TEN Sells Two Tankers

Tuesday, September 12, 2006
Tsakos Energy Navigation Limited (TEN) announced the sale of the 1988 and 1987 double side/single bottom 41,161dwt handysize tankers Libra and Crux. The vessels were delivered to their new owners on the 7th and 8th of September 2006 respectively. A capital gain of $12.5m will be recorded in the third quarter of 2006 and $30 million of cash flow is expected to be released for further investments. Concurrently with the above sales, TEN placed four newbuilding orders: Two orders were placed with Sumitomo Heavy Industries, Japan for the construction of 105,00dwt Aframax-DNA crude carriers and two at Sungdong Shipbuilding & Marine Engineering in South Korea for the construction of 73,000dwt panamax product tankers. The DNA designed Aframaxes, sister vessels to the four the Company is currently building at the same yard, are expected to be delivered in the third and fourth quarter of 2009 with the panamax product tankers in the second half of 2007. The total consideration for both newbuilding projects is about $228 million, which the Company expects to finance with bank debt and cash.
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

GTT Earns Five AIPs for Multi-gas Membranes

Gaztransport & Technigaz (GTT), designer of membrane containment systems for the maritime transportation and storage of LNG (Liquefied Natural Gas) announced five

Steel Cut for Yamal LNG Project’s Lead Tanker

A steel-cutting ceremony was held on September 29 for the lead gas tanker ordered by SCF Group for transportation of liquefied natural gas (LNG) under the Yamal LNG project.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Maritime Safety

USCG Cutter Rush Returns

The crew of Coast Guard Cutter Rush returned to its homeport following a successful 72-day deployment in the Central and Western Pacific, Monday. Rush departed

Report on MOL Comfort Incident is out

In response to the casualty of “MOL COMFORT” which occurred on 17 June 2013, ClassNK established the Investigative Panel on Large Container Ship Safety, comprised

NAT Tankship Rescues 150 in Mediterranean

Nordic American Tankers Limited ("NAT") says the one of its vessels, the 'Nordic Passat' performed a rescue operation, involving 150 people in the Mediterranean last Saturday afternoon,

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Ship Electronics 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: 0.1181 sec (8 req/sec)