TEN Ltd. Reports Successful Delivery of Four-Vessel Series With Long-Term Employment to Oil Major
November 18 2020 - 9:00AM
TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) today reported the
delivery of the last vessel in a four-series newbuilding program,
consisting of two suezmaxes and two aframaxes in South Korea, with
five-year contracts to an oil major. The minimum Time-Charter
Equivalent (“TCE”) revenues expected from these four purpose-built
vessels over their minimum five-year employment is $200 million.
The Company continues its current growth program with the
construction of two vessels in the specialized shipping sectors,
namely DP2 shuttle tankers and LNG, both with long term employment.
“We are delighted to have successfully completed
this latest phase of our growth program ahead of schedule and our
congratulations go to the yard for their commitment and
professionalism during these challenging times with the global
pandemic. The caliber of the charterer along with the duration of
the contract is a testament of TEN’s standing as a premier
international energy transporter and highlights the Company’s
long-established industrial model,” Mr. George Saroglou, Chief
Operating Officer of TEN stated. “With one DP2 suezmax shuttle
tanker and one LNG carrier still under construction, we are looking
forward to further expanding TEN’s operational reach beyond
conventional sectors and offer investors wider latitude on the
fleet’s earnings generation capabilities,” Mr. Saroglou
completed.
ABOUT TEN TEN, founded in 1993
and celebrating this year 27 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 one LNG carrier and one suezmax DP2
shuttle tanker under construction, constituting a mix of crude
tankers, product tankers and LNG carriers, totalling 7.6 million
dwt.
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:
Company Tsakos Energy
Navigation Ltd. George Saroglou COO +30210 94 07 710
gsaroglou@tenn.gr
Investor Relations /
MediaCapital Link, Inc. Nicolas Bornozis Markella Kara
+212 661 7566 ten@capitallink.com
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