Tsakos Energy Navigation Limited, a leading product, crude and LNG tanker operator, yesterday announced the time-charter employment with profit-sharing provisions for three product tankers, two LR1 panamaxes and one MR handysize, to major international end-users.
The new charters, two years for the LR1s and 12 months for the MR are expected to generate gross revenues of $23.0 million over their respective periods, excluding any potential gains from the profit share.
The Company operates 28 product carriers, 17 of which are under fixed or fixed with profit sharing contracts.
“We are happy to announce three more product tanker charters with flexible contracts that on the one hand expand our customer base while on the other provide flexibility to take advantage of current product rate firmness,” saidGeorge Saroglou, Chief Operating Officer. “By operating one of the largest product tanker fleets in the world, complemented by our presence in LNG and our recent expansion in shuttle tankers, TEN is well positioned to further enhance its bottom line,” Mr. Saroglou concluded.