TEN Announces Extension of Time Charter For Suezmax Silia T

Thursday, July 17, 2003
Tsakos Energy Navigation Limited (TEN) announced an extension of the time-charter contract for the Suezmax Silia T with Navion, a Norwegian shipping concern. The one-year extension begins in September of 2003 upon the expiration of the initial time charter agreement, which was signed in July 2002. The renewal is at the maximum rate negotiated for the one-year extension option granted to the charterers under the original agreement. Navion has continuously employed the Silia T since its delivery. "TEN is focused on expanding our strong relationships with companies such as Navion by providing ships that meet our clients' individual requirements and providing superior customer service and support directly to major oil producers," stated Nikolas P. Tsakos, President and CEO of TEN. "And, as we announced earlier this month, we have ordered two additional suezmax newbuildings for our young and modern fleet to meet the changing demands of oil producers worldwide." Tsakos continued, "The rates that we have secured for this vessel are indicative of the strong period employment market that we have observed over the last several months. The renewal of this contract shows that TEN's vessels continually meet the needs of our clients while allowing us to maintain a balanced fleet employment profile of spot voyages and medium to long-term charters." Overall TEN has 17 vessels operating with medium or long-term employment contracts or contracts accounting for 70% of estimated operating days for the remainder of 2003 and 50% for 2004, which should provide a sustainable flow of revenue and profits and positively impact earnings and enhance shareholder value.
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dann Marine Repowers With Cummins Tier 3 Engines

Dann Marine Towing, LC., is a fifth generation family owned and operated tugboat company based in Chesapeake City, MD. The model-bow twin-screw tug Sea Coast was

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

MAN-Powered Cargo Vessel Meets Tier III

Classification society awards SCR system emissions certificate. MAN Diesel & Turbo has been awarded a Tier III - compatibility certificate by the DNV- GL classification

Ports

FPSO Petrojarl Knarr Delivered to Norway

Three tugs of Fairmount Marine have towed the brand new FPSO Petrojarl Knarr from South Korea to Norway in just 61 days. Petrojarl Knarr, one of world’s largest

South Carolina Ports Container Volume Up by 13%

SC Ports Authority reported container volumes up 13 percent fiscal year to date, a strong start to the first two months of the fiscal calendar. The SCPA handled 163,

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction 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: 0.1285 sec (8 req/sec)