TEN Sells, Leaseback Two Suezmax Tankers
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…
TEN Acquires VLCC M/T Maersk Estelle
Tsakos Energy Navigation Limited (TEN) announced that it has acquired the 299,700 dwt double hull VLCC M/T Maersk Estelle, built in Denmark in 1994, from the AP Moller / Maersk Group. Initially, this vessel will participate in the current strong spot market while the Company considers opportunities for longer-term employment. TEN will assume ownership of the vessel during the later part of January 2004. "We are very excited about this latest addition to our fleet of young and environmentally friendly tankers," stated Nikolas P. Tsakos, President and CEO of Tsakos Energy Navigation. "This is the first vessel that we have acquired outside our 23 vessel strong newbuilding program since 1997.
Tsakos Orders Tankers at Sungdong
South Korean shipyard Sungdong Shipbuilding & Marine Engineering Co. (Sungdong) has won an order from Greece’s Tsakos Energy Navigation (TEN) for two 74,000 deadweight tonnage (DWT) crude-oil carriers with an option for two more. TEN has already ordered three tankers from Sungdong. The total value of the contract for the four LR1 tankers could reach up to USD 170 million. Delivery of the firm ship is due in the first half of 2018. Tsakos’s commitment is a massive boost for Sungdong after a tough period of instability and restructuring where the yard skirted with closure.
TEN Holds Eleventh Annual General Meeting
Tsakos Energy Navigation Limited (TEN)today announced that it had conducted its Annual General Meeting (AGM). * Mr. D. John Stavropoulos and Mr. two-year terms on the Board of Directors. * Mr. W. O'Neil and Mr. Directors to serve two-year terms.
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.
Tsakos and Trading S.A. Choose Seagull Training System
Tsakos Shipping and Trading S.A. is the Technical Management Company responsible for a number of Principals, including Tsakos Energy Navigation Limited, who operate an international fleet of approximately 90 vessels, comprising of crude and product tankers, dry bulk carriers and containers. The Seagull Training System is designed to meet all its training requirements in a single product. This is a dedicated training computer system, configured to meet its precise needs and installed with the latest/upgraded software, including the acclaimed Seagull Training Administrator to monitor and manage all the training activities.
Tsakos Energy Announces Pricing Offering
Tsakos Energy Navigation Ltd. announced the pricing of its offering of 7,623,328 common shares, including 896,861 common shares to be purchased by entities affiliated with the Tsakos family, at an initial reoffer price of $11.30 per share. TEN has granted the underwriter a 30-day option to purchase an additional 1,008,968 common shares to cover overallotments, if any. TEN will use the net proceeds from the public offering for the expansion of its fleet and for general corporate purposes.
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.
TEN Acquires VLCC
Tsakos Energy Navigation Limited (TEN) recently acquired the 299,700 dwt double hull VLCC M/T Maersk Estelle, built in Denmark in 1994, from the AP Moller / Maersk Group. Initially, this vessel will participate in the current strong spot market while the Company considers opportunities for longer-term employment. TEN will assume ownership of the vessel during the later part of January 2004. "We are very excited about this latest addition to our fleet of young and environmentally friendly tankers," stated Nikolas P. Tsakos, President and CEO of Tsakos Energy Navigation.
TEN Announces Delivery and Charter of VLCC 'La Madrina'
Tsakos Energy Navigation Limited (TEN) announced that it has taken delivery of the 299,700 dwt double hull VLCC M/T Maersk Estelle, built in Denmark in 1994. The vessel, renamed La Madrina, will immediately enter into a 40-day voyage loading West African crude for an oil major for discharge either in the US Gulf or in Continent/Med while the Company considers opportunities for longer- term employment. The time charter equivalent rate for this voyage equates to approximately $100,000 per day. "The current spot market for VLCCs makes this a extremely advantageous time to take delivery of the latest addition to our fleet," stated Nikolas P. Tsakos, President and CEO of Tsakos Energy Navigation.
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.
Charters of Tsakos Tankers Extended
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…
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.
TEN CEO Tsakos Tapped to Lead INTERTANKO
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.
TEN Sends New Aframax Tanker to Work for Statoil
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.
TEN Announces Charter Extension for Tanker
Tsakos Energy Navigation Ltd. announced a three-year charter extension for its 2005-built double-hull 1C ice class Suezmax tanker Euronike to a large independent United States refiner, who has employed the vessel for the past twelve months since her delivery from the shipyard. The charter rate for the extension compares favourably to rates for similar duration charters for similar modern tonnage in the market. Gross revenues for this vessel are expected to exceed $40 million over the corresponding charter period.
TEN Reports Strong Profits for 3Q
Tsakos Energy Navigation Limited (TEN) reported unaudited results for the third quarter and first nine months of 2003. TEN's Third Quarter highlights include, the company reports EPS of $0.47 versus $0.04 in the like period of 2002; net income rose 1124 percent to $8.03 million; the company took delivery of a new aframax and the last in a series of four new panamaxes.
TEN to Host Third Quarter 2003 Conference Call
Tsakos Energy Navigation Ltd. will report earnings for the third quarter of 2003 before the market open on Friday, November 7, 2003. That same day, at 10:00 A.M. Eastern Time, TEN will host a conference call to review third quarter results as well as management's outlook for the business.
TEN Sells Tanker
Tsakos Energy Navigation Ltd., announced the sale of the 1999-built 107,181 dwt Aframax tanker Olympia to an independent Greek- based operator. The Olympia will be delivered to her new owners in January, 2008 resulting in a $34m capital gain that will be recorded in the first quarter of 2008. The Olympia is debt-free and as a result all proceeds from this sale will be free cash available for reinvestment.
Tsakos Energy Ship Sales
Tsakos Energy Navigation Ltd. (NYSE: TNP) announced the delivery of the Pentathlon to its new owners and the sale of the 2002-built 164,274 dwt suezmax tanker Decathlon to the same independent third party. The Decathlon will be delivered to its buyers in February 2010.The capital gains resulting from the sale of the vessels will be recorded in the fourth quarter of 2009 and the first quarter of 2010. All proceeds from both sales will be free cash available for reinvestment. (www.tenn.gr)
Tsakos Energy Time Charter for Product Tankers
Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) announced two year time-charters with profit sharing for four 2005-built handymax MR product tankers to an international oil entity starting promptly. The minimum revenue expected from these fixtures is estimated at $32m. Prior to these fixtures, the vessels were operating in the spot market.
Tanker Companies Mull Fleet Expansion
According to a Feb. 8 report from Bloomberg, Tanker companies including General Maritime Corp. and Tsakos Energy Navigation Ltd. may expand their fleets after the recession sent ship costs to five-year lows last year. Prices for five-year-old very-large crude carriers, or VLCCs, dropped to $77.1m on Dec. 14, the lowest level since March 2004, according to price assessments compiled by the London-based Baltic Exchange. (Source: Taiwan News)
TEN Accepts Aframax Tanker
Tsakos Energy Navigation Limited announced the delivery and charter of the 105,000 dwt DNA-Aframax tanker Uraga Princess from Sumitomo Heavy Industries in Japan, the final newbuilding in a series of eight ordered in 2004. Upon delivery, the vessel entered a minimum 30-day repositioning voyage with the oil trading arm of a major financial institution.