TEN, Ltd (“TEN”) (TNP) announced 24-month charters with profit sharing provisions for four LR1 product tankers to an oil concern. The combined minimum revenues from these contracts are expected to be around $40.0 million, excluding any additional revenue that may be generated from profit-sharing.
“These charters highlight our policy of flexible long-term contracts with first-class counterparties that on the one hand provide cash flow security while on the other preserve the Company’s ability to capture market upturns in strong freight environments,” Mr. George Saroglou, COO of TEN commented. “These contracts are a reflection of strong industry fundamentals as world economies restart and mirror the ones currently in evidence in the container and dry bulk sectors,” Mr. Saroglou concluded.
