George Saroglou News

05 Dec 2019

TEN Extends LNG Carrier Charter

Image: Tsakos Energy Navigation

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…

22 Oct 2019

TEN Adds New Aframax Crude Tanker to Fleet

Pic: Tsakos Energy Navigation

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…

11 Jul 2019

TEN Fixes Suezmax Tanker with a EU Firm

Pic: Tsakos Energy Navigation

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.

06 Jun 2019

TEN Net Income Up 200%

Pic: Tsakos Energy Navigation

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…

15 Mar 2019

TEN Charters for Two LNG Vessels

Pic: Tsakos Energy Navigation

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.

15 Feb 2019

TEN Wins TC for Two Tankers

Pic: Tsakos Energy Navigation

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…

08 Jan 2019

TEN WIns Three Year Charter for Two Product Tankers

Pic: Tsakos Energy Navigation

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…

03 Dec 2018

TEN: Cautious Optimism on Shipping Market

Image: Tsakos Energy Navigation

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…

26 Nov 2018

TEN Finds Work for Suezmax Tanker

Pic: Tsakos Energy Navigation

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…

14 Feb 2018

TEN Gets Charter Extension for Seven Panamaxes

Photo: Tsakos Energy Navigation Limited

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.

10 Jan 2018

TEN Sells, Leaseback Two Suezmax Tankers

Image: Tsakos Energy Navigation

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…

18 Aug 2017

TEN Get Charter for Two Suezmaxes

Photo: TEN

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…

01 Sep 2015

TEN Charters Tanker at 20% Premium

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.

12 Feb 2015

TEN Bags Storage Contract for VLCC

Tsakos Energy Navigation Ltd. (TEN) announced it has won a six month storage contract for a very large crude carrier (VLCC) vessel to an international major for which the minimum proceeds are expected to be in the region of $10 million. “Accretive transactions like the one announced today is proof of the strong tanker market currently in evidence due to the drop in oil prices, which on its own merit offers TEN significant benefits on two fronts. On the first, it allows for strong spot rates which our flexible and diversified fleet takes advantage of while on the second, it materially reduces voyage expenses,” said George Saroglou, Chief Operating Officer of TEN commented.

20 Mar 2013

TEN Charter Out Five Product Tankships

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.

15 Dec 2010

TEN Wins Shuttle Tanker Contract

Tsakos Energy Navigation Ltd. (TEN) (NYSE: TNP or the “Company”) today announced two 15-year time charters with a national oil major for two DP2 Suezmax shuttle tankers with delivery within 2012. These charters are expected to generate revenues of at least $520m over their corresponding periods. The return on equity anticipated from this project is attractive when compared to other mainstream shipping projects and our overall investment criteria and will make a significant contribution to our bottom line. The construction of these two high specification Suezmax tankers will be financed with cash from our recent $85m equity offering and bank debt. offering," said George Saroglou, TEN's COO.

25 Mar 2011

TSAKOS Announces The Completion Of Sale Of The Aframax Tanker Opal Queen

ATHENS, GREECE – March 24, 2011 - Tsakos Energy Navigation Limited (“TEN” or the “Company”) (NYSE:TNP) today announced the delivery of the 2001-built aframax tanker Opal Queen to her new owners. The capital gain of over $5 million while the free cash of over $16 million from this sale will be recorded in the first quarter of 2011, while the free cash to be generated will be used for future vessel opportunities. George Saroglou, Chief Operating Officer, said “Sale & Purchase activity is an integral part of TEN’s operations that has generated close to $280 million in capital gains.

11 Jun 2013

Tsakos Announces New Two-Year Employment

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…

11 Aug 2011

TEN Execs Authorize Common Share Repurchase Program

Tsakos Energy Navigation Limited (TEN) announced that its Board of Directors has authorized a new share repurchase program on the company’s common shares allocating up to $20 million for purchases in the open market and in other transactions. The timing of any share purchases, the prices and the exact number of shares to be purchased will be dependent on market conditions. This is the fifth share repurchase program TEN’s Board has authorized since the initiation of the programs in 2005. Since its listing in the NYSE in March of 2002, the company has generated approximately $1 billion in net income and has expanded its fleet from 26 to 50 vessels becoming one of the largest transporters of energy in the world.

20 Dec 2012

TEN Announces Charters for Ice-Class Trio

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.

24 Jan 2013

Greece's TEN Charters Out One Ship, Sells Two

TEN VLCC: Photo courtesy of Tsakos Energy Navigation

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.

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