SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

August 23, 2016 09:00 ET

TEN, Ltd Announces Delivery and Long Term Charter of Panamax Product Tanker "Sunray"

First of Two Vessels Purposely Built to Service an Oil Major; Minimum Gross Revenues of $40.5 million

ATHENS, GREECE--(Marketwired - Aug 23, 2016) - TEN Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the 74,200 dwt Panamax product tanker "Sunray" in South Korea which will immediately enter a minimum 54 and maximum 78 month profit sharing contract to a significant oil major that could generate minimum gross revenues of approximately $40.5 million. The Sunray is the fourth of a 15-vessel fully financed fleet growth plan delivered since June 2016. With 13 of the 15-vessel program having been built against long term accretive contracts, the minimum gross revenues expected by just these vessels could exceed $1.3 billion if certain inbuilt options get exercised.

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 one VLCC, one LNG carrier, seven Aframax tankers, a Suezmax DP2 shuttle tanker and one LR1 product tanker all under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers. All of TEN's tanker newbuildings except the one remaining VLCC Hercules and the LNG carrier Maria Energy are fixed on long-term project businesses. As of August 2016, about 60% of 2016 fleet available days, assuming nine deliveries, are on secured contracts with an average length of 2.5 years and minimum gross revenues of about $1.5 billion.

VESSELS UNDER CONSTRUCTION

# Vessel Name Type Dwt Delivery Status Employment
1 Ulysses VLCC 300,000 Q2 2016 Delivered Yes
2 Elias Tsakos Aframax 112,700 Q2 2016 Delivered Yes
3 Thomas Zafiras Aframax 112,700 Q3 2016 Delivered Yes
4 Leontios H Aframax 112,700 Q4 2016 TBD Yes
5 TS Parthenon Aframax 112,700 Q4 2016 TBD Yes
6 TS Marathon Aframax 112,700 Q1 2017 TBD Yes
7 TS Sola Aframax 112,700 Q1 2017 TBD Yes
8 TS Oslo Aframax 112,700 Q2 2017 TBD Yes
9 TS Stavanger Aframax 112,700 Q3 2017 TBD Yes
10 TS Bergen Aframax 112,700 Q4 2017 TBD Yes
11 Sunray Panamax LR1 74,200 Aug 2016 Delivered Yes
12 Sunrise Panamax LR1 74,200 Q3 2016 TBD Yes
13 Lisboa City DP2 Shuttle 157,000 Q1 2017 TBD Yes
14 Hercules VLCC 300,000 Q4 2016 TBD In Negotiations
15 Maria Energy LNG 93,616 Q3 2016 TBD In Negotiations

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