TEN Sends New Aframax Tanker on Long-Term Charter

TEN Athens-based shipping company Tsakos Energy Navigation (TEN) has taken delivery of the aframax tanker Oslo TS, the seventh in a series of nine tankers built for long-term employment to a European company. Featuring a 1B ice-class notation, the new ship commenced its long-term employment with possible gross revenues in excess of USD 110 million. The two remaining aframaxes under the companys fifteen-vessel growth program, the Bergen TS and the Stavanger TS are scheduled to be delivered and commence their long term employment in the third and fourth quarter of 2017. With the deliveries of these two vessels, TEN’s current expansion program will reach its conclusion and result in 77% of the fleet in secured contracts with gross revenues of over USD 1.5 billion and average charter duration of 2.5 years.