TEN trio hooked up

Tsakos Energy Navigation has signed its second string of period tanker contracts in under a month.

New York-listed TEN has penned deals for a trio of product tankers worth a minimum of $23m, it tells investors today.

It follows just a couple of weeks after pacts for five tankers were unveiled.

George Saroglou, CFO of TEN, said: "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.

"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.”

Today’s contracts see a couple of the company’s LR1s employed for the next two years and a single MR locked in for 12 months.

Base rates for the charters, which also include profit share elements, were not disclosed.

According to ICAP, LR1s have earned just over $9,800 per day so far this year, once adjustments have been made for slow steaming.

MRs have brought in around $17,700 per day over the same time frame, the broker says.

Following the new contracts TEN has charters in place for 17 of its 28 product tankers. It has 49 tankers in total.

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