TEN Completes Fleet Expansion
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.
TEN Strengthens Vessel Base
Tsakos Energy Navigation (TEN)'s growth has continued unabated in 2017 with the delivery of one VLCC, the Hercules I, one aframax tanker the Marathon TS and the shuttle tanker Lisboa, currently all under long-term employment to solid counterparties. These came on the back of nine vessels that were delivered or acquired in 2016 and will be followed in 2017 by the last four, of nine, aframaxes that were built against long-term employment to a Norwegian oil major. With the delivery of these remaining high-end aframaxes…
TEN Announces Time Charter for Hercules I
Tsakos Energy Navigation (TEN), a leading diversified crude, product and LNG tanker operator, today announced an up to 18 months time charter with minimum and profit sharing provision for the newly delivered VLCC Hercules I to a major US oil company. "All 15 new vessels in TEN's growth program, including the five for the rest of this year, have full long-term employment. This new time charter announced today with minimum base rate and profit sharing arrangements protects the Company's bottom line and ensures participation on the upside," stated Nikolas P.
TEN Announces Four New Time Charter Contracts
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%.
Tsakos Fixes Three LR2s on Timecharter
Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd (TNP) announced the charter for an average of 36-months per vessel for its three LR2 Aframax tankers to a major European oil concern for crude trading operations. The total gross revenues from these three fixtures are expected at around $100.0 million. "The appetite of major oil companies to lock forward long-term is a positive testament to the prospects of the already strong tanker market. With $1.5 billion of total contracted revenues to date and a 15-vessel newbuilding program 12 of which already on long-term contracts…
Tsakos Energy Navigation Reports 156% Increase in Q1 Profits
Greece-based Tsakos Energy Navigation Ltd (TEN) has reported first-quarter profit of $37.3 million from $14.6 million in Q1 2014 - a 156% Increase. On a per-share basis it has profit of 42 cents. The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share. The oil and gas shipping company posted revenue of $114.3 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $111.6 million.
TEN Charters up to Two Suezmax Shuttle Tankers
Tsakos Energy Navigation Ltd., a crude, product and LNG tanker operator, reached an agreement for a long-term time charter to a national oil company of a new DP2 suezmax shuttle tanker for delivery in the first quarter of 2017, with an option for a second vessel. This project will make a positive contribution to TEN’s bottom line. Shuttle tankers are a highly specialized sector, which calls for state of the art vessels specifically designed for oil transport from an offshore field. Typically, such vessels are committed to industrial projects for long periods and function in a complex operational environment. Nikolas P. Tsakos, President and CEO of TEN commented, “We are pleased to continue our expansion into this niche segment together with a first-class end user.
TEN Extends Charters for Three Product Tankers
Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) announced the charter extension for three product tankers, including two Panamaxes and one MR, for two and three years respectively to a South American oil major. These contracts are expected to generate $40 million in total gross revenues over their relevant duration. “These three accretive fixtures following those announced in August, expand our contracted revenues and solidify our profitability. In addition, they reconfirm TEN’s position as a shipowner of choice for major oil companies,” stated Nikolas P.
Tsakos Energy Navigation Ltd to Build LR1s for Oil Major
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.
TEN Charters Out Suezmax Tankers
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 Announces Time Charter Extension
Tsakos Energy Navigation Ltd. (TEN), a crude, product and LNG tanker operator, announced the time charter renewal of a 2004 built, double hull handysize product tanker with a major national end-user for a period of twelve months. The new charter commenced in February 2014 and is expected to generate gross revenues of approximately $6 million during the corresponding period. Currently, TEN’s secured contract coverage is 60% and 38% for the available vessel days of 2014 and 2015, with expected minimum revenues of approximately $190 million and $150 million, respectively. Overall, TEN’s minimum contracted charter revenues is approximately $880 million with an average employment of 2.7 years per vessel.
Tsakos VLCC Charter to Generate US$11.5 Million
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.
Tankship Time Charter to Generate US$20-million for Tsakos
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.
Tsakos Announces Time Charter Extension
Tsakos Energy Navigation Limited (TEN or the “Company")(NYSE: TNP) announced a two-year time charter extension for the 2008 built, 105,392 dwt, double hull aframax tanker, Nippon Princess, with the same charterer, a state oil company. The new charter commenced in July 2012. The gross revenues from the extension of this charter are expected to be approximately $14.5 million over the corresponding period. “We are pleased with the extension of Nippon Princess which follows our company’s stated policy of long term, repeat business directly with the end users.” said Mr. Nikolas P. Tsakos, President and CEO of TEN. “Our balanced fleet employment strategy has enabled our Company to navigate through difficult markets while being able to benefit from the eventual market upturn.
Tsakos Energy Navigation Charters DNA-Aframax Tanker
Tsakos Energy Navigation Ltd. (TEN) announced the charter of the 105,000 dwt, DNA design Aframax tanker, Maria Princess, to a major Chinese oil concern for a twelve month period. This charter comes in line with the Company's pre-stated policy in exploring opportunities in the wider Chinese energy market. "The growth of oil consumption in China is a major determinant in worldwide tanker demand and we are pleased to participate directly in this development with one of our modern DNA aframax vessels," stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. "We hope that this fixture will further enhance our relationship with local chartering concerns and be our gateway to this major economy for additional opportunities in the future.
