Charter extension for two TEN shuttle tankers

Tsakos Energy Navigation (TEN) has announced the hold of semipermanent charters for two of its DP2 shuttle tankers.

The hold of the charters for the two vessels — whose specialised plan enables them to load crude lipid from offshore accumulation platforms astatine distances of up to 180 nautical miles from enactment — is expected to make gross revenues of much than 200 cardinal dollars implicit their duration.

Following this agreement, the company’s minimum contracted revenues exceeded 4 cardinal dollars.

The caller statement follows the existing charters, which commenced upon the vessels’ transportation successful 2013 and ran for up to 5 years each. The caller charters are expected to take effect upon the expiry of the existent 15-year contracts, astir mid-2028. At the aforesaid time, the strong show of tanker markets, supported by ongoing geopolitical developments worldwide, has driven freight rates to historical highs, with TEN benefiting arsenic 22 of its vessels run successful the spot market. In this environment, the institution is besides capitalizing connected elevated second-hand plus values by divesting first-generation vessels astatine important superior gains, while simultaneously replacing them with timely orders for newbuilding LNG carriers and VLCCs. Since the opening of 2026, the institution has recorded a strong stock terms show connected Wall Street, rising by arsenic overmuch arsenic 80%.

“Since our introduction into the shuttle tanker marketplace successful 2013 with these two vessels, TEN has evolved into 1 of the largest operators successful this segment, with a pro forma fleet of 16 modern vessels and further maturation prospects,” said TEN Chairman George Saroglou.

“TEN continues to prosecute its proven strategy of semipermanent partnerships with large lipid companies, securing the maturation of aboriginal currency flows, maintaining a strong equilibrium sheet, and ensuring accordant dividend distributions to reward its shareholders,” helium concluded.