TEN, LTD. (NYSE:TNP), a leading crude, product and LNG tanker operator, announced the expansion of its long term strategic alliance with a major US oil concern.
Two suezmax vessels have been chartered for three years, bringing the relationship to six vessels. These charters are scheduled to commence in early September upon completion of the current employment of each vessel and contain profit sharing arrangements.
“We are pleased that these new charters not only solidify the Company’s cash generating ability and visibility, but also emphasize the fleet’s competitive advantage when seeking to secure charters with high quality oil concerns,” stated Mr. George Saroglou, Chief Operating Officer of TEN. “With more than 75% of the fleet in secured employment, resulting to $1.5 billion already in minimum secured revenues and the possibility of generating considerable additional income through profit sharing, we are very confident that TEN will be one of the prime beneficiaries going forward once we enter the seasonally stronger fourth quarter and beyond,” Mr. Saroglou concluded.