SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

October 27, 2016 09:00 ET

TEN, Ltd Announces the Delivery and Immediate Charters of the LNG Carrier "Maria Energy" and the Aframax Tanker "Leontios H"

Gross Revenues from both vessels could exceed $170.0 million The Company's LNG Fleet on Fixed Employment

ATHENS, GREECE--(Marketwired - Oct 27, 2016) - TEN Ltd. ("TEN") (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery from Hyundai Heavy Industries of its second LNG carrier, the 174,000 cbm Tri-Fuel diesel electric propulsion (TFDE) "Maria Energy" and immediate charter to a major end-user and the delivery of the Aframax crude tanker "Leontios H" from Daewoo Mangalia Heavy Industries.

The "Leontios H" entered into a long term contract to a Northern European charterer that could generate gross revenues in excess of $100 million. The "Leontios H" is the third vessel in a series of nine purposely built Aframax tankers on long term time charters at accretive rates.

The employment of the "Maria Energy" is for a minimum 18 months and maximum three years, could generate gross revenues in excess of $70.0 million if options get exercised. With the commencement of this fixture, TEN's two LNG carriers, the "Neo Energy" and the "Maria Energy," are now under medium-term charters.

"We are excited to welcome this new state-of-the-art LNG vessel to our fleet. With the delivery and charter of the Maria Energy and the Neo Energy, the first phase of TEN's involvement in the LNG segment has been successfully completed and as a result, TEN is now well placed to expand its LNG activities according to its clients' needs and requirements," stated Mr. George Saroglou, Chief Operating Officer of TEN. "In addition, following the delivery of the M/T Leontios H, TEN is in the midpoint of its fifteen vessel growth program. With eight more tankers scheduled for delivery over the next five quarters, a minimum of $720 million will be added to TEN's secured revenues from new vessels. This increases the company's minimum secured income to $1.5 billion and further solidifies TEN's bottom-line and provides healthy cash visibility going forward," 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 one VLCC, six Aframax crude tankers and a Suezmax DP2 shuttle 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, 45 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers. All of TEN's tanker newbuildings except the one remaining VLCC Hercules are fixed on long-term project businesses.

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   Leontios H   Aframax   112,700   Oct 2016   Delivered   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   Sep 2016   Delivered   Yes
13   Maria Energy   LNG   93,616   Oct 2016   Delivered   Yes
14   Lisboa City   DP2 Shuttle   157,000   Q1 2017   TBD   Yes
15   Hercules   VLCC   300,000   Q1 2017   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