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 March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Shipping Confidence Hits 2.5 Year Low

Overall confidence levels in the shipping industry fell to their lowest level for two-and-a-half years in February 2015, according to the latest Shipping Confidence

U.S. DoI Upholds 2008 Shell Arctic Lease

The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas

All American Marine Delivers Ferry to Seattle

All American Marine, Inc. (AAM) today announced the delivery of a new passenger ferry that will serve the city of Seattle.    The vessel, MV Sally Fox, was dedicated

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.1206 sec (8 req/sec)