Second of Nine Vessels Purposely Built to Service a Northern European Charterer; Gross Revenues Could Exceed $100
Million
ATHENS, GREECE--(Marketwired - Aug 15, 2016) - TEN Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today
announced the delivery of the Aframax crude tanker "Thomas Zafiras" from Daewoo Mangalia Heavy Industries which will immediately
enter a long term contract to a Northern European charterer that could generate gross revenues in excess of $100 million.
This is the second vessel in a series of nine purposely built Aframax tankers on long term time charters at accretive rates.
TEN's new building program continues later this month with the delivery of a Panamax LR1 tanker also chartered to long term
accretive employment.
The majority of the Company's new building vessels are built against long lasting time charters that secure revenue growth and
dividend distributions.
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 one VLCC, one LNG carrier, eight Aframax tankers, a Suezmax DP2 shuttle tanker and two LR1
product tankers all under construction, 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. All of TEN's tanker newbuildings except the one remaining VLCC Hercules and the LNG carrier
Maria Energy are fixed on long-term project businesses. As of August 2016, about 60% of 2016 fleet available days,
assuming nine deliveries, are on secured contracts with an average length of 2.5 years and minimum gross revenues of about $1.5
billion.
| |
| VESSELS UNDER CONSTRUCTION |
| |
| # |
|
Vessel Name |
|
Type |
|
Dwt |
|
Delivery |
|
Status |
|
Employment |
| 1 |
|
Ulysses |
|
VLCC |
|
300,000 |
|
Q2 2016 |
|
Delivered |
|
Yes |
| 2 |
|
Elias Tsakos |
|
Aframax |
|
112,700 |
|
Q2 2016 |
|
Delivered |
|
Yes |
| 3 |
|
Thomas Zafiras |
|
Aframax |
|
112,700 |
|
Q3 2016 |
|
Delivered |
|
Yes |
| 4 |
|
Leontios H |
|
Aframax |
|
112,700 |
|
Q4 2016 |
|
TBD |
|
Yes |
| 5 |
|
TS Parthenon |
|
Aframax |
|
112,700 |
|
Q4 2016 |
|
TBD |
|
Yes |
| 6 |
|
TS Marathon |
|
Aframax |
|
112,700 |
|
Q1 2017 |
|
TBD |
|
Yes |
| 7 |
|
TS Sola |
|
Aframax |
|
112,700 |
|
Q1 2017 |
|
TBD |
|
Yes |
| 8 |
|
TS Oslo |
|
Aframax |
|
112,700 |
|
Q2 2017 |
|
TBD |
|
Yes |
| 9 |
|
TS Stavanger |
|
Aframax |
|
112,700 |
|
Q3 2017 |
|
TBD |
|
Yes |
| 10 |
|
TS Bergen |
|
Aframax |
|
112,700 |
|
Q4 2017 |
|
TBD |
|
Yes |
| 11 |
|
Sunray |
|
Panamax LR1 |
|
74,200 |
|
Aug 2016 |
|
TBD |
|
Yes |
| 12 |
|
Sunrise |
|
Panamax LR1 |
|
74,200 |
|
Q3 2016 |
|
TBD |
|
Yes |
| 13 |
|
Lisboa City |
|
DP2 Shuttle |
|
157,000 |
|
Q1 2017 |
|
TBD |
|
Yes |
| 14 |
|
Hercules |
|
VLCC |
|
300,000 |
|
Q4 2016 |
|
TBD |
|
In Negotiations |
| 15 |
|
Maria Energy |
|
LNG |
|
93,616 |
|
Q3 2016 |
|
TBD |
|
In Negotiations |
| |
|
|
|
|
|
|
|
|
|
|
|
|
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.