TEN Enters Four-Year Time Charter
Tsakos Energy Navigation Ltd. ("TEN") (NYSE: TNP) has announced a four-year time charter for the 2007-built 150,000 m3 LNG carrier Neo Energy to a major international energy concern. expected to commence in the first quarter of next year upon expiration of the vessel’s existing employment. This new charter, in line with current market levels, is anticipated to make a significant contribution to the bottom line over its duration. “The operational performance of the Neo Energy since delivery in 2007 coupled with the current strength in the LNG markets has enabled us to secure an attractive employment for the vessel over the next four years,” stated Mr. Nikolas P. Tsakos, President and Chief Executive Officer of TEN.
Tsakos Announces Long Term Time Charters
ATHENS, GREECE – May 9, 2011 - Tsakos Energy Navigation Limited (“TEN” or the “Company”) (NYSE:TNP) today announced two long-term fixtures with minimum and profit sharing provisions to a major Far Eastern entity for two suezmax tankers to be delivered in mid-May and mid-July of this year in South Korea. The charters, of eleven and twelve-year periods will commence upon delivery and are expected to generate combined gross revenues, assuming only the minimum rates, of approximately $200 million.
Tsakos Time Charter Extension, Panamax Tankers
Tsakos Energy Navigation Limited (NYSE:TNP) announced two-year time charter extensions for two of its 2009 Korean-built panamax tankers, Chantal and World Harmony. These fixtures will continue with the same charterer, a major South American state affiliated oil entity, at a minimum base rate with open upside for the Company. The renewed charters are now scheduled to expire in the third quarter of 2013. The gross revenues from the extension of these two charters, assuming only the minimum rate, are expected to be approximately $22 million over the orresponding period. “These extensions are evidence of our tested commercial strategy, of maintaining and developing long-term relationships with established end users,” said Mr. Nikolas P. Tsakos, President & CEO of TEN.
TEN Sells Aframax Tanker Opal Queen
Tsakos Energy Navigation Limited (NYSE: TNP) today announced the sale of the 2001-built aframax tanker Opal Queen to an international operator. The delivery of the vessel to its new owners is expected to take place in February 2011. The capital gain 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. "A young fleet profile and healthy cash reserves to pursue our growth strategy and meet our shareholder obligations have always been associated with a tested sale and purchase policy that has been integral to operations since the Company started in 1993," said Mr. Nikolas P. Tsakos, President and CEO of TEN.
TEN, China Class Sign Agreement
in China. CCS was established in 1956, is one of the ten full members of the International Association ofClassification Societies (IACS) and the only specialized organization of China to provide classification services. By the end of 2009, CCS classed fleet was 2,282 ships totalling 34.45 million gross tonnage. “This agreement creates for TEN new opportunities for strategic business development in China with a strong and reliable local partner” Nikolas P. Tsakos, President & CEO of TEN said. “The economic development and potential of China is staggering. “We believe that CCS will be our gateway in developing energy and shipping related opportunities in China.
Tsakos Energy Navigation Q2 Results
Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) reported results (unaudited) for the second quarter and first half of 2010. Revenues, net of voyage expenses and commissions, were $83.3 million in the second quarter of 2010 compared to $88.6 million in the second quarter of 2009 primarily reflecting a slightly smaller fleet. Despite improved rates for crude carriers, the Company's product carriers achieved lower rates than in the second quarter of 2009, as did its LNG carrier. On average, TEN deployed 45.0 vessels versus 46.0 vessels in the prior year quarter. Fleet utilization remained high at 97.8%, the same level as in the second quarter of 2009. The average daily time charter equivalent rate per vessel was $22,059 down from $22,890 in the 2009 second quarter.
Tsakos Charters Modern Handysize Product Tanker
Tsakos Energy Navigation Ltd. (TEN) (NYSE: TNP) announced a three-year time charter for a modern, double hull, handysize product tanker to a major South American state oil company. This charter is expected to generate gross revenues in excess of $14m during the corresponding charter period. Prior to this fixture the vessel was operating in the spot market. "This fixture to a charterer that the company has developed a longstanding strategic relationship with, is a testament to our vessels' operational capabilities and reaffirms our confidence in an improving environment, particularly for product tankers," Nikolas P. Tsakos, President & CEO of TEN stated.
Tsakos Replaces Vessels with Newbuilds
Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) announced that it has signed a Memorandum of Agreement with a state oil company for the sale of the 2003-built aframax tankers Marathon and Parthenon for a combined price of $78m. One vessel will be delivered to its new owner at the end of February and the other at the end of April, at the expiration of their voyage charters. The capital gains that will be generated from this sale will be booked during the respective quarters of this fiscal year. With the conclusion of this sale, TEN’s cash reserves are expected to be approximately $370m. "In line with our long stated policy to actively participate in the sale and purchase market, such sales in tandem with our newbuilding program have kept our fleet both profitable and modern.