TEN Extends Charters

Tsakos Energy Navigation Ltd. (TEN), a Greek crude, product and LNG tanker operator, has confirmed charter extension for three product tankers, including two Panamaxes and one MR, for two and three years respectively to an unnamed South American oil major.

The company projects these contracts to bring USD 40 million in total gross revenues under the new charters. Although TEN has not revealed the name of the charterer, it might just be that Brazil’s Petrobras once more decided to go with TEN’s tankers.

“These three accretive fixtures following those announced in August, expand our contracted revenues and solidify our profitability,” said Nikolas P. Tsakos, President & CEO of TEN.

“The growing appetite of end users for long term charters and the recent strengthening of the spot market, for both crude and products, reinforces our optimism going forward.” 

TEN’s fleet, including the LNG carrier Maria Energy, nine Aframax crude oil tankers and two LR1 tankers all currently under construction, consists of 62 double-hull vessels, a mix of crude tankers, product tankers and LNG carriers, totalling 6.4 million dwt.  44 of these vessels trade in crude, 14 in products, two are shuttle tankers and two LNG carriers.