Tsakos Energy Navigation fixes three LR2s on timecharter

Tsakos Energy Navigation (TEN) has fixed three of its LR2 aframax tankers on timecharters to “a major European oil concern” for carrying crude oil. Together, the fixtures are worth around $100m.

The timecharters have an average duration of 36 months per vessel, TEN said, but did not disclose specifics.

TEN did not name the vessels fixed, but has three LR2s in its fleet: Promitheas, Propontis and Proteas (all 117,100 dwt, built 2006).

“The appetite of major oil companies to lock forward long-term is a positive testament to the prospects of the already strong tanker marke,” said Nikolas P. Tsakos, president and CEO of TEN, in a statement.

“With $1.5bn of total contracted revenues to date and a 15-vessel newbuilding program, 12 of which already on long-term contracts, TEN combines long-term stability and future growth prospects to our shareholders,” he said.


Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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