Maritime transporter Tsakos Energy Navigation (TEN) has announced a two-year time-charter extension for the suezmax tanker Pentathlon.

The extension, reflecting profit sharing between a minimum rate and a maximum level, will start after the expiry of the existing charter in early November.

The gross proceeds from the double-hull charter are expected to be $15.5m over the corresponding period.

Following this charter extension, TEN’s fixed employment including pool vessels for 2009 and 2010 are 64% and 51% respectively.

TEN’s pro forma fleet comprises 52 vessels of 5.6 million deadweight tons and operational fleet includes 47 vessels, all of double-hull design.