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TEN, LTD. Announces New Time Charters for Three Vessels

ATHENS, Greece, Dec. 11, 2017 (GLOBE NEWSWIRE) — 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 TEN
TEN, 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 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
[email protected]

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Paul Lampoutis
+212 661 7566
[email protected]

367 Syngrou Avenue, 175 64 P. Faliro, Hellas
Tel: 30 210 94 07 710-3
Fax: 30 210 94 07 716
e-mail: [email protected]
Website: http://www.tenn.gr

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This post first appeared on Marine Insight - The Maritime Industry Guide, please read the originial post: here

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TEN, LTD. Announces New Time Charters for Three Vessels

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