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

Top Ships Enters 3 New Charters

TOP Ships Inc., an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products, announced

There’s Still Time for SHIPPINGInsight Award Entries

Entry submissions for the first SHIPPINGInsight Award are due Friday, Aug. 1, but organizers said they will continue to accept nominations through following week to provide some extra time.

Rio Tinto Pulls Plug on Mozambique Coal Venture

Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Salvage Ship Electronics Ship Repair 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: 0.1175 sec (9 req/sec)