TEN Announces Long Term Charters for Seven Panamax Tankers

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(Image Courtesy: Vessel Finder)

TEN, Ltd. today announced the charter extension for seven panamax tankers, for an average of 24 months, to a state oil concern. The charters which all incorporate profit sharing provisions are expected to generate minimum gross revenues of over USD 70 million.

“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,” Mr. George Saroglou, COO of TEN commented.

TEN’s fleet consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers.

Sea News, February 15