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.
INTERTANKO Reelects Tsakos as Chairman
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.
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.
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 Comments on Tanker Market Conditions
Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) said today it believes that the recent decline in TEN’s stock is in direct contrast to the state of the physical tanker market, the future prospects and the financial strength of the company. TEN management believes that the supply and demand balance, particularly for crude tankers, is in equilibrium and should provide a solid platform for continuing the healthy rates and asset prices currently in evidence.
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.
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)
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)