TEN WIns Three Year Charter for Two Product Tankers

Maritime Activity Reports, Inc.

January 8, 2019

Pic: Tsakos Energy Navigation

Pic: Tsakos Energy Navigation

Greek shipping company Tsakos Energy Navigation (TEN) announced 36-month long charters with min/max provisions for two product tankers to a major oil concern.

At a minimum, these two fixtures combined are expected to generate $33.0 million of gross revenues, the provider of seaborne crude oil and petroleum product transportation services worldwide said.

“With 2018 finishing on an upbeat note for all tanker segments, these two fixtures further signify a strong market for this year which the Company’s employment strategy is designed to take advantage of,” George Saroglou, COO of TEN said.

“We expect the market in 2019 to maintain the strong momentum as a result of the current supply and demand equilibrium as well as the anticipated disruptions due to the upcoming IMO 2020 emission regulations. TEN is positioning itself appropriately to benefit from this unfolding positive freight environment,” Saroglou concluded.  

TEN’s diversified energy fleet currently consists of 66 double-hull vessels, including two aframax tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.5 million dwt. Of the fleet today, 46 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers.

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