TEN Bags Storage Contract for VLCC

Tsakos Energy Navigation Ltd. (TEN) announced it has won a six month storage contract for a very large crude carrier (VLCC) vessel to an international major for which the minimum proceeds are expected to be in the region of $10 million.

“Accretive transactions like the one announced today is proof of the strong tanker market currently in evidence due to the drop in oil prices, which on its own merit offers TEN significant benefits on two fronts. On the first, it allows for strong spot rates which our flexible and diversified fleet takes advantage of while on the second, it materially reduces voyage expenses,” said George Saroglou, Chief Operating Officer of TEN commented. “This drop in oil prices is expected to sustain the current strong cycle for crude tankers and provide a welcoming boost for product carriers as well.”