Greek tanker owner and operator Tsakos Energy Navigation Limited (TEN) today announced new time charter contracts for four vessels, an aframax, two panamaxes, and a handysize product tanker, all to major end users.
The company said that the average contract length of all four fixtures is 14 months which bring the aggregate fleet gross revenues to a minimum of USD 1.4 billion.
“The new time charters increase TEN’s fleet under secured revenue employment to 68%. With seven more vessels delivering in 2017, six of which under long term charters, the coverage will well exceed 70%,” Nikolas P. Tsakos, President and CEO of TEN, said.
He added that “repeat business from first class clients fits well with our industrial shipping model, solidify further our balance sheet, and support TEN’s continued profitability, all attributes which should ultimately be reflected in TEN’s true valuation.”
TEN’s pro-forma fleet, including one VLCC, five 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.
Of these, 45 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers.