A New 8% Preferred For Those With A Moderate Risk Appetite
Thu, Aug. 14, 9:42 AM
- Tsakos Energy (TNP +1.4%) says it has chartered two of its Suezmax tankers with a European oil major, one for 24 and another for 12 months, with options for another 12 months for each vessel at an accretive base rate with profit sharing; TNP expects minimum gross revenues of $35M for the full period.
- TNP also says it is entering a new partnership with another oil major for the construction and chartering of two LR1 tankers for five years, which are expected to generate minimum gross revenues of $62M for the period.
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- Tsakos Energy (TNP +5.7%) announces the delivery of the 2013- and 2012-built suezmaxes, Eurovison and Euro, sister vessels to the 2011-built Spyros K and Dimitris P.
- TNP says three of the four vessels have secured forward minimum gross revenues of ~$154M, while the Eurovision is taking advantage of the spot market.
- TNP says the performance of the new acquisitions will start to be reflected in Q3 and in full starting from Q4.
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- Tsakos Energy Navigation (TNP) -11.9% AH on news it plans a public offering of 11M common shares.
- TNP plans to use the proceeds to finance the expansion and modernization of its fleet through its vessel acquisition program, including installment payments on its existing crude oil carrier newbuilding program pursuant to a strategic partnership with a well-known oil major, and for general corporate purposes.
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- Tsakos Energy (TNP +7.6%) is initiated with a Buy rating and $9 price target at UBS.
- TNP's core exposure is in crude and product tankers, and given the firm's bullish outlook on crude and product, it views TNP's sector-low 0.98x price/NAV as a highly attractive entry point; a smaller free float and diversified fleet may account for some of the discount, but the firm feels this is fully warranted.
- UBS also starts Teekay Tankers (TNK +2.4%) and Navios Maritime (NNA +0.2%) with Neutral ratings, and Scorpio Tankers (STNG +8.1%) at Buy with a $13 target.
Fri, Jan. 31, 9:09 AM
TNP vs. ETF Alternatives
Tsakos Energy Navigation, Ltd. is engaged in the provision of international seaborne crude oil and petroleum product transportation services. It has one reportable segment: - maritime transportation of liquid energy related products.
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