Tsakos Energy Navigation Announces Long Term Charter for VLCC Ulysses
30% Organic Fleet Expansion Through Q3 2017; $1.5 Billion in Total Fleet Contractual Revenues With Average Contract Duration 2.5 Years
/EINPresswire.com/ -- ATHENS, GREECE -- (Marketwired) -- 06/14/16 -- Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced a 40-month charter for the recently delivered VLCC Ulysses with a Far Eastern end-user with gross revenues expected in the range of $50 million. This fixture is scheduled to commence in early July upon expiration of the vessel's maiden spot employment.
TEN's 15-vessel expansion program, the largest since its IPO, has started to deliver with the Ulysses being the first. All vessels but two are under long term accretive contracts while management is in negotiations for similar term employment for the remaining.
"We are pleased to announce an accretive fixture and the initiation of another long-term relationship with a first-class end-user," Mr. Nikolas Tsakos, President and CEO of TEN commented. "TEN's tested and successful strategy has been through the building of long-term relationships with oil majors and quality end users. The maintenance and enhancement of a solid employment base strengthens TEN's bottom line, increases profitability and secures our uninterrupted dividend distribution record since inception. With limited tonnage supply going forward, growing demand and the creation of new sea trade routes, market prospects remain positive," Mr. Tsakos concluded.
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, nine Aframax crude 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 June 2016, 60% of 2016 fleet available days, taking into account nine deliveries, are on secured contracts with an average length of 2.5 years and minimum gross revenues of about $1.5 billion.
VESSELS UNDER CONSTRUCTION
---------------------------------------------------------------------------- # Vessel Name Type Dwt Delivery Status Employment ---------------------------------------------------------------------------- 1 Ulysses VLCC 300,000 Q2 2016 Delivered Yes ---------------------------------------------------------------------------- 2 Elias Tsakos Aframax 112,700 Q2 2016 TBD Yes ---------------------------------------------------------------------------- 3 Thomas Zafiras Aframax 112,700 Q3 2016 TBD Yes ---------------------------------------------------------------------------- 4 Leontios H Aframax 112,700 Q4 2016 TBD Yes ---------------------------------------------------------------------------- 5 TS Parthenon Aframax 112,700 Q4 2016 TBD Yes ---------------------------------------------------------------------------- 6 TS Marathon Aframax 112,700 Q1 2017 TBD Yes ---------------------------------------------------------------------------- 7 TS Sola Aframax 112,700 Q1 2017 TBD Yes ---------------------------------------------------------------------------- 8 TS Oslo Aframax 112,700 Q2 2017 TBD Yes ---------------------------------------------------------------------------- 9 TS Stavanger Aframax 112,700 Q3 2017 TBD Yes ---------------------------------------------------------------------------- 10 TS Bergen Aframax 112,700 Q4 2017 TBD Yes ---------------------------------------------------------------------------- 11 Sunray Panamax LR1 74,200 Q3 2016 TBD Yes ---------------------------------------------------------------------------- 12 Sunrise Panamax LR1 74,200 Q3 2016 TBD Yes ---------------------------------------------------------------------------- 13 Lisboa City DP2 Shuttle 157,000 Q1 2017 TBD Yes ---------------------------------------------------------------------------- 14 Hercules VLCC 300,000 Q4 2016 TBD In Negotiation ---------------------------------------------------------------------------- 15 Maria Energy LNG 93,616 Q3 2016 TBD In Negotiation ----------------------------------------------------------------------------
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:
Company
Tsakos Energy Navigation Ltd.
George Saroglou
COO
+30210 94 07 710
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Paul Lampoutis
+212 661 7566
ten@capitallink.com
