Greece's TEN Charters Out One Ship, Sells Two

Press Release
Thursday, January 24, 2013
TEN VLCC: Photo courtesy of Tsakos Energy Navigation

Tsakos Energy Navigation Limited (TEN) charters out ice-class aframax product tanker 'Propontiss', & sells two oldest vessels.

The company announce the charter of its 2008-built 1A ice-class aframax product tanker Propontis to Northern European end-users for two years, which is expected to generate $14.5 million of revenue over its duration.

In addition, the sale has been completed to third party interests of its two oldest vessels, the VLCCs La Prudencia and La Madrina, built in 1993 and 1994 respectively.

"We are pleased to report another attractive fixture which is again a testament of our strategy to maintain long term industrial relationships with high-end charterers for the versatile and quality fleet that we have built over the years. As we speak today, we have a fixed employment of approximately two years for each vessel in our fleet. Further on, the divestment of our two older assets will supplement our long stated, and so far successful, objective of cost containment while on the other hand allow us to maintain the young profile of our fleet.," said Mr. George Saroglou, Chief Operating Officer of TEN.

"These vessels have served the Company well over the years and we wish their new owners similar fortunes. We remain committed to enhancing and diversifying our revenue streams and we look forward to the introduction and subsequent 15-year employment of the two DP2 Shuttle tankers that will be delivered in March and April of this year," Mr. Saroglou concluded.
 

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

Contracts

Rolls-Royce Propulsion Package for Polar Ship

  Rolls-Royce has been awarded a contract by ship builder Fincantieri to supply a fully integrated propulsion system for Norway’s new Polar Research Vessel,

Germany Fights for Indian Submarine Contract

German giant ThyssenKrupp Marine Systems (TKMS), the parent company of leading submarine builder HDW, will offer India its HDW Class 214 vessel, with an eye to

USA Urged Not to Delay Arctic Drilling

The U.S. should immediately begin a push to exploit its enormous trove of oil in the Arctic waters off of Alaska, or risk a renewed reliance on imported oil in the future, reports AP.

Tanker Trends

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Helios LPG Pool to Start Operating

Dorian LPG Ltd. today announced the commencement of operations of Helios LPG Pool LLC on April 1st, 2015.  Helios LPG is jointly run by Dorian LPG and Phoenix Tankers Pte.

Stolt-Nielsen Completes Bond Issues

Stolt-Nielsen Limited announced the placement of senior unsecured bonds in a total amount of NOK 1,100 million in a new five-year bond issue carrying a coupon of 3M NIBOR plus 4.

Ship Sales

Yachting Malta PPP Sets Sail

Yatching Malta Ltd (YML) - a new public private partnership (PPP) between the government and the Royal Malta Yacht Club (RMYC) was formed with the aim of putting Malta on "the global yachting map".

China Cosco's Profit Up 54%

The Shanghai-and-Hong Kong-listed flagship unit of China Ocean Shipping Group, China Cosco Holdings Co Ltd says that its 2014 net profit went up 54 percent y/y at 362.

Damen joins World Ocean Council

Dutch-based Damen Shipyards Group has become the latest member of the World Ocean Council (WOC).    The global shipbuilder headquartered in the Netherlands is

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators 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: 0.1347 sec (7 req/sec)