TEN LTD Announces Delivery and Long-Term Charter of Aframax Crude Tanker Oslo TS
Over $1.5 billion in total fleet contractual revenues with average contract duration 2.5 years; 77% of total fleet in secured
contracts
ATHENS, GREECE--(Marketwired - Jun 1, 2017) - TEN, LTD. (NYSE: TNP), a leading crude, product and LNG tanker operator, today
announced the delivery of the aframax tanker Oslo TS, the seventh in a series of nine tankers built for long-term
employment to a European oil concern. The vessel which has a 1B ice-class notation commenced its long-term employment with
possible gross revenues in excess of $110 million.
The two remaining aframaxes under our fifteen-vessel growth program, the Bergen TS and the Stavanger TS are
scheduled to be delivered and commence their long term employment in the third and fourth quarter of this year. With the
deliveries of these two vessels, TEN's current expansion program will reach its conclusion and result in 77% of the fleet in
secured contracts with gross revenues of over $1.5 billion and average charter duration of 2.5 years.
ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. TEN's
pro-forma fleet, including two Aframax tankers 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, 45 vessels trade in crude, 15 in products,
three are shuttle tankers and two are LNG carriers.
COMPANY'S GROWTH TIME-TABLE
| # |
|
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 |
|
TBD |
|
Yes |
| 14 |
|
Stavanger TS |
|
Aframax |
|
112,700 |
|
Q3 2017 |
|
TBD |
|
Yes |
| 15 |
|
Bergen TS |
|
Aframax |
|
112,700 |
|
Q4 2017 |
|
TBD |
|
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.