TEN WIns Three Year Charter for Two Product Tankers
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…
TEN: Cautious Optimism on Shipping Market
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…
TEN Finds Work for Suezmax Tanker
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…
TEN Gets Charter Extension for Seven Panamaxes
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.
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 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…
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.
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.
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.
Greece's TEN Charters Out One Ship, Sells Two
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.