New York-listed Tsakos Energy Navigation (TEN) has brought its recent charter coverage to $500m with two new aframax deals.
The Greek owner said an unnamed oil major has extended contracts for two tankers for another two years each.
As usual, the company has not named the ships concerned.
The charters mean TEN has booked 10 vessels on long-term deals over the last three months.
These have involved a mixture of fixed and profit-sharing terms.
The value of all these contracts is about $500m if combined with deals for a new LNG carrier and a new shuttle tanker being delivered in the first and second quarters of 2022.
Positive sign for tanker demand
"The recent surge for long-term charters is a sign of increased demand for tanker services," said TEN chief operating officer George Saraglou.
"TEN, following its tried and tested employment policy for secured contracts and upside potential, should be a prime beneficiary of the expected market upturn," he added.
The charters give the company enhanced cash flow visibility and flexibility and make TEN an attractive proposition for those looking for the tanker market to resemble the one experienced recently in containers and dry bulk, the COO believes.
VLCCs booked for up to five years
In November, TEN fixed out two VLCCs for between three and five years to "major oil concerns."
The US-listed company interpreted those deals as an early sign of a much-awaited recovery in tanker freight rates.
If the charters reach the maximum period, they will generate at least $110m in income, excluding any additional amount accruing from profit-sharing provisions.
TEN, founded in 1993, has a fleet numbering 71 ships of 8m dwt.
Four dual-fuel LNG-powered aframax vessels are also on order at Daehan Shipbuilding, for handover in 2023.
