TEN LTD Announces Delivery and Long-Term Charter of Aframax Crude Tanker Stavanger TS

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.

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.