Total is being named as the charterer of a Tsakos Energy Navigation suezmax tanker which is switching from the spot market to period business.

New York-listed TEN announced last week a 36-month deal worth $23m in revenue, without revealing further details.

Brokers believe the ship involved is the 158,000-dwt Euro (built 2012) one of 14 suezmax tankers in the TEN fleet.

They believe Total is paying $21,000 per day for the ship, in a pact which also includes a profit share element.

The rate is well above the $12,054 per day average for suezmax tankers in the spot market this year and the $5,922 per day presently available, according to Howe Robinson Partners.

TEN is one of the more conservative listed shipping companies with more than 50 of its 68 vessels under contract.

At the end of the first quarter the shipowner valued the contract backlog at $1.2bn.

TEN is one of a select group of Greek shipowners to have ordered suezmax newbuildings in 2019.