Charter pair and a two-ship LR1 build and charter deal for TEN

The oil major partnership involves five year charters for the LR1 pair with a 50/50 profit share arrangement. The charter are expected to generate gross revenues of $62m. Options to build a further two ships are attached to the deal and must be declared before October 2014.

The company also revealed that it has signed charters with a European oil major for two existing suezmax ships for 24 and 12 months, with 12 months optional extensions on both charters. The minimum gross revenues expected from the charters is $35m.

"We are pleased to follow up on our recent announcement with another strategic alliance with one of the largest major oil companies in the world," commented Nikolas Tsakos, president and ceo.

"We continue growing and modernizing our fleet with non-speculative orders. We believe that the nature of these transactions is a testament of TEN's reputation as a company of choice for major oil companies. We expect the value created by these and other similar projects to be soon reflected in our valuation."

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