Greece’s Tsakos Energy Navigation (TEN) has announced that it has extended the charters for seven panamax tanker to a state oil company for an average of two years.
TEN said the charters all incorporate profit sharing provisions are expected to generate minimum revenues of $70m.
George Saroglou, COO of TEN, commented: “These charters, in terms of duration, security, flexibility and quality, enhance the industrial nature of our business, further solidify our fleet’s cash generating ability, strengthen our balance sheet and provide visibility of earnings and dividends.”
TEN has 11 panamaxes amongst its fleet of 65 tankers.