Greek owner Tsakos Energy Navigation (TEN) has sealed 24-month charters to an unnamed oil concern for four LR1 product tankers.
The minimum revenues from the contracts is expected to be around $40m, excluding any additional revenue that may be generated from a profit-sharing arrangement.
George Saroglou, COO of TEN, commented: “These charters highlight our policy of flexible long-term contracts with first-class counterparties that on the one hand provide cash flow security while on the other preserve the Company’s ability to capture market upturns in strong freight environments.
“These contracts are a reflection of strong industry fundamentals as world economies restart and mirror the ones currently in evidence in the container and dry bulk sectors.”
