TEN Expands its Strategic Relationship by Chartering Two Additional Suezmaxes to a Major US Oil Concern
ATHENS, GREECE--(Marketwired - Aug 18, 2017) - TEN, LTD. (NYSE: TNP), a leading crude, product and LNG tanker operator, today
announced the expansion of its long term strategic alliance with a major US oil concern. Two suezmax vessels have been chartered
for three years, bringing the relationship to six vessels. These charters are scheduled to commence in early September upon
completion of the current employment of each vessel and contain profit sharing arrangements.
"We are pleased that these new charters not only solidify the Company's cash generating ability and visibility, but also
emphasize the fleet's competitive advantage when seeking to secure charters with high quality oil concerns," stated Mr. George
Saroglou, Chief Operating Officer of TEN. "With more than 75% of the fleet in secured employment, resulting to $1.5 billion
already in minimum secured revenues and the possibility of generating considerable additional income through profit sharing, we
are very confident that TEN will be one of the prime beneficiaries going forward once we enter the seasonally stronger fourth
quarter and beyond," 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. 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.