Tsakos Energy Navigation : TEN Ltd. Reports Completion of 15-Vessel Newbuilding Program
November 13, 2017 at 09:00 am EST
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ATHENS, GREECE--(Marketwired - Nov 13, 2017) - TEN, Ltd. (TEN) (NYSE: TNP) (the "Company") today reported the delivery of the ice-class Aframax tanker Bergen TS, the last in the 15-vessel, pre-employed on long-term business, growth program, which increased the size of TEN's fleet by 30% over the last 18 months. With 65 vessels fully operational, the fleet's minimum revenue backlog comes to $1.3 billion with average contract duration of 2.5 years.
"With the largest growth in the Company's history, successfully and timely completed, TEN is well positioned to take advantage of market opportunities as they will appear," Mr. Nikolas P. Tsakos, President & CEO of TEN stated. "The fully employed renewal program is expected to significantly contribute to TEN's bottom line and solidify the fleet's income visibility and cash generation from now and into the future," Mr. Tsakos concluded.
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
Oct 2017
Delivered
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.
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.