TEN LTD Announces Delivery and Long-Term Charter of Aframax Crude Tanker Stavanger TS
$1.5 billion in total fleet contractual revenues with average contract duration 2.6 years; 75% of total fleet in secured
contracts
ATHENS, GREECE--(Marketwired - Aug 1, 2017) - TEN, LTD. (NYSE: TNP), a leading crude, product and LNG tanker operator,
today announced the delivery of the aframax tanker Stavanger TS, the eighth in a series of nine tankers built against
long-term employment to a major European oil concern and one of the four, of this particular order, with ice-class
specifications.
The last remaining ship to complete the 15-vessel organic growth program, the Bergen TS is scheduled to be delivered
and commence its long-term employment in the third quarter of this year. All 15 new tankers have long-term employment. With the
delivery of the Bergen TS, TEN's current expansion program will reach its conclusion and result in 75% of the fleet in
secured contracts with minimum gross revenues of $1.5 billion and average charter duration of 2.6 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 one Aframax tanker 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.
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 |
|
Delivered |
|
Yes |
| 14 |
|
Stavanger TS |
|
Aframax |
|
112,700 |
|
July 2017 |
|
Delivered |
|
Yes |
| 15 |
|
Bergen TS |
|
Aframax |
|
112,700 |
|
Q3 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.