TEN Announces New Time Charter for the Aframax Olympia

Tuesday, October 14, 2003
Tsakos Energy Navigation Limited (TEN) announced a new time-charter contract for the Aframax Olympia with a major European charterer. The two-year contract begins in November 2003 upon the expiration of Olympia's current contract. The rate obtained for the new time charter will positively impact earnings. "TEN remains committed to securing attractive, long-term charters that will provide a steady and predictable flow of earnings and strengthen its balance sheet," stated Nikolas P. Tsakos, President and CEO of TEN. "We will continue to expand our strong relationships with our clients in Europe and around the world by building, maintaining and providing tankers that meet our clients' individual requirements and by providing superior customer service and support." Tsakos continued, "The rate that we have secured for this vessel is a testament to the reputation of TEN as a high-quality, customer focused provider. TEN's vessels continually meet the needs of our clients and allow us to maintain a balanced fleet employment profile of spot voyages and medium to long-term charters." Overall TEN has 19 vessels operating with medium or long-term employment contracts or contracts accounting for 78% of estimated operating days for the remainder of 2003 and 62% for 2004, which should provide a sustainable flow of revenue and earnings and enhance shareholder value.
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NSRP Risk Management Panel and SCA Joint Meeting

The National Shipbuilding Research Program (NSRP) Risk Management Panel will be meeting jointly with the Shipbuilders Council of America (SCA) November 5-6, 2014 in Virginia Beach, Va.

WEG to Showcase Drive Solutions at SMM

WEG, a global supplier of drive systems, will showcase its range of systems for the shipbuilding and offshore industry at this year’s SMM (Shipbuilding, Machinery & Marine Technology Fair) in Hamburg.

Kirby Reports Record Q2 2014

Record 2014 second quarter earnings per share of $1.31 compared with $1.11 in the 2013 second quarter, which included a $0.07 benefit due to the reduction of the United earnout liability.

Shipbuilding

NSRP Risk Management Panel and SCA Joint Meeting

The National Shipbuilding Research Program (NSRP) Risk Management Panel will be meeting jointly with the Shipbuilders Council of America (SCA) November 5-6, 2014 in Virginia Beach, Va.

Scottish Sea Farms Takes New Vessel Delivery

Scottish Salmon Farms has taken delivery of its latest vessel – powered by twin Doosan V158TIH main engines supplied by WaterMota.   Designed by consultant naval

Fincantieri to Build Third New Princess Cruises Ship

Fincantieri says it has signed an agreement with Carnival Corp. to build  the new cruise ship for its Princess Cruises brand at a cost of about 600 million euros.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Repair Ship Simulators Sonar Winch
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: 0.1148 sec (9 req/sec)