Since the initiation of this charter in 2004 through the end of 2008, the vessel has generated gross revenues in excess of $62m.