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 Today

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

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

People & Company News

Euroseas Sells C/V Marinos

Euroseas Ltd.  an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes,

Bill on Danish Maritime Planning Submitted

The bill is to form the basis of a maritime planning act intended to promote economic growth and development of sea areas. The Danish Maritime Authority is to head the work.

Plans to Create Rio Doce Fund

Vale and BHP Billiton announced today plans to work together, with Samarco, to establish a voluntary, non-profit fund to support the rescue and recuperation of the Rio Doce river system,


DP World, SCA Pact for Ain Sokhna Port Development

Suez Canal Authority (SCA) and the Red Sea Ports Authority signed an agreement with Dubai Ports World (DP World) and Sonker Bunkering Company for the development of Egypt’s Ain Sokhna seaport,

SCCT Prepares to Boost Vessel Traffic with 24-hour Access

A formal signing ceremony will now enable vessels to transit to Port Said East through a new side channel to be constructed bypassing the Suez Canal’s main entrance.

Controversial Nicaragua Canal Project Postponed

China's Hong Kong Nicaragua Development (HKND) Co. said it is delaying the start of construction on a controversial $50 billion inter-ocean canal across Nicaragua until late 2016.

Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Shipbuilding / Vessel Construction 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: 0.0861 sec (12 req/sec)