TEN Sells Panamax Liberty

Tuesday, June 08, 2004
Tsakos Energy Navigation Limited (TEN) announced the sale of the panamax Liberty to a third party. The sale price of the Liberty resulted in a net capital gain of approximately $1 million, which will be recognized in the second or third quarter, depending on the delivery date to the purchaser.

"Though we are saddened to see our oldest vessel retired, which has contributed so much to our past profitability, our future clearly depends on operating a modern fleet composed entirely of double-hulled vessels," stated Nikolas P. Tsakos, President and CEO of TEN. "The current strong market made this an advantageous time to dispose of this vessel and realize a significant capital gain." Out of TEN's 27 vessels currently trading, 21 operate with medium or long- term employment contracts, some at variable rates, accounting for 78% of the remaining operating days for 2004, and 63% of the operating days of 2005. These contracts will generate a minimum of approximately $210 million over the next seven quarters, which should provide a sustainable flow of earnings. The company currently employs its remaining 6 vessels in the spot market. Currently, 90% of TEN's fleet is of the double hull design.

Maritime Reporter September 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Sales

KKR, Borealis Maritime JV acquires 9 container ships

KKR and Borealis Maritime today announced the acquisition of a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels

KKR & Borealis Maritime Acquire 9 Containerships

KKR and Borealis Maritime say they have acquired a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels were previously

G E Shipping Sells General Purpose Product Tanker

The Great Eastern Shipping Company Ltd. (G E Shipping) has signed a contract to sell the 1991-built General Purpose Product Tanker Jag Prachi (28,610 dwt). The

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators 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: 0.1041 sec (10 req/sec)