Tsakos Announces Long Term Time Charters

Press Release
Monday, May 09, 2011

Minimum $200 million in revenues over charter period

ATHENS, GREECE – May 9, 2011 - Tsakos Energy Navigation Limited (“TEN” or the “Company”) (NYSE:TNP) today announced two long-term fixtures with minimum and profit sharing provisions to a major Far Eastern entity for two suezmax tankers to be delivered in mid-May and mid-July of this year in South Korea. The charters, of eleven and twelve-year periods will commence upon delivery and are expected to generate combined gross revenues, assuming only the minimum rates, of approximately $200 million.

“The duration and structure of this transaction is a testament to the quality of our fleet and operations while the calibre of the counterparty is a proof of the high-value relationships our Company has cultivated over the years,” said Mr. Nikolas P. Tsakos, President & CEO of TEN. “These two fixtures fall in line with our tried and tested policy of cash flow predictability as they provide us with a flexible and stable income stream over a very long period. These two new charters together with the recent fifteen year contracts secured for the two suezmax shuttle tankers currently under construction should generate a minimum of $720 million in gross revenues over their corresponding charter periods ,” Mr. Tsakos concluded.

Source: http://www.tenn.gr/

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

EV Appoints New CEO

Leading specialist in well diagnosis, EV has announced the appointment of a new chief executive officer.   Bringing over 28 years’ of industry experience to the role,

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement

Volvo Penta Names Brown Commercial Marine Sales Director

Dave Brown has joined Volvo Penta of the Americas as director of commercial marine sales.   In this new position, Brown will provide strategic and administrative

 
 
Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar Winch
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: 0.0822 sec (12 req/sec)