Healthy Tanker Market Brings TEN a Better Charter

Athens-based crude, product, and LNG tanker operator Tsakos Energy Navigation Limited (TEN) has renewed a charter for one of  its handysize product carriers with an unnamed oil company for a period of twenty-four months at a 20% premium compared to the previous rate.

The renewed charter is starting in September 2015, and is expected to generate approximately USD 13 million in total gross revenues.

As a result, this latest fixture along with the five charters announced last month for a suezmax crude tanker and four MR product carriers, increases the company’s total minimum charter revenues of the fleet under secured employment to over USD 750 million.

“The sustained pressure in oil prices continues to encourage a healthy activity in global oil imports and as a result offers incremental benefits to companies with strong spot exposure like TEN due to the material decrease in the cost of bunkers,”  George Saroglou, Chief Operating Officer of TEN, said.

“We remain confident on the continued strength in the tanker markets over the foreseeable future as we enter the seasonally strong fourth quarter with market fundamentals well balanced and with most of our vessels optimally positioned to take advantage of upcoming charter opportunities.” 

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