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Tuesday, October 23, 2018

TEN Gets Charter Extension for Seven Panamaxes

Maritime Activity Reports, Inc.

February 14, 2018

Photo: Tsakos Energy Navigation Limited

Photo: Tsakos Energy Navigation Limited

 Greece-based Tsakos Energy Navigation (TEN) has announced the charter extension for seven panamax tankers, for an average of 24 months, to a state oil concern. 

 
The charters which all incorporate profit sharing provisions are expected to generate minimum gross revenues of over $70 million.
 
“These charters, in terms of duration, security, flexibility and quality, enhance the industrial nature of our business, further solidify our fleet’s cash generating ability, strengthen our balance sheet and provide visibility of earnings and dividends,” George Saroglou, COO of TEN commented.
 
TEN  is one of the oldest and largest independent transporters of energy in the world.
 
TEN’s fleet consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are liquefied natural gas (LNG)  carriers.
 
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