Greek tanker operator Tsakos Energy Navigation (TEN) has agreed charter extensions for seven of its Panamax tankers with an undisclosed state oil company.
With an average of 24 months, the charters incorporate profit sharing provisions. They are expected to generate minimum gross revenues of over USD 70 million, according to the company’s release.
“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, said.
TEN has a fleet of 65 double-hull vessels, elevent of which are Panamaxes. The fleet constitutes a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt.