SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

March 09, 2017 13:45 ET

TEN Announces Time Charter for 2017-Built VLCC Hercules I

Entire Newbuilding Program on Long-Term Charters; Secured Revenues at Minimum $1.4 Billion with 2.6 Years Average Fleet Employment

ATHENS, GREECE--(Marketwired - Mar 9, 2017) - TEN Ltd ("TEN") (NYSE: TNP), a leading diversified crude, product and LNG tanker operator, today announced an up to 18 months time charter with minimum and profit sharing provision for the newly delivered VLCC Hercules I to a major US oil company.

"All 15 new vessels in TEN's growth program, including the five for the rest of this year, have full long-term employment. This new time charter announced today with minimum base rate and profit sharing arrangements protects the Company's bottom line and ensures participation on the upside," stated Mr. Nikolas P. Tsakos, President and CEO of TEN and current Chairman of INTERTANKO. "Long-term business with first class clients is an important part of our industrial shipping strategy, solidifying further our balance sheet while supporting TEN's continued profitability. These are all attributes which should ultimately be reflected in TEN's true valuation," Mr. Tsakos 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 four Aframax tankers and a Suezmax DP2 shuttle tanker 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   Q1 2017   TBD   Yes
 12   Sola TS   Aframax   112,700   Q1 2017   TBD   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