Tsakos Announces Time Charter Extension

MarineLink.com
Monday, February 10, 2014

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 generate gross revenues of approximately $6 million during the corresponding period.

Currently, TEN’s secured contract coverage is 60% and 38% for the available vessel days of 2014 and 2015, with expected minimum revenues of approximately $190 million and $150 million, respectively. Overall, TEN’s minimum contracted charter revenues is approximately $880 million with an average employment of 2.7 years per vessel. The company has currently 20 vessels on fixed time charters, eight vessels on charters with profit sharing arrangements and 20 vessels trading in COAs and spot related charters.

“This charter renewal demonstrates our company’s strength on forming strategic partnerships on several fronts particularly with major oil companies. Furthermore, due to our fleet’s versatility and employment flexibility, we can count on stable cash flows while retaining the ability to take advantage of the current market recovery,” said Nikolas P. Tsakos, President and CEO of TEN. “This charter renewal is significantly higher than its previous rate and with all signs pointing to strengthening tanker rates. In addition with this extension we will continue to serve the same major energy company which has been using the vessel since 2004. This is a testament to the caliber of our company and the high quality of our vessels,” Tsakos concluded.

tenn.gr
 

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

Tanker Trends

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Strong Tanker Market Extends Peak Season High Earnings

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.

Asia Tankers-VLCC Rates Soar

Middle East VLCC rates hit $69,500 a day; daily VLCC rates average $51,000, highest since 2008 (Clarkson). Rates for very large crude carriers (VLCCs) on a key

News

Two Rescued from Sinking Shrimp Boat

Two fishermen were rescued from their sinking shrimp boat by a U.S. Coast Guard aircrew Friday off the coast of Saint Simons Island near Brunswic, Georgia.   Watchstanders

IMO: Making Ferries Safer

The International Maritime Organization (IMO) domestic ferry safety conference in Manila April 24 has adopted guidelines to aid the process of reducing the mounting

Judge Orders Migrant Boat to Remain in Custody

An Italian judge on Friday ordered that the presumed captain of a migrant boat that sank with the loss of more than 700 lives should remain in custody after prosecutors

Vessels

EUROPA 2 Undergoes First Scheduled Docking

As part of its first scheduled docking, Hapag-Lloyd Cruises’ EUROPA 2 underwent technical maintenance at Blohm + Voss in Hamburg from April 11-24, 2015.   At the same time,

Boatbuilding in China

While much of the focus on coverage of the Chinese shipbuilding industry is on big shipbuilding, Maritime Reporter switches gears this month to explore activities in select boatbuilding sectors.

The German Shipbuilding Rebound

German shipbuilding has made a significant turnaround. The country’s shipbuilding industry has seen increases in the number of employees, orders and deliveries compared to 2013,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.2791 sec (4 req/sec)