TEN says two 36 month charters will generate $33 million revenues

JANUARY 8, 2019 — Athens, Greece, headquartered Tsakos Energy Navigation, Ltd (TEN) (NYSE:TNP) today reported 36-month long charters with min/max provisions for two product tankers to a major oil concern. At a minimum, it said, these two fixtures combined are expected to generate $33.0 million of gross revenues.

“With 2018 finishing on an upbeat note for all tanker segments, these two fixtures further signify a strong market for this year which the Company’s employment strategy is designed to take advantage of,” George Saroglou, COO of TEN commented. “We expect the market in 2019 to maintain the strong momentum as a result of the current supply and demand equilibrium as well as the anticipated disruptions due to the upcoming IMO 2020 emission regulations. TEN is positioning itself appropriately to benefit from this unfolding positive freight environment.”