Tsakos loss narrows, Statoil order grows by four

The company also announced it has exercised options for four aframax tankers at Daewoo Shipbuilding and Marine Engineering (DSME) as part of an agreement with Statoil. The most recent additions brings to nine to the total number of ships on order at DSME for the Statoil contract, with charters averaging six years lined up with the Norwegian oil giant for the ships, totalling $1bn in gross revenues for TEN.

Operating income more than doubled year on year, from $14.8m in 2012 to $33.1m in 2013.

A $10m drop in financing costs for the year was offset by vessel impairment charges more than doubling from $13.5m to $28.2m.

At the end of 2013 the company had a minimum of $887m in forward gross proceeds from fixtures, representing a 60% commitment of available ship days in 2014, 38% in 2015 and 25% in 2016. Fleet utilisation of in 2013 was 97.8%.

"TEN has once more demonstrated its ability to navigate through the rough shipping cycles and arrive at the other end stronger and bigger. Our successful chartering strategy together with our large operational capacity, places us on the top of companies with the ability to take advantage of market improvements," commented Mr. Nikolas P. Tsakos, president and ceo of TEN.

"Our growing list of first class customers and our proven access to capital, positions TEN in the forefront of its peer group and provides our shareholders with a solid future," he added.

TEN's 5.9m dwt fleet of 58 ships consists of 28 crude carries, 26 product tankers, two suezmax shuttle tankers and a pair of LNG carriers with an LNG carrier option that must be exercised by the end of this month.

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