Tsakos Energy Navigation, a provider of seaborne crude oil and petroleum product transportation services, has announced three-year time-charters to a major European oil company for the 2007-built 1A ice-class suezmax tanker Antarctic and the 2005-built 1C ice-class suezmax tanker Eurochampion 2004.
The charters are structured with a minimum rate and a 50:50 profit share when rates exceed that minimum. The gross proceeds from these charters, assuming only the minimum rate, are expected to exceed $76 million over the corresponding charter period.
With the commencement of these charters, the company, based on a total fleet of 43 vessels in operation, has fixed forward 75% of the available earning days for 2008 and 60% for 2009. Of the 43 vessels, 38 operate in period charters some extending beyond 2009.
Nikolas Tsakos, president and CEO of Tsakos Energy Navigation, said: True to our policy of creating strategic chartering alliances with quality and renowned oil majors, we have once again secured two attractive period charters.