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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Ports

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

CMA CGM Strengthens Madagascar Presence

Since the creation of CMA CGM Madagascar in 2003, container shipping company CMA CGM Group has continued to develop on the island to move closer to its valued customers

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar
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: 0.4268 sec (2 req/sec)