TEN, LTD. Announces New Time Charters for Three Vessels

ATHENS, Greece, Dec. 11, 2017 (GLOBE NEWSWIRE) -- TEN, LTD. (NYSE:TNP), a leading crude, product and LNG tanker operator, today announced the charter employment for an aggregate 6 years for one aframax crude tanker and two MR product carriers to significant global end-users. The gross revenues for these contracts are expected to exceed $32 million.    

“With these fixtures, TEN continues to increase its long term time charter coverage to major oil concerns and further solidify its cash flow and dividend visibility,” Mr. George Saroglou, Chief Operating Officer of TEN stated. “With 78% of the fleet in long term charters, half of which with provisions to capture market upturns, resulting to minimum secured revenues of $1.4 billion, TEN is well positioned to benefit from the expected market upturn due to the fast declining orderbook and the seasonally strong months ahead,” Mr. Saroglou concluded.  

In addition, Maria Tsakos TCM Maritime Training Center received the 2017 Lloyds List Education – Training Award for an innovative curriculum and high-quality equipment for bridge-engine cargo on conventional vessels, ice-class tankers, shuttle tankers and LNG carriers.  

Furthermore, Nikolas P. Tsakos, Founder and CEO of TEN and current Chairman of INTERTANKO, received the Tanker Shipping & Trade Industry Leader award for 2017 at this year’s Tanker Shipping & Trade Conference in London.

TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. TEN’s fleet consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers.


#Vessel NameTypeDwtDeliveryStatusLT Contracts
1UlyssesVLCC300,000May 2016DeliveredYes
2Elias TsakosAframax112,700June 2016DeliveredYes
3Thomas ZafirasAframax112,700Aug 2016DeliveredYes
4Leontios HAframax112,700Oct 2016DeliveredYes
5Parthenon TSAframax112,700Nov 2016DeliveredYes
6SunrayPanamax LR174,200Aug 2016DeliveredYes
7SunrisePanamax LR1 74,200Sep 2016DeliveredYes
8Maria EnergyLNG93,616Oct 2016DeliveredYes
9Hercules IVLCC300,000Jan 2017DeliveredYes
10Marathon TSAframax112,700Feb 2017DeliveredYes
11Lisboa DP2 Shuttle157,000Mar 2017DeliveredYes
12Sola TSAframax112,700Apr 2017DeliveredYes
13Oslo TSAframax112,700May 2017DeliveredYes
14Stavanger TSAframax112,700July 2017DeliveredYes
15Bergen TSAframax112,700Oct 2017DeliveredYes

LT: Long-Term

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:
Tsakos Energy Navigation Ltd.
George Saroglou
+30210 94 07 710

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Paul Lampoutis
+212 661 7566

367 Syngrou Avenue, 175 64 P. Faliro, Hellas
Tel: 30 210 94 07 710-3
Fax: 30 210 94 07 716
e-mail: ten@tenn.gr
Website: http://www.tenn.gr