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."


Tanker Trends

NASSCO Christens LNG-ready Tanker Constitution

On Saturday, August 27, shipbuilders at General Dynamics NASSCO celebrated the christening and launch of the Constitution, the sixth ship in a series of eight eco-friendly

Veg Oils Can Benefit Tankers

A number of product tankers, with certain characteristics, can carry edible oils (also called veg oils) as well as oil products, meaning that veg oil trade should

Worldscale Flat Rates to Fall Again

The concept of Worldscale is not an easy principle to grasp, particularly for those outside the tanker industry, says Weekly Tanker Market Report by Gibson.   The

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.1364 sec (7 req/sec)