Tsakos Energy Navigation Limited announced three and five year charters for two of its modern handysize product tankers to a major end-user. These vessels currently under pooling arrangements will commence within April/May and are expected to generate gross revenues of approximately $42 million over the duration of their respective contracts.Concurrently with the above, the Company announces the options for two conventional suezmax newbuildings from a South Korean yard expected to be delivered in Q2 2012 and Q1 2013. Should these options be exercised, the total number of suezmaxes in TEN's fleet will be 14, including the two shuttle tankers under construction.
"The appetite of end-users for long term employment of product carriers is a positive testament for this segment. Our balanced employment policy with long-term contracts and profit sharing provisions would allow for further income visibility and continuous dividend distributions amid the sound confines of an already existing strong balance sheet," said Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN.
To date, TEN's pro forma fleet consists of 51 double-hull vessels of 5.5 million dwt that includes one LNG carrier and two DP2 suezmax shuttle tankers currently under construction totaling 400,000 dwt. The Company has newbuilding options for two conventional suezmax tankers and one LNG carrier. TEN's balanced fleet profile is reflected in 23 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and two LNG carriers.
Source: Tsakos Energy Navigation Ltd.