Greek owner Tsakos Energy Navigation (TEN) has sealed long-term charters for two of its VLCCs.
The charters, to major oil concerns, are for a period of a minimum of three years and up to five years. The deal includes profit sharing provisions and will generate revenues exceeding $110m over their maximum period.
“We are pleased to announce these accretive employments which reflects the positive signs the tankers markets are beginning to exhibit. Such flexible contracts are the backbone of TEN’s tried-and-tested employment strategy that provides downside protection and significant upside potential,” commented George Saroglou, COO of TEN. “As rate fundamentals turn positive, we are exploring similar opportunities with other high caliber clients which together with our vessels in the spot market and the delivery of our new LNG carrier next quarter, should allow TEN to fully participate in the tanker recovery going forward.”
TEN currently has a fleet of 71 vessels