SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

August 01, 2017 09:00 ET

TEN LTD Announces Delivery and Long-Term Charter of Aframax Crude Tanker Stavanger TS

$1.5 billion in total fleet contractual revenues with average contract duration 2.6 years; 75% of total fleet in secured contracts

ATHENS, GREECE--(Marketwired - Aug 1, 2017) -  TEN, LTD. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the aframax tanker Stavanger TS, the eighth in a series of nine tankers built against long-term employment to a major European oil concern and one of the four, of this particular order, with ice-class specifications. 

The last remaining ship to complete the 15-vessel organic growth program, the Bergen TS is scheduled to be delivered and commence its long-term employment in the third quarter of this year. All 15 new tankers have long-term employment. With the delivery of the Bergen TS, TEN's current expansion program will reach its conclusion and result in 75% of the fleet in secured contracts with minimum gross revenues of $1.5 billion and average charter duration of 2.6 years.

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