ATHENS: Tsakos Energy Navigation (TEN) confirmed that it has fixed one of its suezmax tankers on a “long-term” timecharter to “to a major oil concern”.
Last week, brokers reported TEN’s suezmax Silia T had been fixed to Russia’s Litasco Group for 18 months at $34,000 daily. The charter period will commence in December after the vessel has completed its current voyage, TEN said today.
In early November, broker reports suggested Koch Logistics had been set to take the tanker for the same duration and at the same rate, but the deal failed.
TEN says it expects the new timecharter to generate around $18.5m in total gross revenues, which is in line with the daily rate cited by brokers.
“This accretive charter highlights oil majors’ appetite for long-term fixtures and reaffirms our belief that the health of the crude oil market remains strong,” George Saroglou, COO of TEN, said in a release.
“With $1.5bn in minimum secured revenues, TEN will continue to adjust its employment strategy so to enhance cash flow visibility, irrespective of market conditions, while continuing to take advantage of firm spot rates.”
Some 15 TEN vessels have been fixed on timecharter since the year began, which the NYSE-listed company estimates will generate total gross revenues of around $280m.
Shipping activity at Port Qasim on February 11
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