SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

April 11, 2017 16:05 ET

TEN Announces Delivery and Charter of Aframax Tanker Sola TS and Initiation of Strategic Relationship With Large End User

Fleet Secured Employment at 77% Minimum Fleet Revenues at Over $1.4 billion

ATHENS, GREECE--(Marketwired - Apr 11, 2017) - TEN Ltd ("TEN") (NYSE: TNP), a leading diversified crude, product and LNG tanker operator, today announced the delivery of Sola TS, the sixth in a series of nine aframax tankers from Daewoo Mangalia Heavy Industries built on long term contracts to Norway's Statoil. In addition, the Company announced the initiation of a new strategic alliance with a major US oil company for the chartering of a series of crude tankers, primarily VLCCs and suezmaxes, for periods of up-to three years.

"Following our tested policy of long term cooperation with significant international end users, we are proud to announce the initiation of a commercial relationship to further solidify the Company's cash flows and earnings visibility," stated Mr. George Saroglou, Chief Operating Officer of TEN. "Such industrial alliances, attracted by the Company's operational experience over the years, assures the high utilization rate of the fleet, at well above industry averages, while enhancing our commitment to our shareholders for long term attractive returns," Mr. Saroglou concluded.

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. The Company's pro-forma fleet, including three Aframax tankers under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt. Of these, 45 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers.

NEWBUILDINGS DELIVERED & VESSELS UNDER CONSTRUCTION

 #   Vessel Name   Type   Dwt   Delivery   Status   Employment
 1   Ulysses   VLCC   300,000   June 2016   Delivered   Yes
 2   Elias Tsakos   Aframax   112,700   June 2016   Delivered   Yes
 3   Thomas Zafiras   Aframax   112,700   Aug 2016   Delivered   Yes
 4   Sunray   Panamax LR1   74,200   Aug 2016   Delivered   Yes
 5   Sunrise   Panamax LR1   74,200   Sep 2016   Delivered   Yes
 6   Maria Energy   LNG   93,616   Oct 2016   Delivered   Yes
 7   Leontios H   Aframax   112,700   Oct 2016   Delivered   Yes
 8   Parthenon TS   Aframax   112,700   Nov 2016   Delivered   Yes
 9   Hercules I   VLCC   300,000   Jan 2017   Delivered   Yes
 10   Marathon TS   Aframax   112,700   Feb 2017   Delivered   Yes
 11   Lisboa   DP2 Shuttle   157,000   March 2017   Delivered   Yes
 12   Sola TS   Aframax   112,700   March 2017   Delivered   Yes
 13   Oslo TS   Aframax   112,700   Q2 2017   TBD   Yes
 14   Stavanger TS   Aframax   112,700   Q3 2017   TBD   Yes
 15   Bergen TS   Aframax   112,700   Q4 2017   TBD   Yes

Visit our company website at: http://www.tenn.gr

ABOUT FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements.

TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contact Information

  • For further information please contact:

    Company
    Tsakos Energy Navigation Ltd.
    George Saroglou
    COO
    +30210 94 07 710
    gsaroglou@tenn.gr

    Investor Relations / Media
    Capital Link, Inc.
    Nicolas Bornozis
    Paul Lampoutis
    +212 661 7566
    ten@capitallink.com