Tsakos Energy Navigation’s fleet
Tsakos Energy Navigation (TNP) has a fleet of 65 vessels. The fleet is a mix of 47 crude tankers, 13 product tankers, three shuttle tankers, and two LNG carriers.
Breakdown of the fleet
Tsakos Energy Navigation’s crude tankers include three VLCCs (very large crude carriers), 13 Suezmax tankers, three Aframax LR (long range), 17 Aframax tankers, and 11 Panamax vessels. The average fleet age is 7.6 years. It’s lower than the average world fleet age of 10.1 years.
Tsakos Energy Navigation took delivery of its newbuild Aframax Stavanger TS in the third quarter. It took delivery of its Aframax Bergen TS in October. The delivery of the Bergen TS marks the end for Tsakos Energy Navigation’s 15 vessel newbuild program.
Spot and time charter mix
Starting at the end of November 2017, Tsakos Energy Navigation has a fixed charter contract on one Suezmax and one handymax product tanker for one year and three years, respectively. The Suezmax has a profit-sharing provision. Before the contracts, both of the vessels were operating in the spot market. Currently, Tsakos Energy Navigation has 51 vessels on a time charter contract out of its 65 vessels. The current time charter tenure is 2.5 years. The minimum contracted revenues are $1.3 billion—excluding profit sharing for Tsakos Energy Navigation. It’s important to note that 34 vessels have a profit-sharing option. The vessels have the ability to capture the market’s upside.