TEN Secures Time Charter for New VLCC
- Business & Finance
Athens-based shipping company Tsakos Energy Navigation (TEN) has agreed a time charter deal for its newly delivered very large crude carrier (VLCC) Hercules I with a US oil major.
The contract for the 2017-built tanker is for up to 18 months time charter with minimum and profit sharing provision.
With this contract, TEN secured charters for its entire newbuilding program.
“All 15 new vessels in TEN’s growth program, including the five for the rest of this year, have full long-term employment,” Nikolas P. Tsakos, President and CEO of TEN and current Chairman of INTERTANKO, said.
“This new time charter announced today with minimum base rate and profit sharing arrangements protects the company’s bottom line and ensures participation on the upside,” Tsakos added.
The company’s pro-forma fleet, including four Aframax tankers and a Suezmax DP2 shuttle tanker under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt.