Tsakos Energy Navigation has confirmed a long-term contract for its newly arrived VLCC.
New York-listed Tsakos says the 301,000-dwt Ulysses (built 2016) has been locked into a 40-month deal.
It says the charter, with a “first-rate end-user”, will generate revenue of $50m from next month.
"TEN's tested and successful strategy has been through the building of long-term relationships with oil majors and quality end users,” said chief executive Nikolas Tsakos.
“The maintenance and enhancement of a solid employment base strengthens TEN's bottom line, increases profitability and secures our uninterrupted dividend distribution record since inception.
“With limited tonnage supply going forward, growing demand and the creation of new sea trade routes, market prospects remain positive,” he added in a statement.
TradeWinds reported last month the Hyundai Heavy Industries built tanker had been fixed on a floating rate with a floor of $35,000 per day to South Korea’s Hyundai Glovis.
In a statement today, TEN pointed to the ship as the first of 15 vessels set to arrive as part of what is the largest growth spurt since its initial public offering.
It has another VLCC in its orderbook which has yet to secure a contract. Its LNG carrier Maria Energy also remains open but the remainder of its newbuildings have contract coverage in place.
