Up to $60.0 million in Potential Maximum Revenues Strong Spot Rates Continue in 2019
TEN, Ltd (TEN) (NYSE:TNP) Tuesday (Jan08) announced 36-month long charters with min/max provisions for two product tankers to a major oil concern. At a minimum, these two fixtures combined are expected to generate $33.0 million of gross revenues.
“With 2018 finishing on an upbeat note for all tanker segments, these two fixtures further signify a strong market for this year which the Company’s employment strategy is designed to take advantage of,” Mr. George Saroglou, COO of TEN commented.
“We expect the market in 2019 to maintain the strong momentum as a result of the current supply and demand equilibrium as well as the anticipated disruptions due to the upcoming IMO 2020 emission regulations. TEN is positioning itself appropriately to benefit from this unfolding positive freight environment,” Mr. Saroglou concluded.
TEN, founded in 1993 and celebrating this year 25 years as a public company, is one of the first and most established public shipping companies in the world today. TEN’s diversified energy fleet currently consists of 66 double-hull vessels, including two aframax tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.5 million dwt. Of the fleet today, 46 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers.