Tsakos Energy Navigation Limited yesterday announced two year time-charters with profit sharing for four 2005-built handymax MR product tankers to an international oil entity starting promptly.
Tsakos Energy Navigation Limited yesterday announced two year time-charters with profit sharing for four 2005-built handymax MR product tankers to an international oil entity starting promptly. The minimum revenue expected from these fixtures is estimated at $32 million. Prior to these fixtures, the vessels were operating in the spot market. Following these charters, TEN's fixed employment including pool vessels for 2010 and 2011 is approximately 70% and 50%, respectively.
"We are pleased to announce the commencement of a long term relationship with a well known international oil client and look forward to a successful and productive cooperation together. This cooperation based on flexible time charters, the cornerstone in TEN's employment policy, further assists in safeguarding our company against market downturns while allowing for profit participation in market ups," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "It is encouraging that major users are entering the market and offering long-term charters to quality vessels. We are confident that TEN, with its modern fleet, quality operations and long track record, will be one of the prime beneficiaries of this recent trend," Mr. Tsakos concluded.
TEN's pro forma fleet consists of 51 double-hull vessels of 5.5 million dwt and includes two DNA-aframax crude carriers and two suezmax tankers currently under construction totalling 526,000 dwt.
TEN's balanced fleet profile is reflected in 26 crude tankers ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize and one LNG.