Tsakos Charter of DNA Aframax Tanker

Sunday, August 02, 2009

Tsakos Energy Navigation Limited (NYSE:TNP) announced the delivery of the double-hull DNA designed 105,000dwt Aframax tanker Ise Princess from Sumitomo Heavy Industries in Japan. The vessel is the fifth delivery in an eight vessel series. The company expects to take delivery of the remaining three vessels by May 2010.

Ise Princess immediately commenced a repositioning time-charter for up to four months with a major international oil trader at a fixed rate. Upon conclusion of this charter, the vessel is expected to operate in the Mid-Atlantic basin.

With the addition of this new time charter, TEN’s fixed employment for 2009 and 2010 is 64% and 44%, respectively. Discounting the potential for profit sharing and assuming only the minimum rates for the remaining operating days in 2009, TEN expects to earn at least $128m in incremental gross revenue. For 2010, based on the same assumptions, the minimum gross revenue already secured is estimated at $170m.

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

People & Company News

MAN Extends High Speed Power Range

MAN announced it will present a newly developed 12-cylinder V-engine for use in working vessels at the SMM 2014 trade fair in Hamburg, Germany. The German engine

N-KOM to Build Floating Jetty for QPMC

Nakilat-Keppel Offshore & Marine (N-KOM), a joint venture shipyard established by Nakilat and Singapore’s Keppel Offshore & Marine (Keppel O&M), has secured a contract

Scorpio Bulkers Gets $540m Loan for Newbuilds

Scorpio Bulkers Inc. announced that it has received a commitment for a $540 million loan facility and provides an update on the financing of its fleet. On July 21,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Simulators Sonar
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: 0.1075 sec (9 req/sec)