TEN Ltd (“TEN”) (NYSE: TNP), a leading diversified crude, product and LNG tanker operator, today announced the delivery of Sola TS, the sixth in a series of nine aframax tankers from Daewoo Mangalia Heavy Industries built on long term contracts to Norway’s Statoil. In addition, the Company announced the initiation of a new strategic alliance with a major US oil company for the chartering of a series of crude tankers, primarily VLCCs and suezmaxes, for periods of up-to three years.
“Following our tested policy of long term cooperation with significant international end users, we are proud to announce the initiation of a commercial relationship to further solidify the Company’s cash flows and earnings visibility,” stated Mr. George Saroglou, Chief Operating Officer of TEN. “Such industrial alliances, attracted by the Company’s operational experience over the years, assures the high utilization rate of the fleet, at well above industry averages, while enhancing our commitment to our shareholders for long term attractive returns,” Mr. Saroglou concluded.
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 three Aframax tankers 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.
NEWBUILDINGS DELIVERED & VESSELS UNDER CONSTRUCTION
|2||Elias Tsakos||Aframax||112,700||June 2016||Delivered||Yes|
|3||Thomas Zafiras||Aframax||112,700||Aug 2016||Delivered||Yes|
|4||Sunray||Panamax LR1||74,200||Aug 2016||Delivered||Yes|
|5||Sunrise||Panamax LR1||74,200||Sep 2016||Delivered||Yes|
|6||Maria Energy||LNG||93,616||Oct 2016||Delivered||Yes|
|7||Leontios H||Aframax||112,700||Oct 2016||Delivered||Yes|
|8||Parthenon TS||Aframax||112,700||Nov 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||March 2017||Delivered||Yes|
|12||Sola TS||Aframax||112,700||March 2017||Delivered||Yes|
|13||Oslo TS||Aframax||112,700||Q2 2017||TBD||Yes|
|14||Stavanger TS||Aframax||112,700||Q3 2017||TBD||Yes|
|15||Bergen TS||Aframax||112,700||Q4 2017||TBD||Yes|
Visit our company website at: http://www.tenn.gr