Tsakos Energy Navigation : TEN Announces Delivery and Charter of Aframax Tanker Sola TS and Initiation of Strategic Relationship With Large End User
April 11, 2017 at 04:05 pm EDT
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ATHENS, GREECE--(Marketwired - Apr 11, 2017) - 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
#
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
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
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.
Tsakos Energy Navigation Ltd is a Greece-based provider of international seaborne crude oil and petroleum product transportation services. The Company operates through the maritime transportation of liquid energy-related products segment. The Company's fleet consists of 70 vessels, constituting a mix of crude tankers, product tankers, and liquefied natural gas (LNG) carriers, totaling more than 7 million dwt. It includes VLCC, Aframax, Panamax, handysize, handymax tankers, LNG carrier, and DP2 shuttle tankers, which allows the Company to serve its customers' international petroleum product and crude oil transportation needs.