Tsakos Energy Navigation Charters DNA-Aframax Tanker
Tsakos Energy Navigation Ltd. (TEN) announced the charter of the 105,000 dwt, DNA design Aframax tanker, Maria Princess, to a major Chinese oil concern for a twelve month period. This charter comes in line with the Company's pre-stated policy in exploring opportunities in the wider Chinese energy market. "The growth of oil consumption in China is a major determinant in worldwide tanker demand and we are pleased to participate directly in this development with one of our modern DNA aframax vessels," stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. "We hope that this fixture will further enhance our relationship with local chartering concerns and be our gateway to this major economy for additional opportunities in the future.
Tsakos 3Q, 9 Mo Report
• Voyage revenues of $158.83 million versus $122.55 million in Q3 2007. • Net income of $40.98 million (no capital gain) compared to $18.20 million from operations ($50.00 million including $31.79 million from capital gains) in Q3 2007. • Earnings per share (diluted) of $1.08 versus $0.48 ($1.31 including capital gains) in Q3 2007. • Period-end fleet of 44 vessels, with over 4.7 million dwt, and an average age 6.1 years. • Average TCE per vessel $33,732 per day versus $26,467 for Q3 2007, a 27.5% increase. • Declaration of semi-annual dividend of $0.90 paid on October 30, 2008. • TEN celebrated 15-years of profitable operations in the public markets. • Voyage revenues of $466.99 million versus $369.66 million in the first nine months of 2007.
Delivery, Charter of Maria Princess
On delivery, the Maria Princess commenced a 30-90 day repositioning time-charter to a major international oil trader at a $50,000 per day rate. A similar charter has also been arranged for the Nippon Princess. Upon conclusion of these charters, the vessels will be located to their natural trading area, the Mid-Atlantic basin, where management will determine the next employment from the various options currently available. These Aframaxes are part of the eight vessel-Princess series the Company inaugurated in March 2007 with the delivery of the Izumo Princess, christened by Her Imperial Highness Princess Hisako Takamado of . The Company expects to take delivery of the remaining five vessels, including the Nippon Princess, over the next six quarters.
