PDV Marina, S.A. (PDVM), the marine transportation subsidiary of Petroleos de Venezuela, S.A. (PDVSA), the Venezuelan state oil company, and Overseas Shipholding Group, Inc. announced that Phoenix Energy Navigation SA (Phoenix) has joined the Aframax International Pool. Phoenix has contributed two double-hulled Aframax tankers to the pool (the Phoenix Alpha and the Phoenix Beta both built in 2003), expanding the number of vessels in the Pool to 34, including committed newbuildings. "We are very pleased to welcome Phoenix Energy Navigation SA into the Aframax International Pool." The Pool's Managers noted that "the addition of Phoenix's two modern vessels to the Aframax International Pool will enable the Pool to continue to offer additional capacity to its customers and to achieve further scheduling and operating efficiencies through the continued expansion of its fleet as well as the continued strategic marketing of the Pool into new areas."
Tsakos Energy Navigation Ltd., announced the sale of the 1999-built 107,181 dwt Aframax tanker Olympia to an independent Greek- based operator. The Olympia will be delivered to her new owners in January, 2008 resulting in a $34m capital gain that will be recorded in the first quarter of 2008. The Olympia is debt-free and as a result all proceeds from this sale will be free cash available for reinvestment.
Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) reported financial results (unaudited) for the third quarter and first nine months of 2007. Net income was a record $50.0m for the third quarter of 2007, (including capital gains of $31.8m) as compared with $44.5m (including capital gains of $13.3m) for the third quarter of 2006. Net revenues (voyage revenues net of commissions and voyage expenses) expanded 3.9% to $97.2m from $93.5m reflecting growth of the fleet (43
Tsakos Energy Navigation Limited (TEN) recently acquired the 299,700 dwt double hull VLCC M/T Maersk Estelle, built in Denmark in 1994, from the AP Moller / Maersk Group. Initially, this vessel will participate in the current strong spot market while the Company considers opportunities for longer-term employment. TEN will assume ownership of the vessel during the later part of January 2004. "We are very excited about this latest addition to our fleet of young and environmentally friendly
Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) announced two year time-charters with profit sharing for four 2005-built handymax MR product tankers to an international oil entity starting promptly. The minimum revenue expected from these fixtures is estimated at $32m. Prior to these fixtures, the vessels were operating in the spot market.
Tsakos Energy Navigation (TEN) announced charter extensions with a state oil company with profit sharing provisions for four panamax tankers, with an average duration of 22 months per vessel and minimum gross revenues of $65 million. These fixtures are expected to commence between April and November of 2016 upon expiration of their existing employments and contribute, on an annualized basis, an extra $20m to the Company's bottom line.
Tsakos Energy Navigation Ltd. (TEN) announced the sale of the 1989-built double hull Panamax tanker Bregen. Following the sale of 1987-built Crux and 1988- built Libra during the third quarter of 2006, the sale of the Bregen represents the disposition of the last remaining 1980's built tanker in the Company's fleet. The vessel will be delivered to its] new owners in the first quarter of 2007, and as a result of the sale, TEN] will recognize a capital gain of $5 million at that time.
