ATHENS, GREECE--(Marketwired - Jun 1, 2017) - TEN, LTD. (
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
