TEN Ltd. Announces the Delivery of a 2020 South Korean-Built VLCC

Rhea-AI Summary

Tsakos Energy Navigation (TNP) announced the acquisition of a 2020 South Korean-built Very Large Crude Carrier (VLCC), to be named 'Dias I.' The purchase was completed after the vessel's previous contract with a major oil company. COO George Saroglou expressed optimism about the current buoyant tanker market, indicating plans to capitalize on favorable employment opportunities for the new vessel. With 65% of their fleet in spot or profit-sharing contracts, TEN aims to leverage the evolving global oil transport landscape.

Positive

• Acquisition of the eco-friendly VLCC 'Dias I' enhances fleet diversification.
• Current favorable tanker market conditions could lead to strong employment rates.
• 65% of the fleet is in spot or profit-sharing contracts, positioning TEN for profit.

Negative

• None.

Strong Market Fundamentals

Further Expansion in VLCC Sector

ATHENS, Greece, Nov. 15, 2022 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) today announced the acquisition of the 2020 South Korean-built Very Large Crude Carrier, to be renamed the “Dias I,” the purchase of which was agreed in the first half of 2022, as previously reported. The vessel was delivered to TEN on expiration of its contract to a major oil concern and management will now consider employment opportunities reflective of market conditions as they present themselves.

“We are delighted to welcome the addition of such a quality eco-vessel in our modern, diversified fleet and look forward to it capturing the strong rates currently evidenced in the flourishing tanker markets,” Mr. George Saroglou, COO of TEN commented. “With the inevitable redrawing of global trading routes, resulting from the new geopolitical reality that is unfolding before us, we are confident that larger crude carriers, like VLCCs and Suezmaxes, will be on the forefront of servicing the longer-haul trades that are expected to dominate global oil transport in the years to come. With about 65% of the fleet in spot employment or profit-sharing contracts with market exposure, we are positioning the Company to take advantage of this evolving trend for the long-term,” Mr. Saroglou concluded.   

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 70 double-hull vessels including four dual-fuel LNG powered aframax vessels under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 8.1 million dwt.

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
Markella Kara
+212 661 7566
ten@capitallink.com

FAQ

What did Tsakos Energy Navigation announce on November 15, 2022?

Tsakos Energy Navigation announced the acquisition of the VLCC 'Dias I,' enhancing its fleet.

What is the significance of the VLCC 'Dias I' acquisition for TNP?

The acquisition is expected to strengthen TEN's position in the favorable tanker market.

What percentage of Tsakos Energy Navigation's fleet is in profit-sharing contracts?

Approximately 65% of Tsakos Energy Navigation's fleet is in spot employment or profit-sharing contracts.

How does the geopolitical climate affect Tsakos Energy Navigation's operations?

The redrawing of global trading routes is expected to increase demand for larger carriers like VLCCs.