Ecuador’s national oil transportation company Flopec continues to build on its long-standing relationship with Tsakos Energy Navigation (TEN) by fixing one of its LR1 tankers.

Flopec has chartered the 74,000-dwt Socrates (built 2008) for two years at an undisclosed rate, according to European shipbrokers.

Flopec recently renewed two-year time charters on seven LR1s from TEN, but at rates that were 25% below previous deals.