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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

Canada Says Lifting Some Sanctions Against Iran

The Canadian government said on Friday it was lifting some sanctions against Iran, including the broad ban on financial services, imports and exports, making Canadian

Glencore to Lift Iranian Fuel Oil at Bandar Mahshahr

Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators 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: 0.0593 sec (17 req/sec)