Tsakos Energy Navigation (TEN) has taken advantage of solid tanker charter rates and attractive long-term employment to secure new deals for its ships on both fixed and marked-related rates.
The New York-listed Greek owner revealed in its first quarter earnings report new charters and extensions for 13 tankers and a pair of LNG carriers lifting the total minimum contracted revenue of its fleet to $1.6bn.
TEN’s fleet utilisation in the first quarter stood at 96.4% with an average time charter equivalent more than doubled to $41,882 per day from the same time last year.
TEN, with a fleet of 67 ships, including those under construction, will celebrate its 30th year as a public company in October. The company logged a record first-quarter profit of $177m versus $5.5m profit in the corresponding period in 2022.
