TEN Announces New Time Charter for the Aframax Olympia

Tuesday, October 14, 2003
Tsakos Energy Navigation Limited (TEN) announced a new time-charter contract for the Aframax Olympia with a major European charterer. The two-year contract begins in November 2003 upon the expiration of Olympia's current contract. The rate obtained for the new time charter will positively impact earnings. "TEN remains committed to securing attractive, long-term charters that will provide a steady and predictable flow of earnings and strengthen its balance sheet," stated Nikolas P. Tsakos, President and CEO of TEN. "We will continue to expand our strong relationships with our clients in Europe and around the world by building, maintaining and providing tankers that meet our clients' individual requirements and by providing superior customer service and support." Tsakos continued, "The rate that we have secured for this vessel is a testament to the reputation of TEN as a high-quality, customer focused provider. TEN's vessels continually meet the needs of our clients and allow us to maintain a balanced fleet employment profile of spot voyages and medium to long-term charters." Overall TEN has 19 vessels operating with medium or long-term employment contracts or contracts accounting for 78% of estimated operating days for the remainder of 2003 and 62% for 2004, which should provide a sustainable flow of revenue and earnings and enhance shareholder value.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Bouchard Vessels Honored by SCA

Forty-three Bouchard Transportation Co., Inc. vessels have been honored by The Chamber of Shipping America (CSA) with Certificates of Environmental Achievement.

Deepwater Semi-Sub COSL Prospector Delivered

COSLProspector, the fourth deep-water semi-submersible drilling rig built by CIMC Raffles for China Oilfield Services Limited (COSL), has been delivered in Yantai, Shandong Province.

Trelleborg Invests in High-Speed Fender Test Rig

Trelleborg’s marine operation is in the process of building and installing a custom-made high-speed test rig, capable of testing both rubber and foam fenders.   The

Shipbuilding

Video: Reefer RoRo Ship Design Rebooted

Expanding on the Reefer RoRo Ship design release in September last year, naval architects group Knud E. Hansen A/S has continued the development of the new Reefer RoRo Ship design with version II.

HHI to Build FSRU for Höegh LNG

A new Floating Storage and Regasification Unit (FSRU) will be built by the Korean shipbuilding Company Hyundai Heavy Industries (HHI). This FSRU will be the fifth

Seaspan Shipyard's Prompt Response to Canadian Coast Guard

Seaspan Shipyard’s long-standing relationship with the Canadian Coast Guard was proudly showcased in recent days, with simultaneous repair and maintenance work

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Sonar
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: 0.2014 sec (5 req/sec)