Tsakos Expands Fleet

Monday, February 03, 2003
Tsakos Energy Navigation Limited announced that it has taken delivery of two new vessels from Imabari Shipyards in Japan. The aframax Marathon was delivered on January 22, and immediately entered into an accretive repositioning voyage with a major South American oil concern. The panamax Maya, the first in a series of four new fully coated panamaxes, was received on January 24, and also immediately entered into an accretive repositioning voyage with a major Asian oil concern. Including these two vessels, TEN expects to add 6 newbuildings to its fleet in 2003. "TEN is proud to begin the new year by enhancing one of the youngest and most efficient oil tanker fleets in the world," stated Nikolas P. Tsakos, President and CEO. He added, "The attractive rates that we have secured for these vessels are indicative of the improving market that we have been observing over the last three months. We are pleased that these vessels are immediately generating revenue, which will positively impact earnings and enhance shareholder value. As we have stated in the past, TEN will continue to seek additional attractive opportunities to add new vessels and dispose of older vessels." Overall TEN has 13 vessels operating with medium or long-term employment charters or contracts accounting for 51% of estimated operating days for 2003, which provides a sustainable flow of revenue and profits. TEN's remaining vessels are enjoying the prevailing firm spot market. Mr. Tsakos stated, "During the coming months TEN will seek to fix additional vessels for longer periods at attractive, earnings accretive rates." Financing arrangements for the Marathon and the Maya were previously secured, and financing for the remainder of the newbuilding program is well advanced. TEN has arranged financing for the remaining aframax and one of the three additional panamaxes scheduled for delivery 2003. Remaining financing needs include two panamaxes scheduled for delivery in the second half of 2003 and one handy-size products carrier to be delivered in 2004. TEN also announced today that it has entered into a new US$50 million interest rate swap agreement for a term of five years. As previously announced by the Company, the board of directors has affected a change to TEN's policy on interest rate swap agreements to ensure that any new swap agreements would be strictly hedges, eliminating any volatile effect to quarterly earnings per share.
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Danelec Marine Expands in Brazil

Press release - Danelec Marine has announced that it is expanding its presence in Brazil by naming Telnav Telecomuniçacões Navais a Certified Service Center. With

MARAD Backs Emissions Reduction Projects

The U.S. Department of Transportation’s Maritime Administration (MARAD) announced it will provide more than $1 million to support the development of two new emission-reducing maritime solutions.

Michelle Obama to Christen Navy's Newest Submarine

U.S. First Lady Michelle Obama will join builder General Dynamics Electric Boat, a wholly owned subsidiary of General Dynamics, in christening Illinois (SSN-786), the U.


Kruszewski Joins Braemar Engineering

Braemar Engineering, the specialist maritime engineering consultancy, today announced the appointment of Chis Kruszewski to the role of Senior Electrical Engineer in its Offshore,

RigNet Partners Inmarsat to Offer Fleet Xpress

RigNet, Inc., a global provider of remote managed offshore communications solutions, telecoms systems integration services and collaborative applications to the oil and gas industry,

Italy's Eni Arrives Arctic as Shell Departs

As Shell retreats from the Arctic, the Italian oil giant Eni is making final preparations for its own oil exploration venture in the Norwegian Arctic, reports the Guardian.

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority 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: 0.1507 sec (7 req/sec)