TEN Repurchases Tanker

Wednesday, October 08, 2008

Tsakos Energy Navigation Limited (TEN) announced has completed the reacquisition of the 2002-built double hull suezmax tanker from the German K/G financial institution that had initially acquired the vessel from TEN in 2003 through a sale-and-leaseback transaction. The repurchase price agreed upon during the 2003 transaction is approximately half of what independent brokers consider the vessel’s current fair market value. The will reassume her original name, Decathlon, upon delivery back to TEN. The vessel will remain employed under its current charter, which has at least another 12 months remaining, and is expected to generate at least a further $13.0 million in gross revenues.

In November 2008, TEN expects to reacquire the sister-ship of the Decathlon, the Balboa (to be named Pentathlon) which was part of the same 2003 sale-and-leaseback transaction.

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

Tanker Trends

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

Benghazi Port Still Closed, Imports Rerouted

The commercial port in Libya's second city, Benghazi, remains closed due to fighting between pro-government and Islamist forces, forcing wheat imports to make a detour via Tobruk harbour,

EGAS Tenders for as many as 48 LNG Cargoes

Egypt's state-owned gas company EGAS has tendered to buy at least 48 cargoes of liquefied natural gas (LNG) for delivery in 2015/16, three traders said. A senior

 
 
Maritime Careers / Shipboard Positions Maritime Security Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.2254 sec (4 req/sec)