Greek Tankship Operators TEN Public Share Offering

MarineLink.com
Thursday, January 30, 2014
Tankship photo courtesy of TEN

Tsakos Energy Navigation Ltd. (TEN) plans to offer its common shares in a public offering.

The Company says it plans to use the net proceeds of the offering to finance the growth and modernization of its fleet, and for general corporate purposes.

Entities affiliated with the Tsakos Holdings Foundation, which is the Company’s largest shareholder, have indicated their intention to purchase 500,000 of the common shares sold in the offering.

The Company intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 15% of the number of common shares sold in the offering.

Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are acting as joint book-running managers of the offering, which will be made under an effective shelf registration statement. A preliminary prospectus has been filed with SEC and is available at http://www.sec.gov

About TEN
To date, TEN's fleet, including the LNG carrier Maria Energy and five Aframax crude oil tankers under construction, consists of 54 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 5.5 million dwt. Of these, 28 are product carriers ranging from DP2 shuttle suezmaxes to handysize, 24 are crude tankers ranging from VLCCs to Aframaxes, and two are LNG carriers. The Company also holds an option for a 174,000 cbm tri-fuel LNG carrier to be exercised no later than January 31, 2014.


 

 

Maritime Reporter September 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NYK Opens New Planning Center in Kumamoto

On September 1, 2014, NYK and Kozo Keikaku Engineering Inc. established a stowage planning center for container shipping at the Kumamoto office of Kozo Keikaku Engineering Inc.

TNO Receives 'International Media Award for Prevention'

The Engagementgame developed by TNO in collaboration with partners is the winner of the 'International Media Award for Prevention' in the category Multi Media.

More German Shipowners Look to Gibdock for Repairs

Gibdock remarks it has continued to see its stock rise amongst the German shipowner community over the past year. Indeed the Gibraltar ship repair yard’s recent

Tanker Trends

More German Shipowners Look to Gibdock for Repairs

Gibdock remarks it has continued to see its stock rise amongst the German shipowner community over the past year. Indeed the Gibraltar ship repair yard’s recent

Tankship Owners TORM Get Credit Facility Extension

Denmark-based TORM say that all lenders have supported the agreement to extend the existing Super Senior Working Capital Facility by six months until 31 March 2015

Iraqi Kurdistan Oil Shipments Reach 8.8m Barrels

Iraqi Kurdistan has shipped 8.8 million barrels of oil from the Turkish port of Ceyhan since May, Turkish Energy Minister Taner Yildiz said, as the autonomous region

Finance

A Boost for UK Offshore Drilling? DW Monday Muses

Drilling activity offshore UK is now expected to increase over the next few years as government and industry reacts to the recommendations in Sir Ian Wood’s report

MHI, IHI & DBJ Join Forces On Investments

Mitsubishi Heavy Industries, Ltd. (MHI), IHI Corporation and the Development Bank of Japan Inc. (DBJ) concluded a three-way formal agreement today on their respective

Clarksons PLC Perform Strongly in 1H 2014

Leading shipping services group, Clarksons PLC reports strong strong financial performance in the first half of 2014. Financial Results Clarksons increased revenues by 25% to £111.

 
 
Maritime Contracts Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators 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: 0.2033 sec (5 req/sec)