Marine Link
Tuesday, September 27, 2016

TEN Announces Delivery of Tankers

May 31, 2006

Tsakos Energy Navigation Ltd. (TEN) announced the delivery of the 1A ice-class 116,000 dwt Aframax product tanker Proteas and the 1A ice-class 36,660 dwt Handysize product tanker Antares from Hyundai Heavy Industries and Hyundai Mipo Dockyard, respectively. Upon delivery, the Proteas, one of the largest product tankers in the world and one of the three Aframax tankers recently acquired from Western Petroleum, entered a spot related voyage carrying naptha. The Antares entered a three-year time charter with a major Far Eastern entity for a minimum rate that exceeds the vessel's all-in breakeven rate. The charter also calls for a 50:50 split on the upside if rates exceed a specified level above the minimum. For the duration of the charter, the minimum rate of the Antares should provide the company with an additional $16 million in gross revenue.


Maritime Reporter Magazine Cover Sep 2016 - Maritime & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News