TEN LTD Announces Delivery and Long-Term Charter of Aframax

New Post Public Reply Private Reply Replies (0) Message Board
News Desk 2018
186
TEN LTD Announces Delivery and Long-Term Charter of Aframax Crude Tanker Oslo TS

ATHENS, GREECE--(Marketwired - Jun 1, 2017) - TEN, LTD. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the aframax tanker Oslo TS, the seventh in a series of nine tankers built for long-term employment to a European oil concern. The vessel which has a 1B ice-class notation commenced its long-term employment with possible gross revenues in excess of $110 million.

The two remaining aframaxes under our fifteen-vessel growth program, the Bergen TS and the Stavanger TS are scheduled to be delivered and commence their long term employment in the third and fourth quarter of this year. With the deliveries of these two vessels, TEN's current expansion program will reach its conclusion and result in 77% of the fleet in secured contracts with gross revenues of over $1.5 billion and average charter duration of 2.5 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 two Aframax tankers 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.

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   TBD   Yes
14   Stavanger TS   Aframax   112,700   Q3 2017   TBD   Yes
15   Bergen TS   Aframax   112,700   Q4 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.

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

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Feeding Families Foundation Gains $121,500 for NYC Push

Updated Category News Views 4

Holy smokes, here comes some good news in the nonprofit corners! Feeding Families Foundation just got a hefty $121,500 boost from the Association of Contracting Plumbers of the City of New York Inc. This ain't just some pocket change; it's a full-fledged lifeline that helps them keep on delivering meals to parents who are practically living at their kid’s hospital...

Continue Reading
Inovonics Duress Card Enhances Safety for K-12 and Beyond

Updated Category News Views 7

A New Dawn for Safety in Schools and More It's about time we talk about something more substantial than just beefing up security cameras or tightening door locks. Real-world problems require nimble solutions, and that's where Status Solutions steps in with the Inovonics Duress Card. It's not just another gadget; it's a lightweight, wrist-mounted lifeline designed to say,...

Continue Reading
Robotics in Cleaning: 2026 Sees Double Adoption Rates

Updated Category News Views 4

Cleaning Industry Eyes Robotic Solutions Amid Labor Squeeze In a twist that's got industry veterans nodding knowingly, the cleaning industry is tipping towards automation. The recent 2026 Building Service Contractor Market Study reveals a massive leap: 32% of building service contractors (BSCs) plan to embrace robotic floor equipment in the coming year. That's a...

Continue Reading
Rosewood HK Tops Best Hotel List Again; Asia Shines

Updated Category News Views 2

Holding the Crown: Rosewood Hong Kong's Triumph When a single hotel keeps nabbing the top spot in the world's most prestigious rankings, it's worth taking a closer look. That's exactly what's happening with Rosewood Hong Kong, crowned the world's best once more in 2026—its second consecutive year at the pinnacle according to The 50 Best Hotels. Defining Luxury on a...

Continue Reading
NY Sheriffs' Court Battle: Immigration Policies Under Fire

Updated Category News Views 5

Sheriffs Clash with State Over Immigration Policies In a tense showdown reminiscent of an old-time standoff, 15 New York county sheriffs have drawn their battle lines against the state’s capricious maneuvers by pushing a federal court to hit the brakes on Albany’s newly minted immigration rule. The so-called “Local Cops, Local Crimes Act” is catching serious heat,...

Continue Reading
Cabot Wilds: Nova Scotia's Next Luxury Golf Haven

Updated Category News Views 7

Breaking New Ground in Golf and Luxury Cabot and the Bragg family are cooking up something extraordinary in Cumberland County, Nova Scotia. The new luxury lifestyle and golf destination, Cabot Wilds, promises to be more than just a retreat—it's a bold statement on how to marry nature, luxury, and community. Set to open in late 2027, this expansive 2,500-acre resort will...

Continue Reading
Postal Connections Expands with New Hillsboro Opening

Updated Category News Views 8

Expanding Horizons in Hillsboro In the world of postal and office services, Annex Brands, Inc. is making headlines by launching yet another Postal Connections spot, this time planting its flag in the tech-centric town of Hillsboro, Oregon. Spearheaded by Jason Rautenkranz, this expansion is more than just another dot on a map—it's a strategic push into one of the...

Continue Reading
TGI Fridays Unveils New 3 For All Menu Options

Updated Category News Views 7

Hedging Bets on New Dining Strategies Oh, the restaurant battlefield—where one day you're the toast of the town, and the next, you're hustling to keep those seats filled. TGI Fridays, a name as synonymous with casual eats as long as I’ve been in this game, is rolling the dice with a new offering dubbed '3 For All.' Doesn't sound like your average meal deal either....

Continue Reading
NOAA Taps ICEYE US for Game-Changing SAR Satellite Data

Updated Category News Views 6

The Strategic Move to SAR Data Imagine this: You’re in the thick of a hurricane, where visibility goes out the window, and traditional satellite data chokes under the crushing weight of clouds and nightfall. That's the precise chaos ICEYE US is cutting through with its Synthetic Aperture Radar (SAR) technology. The latest scuttlebutt is that NOAA's getting cozy with...

Continue Reading
Paula's Choice Elevates Skincare Game with New Campaign

Updated Category News Views 5

Strategy Meets Skincare: Paula's Choice in the Spotlight Catch this: Paula's Choice just dropped a moisturizer, but it ain't just lotion. No, the Pro-Collagen Peptide Plumping Intensive Moisturizer is here with a punch. And they've got Hannah Waddingham, of 'Ted Lasso' fame, fronting a campaign that screams confidence. Now, that's a way to announce your move at the...

Continue Reading

Top 5 Most Recently Viewed Articles

Xiaomi's Strategic Alliance for Expanding Electric Vehicle Charging

Updated Category News Views 191

Xiaomi Expands Electric Vehicle Charging Network Xiaomi Corp (OTC: XIACF) is exciting electric vehicle (EV) owners by offering them access to a vast network of charging stations through partnerships with major players such as NIO Inc (NYSE: NIO), XPeng Inc (NYSE: XPEV), and Li Auto Inc (NASDAQ: LI). This move marks a significant step in Xiaomi's ambition to establish a...

Continue Reading
FACE FOUNDRIÉ Opens First Location in California

Updated Category News Views 485

FACE FOUNDRIÉ Expands to New Markets FACE FOUNDRIÉ, a leading facial bar, is thrilled to announce the launch of its first California location. This new store is situated in the vibrant Marina District of San Francisco, a city well-known for its emphasis on wellness and self-care. The expansion into California marks a significant milestone for FACE FOUNDRIÉ, which has...

Continue Reading
Investors Encouraged to Join SoundHound AI Class Action

Updated Category News Views 420

Understanding the SoundHound AI Investor Situation Recently, a global investor rights law firm has begun investigating securities claims concerning shareholders of SoundHound AI, Inc. (NASDAQ: SOUN). This inquiry stems from allegations that misleading business information may have been distributed to the investing public by the company. For stakeholders, this is an...

Continue Reading
Understanding Marathon Oil's Price-to-Earnings Ratio

Updated Category News Views 62

Understanding Marathon Oil's Stock Performance Currently, Marathon Oil Inc. (NYSE: MRO) is trading at $29.11, reflecting a slight increase of 0.41%. Over the last month, this stock has shown a notable rise of 11.25%, while its performance over the past year mirrors this trend with an 11.21% increase. Such figures frequently spark optimism among long-term investors, but...

Continue Reading
Global Bulletproof Helmet Market Set to Surge to $2.2 Billion

Updated Category News Views 186

The Future of the Bulletproof Helmet Market The bulletproof helmet market is on the threshold of significant growth, projected to reach $2.2 billion by 2034. This promising outlook is driven by several key factors including increased global defense spending, a rising demand for personal protective equipment (PPE) in military and law enforcement sectors, and the escalating...

Continue Reading