Tsakos Energy Navigation Limited News

Greece-based Tsakos Energy Navigation Limited (TEN) reported positive results in the first quarter of 2019 with a net income of $11.2 million, showing an improvement of 200% YoY, as a result of improved rate conditions, following the healthy market recovery experienced at the end of 2018.Gross revenues totaled $147.0 million, 17.0% higher than in the 2018 first quarter due to improved rates, full employment at 97% and the positioning of suezmax and aframax tankers in the spot market that generated an additional $18.4 million in revenue over that achieved, by the same vessels, in the first quarter of 2018.As market conditions improved…

The provider of seaborne crude oil and petroleum product transportation services Tsakos Energy Navigation Limited (TEN) said that though the tanker market showed upward trajectory, management will keep a close eye on developments and refine its employment approach.The Greece-based tanker company said in a stock exchange annoucement that "As we approach the end of 2018, the signs that the worst is behind are becoming increasingly evident. Global oil demand is continuing its upward trajectory."US crude exports are soaring and finding new destinations in China and India and the global tanker fleet where most of that oil will be shipped is tightening…

Tsakos Energy Navigation Limited (TEN), a leading diversified tanker owner, has announced new time charter contracts for four vessels, an aframax, two panamaxes, and a handysize product tanker, all to major end users. The average contract length of all four fixtures is 14 months which bring the aggregate fleet gross revenues to a minimum of $1.4 billion. "The new time charters increase TEN's fleet under secured revenue employment to 68%. With seven more vessels delivering in 2017, six of which under long term charters, the coverage will well exceed 70%. Responding to our charterers' appetite, we will be reaching our long term coverage goal well ahead of schedule," stated Nikolas P. Tsakos, President and CEO of TEN and current Chairman of INTERTANKO.

South Korean shipyard Sungdong Shipbuilding & Marine Engineering Co. (Sungdong) has won an order from Greece’s Tsakos Energy Navigation (TEN) for two 74,000 deadweight tonnage (DWT) crude-oil carriers with an option for two more. TEN has already ordered three tankers from Sungdong. The total value of the contract for the four LR1 tankers could reach up to USD 170 million. Delivery of the firm ship is due in the first half of 2018. Tsakos’s commitment is a massive boost for Sungdong after a tough period of instability and restructuring where the yard skirted with closure. Tsakos Energy Navigation Limited is a provider of international seaborne crude oil and petroleum product transportation services.

Tsakos Energy Navigation (TEN) announced charter extensions with a state oil company with profit sharing provisions for four panamax tankers, with an average duration of 22 months per vessel and minimum gross revenues of $65 million. These fixtures are expected to commence between April and November of 2016 upon expiration of their existing employments and contribute, on an annualized basis, an extra $20m to the Company's bottom line. "The extension of these contracts follow our policy to increase TEN's long-term employment profile as time charter rates have finally started to reflect the strength of the spot market," Mr. Nikolas Tsakos, President and CEO of TEN commented.

Greece-based crude, product and LNG tanker operator Tsakos Energy Navigation Limited (TEN) announced today a charter renewal of a handysize product carrier to a major state oil company for a period of 24 months commencing in September 2015 at a 20 percent premium to the previous rate. The latest charter, expected to generate approximately $13 million in total gross revenues, along with five charters announced last month for a suezmax crude tanker and four MR product carriers, increases the total minimum charter revenues of the fleet under secured employment to more than $750 million, the company said. “This new charter extension with its associated rate increase together with the recent announcement of the five charters is a confirmation that the tanker markets’ prospects remain strong.

Tsakos Energy Navigation Limited, a crude, product and LNG tanker operator, has  announced that its Board of Directors declared regular quarterly cash dividends of $0.50 per share for its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares and $0.5547 per share for its 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares. Each dividend is for the period from the most recent dividend payment date on July 30, 2014 through October 29, 2014. The dividend on the Series B Preferred Shares will be paid on October 30, 2014 to all holders of record of Series B Preferred Shares as of October 29, 2014. The dividend on the Series C Preferred Shares will be paid on October 30, 2014 to all holders of record of Series C Preferred Shares as of October 27, 2014.