Tsakos Energy Navigation Ltd. (TEN) announced the delivery of the 37,340 dwt, 1B ice-class handysize product tanker Byzantion from Hyundai Mipo Dockyard, in South Korea. Concurrent with the delivery, the vessel entered a three-year time charter with a European oil trader for a minimum rate and a 50/50 profit share should rates exceed that minimum. The company expects the vessel to generate a minimum of $21m in gross revenue over the duration of the charter. The delivery of the
Tsakos Energy Navigation Limited announced a two-year time-charter extensions for two Aframax product tankers to Neste Oil of , the original charterers. The charters are comprised of a minimum rate and 50:50 profit share if rates exceed that level. The charters, assuming only the minimum rate, are expected to generate gross revenues in excess of $42.5 million over the corresponding period. The vessels are expected to commence their new employment upon expiration of the existing charters in
Tsakos Energy Navigation Limited (NYSE:TNP) announced the delivery and charter of DNA-aframax tanker Asahi Princess from Sumitomo Heavy Industries in Japan. The vessel was placed on a one-to-four month repositioning time-charter with a major international oil trader. Upon expiry of the charter, the vessel will be redelivered to its intended operating area, the mid-Atlantic basin. “We welcome the Asahi Princess into our fleet, the sixth DNA aframax tanker
Tsakos Energy Navigation Limited announces two-year charter renewal at a 20 percent premium to prior contract reflecting strong tanker market fundamental, oil price levels positive for tanker markets Greece-based crude, product and LNG tanker operator Tsakos Energy Navigation Limited
Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd (TNP) announced the charter for an average of 36-months per vessel for its three LR2 Aframax tankers to a major European oil concern for crude trading operations. The total gross revenues from these three fixtures are
Efforts by Iran to start exporting oil to Europe are being held up as foreign tanker owners are still struggling to secure insurance for cargoes, leading shipping players said on Tuesday. A nuclear deal between world powers and Iran earlier this month led to the removal of curbs on Tehran's
Tsakos Energy Navigation Ltd. (NYSE:TNP), a leading crude, product and LNG tanker operator, today announced charter extensions with a state oil company with profit sharing provisions for five panamax tankers, with an average duration of 22 months per vessel and minimum gross revenues of $65 million
Tsakos Energy Navigation Limited (TEN) announced the chartering of two of its modern Suezmax tankers with a European oil major for 24 and 12 months, with charterer options for another 12 months for each vessel at a base rate with profit sharing
Tsakos Energy Navigation Limited (TEN) announced today the chartering of two of its modern Suezmax tankers with a European oil major for 24 and 12 months respectively with charterers options for another 12 months for each vessel at an accretive base rate with profit sharing
Alcoa, Phinergy and Heig-VD University demonstrate electric boat with aluminum-air battery range extender at Lake Neuchâtel, Switzerland Alcoa, clean technology company Phinergy and HEIG-VD University, today debuted a zero-emissions electric demo boat powered by an aluminum-air battery at
Three new charters to generate total revenues of $40 million; spot rates increase in Q4 Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) announced the charter extension for three product tankers, including two Panamaxes and one MR
Tsakos Energy Navigation Limited, a crude, product and LNG tanker operator, has announced that its Board of Directors declared regular quarterly cash dividends of $0.50 per share for its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares and $0.5547 per share for its 8
Crude price drop and dollar strength benefit TEN’s bottom line materially; third quarter financial results to be announced on November 21, 2014 Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) said today it believes that the recent decline in TEN’s stock is
Tanker spot rates rise as oil price drops Tsakos Energy Navigation Ltd., a crude, product and LNG tanker operator, reached an agreement for a long-term time charter to a national oil company of a new DP2 suezmax shuttle tanker for delivery in the first quarter of 2017
INTERTANKO announced that when its Council of Members met this week in Dubai it elected Nikolas Tsakos – President and Chief Executive of Tsakos Energy Navigation – as Chairman, succeeding Graham Westgarth who steps down after five years in post.
Some of the world's biggest oil traders have booked supertankers to store at least 25 million barrels at sea in recent days, seeking to take advantage of the crash in crude prices and make a profit down the line. Floating storage levels are expected to increase further in coming weeks as
Tsakos Energy Navigation announces storage employment for VLCC vessel; low oil price boosts demand and spot rates and drastically reduces voyage costs Tsakos Energy Navigation Ltd. (TEN) announced it has won a six month storage contract for a very large crude carrier (VLCC) vessel to an
Greece-based Tsakos Energy Navigation Ltd (TEN) has reported first-quarter profit of $37.3 million from $14.6 million in Q1 2014 - a 156% Increase. On a per-share basis it has profit of 42 cents. The results topped Wall Street expectations