TEN Stretches Charters

Greek tanker owner and operator Tsakos Energy Navigation (TEN) has extended the charters for the Panamax tankers Selini and Salamina for 24 and 30 months respectively, with further 12-month extension options, to a European oil major, possibly Shell.

With the additional extension options, TEN expects the minimum gross revenue from this charter with profit sharing provisions to be around USD 37.5 million.

Shell reportedly chartered the 2009-built LR1 tankers for a period of two years back in April 2013.

George Saroglou, Chief Operating Officer at TEN, said: ‘‘We remain optimistic of the overall strength of the tanker market and expect significant revenues from profit sharing contracts, like those announced today. These together with income generated by spot trades should positively impact our bottom line going forward.”

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