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Tsakos Energy Navigation buys suezmax pair against long term charters

Tsakos Energy Navigation (TEN) has booked two new suezmax tankers on the back of a long term time charter deal.

The suezmax newbuilds, upon delivery, will enter into minimum five maximum 12-year contracts to a “significant oil major”, TEN announced.

The time charter equivalent revenues from these two fixtures are expected at a minimum of $110m and could reach $300m should employment be extended to its maximum period.

The newbuilding details of the suezmax tankers were not disclosed.

“This latest chapter in TEN’s growth policy, having taken delivery of 15 fully employed vessels, underlines the company’s strategy to grow responsibly while fortifying the fleet’s cash generating ability for the years to come,” commented George Saroglou, coo of TEN.


TEN’s fleet currently consists of 68 ships, including two aframaxes and two suezmaxes under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totally approximately 7.5m dwt.

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