TEN Announces Time Charters for Tankers

1 October 2009 (Last Updated October 1st, 2009 18:30)

Greek shipping line Tsakos Energy Navigation (TEN) has announced a two-year time charter extension for its double-hull Suezmax tanker Decathlon. The company has also declared a three-to-six month time charter for the 2006-built Suezmax tanker Archangel. Arch

Greek shipping line Tsakos Energy Navigation (TEN) has announced a two-year time charter extension for its double-hull Suezmax tanker Decathlon.

The company has also declared a three-to-six month time charter for the 2006-built Suezmax tanker Archangel.

Archangel could generate revenues in excess of $2.5m, putting gross revenues of $17.5m and providing up to $20m in cash flow contribution, the company said.

Following the charter extension, TEN’s fixed employment, including pool vessels, for the remainder of 2009 and 2010 operating days, is revised to reach 67% and 52% respectively.