TEN, Ltd Announces New Contracts With Long-Term Charters for Two Suezmax Crude Tankers
February 15 2019 - 7:45AM
$300 million in Potential Maximum Time
Charter IncomeContinuous Responsible Growth – All
New Projects in Long-Term Attractive Industrial
Employment
TEN, Ltd (“TEN” or the “Company”) (NYSE:TNP) today announced the
contract for the building of two suezmax crude tankers which upon
delivery will enter into minimum five maximum 12-year contracts to
a significant oil major. The time charter equivalent revenues from
these two fixtures, over the duration of the respective contacts,
is expected at a minimum $110 million and could reach $300 million
should employment be extended to its maximum period.
“We are immensely proud to have further
solidified our relationship with one of the world’s top oil majors
which again highlights’ TEN’s position as an “owner of choice” to
“blue-chip” charterers across the globe,” Mr. George Saroglou, COO
of TEN commented. “This latest chapter in TEN’s growth policy,
having already taken delivery of 15 fully employed vessels,
underlines the Company’s strategy to grow responsibly while
fortifying the fleet’s cash generating ability for the years to
come,” Mr. Saroglou concluded.
ABOUT TSAKOS ENERGY
NAVIGATIONTEN, founded in 1993 and celebrating this year
26 years as a public company, is one of the first and most
established public shipping companies in the world. TEN’s
diversified energy fleet currently consists of 68 double-hull
vessels, including two aframax and two suezmax tankers under
construction, constituting a mix of crude tankers, product tankers
and LNG carriers, totalling 7.5 million dwt. Of the proforma fleet
today, 48 vessels trade in crude, 15 in products, three are shuttle
tankers and two are LNG carriers.
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.
For further information, please contact:
CompanyTsakos Energy Navigation
Ltd.George Saroglou COO+30210 94 07 710gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc. Nicolas BornozisPaul Lampoutis +212 661
7566ten@capitallink.com
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