TEN Ltd, a leading diversified crude, product and LNG tanker operator, today announced an up to 18 months time charter with minimum and profit sharing provision for the newly delivered VLCC Hercules I to a major US oil company, the company said in its press release.
“All 15 new vessels in TEN's growth program, including the five for the rest of this year, have full long - term employment. This new time charter announced today with minimum base rate and profit sharing arrangements protects TEN’s bottom line and ensures participation on the upside,” stated Mr. Nikolas P. Tsakos, President and CEO of TEN and current Chairman of INTERTANKO.
About Tsakos Energy Navigation
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. TEN’s pro - forma fleet, including four Aframax tankers and a Suezmax DP2 shuttle tanker under construction, consists of 65 double - hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt. Of these, 45 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers.