Tsakos Energy Navigation Announces Three-Year Time Charter

Tuesday, October 30, 2007
Tsakos Energy Navigation Ltd. (TEN) (NYSE: TNP) announced three-year time-charters to a major European oil company for the 2007-built 1A ice-class suezmax tanker Antarctic and the 2005-built 1C iceclass suezmax tanker Eurochampion 2004. The charters are structured with a minimum rate and a 50/50 profit-share when rates exceed that minimum. Prior to these charters both vessels operated in the spot market. The Antarctic charter began on October 27, 2007, while the Eurochampion 2004 charter is expected to commence at the beginning of November 2007. The gross proceeds from these charters, assuming only the minimum rate, are expected to exceed $76m over the corresponding charter period. With the commencement of these charters, the Company, based on a total fleet of 43 vessels in operation, has fixed forward 75% of the available earning days for 2008 and 60% for 2009. Of the 43 vessels, 38 operate in period charters some extending beyond 2009. The minimum gross revenue therefore already secured from these charters before any profit-sharing, as of October 30, 2007, is in excess of $700m.
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Höegh Names SSL as its Agent in Finland

Höegh Autoliners appointed Scandinavian Shipping & Logistics, which has already worked with the Norwegian ocean carrier in Sweden and Norway for several years, as its agent in Finland, effective Dec.

Volvo Ocean Race Partners with Yacht Racing Forum

The Volvo Ocean Race has agreed a three-year partnership with the Yacht Racing Forum.   "We are delighted to welcome the Volvo Ocean Race as a long-term partner,

Danelec Marine Expands in Brazil

Press release - Danelec Marine has announced that it is expanding its presence in Brazil by naming Telnav Telecomuniçacões Navais a Certified Service Center. With


Michelle Obama to Christen Navy's Newest Submarine

U.S. First Lady Michelle Obama will join builder General Dynamics Electric Boat, a wholly owned subsidiary of General Dynamics, in christening Illinois (SSN-786), the U.

Navy Kicks Off Tours with Industry Program

The Navy kicked off a new program Oct. 5, designed to give high performing officers and Sailors experience at large corporations for approximately one year.

Turkey Launches Amphibious Ship

Turkey launched the 140-meter amphibious ship "Bayraktar," the first of two vessels that are part of a domestic Landing Ship, Tank (LST) project, reports Local media.

Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority 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: 0.1525 sec (7 req/sec)