TEN Extends LNG Carrier Charter

Maritime Activity Reports, Inc.

December 5, 2019

Image: Tsakos Energy Navigation

Image: Tsakos Energy Navigation

The diversified tanker operator Tsakos Energy Navigation (TEN) announced the extension of one of its liquefied natural gas (LNG) carriers for a minimum one-maximum three-year period.

The Greek shipping company said that the new increased rate is set to commence in the first quarter of 2020 and expected to generate around $30 million of gross revenues.

“We are delighted to continue the employment of our LNG carrier to one of the industry’s top names which highlights TEN’s operational capabilities in this highly demanding sector,” George Saroglou, Chief Operating Officer of TEN stated.

“The LNG sector continues to be an area of increasing interest to us and the recent newbuilding order is a testament to that. TEN’s diversified fleet of crude, product, shuttle tankers and LNG carriers, provides management with the flexibility to choose the most accretive business in each segment, in today’s strong tanker market environment,” Saroglou concluded.

TEN’s diversified energy fleet consists of 70 double-hull vessels (pro-forma), constituting a mix of crude tankers, product tankers and LNG carriers (including one LNG newbuilding option), totaling 7.8 million dwt.

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