SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

August 18, 2017 09:05 ET

TEN Expands its Strategic Relationship by Chartering Two Additional Suezmaxes to a Major US Oil Concern

ATHENS, GREECE--(Marketwired - Aug 18, 2017) - TEN, LTD. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the expansion of its long term strategic alliance with a major US oil concern. Two suezmax vessels have been chartered for three years, bringing the relationship to six vessels. These charters are scheduled to commence in early September upon completion of the current employment of each vessel and contain profit sharing arrangements.

"We are pleased that these new charters not only solidify the Company's cash generating ability and visibility, but also emphasize the fleet's competitive advantage when seeking to secure charters with high quality oil concerns," stated Mr. George Saroglou, Chief Operating Officer of TEN. "With more than 75% of the fleet in secured employment, resulting to $1.5 billion already in minimum secured revenues and the possibility of generating considerable additional income through profit sharing, we are very confident that TEN will be one of the prime beneficiaries going forward once we enter the seasonally stronger fourth quarter and beyond," 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. TEN's pro-forma fleet, including one Aframax 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.

COMPANY'S GROWTH TIME-TABLE

#   Vessel Name   Type   Dwt   Delivery   Status   LT Contracts
1   Ulysses   VLCC   300,000   May 2016   Delivered   Yes
2   Elias Tsakos   Aframax   112,700   June 2016   Delivered   Yes
3   Thomas Zafiras   Aframax   112,700   Aug 2016   Delivered   Yes
4   Leontios H   Aframax   112,700   Oct 2016   Delivered   Yes
5   Parthenon TS   Aframax   112,700   Nov 2016   Delivered   Yes
6   Sunray   Panamax LR1   74,200   Aug 2016   Delivered   Yes
7   Sunrise   Panamax LR1   74,200   Sep 2016   Delivered   Yes
8   Maria Energy   LNG   93,616   Oct 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   Mar 2017   Delivered   Yes
12   Sola TS   Aframax   112,700   Apr 2017   Delivered   Yes
13   Oslo TS   Aframax   112,700   May 2017   Delivered   Yes
14   Stavanger TS   Aframax   112,700   July 2017   Delivered   Yes
15   Bergen TS   Aframax   112,700   Q3 2017   TBD   Yes
                         

LT: Long-Term

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