Tsakos stretches one

Tsakos Energy Navigation has extended the time charter contract on a product tanker at a “significantly improved” rate.
Nikolaos Tsakos, CEO of Tsakos Energy Navigation

Nikolaos Tsakos, CEO of Tsakos Energy Navigation

The New York-listed Greek owner said a major national oil company will keep the 2004-built handysize vessel for a further 12 months.

Though Tsakos did not name the vessel in question, the 37,000-dwt Delphi (built 2004) is the only one that fits the bill, according to shipping databases and the company’s own website.

The new deal kicked in this month and will generate total gross revenue of around $6m during the period suggesting a gross daily rate of around $16,000.

“This charter renewal is significantly higher than its previous rate and with all signs pointing to strengthening tanker rates,” said Nikolas Tsakos, president and CEO.

“In addition with this extension we will continue to serve the same major energy company which has been using the vessel since 2004,” he added.

“This is a testament to the caliber of our company and the high quality of our vessels.”

Tsakos currently has currently 20 vessels on fixed time charters, eight vessels on charters with profit sharing arrangements and 20 vessels trading in COAs and spot related charters.

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