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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Vessels

Horizon Delivers Towboat Marty Cullinan for FMT

In June 2016 Horizon Shipbuilding, Inc. of Bayou La Batre, Ala. delivered the M/V Marty Cullinan, a 120’ towboat with a retractable pilot house, to its home port of New Orleans, La.

New Dredger for North Carolina’s Coastal Waterways

The North Carolina Department of Transportation recently took delivery of a new, fully customized cutter suction dredge, which it christened the Dredge Manteo in a ceremony held April 28,

New 'Mega Passenger Ship' for Star Cruises

Elomatic Ltd and Deltamarin Ltd have signed a tri-party engineering contract with shipbuilder MV Werften for the design of Star Cruises’ new Global Class “mega passenger ship,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Ship Repair Ship Simulators Winch
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: 0.0677 sec (15 req/sec)