Tsakos Reports Deal for 18-Month Time Charter for VLCC Tanker Millennium
Tsakos Energy Navigation Limited (TEN or the "Company") (NYSE: TNP) today announced a time charter agreement for the 301,171 dwt, double hull VLCC tanker Millennium, with a state oil company for a period of 18 months. The new charter commenced in September 2013 and is expected to generate gross revenues of approximately $11.50 million during the corresponding period.
Currently, TEN's secured contract coverage is 74% and 60% for the available vessel days of 2013 and 2014, with expected minimum revenues of $69 million and $214 million, respectively. Overall, TEN's minimum contracted charter revenues is approximately $965 million with an average employment of three years per vessel.
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