Tsakos Fixes Suezmax Tanker

Athens-based tanker owner and operator Tsakos Energy Navigation (TEN) has entered into a long-term charter agreement for a suezmax tanker with an undisclosed company.

The contract is scheduled to start in December 2015 upon the completion of the vessel’s current voyage.

Tsakos expects that the charter will generate approximately USD 18.5 million in total gross revenues.

“This accretive charter highlights oil majors’ appetite for long term fixtures and reaffirms our belief that the health of the crude oil market remains strong,” George Saroglou, Chief Operating Officer of TEN, said.

The charter agreement brings the company’s number of time charter fixtures since the beginning of the year to fifteen with total gross revenues of about USD 280 million.

Adding the contracts attached on twelve vessels under construction that will enter the fleet from early 2016, Tsakos’ total minimum secured revenue amounts to approximately USD 1.5 billion.

As a result, so far to-date and including the newbuildings that will enter the fleet in 2016, the days under secured coverage (for 2016) exceed 55%, up from 35% earlier in the year.

“With USD 1.5 billion in minimum secured revenues, TEN will continue to adjust its employment strategy so to enhance cash flow visibility, irrespective of market conditions, while continuing to take advantage of firm spot rates. With a large part of our fleet in secured and flexible contracts, including many under profit sharing provisions, to be complimented by selective vessel sales, we remain confident that TEN will continue to provide attractive returns to shareholders through share price appreciation and the payment of steady, growing dividends,” Saroglou said.

TEN’s fleet consists of 65 doublehull vessels, a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. This includes the company’s newbuilding vessels, namely two VLCCs, an LNG carrier, nine Aframax crude oil tankers, a Suezmax DP2 shuttle tanker and two LR1 tankers.

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