TEN Announces Sale of the Panamax Bregen

Tuesday, November 28, 2006
Tsakos Energy Navigation Ltd. (TEN) announced the sale of the 1989-built double hull Panamax tanker Bregen. Following the sale of 1987-built Crux and 1988- built Libra during the third quarter of 2006, the sale of the Bregen represents the disposition of the last remaining 1980's built tanker in the Company's fleet. The vessel will be delivered to its] new owners in the first quarter of 2007, and as a result of the sale, TEN] will recognize a capital gain of $5 million at that time. Separately, the company also announced time charter employment for the double-hull Panamax tankers Victory III and Hesnes. The new contracts, both with a major South American state oil company, are long-term, fixed rate charters that are expected to generate gross revenue of at least $35 million over the next 25 months. Based on the currently operating fleet of 37 vessels, TEN has secured employment for 80% of the available days of 2007 and 70% of the available days of 2008, which should provide minimum revenues of $250 million and $220 million respectively.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Sales

HSH Nordbank Looking to Split Off Bad Shipping Loans

HSH Nordbank AG, the world’s second-largest financier of ships, plans to split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model,

CSD, Cosco JV to Buy Vale's Bulk Carriers

China Shipping Development (CSD) and Cosco have established a joint venture (JV), China Ore Shipping Pte., in Singapore to purchase four 400,000 dwt ore carriers from Vale and operate them.

World’s Greenest Containership Comes under Malta Flag

MV Barzan, a vessel recognized as the world's most environmentally friendly ultra-large container vessel, has been registered on the Malta flag.   MV Barzan is one of 17 (11 x 15,

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.0926 sec (11 req/sec)