Over $1.5 billion in total fleet contractual revenues with average contract duration 2.5 years
77% of total fleet in secured contracts
Athens, Greece - June 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, TENís 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. TENís 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.
Tsakos Energy Navigation press release