Tsakos Energy Navigation News

Greek shipowner Tsakos Energy Navigation (TEN), Ltd. announced it another vessel sale as part of its ongoing fleet renewal program.Sold was the aframax tanker Izumo Princess, the first in a series of eight pioneered-designed vessels the company built between 2007 and 2010.The sale will add approximately $37 million to the company’s cash balances, TEN said.“Following the sale of nine tankers over the last 12 months with an average age of 18.5 years, this subsequent 10th transaction…

Tsakos Energy Navigation (TEN) on Monday announced it has sold one of the older vessels in its fleet, noting it plans to sell additional vessels in the near future.The 164,608 dwt suezmax tanker Eurochampion 2004, built at South Korea's Hyundai Heavy Industries in 2005, was sold to an undisclosed buyer in a deal expected to contribute approximately $40 million to the TEN’s cash balances, the Greek shipowner said.In announcing the sale, TEN noted its management is in continuous discussions for further vessel sales in the near future.The company also announced it has taken delivery of two 115…

Höegh LNG said Thursday it had signed a binding 10-year charter with the German government for the supply of the floating storage and regasification unit (FSRU) Hoegh Gannet.The FSRU vessel will be based at the Deutsche Energy Terminal GmbH-run Elbehafen LNG project in Brunsbüttel. The Elbehafen LNG project is developed by RWE and its subsidiary Elbehafen LNG in close cooperation with its partners, Höegh LNG. "We are proud to sign the second contract with the Federal Government…

Today, Uniper brought Germany’s first full cargo of liquefied natural gas (LNG) to the new LNG terminal, operated by Uniper, in Wilhelmshaven.The LNG ship Maria Energy, owned by Tsakos Energy Navigation was loaded in Calcasieu Pass, USA, at the liquefaction facility of the LNG supplier Venture Global Calcasieu Pass, LLC, on December 19, 2022.The Uniper LNG terminal in Wilhelmshaven was opened on December 17, 2022. Via the Floating Storage and Regasification Unit (FSRU) Höegh Esperanza…

Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far, creating what is believed to be the biggest oil glut in history.The last time floating storage reached similar levels was in 2009…

The  Greek shipping company Tsakos Energy Navigation (TEN) said that it has sold five tankers to raise $104m in total that it will use to cut debt.According to the transporter of energy, the vessels include three suezmax tankers and two product tankers.These sales, in aggregate, will add $47 million of free cash and will reduce associated debt by $58 million, it said.“Regardless of the short-term challenges the market is facing due to the coronavirus, longer-term market prospects remain positive. The above transactions enable the Company to proceed with its policy of maintaining a modern fleet through strategic sales of first-generation vessels…

The diversified tanker operator Tsakos Energy Navigation (TEN) announced the extension of one of its liquefied natural gas (LNG) carriers for a minimum one-maximum three-year period.The Greek shipping company said that the new increased rate is set to commence in the first quarter of 2020 and expected to generate around $30 million of gross revenues.“We are delighted to continue the employment of our LNG carrier to one of the industry’s top names which highlights TEN’s operational capabilities in this highly demanding sector,” George Saroglou, Chief Operating Officer of TEN stated.“The LNG sector continues to be an area of increasing interest to us and the recent newbuilding order is a testament to that.

Greece-based crude, product and LNG tanker operator Tsakos Energy Navigation (TEN) ordered has one-option-one 174,000cbm LNG carrier from Hyundai Heavy Industries (HHI) in South Korea with expected delivery, the first, in the second half of 2021 and the second, in the first half of 2022.The provider of international seaborne crude oil and petroleum product transportation services said that with this order, if the option is exercised, its LNG proforma fleet increases to four vessels, two of which are currently employed on time-chartered contracts with major international natural gas production and trading entities.TEN continues its stated policy of maintaining a diversified energy fleet with a focus on LNG as an area of growth.

Tsakos Energy Navigation (TEN) announced the delivery of an aframax tanker, the first in a series of four advanced technology vessels, built against long-term contracts to a major US oil concern.The Greek crude, product and LNG tanker operator said that the proceeds in time charter equivalent terms, equate to approximately $200 million over the minimum duration.“TEN continues its tested policy of enhancing strategic relationships with major end users,” George Saroglou, Chief Operating Officer of TEN stated.“With the charter markets moving in the right direction and with 37 vessels in the fleet with the ability to capture the rates upturn…

The maritime and offshore energy institutional investor OMP is acquitting of US$35m of Series G Redeemable Convertible Perpetual Preferred Shares of the Greek shipping company Tsakos Energy Navigation (TEN) in a private placement.Watson Farley & Williams (WFW) is advising OMP in preferred stock transaction.The Series G Preferred Shares will participate on an as-converted basis in any dividends declared and paid on TEN’s common shares and will be convertible at any time on a three and one-third-for-one basis into TEN common shares.Within the first quarter of 2021, any outstanding Series G Preferred Shares will, subject to certain limitations…

Greek tanker owner Tsakos Energy Navigation (TEN) announced an up to 36-month charter to a major European oil concern, for a suezmax tanker.The crude tanker is currently operating in the spot market on a minimum rate with profit sharing provisions to capture any freight upticks during the life of the contract.The gross revenues expected over the maximum period of this employment are estimated to be in the region of $23.0 million.“Whilst strategically positioning the fleet for profitable operations, safety at sea remains TEN’s top priority. We would like to congratulate the Captain and crew of our good vessel Stavanger TS for their actions to rescue a Canadian skipper in the North Atlantic in full cooperation with the US Coast guard…

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…

Greek shipping company Tsakos Energy Navigation (TEN) announced new charters for two LNG carriers, the Neo Energy and the Maria Energy to significant international energy concerns for an aggregate period of 36 months. The total gross revenues from these two fixtures, over the duration of the respective contacts, is expected at about $60 million, said the provider of seaborne crude oil and petroleum product transportation services worldwide.“LNG is on top of the agenda for TEN’s diversified energy fleet. With two vessels fixed on accretive medium-term charters, the Company is examining further expansion in the sector,” George Saroglou, COO of TEN commented.“TEN’s model provides its clients with a broad range of vessel types, ranging from crude and product tankers to gas carriers.

