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

Ship Sales

Frontline appoints Macleod as new CEO

Crude oil tanker firm Frontline, part of shipping tycoon John Fredriksen's business empire, appointed Robert Hvide Macleod as chief executive to replace Jens Martin Jensen, the firm said on Monday.

Venezuela's PDVSA Puts Six Tankers Up for Sale

Venezuelan state oil company PDVSA said on Friday it is selling four crude tankers and two liquid petroleum gas (LPG) tankers that are currently inactive, amid a broader plan to modernize its fleet.

Maersk Supply Service Orders Six Offshore Vessels

Maersk Supply Service, a unit in Danish conglomerate A.P. Moller-Maersk, said on Thursday it has placed an order for six new large anchor-handling tug supply vessels from Kleven Maritime in Norway.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators 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: 0.0842 sec (12 req/sec)