$300 million in Potential Maximum Time Charter Income
Continuous Responsible Growth – All New Projects in Long-Term Attractive Industrial Employment
Athens, Greece - February 15, 2019
TEN, Ltd (“TEN”or the “Company”) (NYSE:TNP) today announced the contract for the building of two suezmax crude tankers which upon delivery will enter into minimum five maximum 12-year contracts toa significant oil major.
The time charter equivalent revenues from these two fixtures,over the duration of the respective contacts, is expected at a minimum $110 million and could reach $300 million should employmentbe extended to its maximum period.
“We are immensely proud to have further solidified our relationship with one of the world’s top oil majors which again highlights’ TEN’s position as an “owner of choice” to “blue-chip” charterers across the globe,” Mr. George Saroglou, COO of TEN commented. “This latest chapter in TEN’s growth policy, having already taken delivery of 15 fully employed vessels, underlines the Company’s strategy to grow responsibly while fortifying the fleet’s cash generating ability for the years to come,” Mr. Saroglou concluded.
About Tsakos Energy Navigation
TEN, founded in 1993 and celebrating this year 26years as a public company, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 68 double-hull vessels, including two aframaxand two suezmax tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.5 million dwt. Of the proforma fleet today, 48vesselstrade in crude, 15in products, three are shuttle tankers and two are LNGcarriers.
Tsakos Energy Navigation press release