However, the full-year profit is halved when compared to 2016 when TEN’s net income stood at USD 55.7 million.
Gross revenue amounted to USD 529.2 million, a 9.8 pct increase over 2016, due to the increase of the fleet by seven new vessels on long-term contracts.
During the fourth quarter, net income came at USD 2.7 million while gross revenues reached USD 134.5 million, a 2.9 pct increase year-on-year.
During the quarter, the vessels on time charter contracts generated USD 90.5 million gross revenue, enough to cover all the operating, overhead and finance costs of the whole fleet, while vessels on spot charters contributed an additional USD 21 million of revenue, TEN said.
“As we enter our 25th year, we are proud to report profits in such a challenging environment. TEN’s tried and tested strategy of providing downside protection while allowing for the flexibility to capture rate hikes, has proved effective once again. The markets are gradually positioning for an upturn and TEN is well placed to reap those rewards as they will occur,” Nikolas P. Tsakos, President and CEO of TEN, commented.
2018 started with TEN operating the largest fleet in its 25-year history, 77 pct of which secured contracts averaging 2.7 years with minimum secured revenues of USD 1.3 billion, TEN said.
Namely, in the fourth quarter of the year, the company completed its 15-vessel newbuilding program. The tanker owner also sold two 2005-built Suezmax tankers through a sale and leaseback transaction generating USD 15.6 million of free cash.
TEN’s fleet currently stands at 65 ships, of which 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers.
OUCO Marine/Offshore 1T30M@20T3M Telescopic boom cranes
OUCO Marine/Offshore 1T30M@20T3M Telescopic boom cranes are based on a pedestal slewing design with hydraulic cylinder luffing. The boom extension is a telescopic inner section that allows a more flexible and wider operational radius in use and leaves the crane stored in a compact position.
The advantages of the telescopic cranes are low weight and less complex design making them maintenance-friendly. This offshore crane especially wildly been used in the mild-east area for the OSV (oil service vessel); which is especially designed according to the harsh working environment there. OUCO Marine Telescopic cranes can be designed and manufactured by clients’ requirements in our own factory.The perfect solution for applications that require reach and compact storage, the Telescopic Boom crane is available with two to four box boom sections.
The availability of a telescopic or fixed jib extension on a telescopic boom is not only easy to attach and use, but it makes it possible to extend the reach of the crane boom by as much as 40 meter. With a jib, boom cranes are capable of reaching boom lengths as tall as 35 meter, which is very beneficial when placing loads at height or lifting personnel using a work platform.
Typical Applications:Provision cranes, Service cranes, Container and cargo handling cranes
Lifting of personnel – man-riding
External hydraulic power packs
Active Heave Compensation (AHC)
Passive Heave Compensation(PHC)
Design according to rules and regulations API 2C.
Class Societies like ABS, CCS, DNV, LR, RMRS, etc.
Diesel hydraulic drive