TEN Finds Work for Two Suezmaxes

zoomIllustration; Image Courtesy: TEN Tanker operator Tsakos Energy Navigation (TEN) has chartered out two of its Suezmax vessels to an unnamed US oil concern.  As stipulated by the deal, two Suezmax vessels have been chartered for three years, bringing the relationship to six vessels. The charters are scheduled to commence in early September upon completion of the current employment of each vessel and contain profit sharing arrangements. We are pleased that these new charters not only solidify the companys cash generating ability and visibility but also emphasize the fleets competitive advantage when seeking to secure charters with high-quality oil concerns, George Saroglou, Chief Operating Officer of TEN, said. With more than 75% of the fleet in secured employment, resulting in USD 1.5 billion already in minimum secured revenues and the possibility of generating considerable additional income through profit sharing, we are very confident that TEN will be one of the prime beneficiaries going forward once we enter the seasonally stronger fourth quarter and beyond, Saroglou concluded.
TEN has a fleet of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million DWT.