Greek shipping company Tsakos Energy Navigation (TEN) announced the contract for the building of two suezmax crude tankers which upon delivery will enter into minimum five maximum 12-year contracts to a significant oil major.The time charter equivalent revenues from these two fixtures, over the duration of the respective contacts, is expected at a minimum $110 million and could reach $300 million should employment be extended to its maximum period. “We are immensely proud to have further solidified our relationship with one of the world’s top oil majors which again highlights’ TEN’s position as an “owner of choice” to “blue-chip” charterers across the globe…

Greek shipping company Tsakos Energy Navigation (TEN) announced 36-month long charters with min/max provisions for two product tankers to a major oil concern.At a minimum, these two fixtures combined are expected to generate $33.0 million of gross revenues, the provider of seaborne crude oil and petroleum product transportation services worldwide said.“With 2018 finishing on an upbeat note for all tanker segments, these two fixtures further signify a strong market for this year which the Company’s employment strategy is designed to take advantage of,” George Saroglou, COO of TEN said.“We expect the market in 2019 to maintain the strong momentum as a result of the current supply and demand equilibrium as well as the anticipated disruptions due to the upcoming IMO 2020 emission regulations.

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…

An oil tanker and a Norwegian navy frigate collided off Norway's west coast on Thursday, injuring eight people and triggering the temporary shutdown of a North Sea crude export terminal, Norway's top gas processing plant and several offshore fields.The frigate, which recently took part in a major NATO military exercise, was aground and tilting on one side, live television pictures showed. The Norwegian military was attempting to save the ship."We are working on stabilizing the vessel…

Kongsberg Digital (KDI) will deliver to GasLog a comprehensive liquefied natural gas (LNG) simulator package designed to enable new levels of safety and operational training for the owner/operator’s professional crews.GasLog operates 27 LNG vessels through its subsidiary, GasLog LNG Services and has seven ships currently on order. The KDI contract represents a commitment and investment on GasLog’s part to provide a high-level training environment for their crews, solely focused on LNG operation.The scope of supply is based on an integrated…

Tsakos Energy Navigation (TEN) has announced the charter with profit sharing provisions of one suezmax tanker for 18 months to a major oil concern.The Greek shipping company pointed out hat this increases the number of vessels fixed on secured revenue contracts since the beginning of the year to 24, the majority of which on rates with upside optionality.These charters have an average duration of two years and are expected to add a minimum of $250 million to fleet revenues, it said.“The recent strength in rates across all tanker segments allows TEN to continue its tested long-term industrial employment approach of cash flow visibility and rate flexibility…

Tanker operator Tsakos Energy Navigation (TEN) announced the expansion of its long term strategic alliance with a major US oil concern. Two suezmax vessels have been chartered for three years, bringing the relationship to six vessels. These charters are scheduled to commence in early September upon completion of the current employment of each vessel and contain profit sharing arrangements. "We are pleased that these new charters not only solidify the Company's cash generating ability and visibility, but also emphasize the fleet's competitive advantage when seeking to secure charters with high quality oil concerns," stated George Saroglou, Chief Operating Officer of TEN.

Tsakos Energy Navigation Ltd (TEN) has reported the delivery of the ice-class Aframax tanker Bergen TS, the last in the 15-vessel, pre-employed on long-term business, growth program, which increased the size of TEN's fleet by 30 percent over the last 18 months. With 65 vessels fully operational, the fleet's minimum revenue backlog comes to $1.3 billion with average contract duration of 2.5 years. "With the largest growth in the company's history, successfully and timely completed, TEN is well positioned to take advantage of market opportunities as they will appear," Nikolas P. Tsakos, President & CEO of TEN stated. "The fully employed…

Greece-based Tsakos Energy Navigation (TEN)  has announced that it has sold for $65.2 million gross, through a five-year sale and leaseback transaction, the 2005-built Suezmax tankers Eurochampion 2004 and Euronike. The sale proceeds have been used to reduce debt and add $16.0 million of cash to TEN’s balance sheet. The vessels were delivered to their new owners in late December 2017. “Following the 15-vessel renewal program that was completed last quarter, the sale and purchase of vessels remains an integral part of TEN’s strategy to maintain its owned fleet modernity and enhance liquidity,” George Saroglou, COO of TEN commented. TEN, established 25 years ago, is one of the first and most established public shipping companies in the world today.

Greece-based Tsakos Energy Navigation (TEN) has announced the charter extension for seven panamax tankers, for an average of 24 months, to a state oil concern. The charters which all incorporate profit sharing provisions are expected to generate minimum gross revenues of over $70 million. “These charters, in terms of duration, security, flexibility and quality, enhance the industrial nature of our business, further solidify our fleet’s cash generating ability, strengthen our balance sheet and provide visibility of earnings and dividends,” George Saroglou, COO of TEN commented. TEN  is one of the oldest and largest independent transporters of energy in the world.