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

Vessels

Scottish Sea Farms Orders Newbuilds

Macduff Shipyards Ltd. has received a contract worth more than £3.3 million pounds from Scottish Sea Farms for the design and build of four 19.8-meter 150T steel

400 Migrants Rescued by USCG & RBDF

Coast Guard crews and Royal Bahamian Defence Force (RBDF) rescued more than 400 Haitians illegally migrating in three separate at sea interdictions in the span of 11 days.

Navios Maritime Reports Better Revenues for 2Q & 1H, 2014

Navios Maritime Holdings Inc. a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the second quarter and six months ended June 30, 2014.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.0959 sec (10 req/sec)