TEN seals long-term charters for LR1 tanker quartet

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.”

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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