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.

0saves
If you enjoyed this post, please consider leaving a comment or subscribing to the RSS feed to have future articles delivered to your feed reader.