Tsakos Energy Navigation has locked one of its spot-trading suezmax tankers into a long-term charter.
New York-listed TEN announced the three-year contract today, stating the deal with a “European oil concern” would generate $23m in revenue.
The shipowner did not identify the tanker involved or disclose further specifics around the rate in a statement to investors today.
Attempts to reach officials for further guidance on the contract were unsuccessful at the time of writing.
TEN has a fleet of 11 suezmaxes on the water, alongside VLCC and aframax tonnage. It is also active in the LNG, product and shuttle tanker sectors.
The shipowner is known as one of the more conservative public tanker companies and had coverage on 51 of its 68 vessels at the end of the first quarter.
At that time it valued the contract backlog at $1.2bn.
TEN said in June is was exploring growth of its VLCC fleet via second hand transactions and added to its suezmax exposure in February with two newbuildings at Hyundai Heavy Industries.
Suezmax spot rates sat at $13,350 per day for eco tonnage yesterday, according to Howe Robinson Partners, compared with the $16,579 per day average this year.
Affinity (Shipping) pegged the three-year time charter rate for a suezmax at $23,250 per day in a report this morning.
