TEN Sends New Panamax Tanker on Long-Term Charter

Image Courtesy: TEN

Greek tanker owner and operator Tsakos Energy Navigation (TEN) has taken delivery of the Panamax product tanker Sunray from South Korea’s shipbuilder Sungdong.

Featuring 74,200 dwt, the vessel will immediately enter a long-term profit sharing contract with an oil major that could generate minimum gross revenues of USD 40.5 million.

The contract is for a minimum of 54 and a maximum of 78 months, according to the company.

Sunray is the fourth of a 15-vessel fully financed fleet growth plan delivered since June 2016.

With 13 of the 15-vessel program having been built against long-term accretive contracts, “the minimum gross revenues expected by just these vessels could exceed USD 1.3 billion if certain inbuilt options get exercised,” TEN said.

Earlier in August, TEN expanded its fleet with the Aframax crude tanker Thomas Zafiras, built by Romania-based shipbuilder Daewoo Mangalia Heavy Industries (DMHI).

Upon delivery, the 112,700 dwt tanker entered a long-term charter contract with oil and gas major Statoil which is expected to generate gross revenues in excess of USD 100 million, TEN said.

As of August 2016, about 60% of 2016 fleet available days, assuming nine deliveries, are on secured contracts with an average length of 2.5 years and minimum gross revenues of about USD 1.5 billion.

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