Tsakos Energy Navigation has announced charter extensions for three of its product tankers.
Two Panamaxes and one MR have had their contracts extended for two to three years (respectively) to a South American oil major.
The new extensions are expected to generate $40 million in total gross revenues over the duration.
Nikolas P. Tsakos, President & CEO of TEN said: “These three accretive fixtures following those announced in August, expand our contracted revenues and solidify our profitability. In addition, they reconfirm TEN’s position as a ship owner of choice for major oil companies.”
“The growing appetite of end users for long term charters and the recent strengthening of the spot market, for both crude and products, reinforces our optimism going forward. TEN’s mix of long term employments and vessels in the spot market takes advantage of current market conditions and further enhances our bottom line.”