TEN Wins Shuttle Tanker Contract

Wednesday, December 15, 2010

Tsakos Energy Navigation Ltd. (TEN) (NYSE: TNP or the “Company”) today announced two 15-year time charters with a national oil major for two DP2 Suezmax shuttle tankers with delivery within 2012. These charters are expected to generate revenues of at least $520m over their corresponding periods. The return on equity anticipated from this project is attractive when compared to other mainstream shipping projects and our overall investment criteria and will make a significant contribution to our bottom line. The construction of these two high specification Suezmax tankers will be financed with cash from our recent $85m equity offering and bank debt.
“TEN’s expansion into the shuttle tanker business is expected to generate significant long term advantages for our Company and its shareholders and puts to good use the proceeds of our recent equity
offering," said George Saroglou, TEN's COO.  This project is within the context of our strategy to operate modern, diversified and versatile vessels across all sectors of tanker operations aiming to meet the overall transportation needs of our clients. In addition, it solidifies our long standing relationship with the specific high quality charterer as well as our standing with oil majors worldwide."

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

Tanker Trends

Ingram Barge Order 20 Tank Barges for 2015

Ingram Barge Company say they will be building 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank barges have come through acquisitions,

Finland Grants Support to Three Small LNG Terminals

The Finnish government granted 65.2 million euros (84.22 million US dollar) in subsidies to build three small liquefied natural gas (LNG) terminals to cut on use

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Shipbuilding / Vessel Construction Sonar 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: 0.1295 sec (8 req/sec)