TEN Sends 2nd Aframax Newbuilding to Work for Statoil

TEN Greek tanker owner and operator Tsakos Energy Navigation (TEN) has taken delivery of the Aframax crude tanker Thomas Zafiras from Romania-based shipbuilding company Daewoo Mangalia Heavy Industries (DMHI). The 112,700 dwt vessel will immediately enter a long term charter contract with oil and gas major Statoil which could generate gross revenues in excess of USD 100 million, TEN said. The Thomas Zafiras is part of the 15-vessel newbuilding program and the second in a series of nine purposely built Aframax tankers that will work for Statoil on a long-term contract. The majority of the company’s new building vessels are built against long lasting time charters that secure revenue growth and dividend distributions, according to TEN. In June this year, the company took delivery of the first Aframax tanker Elias Tsakos. Another newbuilding in the 15-vessel series, the VLCC Ulysses, also joined the companys fleet earlier this year, entering into a 40-month charter contract with Far Eastern. Later this month, the company expects the delivery of another newbuilding vessel, the 74,200 dwt Panamax LR1 Sunray. Eleven more newbuilding vessels are scheduled for delivery in the period between Q3 of 2016 and Q4 of 2017. As of August 16, 2016, TENs fleet consists of 65 vessels, including crude tankers, product tankers and LNG carriers.