Tsakos Charter of DNA Aframax Tanker

Sunday, August 02, 2009

Tsakos Energy Navigation Limited (NYSE:TNP) announced the delivery of the double-hull DNA designed 105,000dwt Aframax tanker Ise Princess from Sumitomo Heavy Industries in Japan. The vessel is the fifth delivery in an eight vessel series. The company expects to take delivery of the remaining three vessels by May 2010.

Ise Princess immediately commenced a repositioning time-charter for up to four months with a major international oil trader at a fixed rate. Upon conclusion of this charter, the vessel is expected to operate in the Mid-Atlantic basin.

With the addition of this new time charter, TEN’s fixed employment for 2009 and 2010 is 64% and 44%, respectively. Discounting the potential for profit sharing and assuming only the minimum rates for the remaining operating days in 2009, TEN expects to earn at least $128m in incremental gross revenue. For 2010, based on the same assumptions, the minimum gross revenue already secured is estimated at $170m.

Maritime Today


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

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

People & Company News

Young Taken on PESA Advisory Board

Hoover Container Solutions’ chairman and CEO, Donald Young, has been nominated and elected to the Petroleum Equipment & Services Association (PESA) Advisory Board for a three-year term.

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Ship Repair 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: 0.0813 sec (12 req/sec)