SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

September 28, 2016 09:00 ET

TEN, Ltd Announces the Delivery and Long-Term Charter of Panamax Product Tanker "Sunrise"

Vessel Adds Gross Revenues of Max $40.0 Million; Fleet Secured Revenues at $1.5 Billion Over 2.7 Years

ATHENS, GREECE--(Marketwired - Sep 28, 2016) -  TEN Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery of its second 74,200 dwt Panamax product tanker "Sunrise" from South Korea which will immediately enter a five year contract with profit sharing and extension options to a European oil major that could generate gross revenues of $40.0 million. The Sunrise becomes the fifth in a 15-vessel growth program to be delivered since June 2016. With 13 of the 15 vessels already on long-term contracts, the fleet's secured days for the remainder of 2016, to date, increase to 60% and 54% for 2017. Following this latest addition, the charter duration of the fleet under secured employment average 2.7 years with gross revenues of $1.5 billion. 

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, eight Aframax 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, 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.

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.

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   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   Sep 2016   Delivered Yes
13 Lisboa City   DP2 Shuttle   157,000   Q1 2017   TBD Yes
14 Hercules   VLCC   300,000   Q1 2017   TBD In Negotiations
15 Maria Energy   LNG   93,616   Q3 2016   TBD In Negotiations

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