TEN Announces Sale of the Panamax Bregen

Tuesday, November 28, 2006
Tsakos Energy Navigation Ltd. (TEN) announced the sale of the 1989-built double hull Panamax tanker Bregen. Following the sale of 1987-built Crux and 1988- built Libra during the third quarter of 2006, the sale of the Bregen represents the disposition of the last remaining 1980's built tanker in the Company's fleet. The vessel will be delivered to its] new owners in the first quarter of 2007, and as a result of the sale, TEN] will recognize a capital gain of $5 million at that time. Separately, the company also announced time charter employment for the double-hull Panamax tankers Victory III and Hesnes. The new contracts, both with a major South American state oil company, are long-term, fixed rate charters that are expected to generate gross revenue of at least $35 million over the next 25 months. Based on the currently operating fleet of 37 vessels, TEN has secured employment for 80% of the available days of 2007 and 70% of the available days of 2008, which should provide minimum revenues of $250 million and $220 million respectively.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Sales

Norwegian Buys Ship from Princess Cruises

Norwegian Cruise Line Holdings Ltd. announces fleet expansion for Oceania Cruises in 2016; Sirena to join sister ships Insignia, Regatta and Nautica   Norwegian Cruise Line Holdings Ltd.

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

BMT-Designed Flex Ferries Delivered in Singapore

A trio of 38-metre Flex Ferries, built by Singapore’s Penguin Shipyard International and designed by Southampton-based BMT Nigel Gee, have been delivered to their new owner,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.1619 sec (6 req/sec)