TEN Ltd Announces Long-Term Charter for Suezmax Crude Tanker

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(Image Courtesy: TEN Ltd)

TEN Ltd on Wednesday announced a long-term charter with a major European oil firm. The charter pertains to a suezmax tanker, currently operating in the spot market on a minimum rate, with profit sharing provisions to capture any freight upticks during the life of the contract.

The duration of the contract is (up to) 36 months, the company said. The gross revenues expected over the maximum period of this employment are estimated to be in the region of USD 23.0 million.

“Whilst strategically positioning the fleet for profitable operations, safety at sea remains TEN’s top priority. We would like to congratulate the Captain and crew of our good vessel Stavanger TS for their actions to rescue a Canadian skipper in the North Atlantic in full cooperation with the US Coast guard,” Mr. George Saroglou, COO of TEN commented. “Such rescue missions, through our voluntary involvement in the US Coast Guard sponsored Automated Mutual Assistance Vessel Rescue System (AMVER) underlines TEN’s commitment to human safety at sea,” Mr. Saroglou concluded.

TSAKOS ENERGY NAVIGATION or TEN operates 68 double-hull vessels, including two aframax and two suezmax tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.5 million dwt. Of the proforma fleet today, 48 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers, the company stated.

Sea News, July 11