Tsakos Time Charters for Suezmax Tankers

Wednesday, September 30, 2009

Tsakos Energy Navigation Limited (NYSE:TNP) announced a two year time-charter extension with profit sharing up to a maximum level with the same charterer, for the 2002-built double hull suezmax tanker Decathlon. TEN also announced a three-to-six month time charter for the 2006-built suezmax tanker Archangel through the initiation of a relationship with an international oil major. Prior to this new charter, the Archangel was operating in the spot market.

Assuming the minimum rate on the Decathlon and the minimum duration on the Archangel the charters should generate gross revenues in excess of $17.5m. Should the Archangel charterer exercise its option for an additional 90 days, the total gross revenues could grow by another $2.5m, providing up to $20m in cash flow contribution.

Following this charter extension, TEN’s fixed employment, including pool vessels, for remainder of 2009 and 2010 operating days is revised upward to 67% and 52%, respectively.

(www.tenn.gr)

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

Vessels

Boskalis Wins Portsmouth Channel Expansion Order

Royal Boskalis Westminster N.V. (Boskalis) has been awarded a contract from the Defence Infrastructure Organisation of the Ministry of Defence for the capital

Wartsila Tunnel Thruster Gets LR Approval

Wartsila has successfully passed the final step of the Lloyd's Register (LRS) classification society's Type Approval process to obtain an LR Type Approval Certificate

ShipServ opens Singapore office

ShipServ, the leading marine and offshore marketplace with an expected annual trade of $3bn in 2015, has cemented its position in Asia with the opening of a new office in Singapore.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1120 sec (9 req/sec)