TEN Finds Work for One of Its Crude Carriers

TankerIllustration; Source: Pexels under CC0 Creative Commons license

Tanker operator Tsakos Energy Navigation (TEN) has reached an agreement to charter one of its Suezmax tankers for a period of up to 36 months to a major European oil concern.

Gross revenues expected over the maximum period of this employment are estimated to be in the region of USD 23 million.

The vessel in question is currently operating in the spot market on a minimum rate with profit sharing provisions to capture any freight upticks during the life of the contract, the company explained.

In March 2019, TEN secured charters for two of its LNG carriers, the 2007-built Neo Energy and the 2016-built Maria Energy.

The ships were hired by undisclosed international energy concerns for an aggregate period of 36 months. The total gross revenues from these two fixtures, over the duration of the respective contacts, is expected at about USD 60 million.

TEN’s fleet currently consists of 68 double-hull vessels, including two Aframax and two Suezmax tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers.

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