TEN Extends Charters for Three Product Tankers

Maritime Activity Reports, Inc.

October 3, 2014

Photo courtesy of TEN

Photo courtesy of TEN

Three new charters to generate total revenues of $40 million; spot rates increase in Q4

Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) announced the charter extension for three product tankers, including two Panamaxes and one MR, for two and three years respectively to a South American oil major. These contracts are expected to generate $40 million in total gross revenues over their relevant duration.

“These three accretive fixtures following those announced in August, expand our contracted revenues and solidify our profitability. In addition, they reconfirm TEN’s position as a shipowner of choice for major oil companies,” stated Nikolas P. Tsakos, President & CEO of TEN. “The growing appetite of end users for long term charters and the recent strengthening of the spot market, for both crude and products, reinforces our optimism going forward. TEN’s mix of long term employments and vessels in the spot market takes advantage of current market conditions and further enhances our bottom line.”

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