Aframax Tanker Newbuilding Joins TEN

TEN Greek tanker owner and operator Tsakos Energy Navigation (TEN) has taken delivery of its new Aframax tanker Sola TS, the sixth in a series of nine ships ordered from Romania-based Daewoo Mangalia Heavy Industries. The 112,700 dwt tanker, built on long term contract to Norways oil major Statoil, features a length of 250 meters and a width of 44 meters. Fleet Secured Employment at 77% Minimum Fleet Revenues at Over $1.4 billion Additionally, TEN initiated a new strategic alliance with a major US oil company for the chartering of a series of crude tankers, primarily very large crude carriers (VLCCs) and Suezmaxes, for periods of up-to three years. Following our tested policy of long term cooperation with significant international end users, we are proud to announce the initiation of a commercial relationship to further solidify the companys cash flows and earnings visibility, George Saroglou, Chief Operating Officer of TEN, said. Such industrial alliances, attracted by the companys operational experience over the years, assures the high utilization rate of the fleet, at well above industry averages, while enhancing our commitment to our shareholders for long term attractive returns, Saroglou added. TEN has three more Aframaxes currently under construction, Oslo TS, Stavanger TS and Bergen TS, scheduled for delivery in the second, third and fourth quarters of 2017, respectively.