Tsakos Energy Navigation : TEN Announces Time Charter for 2017-Built VLCC Hercules I
March 09, 2017 at 01:45 pm
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ATHENS, GREECE--(Marketwired - Mar 9, 2017) - TEN Ltd ("TEN") (NYSE: TNP), a leading diversified crude, product and LNG tanker operator, today announced an up to 18 months time charter with minimum and profit sharing provision for the newly delivered VLCC Hercules I to a major US oil company.
"All 15 new vessels in TEN's growth program, including the five for the rest of this year, have full long-term employment. This new time charter announced today with minimum base rate and profit sharing arrangements protects the Company's bottom line and ensures participation on the upside," stated Mr. Nikolas P. Tsakos, President and CEO of TEN and current Chairman of INTERTANKO. "Long-term business with first class clients is an important part of our industrial shipping strategy, solidifying further our balance sheet while supporting TEN's continued profitability. These are all attributes which should ultimately be reflected in TEN's true valuation," Mr. Tsakos concluded.
ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. The Company's pro-forma fleet, including four Aframax tankers and a Suezmax DP2 shuttle 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.
NEWBUILDINGS DELIVERED & VESSELS UNDER CONSTRUCTION
#
Vessel Name
Type
Dwt
Delivery
Status
Employment
1
Ulysses
VLCC
300,000
June 2016
Delivered
Yes
2
Elias Tsakos
Aframax
112,700
June 2016
Delivered
Yes
3
Thomas Zafiras
Aframax
112,700
Aug 2016
Delivered
Yes
4
Sunray
Panamax LR1
74,200
Aug 2016
Delivered
Yes
5
Sunrise
Panamax LR1
74,200
Sep 2016
Delivered
Yes
6
Maria Energy
LNG
93,616
Oct 2016
Delivered
Yes
7
Leontios H
Aframax
112,700
Oct 2016
Delivered
Yes
8
Parthenon TS
Aframax
112,700
Nov 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
Q1 2017
TBD
Yes
12
Sola TS
Aframax
112,700
Q1 2017
TBD
Yes
13
Oslo TS
Aframax
112,700
Q2 2017
TBD
Yes
14
Stavanger TS
Aframax
112,700
Q3 2017
TBD
Yes
15
Bergen TS
Aframax
112,700
Q4 2017
TBD
Yes
Visit our company website at:http://www.tenn.gr
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.
Tsakos Energy Navigation Ltd is a Greece-based provider of international seaborne crude oil and petroleum product transportation services. The Company operates through the maritime transportation of liquid energy-related products segment. The Company's fleet consists of 70 vessels, constituting a mix of crude tankers, product tankers, and liquefied natural gas (LNG) carriers, totaling more than 7 million dwt. It includes VLCC, Aframax, Panamax, handysize, handymax tankers, LNG carrier, and DP2 shuttle tankers, which allows the Company to serve its customers' international petroleum product and crude oil transportation needs.