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

People & Company News

Dann Marine Repowers With Cummins Tier 3 Engines

Dann Marine Towing, LC., is a fifth generation family owned and operated tugboat company based in Chesapeake City, MD. The model-bow twin-screw tug Sea Coast was

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

MAN-Powered Cargo Vessel Meets Tier III

Classification society awards SCR system emissions certificate. MAN Diesel & Turbo has been awarded a Tier III - compatibility certificate by the DNV- GL classification

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Ship Electronics 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: 0.1410 sec (7 req/sec)