Delivery and long-term charter of Aframax tanker
Wednesday, Aug 17, 2016
Second of nine vessels purposely built to service a Northern European charterer.

Gross revenues could exceed $100 million.

TEN Ltd. (NYSE:TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the Aframax crude tanker “Thomas Zafiras” from Daewoo Mangalia Heavy Industries which will immediately enter a long term contract to a Northern European charterer that could generate gross revenues in excess of $100 million.   
This  is  the  second  vessel  in  a  series  of  nine  purposely  built  Aframax  tankers  on  long  term  time  charters at accretive rates. TEN’s new building program continues later this month with the delivery of a Panamax LR1 tanker also chartered to long term accretive employment. 

The majority of the Company’s new building vessels are built against long lasting time charters that secure revenue growth and dividend distributions.

About Tsakos Energy Navigation

TEN,  founded  in  1993,  is  one  of  the  first  and  most  established  public  shipping  companies  in  the world today. The Company’s pro-forma fleet, including one VLCC, one LNG carrier, eight Aframax tankers, a Suezmax DP2 shuttle tanker and two LR1 product tankers all 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, 47 vessels trade in crude, 13 in products, three are shuttle tankers and  two  are  LNG  carriers.  All  of  TEN’s  tanker  newbuildings  except  the  one  remaining  VLCC  Hercules and  the  LNG  carrier Maria  Energy are  fixed  on  long-term  project  businesses.  As  of  August  2016, about 60% of 2016 fleet available days, assuming nine deliveries, are on secured contracts with an average length of 2.5 years and minimum gross revenues of about $1.5 billion.

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