Tsakos Energy Navigation 2-yr Time Charter

Tuesday, October 20, 2009

Tsakos Energy Navigation Limited (NYSE:TNP) announced a two year time-charter with profit sharing for the 2005-built suezmax tanker Euronike to an international oil major, an existing client of the company. The minimum revenue expected from this fixture is estimated at $15.3m with an extra $8.1m due if charterers extend employment for an additional year. Should the charterer exercise this option, the total minimum gross revenues to TEN from this charter will rise to $23.4m. Prior to this fixture, the Euronike was operating in the spot market.

Following this charter, TEN’s fixed employment including pool vessels for 2009 and 2010 is 78% and 54%, respectively.

“The Euronike is the fifth vessel that we have chartered over the last month and another fixture that signifies TEN’s ability to implement its stated employment strategy of profit sharing with first class clients,” said Nikolas P. Tsakos, President and CEO of TEN. “The recent appetite of major end users to fix quality tonnage long term is encouraging and solidifies the company’s cash generating capability and ability to maintain its stated dividend policy going forward.”

(www.tenn.gr)

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

Vessels

Vard Orders Parat Electric Steam & Hot Water Boilers

During the last month, PARAT Halvorsen AS has collected four new boiler plant orders from the Vard Group and their multipurpose platform ships of Vard 1 08 design.

Imtech Marine Nav/Com Partner for Groen OSV

The first newbuild ship in a series of three offshore support vessels (OSVS) for shipowner Groen (Scheveningen), 7-Oceans, was delivered at Damen Maaskant Shipyards in Stellendam,

Chloropac Anti-Fouling Selected for Largest Decommissioning Vessel

Allseas Group S.A., a global offshore pipe installation and subsea construction company, has selected Evoqua Water Technologies’ Chloropac electrochlorination system

 
 
Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators 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: 0.1052 sec (10 req/sec)