TEN Sells Aframax Tanker Opal Queen

(Press Release)
Wednesday, February 02, 2011

Tsakos Energy Navigation Limited (NYSE: TNP) today announced the sale of the 2001-built aframax tanker Opal Queen to an international operator. The delivery of the vessel to its new owners is expected to take place in February 2011. The capital gain from this sale will be recorded in the first quarter of 2011 while the free cash to be generated will be used for future vessel opportunities.
"A young fleet profile and healthy cash reserves to pursue our growth strategy and meet our shareholder obligations have always been associated with a tested sale and purchase policy that has been integral to operations since the Company started in 1993," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "TEN remains committed to rejuvenating its fleet while growing its presence in all sectors it operates. The market price achieved for this sale highlights the imbalance between TEN's actual assets and the steep discount the stock trades to its net asset value. We intend to continue the pursuit of income from capital gains, $280 million in the last twenty-eight quarters which over time should close the gap between our stock price and the real value our Company," Mr. Tsakos concluded.
 

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Liner Service Reliability Jumps to 64%

According to Drewry Supply Chain Advisors, liner shipping service reliability on the three East-West trades showed an aggregate on-time performance of 64% in March - a five-month high.

Suezmax Tankers Bullish

Global fixture activity for suezmax crude tankers rose in the first quarter by 5% year on year, with most of the activity coming out of West Africa.   Suezmax

MacGregor's Pusnes bow loading systems for Suezmax Tankers

MacGregor, part of Cargotec, has secured contracts to supply Pusnes bow loading systems for three newbuild shuttle tankers intended for operations in Brazilian waters.

Ship Sales

Seaspan Takes Delivery of New Containership

Seaspan Corporation (SSW) has accepted delivery of a 14000 TEU containership, the YM Wellhead.    The new containership, which was constructed at Hyundai Heavy Industries Co.

'Make in India’ - the Newbuzzword in Indian Shipping Sector

The Prime Minister Narendra Modi's  'Make in India’ initiative offers a plethora of opportunities in the maritime sector, particularly in shipbuilding, with the

Capt. Ang Chin Eng New Technical Director of SSA

The Singapore Shipping Association (SSA) has appointed a full time Technical Director who will be responsible for ensuring the Association maintains its pledge

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0943 sec (11 req/sec)