Tsakos Energy Navigation Limited today announced three and five year charters for two of its modern handysize product tankers to a major end-user.
These vessels currently under pooling arrangements will commence within April/May and are expected to generate gross revenues of approximately $42 million over the duration of their respective contracts.
Concurrently with the above, the Company announces the options for two conventional suezmax newbuildings from a South Korean yard expected to be delivered in Q2 2012 and Q1 2013. Should these options be exercised, the total number of suezmaxes in TEN’s fleet will be 14, including the two shuttle tankers under construction.
“The appetite of end-users for long term employment of product carriers is a positive testament for this segment. Our balanced employment policy with long-term contracts and profit sharing provisions would allow for further income visibility and continuous dividend distributions amid the sound confines of an already existing strong balance sheet,” said Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN.
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Source: TEN, April 16, 2012