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Tsakos Energy Navigation Receives And Charters Latest Newbuilding
"TEN continues to augment one of the youngest and most efficient oil tanker fleets in the world," stated Nikolas P. Tsakos, President and CEO. He added, "Concurrent with our strategy of seeking accretive employment for our vessels, we were pleased to announce that the Inca began generating revenue the instant she was delivered, which should positively impact earnings and enhance shareholder value."
TEN also announced that it expects to take delivery of the next vessel in its newbuilding program, the Panamax Aztec, on May 23, 2003. Mr. Tsakos continued, "TEN will continue to seek additional attractive opportunities to add new vessels and dispose of older vessels."
Overall TEN has 14 vessels operating with medium or long-term employment charters or contracts accounting for 57% of estimated operating days for 2003, which provides a sustainable flow of revenue and profits. TEN's remaining vessels are enjoying the prevailing firm spot market. Mr. Tsakos stated, "During the coming months TEN will continue its established practice of maintaining a balanced fleet employment profile with spot voyages and medium to long-term accretive charters." As announced on March 20, 2003, the Company has secured new time-charter contracts for two of its product carriers, the Libra and the Crux. The Libra has a two-year contract, with a further one-year option, which began immediately and the Crux has a sixteen-month time charter beginning in April.