Tsakos Energy Navigation announces new charter

AP News
Posted: Nov 30, 2009 4:24 PM

Greek shipping company Tsakos Energy Navigation Ltd. said Monday it has entered into time-charters for four handymax MR product tankers.

The name of the oil client it entered into an agreement with was not disclosed.

A minimum of roughly $32 million in revenue is expected from the deal.

The vessels were previously operating in the spot market.

Following these charters, Tsakos Energy Navigation's fixed employment including pool vessels for 2010 and 2011 is roughly 70 percent and 50 percent, respectively.