Tsakos Energy Navigation Announces Three-Year Time Charter

Tuesday, October 30, 2007
Tsakos Energy Navigation Ltd. (TEN) (NYSE: TNP) announced three-year time-charters to a major European oil company for the 2007-built 1A ice-class suezmax tanker Antarctic and the 2005-built 1C iceclass suezmax tanker Eurochampion 2004. The charters are structured with a minimum rate and a 50/50 profit-share when rates exceed that minimum. Prior to these charters both vessels operated in the spot market. The Antarctic charter began on October 27, 2007, while the Eurochampion 2004 charter is expected to commence at the beginning of November 2007. The gross proceeds from these charters, assuming only the minimum rate, are expected to exceed $76m over the corresponding charter period. With the commencement of these charters, the Company, based on a total fleet of 43 vessels in operation, has fixed forward 75% of the available earning days for 2008 and 60% for 2009. Of the 43 vessels, 38 operate in period charters some extending beyond 2009. The minimum gross revenue therefore already secured from these charters before any profit-sharing, as of October 30, 2007, is in excess of $700m.
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Asia-N.Europe Box Rates Jump 26 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped by 26 percent to $591 per 20-foot container (TEU) in the week ended on Friday,

CMA CGM-led Consortium Win Box Terminal Bid

The consortium formed by CMA CGM, Bolloré and CHEC won the bid process initiated by the Cameroonian government Following the bidding procedure initiated by the Cameroonian government,

BIMCO Outlines LIS Week Schedule

BIMCO’s breakfast brief, titled “The Future Of Maritime Security” is aimed at CEOs and Directors who will have an opportunity to hear more on the latest threats

Navy

HMAS Canberra Initial Operational Capability

The Royal Australian Navy’s Amphibious Ship, HMAS Canberra, has completed a graduated operational test and trials program to achieve a key milestone towards Initial Operating Capability.

Australian Defence Unveils Indigenous Artwork

Defence today unveiled an Indigenous painting at its Science and Technology headquarters in Canberra as a mark of respect for cultural diversity within the organisation.

Britain Pumps GBP500mln into Scottish Naval Base

The Royal Navy’s submarine base at Faslane – home to Britain’s nuclear deterrent – is to receive a more than 500 million pounds investment grant from the Government, reports Reuters.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.3516 sec (3 req/sec)