TEN Announces Renewal of Time Charter

Thursday, June 19, 2003
Tsakos Energy Navigation Limited (TEN) announced that the time charter agreement for the product carrier Pella has been renewed. For the third consecutive year, the Pella will be directly employed at an attractive rate to a major South American oil concern. "This contract further illustrates how TEN is continuing its established practice of maintaining a balanced fleet employment profile with spot voyages and medium to long-term accretive charters," stated Nikolas P. Tsakos, President and CEO. He added, "We are pleased that the Pella will continue to be employed by this long standing customer. TEN is focused on expanding our relationships in this region by providing ships that meet our clients' individual requirements and providing superior customer service and support directly to major oil producers." "The accretive rate that we have secured for the Pella shows that the market continues to be strong," Tsakos continued. "Overall TEN has 17 vessels operating with medium or long-term employment charters 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." As is the Company's policy, TEN will continue to seek additional attractive opportunities to add new vessels and dispose of older vessels. TEN plans to receive the Aframax Parthenon in July of this year and the last of four Panamaxes, the Andes, in August 2003.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Latest Shipbuilding Contracts Include VLCC Order for Philippine Yard

In the latest Clarkson Hellas S&P Weekly Bulletin newbuilding orders are reported in Far East shipyards for a range of vessels as follows: Bulk carriers Clarkson

Padbury delays detailing port funding

Padbury Mining on Thursday failed to reveal the investors behind a more than $6 billion port and rail project in Western Australia's iron ore belt, asking for its

JFD Awarded Australian Navy Commendation

Commendation awarded by the Royal Australian Navy for dedicated work, commitment and support for Exercise Black Carillon 2013   James Fisher Defence (JFD) has

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair 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: 0.0957 sec (10 req/sec)