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…
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.
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.
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.
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.
Tsakos Energy Navigation 2-yr Time Charter
Tsakos Energy Navigation Limited (NYSE:TNP) announced a two year time-charter with profit sharing for the 2005-built suezmax tanker Euronike to an international oil major, an existing client of the company. The minimum revenue expected from this fixture is estimated at $15.3m with an extra $8.1m due if charterers extend employment for an additional year. Should the charterer exercise this option, the total minimum gross revenues to TEN from this charter will rise to $23.4m. Prior to this fixture, the Euronike was operating in the spot market.
Delivery, Charter of Aframax Tanker Asahi Princess
Tsakos Energy Navigation Limited (NYSE:TNP) announced the delivery and charter of DNA-aframax tanker Asahi Princess from Sumitomo Heavy Industries in Japan. The vessel was placed on a one-to-four month repositioning time-charter with a major international oil trader. Upon expiry of the charter, the vessel will be redelivered to its intended operating area, the mid-Atlantic basin. “We welcome the Asahi Princess into our fleet, the sixth DNA aframax tanker, in a series of eight that we signed with the Sumitomo yard in the summer of 2004,” said Mr. Nikolas P. Tsakos, President and CEO of TEN.