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

People & Company News

British Queen to Name New Ship

Queen Elizabeth II will christen P&O Cruises’ new flagship Britannia in Southampton, England, on March 10. She will be accompanied by her husband, Prince Philip, the Duke of Edinburgh.

Zamakona Yards' Commitment to Well-being

Recently employees of Zamakona Yards participated in a training course for maintaining Health, Safety and Environment (HSE). The theoretical practice focused on working at heights,

GasLog Post 4Q 2014 Results

GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31,

Offshore

Hercules Offshore Shares Fall 33%

Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0.

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Mexico Approves 5 Shallow Water Areas in Round One Oil Tender

Mexico has approved the terms for five shallow water areas containing around 355 million barrels of oil equivalent as part of its Round One tender to open up the country's oil fields,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Port Authority 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: 0.3706 sec (3 req/sec)