TEN Secures Charter for Its Newbuild

first_imgzoom Greek tanker operator Tsakos Energy Navigation (TEN) has secured a long-term time charter with a national oil company for its new DP2 Suezmax shuttle tanker scheduled for delivery in the first quarter of 2017, with an option for a second vessel.As explained by TEN, shuttle tankers are a highly specialized sector, which calls for state of the art vessels specifically designed for oil transport from an offshore field. Typically, such vessels are committed to industrial projects for long periods and function in a complex operational environment.“We are pleased to continue our expansion into this niche segment together with a first class end user. This project is expected to generate significant long term advantages for our Company and its shareholders. In the interim, the current spot market rates continue to rise in both the crude and product sectors, as the drop in the price of oil increases demand for our services and enhances our profitability,” Mr. Nikolas P. Tsakos, President and CEO of TEN commented.TEN’s fleet, including the LNG carrier Maria Energy, nine Aframax crude oil tankers and two LR1 tankers all under construction, consists of 64 double-hull vessels (including Suezmax DP2 option), a mix of crude tankers, product tankers and LNG carriers, totaling 6.72 million dwt.Of these 44 vessels trade in crude, 14 in products, four are shuttle tankers (including Suezmax DP2 option) and two LNG carriers. The average age of the operational fleet is 7.2 years.All TEN’s newbuildings, except the Maria Energy, are fixed on accretive long term project business.Finance for 10 out of 14 newbuilding vessels has been arranged and discussions for the remainder are in progress, TEN said.Press Releaselast_img read more

Ethiopian farmers need urgent assistance amid major drought warns UN agency

“FAO urgently needs $13 million by the end of March to support more than 600,000 of the worst affected people,” said FAO’s country representative, Amadou Allahoury Diallo, in a press release. “We’re expecting that needs will be particularly high during the next few weeks,” he added, “so it’s critical that we’re able to respond quickly and robustly to reboot agriculture now before the drought further decimates the food security and livelihoods of millions.” Humanitarian needs have tripledHumanitarian needs in Ethiopia have reportedly tripled since the beginning of 2015 as the drought has led to successive crop failures and widespread livestock deaths. As a result, food insecurity and malnutrition rates are alarming in the Horn of Africa country, with FAO reporting that some 10.2 million people are now food insecure. In addition, one-quarter of all districts in Ethiopia are officially classified as facing a food security and nutrition crisis. Meanwhile, the agency is highlighting that with planting for the country’s first rainy season, known as the belg, which is already delayed, and the meher season – Ethiopia’s main agricultural campaign – fast approaching, farmers need immediate support to help them produce food between now and September for millions facing hunger. The meher produces up to 85 per cent of the nation’s food supplies. Recent estimates by Ethiopia’s Bureau of Agriculture indicate that some 7.5 million farmers and herders need immediate agricultural support to produce staple crops like maize, sorghum, teff, wheat, and root crops, and livestock feed to keep their animals healthy and resume production. Farming families are said to have either exhausted seed reserves through successive failed plantings, or to have consumed them as food. Animal feed stocks are also depleted, and support is needed to enable families to produce fodder. Hundreds of thousands of livestock have reportedly already died and the animals that remain are becoming weaker and thinner due to poor grazing resources, feed shortages and limited water availability, leading to sharp declines in milk and meat production. ‘Not just a food crisis’”It’s important to understand the current drought is not just a food crisis – it is above all a livelihood crisis,” said Mr. Allahoury Diallo, who highlighted that last year’s losses have severely diminished households’ food security and purchasing power and forced many to sell their last remaining agricultural assets. FAO is underlining that meeting immediate needs of farmers now is essential to longer-term recovery, as it helps farmers feed their country and keep their productive assets intact. Its call for $13 million by the end of March is part of the agency’s larger $50 million appeal for its Ethiopia El Niño Response Plan but currently less than 10 per cent of the plan is funded. FAO’s response to El NiñoAs part of the emergency response, FAO is already providing planting materials to help seed- and food-insecure households in the worst-affected regions plant in the belg and meher seasons. But it is warning that this support urgently needs to be scaled up. In an effort to preserve livestock, FAO has been distributing nutrient blocks in pastoral and agropastoral areas meant to strengthen livestock and bolster the resilience of the cooperatives that produce them. FAO is also providing survival animal feed and support to help farmers produce fodder and improve access to water for livestock. Herds across the country have also benefited from vaccination and treatment campaigns to address their increasing vulnerability as a result of drought. In Ethiopia’s Somali Region, FAO is enhancing the financial stability of drought-affected households through the purchase of weak sheep and goats for immediate, local slaughter, and providing the meat – rich in protein – to nutritionally vulnerable drought-affected families. The intervention will help reduce stress on available feed, enable households to focus their resources on their remaining productive animals, and invest in productive assets. In addition, FAO is closely working with the government to conduct seasonal assessments and develop preparedness and response plans, along with guidelines for emergency agriculture support. read more