TEN Charter Out Five Product Tankships

Tuesday, March 19, 2013

Greece-based Tsakos Energy Navigation Limited (TEN) fix 3-year charters for 5 Panamax LR1 product tankers with a major national end-user.

These fixtures are expected to generate close to $80 million in gross revenues over the duration of their contracts. 

Inclusive of the above, the total revenue of the Company's secured fleet, excluding any profit sharing arrangements, is over $1.0 billion.



"We are happy to announce this five-vessel fixture which is in line with the improving sentiment in the greater tanker sector and an extension of our strategic alliance with major end users," said George Saroglou, Chief Operating Officer. "Operating one of the largest and most versatile product tanker fleets in the world, particularly with the recent addition of a shuttle tanker, and another to join the fleet this April, we feel that TEN's income stream, particularly with the profit sharing element attached in some of our vessels and together with the earnings visibility, position the Company well for the expected market turnaround," Mr. Saroglou concluded. 



To date, TEN's pro forma fleet (excluding newbuilding options) consists of 49 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, of 4.9 million dwt. This figure includes one LNG carrier under construction and two DP2 suezmax shuttle tankers (as above) totaling 400,000 dwt.

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

Contracts

Wärtsilä to Begin Building LNG Terminal in January

Wärtsilä has been given full notice to proceed (NTP) from Manga LNG Oy for the supply of a liquefied natural gas (LNG) import terminal in Tornio, Northern Finland.

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

Tanker Trends

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

Benghazi Port Still Closed, Imports Rerouted

The commercial port in Libya's second city, Benghazi, remains closed due to fighting between pro-government and Islamist forces, forcing wheat imports to make a detour via Tobruk harbour,

EGAS Tenders for as many as 48 LNG Cargoes

Egypt's state-owned gas company EGAS has tendered to buy at least 48 cargoes of liquefied natural gas (LNG) for delivery in 2015/16, three traders said. A senior

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority Salvage Ship Simulators Sonar
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: 0.1647 sec (6 req/sec)