Tsakos Energy Navigation Limited (TEN) announced today the chartering of two of its modern Suezmax tankers with a European oil major for 24 and 12 months respectively with charterers options for another 12 months for each vessel at an accretive base rate with profit sharing. TEN expects minimum gross revenues of approximately $35 million for the full period. In addition, TEN announces today the commencement of a new partnership with another oil major for the construction and chartering of two LR1 tankers for five years. The option to declare two additional LR1 vessels expires at the end of October 2014. The vessels will be employed under five year charters at an accretive base rate with 50/50 profit sharing above the base rate between TEN and the oil major.

Tsakos Energy Navigation Limited (TEN) announced the chartering of two of its modern Suezmax tankers with a European oil major for 24 and 12 months, with charterer options for another 12 months for each vessel at a base rate with profit sharing. TEN expects minimum gross revenues of about $35m for the period. In addition, TEN announced the start of a partnership with another oil major for the construction and chartering of two LR1 tankers for five years. The option to declare two additional LR1 vessels expires October 2014.

Tsakos Energy Navigation Limited (TEN), a crude, product and LNG tanker operator, has announced that its Board of Directors declared regular quarterly cash dividends of $0.50 per share for its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares and $0.55469 per share for its 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares. Each dividend is for the period from the most recent dividend payment date on April 30, 2014 through June 29, 2014. The dividend on the Series B Preferred Shares will be paid on July 30…

Tsakos Energy Navigation Limited Declares Dividend on Its 8.00% Series B and 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares. Tsakos Energy Navigation Limited, a leading product, crude and LNG tanker operator, today announced that its Board of Directors declared regular quarterly cash dividends of $0.50 per share for its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the "Series B Preferred Shares"; NYSE; TNPPRB) and $0.73958 per share for its 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares (the "Series C Preferred Shares"; NYSE; TNPPRC). The dividend for the Series B is for the period from the most recent dividend payment date on October 30, 2013 through January 29, 2014.

Tsakos Energy Navigation Limited (TEN), a product, crude and LNG tanker operator, has  announced the closing of its $50 million offering of 8 7/8% Series C Cumulative Redeemable Perpetual Preferred Shares in a public offering under its effective shelf registration statement at $25.00 per share. The company has also granted the underwriters a 30-day option to purchase up to $7.5 million of additional Series C Preferred Shares. TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments. TEN intends to list the Series C Preferred Shares on the New York Stock Exchange. UBS Investment Bank and Morgan Stanley acted as joint bookrunners for the offering. Jefferies acted as lead manager for the offering.

Tsakos Energy Navigation Limited (TEN) a product, crude and LNG tanker operator, today announced the pricing of its $50 million offering of 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares in a public offering under its effective shelf registration statement at $25 per share. The company has also granted the underwriters a 30-day option to purchase up to $7.5 million of additional Series C Preferred Shares. TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments.

Greece-based Tsakos Energy Navigation Limited (TEN) has time-chartered out the 301,171 dwt, double hull VLCC  'Millennium', with a state oil company for a period of 18 months. The new charter commenced in September 2013 and is expected to generate gross revenues of approximately $11.50 million during the corresponding period. Currently, TEN’s secured contract coverage is 74% and 60% for the available vessel days of 2013 and 2014, with expected minimum revenues of $69 million and $214 million, respectively. Overall, TEN’s minimum contracted charter revenues is approximately $965 million with an average employment of three years per vessel. “We are pleased to secure the Millennium, until March 2015, at a rate that reflects the changing environment in the crude tanker sector,” said Mr.

Tsakos Energy Navigation Limited (TEN), a product, crude and LNG tanker operator, announced two-year plus one year fixtures at charterers option with minimum rate provisions, for two MR product tankers to a major international end-user. The new charters should generate gross revenues of $22.0 million, excluding potential gains over the minimum rates that can apply in the second year and optional year. The total gross revenue to be generated over a three year period for the two vessels, can amount to over $33.0 million. Both charters are expected to commence within the second half of June 2013. George Saroglou, Chief Operating Officer…

Tsakos Energy Navigation Limited (TEN), a product, crude and LNG tanker operator, today announced that it plans to offer its Series B Cumulative Redeemable Perpetual Preferred Shares (the Series B Preferred Shares) in a public offering under its effective shelf registration statement. TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments. Following the offering, TEN intends to file an application to list the Series B Preferred Shares on the New York Stock Exchange. Incapital and DNB Markets will act as joint book-running managers for the offering and Incapital will act as the sole structuring agent. Clarkson Capital Markets and Brock Capital will act as co-managers for the offering.

