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TEN, Ltd Announces Delivery and Long Term Charter of Panamax Product Tanker "Sunray"

First of Two Vessels Purposely Built to Service an Oil Major; Minimum Gross Revenues of $40.5 million


/EINPresswire.com/ -- ATHENS, GREECE -- (Marketwired) -- 08/23/16 -- TEN Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the 74,200 dwt Panamax product tanker "Sunray" in South Korea which will immediately enter a minimum 54 and maximum 78 month profit sharing contract to a significant oil major that could generate minimum gross revenues of approximately $40.5 million. The Sunray is the fourth of a 15-vessel fully financed fleet growth plan delivered since June 2016. With 13 of the 15-vessel program having been built against long term accretive contracts, the minimum gross revenues expected by just these vessels could exceed $1.3 billion if certain inbuilt options get exercised.

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. The Company's pro-forma fleet, including one VLCC, one LNG carrier, seven Aframax tankers, a Suezmax DP2 shuttle tanker and one LR1 product tanker all under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers. All of TEN's tanker newbuildings except the one remaining VLCC Hercules and the LNG carrier Maria Energy are fixed on long-term project businesses. As of August 2016, about 60% of 2016 fleet available days, assuming nine deliveries, are on secured contracts with an average length of 2.5 years and minimum gross revenues of about $1.5 billion.

VESSELS UNDER CONSTRUCTION

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#  Vessel Name          Type     Dwt      Delivery Status    Employment
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1  Ulysses              VLCC     300,000  Q2 2016  Delivered Yes
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2  Elias Tsakos       Aframax    112,700  Q2 2016  Delivered Yes
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3  Thomas Zafiras     Aframax    112,700  Q3 2016  Delivered Yes
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4  Leontios H         Aframax    112,700  Q4 2016  TBD       Yes
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5  TS Parthenon       Aframax    112,700  Q4 2016  TBD       Yes
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6  TS Marathon        Aframax    112,700  Q1 2017  TBD       Yes
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7  TS Sola            Aframax    112,700  Q1 2017  TBD       Yes
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8  TS Oslo            Aframax    112,700  Q2 2017  TBD       Yes
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9  TS Stavanger       Aframax    112,700  Q3 2017  TBD       Yes
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10 TS Bergen          Aframax    112,700  Q4 2017  TBD       Yes
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11 Sunray           Panamax LR1  74,200   Aug 2016 Delivered Yes
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12 Sunrise          Panamax LR1  74,200   Q3 2016  TBD       Yes
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13 Lisboa City      DP2 Shuttle  157,000  Q1 2017  TBD       Yes
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14 Hercules             VLCC     300,000  Q4 2016  TBD       In Negotiations
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15 Maria Energy         LNG      93,616   Q3 2016  TBD       In Negotiations
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Visit our company website at: http://www.tenn.gr

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:

Company
Tsakos Energy Navigation Ltd.
George Saroglou
COO
+30210 94 07 710
gsaroglou@tenn.gr

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Paul Lampoutis
+212 661 7566
ten@capitallink.com