Nikolas Tsakos News

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…

Dr. Nikolas Tsakos of Tsakos Energy Navigation Ltd. was reelected for two further years by the INTERTANKO Council who met this week in London. The Council members also engaged in dialogue with the IMO Secretary General, Kitack Lim, as well as the Rt Hon John Hayes CBE, Minister of State (Department for Transport). Lim, who has been Secretary General since January 2016, expressed his positive views about the contribution of INTERTANKO to the regulatory process at IMO: “The contribution made by INTERTANKO to the regulatory process at IMO has been of tremendous value over many decades. The Rt Hon John Hayes CBE, whose role as Minister of State (Department for Transport) covers the shipping industry, also addressed the Council, where he provided a brief view on the impact of Brexit.

Tsakos Energy Navigation Ltd. (NYSE:TNP) has taken delivery of the aframax tanker Elias Tsakos, part of the 15-vessel newbuilding program and the first of the nine assigned for the Statoil long-term business. The vessel was delivered from Daewoo Mangalia Heavy Industries and will immediately be employed by Statoil with potential gross revenues in excess of $100 million. “Following the delivery and long term charter of the VLCC Ulysses, we are pleased to announce the commencement of our strategic relation with Statoil, one of the most recognized oil companies in the world,” commented Mr. Nikolas Tsakos, President and CEO of TEN. “This new cooperation makes our solid employment base even stronger and increases our profitability.

Tsakos Energy Navigation Ltd. (NYSE:TNP), a leading crude, product and LNG tanker operator, today announced charter extensions with a state oil company with profit sharing provisions for five 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.

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.

Efforts by Iran to start exporting oil to Europe are being held up as foreign tanker owners are still struggling to secure insurance for cargoes, leading shipping players said on Tuesday. A nuclear deal between world powers and Iran earlier this month led to the removal of curbs on Tehran's banking, insurance and shipping sectors. Since then, Iran has ordered a 500,000 barrel per day (bpd) increase in oil output, of which 200,000 bpd will go to Europe. But many foreign firms remain wary of violating other sanctions that were imposed by the United States and have not been lifted. Measures still in place from Washington prohibit most business between U.S. persons, U.S. companies and Iran as well as no dollar trades.

INTERTANKO announced that when its Council of Members met this week in Dubai it elected Nikolas Tsakos – President and Chief Executive of Tsakos Energy Navigation – as Chairman, succeeding  Graham Westgarth who steps down after five years in post. “The last five years of leading the independent tanker owners have been both rewarding and challenging,” said Westgarth. Tsakos intends to continue the work started by Westgarth in shifting the focus of INTERTANKO more towards commercial sustainability while retaining its emphasis on technical and operational issues.

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…

Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) reported results (unaudited) for the first quarter ended March 31, 2009. Revenue, net of voyage expenses and commissions, was $106.14 million in the first quarter of 2009 as compared with $115.67 million in the same quarter of 2008. TEN deployed an average of 46 vessels in the first quarter of 2009 versus 43.1 in the 2008 period. The average daily time charter equivalent (TCE) rate was $27,495 versus $31,387 in the first quarter 2008 (TCE is voyage revenue less voyage expenses). Fleet utilization was 98.5% almost unchanged from 98.3% in the first quarter of 2008. Vessel operating expenses per ship per day increased to $9,355 compared with $8,969 in the first quarter of 2008.

Tsakos Energy Navigation Limited (TEN) has exercised options with Hyundai Heavy Industries of South Korea for the building of two suezmax tankers at market competitive prices. The new vessels are expected to be delivered during the early 2006 and will join two sister ships expected to be received in latter half of 2005, as announced on July 9, 2003. "With these additional two ice class suezmax tankers, we will increase our suezmax fleet to eight sistership, double/double, ice class tankers," said Nikolas Tsakos, President and CEO of TEN. "Discussions with our oil major clients around the world clearly indicate that this type of high-quality tonnage will be in great demand over the next several years.

Tsakos Energy Navigation Limited (TEN) has entered into contracts with Hyundai Heavy Industries of South Korea for the building of two ice-class suezmax tankers. The new vessels are expected to be delivered during the latter half of 2005. They have also taken options on two additional suezmaxes, which, if exercised, would be scheduled for delivery in early 2006. "These new contracts continue our policy of anticipating our clients' future needs and building high quality vessels to serve them," said Nikolas Tsakos, President and CEO of TEN. Tsakos continued, "We are extremely pleased to award these new contracts to Hyundai. Since 1998…

Tsakos Energy Navigation Limited (TEN) has entered into a new medium-term charter arrangement with PMI, the state owned oil company of Mexico. Under the terms of the agreement, TEN has chartered its newly delivered coated double-hulled Panamax, the Aztec, to PMI. The contract is for 30 months at an accretive rate. TEN currently has the Handysize product carrier Libra chartered to PMI until 2005. "We are pleased to furnish PMI with another high-quality vessel to serve their growing production needs," said Nikolas Tsakos, President and CEO of TEN. The Panamax Aztec was delivered on May 29 from Imabari Shipyards in Japan. The vessel immediately entered into a profitable repositioning voyage with a major oil trading concern, and will then commence the time charter with PMI.