Tsakos Energy Navigation (TEN) has agreed long-term charters for two of its VLCCs. The charters, to oil majors, have a duration of 3-5 years.

The deal is expected to generate revenues exceeding USD 110 million over their maximum period.

“We are pleased to announce these accretive employments which reflects the positive signs the tankers markets are beginning to exhibit. Such flexible contracts are the backbone of TEN’s tried-and-tested employment strategy that provides downside protection and significant upside potential,” commented George Saroglou, COO of TEN.

“As rate fundamentals turn positive, we are exploring similar opportunities with other high caliber clients which together with our vessels in the spot market and the delivery of our new LNG carrier next quarter, should allow TEN to fully participate in the tanker recovery going forward.”