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TEN secures charter for newbuild VLCC

TEN secures charter for newbuild VLCC

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Tsakos Energy Navigation (TEN) has agreed a time charter for newbuild VLCC Hercules I with a major US oil company for up to 18 months.

The time charter has a minimum and profit sharing provision, and is the final vessel in TEN’s latest 15-vessel newbuild program to be fixed to a charter.

Nikolas P. Tsakos, president and CEO of TEN, commented: “All 15 new vessels in TEN’s growth program, including the five for the rest of this year, have full long-term employment. This new time charter announced today with minimum base rate and profit sharing arrangements protects the company’s bottom line and ensures participation on the upside.

“Long-term business with first class clients is an important part of our industrial shipping strategy, solidifying further our balance sheet while supporting TEN’s continued profitability. These are all attributes which should ultimately be reflected in TEN’s true valuation.”

Including this latest charter, TEN says it has secured revenues of over $1.4 billion with 2.6 years average fleet employment

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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