Tsakos Announces LR1 Newbuild Partnership

Tsakos Energy Navigation Limited (TEN) announced today the signing of a newbuild plus five-year charter agreement with an undisclosed European oil major for two 74,000 ton dwt LR1 product tankers. The Athens-based company says the two ships will be chartered at an accretive base rate with 50/50 profit sharing above the base rate between TEN and the oil major. The charters … [Read more...]

Tsakos Energy Navigation Partners With Statoil to Build Up to Nine Aframaxes

Tsakos Energy Navigation Limited (NYSE:TNP) has announced today strategic partnership with Statoil involving the construction and chartering of five to nine DSME-built Aframax crude tankers with a contract term of five to twelve years, including options. In their emailed statement, Tsakos Energy Navigation notes the gross revenues from this project are expected to range … [Read more...]

Preferred Shares For Sale From Greece’s Finest Ship Owners

Tired of staid common shares?  Looking to spice up your day-trading life? How about some Series-B Cumulative Redeemable Perpetual Preferred Shares? (I cannot wait for the Series-A version).  This is what happens when capital-hungry ship owners meet with Wall Street ingenuity.   During the past few weeks, two of Greece’s most respectable shipping companies, namely Tsakos … [Read more...]

Tsakos Takes Delivery of Second DP2 Shuttle Tanker from Sungdong

Tsakos Energy Navigation Limited (NYSE: TNP) took delivery today of its second fully-coated DP2 suezmax shuttle product tanker, Brasil 2014, from Sungdong Shipbuilding in South Korea. The Brasil 2014 is a sister vessel to the Rio 2016 (pictured above) that was delivered in March. Both vessels are being deployed on 15-year charters to an undisclosed South-American energy … [Read more...]