TEN Secures Charter Extension for Its Handysize Tanker

Tsakos Energy Navigation Ltd. has entered into the time charter renewal of a 2004 built, double hull Handysize product tanker with a major national end-user for a period of twelve months. The new charter commenced in February 2014 and is expected to generate gross revenues of approximately $6.0 million during the corresponding period.

Currently, TEN’s secured contract coverage is 60% and 38% for the available vessel days of 2014 and 2015, with expected minimum revenues of approximately $190 million and $150 million, respectively.

Overall, TEN’s minimum contracted charter revenues is approximately $880 million with an average employment of 2.7 years per vessel. The company has currently 20 vessels on fixed time charters, eight vessels on charters with profit sharing arrangements and 20 vessels trading in COAs and spot related charters.

“This charter renewal demonstrates our company’s strength on forming strategic partnerships on several fronts particularly with major oil companies. Furthermore, due to our fleet’s versatility and employment flexibility, we can count on stable cash flows while retaining the ability to take advantage of the current market recovery,” said Mr. Nikolas P. Tsakos, President and CEO of TEN. “This charter renewal is significantly higher than its previous rate and with all signs pointing to strengthening tanker rates. In addition with this extension we will continue to serve the same major energy company which has been using the vessel since 2004. This is a testament to the caliber of our company and the high quality of our vessels,” Mr. Tsakos concluded.

TEN, February 11, 2014

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >