ATHENS, GREECE--(Marketwired - Oct 27, 2016) - TEN Ltd. ("TEN") (
The "Leontios H" entered into a long term contract to a Northern European charterer that could generate gross revenues in excess of $100 million. The "Leontios H" is the third vessel in a series of nine purposely built Aframax tankers on long term time charters at accretive rates.
The employment of the "Maria Energy" is for a minimum 18 months and maximum three years, could generate gross revenues in excess of $70.0 million if options get exercised. With the commencement of this fixture, TEN's two LNG carriers, the "Neo Energy" and the "Maria Energy," are now under medium-term charters.
"We are excited to welcome this new state-of-the-art LNG vessel to our fleet. With the delivery and charter of the Maria Energy and the Neo Energy, the first phase of TEN's involvement in the LNG segment has been successfully completed and as a result, TEN is now well placed to expand its LNG activities according to its clients' needs and requirements," stated Mr. George Saroglou, Chief Operating Officer of TEN. "In addition, following the delivery of the M/T Leontios H, TEN is in the midpoint of its fifteen vessel growth program. With eight more tankers scheduled for delivery over the next five quarters, a minimum of $720 million will be added to TEN's secured revenues from new vessels. This increases the company's minimum secured income to $1.5 billion and further solidifies TEN's bottom-line and provides healthy cash visibility going forward," 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. The Company's pro-forma fleet, including one VLCC, six Aframax crude tankers and a Suezmax DP2 shuttle tanker all under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 45 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers. All of TEN's tanker newbuildings except the one remaining VLCC Hercules are fixed on long-term project businesses.
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 | Leontios H | Aframax | 112,700 | Oct 2016 | Delivered | Yes | ||||||
| 5 | TS Parthenon | Aframax | 112,700 | Q4 2016 | TBD | Yes | ||||||
| 6 | TS Marathon | Aframax | 112,700 | Q1 2017 | TBD | Yes | ||||||
| 7 | TS Sola | Aframax | 112,700 | Q1 2017 | TBD | Yes | ||||||
| 8 | TS Oslo | Aframax | 112,700 | Q2 2017 | TBD | Yes | ||||||
| 9 | TS Stavanger | Aframax | 112,700 | Q3 2017 | TBD | Yes | ||||||
| 10 | TS Bergen | Aframax | 112,700 | Q4 2017 | TBD | Yes | ||||||
| 11 | Sunray | Panamax LR1 | 74,200 | Aug 2016 | Delivered | Yes | ||||||
| 12 | Sunrise | Panamax LR1 | 74,200 | Sep 2016 | Delivered | Yes | ||||||
| 13 | Maria Energy | LNG | 93,616 | Oct 2016 | Delivered | Yes | ||||||
| 14 | Lisboa City | DP2 Shuttle | 157,000 | Q1 2017 | TBD | Yes | ||||||
| 15 | Hercules | VLCC | 300,000 | Q1 2017 | TBD | In Negotiations | ||||||
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.
For further information please contact: Company Tsakos Energy Navigation Ltd. George Saroglou COO +30210 94 07 710 gsaroglou@tenn.gr Investor Relations / Media Capital Link, Inc. Nicolas Bornozis Paul Lampoutis +212 661 7566 ten@capitallink.com
