TEN’s Aframax Tanker in Cooperation with US Coast Guard Rescues Distressed Skipper in the North Atlantic

TEN, Ltd (TEN) (NYSE:TNP) today announced an up to 36-month charter to a major European oil concern, for a Suezmax tanker currently operating in the spot market on a minimum rate with profit sharing provisions to capture any freight upticks during the life of the contract. 

TEN Ltd Announces Attractive Long-Term Charter for a Suezmax Crude Tanker
Caption: Crude oil tanker Stavanger TS - Image courtesy of Salvador Garcia Garcia

The gross revenues expected over the maximum period of this employment are estimated to be in the region of $23.0 million.

“Whilst strategically positioning the fleet for profitable operations, safety at sea remains TEN’s top priority. We would like to congratulate the Captain and crew of our good vessel Stavanger TS for their actions to rescue a Canadian skipper in the North Atlantic in full cooperation with the US Coast guard,” Mr. George Saroglou, COO of TEN commented. “Such rescue missions, through our voluntary involvement in the US Coast Guard sponsored Automated Mutual Assistance Vessel Rescue System (AMVER) underlines TEN’s commitment to human safety at sea,” Mr. Saroglou concluded.

Source: TEN