Tsakos Energy Confirms Order for Aframax Duo

TankerIllustration. Image Courtesy: Pexels under CC0 Creative Commons license

Tanker operator Tsakos Energy Navigation (TEN) has confirmed its plans to construct two new Aframax tankers.

The order, placed following the end of the first quarter of 2018, is a part of long-term contracts signed with an undisclosed oil major.

TEN informed that the time charter equivalent income of the two new Aframax tankers, over the minimum charter period, equates to about USD 82 million.

The company unveiled the order as part of its financial report for the for the first quarter ended March 31, 2018.

TEN delivered a net loss of USD 11.9 million for the period, compared to a net income of USD 17.4 million reported in the first quarter of 2017. The company’s voyage revenues were at USD 125.7 million, decreasing from USD 138.2 million seen a year earlier.

With 80% of the fleet employed during the first quarter on secured revenue contracts, TEN said it was able “to successfully manage the impact of an exceptionally poor spot market, in which rates, in all categories of vessels, reached historic lows.”

“Navigating one of the weakest quarters in recent memory, TEN’s operating strategy of keeping the majority of the fleet on long term contracts significantly benefited our revenues and protected us from the pressure the markets were applying on companies with heavy exposure to the spot market,” George Saroglou, COO of TEN, said.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >