TEN, LTD. Announces New Time Charters for Three Vessels
December 11 2017 - 1:49PM
TEN, LTD. (NYSE:TNP), a leading crude, product and LNG tanker
operator, today announced the charter employment for an aggregate 6
years for one aframax crude tanker and two MR product carriers to
significant global end-users. The gross revenues for these
contracts are expected to exceed $32 million.
“With these fixtures, TEN continues to increase
its long term time charter coverage to major oil concerns and
further solidify its cash flow and dividend visibility,” Mr. George
Saroglou, Chief Operating Officer of TEN stated. “With 78% of the
fleet in long term charters, half of which with provisions to
capture market upturns, resulting to minimum secured revenues of
$1.4 billion, TEN is well positioned to benefit from the expected
market upturn due to the fast declining orderbook and the
seasonally strong months ahead,” Mr. Saroglou concluded.
In addition, Maria Tsakos TCM Maritime Training
Center received the 2017 Lloyds List Education – Training Award for
an innovative curriculum and high-quality equipment for
bridge-engine cargo on conventional vessels, ice-class tankers,
shuttle tankers and LNG carriers.
Furthermore, Nikolas P. Tsakos, Founder and CEO
of TEN and current Chairman of INTERTANKO, received the Tanker
Shipping & Trade Industry Leader award for 2017 at this year’s
Tanker Shipping & Trade Conference in London.
ABOUT TENTEN, founded in 1993,
is one of the first and most established public shipping companies
in the world today. TEN’s fleet 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.
COMPANY’S DELIVERED GROWTH PROGRAM
# |
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 |
Oct 2017 |
Delivered |
Yes |
LT: Long-Term
ABOUT FORWARD-LOOKING
STATEMENTSExcept 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 SaroglouCOO+30210 94 07 710gsaroglou@tenn.gr
Investor Relations /
MediaCapital Link, Inc.Nicolas BornozisPaul Lampoutis+212
661 7566ten@capitallink.com
367 Syngrou Avenue, 175 64 P. Faliro,
HellasTel: 30 210 94 07 710-3Fax:
30 210 94 07 716e-mail:
ten@tenn.grWebsite: http://www.tenn.gr
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