TEN Charter Out Five Product Tankships

Tuesday, March 19, 2013

Greece-based Tsakos Energy Navigation Limited (TEN) fix 3-year charters for 5 Panamax LR1 product tankers with a major national end-user.

These fixtures are expected to generate close to $80 million in gross revenues over the duration of their contracts. 

Inclusive of the above, the total revenue of the Company's secured fleet, excluding any profit sharing arrangements, is over $1.0 billion.

"We are happy to announce this five-vessel fixture which is in line with the improving sentiment in the greater tanker sector and an extension of our strategic alliance with major end users," said George Saroglou, Chief Operating Officer. "Operating one of the largest and most versatile product tanker fleets in the world, particularly with the recent addition of a shuttle tanker, and another to join the fleet this April, we feel that TEN's income stream, particularly with the profit sharing element attached in some of our vessels and together with the earnings visibility, position the Company well for the expected market turnaround," Mr. Saroglou concluded. 

To date, TEN's pro forma fleet (excluding newbuilding options) consists of 49 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, of 4.9 million dwt. This figure includes one LNG carrier under construction and two DP2 suezmax shuttle tankers (as above) totaling 400,000 dwt.

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