TEN, Ltd Announces Long-Term Charters for up to Three N/B Suezmax DP2 Tankers
July 09 2020 - 10:06AM
TEN, Ltd (“TEN” or the “Company”) (NYSE:TNP) today announced the
contract for the building of up to three suezmax DP2 shuttle
tankers on long-term employment to a major European end-user.
The vessels will be built in South Korea and the time charter
equivalent minimum revenues to be generated over the duration of
the respective contacts, should all be exercised, are expected at
about $250 million.
“TEN continues its profitable and market proven
policy of attractive long-term charters to grow its fleet at
periods of competitive newbuilding prices,” Mr. George Saroglou,
COO of TEN commented. “By doubling our presence in this very
selective with high-barriers-to-entry sector, we add market share
and substantially increase our bottom line. Accretive fleet growth
and renewal remains a cornerstone of our strategy which along with
healthy dividends and stock buybacks should assist for a more
realistic share valuation going forward,” Mr. Saroglou
concluded.
ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and celebrating this year
27 years in the capital markets, is one of the first and most
established public shipping companies in the world. TEN’s
diversified energy fleet currently consists of 65 double-hull
vessels in the water, one LNG carrier, two suezmax tankers and up
to three suezmax DP2 shuttle tankers under construction,
constituting a mix of crude tankers, product tankers and LNG
carriers, exceeding 8.0 million dwt.
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:
CompanyTsakos Energy Navigation Ltd.George
SaroglouCOO+30210 94 07 710gsaroglou@tenn.gr
Investor Relations / MediaCapital Link,
Inc.Nicolas BornozisMarkella Kara+212 661 7566
ten@capitallink.com
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