Tsakos Energy Navigation Limited (TEN)today announced that it had conducted its Annual General Meeting (AGM). All of the resolutions proposed were approved, and specifically, the Company announced that: * Mr. D. John Stavropoulos and Mr. P. Nicholson were re-elected to serve two-year terms on the Board of Directors. * Mr. W. O'Neil and Mr. F. Nusspickel were newly elected to the Board of Directors to serve two-year terms. * The audited financial statements for the year ended December 31, 2003 were adopted * Ernst & Young were appointed as auditors for the financial year ending December 31, 2004 * The proposal for the remuneration of the non-executive directors was approved * Shareholder acceptance of the Tsakos Energy Navigation Limited 2004 Incentive Plan
Tsakos Energy Navigation Ltd. ("TEN") (NYSE: TNP) has announced a four-year time charter for the 2007-built 150,000 m3 LNG carrier Neo Energy to a major international energy concern. The charter is expected to commence in the first quarter of next year upon expiration of the vessel’s existing employment. This new charter, in line with current market levels, is anticipated to make a significant contribution to the bottom line over its duration.
Tsakos Energy Navigation Ltd. (TEN) announced a three-year time- charter to a European charterer of the 37,340 dwt 1B ice-class handysize product tanker Bosporos, expected to be delivered from Hyundai Mipo Dockyard of South Korea at the end of August. The charter is structured with a minimum rate and a 50/50 profit share should rates exceed that minimum. The gross proceeds from this charter, assuming only the minimum rate, are expected to exceed $21m.
Tsakos Energy Navigation Limited announced the delivery and charter of the 105,000 dwt DNA-Aframax tanker Uraga Princess from Sumitomo Heavy Industries in Japan, the final newbuilding in a series of eight ordered in 2004. Upon delivery, the vessel entered a minimum 30-day repositioning voyage with the oil trading arm of a major financial institution.
Tsakos Energy Navigation signed a cooperation agreement with China Classification Society (CCS) to jointly develop shipping and energy related projects in China. CCS was established in 1956, is one of the ten full members of the International Association ofClassification Societies (IACS) and the only specialized organization of China to provide classification services. By the end of 2009, CCS classed fleet was 2,282 ships totalling 34.45 million gross tonnage.
Greece-based Tsakos Energy Navigation Limited (TEN) has time-chartered out the 301,171 dwt, double hull VLCC 'Millennium', with a state oil company for a period of 18 months. The new charter commenced in September 2013 and is expected to generate gross revenues of approximately $11.50 million during the corresponding period. Currently, TEN’s secured contract coverage is 74% and 60% for the available vessel days of 2013 and 2014
Tsakos Energy Navigation Limited (TEN) announced the delivery of the 1993-built 298,900 dwt double-hull VLCC La Prudencia. The vessel has been immediately employed by a major oil company earning approximately $75,000 per day for a 50-day voyage. La Prudencia is the first delivery from the five vessel transaction announced on January 12, 2006, and will be followed by the 2004-built 37,532 dwt product tanker Delphi later this quarter.
Tsakos Energy Navigation Ltd. announced a three-year charter extension for its 2005-built double-hull 1C ice class Suezmax tanker Euronike to a large independent United States refiner, who has employed the vessel for the past twelve months since her delivery from the shipyard. The charter rate for the extension compares favourably to rates for similar duration charters for similar modern tonnage in the market. Gross revenues
Tsakos Energy Navigation Ltd. (TEN) announced the charter extension for a further 12-months of one of its MR tankers to the current charterer, a major Japanese trading house. This fixture has profit-sharing provisions attached and excluding those, the company expects to generate a minimum of $5 million in gross revenues over the duration of the contract. Concurrent with this, TEN commenced its strategic partnership with a major European oil major through the chartering of the first of its
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. “The last five years of leading the independent tanker owners have been both rewarding and challenging,” said Westgarth. “The industry has been through one of the worst recessions in recent history
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
MacGregor, part of Cargotec, has secured contracts to supply Pusnes bow loading systems for three newbuild shuttle tankers intended for operations in Brazilian waters. The order was booked into first quarter 2015 order intake.
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
RIO 2016 is the first vessel in a series of two shuttle tanker in Brazilian water operation, designed by Sungdong Shipbuilding & Marine Engineering for Tsakos Energy Navigation Ltd., two companies with a long and good historic relationship. This vessel was chartered to Petroleo Brasileiro SA.
Tsakos Energy Navigation Limited Declares Dividend on Its 8.00% Series B and 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares. Tsakos Energy Navigation Limited, a leading product, crude and LNG tanker operator, today announced that its Board of Directors declared regular
Tsakos Energy Navigation Ltd. (TEN) plans to offer its common shares in a public offering. The Company says it plans to use the net proceeds of the offering to finance the growth and modernization of its fleet, and for general corporate purposes.
Tsakos Energy Navigation Ltd. (TEN), a crude, product and LNG tanker operator, announced the time charter renewal of a 2004 built, double hull handysize product tanker with a major national end-user for a period of twelve months. The new charter commenced in February 2014 and is expected to
Tsakos Energy Navigation Limited (TEN), 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 $0.55469 per share for its 8
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
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