Greek tanker owner and operator Tsakos Energy Navigation (TEN) has entered into a 40-month charter contract with Far Eastern for its recently delivered VLCC Ulysses with gross revenues expected in the range of USD 50 million.

The charter is scheduled to commence in early July upon expiration of the vessel’s maiden spot employment, TEN said.

“The maintenance and enhancement of a solid employment base strengthens TEN’s bottom line, increases profitability and secures our uninterrupted dividend distribution record since inception. With limited tonnage supply going forward, growing demand and the creation of new sea trade routes, market prospects remain positive,” Nikolas Tsakos, President and CEO of TEN commented.

TEN has started with its 15-vessel newbuilding program that is the largest since the company’s initial public offering.

The 300,000 dwt Ulysses is the first vessel delivered within this program.

The company expects the delivery of four more vessels in 2016, all of them being 112,700 dwt Aframaxes.

12 of the 15 tankers are under long-term charters and the company is in negotiations for similar term employment for the remaining three, with financing arranged for all vessels.

In addition, TEN ordered the construction of two 74,000 dwt crude-oil carriers with an option for two more at this year’s Posidonia.