TEN Announces New Time Charters For Suezmaxes

Wednesday, October 01, 2003
Three Year Charters With Petrobras Bring Operating Coverage to 74% And 57% For the Remainder of 2003 and Full Year 2004, Respectively Tsakos Energy Navigation Limited has announced new time-charter contracts for the suezmaxes Decathlon and Pentathlon with Petrobras, a state oil Company. Each contract commences in October of 2003 extending for three years at a fixed rate for the first contract and a min-max rate for the second contract, with the opportunity for profit sharing if the prevailing spot market dictates. "We are extremely fortunate to have opportunities to expand our strong relationships with companies such as Petrobras," stated Nikolas P. Tsakos, President and CEO of TEN. "The Decathlon and Pentathlon were built to the highest specifications to meet the individual requirements of our clients. In tandem with superior customer service and support, TEN continues to offer its modern fleet directly to major oil producers. Further, as we announced last 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, "Recent news regarding the supply of oil has caused the stock price valuations of tanker companies to fluctuate. However, the long-term charters that we have secured for these vessels, as well as for the majority of our fleet, should provide a steady stream of revenues and earnings, despite any changes in crude oil supply. These new contracts show that we are focused on maintaining a balanced fleet employment profile of spot voyages and medium to long-term charters." Overall TEN has 18 vessels operating with medium or long-term employment contracts which account for 74% of estimated operating days or $37 million gross revenues for the remainder of 2003 and 57% for 2004 or $124 million in revenues, positively impacting earnings and enhancing shareholder value.
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Growing American Shipping Bill Introduced by Garamendi

Congressman John Garamendi (D-CA-03), Ranking Member of the House Transportation and Infrastructure’s Coast Guard and Maritime Transportation Subcommittee, informs ot the introduction of  H.

Orica Fined Heavily for Australian Pollution Incidents

Orica Australia Pty Ltd has been convicted and penalised $768,250 in relation to charges brought by the NSW Environment Protection Authority (EPA) for pollution

Canaveral Shipwreck Search Permit Granted to Seafarer's Quest

Research and recovery of historic shipwrecks experts Seafarer Exploration Corporation says that Seafarer's Quest, LLC has successfully been granted a three year

Tanker Trends

Top Ships Enters 3 New Charters

TOP Ships Inc., an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products, announced

US Crude Oil Exports Hit 15-year High

U.S. crude oil exports reached 288,000 barrels per day (bpd) in May, the highest levels since April 1999, data from the U.S. Energy Information Administration showed on Wednesday.

Iraqi Kurdish Pipeline Stopped; Tanker in Limbo off Texas

Iraqi Kurdistan's attempts to export oil independently of Baghdad hit another obstacle on Wednesday, as a Turkish energy official and industry sources said the

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Electronics 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: 0.1077 sec (9 req/sec)