Tankship Time Charter to Generate US$20-million for Tsakos

Press Release
Tuesday, September 25, 2012
A TEN Tankship

Tsakos Energy Navigation Limited (TEN) announce a three-year time charter extension for the 2007 built, 163,216 dwt, double hull suezmax tanker, 'Arctic'.

The charter with the same South American state oil company incorporates minimum and maximum levels and a 50:50 profit split for rates in between. The minimum gross revenues from this fixture are estimated in the region of $20.0 million. 


"The principal of rate flexibility and profit sharing has become the cornerstone of our chartering policy and fits well with our long standing strategy of downside protection with upside potential. Moreover, the continuation of the employment with the existing charterer provides us with assurances that our vessels remain on the top-list of quality end-users which is where you want to be in challenging times like today," said Mr. Nikolas P. Tsakos, President and CEO of TEN.

"We remain optimistic on the outlook of tankers and we will continue to position our fleet accordingly to take advantage of the market upturn when it materializes. With the upcoming introduction of our two shuttle tanker newbuildings, our overall minimum secured revenues today remain in excess of $1.1 billion which provides the base for strong cash flow generation and healthy dividend distributions," Mr. Tsakos concluded.

To date, TEN's pro forma fleet consists of 51 double-hull vessels of 5.5 million dwt. This figure includes one LNG carrier and two DP2 suezmax shuttle tankers under construction totaling 400,000 dwt.


 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

United Heavy Lift Gears up for the Asian Boom

All set to expand its footprint in the South Asian market significantly, Hamburg based, United Heavy Lift (UHL) appointed strategically placed Lexicon Overseas Pvt Ltd.

China Passes New Pollution Law, Will Cap Coal Consumption

Legislators have approved amendments to China's 15-year-old air pollution law that grant the state new powers to punish offenders and create a legal framework to cap coal consumption,

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV,

Tanker Trends

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

Oil Plunge Deepens High-yield Gloom

US crude fell to a more than six-year low this week, clouding the picture for a high-yield energy sector that already faces a significant cull when credit lines are reevaluated in autumn.

Oil Soars in Biggest One-day Rally in Years

Oil rocketed as much as 10 percent higher on Thursday, posting its biggest one-day rally since 2009 as recovering equity markets and news of diminished crude supplies

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Simulators Sonar
rss | archive | history | articles | privacy | 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: 0.6081 sec (2 req/sec)