Flota Petrolera Ecuatorian News

Tsakos Energy Navigation Ltd. (TEN) announced the delivery of the 1A ice-class 116,000dwt Aframax product tanker Propontis and the 1A ice-class 36,660dwt Handysize product tanker Arion from South Korea's Hyundai Heavy Industries and Hyundai Mipo Dockyard, respectively. Upon delivery, the Propontis, one of the largest product tankers in the world and the last of the three Aframax newbuildings acquired from Western Petroleum to be delivered, entered a two- year time charter with Neste Oil of Finland, one of Europe's prime independent oil companies with significant ice-class trading requirements. The time charter incorporates a minimum rate which should gross TEN revenues in excess of $21 million over the corresponding charter period, with a 50:50 profit split if rates exceed that minimum.