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.

Ship Sales

Securing the Scorpene: DCNS to Move Court

The French shipbuilder DCNS plans to seek an injunction to prevent further publication of information contained in 22,400 secret documents about stealth submarines built for India,

Austal Dives into Loss

Australia’s largest shipbuilder Austal posted a full year loss of $84.28 million because a program to build war ships for the US Navy took longer than expected.

STX to Slash Jobs, Sell Yard

To stay above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

 
 
Maritime Contracts Naval Architecture Pipelines Pod Propulsion Ship Electronics Ship Repair 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: 0.0731 sec (14 req/sec)