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 Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

FMT Options for another Towboat from Eastern

Eastern Shipbuilding Group, Inc. announce that Florida Marine Transporters, Inc. of Mandeville, La. exercised another additional 90’x32’x10’ “Canal Class” Inland

Caterpillar: Q3 Results Show Improvement

Caterpillar Inc. today announced its third-quarter results, in which it reported profit per share of $1.63 for the third quarter of 2014, an increase from third-quarter 2013 profit per share of $1.

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2451 sec (4 req/sec)