Tsakos Energy Navigation Limited (TEN), a product, crude and LNG tanker operator today announced the successful delivery of its second fully coated DP2 suezmax shuttle product tanker, Brasil 2014, from South Korea. The Brasil 2014 is a sister vessel to the Rio 2016 that was delivered in March. Both vessels are being deployed on 15-year charters to a major South-American oil concern with contracts that are expected to generate $520 million in gross revenues. This brings TEN's fleet to comprise of 28 product carriers, 19 crude tankers and two LNG carriers, including a newbuild. TEN's fixed minimum contracted revenues exceed $1 billion with an average secured fleet employment of 3.2 years per vessel.

Tsakos Energy Navigation Limited a product, crude and LNG tanker operator, announced that on Friday, March 22, 2013, the Chief Executive Officer of the Company, Mr. Nikolas Tsakos as well as senior members of the company's management team and guests celebrated the Company's 20th Anniversary as a public company at a specially held ceremony at the New York Stock Exchange and rang the closing bell. In his address, Mr. Nikolas Tsakos noted the company's track record of solid growth and value creation for its shareholders since 1993 when TEN first listed on the Oslo Stock Exchange and then in 2002 on the New York Stock Exchange. From a fleet of just four vessels in 1993…

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.

Tsakos Energy Navigation Limited – product, crude and LNG tanker operator – delivered the fully-coated DP2 shuttle tanker, the first of its kind internationally to fly the Greek flag, with a carrying capacity of 157,000 dwt, Rio 2016. The delivery was attended by the Greek Minister of Mercantile Marine accompanied by the Ambassadors of Greece in South Korea and the Philippines together with dignitaries representing the local authorities. The second sister shuttle tanker, the Brasil 2014, is scheduled to be delivered in April 2013. Both vessels have secured 15-year employments with a national oil major that are expected to generate $520 million in gross revenues over the corresponding periods.

Tsakos Energy Navigation Limited (TEN) charters out ice-class aframax product tanker 'Propontiss', & sells two oldest vessels. The company announce the charter of its 2008-built 1A ice-class aframax product tanker Propontis to Northern European end-users for two years, which is expected to generate $14.5 million of revenue over its duration. In addition, the sale has been completed to third party interests of its two oldest vessels, the VLCCs La Prudencia and La Madrina, built in 1993 and 1994 respectively.

Tsakos Energy Navigation Limited (TEN ) (NYSE: TNP) one of the largest independent ice-class owners in the world with 21 out of 51 vessels with ice-class capabilities has announced six-month time charters for three ice class tankers to a global energy end-user at rates that reflect currently available market premiums. "As we enter the winter months, the ice-class capabilities of our modern vessels provide a much sought after feature for quality energy companies that seek access to ice-bound ports worldwide," said Mr. George Saroglou, Chief Operating Officer of TEN. "As we head into the seasonally strong first quarter of 2013 we will continue to position our vessels to take advantage of market upturns which we see developing particularly now that the oversupply situation seems to be waning.

$11.9 million in operating income vs. 24% improvement in the net results, ($24.9) million loss vs. Constant quarterly dividend payments ($0.50 per share in 2012). Tsakos Energy Navigation Limited (TEN or the “Company”) (NYSE: TNP) has reported results (unaudited) for the first nine months of 2012 and third quarter. Revenues, net of voyage expenses and commissions, in the first nine months of 2012, totaled $202.4 million, an improvement of $10.6 million over the first nine months of 2011. TEN operated an average of 48.0 vessels as compared with 47.7 vessels in the first nine months of 2011, although the VLCC La Prudencia did not operate in the first nine months of 2012, and the La Madrina operated only for five months.