TEN fixes new VLCC on long-term timecharter

Tsakos Energy Navigation (TEN) has fixed its brand-new VLCC Ulysses (300,000 dwt) on a 40-month contract to an unnamed Far Eastern charterer.

The NYSE-listed shipping company expects the timecharter, which commences in early July, to generate gross revenue of around $50m. The tanker is currently employed in the spot market.

Ulysses was delivered in May from Hyundai Samho in South Korea and is the first tanker in TEN’s 15-vessel newbuilding programme to hit the water.

So far, all but two of the newbuildings have secured “long-term accretive” contracts, said TEN. Its management is negotiating similar term employment for the remaining ships.

“The maintenance and enhancement of a solid employment base strengthens TEN’s bottom line, increases profitability and secures our uninterrupted dividend distribution record since inception,” said Nikolas Tsakos, president and CEO of TEN.

“With limited tonnage supply going forward, growing demand and the creation of new sea trade routes, market prospects remain positive,” Tsakos said.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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