TEN Sends New Aframax Tanker to Work for Statoil

TEN Greek tanker owner and operator Tsakos Energy Navigation Limited (TEN) has taken delivery of the Aframax tanker Elias Tsakos, which is part of the 15-vessel newbuilding program and the first of the nine assigned to work for oil and gas major Statoil on a long-term contract. The 112,700 dwt vessel was delivered from Daewoo Mangalia Heavy Industries and will immediately be employed by Statoil with potential gross revenues in excess of USD 100 million, according to TEN. The announcement follows the companys latest fleet expansion. Namely, last week, TEN entered into a 40-month charter contract with Far Eastern for its new 300,000 dwt VLCC Ulysses, which is expected to bring gross revenues in the range of USD 50 million. The charter is scheduled to commence in early July upon expiration of the vessel’s maiden spot employment. Three more Aframaxes, all featuring 112,700 dwt, are expected to join TENs fleet by the end of 2016.