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Tsakos Energy Navigation extends tanker charters

LNG Industry,

Tsakos Energy Navigation Ltd., a leading crude, product and LNG tanker operator, has announced the charter extension for three product tankers, including two Panamaxes and one medium range vessel, for two and three years respectively to a South American oil major.

These contracts are expected to generate US$ 40 million in total gross revenues over their relevant duration.

"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 shipowner of choice for major oil companies," explained Nikolas P. Tsakos, President and CEO of TEN.

"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," Tsakos concluded.

To date, TEN's fleet including the LNG carrier Maria Energy, nine Aframax crude oil tankers and two LR1 tankers all under construction, consists of 62 double-hull vessels, a mix of crude tankers, product tankers and LNG carriers.

Adapted from press release by Katie Woodward

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