TEN Repurchases Tanker

Wednesday, October 08, 2008

Tsakos Energy Navigation Limited (TEN) announced has completed the reacquisition of the 2002-built double hull suezmax tanker from the German K/G financial institution that had initially acquired the vessel from TEN in 2003 through a sale-and-leaseback transaction. The repurchase price agreed upon during the 2003 transaction is approximately half of what independent brokers consider the vessel’s current fair market value. The will reassume her original name, Decathlon, upon delivery back to TEN. The vessel will remain employed under its current charter, which has at least another 12 months remaining, and is expected to generate at least a further $13.0 million in gross revenues.

In November 2008, TEN expects to reacquire the sister-ship of the Decathlon, the Balboa (to be named Pentathlon) which was part of the same 2003 sale-and-leaseback transaction.

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

Tanker Trends

MacGregor's Pusnes bow loading systems for Suezmax Tankers

MacGregor, part of Cargotec, has secured contracts to supply Pusnes bow loading systems for three newbuild shuttle tankers intended for operations in Brazilian waters.

Tanker Lifts One Million Barrels of Crude at Hariga

A tanker left Libya's eastern oil port of Hariga after lifting one million barrels of crude, an oil official said on Thursday. No new tanker was expected in the next few days,

US Could Eliminate Energy Imports -EIA

EIA's AEO2015 projects that U.S. energy imports and exports come into balance, a first since the 1950s, because of continued oil and natural gas production growth

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Repair Shipbuilding / Vessel Construction 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: 0.4266 sec (2 req/sec)