Tsakos Shipping News

Gibdock says it has completed its first shiprepair project for Tsakos Shipping & Trading, one of the leading owners within the Greek shipping market, on its 39,241 dwt, 2006-built 'Irene’s Rainbow'. The scope of work undertaken alongside included steel hatch cover repairs, which consisted of the renewal of damaged top plate. In addition the yard carried out non-destructive testing, as required by Class, including Hatch Internal Stiffening and preservation works after the repairs. The visit of the Irene’s Rainbow drew strong positive owner feedback, according to Gibdock’s Greek representative, Hellenic Industrial and Marine Agencies Managing Director Alkis Koukis.

Over 100,000 seafarers currently committed to the CrewCashCard, with a total potential of 1.5-million more to come. CrewCashCard eliminates many well-known pain points for both ship owners and their respective crew. Immediate benefits are achieved from bypassing the traditional practice of cash payroll payment distribution at ports of call. Benefits for the seafarers include safety and better funds security, immediate availability of funds, electronic bill payments, money transfer services and access to cardholders’ services.

Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE: TNP) reported results for the fourth quarter and full year ended December 31, 2010. -- Voyage revenues of $408.0 million. $3.1 million. million. -- EPS (diluted) of $0.50 ($0.58 per share excluding impairment charge). $7,647. -- Fleet utilization of 97.6%. -- Sale of five tankers with a net gain of $19.7 million. panamax product carriers with employment. -- Change from twice yearly to quarterly dividends. in 2010 of $0.60. -- $105 million raised in equity offerings. -- Approximately $1.0 billion in net income since NYSE listing. -- Voyage revenues of $95.0 million. million. -- Income $0.5 million, before impairment charge of $3.1 million. loss of $2.6 million, after impairment charge. vessel impairment charge. $7,284.

- Sale of suezmax tanker with a gain of $5.1 million vs. - Sale of suezmax tanker with a gain of $5.1 million. Income for the year ended December 31, 2009 amounted to $47.8 million (before impairment charges of $19.1 million) compared to the record net income of $202.9 million achieved in 2008. Net income in 2009 including impairment charges was $28.7 million. The decrease is attributable primarily to the lower freight market and the higher fleet exposure to the spot market for the fleet. The commensurate decline in vessel values contributed to impairment charges totaling $19.1 million incurred on the values of the three oldest vessels in the fleet. Diluted EPS based on weighted average number of shares outstanding was $0.77 versus diluted EPS of $5.33 achieved in 2008.

Heidmar Inc. announced on Feb. 12 that longstanding pool member, Tsakos Shipping and Trading S. A., entered the M/T Selini into the Star Tankers pool on January 12, 2009. A second new building, the M/T Salamina, is scheduled to enter the Star Tankers pool in mid-February. Both vessels were built at Sungdong Shipyard in Korea. Heidmar also announced that Sanko Steamship Co. has committed two additional vessels to the Star Tankers pool. The M/T Moonlight Venture entered the pool on January 17, 2009 and the M/T Larvik will enter in March. With the delivery of these four vessels, the Star Tankers pool will consist of a fleet of 35 modern, double hull panamax tankers, which trade on a world-wide basis and carry both crude oil and petroleum products.

Arcade Acquisition Corp. announced that it has entered into a series of agreements pursuant to which it has agreed to acquire ten (10) feeder service containerships (with a total capacity of 21,135 TEU) for an aggregate purchase price of $261.7 million.  Six of the ten vessels will be purchased from Palmosa Shipping Corp. in exchange for common stock and the repayment of debt and four will be acquired from companies whose ships are managed by Tsakos Shipping & Trading S.A. for a combination of cash and common stock.

Tsakos Shipping and Trading S.A. is the Technical Management Company responsible for a number of Principals, including Tsakos Energy Navigation Limited, who operate an international fleet of approximately 90 vessels, comprising of crude and product tankers, dry bulk carriers and containers. The Seagull Training System is designed to meet all its training requirements in a single product. This is a dedicated training computer system, configured to meet its precise needs and installed with the latest/upgraded software, including the acclaimed Seagull Training Administrator to monitor and manage all the training activities.

The U.S. Coast Guard and the states of Delaware, New Jersey, and Pennsylvania, in cooperation with TSAKOS Shipping, Sunoco, National Oceanic Atmospheric Administration and The O'Brien's Group are scheduled to conduct a joint pollution response exercise June 27 - 29. The objective of the joint pollution response operations is to exercise the Area Contingency Plan and other industry plans that would be utilized during an incident at the Big Stone Anchorage in the Delaware Bay. TSAKOS Shipping, a leading worldwide marine transportation company, and Sunoco have volunteered to sponsor the exercise. TSAKOS Shipping is currently involved in transporting oil to Sunoco facilities on the Delaware River.

A crewman aboard a Greek tanker which docked in San Francisco last weekend has been indicted on smuggling charges after authorities found hundreds of pounds (kilograms) of cocaine aboard the vessel. Luis Manrique-Banzan, 46, was indicted on four counts of importing 439 pounds (199 kg) of cocaine with intent to distribute following the discovery of the drugs on the MT Aramis on July 21. Manrique-Banzan, a Peruvian crewman aboard the tanker, appeared before a federal judge and was in custody pending a bail hearing scheduled for Aug. 1, U.S. U.S. Coast Guard officials discovered the cocaine hidden aboard the 70,000-ton tanker, which was owned by Tsakos Shipping and Trading and was under charter to an Ecuadorean energy company.