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TEN, Ltd announces mew contracts with long-term charters for two Suezmax crude tankers

Logistic News - Published on Tue, 19 Feb 2019

Image Source: VesselFinder
TEN Ltd announced the contract for the building of two suezmax crude tankers which upon delivery will enter into minimum five maximum 12-year contracts to a significant oil major. The time charter equivalent revenues from these two fixtures, over the duration of the respective contacts, is expected at a minimum USD 110 million and could reach USD 300 million should employment be extended to its maximum period.

Mr George Saroglou, COO of TEN, said that “We are immensely proud to have further solidified our relationship with one of the world’s top oil majors which again highlights’ TEN’s position as an “owner of choice” to “blue-chip” charterers across the globe. This latest chapter in TEN’s growth policy, having already taken delivery of 15 fully employed vessels, underlines the Company’s strategy to grow responsibly while fortifying the fleet’s cash generating ability for the years to come.”

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Posted By : Joykumar Irom on Tue, 19 Feb 2019
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