TEN Ltd. Announces 24-Month Charter for Two Panamax Tankers
TEN Ltd., a leading crude, product and LNG tanker operator, has announced the 24-month extension to the charter of two panamax tankers with the existing charterer, a leading South American oil concern. The employment, at an accretive floor rate with favorable upside optionality, is expected to generate minimum gross revenues of about $25 million over the duration of the respective contracts.
“Long-term continuity is in the core of TEN’s commercial strategy with the establishment and expansion of solid partnerships,” Mr. George Saroglou, COO of TEN commented. “In today’s uncertain environment, such strategy ensures full fleet utilization and upside potential, directly reflected on the Company’s bottom line,” Mr. Saroglou concluded.
TEN Ltd Announces 24-Month Charter for Four Panamax Tankers
TEN, Ltd announced 24-month charters with profit sharing provisions for four LR1 product tankers to an oil concern. The combined minimum revenues from these contracts are expected to be around $40.0 million, excluding any additional revenue that may be generated from profit-sharing.
“These charters highlight our policy of flexible long-term contracts with first-class counterparties that on the one hand provide cash flow security while on the other preserve the Company’s ability to capture market upturns in strong freight environments,” Mr. George Saroglou, COO of TEN commented. “These contracts are a reflection of strong industry fundamentals as world economies restart and mirror the ones currently in evidence in the container and dry bulk sectors,” Mr. Saroglou concluded.