Seaborne Oil Demand News

Tsakos Energy Navigation Limited (NYSE:TNP) announced a three-year time-charter extension for its 2004-built double hull 37,500dwt product tanker Delphi to the same South American state oil company that had previously chartered the vessel. The charter is expected to generate gross revenues in excess of $22.6m over the corresponding charter period. With this contract and based on TEN’s current operating fleet of 45 vessels of which 39 are under various forms of period employment, TEN’s charter coverage rises to 91% employable days secured for the remainder of 2008 and 70% of employable days secured for 2009. These fixtures translate to…

Tsakos Energy Navigation Limited (NYSE:TNP) announced a three-year time-charter extension for its 2004-built double hull 37,500dwt product tanker Delphi to the same South American state oil company that had previously chartered the vessel. The charter is expected to generate gross revenues in excess of $22.6m over the corresponding charter period. With this contract and based on TEN’s current operating fleet of 45 vessels of which 39 are under various forms of period employment, TEN’s charter coverage rises to 91% employable days secured for the remainder of 2008 and 70% of employable days secured for 2009. These fixtures translate to…