TEN Ltd. Reports Completion of 15-Vessel Newbuilding Program
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|
|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|
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:
Tsakos Energy Navigation Ltd.
+30210 94 07 710
Investor Relations / Media
Capital Link, Inc.
+212 661 7566